RLJ Lodging Trust (RLJ) 2024 Q2 法說會逐字稿

Welcome to the RLJ Lodging Trust second quarter 2024 earnings call. (Operator Instructions)

歡迎參加 RLJ Lodging Trust 2024 年第二季財報電話會議。（操作員說明）

I would now like to turn the call over to Nikhil Bhalla, RLJ Senior Vice President, Finance and Treasurer. Please go ahead.

我現在想將電話轉給 RLJ 財務兼財務高級副總裁 Nikhil Bhalla。請繼續。

Thank you, operator, good morning and welcome to RLJ Lodging Trust 2024 second quarter earnings call. On today’s call, Leslie Hale, our President and Chief Executive Officer, will discover key highlights for the quarter. Sean Mahoney, our Executive Vice President and Chief Financial Officer, will discuss the company’s financial results. Tom Bardenett, our Chief Operating Officer, will be available for Q&A.

謝謝運營商，早上好，歡迎參加 RLJ Lodging Trust 2024 年第二季財報電話會議。在今天的電話會議上，我們的總裁兼執行長萊斯利·黑爾 (Leslie Hale) 將介紹本季的主要亮點。我們的執行副總裁兼財務長 Sean Mahoney 將討論公司的財務表現。我們的營運長 Tom Bardenett 將接受問答。

Forward-looking statements made on this call are subject to numerous risks and uncertainties that may lead the company’s actual results to differ materially from what had been communicated. Factors that may impact the results of the company can be found in the company’s 10-Q and other reports filed with the SEC. The company undertakes no obligation to update forward-looking statements. Also, as we discuss certain non-GAAP measures, it may be helpful to review the reconciliations to GAAP located in our press release.

本次電話會議中所做的前瞻性陳述受到許多風險和不確定性的影響，這些風險和不確定性可能導致公司的實際結果與所傳達的結果有重大差異。可能影響公司業績的因素可以在公司向 SEC 提交的 10-Q 報告和其他報告中找到。該公司不承擔更新前瞻性陳述的義務。此外，當我們討論某些非公認會計原則措施時，查看我們新聞稿中公認的會計原則調節表可能會有所幫助。

Finally, please refer to the schedule of supplemental information, which includes pro forma operating results for our current hotel portfolio.

最後，請參閱補充資訊表，其中包括我們目前酒店組合的預計營運表現。

I will now turn the call over to Leslie.

我現在將把電話轉給萊斯利。

Thanks Nikhil. Good morning, everyone and thank you for joining us today. We were encouraged to see the industry’s RevPAR growth sequentially improve during the second quarter. Despite a choppy backdrop, the urban and top 25 markets once again led the way, which enabled us to achieve solid operating performance.

謝謝尼基爾。大家早安，感謝您今天加入我們。我們很高興看到第二季該行業的 RevPAR 成長持續改善。儘管環境動盪，城市和前 25 名市場再次領先，使我們實現了穩健的經營業績。

Additionally, during the second quarter, we were active on a number of fronts, including acquiring Hotel Teatro in Denver, progressing on our 2024 conversions, as well as recycling proceeds from the sale of a noncore asset into opportunistic share repurchases, while increasing our quarterly dividend. Overall, we were pleased with our results. Specifically, for the quarter, we achieved RevPAR growth of 2.6%, which was driven by gains in both occupancy and ADR. May was the strongest month of the quarter with 6.9% RevPAR growth, while June achieved positive RevPAR growth.

此外，在第二季度，我們在許多方面都表現活躍，包括收購丹佛的 Teatro 酒店、推進 2024 年轉型，以及將出售非核心資產的收益回收到機會性股票回購中，同時增加我們的季度業績股利。總的來說，我們對結果感到滿意。具體來說，本季我們的 RevPAR 成長了 2.6%，這得益於入住率和平均房價的成長。5 月是本季最強勁的月份，每間可用房收入 (RevPAR) 成長 6.9%，而 6 月每間可用房收入 (RevPAR) 實現正成長。

Despite the impact from the Juneteenth holiday and several weather-related events. This quarter, our market share expanded by a robust 170 basis points, underscoring the relative strong performance of our portfolio. Our urban portfolio continues to benefit from all segments of demand, with growth in business and group demand, driving robust RevPAR growth in our markets such as Boston, Denver, Los Angeles, San Diego, Miami and New York, while Atlanta and Austin were held back by a renovation in each market respectively. Relative to segmentation, BT was once again our top performing segment during the quarter, generating outsized revenue growth of 13%, balanced with an 8% increase in occupancy and a 4% increase in ADR as business travelers continue to expand their travel frequency.

儘管受到六月節假期和一些與天氣相關的事件的影響。本季度，我們的市佔率強勁成長了 170 個基點，凸顯了我們投資組合的相對強勁表現。我們的城市投資組合繼續受益於各個細分市場的需求，隨著業務和團體需求的增長，推動波士頓、丹佛、洛杉磯、聖地亞哥、邁阿密和紐約等市場的每間可用房收入強勁增長，而亞特蘭大和奧斯汀保持強勁成長。相較於細分市場，英國電信再次成為本季表現最好的細分市場，營收大幅成長 13%，而隨著商務旅客持續擴大旅遊頻率，入住率成長 8%，平均房價成長 4%。

Corporate demand benefited from the ongoing expansion of travel from large corporations and resilient demand from the SMEs, which resulted in our midweek RevPAR growing by 4%. Our group segment had another solid quarter, achieving revenue growth of 5%, led primarily by ADR which grew by 4.7%. Our group performance was driven by favorable citywides in many of our markets, several significant events across our portfolio such as the 150th Kentucky Derby and PGA Championship in Louisville, as well as our strong in-house group base.

企業需求受益於大型企業旅行的持續擴張和中小企業的彈性需求，這導致我們週間的 RevPAR 成長了 4%。我們集團部門的季度業績又表現強勁，營收成長了 5%，這主要是由 ADR 成長 4.7% 帶動的。我們的團體表現受到許多市場中全市範圍內的有利影響、我們投資組合中的幾項重大賽事（例如在路易斯維爾舉行的第150 屆肯塔基德比賽和PGA 錦標賽）以及我們強大的內部團體基礎所推動。

The attractiveness of our meeting space to small groups allowed our second quarter bookings to exceed last year by 19% with 27% of our revenue activity booked in the quarter for the quarter. Overall, group booking trends remain healthy as demonstrated by our current 2024 booking pace of 107%, which increased 100 basis points since the start of the quarter. With respect to leisure, we were pleased with our results this quarter in light of the continuing normalization of leisure rates across the industry and increased consumer price sensitivity.

我們的會議空間對小團體的吸引力使我們第二季度的預訂量比去年同期增長了 19%，本季預訂的收入活動占我們收入活動的 27%。總體而言，團體預訂趨勢保持健康，我們目前 2024 年的預訂速度為 107%，自本季初以來增加了 100 個基點。在休閒方面，鑑於整個行業的休閒率持續正常化以及消費者價格敏感度的提高，我們對本季的業績感到滿意。

Our leisure room nights were up 2% with healthy demand coming from markets such as Southern California, New York City, and our drive to markets such as Charleston and Orlando. Although, we are facing ADR headwinds, we believe that our portfolio is ideally positioned to attract demand in this environment, which also allows us to remain constructive on leisure demand. Overall, we were pleased with our total revenue growth of 3.4%, which exceeded our RevPAR growth, driven by a robust 6.5% increase in non-room revenues. The strong growth in our out of room spend underscores the contribution from our ROI initiatives undertaken over the last several years, which included reconcepting and redesigning of F&B venues, food offerings and operating models.

由於來自南加州、紐約市等市場的健康需求，以及我們前往查爾斯頓和奧蘭多等市場的動力，我們的休閒間夜數增加了 2%。儘管我們面臨 ADR 逆風，但我們相信我們的投資組合能夠在這種環境下吸引需求，這也使我們能夠對休閒需求保持建設性的態度。總體而言，我們對 3.4% 的總收入成長感到滿意，這超出了我們的每間客房收入成長，這是由非客房收入強勁增長 6.5% 推動的。我們的室外支出的強勁成長突顯了我們過去幾年採取的投資回報計畫的貢獻，其中包括餐飲場所、食品供應和營運模式的重新概念和重新設計。

This has helped offset expense growth pressures and allowed us to generate hotel EBITDA of nearly $119 million. As it relates to capital allocation, we demonstrated the optionality that our strong balance sheet provides in the second quarter. We leveraged our pipeline of external growth opportunities to acquire the 110-room boutique lifestyle Hotel Teatro in Denver for $35.5 million in an off-market transaction. This acquisition firmly aligns with our strategy of acquiring high margin, rooms-oriented hotels located in heart-of-demand locations within seven-day a week demand submarkets. The hotel sits in a prime location within Denver CBD, just steps from the Denver Performing Arts Complex and Colorado Convention Center, which recently completed a multimillion-dollar expansion.

這有助於抵消費用成長壓力，並使我們能夠實現近 1.19 億美元的酒店 EBITDA。由於與資本配置相關，我們在第二季度展示了強勁的資產負債表提供的選擇性。我們利用外部成長機會，在場外交易中以 3,550 萬美元的價格收購了丹佛擁有 110 間客房的精品生活方式酒店 Hotel Teatro。此次收購與我們收購位於每週 7 天需求子市場內需求中心位置的高利潤、以客房為導向的酒店的策略完全一致。飯店坐落在丹佛中央商務區的黃金地段，距離丹佛表演藝術中心和科羅拉多會議中心僅幾步之遙，該中心最近完成了耗資數百萬美元的擴建工程。

We expect the property to achieve a stabilized yield of over 10% and should benefit from several ROI opportunities which were not included within our underwriting. We also advanced our internal growth initiatives which are allowing us to unlock meaningful growth that is embedded in our portfolio, including our conversions in Charleston, Mandalay Beach and Santa Monica, which collectively achieved 10% RevPAR growth during the second quarter and over 16% during the first half of the year.

我們預計該物業將實現超過 10% 的穩定收益率，並應受益於我們承保中未包含的幾個投資回報機會。我們還推進了我們的內部增長計劃，這些計劃使我們能夠釋放嵌入在我們的投資組合中的有意義的增長，包括我們在查爾斯頓、曼德勒海灘和聖莫尼卡的改造，這些項目在第二季總共實現了10% 的RevPAR 成長，在2017 年實現了超過16% 的成長。

Our conversions in Houston, Nashville and New Orleans remain on track for delivering this year. The Hotel Tonnelle in New Orleans was recently completed and is already ramping well, achieving nearly 26% RevPAR growth during the quarter. And the conversions of the Wyndham and Renaissance hotels in Pittsburgh to a Courtyard and Autograph, respectively, remain on schedule for delivery by next year, and we look forward to providing an update on our Boston conversion later in the year.

我們在休士頓、納許維爾和新奧爾良的改裝項目仍有望在今年交付。新奧爾良的 Hotel Tonnelle 酒店最近竣工，目前已在穩步增長，本季每間客房收入 (RevPAR) 增長近 26%。匹茲堡的溫德姆酒店和萬麗酒店分別改建為萬怡酒店和傲途格精選酒店的計劃仍按計劃於明年交付，我們期待在今年晚些時候提供波士頓改建的最新信息。

Additionally, this quarter, we accretively recycled proceeds from the sale of a noncore hotel into the repurchase of $5 million of shares. And finally, we increased our dividend for the third quarter to $0.15 per share, while remaining well covered.

此外，本季度，我們持續將出售一家非核心飯店的收益用於回購 500 萬美元的股票。最後，我們將第三季的股息提高至每股 0.15 美元，同時保持良好的支付水準。

Turning to our outlook, although the current economic backdrop is showing signs of moderation, we are optimistic that RevPAR growth will continue throughout the balance of this year, largely driven by demand, with urban markets expected to continue to outperform the industry. Our current view is rooted in the continued improvement in business travel and strong group demand, as well as muted new supply, particularly in our footprint.

談到我們的前景，儘管當前的經濟背景顯示出放緩的跡象，但我們樂觀地認為，RevPAR 將在今年餘下時間繼續增長，這主要是由需求推動的，預計城市市場將繼續跑贏行業。我們目前的觀點植根於商務旅行的持續改善和強勁的團體需求，以及新供應的疲軟，尤其是我們的足跡。

That said, we expect price sensitivity for the leisure segment to persist, dampening our growth expectations relative to the beginning of the year. As such, we are adjusting our full year guidance to reflect our current outlook. Relative to this backdrop, we expect our urban assets to benefit from the continuing improvement in business travel as well as urban leisure demand, which remains stable.

儘管如此，我們預期休閒領域的價格敏感度將持續存在，從而削弱我們相對於年初的成長預期。因此，我們正在調整全年指導，以反映我們當前的前景。在此背景下，我們預計我們的城市資產將受益於商務旅行的持續改善以及城市休閒需求的穩定。

Our second half should benefit from strong citywides in several markets such as Boston and Chicago, and our strong booking pace, which is currently tracking double-digits ahead of 2023 and the continuing ramp up from our conversions. We are seeing these dynamics play out in our July performance. Longer term, we remain optimistic about the trajectory of lodging fundamentals, which over time should benefit from growth in all segments of demand. Given the ongoing consumer preferences towards experiential travel, especially against the backdrop of an elongated period of limited new supply.

我們的下半年應該會受益於波士頓和芝加哥等多個市場的強勁全市範圍，以及我們強勁的預訂速度（目前在 2023 年之前將保持兩位數），並且我們的轉換量將持續增加。我們在 7 月的業績中看到了這些動態。從長遠來看，我們對住宿基本面的發展軌跡保持樂觀，隨著時間的推移，住宿業的基本面應該會受益於所有需求領域的成長。鑑於消費者對體驗式旅行的持續偏好，特別是在新供應長期有限的背景下。

I will now turn the call over to Sean. Sean?

我現在會把電話轉給肖恩。肖恩？

Thanks, Leslie. To start our comparable numbers include our 96 hotels owned at the end of the second quarter and include the acquisition of the Hotel Teatro in Denver, which we acquired during the quarter, and exclude the Residence Inn in Merrillville, Indiana which was sold during the second quarter.

謝謝，萊斯利。To start our comparable numbers include our 96 hotels owned at the end of the second quarter and include the acquisition of the Hotel Teatro in Denver, which we acquired during the quarter, and exclude the Residence Inn in Merrillville, Indiana which was sold during the second四分之一.

Our reported corporate adjusted EBITDA and FFO include operating results from all sold and acquired hotels during RLJ’s ownership period. As Leslie said, we are pleased to report solid second quarter operating results which were in line with our expectations and demonstrated the strength of our high quality urban centric portfolio.

我們報告的公司調整後 EBITDA 和 FFO 包括 RLJ 所有權期間所有出售和收購酒店的營運表現。正如萊斯利所說，我們很高興報告第二季度穩健的經營業績，這符合我們的預期，並展示了我們以城市為中心的高品質投資組合的實力。

Our second quarter RevPAR growth of 2.6% accelerated from the first quarter and was driven by a 2.1% increase in occupancy and a 0.6% increase in ADR. Second quarter occupancy was 76.7%. Average daily rate was $205, and RevPAR was $157.30. As was noted, our business transient and midweek outperformed. Second quarter business transient RevPAR grew 12.7% above 2023, including ADR growth of 4% and occupancy growth of 8%.

我們第二季的 RevPAR 較第一季加速成長 2.6%，這主要得益於入住率成長 2.1% 和平均房價成長 0.6%。第二季入住率為76.7%。每日平均房價為 205 美元，每間可用收入 (RevPAR) 為 157.30 美元。正如所指出的，我們的業務短暫和周中表現優於大盤。第二季業務瞬態 RevPAR 比 2023 年成長 12.7%，其中 ADR 成長 4%，入住率成長 8%。

RevPAR growth remained healthy in our urban markets such as Boston at 10%, Denver CBD at 6%, Indianapolis at 27%, Los Angeles at 7%, San Diego at 24%, Miami at 19% and New York at 9%. Monthly RevPAR growth during the second quarter was down 0.2% in April, primarily due to the impact of Passover and up 6.9% in May and 1.2% in June, which was constrained by the midweek timing of Juneteenth.

我們的城市市場的每間可用房收入成長保持健康，例如波士頓為10%，丹佛中央商務區為6%，印第安納波利斯為27%，洛杉磯為7%，聖地牙哥為24%，邁阿密為19% ，紐約為9%。第二季的月可出租客房收入成長在4 月份下降了0.2%，主要是由於逾越節的影響，而5 月份和6 月份分別增長了6.9% 和1.2%，但受到6 月中旬周中時間的限制。

Total second quarter revenue growth of 3.4% outpaced RevPAR growth by 80 basis points and benefited from 6.5% growth in non-room revenues. Monthly total revenue growth was 0.7% in April, 6.9% in May, and 2.5% in June. Looking ahead, we expect the operating trends from June to continue in July where RevPAR is forecasted to increase between 1.5% and 2%.

第二季總營收成長 3.4%，比每間客房收入成長 80 個基點，這得益於非客房收入 6.5% 的成長。4 月總營收成長 0.7%，5 月成長 6.9%，6 月成長 2.5%。展望未來，我們預計 6 月的營運趨勢將在 7 月繼續，其中 RevPAR 預計將成長 1.5% 至 2%。

Turning to the current operating cost environment, inflationary pressures continue to normalize during the second quarter. On a per occupied room basis, total hotel operating cost growth was limited to 5%, underscoring the benefits of our portfolio construct and our initiatives to redefine our operating cost model.

就目前的營運成本環境而言，第二季通膨壓力持續正常化。以每間入住客房計算，飯店總營運成本成長限制在 5%，這凸顯了我們的投資組合建構以及重新定義營運成本模型措施的優勢。

We remain encouraged by the improving trends in our more controllable variable operating costs, which only grew 4% above 2023 on a per occupied room basis. Drilling down further into hotel operating expenses, fixed costs such as insurance and property taxes were the most significant driver of the increases in hotel operating expenses, increasing 16% during the second quarter. We expect the year-over-year fixed cost growth to moderate by 500 basis points to 600 basis points during the second half of the year as we lap the most difficult comps.

我們對可控可變營運成本的改善趨勢仍然感到鼓舞，以每間客房計算，該成本僅比 2023 年增長 4%。進一步深入研究飯店營運支出，保險和財產稅等固定成本是飯店營運支出成長的最重要推動因素，第二季成長了16%。我們預計下半年固定成本年增率將放緩 500 個基點至 600 個基點，因為我們經歷了最困難的比較。

Looking forward, we expect the hotel operating cost growth rates to moderate during the second half of the year. During the second quarter, our portfolio achieved hotel EBITDA of $118.6 million and hotel EBITDA margins of 32%. We were pleased with our operating margin performance, which was only 245 basis points lower than the comparable quarter of 2023 despite continued cost pressures.

展望未來，我們預計下半年飯店營運成本成長將放緩。第二季度，我們的飯店投資組合實現了 1.186 億美元的飯店 EBITDA，飯店 EBITDA 利潤率為 32%。我們對營業利潤率表現感到滿意，儘管成本壓力持續存在，但僅比 2023 年同期低 245 個基點。

Turning to the bottom line. Our second quarter adjusted EBITDA was $109 million and adjusted FFO per diluted share was $0.51. We continue actively managing our balance sheet to create additional flexibility and further lower our cost of capital. Early in the second quarter, we addressed our 2024 maturities. Today, our balance sheet is well positioned with $400 million available under our corporate revolver. Our current weighted average maturity is approximately 3.1 years and 88 hotels of our 96 hotels are unencumbered by debt.

轉向底線。第二季調整後 EBITDA 為 1.09 億美元，調整後稀釋後每股 FFO 為 0.51 美元。我們繼續積極管理我們的資產負債表，以創造額外的靈活性並進一步降低我們的資本成本。在第二季初，我們解決了 2024 年的到期問題。如今，我們的資產負債表狀況良好，公司左輪資金下可動用 4 億美元。我們目前的加權平均期限約為 3.1 年，我們 96 家酒店中的 88 家酒店沒有債務負擔。

We ended the second quarter with an attractive weighted average interest rate of 4.75% and 71% of debt either fixed or hedged as it relates to our liquidity. We ended the quarter with approximately $770 million of liquidity and $2.2 billion of debt.

在第二季結束時，我們的加權平均利率為 4.75%，並且 71% 的債務是固定的或對沖的，因為這與我們的流動性有關。本季末，我們的流動資金約為 7.7 億美元，債務為 22 億美元。

With respect to capital allocation, consistent with what we have demonstrated, we intend to invest in projects to unlock the embedded value within our portfolio, selectively pursue acquisitions while also remaining committed to returning capital to shareholders through both share repurchases and dividends.

在資本配置方面，與我們所證明的一致，我們打算投資於項目以釋放我們投資組合中的內含價值，有選擇地進行收購，同時仍然致力於透過股票回購和股息向股東返還資本。

During the second and third quarters, we have been active under our $250 million share repurchase program. Year-to-date we successfully recycled disposition proceeds towards the repurchase of approximately 0.5 million shares for $5 million at an average price of $9.66 per share. Additionally, our board recently authorized a $0.05 increase to our quarterly dividend to $0.15 per share starting with the third quarter. Our dividend remains well covered and supported by our free cash flow.

在第二季和第三季度，我們一直積極實施 2.5 億美元的股票回購計畫。今年迄今為止，我們成功地將處置收益用於以 500 萬美元的價格回購約 50 萬股股票，平均價格為每股 9.66 美元。此外，我們的董事會最近批准從第三季開始將季度股息增加 0.05 美元，達到每股 0.15 美元。我們的股息仍然得到了自由現金流的充分支付和支持。

We will continue making prudent capital allocation decisions to position our portfolio to drive results during the entire lodging cycle while monitoring the financing markets to identify additional opportunities to improve the laddering of our maturities reduce our weighted average cost of debt and increase balance sheet flexibilities.

我們將繼續做出審慎的資本配置決策，使我們的投資組合能夠在整個住宿週期內推動業績，同時監控融資市場，尋找其他機會來改善我們的期限階梯，降低我們的加權平均債務成本並提高資產負債表的靈活性。

I would like to now provide additional color on the assumptions underlying our updated outlook. Our revised outlook incorporates the second quarter sale of the residence in Merrillville and the acquisition of the Hotel Teatro and our second quarter actual results. As Leslie mentioned, the continued normalization in industry-wide weekend and leisure ADRs's led us to update our prior guidance ranges.

我現在想對我們更新的前景所依據的假設提供更多的說明。我們修訂後的前景包括梅里爾維爾住宅第二季度的銷售和劇院酒店的收購以及我們第二季度的實際業績。正如 Leslie 所提到的，全行業週末和休閒 ADR 的持續正常化促使我們更新了先前的指導範圍。

For 2024, we now expect comparable RevPAR growth to range between 1% and 2.5%. Comparable hotel EBITDA between $382.5 million and $402.5 million. Corporate adjusted EBITDA between $346.5 million and $366.5 million. An adjusted FFO per diluted share to be between $1.45 and $1.58, which incorporates shares repurchased to date, but no additional repurchases.

到 2024 年，我們預計可比 RevPAR 成長率將在 1% 至 2.5% 之間。可比飯店 EBITDA 在 3.825 億美元至 4.025 億美元之間。該公司調整後的 EBITDA 在 3.465 億美元至 3.665 億美元之間。調整後的稀釋後每股 FFO 介於 1.45 美元至 1.58 美元之間，其中包括迄今為止回購的股票，但沒有額外回購。

Our outlook assumes no additional acquisitions, dispositions or refinancings. We still estimate 2024 RLJ capital expenditures will be in the range of $100 million to $120 million and now expect net interest expense will be in the range of $93 million to $95 million, which reflects the impact of higher base rates on our variable rate debt compared to our initial assumptions.

我們的前景假設沒有額外的收購、處置或再融資。我們仍然估計2024 年RLJ 資本支出將在1 億至1.2 億美元之間，現在預計淨利息支出將在9,300 萬至9,500 萬美元之間，這反映了較高的基本利率對我們可變利率債務的影響。

Finally, please refer to the supplemental information, which includes comparable 2023 quarterly and annual operating results for our 96 hotel portfolio.

最後，請參閱補充信息，其中包括我們 96 家酒店組合的 2023 年可比季度和年度營運業績。

Thank you and this concludes our prepared remarks. We will now open the line for Q&A. Operator?

謝謝大家，我們準備好的演講到此結束。我們現在將開通問答熱線。操作員？

(Operator Instructions) Michael Bellisario, Baird.

（操作員說明）邁克爾貝利薩裡奧 (Michael Bellisario)，貝爾德 (Baird)。

Thanks. Good morning, everyone.

謝謝。大家早安。

Good morning, Mike.

早上好，麥克。

Just first question on your guidance focused on the second half. What’s the macro backdrop that you’re assuming at the low end versus the high end, and what are the risks that you’re baking in that range and then what would need to happen to be at high end versus low end?

關於您的指導的第一個問題主要集中在下半年。您在低端與高端假設的宏觀背景是什麼，您在該範圍內面臨的風險是什麼，然後在高端與低端需要發生什麼結尾？

Yes. So Mike, the way that we thought about our range is that clearly there are signs that the economy is slowing. More signs came out this morning. We said that if the Fed was successful, that obviously travel wouldn’t be immune to being impacted. The signs of it is affecting largely on the leisure side and obviously on we’re seeing and in rate mostly driven.

是的。麥克，我們考慮範圍的方式是，顯然有跡象顯示經濟正在放緩。今天早上出現了更多跡象。我們說過，如果聯準會成功，旅遊業顯然也不會免於影響。它的跡象主要影響休閒方面，顯然我們看到，利率主要受驅動。

Our original range assumed at the low end that the economy slowed down. Our current range bookings at the low end of our original range, and it assumes, obviously, that it’s largely rate driven. And that’s baked in all of our guidance. If we think about it from a standpoint of segmentation, clearly leisure has been widely discussed. We’re seeing the same thing that everybody else is seeing in terms of the consumer booking through discount channels, as well as booking not as booking as early as they were before and booking later. And that’s obviously translating into rate coming down on resorts weekends however you cut and look at it.

我們最初的區間假設經濟放緩的低端。我們目前的預訂範圍處於原始範圍的低端，顯然，它主要是由價格驅動的。這已融入我們所有的指導中。如果我們從細分的角度考慮，顯然休閒已經被廣泛討論。我們看到的情況與其他人相同，即消費者透過折扣管道進行預訂，以及提前預訂和延遲預訂。無論您如何削減和看待它，這顯然都會轉化為度假村週末的價格下降。

If we think about it from a BT perspective, our midpoint of our range still assumes that BT grinds forward. From a standpoint of who’s booking, the frequency, the length of stay we’re still continuing to see Monday and Tuesday, Wednesday move forward. The GDS still demonstrates that national accounts are continuing to increase, and that SME’s remain strong. What’s different for us relative to our guidance is that we previously assumed that the difference between the rate of BT and group would converge.

如果我們從 BT 的角度考慮，我們範圍的中點仍然假設 BT 會向前發展。從預訂者、頻率、停留時間的角度來看，我們仍然會繼續看到週一、週二、週三繼續向前邁進。GDS 仍然表明，國民帳戶正在持續成長，中小企業仍然強勁。與我們的指導不同的是，我們先前假設 BT 率和群體率之間的差異會收斂。

And what do I mean by that? Is that historically, historically, the gap between BT and group, BT was about 10 points to 15 points ahead of group. Today BT is 20 points below group, and we thought that there would be some convergence on that. Our new house view is that that gap remains an example of that is that our BT rate grew by 4% in second quarter. Group rate grew by 4.5% this quarter.

我這是什麼意思？就是歷史上，歷史上，BT和小組的差距，BT領先小組約10分到15分。今天 BT 比小組低 20 點，我們認為這方面會有一些收斂。我們的新公司觀點是，這種差距仍然是一個例子，我們的 BT 率在第二季度增加了 4%。本季集團成長率為 4.5%。

As I look at the group side, our current midpoint of our range assumes that, that we actualize our group pace that we outlined, but that the end of the quarter four to quarter strength that we saw in the second quarter isn’t as strong in the back half. And so that’s what we’re seeing at the midpoint of our range. And so if you think about that pluses and minuses on the bottom end, it would assume that demand on the leisure side is weaker than we originally thought.

當我看小組方面時，我們目前範圍的中點假設，我們實現了我們概述的小組節奏，但我們在第二季度看到的第四季度末的實力並不像我們看到的那樣後半場實力強勁。這就是我們在範圍中點看到的情況。因此，如果你考慮底端的優缺點，就會假設休閒方面的需求比我們最初想像的還要弱。

That leisure, I mean, that BT sees some degradation in demand and that group doesn’t actualize. On the top end of our range, it assumes that BT has some convergence on the rate side with group. That urban leisure outperforms overall leisure, and that group is stronger is a way that I would picture it. But I do think that we’ve right sized our range based on the current fundamentals that we see overall.

我的意思是，英國電信看到休閒需求下降，而該群體卻沒有意識到這一點。在我們範圍的上限，假設 BT 在速率方面與組別有一定的收斂。我的想像是，城市休閒優於整體休閒，而該群體更強大。但我確實認為，我們已經根據當前整體基本面調整了我們的範圍。

That’s helpful to bookend it. And then maybe for Tom, just on the reduced weekend and leisure rate outlook is that broad-based across the portfolio for what you’re seeing? Any particular channels stronger or weaker? And then is there any directive on your end to your operators in terms of revenue management to try to group up more to offset some of that leisure demand and pricing sensitivity? And that’s all for me. Thanks.

這對預訂它很有幫助。然後，也許對湯姆來說，只是週末和休閒利率前景的減少就在整個投資組合中產生了廣泛的基礎，正如您所看到的那樣？有哪些特定管道更強或更弱？那麼，在收入管理方面，您對運營商是否有任何指示，以嘗試組合更多內容來抵消部分休閒需求和定價敏感度？這就是我的全部。謝謝。

Sure, Mike. So if you think about leisure markets, where we’re seeing the price sensitivity, there’s a couple things that I would say when you look at South Florida, Key West, Orlando, when you look in general, where leisure is shifting, and the other thing that we’re noticing, because we have some hotels in Fort Lauderdale, is the cruise industry is doing very well. For instance, pasture volumes up about $31 million in 2023, surpassing 2019 by 7%. So there’s a movement to cruise. And what we’re finding on weekends is it’s harder to get rate.

當然，麥克。因此，如果你考慮休閒市場，我們會看到價格敏感性，當你觀察南佛羅裡達州、基韋斯特、奧蘭多時，當你觀察總體情況時，我會說幾件事，那裡的休閒正在發生變化。例如，2023 年牧場交易量將增加約 3,100 萬美元，比 2019 年成長 7%。因此，出現了巡航運動。我們發現週末更難獲得房價。

Even though demand is there, you’re having to make sure that you’re priced appropriately to be able to get that demand. Another example, we were with Marriott the other day and we were looking at redemptions. Redemptions are down. So we’re trying to think through how to make sure we revenue manage the weekends, knowing that it’s a little bit different in regards to who’s coming and when they’re coming. And Leslie even referred to when they’re booking.

即使需求存在，您也必須確保定價適當才能滿足需求。另一個例子，前幾天我們在萬豪酒店，我們正在考慮兌換。贖回次數下降。因此，我們正在努力思考如何確保我們對週末的收入進行管理，因為我們知道週末的人員和時間會有所不同。萊斯利甚至在他們預訂時提到過。

To your point, we are absolutely changing and shifting to make sure that we’re loading a little bit more group on weekends, you can see that not only group is up in demand, but it’s up in rate. And the focus has been on making sure that we’re booking more. Whether it’s Smurf or weekend groups, special event groups, everything we can do.

就您的觀點而言，我們絕對會做出改變和轉變，以確保我們在周末接待更多的團體遊客，您可以看到，不僅團體遊客的需求增加了，而且速度也有所增加。我們的重點是確保我們預訂更多。無論是藍色小精靈還是週末團體、特殊活動團體，我們都能做到。

The small group that Leslie referred to though is corporate groups. So we’re still at about 50% of our group is corporate. And that’s where we’re seeing not only the BT, but the corporate group continuing to grind forward. And that’s helping us in banquets as well, AV, room rental.

萊斯利提到的小團體是企業團體。因此，我們集團的企業人員比例仍約為 50%。這就是我們不僅看到英國電信，而且看到整個企業集團繼續前進的地方。這對我們的宴會、AV、房間租賃也有幫助。

And so from a profitability standpoint, we’re focused on the right types of groups to drive profitability. And hopefully that helps you answer a little bit that it’s not completely broad based, but it’s definitely in pockets where rates were a little bit more significant year-over-year.

因此，從獲利能力的角度來看，我們專注於正確類型的群體來提高獲利能力。希望這可以幫助您回答一點：它的基礎並不完全廣泛，但它肯定適用於利率同比更重要的地區。

And the thing I would add to your Tom’s comments, Mike, is that obviously, as we’ve talked about before, 58% of our business is booked between zero and seven days. We’re now starting to see more skewed to zero to three within that range. So it gives you a sense of how short the bookings are and how the revenue management has to be thoughtful, you know, as we go forward.

麥克，我想在湯姆的評論中補充一點，顯然，正如我們之前討論過的，我們 58% 的業務是在零到七天內預訂的。我們現在開始看到在這個範圍內更多的數據偏向 0 到 3。因此，它讓您了解預訂的時間有多短，以及隨著我們前進，收入管理必須如何周到。

That's helpful. Thank you.

這很有幫助。謝謝。

Gregory Miller, Truist Securities.

格雷戈里·米勒，Truist 證券公司。

Thanks. Good morning, all. So this is a related question on your full year outlook, given the guidance cut, I’m curious about your conversations with your operators in terms of when they started to see this degree of leisure softness. And I mentioned that especially relative to your full year guidance that was reiterated last quarter and with no clear adjustment at June NAREIT. Thank you.

謝謝。大家早安。因此，這是一個與您的全年展望相關的問題，考慮到指導意見的削減，我很好奇您與運營商的對話，了解他們何時開始看到這種程度的休閒柔軟度。我提到過這一點，特別是相對於上季度重申的全年指導，並且 6 月 NAREIT 沒有明確調整。謝謝。

Yes. So, Greg, I think your point is well taken with respect to, as you know, there are things, there are initiatives that we will put in place in conjunction with a softening economy. And so Tom mentioned on the revenue management side, certainly grouping up contract business, et cetera.

是的。所以，格雷格，我認為你的觀點得到了很好的理解，正如你所知，我們將在經濟疲軟的情況下採取一些措施和措施。湯姆提到了收入管理方面，當然還有分組合約業務等等。

To make sure that we build a good revenue base as importantly in this type of environment is to make sure that we are aggressive on monitoring costs within the business, particularly wages and benefits, which are 40% of our total costs, and so making sure that those costs are flexed accordingly to the new revenue outlook. And so I think that’s an asset management initiative as well to help mitigate some of the impact of the softening economy, which is reflected within the guidance ranges.

為了確保我們在這種環境下建立良好的收入基礎，重要的是要確保我們積極監控業務內部的成本，特別是占我們總成本 40% 的工資和福利，因此確保這些成本會根據新的收入前景進行調整。因此，我認為這也是一項資產管理舉措，有助於減輕經濟疲軟的一些影響，這反映在指導範圍內。

And I’ll just remind you, Greg, when we were at NAREIT, we were a week after the best month of the year in May. And so as we just talked about the booking window, when you’re coming off of a pretty significant growth month, we were encouraged. And then, obviously, we ran into Juneteenth, which was a shift in regards to what happened that week with BT and had to bounce around it.

我只想提醒你，格雷格，當我們在 NAREIT 時，我們距離一年中最好的五月還有一周。因此，當我們剛剛討論預訂窗口時，當您度過一個相當顯著的增長月份時，我們受到了鼓舞。然後，很明顯，我們遇到了六月節，這是與英國電信那週發生的事情相比的轉變，並且不得不繞過它。

But I would say weekends, really, it’s starting more in June and July where you’re starting to see the sensitivity when you look at Friday and Saturday, even in the quarter, when we look at rate sensitivity, it’s more on Friday, Saturday where most of our RevPAR growth is midweek. So we are reacting quickly and we’re making sure that all our management companies are very aware of the revenue management strategy. And the good thing is our booking window is pretty short, so we can make some things happen quickly versus having to not being able to pivot, when things are adjusting.

但我想說的是，週末，實際上，從六月和七月開始，當你觀察週五和週六時，你就會開始看到敏感性，即使是在季度中，當我們觀察利率敏感性時，它也是如此。因此，我們正在迅速做出反應，並確保我們所有的管理公司都非常了解收入管理策略。好處是我們的預訂窗口非常短，因此我們可以讓一些事情快速發生，而不是在事情發生調整時無法進行調整。

Yes. And I think the thing I would add, Greg, is that what we said on our last call was that as we moved into the summer that we would have greater visibility. And here we are with that visibility and able to reflect that in a thoughtful way within the guidance that we provided.

是的。格雷格，我想我要補充的是，我們在上次電話會議上所說的是，隨著進入夏季，我們將擁有更大的知名度。在這裡，我們具有這種可見性，並且能夠在我們提供的指導中以深思熟慮的方式反映這一點。

Thanks all. And as for my follow-up, this is similar to Mike’s question, and it’s about the channel mix. In past cycles, when there’s been some softness, the OTAs have taken additional share. And I think about this also from the perspective of your net RevPAR. Do you anticipate, just given the leisure softness today, that the share of demand from the OTAs is increasing or will increase for weekend demand and your leisure overall?

謝謝大家。至於我的後續問題，這與麥克的問題類似，都是關於通路組合的。在過去的周期中，當市場出現一些疲軟時，OTA 就會佔據額外的份額。我也是從淨 RevPAR 的角度來考慮這個問題的。考慮到當今的休閒疲軟，您預計 OTA 的需求份額是否會增加，或者週末需求和您的整體休閒需求會增加嗎？

Well, the way I think about it, Greg, is OTAs are an additional avenue, and they certainly lean towards weekend. When you look at percentage of total. What we have seen, and these are all the reports that we’ve seen from Marriott, Hilton and Hyatt for our premium brands, that the percentage is remaining the same. What I would say though is because you are needing to rely on that based on filling the house, if you will. Going back to my comment earlier about redemptions, we definitely need to turn on the valve, but we’re not seeing an increase in OTA.

格雷格，我的想法是，OTA 是額外的途徑，當然也傾向於週末。當你查看總數的百分比。我們所看到的，以及我們從萬豪、希爾頓和凱悅為我們的高端品牌看到的所有報告，該百分比保持不變。但我想說的是，如果你願意的話，你需要依靠這個來填滿房子。回到我之前關於兌換的評論，我們確實需要打開閥門，但我們沒有看到 OTA 的增加。

The other thing that I would say is we are making sure when we’re pricing ourselves, we’re thinking about what our best available rate is because many of our discounts, whether that’s AAA, AARP, everything related to leisure is properly positioned. So when you think about trying not to give up too much rate, you can get people buying discount further out but position it off of a bar rate that is reasonable so that people are still paying a decent rate coming in, that’s where the demand continues.

我要說的另一件事是，我們確保在為自己定價時，考慮的是我們的最佳可用價格是多少，因為我們的許多折扣，無論是 AAA、AARP，還是與休閒定位得當。因此，當您考慮嘗試不放棄太多利率時，您可以讓人們進一步購買折扣，但將其定位在合理的酒吧利率之外，以便人們仍然支付體面的利率，這就是需求仍在繼續。

But you got to vacillate on what rate you’re getting further out as well as that closer in booking. And so I think OTAs are going to be consistently around the same. I don’t see it as growing, but I would say that we are making sure that we’re spending some digital marketing to enhance the ability to make sure the demand continues.

但在預訂時，您必須在距離遠或近的價格上猶豫不決。因此，我認為 OTA 的情況將始終保持不變。我不認為它會成長，但我想說，我們正在確保我們花費一些數位行銷來增強確保需求持續的能力。

And the one thing I would add, Greg, to Tom’s comments is that on the leisure side, we’re seeing our leisure risk and the adjustment driven by ADR not by demand. Demand in leisure remains healthy. And so with a healthy demand, that would lead you to believe you didn’t have to have a significant adjustment to your channels to a more discount channel because the demand is there. It’s just a function of the pricing sensitivity from the leisure customers driving it.

格雷格，對於湯姆的評論，我要補充的一件事是，在休閒方面，我們看到我們的休閒風險和調整是由 ADR 而不是需求驅動的。休閒需求依然健康。因此，有了健康的需求，這會讓你相信你不必對你的管道進行重大調整，以提供更多折扣的管道，因為需求就在那裡。它只是驅動它的休閒客戶的定價敏感性的函數。

And the last thing on channel distribution, Leslie made a comment earlier, GDS is up. That’s a direct relationship to national corporations. The other channel that’s up is property direct. That’s related to how many people are putting groups in and rooming lists.

最後關於通路分銷，Leslie 早些時候發表了評論，GDS 起來了。這與國內企業有直接關係。另一個正在興起的管道是地產直銷。這與有多少人將群組放入房間清單有關。

And then the other thing that I would also point out when it comes to channel is we’re really making sure we’re monitoring the ability to put our payroll against where we think there’s opportunity to grow market share. Leslie mentioned we were growing market share to 170 basis points. Well, there’s national corporate, then there’s local corporate negotiated. We’re seeing growth in local corporate because our payroll is finding business that’s in the local market that we’re negotiating to make sure that we’re taking share midweek, which is where the most amount of growth is.

然後，在談到通路時，我還要指出的另一件事是，我們真正確保我們正在監控將我們的薪資單與我們認為有機會擴大市場份額的機會進行比較的能力。Leslie 提到我們的市佔率已成長至 170 個基點。嗯，有全國性公司，然後有當地公司談判。我們看到當地企業的成長，因為我們的薪資正在尋找當地市場的業務，我們正在談判以確保我們在周中獲得份額，這是增長量最大的地方。

Okay. I appreciate all the color. That’s all for me. Thank you.

好的。我欣賞所有的顏色。這就是我的全部。謝謝。

Tyler Batory, Oppenheimer & Company.

泰勒·巴托，奧本海默公司。

Good morning. Thanks for taking my questions. A lot of interesting commentary here. Leslie, you made note of the gap, the rate gap between business transient and group. Can you explain that a little bit more? Why is there such a big gap? Why hasn’t it converged like you expected? I’m assuming there’s some mix that’s going on, maybe that’s impacting that. But if you could go more in depth and explain that comment some more, that would be helpful.

早安.感謝您回答我的問題。這裡有很多有趣的評論。Leslie，您注意到了業務瞬態和團體之間的差距，比率差距。你能再解釋一下嗎？為什麼差距這麼大？為什麼它沒有像您預期的那樣收斂？我假設正在發生某種混合情況，也許這正在影響這一點。但如果您能更深入地解釋該評論，那將會很有幫助。

Yes, sure. I mean, I think, Tyler, I think the historical relationship was that BT was your highest rated business, then group and then leisure. I think the new normal has shifted, right? As we know, leisure was strong to come back, group was second, and now BT is still ramping back. Your highest rated customer is just now coming back in the the last 12 to 18 months, plus or minus.

是的，當然。我的意思是，泰勒，我認為歷史關係是英國電信是您評價最高的業務，然後是團體，然後是休閒。我認為新常態已經轉變，對吧？眾所周知，休閒類強勢回歸，團體類排名第二，現在 BT 仍在強勢回歸。您評價最高的客戶剛剛在過去 12 到 18 個月（上下）內回來。

And so it’s been slowly grinding forward as we figure out the new normal between BT traditional and I would say leisure. All of those things are playing into a role. I think also just leisure has been so strong and so that has shifted the dynamic.

因此，當我們找出 BT 傳統和休閒之間的新常態時，它就在慢慢地向前推進。所有這些都在發揮作用。我認為休閒也如此強大，因此改變了動態。

We’re not suggesting that BT is going to get back to the same historical relationship. We just know what you do better. And so whether close the gap means completely or incrementally, our general house view is that it should do better on that. And so that’s how I think about it.

我們並不是說英國電信會恢復同樣的歷史關係。我們只知道您在哪些方面做得更好。因此，無論是完全縮小差距還是逐步縮小差距，我們的整體觀點是它應該在這方面做得更好。這就是我的想法。

The last thing I would add is you have to also pay attention to your best available rate. Remember, over the last couple of years we’ve been talking about dynamic pricing, and we’ve seen growth in the amount of demand that’s going into that category because the national corporate accounts weren’t coming back, but you had more SMEs who didn’t have a discount or a fixed rate going into that category. And so that’s where the pricing power was, and the demand still has shifted. So your best available rate has been the highest rate that we’ve had. And therefore, now that you’re getting more corporate coming back, you’re seeing that demand come with increases that you’re getting on the national negotiated rates for those companies.

我要補充的最後一件事是，您還必須注意您的最優惠價格。請記住，在過去的幾年裡，我們一直在談論動態定價，並且我們已經看到該類別的需求量有所增長，因為全國企業帳戶沒有回來，但有更多的中小企業沒有進入該類別的折扣或固定費率。這就是定價權所在，而需求仍然改變了。因此，您的最佳可用價格是我們擁有的最高價格。因此，現在越來越多的企業回歸，您會發現需求隨著這些公司的國家協議費率的增加而增加。

Okay. Some clarification questions, too. Rough numbers, what percentage of your overall mix would you categorize as leisure? And what’s really your definition of leisure? I know it’s a little bit of an imperfect science here, but is it just weekend business? Is it coming to the resorts? Just trying to get a sense of being as particular as we can in terms of what you’re trying to communicate in terms of the leisure travel trends.

好的。還有一些澄清問題。粗略計算一下，您將總體組合中的多少百分比歸為休閒類別？您對休閒的真正定義是什麼？我知道這有點不完美，但這只是周末生意嗎？是要來度假村嗎？我們只是想盡可能地了解您想要傳達的休閒旅遊趨勢。

Yes. So we’ll tag team on this one. Tyler. I would say that historically, our mix was 20% group, 8% transient. Of the transient, it was 55% BT and 45% leisure. We think today that that transient mix is probably 50:50.

是的。因此，我們將在這一點上標記團隊。泰勒.我想說的是，從歷史上看，我們的組合是 20% 為集體，8% 為臨時性。在短暫的時間裡，55% 是 BT，45% 是休閒。我們今天認為這種短暫的混合比例可能是 50:50。

And then when you break down, obviously, if you look at transient on weekends, pretty much it’s all leisure. And that would be anything that’s booking on those weekends. I would also say you can look at rates that are discount rates that would travel midweek, or weekend would also be in the leisure category, Tyler. And so we look at things that I was just mentioning, AAA, AARP, where you can code to leisure. So we define it based on what the people are saying. They’re there for business or pleasure.

然後，當你崩潰時，顯然，如果你看看週末的短暫時光，你會發現幾乎都是休閒。這就是那些週末預訂的任何東西。我還想說，您可以查看周中旅行的折扣價格，或者週末也屬於休閒類別，泰勒。因此，我們看看我剛才提到的 AAA、AARP，您可以在其中休閒地編碼。所以我們根據人們的說法來定義它。他們來這裡是為了商務或休閒。

And we can also look at markets that are better indexed to leisure as well. So there’s lots of different ways to cut it.

我們也可以看看與休閒指數更好的市場。因此，有很多不同的方法來削減它。

Okay. All right. Perfect. Okay, that’s all for me. Thank you.

好的。好的。完美的。好吧，我就這些了。謝謝。

Dori Kesten, Wells Fargo.

多麗凱斯滕，富國銀行。

Thanks. Good morning. You’ve been talking more about acquisitions over the past few months. Has your acquisition pipeline been growing, or would you describe it as more stable at this point? And then just as a follow-up, are there certain markets that you think would benefit from more clustering of your assets?

謝謝。早安.在過去的幾個月裡，您更多地談論了收購。您的收購管道是否一直在成長，或者您目前認為其更加穩定？接下來，您認為某些市場是否會從資產的更多集群中受益？

Sure. In terms of pipeline, our team is always underwriting, Dori, and we’re always having conversations. We focus on off market transactions that generally take longer to curate. What I would say is that, as we’ve talked about on our previous call, that we’re very much focused on assets that have unique situations. And so that’s a smaller subset of our overall pipeline. And I would say that’s generally been stable.

當然。在管道方面，我們的團隊始終在承保，Dori，並且我們始終在進行對話。我們專注於通常需要較長時間策劃的場外交易。我想說的是，正如我們在之前的電話會議中談到的那樣，我們非常關注具有獨特情況的資產。因此，這只是我們整個管道的一小部分。我想說，這總體上是穩定的。

Okay. And then you’re bringing in Sage, who’s a well-known operator in the US, but particularly knowledgeable about Denver for Hotel Teatro. Is getting to the 10% stabilized yield more of a top line driven thing, or does it lean into greater efficiencies?

好的。然後，您將聘請 Sage，他是美國知名的營運商，並且對 Hotel Teatro 的丹佛特別了解。達到 10% 的穩定收益率是更多的收入驅動因素，還是傾向於更高的效率？

I think it’s all of the above. I think that the upside is largely baked in the operating side of the equation, both top and bottom, by bringing in an institutional quality manager, by using aggressive asset management, and as well as looking at all the unique opportunities for ROI. All of that is driven on the operating side, whether it’s a function of bringing in Sage who has obviously the dominant player in this particular market and has subject matter expertise and clustering capabilities there as well, in addition to our natural lens on how to add value to a hotel, all of those things are operational based, top and bottom.

我認為以上都是。我認為，透過引入機構品質經理、採用積極的資產管理以及尋找投資回報率的所有獨特機會，上行空間主要體現在營運方面，無論是頂部還是底部。所有這一切都是由營運方面驅動的，無論是引入 Sage 的功能，Sage 顯然在這個特定市場中佔據主導地位，並且在該領域擁有主題專業知識和集群能力，此外我們還自然地了解如何為了給酒店增加價值，所有這些都是基於營運的，無論是頂層還是底層。

Okay. And then the asset you sold in Indiana this quarter. I might be wrong. I’m just guessing it’s from the original white lodging portfolio from, I can’t remember, 2005, 2006. The portfolio has changed quite materially over the last 15 years like RLJ has. Can you just remind us how many of those original hotels from back then are still within RLJ today?

好的。然後是您本季在印第安納州出售的資產。我可能錯了。我只是猜測它來自於我不記得的 2005 年和 2006 年的原始白色住宿組合。與 RLJ 一樣，該投資組合在過去 15 年中發生了相當大的變化。您能否提醒我們，當時的飯店中有多少現在仍在 RLJ 內？

Yes. I don’t have a number to give you, Dori, but what I would say is that we did a lot of heavy lifting in 2019, where we sold a lot of assets and so reduced the number of assets from that portfolio. But by and large, we’re generally pretty happy with our overall portfolio. And what I would say is that we just have a handful of non-core assets out of a portfolio of 96 assets. You’re always going to have a bottom end of your portfolio. And so we have a handful of non-core assets.

是的。Dori，我沒有具體數字可以告訴你，但我想說的是，我們在 2019 年做了很多繁重的工作，出售了大量資產，因此減少了該投資組合中的資產數量。但總的來說，我們對我們的整體產品組合非常滿意。我想說的是，我們在 96 項資產的投資組合中只有少數非核心資產。你的投資組合總會有一個底端。因此，我們擁有一些非核心資產。

This is really brick and mortar, in our portfolio and not stick billed assets. This was an asset that we dealt with unencumbering so that we could execute a transaction, and then we were able to get it done in an accretive fashion. But I would say, by and large, just a handful of assets that we have left that would consider non-core from that portfolio.

在我們的投資組合中，這確實是實體資產，而不是固定計費資產。這是我們不受阻礙地處理的資產，以便我們可以執行交易，然後我們能夠以增值的方式完成它。但我想說，總的來說，我們留下的只有少數資產被認為是該投資組合中的非核心資產。

Okay, understood. Thanks.

好的，明白了。謝謝。

Floris van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Good morning. Question on capital allocation. Maybe, Leslie, if you could talk a little bit about the balance between new investments, share repurchases, obviously you return some capital via higher dividend. How do you see that in light of certainly where your share price is trading today?

早安.關於資本配置的問題。也許，萊斯利，如果你能談談新投資和股票回購之間的平衡，顯然你可以透過更高的股息回饋一些資本。鑑於您今天的股價，您如何看待這一點？

Thanks, Floris for the question. I think this quarter really represents a perfect example of what we’ve consistently said. Our balance sheet gives us the optionality to pull more than one lever at a time, and you’re always looking for the right window to be able to do that. And the volatility this quarter gave us the ability to do that. As you mentioned, we were active on a couple fronts.

謝謝弗洛里斯提出的問題。我認為本季確實是我們一貫所說的完美例子。我們的資產負債表讓我們可以選擇一次拉動多個槓桿，而您總是在尋找能夠做到這一點的合適視窗。本季的波動使我們有能力做到這一點。正如您所提到的，我們在幾個方面都很活躍。

One, we obviously recycled the asset that we just got through talking about and took those proceeds and bought back shares accretively and on a leverage neutral basis. We also continue to invest in our portfolio. And our conversions have been very successful. And we’re on a cadence of two per year.

第一，我們顯然回收了我們剛剛透過討論獲得的資產，並利用這些收益並在槓桿中性的基礎上增量回購股票。我們也繼續投資我們的投資組合。我們的轉型非常成功。我們的節奏是每年兩次。

And then we increased our dividend as well, as well as we executed on the acquisition of Teatro. When you actually look at the capital allocation between the dividend and the buyback, it’s pretty equal to what we paid for on Teatro. So it was about a well-balanced allocation. We may remain constructive, and we are going to be disciplined about it, but we do recognize that in this climate, that obviously buybacks remain very attractive.

然後我們也增加了股息，並執行了對 Teatro 的收購。當你實際觀察股利和回購之間的資本分配時，你會發現它與我們在 Teatro 上支付的費用相當相等。所以這是一個均衡的分配。我們可能會保持建設性，並且我們將對此保持紀律，但我們確實認識到，在這種環境下，回購顯然仍然非常有吸引力。

Great. And then maybe if I could follow up on the cash. Obviously, you got $375 million of cash still left on the balance sheet. Remind us again how much you plan to spend on for the rest of this year and in terms of conversions and then potentially what you have in the pipeline as well?

偉大的。然後也許我可以跟進現金的情況。顯然，資產負債表上還剩下 3.75 億美元現金。再次提醒我們，您計劃在今年餘下的時間里花多少錢，以及在轉換方面花費多少，然後您還有哪些潛在的準備金？

Yes, I mean, Floris -- so the $100 million to $120 million of CapEx that we talked about for the year is inclusive of ROIs, conversions, et cetera. We’ve spent year-to-date, a little more than half of that. And so you would expect us to spend the balance of that capital during this year. I think when you look long term and as we’ve talked about historically on the liquidity that we have provides us the optionality to pull the right lever at the right time. And we’ve done that.

是的，我的意思是，弗洛里斯——所以我們今年討論的 1 億至 1.2 億美元資本支出包括投資回報率、轉換率等。今年到目前為止，我們已經花了一半多一點的時間。因此，您可能會期望我們在今年花掉該資本的餘額。我認為，從長遠來看，正如我們歷史上所討論的那樣，我們擁有的流動性為我們提供了在正確的時間拉動正確槓桿的選擇。我們已經做到了。

I think on, we’ve in, on past calls, we’ve talked about being an all cash buyer, has positioned us as an enviable position when it comes to acquisition opportunities. Obviously the, we are going to be disciplined on that today, and we’re going to be cognizant of the cost of capital elsewhere within our options. But I think our liquidity is a competitive advantage today. So I wouldn’t view it as what we have to spend. I’d view it as what liquidity we have to provide as optionality.

我認為，在過去的電話會議中，我們談到了成為全現金買家，這使我們在收購機會方面處於令人羨慕的地位。顯然，今天我們將在這方面遵守紀律，並且我們將認識到我們選擇範圍內其他地方的資本成本。但我認為我們的流動性是當今的競爭優勢。所以我不認為這是我們必須花的錢。我認為它是我們必須提供的流動性作為選擇。

Thanks, Sean.

謝謝，肖恩。

Chris Woronka, Deutsche Bank.

克里斯沃龍卡，德意志銀行。

Hey, good morning, everyone. Thanks for taking the questions. So Leslie, I want to maybe follow up on something you mentioned earlier, which was that the booking windows are, I think you mentioned, trending towards the lower end of the historical range. I guess if you look back and 2020 is not going to be the right example, but maybe further back. Is that indicative of --? is that like the first shoe and then we just see further demand weakness? Or do you think that that booking window shrinking can be transitory?

嘿，大家早安。感謝您提出問題。Leslie，我想跟進一下您之前提到的事情，我想您提到過，預訂窗口正趨向於歷史範圍的下限。我想如果你回顧過去，2020 年並不是正確的例子，但也許更早。這是否表明——？這是否就像第一雙鞋一樣，然後我們看到需求進一步疲軟？或者您認為預訂窗口的縮小可能是暫時的？

No, I think that, historically, I think on a pre-COVID basis, it was about 51% was booked in the zero to seven days, and now we’re at 58% in the zero to seven. So, I think we’re a little bit in a new normal. Technology has improved, transparency has improved.

不，我認為，從歷史上看，在新冠疫情爆發之前，大約有 51% 的預訂是在零到七天內完成的，而現在我們在零到七天內預訂了 58%。所以，我認為我們有點處於新常態了。技術進步了，透明度提高了。

So I don’t really see it as a canary in the coal mine at all. I think it’s just behavioral, and you have to be able to revenue manage around it, which I think that, we are pretty sophisticated and understand how the market, understand how the consumer behaves. And so from our perspective, we just have to be nimble and respond to it. I don’t see it as a canary in coal mine.

所以我根本不認為它是煤礦裡的金絲雀。我認為這只是行為問題，你必須能夠圍繞它進行收入管理，我認為我們非常老練，了解市場、消費者的行為方式。因此，從我們的角度來看，我們只需要靈活應對。我不認為它是煤礦裡的金絲雀。

Okay, fair enough. And second question is just kind of, if you were hypothetically, if you were to see further weakness develop, hopefully you won’t. But are you prepared to go back to the brands that gave you a lot of flexibility during COVID. Would you ask for, do you think they’re in a position to give you a lot of flexibility? And also, are you guys able to --? you’re running pretty efficiently right now as far as I can tell. Are there still things you would look to do if RevPAR softens from here? Thanks.

好吧，很公平。第二個問題是，如果你假設，如果你看到進一步的疲軟發展，希望你不會。但是，您準備好回到那些在新冠疫情期間為您提供了很大靈活性的品牌了嗎？您是否認為他們能夠為您提供很大的靈活性？還有，你們能做到嗎？——？據我所知，你現在運行得相當有效率。如果每間可用房收入（RevPAR）從此時開始走軟，您還需要採取哪些措施嗎？謝謝。

Yes, I would say that we appreciate that, that the economic backdrop is showing some signs of softness. We do still continue to expect a soft landing. Keep in mind that we learned to navigate and operate in a zero-revenue environment through COVID. So there are lots of tricks in the bag that we have today that we necessarily have, five years ago. And so we think our ability to navigate the current environment, even if it’s softens further, is at a higher degree today than it probably ever was. And so we feel pretty good about being able to navigate in this environment. And I don’t think we have to go back to the brands.

是的，我想說的是，我們讚賞經濟背景顯示出一些疲軟的跡象。我們仍然繼續期待軟著陸。請記住，我們透過新冠疫情學會了在零收入環境中導航和運作。因此，我們今天擁有的許多技巧是五年前我們必然擁有的。因此，我們認為，即使當前環境進一步減弱，我們應對當前環境的能力也比以往任何時候都要高。因此，我們對能夠在這種環境中航行感到非常滿意。我認為我們不必回歸品牌。

Yes. And then, Chris, with respect to efficiencies, we do think the second quarter is the high-water mark with respect to the year-over-year cost increases. And the reason why we believe that is really, you can break it into two buckets. The first is the fixed costs, which are primarily property insurance and taxes. Our property insurance renews in November. We would expect to have a successful renewal there, and there’ll be an ease of premiums as part of that renewal in November, which will have a benefit to the fourth quarter.

是的。然後，克里斯，就效率而言，我們確實認為第二季度是同比成本增長的高水位線。我們相信這一點的原因是，你可以把它分成兩個部分。首先是固定成本，主要是財產保險和稅。我們的財產保險於 11 月續保。我們預計該地區將成功續保，並且作為 11 月續保的一部分，保費將會有所緩解，這將對第四季度有利。

In addition, we didn’t have any property tax adjustments this quarter or last quarter, but you would expect us to be aggressively fighting to make sure we’re minimizing property taxes. And we think that becomes less of a headwind in subsequent quarters. And so that’s why in my prepared remarks, I said I expect the fixed cost increases to weighing that 500 basis points to 600 basis points.

此外，本季或上季我們沒有進行任何財產稅調整，但您可能會期望我們積極努力，以確保最大限度地減少財產稅。我們認為，在接下來的幾個季度中，這將不再是一個阻力。因此，這就是為什麼在我準備好的發言中，我說我預計固定成本將增加 500 到 600 個基點。

The second item is on wages and benefits. Our wages and benefits. There’s opportunities there. So they were up in the mid-single digits this quarter, but this quarter reflects a shift back from a higher contract labor percentage to more full-time employees. We had a roughly 25% reduction in contract labor this quarter.

第二項是關於薪資和福利。我們的薪資和福利。那裡有機會。因此，本季的成長率為中個位數，但本季反映出從較高的合約工比例轉向更多全職員工的轉變。本季我們的合約工減少了大約 25%。

And so what that has shown up in is an increase in the benefit side, which was up in the low teens in the quarter. But what the quarter doesn’t have and where the opportunity is, is that you get efficiencies with a full-time employee versus a contract labor employee that we’ll be able to see in future quarters. And so we feel good that will have much better year-over-year comparability on our operating expenses relative to what we saw in the first half of the year.

因此，這體現在效益方面的成長，該季度的效益在十幾歲以下。但本季所沒有的以及機會所在是，與合約工員工相比，全職員工的效率更高，我們將在未來幾季看到這一點。因此，我們感覺良好，與上半年相比，我們的營運支出將具有更好的同比可比性。

Okay, very good. Very helpful. Thanks, Leslie. Thanks, Sean.

好的，非常好。非常有幫助。謝謝，萊斯利。謝謝，肖恩。

Chris Darling, Green Street.

克里斯達林，格林街。

Thanks. Good morning. A question for Tom, probably can you speak to what you’re seeing on the ground across the Bay Area, and maybe if you could delineate any comments between, Silicon Valley relative to San Francisco proper and the East Bay.

謝謝。早安.湯姆的一個問題是，您可能可以談談您在灣區的實地看到的情況，也許您可以描述矽谷相對於舊金山和東灣之間的任何評論。

Sure. Good morning, Chris. I’ll start with the good news. Let’s go to Silicon Valley. We have definitely seen a little bit more project business come back. The back to office has helped. We’re seeing a longer length of stay because we’ve got quite a few Hyatt houses out there, Chris. And so we’ve seen return from either Tesla. We got some accounts that have actually had 14, 15 rooms for 28 days to 35 days, and we hadn’t seen that last year. So we’re seeing a nice increase.

當然。早上好，克里斯。我將從好消息開始。我們去矽谷吧。我們確實看到了更多的專案業務的恢復。回到辦公室有幫助。克里斯，我們看到停留時間更長，因為我們有很多凱悅酒店。因此，我們已經看到特斯拉的回歸。我們得到的一些帳戶實際上擁有 14、15 個房間，持續時間為 28 天到 35 天，而去年我們還沒有看到這種情況。所以我們看到了很好的成長。

The other thing that I think we’re seeing in Silicon Valley, where we spent a little bit of capital, we’ve seen a nice uptick at our Palo Alto, which is close to the Stanford University, and we’re seeing business come back to us knowing that we put the capital in. And that’s been helping cause as well. When you go closer to the area of CBD. We work towards the airport and what we are seeing there is we’re getting international contract business and we’re seeing more AI business from consultants come to the airport location.

我認為我們在矽谷看到的另一件事是，我們在那裡花費了一點資本，我們在靠近史丹佛大學的帕洛阿爾托看到了很好的增長，我們看到業務回到我們身邊，我們就知道我們投入了資金。這也對事業有幫助。當你靠近CBD區域。我們朝著機場方向努力，我們看到我們正在獲得國際合約業務，我們看到更多來自顧問的人工智慧業務來到機場。

And we have an embassy at Waterfront, an embassy at south. And those areas have been growing share in addition to seeing some volume increase when you get to the CBD area. That’s a whole another game right now. We all know that the year was set up where the first half was going to be better than the second half. We’re encouraged that 2025 will be better than 2024. We’ve got some special events that we’re leaning in on, like the NBA All-Star Game as well as the, there’s a sailing event that takes, place in the summertime.

我們在海濱設有大使館，並在南部設有大使館。當你到達中央商務區時，除了看到一些數量增加之外，這些區域的份額一直在增長。現在那完全是另一場遊戲了。我們都知道，今年上半年的情況會比下半年好。我們感到鼓舞的是，2025 年將比 2024 年更好。我們有一些值得關注的特殊活動，例如 NBA 全明星賽，以及在夏季舉行的帆船賽。

But we do have a little bit of a harder setup for fourth quarter this year as well as third quarter because of citywide. And everybody’s talked about Moscone as being this is going to be the tougher year between 2024 versus 2025. And that gives you pretty much around the bases, if you will, of Northern California.

但由於全市範圍的原因，我們今年第四季和第三季的設置確實有點困難。每個人都在談論 Moscone，因為 2024 年與 2025 年之間將是更艱難的一年。如果你願意的話，這可以讓你幾乎了解北加州的基地。

Okay, thank you for that. And then just another quick one for me. Shifting gears maybe for Leslie, as you have conversations with various individuals in the market thinking about the transaction market, any change in buyer seller expectations, in this slower demand backdrop the last couple of months that you could speak to?

好的，謝謝你。然後對我來說又是一個快速的。也許對萊斯利來說，你可以與市場上的各個人進行對話，思考交易市場，在過去幾個月需求放緩的背景下，買家賣家預期是否有任何變化？

No, Chris, I think not much has really changed, since our last call. The volume remains constrained. It’s marginally better. There’s activity pickup around BOVs and soft conversations.

不，克里斯，我認為自上次通話以來並沒有太大變化。數量仍然受到限制。稍微好一點。圍繞 BOV 的活動和溫和的對話有所增加。

But I would say that given the fact that debt is available but expensive, the general perspective around rates coming down, low levels of supply, and people focus on TTMs, there still continues to be a gap and bid ask, but we will see how that shapes up in the back half of the year. But by and large, that really hasn’t changed since our last call.

但我想說的是，考慮到債務可用但價格昂貴、利率下降的普遍觀點、供應水平較低以及人們對 TTM 的關注，差距和出價仍然存在，但我們將看到如何這將在今年下半年形成。但總的來說，自從我們上次通話以來，情況確實沒有改變。

Okay, understood. Thank you all for the time.

好的，明白了。謝謝大家的時間。

Thank you. I would like to turn the floor over to Leslie for closing remarks.

謝謝。我想請萊斯利做結束語。

Thank you everybody for joining us. We hope you have a great rest of your summer and that it includes some level of travel.

感謝大家加入我們。我們希望您度過一個愉快的暑假，其中包括一定程度的旅行。

This concludes today’s teleconference. You may disconnect your lines at this time and thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路，感謝您的參與。