RLJ Lodging Trust (RLJ) 2025 Q3 法說會逐字稿

Welcome to the RLJ Lodging Trust third-quarter 2025 earnings call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

歡迎參加 RLJ Lodging Trust 2025 年第三季財報電話會議。（操作員指示）會議正在錄音。（操作說明）

I would now like to turn the call over to John Paul Austin, Director of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係總監約翰·保羅·奧斯汀。請繼續。

Thank you, operator. Good morning, and welcome to RLJ Lodging Trust's 2025 third-quarter earnings call. On today's call, Leslie Hale, our President and Chief Executive Officer, will discuss key highlights for the quarter. Nikhil Bhalla, our Chief Financial Officer, will discuss the company's financial results. Tom Bardenett, our Chief Operating Officer, will also be available for Q&A.

謝謝接線生。早安，歡迎參加 RLJ Lodging Trust 2025 年第三季財報電話會議。在今天的電話會議上，我們的總裁兼執行長萊斯利·黑爾將討論本季的主要亮點。我們的財務長尼基爾巴拉將討論公司的財務表現。我們的營運長湯姆·巴登內特也將出席問答環節。

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.

本次電話會議中所做的前瞻性陳述受許多風險和不確定因素的影響，可能導致公司的實際表現與已傳達的訊息有重大差異。可能影響公司績效的因素可以在公司向美國證券交易委員會提交的 10-Q 報告和其他報告中找到。本公司不承擔更新前瞻性聲明的義務。

Also, as we discuss certain non-GAAP measures, it may be helpful to review the reconciliations to GAAP located in our press release. Finally, please refer to the schedule of supplemental information, which includes pro forma operating results for our current hotel portfolio.

此外，當我們討論某些非GAAP指標時，查閱我們新聞稿中的GAAP調節表可能會有所幫助。最後，請參閱補充資料表，其中包含我們目前飯店組合的備考經營業績。

I will now turn the call over to Leslie.

現在我將把電話轉給萊斯利。

Good afternoon, everyone, and thank you for joining us today. Overall, our third-quarter RevPAR results were in line with our expectations, with trends improving sequentially month-over-month during the quarter. We were pleased to see our urban markets continue their stronger relative performance, and we are particularly encouraged by the momentum building in Northern California, which should continue to benefit our portfolio. Our solid growth in out-of-room spend, combined with our focus on cost containment allowed us to achieve solid bottom line results despite the RevPAR headwinds, demonstrating the strong contributions from our ROI initiatives and the resiliency of our lean operating model.

各位下午好，感謝各位今天參加我們的節目。總體而言，我們第三季的每間可供出租客房收入 (RevPAR) 業績符合預期，該季度各月的趨勢逐月改善。我們很高興看到我們的城市市場繼續保持相對強勁的表現，尤其令人鼓舞的是北加州的成長勢頭，這應該會繼續惠及我們的投資組合。儘管RevPAR面臨不利因素，但我們客房外消費的穩健增長，加上我們對成本控制的重視，使我們得以取得穩健的盈利，這證明了我們的投資回報率舉措的強大貢獻以及我們精益運營模式的韌性。

Drilling into our third-quarter operating results. Our RevPAR decline of 5.1% was balanced between occupancy and ADR. As we had expected, our performance reflected the broader lodging environment, which faced a layered effect of difficult holiday comps, non-repeat hurricane-related business in Houston and Tampa last year and softer citywide calendars in many markets such as Chicago, which benefited from the DNC last year and San Francisco that saw Dreamforce shift from September to October. These factors were compounded by the impact from our 3 transformative renovations in Waikiki and South Florida as well as headwinds in Austin, which collectively had a 200-basis point impact on our third quarter RevPAR. Notably, however, against this backdrop, we gained RevPAR index, highlighting the quality of our assets, which is allowing us to take market share.

深入分析我們第三季的經營業績。我們的每間可供出租客房收入下降了 5.1%，入住率和平均房價基本持平。正如我們預期的那樣，我們的業績反映了更廣泛的住宿環境，該環境面臨著多重影響，包括假日期間的住宿比較困難、去年休斯頓和坦帕的颶風相關業務不再重複，以及許多市場（如芝加哥，去年受益於民主黨全國代表大會；以及舊金山，Dreamforce大會從9月改到10月）的城市整體日程安排較為疲軟大會。這些因素再加上我們在威基基和南佛羅裡達的 3 項重大翻新工程以及奧斯汀的不利因素，共同導致我們第三季度的每間可供出租客房收入下降了 200 個基點。但值得注意的是，在這種背景下，我們的每間可供出租客房收入 (RevPAR) 指數有所提高，突顯了我們資產的質量，這使我們能夠獲得市場份額。

RevPAR at our urban hotels once again outpaced our broader portfolio this quarter by 50 basis points. We believe that urban markets, which benefit from a broad range of demand drivers should continue to outperform the industry. We were especially encouraged by the performance of our San Francisco CBD hotels, which achieved 19.4% RevPAR growth during the quarter, driven by a strong lineup of smaller conferences, concerts and special events, which more than offset the calendar shift of the Dreamforce conference. Regarding segmentation, healthy travel patterns across key sectors such as tech, finance and consulting, along with the sustained momentum and return to office trends led our non-government-related business travel to achieve 2.4% revenue growth. With our highest-rated customer coming back, corporate rates were up a healthy 3%. However, government-related transient demand remained meaningfully below last year.

本季度，我們城市酒店的每間可供出租客房收入 (RevPAR) 再次比我們整體酒店組合高出 50 個基點。我們認為，受益於多種需求驅動因素的城市市場將繼續跑贏行業平均。舊金山中央商務區飯店的業績尤其令我們感到鼓舞，該季度每間可供出租客房收入增長了 19.4%，這主要得益於一系列小型會議、音樂會和特別活動的強勁表現，這些活動完全抵消了 Dreamforce 大會日程調整帶來的影響。在細分市場方面，科技、金融和諮詢等關鍵行業的健康出行模式，以及持續的成長動能和重返辦公室的趨勢，使我們的非政府相關商務旅行實現了 2.4% 的收入成長。由於我們評價最高的客戶再次光顧，企業價格上漲了3%。然而，與政府相關的臨時需求仍遠低於去年同期水準。

Our group revenues in the third quarter were impacted by the shift of the Jewish holidays into September, leading to a softer citywide calendar across many markets. Our group demand was further impacted by the ongoing transformation of the Austin Convention Center, which will significantly expand the center and further strengthen the Austin market in the coming years. While the demand environment was soft and the booking window remains short, we were encouraged to see pricing strength as demonstrated by the 2% growth in group ADR for the quarter. With respect to leisure, trends remain stable. And although we continue to observe some pricing sensitivity among consumers, we were encouraged to see demand up 1% during the quarter.

由於猶太節慶移至 9 月，導致許多市場的城市節慶季節較為疲軟，我們集團第三季​​的營收也因此受到影響。奧斯汀會議中心的持續改造進一步影響了我們集團的需求，該改造將大幅擴大中心規模，並在未來幾年進一步加強奧斯汀市場。儘管需求環境疲軟，預訂窗口期仍然很短，但我們欣喜地看到價格走勢強勁，本季團體平均房價成長了 2%。休閒娛樂方面，趨勢維持穩定。儘管我們仍然觀察到消費者對價格有一定的敏感度，但令人鼓舞的是，本季需求增加了 1%。

Our urban leisure once again saw stronger relative performance, achieving flat revenue growth, led by a 3.2% increase in demand. Our urban markets are continuing to benefit from strong demand for concerts, sports and special events. Notably, we were pleased to see positive results from our ongoing strategy to drive out-of-room spend, which grew by 1.3% in the quarter, despite lower occupancy. Our non-room revenues generated strong margins and underscores the success of our ROI initiatives aimed at growing food and beverage revenues, re-concepting underutilized space and growing other ancillary revenues. Growth in our non-room revenues came in over 600 basis points ahead of our RevPAR performance.

我們的都市休閒業務再次展現出更強勁的相對錶現，實現了營收持平成長，這主要得益於需求成長了 3.2%。我們的城市市場持續受益於對音樂會、體育賽事和特別活動的強勁需求。值得一提的是，我們很高興地看到，儘管入住率有所下降，但我們持續推進客房外消費的策略取得了積極成果，本季度客房外消費增長了 1.3%。我們的非客房收入產生了強勁的利潤，凸顯了我們旨在增加餐飲收入、重新構思未充分利用的空間以及增加其他輔助收入的投資回報率舉措的成功。非客房收入的成長比每間可供出租客房收入 (RevPAR) 的成長高出 600 多個基點。

This growth, paired with our tight cost containment initiatives, allowed our portfolio to deliver bottom line results ahead of our expectations. Turning to capital allocation. We continue to make progress on several fronts during the quarter. We advanced our three transformative renovations in Waikiki, Key West and Fort Lauderdale, which are now substantially complete. We continue to ramp our conversions and see significant success with our four most recently completed conversions achieving 6% growth during the third quarter, including our newest conversion in Nashville, which achieved high single-digit RevPAR growth.

這一成長，加上我們嚴格的成本控制措施，使我們的產品組合實現了超出預期的獲利成果。接下來討論資本配置。本季我們在多個方面持續取得進展。我們在威基基、基韋斯特和勞德代爾堡的三項重大改造工程已基本完工。我們不斷加大轉換力度，並在最近完成的四個轉換項目中取得了顯著成功，第三季度實現了 6% 的成長，其中包括我們在納許維爾的最新轉換項目，該項目實現了高個位數的 RevPAR 成長。

The solid performance of these assets is testament to the success of our conversion strategy. Consistent with this strategy, during the quarter, we began the physical renovations at the Renaissance Pittsburgh, which will become part of Marriott's Autograph Collection. The timing of this conversion ideally positions the hotel to benefit from the momentum in the Pittsburgh market, including the NFL Draft, which will be hosted in the city next year. Additionally, we are pleased to announce that our Wyndham Boston Beacon Hill hotel will join Hilton's Tapestry Collection with renovations to commence late next year. This hotel sits in an irreplaceable A+ location, adjacent to Mass General's main campus, which is currently undergoing a $2 billion expansion.

這些資產的穩健表現證明了我們轉型策略的成功。與此策略一致，本季我們開始對匹茲堡文藝復興酒店進行翻新，該酒店將成為萬豪酒店集團旗下傲途格精選酒店的一部分。改造的時機恰到好處，使酒店能夠充分利用匹茲堡市場的發展勢頭，包括明年將在該市舉辦的 NFL 選秀大會。此外，我們很高興地宣布，我們的波士頓燈塔山溫德姆酒店將加入希爾頓的Tapestry精選酒店系列，翻新工程將於明年年底開始。這家飯店地理位置優越，毗鄰麻省總醫院主校區，該校區目前正在進行耗資 20 億美元的擴建工程，地理位置無可取代。

Our asset is positioned to benefit from the strong growth trends in all segments of demand, supported by a diverse base of demand drivers, including a strong corporate base, a robust life science and biotech ecosystem, a concentration of leading higher education institutions and a compelling set of leisure attractions. We believe the selection of Hilton's Tapestry Collection will allow us to attract robust incremental demand given the limited Hilton flags in the market, and we remain confident that we can unlock significant EBITDA upside of over 40% on a stabilized basis. Our ability to unlock meaningful value within our portfolio is made possible by our lean operating model that allows our portfolio to drive strong free cash flow and maintain a healthy balance sheet that enables us to return significant capital on a sustained basis to our shareholders. Now looking ahead to the remainder of the year. The broader uncertainty and lack of visibility that has persisted since the end of the first quarter has been recently compounded by the government shutdown, which began in October.

我們的資產定位使其能夠受益於所有需求領域的強勁成長趨勢，這得益於多元化的需求驅動因素，包括強大的企業基礎、健全的生命科學和生物技術生態系統、眾多領先的高等教育機構以及一系列極具吸引力的休閒娛樂場所。我們相信，鑑於希爾頓旗下品牌在市場上的份額有限，選擇希爾頓的 Tapestry 系列將使我們能夠吸引強勁的增量需求，並且我們仍然有信心，在穩定的基礎上，我們可以釋放超過 40% 的顯著 EBITDA 增長空間。我們之所以能夠從投資組合中釋放有意義的價值，是因為我們採用了精簡的營運模式，這種模式能夠讓我們的投資組合產生強勁的自由現金流，並保持健康的資產負債表，從而使我們能夠持續地向股東返還大量資本。現在展望今年剩餘的時間。自第一季末以來持續存在的普遍不確定性和缺乏可見性，最近又因 10 月開始的政府停擺而加劇。

October is the most important month of the fourth quarter. And despite having had an otherwise strong setup given the holiday shifts and an improved citywide calendar, October saw RevPAR decline year over year given the lack of compression created by the shutdown. Additionally, we anticipate that current travel-related headwinds created by the shutdown, including the effect it is having on the air traffic control system, will have an impact on consumers' propensity to travel. Current trends are also impacting the timing of the anticipated contribution from our major renovations in Key West and Waikiki, which were previously expected to begin ramping during the fourth quarter. These factors, combined with the lingering macro uncertainty that is affecting consumer and corporate confidence has moderated our view of the fourth quarter.

十月是第四季最重要的月份。儘管由於假日調整和全市日程安排的改善，10 月份的整體情況良好，但由於疫情封鎖造成的市場壓縮不足，10 月份的每間可供出租客房收入 (RevPAR) 同比下降。此外，我們預計，目前由停擺造成的與旅行相關的不利因素，包括其對空中交通管制系統的影響，將對消費者的出行意願產生影響。目前的趨勢也影響了我們在基韋斯特和威基基的重大翻新工程預計帶來的收益時間，這些工程此前預計在第四季度開始逐步投入營運。這些因素，再加上持續存在的宏觀經濟不確定性影響了消費者和企業信心，使我們對第四季的預期有所下調。

We are, therefore, adjusting our full-year outlook to reflect the impact of these trends with the new range, assuming current trends continue. As we look ahead to 2026, we are encouraged by a number of building blocks that when taken in aggregate, should drive a more positive backdrop for the industry, including: a more constructive economic environment with lower borrowing costs, clarity around taxes and increased investment spending in the US; a lapping of difficult comparisons from 2025, including Liberation Day; and the continuation of historically low levels of new supply.

因此，我們將調整全年展望，以反映這些趨勢對新系列產品的影響，並假設目前的趨勢持續下去。展望 2026 年，我們受到許多因素的鼓舞，這些因素綜合起來應該會為行業帶來更加積極的前景，包括：美國借貸成本降低、稅收政策明朗、投資支出增加，經濟環境更加有利；2025 年的諸多不利因素（包括解放日）不再是主要比較對象；以及新供應量繼續處於歷史低位。

Relative to this backdrop, our portfolio is well positioned for 2026, given our favorable geographic exposure and urban footprint, which should allow us to see outsized benefit in an improved demand environment. We are particularly excited about the World Cup in the US and with 72 matches scheduled to take place in many of our markets, we are well positioned to capture this demand. Additionally, our portfolio will benefit from the 250th anniversary of the US in markets such as DC, Boston, and Philadelphia as well as the rotation of major sporting events in many of our key markets, including the Super Bowl in Northern California.

在此背景下，鑑於我們有利的地域分佈和城市佈局，我們的投資組合已為 2026 年做好了充分準備，這將使我們能夠在需求改善的環境中獲得巨大的收益。我們對在美國舉辦的世界盃感到格外興奮，由於72場比賽將在我們的許多市場舉行，我們完全有能力滿足這項需求。此外，我們的投資組合將受益於美國建國 250 週年，在華盛頓特區、波士頓和費城等市場，以及我們許多主要市場輪番舉辦的重大體育賽事，包括在北加州舉行的超級盃。

And we are also poised to capture the ongoing recovery in Northern California, which continues to gain momentum, supported by the rapid growth of the AI industry that is stimulating business travel, events and corporate investments against the backdrop of improving safety conditions and increasingly stringent return to office policies. All of these tailwinds for our portfolio will be further bolstered by the ramp of our conversions and the major renovations we completed this year. As we look ahead, we are well positioned to capitalize on what we believe will be an overall improved setup for the industry next year.

我們已做好準備，把握北加州持續復甦的機會。在人工智慧產業快速發展的推動下，北加州的復甦勢頭不斷增強，人工智慧產業的快速發展刺激了商務旅行、活動和企業投資，同時，安全狀況也在不斷改善，復工政策也日益嚴格。所有這些利好因素都將因我們今年完成的改造和重大翻新工程的推進而進一步加強。展望未來，我們相信明年整個產業的環境將會全面改善，我們已做好充分準備，把握這項機會。

With that, I will turn the call over to Nikhil.

接下來，我將把電話交給尼基爾。

Thanks, Leslie. To start, our comparable numbers include our 94 hotels owned at the end of the third quarter. Our reported corporate adjusted EBITDA and AFFO include operating results from all sold and acquired hotels during RLJ's ownership period. Our third quarter was generally in line with our expectations, even as we faced a low visibility environment. Third quarter occupancy was 73%, average daily rate was $190 and RevPAR was $139, which translates to a 5.1% RevPAR contraction versus the prior year, led by a 3.1% decline in occupancy and 2.1% drop in ADR.

謝謝你，萊斯利。首先，我們的可比較數據包括截至第三季末我們擁有的 94 家飯店。我們報告的公司調整後 EBITDA 和 AFFO 包括 RLJ 持有期間所有已售出和已收購酒店的營運業績。儘管面臨低能見度環境，但我們第三季的業績總體上符合預期。第三季入住率為 73%，平均每日房價為 190 美元，每間可供出租客房收入 (RevPAR) 為 139 美元，與前一年相比，RevPAR 下降了 5.1%，其中入住率下降了 3.1%，平均每日房價下降了 2.1%。

With respect to the cadence of RevPAR during the quarter, July experienced RevPAR decline of 6.8% due to greater impact from renovations as well as the lapping of difficult hurricane comparisons in Houston. August and September declined by 4.8% and 3.8%, respectively. Although October sequentially improved month-over-month as RevPAR declined by approximately 2%, it was below our expectations in light of the government shutdown. As Leslie noted, the layered effect of several known industry headwinds impacted the third quarter. However, our urban hotels continue to perform better relative to our overall portfolio, led by solid growth in markets such as San Francisco CBD, Atlanta and New York City, among others, that saw RevPAR increase by 19.4%, 12.1% and 4.7%, respectively.

就本季的每間可供出租客房收入 (RevPAR) 而言，7 月份的每間可供出租客房收入下降了 6.8%，這是由於翻新工程的影響更大，以及休斯頓颶風造成的艱難的對比期所致。8 月和 9 月分別下降了 4.8% 和 3.8%。儘管 10 月的每間可供出租客房收入 (RevPAR) 環比下降約 2%，有所改善，但考慮到政府停擺，仍低於我們的預期。正如萊斯利所指出的，幾個已知的行業不利因素的疊加影響對第三季造成了衝擊。然而，相對於我們的整體投資組合而言，我們的城市酒店表現依然較好，這主要得益於舊金山中央商務區、亞特蘭大和紐約市等市場的穩健增長，這些市場的每間可供出租客房收入分別增長了 19.4%、12.1% 和 4.7%。

We were especially pleased with our non-room revenues achieving 1.3% growth over last year. Growth in our non-room revenues demonstrate the momentum behind our ROI initiatives, which led our total revenues to perform 110 basis points better than our RevPAR on a relative basis, despite occupancy being lower.

我們尤其滿意的是，非客房收入比去年增長了 1.3%。非客房收入的成長顯示了我們投資回報率舉措的良好勢頭，儘管入住率較低，但我們的總收入相對而言比每間可供出租客房收入高出 110 個基點。

With respect to operating costs, during the third quarter, our operating expenses were up just 90 basis points year-over-year after adjusting for non-recurring tax benefits in the prior year. And year-to-date, expenses increased by only 1.7% even against the prior year tax credits, reflecting the benefits of our lean operating model as well as the ongoing normalization of expenses and our relentless focus on enhancing productivity and managing expenses. Our ability to manage costs in a challenging RevPAR environment allowed us to achieve third quarter hotel EBITDA of $80.8 million and hotel EBITDA margins of 24.5%. We achieved adjusted EBITDA of $72.6 million and adjusted FFO per diluted share of $0.27 during the third quarter. Our balance sheet remains well positioned with approximately $1 billion of liquidity, comprising of $375 million of unrestricted cash and $600 million available on our corporate revolver.

就營運成本而言，第三季度，在扣除上一年非經常性稅收優惠後，我們的營運支出較去年同期僅增加了 90 個基點。今年迄今為止，即使考慮到上一年的稅收抵免，支出也僅增長了 1.7%，這反映了我們精簡營運模式的優勢，以及支出的持續正常化和我們對提高生產力和管理支出的不懈努力。我們在充滿挑戰的RevPAR環境下控製成本的能力，使我們第三季飯店EBITDA達到8,080萬美元，飯店EBITDA利潤率達到24.5%。第三季度，我們實現了調整後 EBITDA 7,260 萬美元，調整後每股攤薄 FFO 為 0.27 美元。我們的資產負債表狀況良好，擁有約 10 億美元的流動資金，其中包括 3.75 億美元的非限制性現金和 6 億美元的公司循環信貸額度。

We ended the quarter with $2.2 billion of debt with a weighted-average maturity of three years and an attractive interest rate of 4.7%. 74% of our debt is either fixed or hedged, including $200 million of new interest rate swaps that we entered into during the third quarter. We continue to have significant flexibility with 86 of our 94 hotels unencumbered. Earlier this year, we addressed all of our 2025 debt maturities. And as we turn our attention towards addressing our 2026 maturities, we are encouraged by the improving interest rate and lending environment.

本季末，我們的債務總額為22億美元，加權平均期限為三年，利率為4.7%，頗具吸引力。我們74%的債務為固定利率或已對沖，其中包括我們在第三季簽訂的2億美元新利率互換合約。我們仍然擁有很大的靈活性，94 家酒店中有 86 家沒有受到任何限制。今年早些時候，我們解決了所有 2025 年到期的債務問題。當我們把注意力轉向應對 2026 年到期的債務時，利率和信貸環境的改善令我們感到鼓舞。

We will continue to optimize the laddering of our debt maturities, our weighted average cost of debt and the flexibility of our balance sheet. We are leveraging the flexibility of our healthy balance sheet to unlock embedded value across our portfolio through transformative renovations and high-value conversions, while remaining committed to returning capital to shareholders. During the quarter, in addition to substantially completing the three transformative renovations in Waikiki and South Florida, we initiated the conversion of the Renaissance Pittsburgh to Marriott's Autograph Collection, while also advancing the programming for the Wyndham Boston, which we have selected to convert to Hilton's Tapestry Collection.

我們將繼續優化債務到期順序、加權平均債務成本和資產負債表的彈性。我們正在利用我們健康的資產負債表的靈活性，透過變革性改造和高價值轉換來釋放我們投資組合中的內在價值，同時仍然致力於向股東返還資本。本季度，除了基本完成威基基和南佛羅裡達的三項重大改造工程外，我們還啟動了將匹茲堡萬麗酒店改建為萬豪傲途格精選酒店的項目，同時推進了波士頓溫德姆酒店的規劃，我們已選擇將其改建為希爾頓的Tapestry精選酒店。

Additionally, we remain committed to returning capital to shareholders by continuing to pay an attractive quarterly dividend of $0.15 per share that is well covered while increasing our shares repurchased to-date to 3.3 million shares for $28.6 million. We will continue making prudent capital allocation decisions to position our portfolio to drive growth through the entire cycle while returning capital to shareholders.

此外，我們仍致力於向股東返還資本，繼續支付每股 0.15 美元的季度股息，且股息支付充足；同時，我們迄今已回購 330 萬股股票，總額達 2860 萬美元。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週期中推動成長，同時向股東返還資本。

Turning to our outlook. Overall, forecasting visibility remains low in light of the uncertainty related to the federal government. As such, our adjusted full year outlook reflects October's performance and the assumption that current operating trends persist through the balance of this year. For 2025, we now expect comparable RevPAR growth to range between negative 1.9% and negative 2.6%; comparable hotel EBITDA between $357.5 million and $365.5 million; corporate adjusted EBITDA between $324 million and $332 million; adjusted FFO per diluted share to be between $1.31 and $1.37, which incorporates shares repurchased to-date but no additional repurchases. Our outlook assumes no additional acquisitions, dispositions or refinancings, and we continue to expect capital expenditures in the range of $80 million to $100 million.

展望未來。總體而言，由於聯邦政府方面的不確定性，預測的可預測性仍然很低。因此，我們調整後的全年展望反映了 10 月份的業績，並假設目前的經營趨勢將在今年剩餘時間內持續下去。2025 年，我們預計可比 RevPAR 成長率將在 -1.9% 至 -2.6% 之間；可比飯店 EBITDA 將在 -1.9% 至 -2.655 億美元之間；公司調整後 EBITDA 將在 3.24 億美元至 3.32 億美元之間；公司調整後 EBITDA 將在 3.24 億美元至 3.32 億美元之間；公司調整後 EBITDA 將在 3.24 億美元至 3.32 億美元之間；公司調整後 EBITDA 將在 3.24 億美元至 3.32 億美元之間；美元之間，其中包括迄今為止回購的股份，但不包括額外的回購。我們的展望假設不會有額外的收購、處置或再融資，我們仍然預期資本支出將在 8,000 萬美元至 1 億美元之間。

We also expect total revenue growth will continue to outpace RevPAR growth due to the success of our initiatives to drive out-of-room spend.

我們也預計，由於我們推動客房外消費的舉措取得了成功，總收入成長將繼續超過每間可供出租客房收入 (RevPAR) 的成長。

Finally, please refer to our press release from last evening for additional details on our outlook and to our schedule of supplemental information, which will include comparable 2025 and 2024 quarterly and annual operating results for our 94-hotel portfolio.

最後，請參閱我們昨晚發布的新聞稿，以了解有關我們展望的更多詳情以及補充資訊時間表，其中將包括我們 94 家酒店組合的 2025 年和 2024 年可比季度和年度經營業績。

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

謝謝，我們的演講稿到此結束。現在我們將開放問答環節。操作員？

(Operator Instructions) Michael Bellisario, Baird.

（操作說明）邁克爾貝利薩裡奧，貝爾德。

First one is probably for Tom here. Could you dive into the revenue management strategies? Maybe just how you changed your approach in the quarter, given that performance was weaker? And then also, what are you seeing in terms of booking channels and booking window that guide your near-term outlook? Any extra color there would be helpful.

第一個問題可能是給湯姆的。您能深入探討一下收益管理策略嗎？或許可以解釋一下，鑑於本季業績下滑，你是如何調整策略的？此外，您在預訂管道和預訂窗口方面看到了哪些訊息，這些訊息將如何影響您的近期展望？如果能多加些顏色就更好了。

Yes, happy to do that, Mike. So, if you think about quarter three, we knew that the industry setup was weak on the group side, not only in industry but in urban. So, we really thought about how do we diversify the mix going into that quarter. And some of the things that we were doing were focusing more on the leisure side, where we knew there was opportunity to replace some of that group.

是的，我很樂意這麼做，麥克。所以，如果你回顧第三季度，我們就知道集團層面的產業佈局很薄弱，不僅在工業領域，而且在城市領域也是如此。所以，我們認真思考瞭如何在進入該季度時實現產品組合多元化。我們當時所做的一些事情更專注於休閒娛樂方面，因為我們知道有機會替換掉其中的一些員工。

And you'll see that our demand was actually up on the leisure side in addition to urban leisure, where we had that opportunity to book more business because of the lack of group with a softer citywide calendar and some of the comps that we were up against.

你會發現，除了城市休閒旅遊之外，我們的休閒旅遊需求其實也有所上升。由於城市旅遊日程較為寬鬆，團體遊客減少，加上我們面臨的一些競爭對手，我們有機會預訂更多業務。

In addition to that, and I'll remind you that we have a lot of -- more opportunities because we have -- a significant amount of our hotels are on the full-service side where we can grab some of that contract base business that we need to be able to offer our own compression. And we were successful because of the renovations that we have had in '23, '24, we've been able to secure more base business, knowing that if you're in a situation where you have a lack of group going into the quarter, you can do that as well. Your other question that you were talking about was the channel. We continue to see great demand coming through brand.com., which is our least costly channel. Because leisure was an element of where we had additional demand, we did see some OTA growth on weekends.

除此之外，我還要提醒各位，我們有很多機會，因為我們擁有相當數量的全方位服務酒店，我們可以從中獲得一些我們需要的合約業務，從而能夠提供我們自己的壓縮服務。我們之所以能夠取得成功，是因為我們在 2023 年和 2024 年進行了翻新，我們獲得了更多的基礎業務，因為我們知道，如果在季度開始時團隊人數不足，我們也可以做到這一點。你提到的另一個問題是關於頻道的。我們持續看到來自 brand.com 的巨大需求，而 brand.com 是我們成本最低的管道。由於休閒娛樂是我們額外需求的一個方面，因此我們確實看到週末的OTA業務有所增長。

We are continuing to see BT grow on the -- even when out government, we had BT grow 2.4%, and that was a second consecutive quarter. So, what is happening on the channels is you're noticing that global distribution systems continue to grow as well. And so that's encouraging as we continue to see the national corporate accounts come back because that's our highest rated customer. I know Leslie wants to add a few things as well.

我們看到 BT 繼續成長——即使在我們政府缺席的情況下，BT 也成長了 2.4%，這是連續第二季成長。所以，通路方面正在發生的事情是，你會注意到全球分銷系統也在持續成長。因此，看到全國性企業客戶不斷回歸，令人鼓舞，因為這是我們評價最高的客戶。我知道萊斯利也想添加一些東西。

Yes. Mike, I would say that, as Tom mentioned, the setup for -- as everybody knows, for the third quarter was weak. But I do think it's important to point out the momentum that was coming out of September. As we articulated, September performed better than we initially expected. And just to sort of give you a frame of reference, as Tom mentioned, our portfolio saw non-government BT increased by 2.4%.

是的。麥克，我想說，正如湯姆提到的那樣，第三節的安排——眾所周知——很薄弱。但我認為有必要指出九月以來所取得的進展勢頭。正如我們之前所說，9月份的表現優於我們最初的預期。為了讓大家有個參考，正如湯姆所提到的，我們的投資組合中非政府 BT 成長了 2.4%。

But in September, it was up 3.7%. And it really happened in the back half of the month, and that was all demand driven, 100% demand driven. The other data point that I would give you is that going into September, our group pace was at 90%. We ended at 97% for the month of September, which is up 700 points. And so, the momentum coming out of September prior to the government shutdown was positive.

但9月上漲了3.7%。而這確實發生在當月的後半段，完全是由需求驅動的，百分之百是由需求驅動的。我還要提供另一個數據點，就是進入九月時，我們團隊的進度是 90%。9 月我們的業績最終達到 97%，比上個月提高了 700 個百分點。因此，在政府停擺之前，9 月以來的發展勢頭是積極的。

So, we saw a swing that moved pretty fast in September. And obviously, we've seen a swing the other way in October.

所以，我們在9月看到了一個快速波動的趨勢。顯然，我們在十月看到了相反的趨勢。

Got it. That's helpful color. And then just on renovations, just given that the top line outlook is weaker, I mean, how does that change your view of just CapEx broadly, your underwriting and then just expected returns for your bigger conversion projects, thinking about Boston in particular? Or anything else that you might have in the queue for '26 or '27? That's all for me.

知道了。這是個很有幫助的顏色。那麼就翻新而言，鑑於整體前景疲軟，我的意思是，這會如何改變您對資本支出、承銷以及大型改造項目（特別是波士頓的改造項目）的預期回報的看法呢？或者你還有什麼其他計劃在 2026 年或 2027 年推出嗎？我就說這些了。

Yes. Mike, on the CapEx side, keep in mind that our -- most of our renovations were front-loaded as we talked about before, and so they're either substantially complete or rounding completion. That was in Waikiki, New York and Key West this year. As we mentioned in our prepared remarks, clearly, given the softened backdrop on transient and on leisure where some of these asserts are at, we still expect these assets to ramp up well, but that ramp may be a little bit delayed because of what's going on in the broader market from that. But we believe these assets will be a tailwind for us in 2026 for sure.

是的。麥克，關於資本支出方面，請記住，正如我們之前討論過的，我們的大部分翻新工程都是前期投入的，因此它們要么已經基本完成，要么即將完成。今年分別在威基基、紐約和基韋斯特。正如我們在準備好的演講稿中所提到的，顯然，鑑於目前部分資產所處的短期和休閒旅遊市場環境較為疲軟，我們仍然預計這些資產將穩步增長，但由於更廣泛的市場狀況，這種增長可能會稍有延遲。但我們相信，這些資產肯定會在 2026 年成為我們的助力。

And then, I would say on Boston, that is an asset that we feel very good about. As we mentioned, it's going to be moving into the Tapestry Collection. It's got a great flag and a great location and very diverse demand drivers. And so, the significant upside still remains there. That asset won't start until the end of next year.

然後，就波士頓而言，我認為這是我們非常看好的優勢。正如我們之前提到的，它將被納入掛毯系列。它擁有出色的旗幟、優越的地理位置和非常多元化的需求驅動因素。因此，上漲空間依然巨大。該資產要到明年年底才能投入使用。

And so, we should be picking up around the demand drivers that we expect to capture within that market. And I'll let Tom add some color on Boston.

因此，我們應該圍繞著我們預期在該市場中獲得的市場需求驅動因素展開行動。接下來，就讓湯姆來補充一些關於波士頓的見聞吧。

Yes, Mike, as we're looking at not only '26 but '27 in Boston, the great thing about our location is the expansion of Mass General, which is a major hospital and they're putting about $1.8 billion in two different buildings that are literally next door to us. I was on the phone with the management team, and they're going to have an oncology cancer research center, which is going to expand the ability to get MRIs. And we think that's not only going to have a regional draw, but we think that's going to be an international draw of folks coming into Boston based on the expansion of those 2 buildings with one being oncology and the other one being cardiology.

是的，麥克，我們不僅要考慮 2026 年，還要考慮 2027 年在波士頓的發展，我們地理位置的優勢在於麻省總醫院的擴建，這是一家大型醫院，他們正在我們隔壁的兩棟不同的大樓上投入約 18 億美元。我當時正在和管理團隊通電話，他們計劃建立一個腫瘤癌症研究中心，這將擴大進行核磁共振成像檢查的能力。我們認為，這不僅會吸引區域內的居民，而且隨著這兩棟大樓的擴建（一座是腫瘤科，另一座是心臟科），還會吸引國際人士來到波士頓。

And then in next year, as you know, we got FIFA, we have an event that is international that comes in, what's called Tall Ships. And then the USA being celebration in the July period, which will be not only benefiting Boston, but New York and Philadelphia, where we also have demand. So, we're encouraged about going into the Hilton system because we know what happens when we convert and we start to get Hilton Honors members and changes the mix of our hotel in '27 after we're completing the renovation.

然後，如你所知，明年我們將迎來國際足聯，還有一項國際賽事，叫做高桅帆船展。然後，7 月美國將舉行慶祝活動，這不僅有利於波士頓，也有利於紐約和費城，因為我們在這些地方也有需求。所以，我們很期待加入希爾頓系統，因為我們知道轉換之後會發生什麼，我們會開始獲得希爾頓榮譽客會會員，並在 2027 年完成翻新後改變我們酒店的組合。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

I wanted to go back to the leisure segment for a moment. And just wondering if you're seeing more price sensitivity from that customer or is it more that you're just targeting more bookings through discount channels and other leisure channels, and that's driving maybe some of the softness around pricing?

我想再回到休閒娛樂板塊聊一會兒。我想知道，您是否發現該客戶對價格更加敏感，還是因為您透過折扣管道和其他休閒管道吸引了更多預訂，從而導致價格趨於溫和？

Well, I would say, Austin, that as we talked about in the prepared remarks, leisure demand has been relatively stable for us for the last few quarters. And in fact, room nights were up in the third quarter. We are seeing the price sensitivity, and it's showing up in terms of what channels they're booking through. But I think that what we're seeing with the government shutdown is different. It's affecting the propensity and willingness to travel.

嗯，奧斯汀，我想說，正如我們在準備好的演講稿中提到的，在過去的幾個季度裡，我們的休閒需求相對穩定。事實上，第三季客房入住率有所上升。我們看到了價格敏感性，這一點從他們選擇的預訂管道就能看出來。但我認為，我們現在看到的政府停擺情況有所不同。它影響著人們的旅行傾向和意願。

And so we're seeing our pace soften relative to that, but that's more a function of a desire to be caught in the airport for five hours versus the underlying fundamental of leisure demand that we've seen being stable.

因此，我們看到我們的步伐相對於這種情況有所放緩，但這更多是由於人們不願意在機場待上五個小時，而不是我們看到的穩定的休閒需求的基本面。

And then, I would add that urban leisure, as we also said, it's really about the concerts, the special events, the location where the attractions are. We feel that, that seven-day harder demand, that's still active. That's why the demand continues for those events, and those still have had strong attendance even in the summer as we go into the fourth quarter.

然後，我想補充一點，正如我們所說，城市休閒實際上是指音樂會、特別活動以及景點所在的位置。我們認為，這種持續七天的更強勁的需求仍然存在。這就是為什麼人們對這些活動的需求持續存在，即使到了夏季，進入第四季度，這些活動的參與人數仍然很高。

Got it. And then switching over market specific, you'd referenced the significant RevPAR growth in San Francisco CBD and just positive outlook for the region. I guess, first, is it translating to your hotels across Northern California? Or do you need to see additional recovery before it really broadens out? And then second, wondering how that top line growth, again, that you referenced is translating to the bottom line just given some of the expansion pressures in the region.

知道了。然後，具體到市場方面，您提到了舊金山中央商務區的RevPAR顯著成長，以及該地區的積極前景。首先，我想問的是，這種模式是否適用於你們在北加州的飯店？或者，是否需要觀察進一步的恢復情況才能真正擴大範圍？其次，我想知道您提到的營收成長在考慮到該地區的一些擴張壓力的情況下，是如何轉化為利潤的。

Yes, great question. When we look at CBD, and you're right, how the market works, and I'll talk a little bit about Silicon Valley differently. But when I look at CBD, Austin, this is back-to-back quarters of 19% growth in our CBD assets. And you know we have our Marriott and our Courtyard there. What we're encouraged in third quarter is that's in the fact that Salesforce moved from September to October, and we still had that growth.

是的，問得好。當我們審視 CBD 時，你說得對，市場是如何運作的，我會從不同的角度談談矽谷。但當我觀察奧斯汀的中央商務區時，我們發現我們的中央商務區資產已經連續兩季成長了 19%。你知道，我們那裡有萬豪酒店和萬怡酒店。第三季最令人鼓舞的是，Salesforce 的業績報告從 9 月推遲到了 10 月，但我們仍然實現了成長。

So, we were pleased to see that the convention center is the hub, and that really was the beginning stages of where CBD had its growth year-over-year. In addition to that, though, we're seeing a lot of things happen in the AI space. And even the conventions that are coming in for that are increasing in regards to the amount of attendance that's happening. So back to office, office demand was up about 102%. We were just on the phone with SF Travel.

因此，我們很高興地看到會議中心成為了中心樞紐，而這正是 CBD 逐年成長的真正起點。除此之外，我們也看到人工智慧領域正在發生很多事情。甚至連相關的展會，其參與人數也不斷增加。回到辦公室，辦公需求增加了約 102%。我們剛才還在和舊金山旅遊局通電話。

They talked specifically about the leasing and additional space that's coming in under the AI. I guess there's about 5 million square feet today that's AI, and they're predicting about 30 million square feet by 2030. So that's encouraging that CBD will continue to grow. And the convention calendar is in good shape next year, not only because of Super Bowl and FIFA, but just they're getting more corporate accounts to come back based on the political environment. It's just a safe and clean place.

他們專門討論了人工智慧帶來的租賃和新增空間。我估計目前人工智慧覆蓋面積約 500 萬平方英尺，預計到 2030 年將達到 3,000 萬平方英尺左右。所以，CBD市場將持續成長，令人鼓舞。明年的會議日程安排良好，不僅是因為超級盃和國際足聯，還因為根據當前的政治環境，他們正在吸引更多企業客戶回歸。這裡安全又乾淨。

And I think people are encouraged. Their whole campaign about Believe in San Francisco, I think, is drawing more international travel as well.

我認為人們會受到鼓舞。我認為，他們關於「相信舊金山」的整個宣傳活動也吸引了更多國際遊客。

And then when I think about Silicon Valley, it's about back-to-office tech companies. You see the demand coming from NVIDIA, Tesla, all the different companies that are out in that section. We continue to see BT grow Santa Clara, San Jose, Palo Alto, which is where most of our assets are. And so, we're encouraged that San Francisco is not just CBD, but it's also happening in Silicon Valley.

然後，當我想到矽谷時，我想到的就是那些回歸辦公室辦公室模式的科技公司。你可以看到來自英偉達、特斯拉以及該領域所有其他公司的需求。我們看到 BT 在聖克拉拉、聖荷西和帕洛阿爾託的業務持續成長，這些地區也是我們大部分資產的所在地。因此，我們感到鼓舞的是，舊金山不僅僅是中央商務區，矽谷也正在發生這樣的變化。

I mean we're seeing positive trends overall. But obviously, CBD is doing well because of the unique demand drivers within that market, Austin. It's not compressing all the way out, but we are seeing different demand drivers that benefit the rest of our footprint. And then on the cost and margin side, I mean, obviously, to your point, costs in San Francisco have moved, particularly on the wage side. But we are encouraged in terms of the mix of rate growth versus overall demand growth in the market and are optimistic long term in terms of the ability to recapture the margin growth.

我的意思是，總體而言，我們看到的是積極的趨勢。但很顯然，CBD之所以表現良好，是因為奧斯汀這個市場獨特的市場需求驅動因素。雖然還沒有完全壓縮，但我們看到不同的需求驅動因素有利於我們業務的其他部分。至於成本和利潤方面，我的意思是，很顯然，正如你所說，舊金山的成本已經發生了變化，尤其是在工資方面。但就市場利率成長與整體需求成長的組合而言，我們感到鼓舞，並且對長期恢復利潤成長的能力持樂觀態度。

Gregory Miller, Truist Securities.

Gregory Miller，Truist Securities。

I'd like to start with New York City and a repeat of a question I asked same time last year. I'm curious if you could provide your expectations for New Year's Eve for the Knickerbocker? How our RevPAR and food and beverage package pricing compared to 2024?

我想先談談紐約市，並再次提出我去年這個時候問過的一個問題。我很好奇您能否談談您對尼克博克新年夜的期待？與 2024 年相比，我們的每間可供出租客房收入 (RevPAR) 和餐飲套餐定價有何不同？

You still got to go one of these days, Greg. We've got a seat reserved for you. But I would tell you that New York has been a strong story all year. As you know, it's good demand. Average rates continue to move.

格雷格，你總有一天還是要走的。我們已為您預留了一個座位。但我可以告訴你，紐約的故事貫穿了整個今年。如你所知，需求很好。平均利率持續波動。

We're very pleased. international, when you think about international, globally, it's been down, but in New York, it's been up. So, when we think about the Knickerbocker, it really is a special iconic location to see the ball drop. I'm again encouraged to tell you that we're continuing to see growth. As you remember, in the last quarter, we talked about what we did upstairs where we added a sushi bar and a location there, which has already started to create more demand for more folks to come in, not just the guests.

我們非常高興。從國際角度來看，全球的經濟都在下滑，但在紐約，經濟卻在上升。所以，當我們想到尼克博克體育場時，它確實是一個觀看水晶球落下的特殊標誌性地點。我很高興地告訴大家，我們持續保持成長動能。您可能還記得，上個季度我們談到了樓上新增的壽司吧和營業地點，這已經開始吸引更多人前來光顧，而不僅僅是酒店客人。

And what we're seeing is the package price for New Year's is continuing to exceed our expectations as we go into the holiday. So, I feel very good about the Knickerbocker and New York in general as we go into the fourth quarter just because of the lack of Airbnb and the inventory that's being controlled, the supply that came out of the location as well. And then, leisure continues to be very strong in that market.

隨著假期臨近，我們看到新年套餐價格持續超出我們的預期。所以，進入第四季度，我對尼克博克酒店和整個紐約的前景都感到非常樂觀，這主要是因為Airbnb房源較少，庫存受到控制，而且該地區的供應也比較充足。而且，休閒娛樂在該市場依然非常強勁。

Appreciate that. For my follow-up, I'd like to ask about a new initiative by Hilton that they discussed on their earnings call, especially given you have many Hilton properties. As you know, Hilton spoke to offering owner system fee reductions that are tied to hotel-specific product and service quality scores. I'm curious how you anticipate the strategy impacting your properties, if at all, even if the effort may be towards competitive franchised hotels?

謝謝。我想就希爾頓在財報電話會議上提到的一項新舉措詢問一下，特別是考慮到貴公司擁有很多希爾頓旗下的酒店。如您所知，希爾頓曾表示將根據飯店的特定產品和服務品質評分，向業主提供系統費用減免。我很想知道，即使這項策略的目標是與連鎖飯店競爭，您預計它會對您的飯店產生怎樣的影響（如果有的話）？

Well, I think if we start with behavior management and you think about the carrot and the stick, I think what Hilton is doing is they're really putting the onus on the opportunity to be able to get reductions on the -- to be able to drive guest service scores, which helps everybody, right? You have to please the guests that have them want to come back. And I think the opportunity to incent the field to really drive those scores in addition to ownership to put capital in is really what is encouraging them to put out a program like this. Number two, for folks that aren't spending capital, that's the stick. This is encouraging them to think differently about what are the opportunities to potentially get money back if I do put capital in?

我認為，如果我們從行為管理入手，想想胡蘿蔔加大棒的策略，希爾頓的做法是真正把責任放在能夠降低成本、提高客戶服務評分上，這對每個人都有好處，對吧？你必須讓客人滿意，這樣他們才願意再光臨。我認為，除了鼓勵球隊老闆投入資金外，激勵球員們努力提高分數也是促使他們推出類似計畫的真正原因。第二，對於那些不投入資金的人來說，這就是懲罰手段。這促使他們換個角度思考，如果我投入資金，有哪些潛在的回報機會？

And that's your second question where others may follow. We're encouraged because we do have a significant amount of our portfolio with Hilton. We think that the incentive is drawing our guest service scores in the right direction.

這是你的第二個問題，其他問題也可能隨之而來。我們感到鼓舞，因為我們與希爾頓酒店集團的合作項目佔了相當大的比例。我們認為這項激勵措施正在引導我們的客戶服務評分朝著正確的方向發展。

And we certainly, as you know, have put the capital in. Our properties are in good shape. We feel like we're in a good position based on what we've done. And now it's a matter of going and collecting on that incentive that's out there. But we do believe that the incentive is in the right place for people to put the money into the hotels and then now it's about delivering results to get those returns.

如您所知，我們當然已經投入了資金。我們的房產狀況良好。根據我們所做的一切，我們感覺自己處境不錯。現在的問題是如何去領取那些現有的獎勵。但我們相信，目前的激勵機制能夠促使人們將資金投入旅館業，而現在的關鍵在於取得成效以獲得回報。

And I would just simply say that we're in a position to be able to benefit from that incentive because we have put the capital in the assets and partner with Hilton. We have a great relationship. And so it's a function of being a good owner and partner with them, and we would expect to benefit.

我只想簡單地說，我們之所以能夠從這項激勵措施中受益，是因為我們已經投入資金購買了相關資產，並與希爾頓建立了合作關係。我們關係很好。所以，這關乎我們能否成為他們的好老闆和好夥伴，而我們也期望從中受益。

Tyler Batory, Oppenheimer & Company.

泰勒·巴托，奧本海默公司。

Follow-up on the government shutdown. Any help quantifying the impact of that on either the Q4 guide or October in particular? And then, connected to that, the FAA flight reductions, I know we're still waiting on some details in terms of how that's going to play out. But just any high-level thoughts on what that could mean.

關於政府停擺的後續報導。能否幫忙量化這對第四季業績指引或10月份的具體影響？此外，與此相關的還有美國聯邦航空管理局的航班削減，我知道我們仍在等待一些細節，看看這將如何實施。但大家能不能就此談談一些高層次的想法？這可能意味著什麼？

Yes, Tyler, I think that when you look at the adjustment we made to our guide and the implied impact on the fourth quarter, all of that is related to government. Government impact isn't just related to direct government business, which only represents about 3% of our contribution, but it's also the impact that it's having on compression in the broader market and then just sort of the sentiment and propensity to travel. And so, from our perspective, we had expected October to be a strong month because it was a great setup, set up from a clean BT month. It was going to be a strong group month. And it's the most significant month within the quarter.

是的，泰勒，我認為，當你審視我們對業績指引所做的調整以及對第四季度的潛在影響時，你會發現這一切都與政府有關。政府的影響不僅與政府的直接業務有關（這只占我們貢獻的約 3%），而且還與它對更廣泛市場的壓縮以及人們的情緒和出行意願的影響有關。因此，從我們的角度來看，我們原本預期 10 月會是一個強勁的月份，因為這是一個很好的開端，源自於 BT 上個月的良好業績。這個月小組表現會很優秀。而且這是本季中最重要的一個月。

We had expected it to be positive. And as Nikhil mentioned, it was down approximately 2%. And so that's a meaningful swing for the most significant month in the quarter.

我們原本預期結果是正面的。正如尼基爾提到的那樣，下降了大約 2%。因此，對於本季最重要的月份來說，這是一個意義重大的波動。

When we think about what we're seeing is that -- for the balance of the year is that while our group pace remains positive year-over-year, it is down versus our expectations because it's weaker in the quarter for the quarter, pick-up trends, the effect of the overall compression and DC was already a tough comp for us because we were up 4% last year. And while we were doing a good job of backfilling that, that's going to be harder as a result of the lack of compression that's happening. Additionally, our position relative to our transient pace has shifted. Even though coming into the quarter, leisure had remained stable, and BT has shown strength, that transient pace is now weakened because of the -- what's happening on the government side.

當我們思考我們所看到的情況時，我們發現——就今年剩餘時間而言，雖然我們集團的增速仍同比增長，但低於我們的預期，因為季度增速放緩、採購趨勢疲軟、整體壓縮的影響，而且華盛頓特區對我們來說本來就是一個難以比較的基準，因為我們去年增長了 4%。雖然我們之前在回填方面做得很好，但由於缺乏壓縮，回填工作將會變得更加困難。此外，我們相對於瞬息萬變的節奏的位置也發生了變化。儘管進入本季以來，休閒娛樂業一直保持穩定，而商業地產業也表現出強勁勢頭，但由於政府方面發生的事情，這種暫時的成長速度現在已經減弱。

And all of these dynamics are affecting the key markets where we did our transformative renovations. So that's going to delay our -- the ramp-up that we were expecting across those businesses. So, when we look at the overall dynamics of what's happening in the market, government is impacting -- the government shutdown is impacting a number of things across the space from our perspective. And so, all of it is related to that.

所有這些動態因素都在影響我們進行變革性改造的關鍵市場。所以這將推遲我們——我們預期在這些業務領域實現的成長。所以，當我們審視市場整體動態時，政府正在產生影響力——從我們的角度來看，政府停擺正在影響該領域的許多方面。所以，這一切都與此有關。

Okay. Very helpful. And my follow-up, the out-of-room revenue or the out-of-room spend, I think, has been a bright spot for you. So just double-click on that a little bit more, perhaps give some more examples of what's driving that? And is your expectation that the non-room revenue can grow faster than room revenue going forward?

好的。很有幫助。而我的後續問題，即客房外收入或客房外消費，我認為，一直是你們的一大亮點。那麼，請再詳細說明一下，或許可以舉一些例子來說明是什麼因素導致了這種情況？您是否預期未來非客房收入的成長速度會超過客房收入的成長速度？

Yes. We've seen -- first of all, let me just say that our out-of-room spend surprised to the upside in the third quarter because we were down 5% and 300 points of that was occupancy. We would not have expected to see out-of-room spend at the level that we saw. And so it was a good pleasant surprise to the upside. But it's also a reflection of where we've been investing our dollars on the F&B side on parking and expanding our markets. And so despite occupancy being down, to see positive revenues in that, it's been good.

是的。我們看到——首先，我想說的是，第三季度我們的客房外支出意外地有所增長，因為我們下降了 5%，其中 300 個百分點是入住率下降造成的。我們原本沒想到客房外消費會達到這樣的水準。所以，這算是令人驚訝的正面結果。但這同時也反映了我們在餐飲方面將資金投入停車設施和市場拓展的方向。因此，儘管入住率下降，但收入卻為正，這很好。

Just as a proxy, in the second quarter, we were down 2% and still had 1.5 points growth. And so what we've seen over the last couple of quarters is that the contribution from out-of-room spend has increased relative to rooms. What I would say is that, given the mix of business that we were expecting in the fourth quarter, the level of group in citywide and BT, that's another driver impacting our outlook for the balance of the year. What we were expecting from out-of-room spend, our expectations have come down relative to that.

僅作為參考，第二季我們下降了 2%，但仍然實現了 1.5 個百分點的成長。因此，在過去的幾個季度裡，我們看到客房外消費的貢獻相對於客房消費增加。我想說的是，考慮到我們預計第四季度的業務組合，以及城市範圍內的集團業務和 BT 的業務水平，這是影響我們今年剩餘時間業績展望的另一個因素。我們對客房外消費的預期已經降低了。

And I'll pass it to Tom to give some more examples.

我會把這個任務交給湯姆，讓他再舉一些例子。

Yes. So, I know you've heard a little bit about our focus on ROI. I'll just give you a couple of examples as you want us to double-click down. When Leslie talked about our market expansions, as an example of that is we're up about 7.2% in quarter three. And what we do while we're doing these renovations, we're expanding these markets to provide a lot more product that's interesting for a lot of the different groups as well as transient guests that are coming into our hotels. And we think that's been a big plus and will continue to be as we do these conversions as well as renovations.

是的。我知道你們已經聽過我們對投資報酬率的重視。既然您希望我們雙擊向下滾動，我就舉幾個例子。當萊斯利談到我們的市場擴張時，舉例說，第三季我們成長了約 7.2%。我們在進行這些翻新工程的同時，也正在拓展這些市場，為入住我們飯店的各類不同群體和過境旅客提供更多有趣的產品。我們認為這是一個很大的優勢，而且在我們進行這些改造和翻新工作時，它也將繼續發揮重要作用。

And then, we're also attracting what I would say is, guests that are not staying with us. The Mills House is a perfect example of that. The Black Door Cafe was probably our number one revenue generator in Q3 because Charleston continues to be a strong market because it's a drive-to market. And 50% of our guests are actually not at the hotel. So, what we're looking at is where we can put a market or an opportunity for people to utilize in a good, strong foot traffic area, we're getting the benefit of that.

此外，我們也吸引了一些不住在我們這裡的客人。米爾斯住宅就是一個完美的例子。黑門咖啡館可能是我們第三季收入最高的餐廳，因為查爾斯頓市場仍然強勁，而且是一個開車前往的市場。我們有 50% 的客人實際上並不在酒店。所以，我們現在關注的是，在哪裡可以創造一個市場或機會，讓人們在人流量大的區域利用這些機會，從而從中受益。

And then lastly, we did expand in the Phoenix area. During its renovation, we added some meeting space, natural light. You need that ballroom space to drive group business in off-season as well. And that actually started performing really well as that came out of renovation from last year and seeing the benefits of changing meeting space that would kind of much was dead space and it gave us an opportunity to drive more group in addition to banquets. So those are some examples when we think about out-of-room spend.

最後，我們還在鳳凰城地區進行了擴張。在翻新過程中，我們增加了一些會議空間和自然採光。您還需要宴會廳空間來促進淡季的團體業務。實際上，自從去年翻新後，會議空間煥然一新，效果非常好。我們看到了改變會議空間帶來的好處，以前這些空間大多是閒置的，現在我們有機會舉辦更多團體活動以及宴會。以上是一些我們在考慮客房外消費時會想到的例子。

So, I think that the benefit to our bottom line here has been that we've taken non-revenue-generating space and turned it into revenue by either adding a market or converting, as Tom mentioned, into some ballroom space. And so that's been additive from a flow perspective.

所以，我認為我們最終的收益在於，我們利用原本不產生收入的空間，透過增加市場或像湯姆提到的那樣將其改造成宴會廳空間，將其轉化為收入。所以從流程的角度來看，這是有益的。

(Operator Instructions) Cooper Clark, Wells Fargo.

（操作員說明）庫柏克拉克，富國銀行。

Can you talk about the potential for dispositions as we think about what should be a healthier transaction market in 2026? And if there are any markets or types of assets you would like to reduce your exposure to in a meaningful way?

展望2026年更健康的交易市場，能否談談資產處置的可能性？如果您希望大幅降低對某些市場或資產類型的投資，請告知我們。

Yes. I mean, I would say that in general, that the transaction environment continues to be overshadowed by the uncertainty and the sentiment around transactions is a little bit volatile. So, the market is not necessarily fully functioning because of a lack of conviction in terms of underwriting and PIP costs given the tariff situation.

是的。我的意思是，總的來說，交易環境仍然籠罩在不確定性的陰影之下，圍繞交易的情緒也有些波動。因此，由於在承保和個人意外傷害賠償成本方面缺乏信心，考慮到目前的收費情況，市場未必能充分發揮作用。

But the debt market is opening, and so that will help volume increase. Deals are taking a little bit longer. And most of the deals that are getting done are deals that are better suited for owner operator. And so, overall, we're constructive. And as things sort of settle down, you should see us being more active and it would be active on transactions that we think can actually get done.

但債務市場正在開放，這將有助於交易量增加。交易所需時間稍長。而且，目前達成的交易大多更適合自僱者。所以總的來說，我們是在建設性地進行溝通。隨著局勢逐漸穩定下來，你們應該會看到我們更加積極主動，我們會積極推進那些我們認為真正能夠完成的交易。

Okay. And then I guess on a higher level, how should we be thinking about the positioning of RLJ's portfolio relative to the sector into '26 as luxury chain scale continues to outperform, but you have some momentum in urban market recoveries that you spoke to earlier on the call? I guess, said differently, in what type of macro environment should we expect RLJ to drive outsized results relative to your peer set in the broader hospitality industry?

好的。然後，我想從更高的層面來看，隨著奢侈品連鎖店規模繼續跑贏大盤，以及您之前在電話會議上提到的城市市場復甦勢頭強勁，我們應該如何考慮 RLJ 的投資組合在 2026 年相對於行業的定位呢？換句話說，在什麼樣的宏觀環境下，我們應該期待 RLJ 相對於更廣泛的酒店業同行取得超常的業績？

It's a -- as we're looking at our budgets, first and foremost, it's a little early because we're just in the throes of it. But what I would say is your comment about urban, we believe, from an industry standpoint, will continue to outperform for two reasons when I think about that, Cooper. One, it's been the trend line ever since we've come out of COVID and the fact that there's a lack of supply in urban is a good setup. What I would also tell you that is these special events, when we talk about urban leisure and you think about the footprint and where we have locations in 2026, it's going to help us with not only World Cup, which is still to be seen when the teams are drawn in December. But the fact that we have 72 games in markets where we have hotels is a good sign.

首先，當我們審視預算時，現在還為時過早，因為我們正處於預算制定的初期階段。但我想說的是，你關於城市的評論，我們認為，從行業角度來看，城市將繼續表現出色，原因有二，庫柏。第一，自從我們走出新冠疫情以來，這一直是趨勢線，而城市供應不足的事實是一個很好的條件。我還想告訴大家的是，這些特別活動，當我們談論城市休閒，並思考我們在 2026 年的足跡和地點時，不僅對我們有幫助，而且對世界杯也有幫助，儘管世界杯的最終結果還要等到 12 月份的抽籤結果才能見分曉。但我們在擁有酒店的市場舉辦了 72 場比賽，這是一個好兆頭。

In addition to that, we think about the special events that we talked about earlier, whether it was the NFL draft as we're doing our Autograph conversion in Pittsburgh. In Philly, you got both NBA All-Star games. And then you also have the Super Bowl in San Francisco. So, even though it was in New Orleans last year, having it in San Francisco is a plus because we got more assets in San Francisco that we think will benefit from that.

除此之外，我們還會考慮之前提到的特殊事件，例如我們在匹茲堡進行簽名轉換時遇到的 NFL 選秀。在費城，你可以觀看兩場NBA全明星賽。此外，還有在舊金山舉行的超級盃。所以，儘管去年是在新奧爾良舉辦的，但今年在舊金山舉辦是一個優勢，因為我們在舊金山擁有更多資產，我們認為這些資產將從中受益。

So, urban footprint, we truly believe will continue to be a good place to play. And then urban leisure is the reason that we feel these special events are a draw that will continue to help us, when BT goes back to office and we have a better footprint coming out of, hopefully, what's happening right now in the government shutdown.

所以，我們真心相信，城市足跡將繼續成為一個不錯的遊樂場所。而都市休閒正是我們認為這些特別活動具有吸引力的原因，它將繼續幫助我們，尤其是在 BT 復工後，我們希望能夠從目前政府停擺的局面中恢復過來，擁有更好的發展前景。

Yes. I would just add to that. In general, we believe that we've got the right footprint, the right portfolio. What we haven't had is a consistent economic backdrop because of the volatility and things like a shutdown that are happening. And so, I would say that as the economic backdrop continues to settle down and we have clarity around regulation, lower taxes and tariffs, those things should benefit our portfolio because that's the one ingredient that we've been missing, which is a stable economic backdrop.

是的。我還要補充一點。總的來說，我們認為我們擁有合適的業務佈局和合適的產品組合。由於經濟波動和諸如停工停產等事件，我們一直缺乏穩定的經濟環境。因此，我認為隨著經濟狀況持續穩定，監管政策更加明朗，稅收和關稅降低，這些因素應該會對我們的投資組合有利，因為這是我們一直缺乏的一個要素，那就是穩定的經濟狀況。

Ken Billingsley, Compass Point.

肯·比林斯利，指南針角。

One thing, I missed the number, if we could clarify. Did you mention what was the October RevPAR?

還有一件事，我漏掉了數字，能否確認一下？您有提到10月的每間可供出租客房收入（RevPAR）是多少嗎？

We said that October came in -- is currently estimated to be down about 2%.

我們說過，10 月的數據目前估計下降了約 2%。

About 2%. And do you have -- with just the way the calendar looks with Thanksgiving and other holidays for November and December, year-to-date RevPAR of negative 1.9% is at the top end of guidance. Are you expecting it to be flat? Or already seven days into November, should we assume that that might be shifting towards the middle of guidance?

約2%。而且，考慮到感恩節以及 11 月和 12 月的其他假期，今年迄今為止的每間可供出租客房收入 (RevPAR) 為 -1.9%，處於預期範圍的上限。你期望它是平坦的嗎？現在已經是11月的第七天了，我們是否應該假設指導意見可能會朝中間方向轉變？

Yes. I mean, our expectation is that the midpoint of our guidance is the most likely outcome. And that implies with October down 2%, it implies November, December being down 4%. Keep in mind that November was an important month for the quarter relative to citywides. We were expecting strong citywides in Boston, Denver, Houston, Orlando.

是的。我的意思是，我們預期指導意見的中間值是最有可能的結果。這意味著 10 月下降 2%，11 月和 12 月將下降 4%。請記住，就全市範圍而言，11 月是該季度一個重要的月份。我們預計波士頓、丹佛、休士頓、奧蘭多等城市將出現強勁的全市性選舉。

You also had the lapping of the election comp and another positive things that were happening in the month. And now you are overshadowing that with the shutdown. And so the most important contribution period and event are being hampered by the shutdown. And if you sort of think about it from a pace perspective, while pace is still positive, it's down. And in the quarter for the quarter pickup is being hampered and not allowing us to achieve the original pace that we set.

此外，還有選舉競賽的結束以及當月發生的其他一些積極的事情。現在你們卻用停工事件掩蓋了這一切。因此，最重要的捐款期和活動受到了停擺的阻礙。如果你從節奏的角度來看，雖然節奏仍然是正的，但卻是下降的。本季業績成長受到阻礙，無法達到我們最初設定的速度。

So, the most likely outcome today where we sit is the midpoint of our guidance. Our guidance, at the midpoint assumes that the current trends continue through the end of the year. If the impact gets worse and in the year for the year continues to slow and transient pace continues to slow, that would put us at the bottom end of our range.

因此，就我們目前的情況來看，最有可能的結果是達到我們預期結果的中點。我們的預測中期假設當前趨勢將持續到年底。如果影響進一步惡化，而今年的成長速度持續放緩，暫時的成長速度也持續放緩，那將使我們處於預期範圍的底部。

Okay. And then lastly, just with '26 shaping up to potentially be strong by comparison, how does that impact your decision on share repurchases?

好的。最後，考慮到 2026 年的情況可能相對強勁，這會對您回購股票的決定產生什麼影響？

I think that from a capital allocation perspective, it's very clear that buybacks are even more attractive today. And absent something that's sort of transformative, we're going to continue to be programmatic and deploy disposition proceeds into buying back our shares. We want to maintain a healthy balance sheet, and so we're going to strive to do that on a leverage-neutral basis and maintain our optionality. So, we're going to continue to be balanced between investing in our portfolio, buying back shares and maintaining our balance sheet.

我認為從資本配置的角度來看，很明顯，如今股票回購更具吸引力。如果沒有任何變革性的因素出現，我們將繼續採取程序化的方式，將處置所得用於回購我們的股票。我們希望保持健康的資產負債表，因此我們將努力在槓桿中性的基礎上實現這一目標，並保持我們的選擇。因此，我們將繼續在投資組合投資、股票回購和維持資產負債表之間保持平衡。

Chris Darling, Green Street.

克里斯達林，格林街。

Leslie, I'm hoping you can comment on how your RevPAR index share has evolved over the course of the year. Obviously, 2025 is shaping up to be somewhat difficult fundamentally. And I'm just trying to understand to what degree this is a market mix issue versus an RLJ-specific issue at all?

萊斯利，我希望你能談談你的RevPAR指數份額在過去一年中的變化。顯然，2025 年從根本上來說將會是相當艱難的一年。我只是想了解這在多大程度上是市場組合問題，還是完全是RLJ公司本身的問題？

Yes. As we talked about in the prepared remarks, our RevPAR index is up. And so, it reflects our positioning within the market. It reflects the quality of our assets. And so, we feel good about how we're positioned and how we're performing on a relative basis in the markets relative to our comp sets.

是的。正如我們在準備好的發言稿中提到的，我們的每間可供出租客房收入 (RevPAR) 指數有所上升。因此，這反映了我們在市場中的定位。這反映了我們資產的品質。因此，我們對自身的市場定位以及相對於競爭對手而言的市場表現感到滿意。

Okay. Understood. I missed the early part. So, thanks for the reminder on that one. Second question is a follow-up.

好的。明白了。我錯過了前面的部分。謝謝您的提醒。第二個問題是後續問題。

Just thinking about the labor market. Obviously, there's broad-based concern around immigration policy, the effect this might have ultimately on the labor force. It doesn't sound like there's any concerning signs to-date. But as you look out two, three, four years down the road, what risks do you see to the hotel operating model, if any?

只是在思考勞動市場的問題。顯然，人們對移民政策及其最終可能對勞動市場產生的影響普遍感到擔憂。目前看來，似乎沒有任何令人擔憂的跡象。但展望未來兩三年甚至四年，您認為飯店營運模式會面臨哪些風險（如果有的話）？

Chris, I think we really focus on the trends right in front of us. And what I would say is, the continuation of reducing contract labor exists. We were down another 9.5% in third quarter. I would also tell you, when we invest in labor management systems and we have our own employees that the management companies are hiring, we feel like that helps from a productivity standpoint and we see it in our numbers when you look at retention and reducing turnover.

克里斯，我認為我們應該真正專注於眼前的趨勢。我想說的是，減少合約工的趨勢依然存在。第三季我們又下跌了9.5%。我還要告訴大家，當我們投資勞動力管理系統，並由管理公司招募我們自己的員工時，我們覺得這有助於提高生產力，而且從員工留任率和降低人員流動率的數據來看，這一點也得到了體現。

The other thing I think on the labor force is people who are attracted to our industry, we know stay in our industry. When you think about the synergies and the opportunities and career enhancement in hotels, it really is available without having to move now. You can stay in a market and enjoy your job and your career. And if you're with a company that we pretty much work with management companies that have a fair amount of size, they can grow their career all in staying in one market versus having to move in the past. So, I understand your question and what that might look like two to three years from now.

關於勞動市場，我認為還有一點要注意，那就是那些被我們這個行業吸引的人，往往會留在我們這個行業。當你考慮到飯店業的綜效、機會和職涯發展前景時，你會發現，即使現在不搬家，這些機會也唾手可得。你可以留在市場中，享受你的工作和事業。如果你所在的公司，我們基本上都是與規模相當大的管理公司合作，那麼員工可以在一個市場內發展自己的職業生涯，而無需像過去那樣四處奔波。所以，我理解你的問題，也明白兩三年後可能會是什麼樣子。

But I would say the current trends are positive, and we kind of lean into that, knowing that the workforce efficiencies that we have, specifically with the proximity with RLJ, we provide a lot of opportunities for managers to have additional responsibilities in a marketplace where they can grow their career and have regional responsibilities in addition to one property per se.

但我認為目前的趨勢是積極的，我們也順應了這一趨勢，因為我們知道，憑藉我們高效的勞動力，特別是與 RLJ 的緊密聯繫，我們為管理人員提供了很多機會，讓他們在一個可以發展職業生涯、承擔區域責任的市場中承擔更多責任，而不僅僅是管理一個物業。

And what I would add to that is that you can look at the success of what we've been able to do by the fact that contract labor has continued to come down, and it really speaks to the increase in applicants in our space. And so, we feel good about the trend line. I think the other thing that bolts-on to Tom's comments in terms of what he was describing, this is an industry where seniority matters. And so that's a sticking and retention tool. And so, people have to think really hard about giving up their seniority and moving to another industry and/or space.

我還要補充一點，從合約工數量的持續下降可以看出我們所取得的成功，這也反映了我們這個領域求職者數量的增加。因此，我們對這條趨勢線感到滿意。我認為，就湯姆所描述的內容而言，還有一點可以補充的是，在這個行業裡，資歷很重要。所以，這是一種提高使用者黏性和留存率的工具。因此，人們必須認真考慮是否放棄資歷，轉行到其他產業和/或領域。

Ladies and gentlemen, this concludes our question-and-answer session. I'll turn the floor back to Ms. Hill for any final comments.

女士們、先生們，我們的問答環節到此結束。我把發言權交還給希爾女士，請她做最後的總結發言。

We appreciate you guys taking the time to join us today. We're available for any additional questions if you have them, and we look forward to seeing many of you over the coming months at various conferences. Thank you all.

感謝各位今天抽空參加。如果您還有其他問題，歡迎隨時與我們聯繫。我們期待在接下來的幾個月裡，在各種會議上見到大家。謝謝大家。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。