RLJ Lodging Trust (RLJ) 2026 Q1 法說會逐字稿

Greetings, and welcome to the RLJ Lodging Trust first quarter 2026 earnings conference call. (Operator Instructions). As a reminder, this conference is being recorded.

各位好，歡迎參加 RLJ Lodging Trust 2026 年第一季財報電話會議。(接線員指示)。提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, John Paul Austin, Director of Investor Relations. Thank you, sir.

現在我很榮幸介紹本次會議主持人，投資人關係總監 John Paul Austin。謝謝您，先生。

Thank you, operator. Good morning, and welcome to RLJ Lodging Trust 2026 first 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，接線員。各位早安，歡迎參加 RLJ Lodging Trust 2026 年第一季財報電話會議。今天的電話會議中，我們的總裁兼執行長 Leslie Hale 將說明本季重點摘要。我們的財務長 Nikhil Bhalla 將說明公司財務結果。我們的營運長 Tom Bardenett 也將出席並回答問答。

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 has been communicated.

本次電話會議中的前瞻性陳述受多項風險與不確定性影響，可能導致公司實際結果與所傳達內容出現重大差異。

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.

可能影響公司業績的因素可見於公司 10-Q 以及向美國證券交易委員會（SEC）提交的其他報告。公司不承擔更新前瞻性陳述的義務。

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 our 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，建議參閱新聞稿中所載與 GAAP 的調節表。最後，請參考我們的補充資訊附表，其中包含我們現有飯店投資組合的備考（pro forma）營運結果。

I'll now turn the call over to Leslie

接下來我把電話交給 Leslie。

Thanks, John Paul. Good morning, everyone, and thank you for joining us today. We are encouraged to see the lodging industry off to a strong start this year, benefiting from the underlying strength of fundamentals, with the acceleration of business transient demand being a key driver.

謝謝你，John Paul。各位早安，感謝今天加入我們。我們很振奮地看到今年住宿產業強勁開局，受惠於基本面內在強勁，其中商務散客需求加速成長是關鍵驅動因素。

We are particularly pleased with our first quarter results as our urban-centric portfolio outperformed the industry.

我們對第一季的表現尤其滿意，因為我們以都會市場為主的投資組合優於整體產業。

Our favourable footprint with exposure to many top performing markets such as Northern California and South Florida, among others, allowed us to capture the broad-based momentum in all segments of demand along with the ramp from our recent high impact renovations and conversion, driving solid results ahead of our expectations.

我們具備有利的據點布局，涵蓋北加州、南佛羅里達等多個表現最佳的市場，使我們得以掌握各需求區隔的廣泛動能；同時，近期高影響力的翻新與品牌轉換帶來的爬坡效益也推動了亮眼成果，表現優於我們原先預期。

During the first quarter, we achieved RevPAR growth of 4.8%. The outperforming the industry by 100 basis points. We delivered robust non-room revenue growth, which exceeded our RevPAR performance by more than 300 basis points, and we drove high single-digit year-over-year EBITDA growth and margin expansion.

第一季我們達成 RevPAR 成長 4.8%。較產業表現高出 100 個基點。我們實現強勁的非客房收入成長，較 RevPAR 表現高出超過 300 個基點，並帶動 EBITDA 年增高個位數成長與利潤率擴張。

We also advanced our conversion pipeline and addressed all of our maturities through 2029. Our solid first quarter performance demonstrates the momentum in our urban markets and the growth embedded in our portfolio, while the ongoing execution of our capital allocation and balance sheet initiatives, position us to continue to drive out-performance relative to the industry and create long-term shareholder value.

我們也推進了品牌轉換（conversion）專案管線，並處理完所有 2029 年前到期的債務。第一季穩健表現展現我們都會市場的動能與投資組合內含的成長性；同時，持續執行資本配置與資產負債表相關措施，使我們得以持續推動相對於產業的超額表現並創造長期股東價值。

Turning to our operating results.

接著談我們的營運結果。

Our first quarter RevPAR growth of 4.8% was balanced between occupancy and ADR gains. Trends improved sequentially throughout the quarter, with RevPAR, February and March, achieving healthy year-over-year growth of 6% and 9%, respectively, following January's RevPAR decline.

第一季 RevPAR 成長 4.8%，入住率與 ADR（平均每日房價）的提升均衡貢獻。本季趨勢逐月改善；在 1 月 RevPAR 下滑之後，2 月與 3 月的 RevPAR 分別達成年增 6% 與 9% 的健康成長。

Both February and March were aided by a robust calendar of events as well as the favourable timing of holidays, which bolster demand. We were pleased to see this positive momentum carry into April.

2 月與 3 月同時受惠於強勁的活動檔期，以及有利的假期時點，進一步提振需求。我們也很高興看到這股正向動能延續到 4 月。

Our urban markets have been consistently performing well, disproportionately benefiting from positive trends across all demand segments. We were pleased to see our urban footprint outperform the broader industry urban markets, with a number of our markets delivered high single-digit RevPAR growth.

我們的都會市場一向表現穩健，並在各需求區隔的正向趨勢下獲得不成比例的受益。我們很高興看到，我們的都會據點表現優於產業整體都會市場，其中多個市場的 RevPAR 成長達到高個位數。

Notably, Northern California achieved outstanding RevPAR growth of 27%, benefiting not only from the Super Bowl and the favourable shift of the RNA conference to March this year but also from the continued expansion of the AI industry, which is driving significant corporate investment and business travel demand broadly across this market in addition to a better overall environment.

值得一提的是，北加州 RevPAR 大幅成長 27%，不僅受惠於超級盃以及今年 RNA 會議檔期有利地移至 3 月，也受惠於 AI 產業持續擴張，帶動大量企業投資與商務旅遊需求在該市場全面提升，並且整體環境也更為改善。

New York City was another noteworthy market during the quarter with our properties achieving over 8% RevPAR growth, driven by healthy corporate and leisure-transient demand, a favourable events lineup and the ramp of our high occupancy renovations that we completed last year.

紐約市也是本季另一個值得關注的市場，我們的資產 RevPAR 成長超過 8%，主要由健康的企業與休閒散客需求、有利的活動安排，以及我們去年完成的高入住率翻新專案所帶來的爬坡效益所驅動。

As it relates to segmentation, business travel saw robust growth during the first quarter, with our business-transient revenues growing by 9%, which was largely demand driven, with room nights increasing by nearly 700 basis points.

就客群區隔而言，第一季商務旅遊強勁成長，我們的商務散客收入成長 9%，主要由需求帶動，間夜數增加近 700 個基點。

The momentum in Business Travel accelerated throughout the quarter, underpinned by strong growth in business investment, driven by AI related spending as well as record corporate profits. This is specifically fuelling the ongoing strength in sectors such as technology, finance, aerospace and life sciences, which is amplifying overall BT demand.

商務旅遊動能在本季持續加速，背後支撐因素包括商業投資強勁成長（由 AI 相關支出帶動）以及企業獲利創新高。這些因素特別推動科技、金融、航太與生命科學等產業持續走強，進一步放大整體商務旅遊（BT）需求。

Leisure trends were strong across our portfolio with revenues growing by 5%. Demand remained resilient, and we were encouraged to see rate growth of 3%. The Leisure segment benefited from a compressed spring break as well as elevated demand at a number of our hotels as winter storms across the country drove additional leisure travel during peak season.

我們投資組合的休閒趨勢同樣強勁，收入成長 5%。需求維持韌性，我們也樂見房價成長 3%。休閒區隔受惠於春假期間較為集中，以及全國多地冬季風暴在旺季帶動額外休閒旅遊，使我們多家飯店需求提升。

Our Urban Leisure once again saw stronger performance as the hotels and live workplace are capturing robust demand around sports, concerts, dining, festivals and entertainment. Importantly, our geographically diversified portfolio continues to benefit year after year from the rotation of signature events within our footprint.

我們的都會休閒再度表現更佳，因為飯店與「現場工作場所」（live workplace）正吸引圍繞運動賽事、演唱會、餐飲、節慶與娛樂的強勁需求。重要的是，我們地理分散的投資組合年復一年持續受惠於我們據點範圍內標誌性活動的輪替舉辦。

Relative to our group segment, even with difficult comparisons from the inauguration in DC and the Austin Convention Center, booking trends remained healthy, evidenced by our end the quarter, for the quarter revenue pace increasing by 900 basis points and ADR increased by 3% over last year. We were especially pleased to see a meaningful pickup in group bookings for the second quarter, which saw pace improved by 400 basis points. We are encouraged by the increasing share of corporate bookings within our group mix, which has positive implications for ADR and out-of-room spend.

就團體客而言，即便面臨華府就職典禮以及奧斯汀會展中心所帶來的高基期比較，訂房趨勢仍維持健康；從我們在季末觀察，本季收入預訂進度（pace）提升 900 個基點，ADR 亦較去年成長 3%。我們尤其高興看到第二季團體訂房明顯回升，預訂進度改善 400 個基點。我們對團體組合中企業訂房占比提升感到鼓舞，這對 ADR 與非客房消費具有正面意涵。

Our portfolio also generated outsized non-room revenue growth of 8.2%. Once again, underscoring the momentum behind our ROI initiatives and the investments we have made in expanding ancillary revenue channels.

我們的投資組合亦帶來突出的非客房收入成長 8.2%。再次凸顯我們 ROI（投資報酬）計畫背後的動能，以及我們在擴大附加收入渠道方面所做的投資。

These initiatives allowed us to increase our total revenues by 5.4%. This top line growth, combined with disciplined cost management and a lean operating model, contributed to our significant EBITDA out-performance relative to our initial expectations and our margins expanding by 45 basis points over the prior year.

這些措施使我們的總收入成長 5.4%。此一營收成長，加上嚴謹的成本管理與精實的營運模式，使我們的 EBITDA 顯著優於最初預期，且利潤率較去年擴張 45 個基點。

Now turning to capital allocation. Our transformative renovations from last year as well as our completed conversion are delivering tangible results and contributed meaningfully to our outperformance relative to the industry.

接著談資本配置。我們去年具變革性的翻新工程以及已完成的品牌轉換正帶來具體成果，並對我們相對於產業的超額表現做出重要貢獻。

This is demonstrated by our four major renovations at high occupancy hotels completed last year, achieving 9% RevPAR and 10% EBITDA growth during the quarter.

這可由我們去年在高入住率飯店完成的四項重大翻新看出：本季 RevPAR 成長 9%，EBITDA 成長 10%。

Conversions continues to deliver solid results, with our seven complete conversions generating EBITDA growth of 16%. Additionally, we made further progress towards our Renaissance Pittsburgh conversion, and we remain on track to relaunch the property under Marriott's Autograph Collection this summer.

品牌轉換持續交出穩健成果，我們已完成的七項轉換帶來 EBITDA 成長 16%。此外，我們在 Renaissance Pittsburgh 的轉換上也取得進一步進展，並仍按計畫於今年夏季以萬豪 Autograph Collection 重新推出該物業。

We advanced preparation of our conversion of the Wyndham Boston Hotel, which will join Hilton's Tapestry Collection, and we are on pace to begin construction later this year, and we look forward to announcing our next conversion in coming quarter.

我們推進了 Wyndham Boston Hotel 轉換的前期準備，該飯店將加入希爾頓 Tapestry Collection；我們也按進度預計於今年稍晚開始施工，並期待在未來一季宣布下一項轉換計畫。

Collectively, these capital allocation initiatives supported by our strong balance sheet, position us for multiple years of growth in 2026 and beyond.

整體而言，這些資本配置措施在我們強健資產負債表的支持下，使我們在 2026 年及其後具備多年成長的有利定位。

Looking ahead, we recognize that the macro environment remains uncertain, driven by an evolving geopolitical backdrop, which is giving rise to shorter booking windows and limiting visibility beyond the near term. To date, however, we have not observed a noticeable impact on our results.

展望未來，我們認知到宏觀環境仍具不確定性，主因在於地緣政治背景持續演變，導致訂房提前期縮短，並限制了對短期以外的能見度。然而，截至目前，我們尚未觀察到對我們業績造成明顯影響。

Our first quarter out-performance on both the top and bottom line is encouraging, and we believe the setup continues to favour urban markets for the remainder of the year, supported by sustained strength in Business Transient and robust for urban leisure experiences, trends that should disproportionately benefit our portfolio. Overall, we had already anticipated these healthy trends in our original guidance for the remainder of the year.

我們第一季在營收與獲利端的超預期表現令人鼓舞；我們認為在今年剩餘期間，環境仍將有利於都會市場，受惠於商務短住（Business Transient）需求持續強勁，以及都會休閒體驗需求穩健，這些趨勢預期將使我們的投資組合獲得相對更大的受益。整體而言，我們在年初對今年剩餘期間的原始財測中，已預先納入這些健康的趨勢。

However, given the current uncertainty, we will continue to monitor any shifts in demand. Our outlook assumes, the continuing broad-based strength in BT, supported by healthy corporate profits and growth across a number of industries, reinforcing our view that the recovery in this segment has further room to grow.

不過，鑑於目前的不確定性，我們將持續監測需求的任何變化。我們的展望假設商務短住（BT）將延續廣泛且強勁的動能，並由健康的企業獲利以及多個產業的成長所支撐，進一步強化我們的看法：此一細分市場的復甦仍有進一步成長空間。

The resiliency of leisure demand and expectations for continued rate growth as we approach the peak summer travel season, especially in our urban markets, which have an extensive lineup of events, sports, concerts and entertainment, a positive group pace for the remainder of the year, with ADR demonstrating pricing power and our expectations that even with a shortened booking window, we will continue to see strong, in the quarter, for the quarter bookings, a favourable footprint to capture upcoming catalysts including the World Cup and America's 250th anniversary.

休閒需求的韌性，以及隨著我們接近夏季旅遊旺季、尤其是在活動、體育賽事、演唱會與娛樂節目密集的都會市場，房價持續成長的預期；今年剩餘期間團體訂房節奏（group pace）為正；ADR 展現定價能力；且我們預期即使訂房提前期縮短，我們仍將在「當季訂當季」（in the quarter, for the quarter）的訂房上持續看到強勁表現；同時，我們具備有利的市場布局，可掌握即將到來的催化因素，包括世界盃與美國建國 250 週年。

The ongoing momentum in Northern California across all demand segments, further validating the sustainability of this market's recovery, continued growth of non-room revenues from our ROI initiatives as well as tailwinds from the ramp of our four significant renovations completed last year and our recently completed conversions which are well positioned to drive multiple years of growth.

北加州在所有需求區隔的動能持續，進一步驗證該市場復甦的可持續性；我們 ROI 計畫帶動的非客房收入持續成長；以及去年完成的四項重大整修案逐步放量所帶來的順風，加上我們近期完成的品牌轉換（conversion）案亦已就位，預期可驅動未來多年的成長。

Our strong results are a direct outcome of the strategic repositioning of our portfolio over the past several years, through asset recycling, targeted acquisition and high impact conversion.

我們的強勁成果，直接來自過去數年透過資產汰換（asset recycling）、精準收購與高影響力的品牌轉換，對投資組合所進行的策略性再定位。

As we look ahead, we remain cautiously optimistic about the long-term durability of the demand trends we are seeing and believe our well-positioned portfolio will support continued strong relative performance and the creation of long-term value for our shareholders.

展望未來，我們對目前所見需求趨勢的長期韌性仍保持審慎樂觀，並相信我們定位良好的投資組合將支持持續強勁的相對表現，並為股東創造長期價值。

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

接下來，我把電話會議交給 Nikhil。

Thanks, Leslie. To start, our comparable numbers include our 92 hotels owned at the end of the first quarter. Our reported corporate adjusted EBITDA and AFFO include operating results from all sold hotels during RLJ's ownership period.

謝謝，Leslie。首先，我們的可比數據包含截至第一季末所持有的 92 家飯店。我們揭露的公司層級調整後 EBITDA 與 AFFO，包含 RLJ 持有期間內所有已出售飯店的營運結果。

Our first quarter results came in ahead of our expectations, with occupancy increasing by 2.6% to 70.8%, average daily rate increasing by 2.1% to $210 and our RevPAR of $149, increasing by 4.8% versus the prior year.

我們第一季業績優於預期，入住率上升 2.6% 至 70.8%，平均每日房價（ADR）上升 2.1% 至 210 美元，RevPAR 為 149 美元，較去年同期成長 4.8%。

Fundamentals strengthened throughout the quarter following January's 1.9% RevPAR decline with growth accelerating to a robust 6.1% in February and 8.9% in March. These healthy trends carried into April, which achieved preliminary RevPAR growth of approximately 4%.

在 1 月 RevPAR 下滑 1.9% 之後，基本面在整個季度持續轉強，成長於 2 月加速至強勁的 6.1%，並於 3 月達到 8.9%。這些健康趨勢延續至 4 月，初步 RevPAR 成長約 4%。

During the quarter, we saw meaningful strength within our urban markets, which achieved 4.4% RevPAR growth, outperforming STR's comparable markets by 110 basis points.

本季我們在都會市場看到顯著強勢，都會市場 RevPAR 成長 4.4%，較 STR 的可比市場高出 110 個基點。

This growth was broad-based and balanced between approximately a 2-point increase in occupancy and a 2point increase in ADR.

此一成長具廣泛性，且在入住率約提升 2 個百分點與 ADR 約提升 2 個百分點之間呈現均衡。

Our strong urban portfolio performance was bolstered by double-digit RevPAR growth in markets such as South Florida, which grew RevPAR by approximately 10% and Houston and Denver which each achieved 14% RevPAR growth. Additionally, demonstrating that our portfolio benefits from seven days a week demand, both weekdays and weekends saw mi single-digit RevPAR growth.

我們強勁的都會型投資組合表現，受惠於南佛羅里達等市場的 RevPAR 兩位數成長（約 10%），以及休士頓與丹佛各自達成 14% 的 RevPAR 成長。此外，亦顯示我們的投資組合受益於一週七天的需求，平日與週末皆呈現中個位數（mid single-digit）的 RevPAR 成長。

Our urban markets benefited from improvements in all segments of demand, notably business travel, the acceleration in BT demand that we are seeing has positive implications for the momentum in out-of-room spend which was evident in the robust growth of 8.2% in our non-room revenues that we saw during the first quarter.

我們的都會市場受惠於各需求區隔的改善，尤其是商務旅遊；我們所見 BT 需求加速，對非客房消費動能具有正面意涵，並反映在第一季非客房收入強勁成長 8.2%。

We were especially pleased to see the strong revenue growth come on the heels of the robust 7.2% growth we achieved during the prior quarter.

我們尤其高興看到這波強勁的營收成長，緊接在上一季我們達成的 7.2% 強勁成長之後。

Our non-room revenues generate strong margins, which improved by 130 basis points during the quarter, underscoring the success of our ROI initiatives aimed at profitably growing food and beverage, re-concepting underutilized spaces and growing other ancillary revenues. Overall, non-room revenue growth led our first quarter total revenues to grow by 60 basis points ahead of our RevPAR growth.

我們的非客房收入具備強勁毛利率，本季毛利率提升 130 個基點，凸顯我們 ROI 計畫的成效：以獲利方式擴大餐飲、重新定位未充分利用的空間，並成長其他附屬收入。整體而言，非客房收入成長帶動第一季總營收增幅較 RevPAR 成長高出 60 個基點。

Turning to bottom line results.

接著看獲利端表現。

Total operating expenses were up 2.1% on a per occupied room basis, underscoring the benefits of our lean operating model and our disciplined approach to managing costs, which allowed for a strong flow to the bottom line.

以每間已入住客房計算，總營運費用上升 2.1%，凸顯我們精實營運模式與成本管理的紀律作法所帶來的效益，並使獲利端呈現強勁的落底轉換（flow to the bottom line）。

Although energy expenses were elevated due to the winter storms as well as disruption in the energy markets due to the war, these were more than offset by improvements in fixed costs driven by a double-digit decline in property insurance due to a favourable renewal last year and other cost control initiatives.

雖然冬季風暴以及戰爭導致能源市場受擾，使能源費用偏高，但這些影響已被固定成本改善所抵銷；固定成本改善主要來自去年有利續保使不動產保險費用出現兩位數下降，以及其他成本控管措施。

During the first quarter, our portfolio achieved hotel EBITDA of $89.9 million representing year-over-year growth of $6.1 million or 7.2% and hotel EBITDA margins of 26.4%, which expanded by 45 basis points over the prior year. These results translated to adjusted EBITDA of $80.9 million and adjusted FFO per diluted share of $0.33 for the first quarter.

第一季，我們投資組合的飯店 EBITDA 為 8,990 萬美元，年增 610 萬美元或 7.2%；飯店 EBITDA 利潤率為 26.4%，較去年同期擴張 45 個基點。上述結果轉化為第一季公司調整後 EBITDA 8,090 萬美元，以及稀釋後每股調整後 FFO 為 0.33 美元。

With respect to our balance sheet, as previously announced, during the first quarter, we executed a series of refinancing transactions, which expanded our undrawn capacity by $500 million and created additional flexibility. We intend to use the additional capacity created by these refinancings to pay off our $500 million senior notes that mature on July 1 this year.

就資產負債表而言，如先前公告，第一季我們執行一系列再融資交易，使我們未動用的額度增加 5 億美元，並創造額外的財務彈性。我們計畫運用這些再融資所新增的額度，償還將於今年 7 月 1 日到期的 5 億美元優先票據。

Following this payoff, we will have no maturity due until 2029 and our weighted average maturity will be over four years. Our balance sheet remains well positioned with over $950 million of liquidity, including undrawn capacity of $600 million on our corporate revolver, 84 of our 92 hotels unencumbered by debt, an attractive weighted average interest rate of 4.6% and 75% of debt either fixed or hedged. We ended the first quarter with $2.2 billion of debt.

完成償還後，我們在 2029 年之前將無到期債務，且加權平均到期年限將超過四年。我們的資產負債表仍維持良好配置，流動性超過 9.5 億美元，其中包含公司循環信貸（revolver）未動用額度 6 億美元；92 家飯店中有 84 家未以債務設定擔保；加權平均利率具吸引力，為 4.6%；且 75% 的債務為固定利率或已避險。第一季末我們的總債務為 22 億美元。

In addition to proactively addressing our maturities, we continue to demonstrate our steadfast commitment to returning capital to shareholders by paying an attractive and well-covered quarterly dividend of $0.15 per share.

除主動處理到期結構外，我們也持續展現將資本回饋股東的堅定承諾，支付具吸引力且覆蓋良好的季度股利，每股 0.15 美元。

Now turning to our full year outlook.

接下來談我們的全年展望。

We are pleased with the strong start to the year. At the same time, we remain mindful of the uncertainty in the overall macro environment.

我們對今年強勁的開局感到滿意。同時，我們也持續留意整體宏觀環境的不確定性。

We have incorporated our strong first quarter out-performance into our revised guidance while keeping our expectations for the remainder of the year unchanged from our prior outlook. For 2026, we now expect comparable RevPAR growth to range between 1.5% and 3.5%, comparable hotel EBITDA between $356 million and $380 million, corporate adjusted EBITDA between $324 million and $348 million and adjusted FFO per diluted share to be between $1.29 and $1.45.

我們已將第一季的超預期表現納入修正後的財測，同時維持對今年剩餘期間的預期不變，與先前展望一致。針對 2026 年，我們目前預期可比 RevPAR 成長介於 1.5% 至 3.5%；可比飯店 EBITDA 介於 3.56 億至 3.80 億美元；公司層級調整後 EBITDA 介於 3.24 億至 3.48 億美元；稀釋後每股調整後 FFO 介於 1.29 至 1.45 美元。

Our outlook assumes no additional acquisitions, dispositions or balance sheet activity beyond what has been completed today.

我們的展望假設除截至今日已完成者外，不再進行任何額外的收購、處分或資產負債表相關活動。

We continue to estimate capital expenditures will be in the range of $80 million to $90 million. Cash G&A will be in the range of $32.5 million to $33.5 million and expect net interest expense will be in the range of $101 million to $103 million.

我們仍預估資本支出將介於 8,000 萬至 9,000 萬美元。現金一般及行政費用（Cash G&A）將介於 3,250 萬至 3,350 萬美元，並預期淨利息費用將介於 1.01 億至 1.03 億美元。

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. With respect to the cadence for the rest of the year, our view of the second quarter has not changed.

我們也預期，受惠於我們推動客房以外消費（out-of-room spend）各項措施的成功，總營收成長將持續快於 RevPAR 成長。至於今年剩餘期間的節奏，我們對第二季的看法沒有改變。

However, in light of our strong first quarter results, our adjusted EBITDA contribution for the second quarter will be slightly lower than last year, with the balance of the contribution in the back half of the year. Finally, please refer to our press release from this morning for additional details on our outlook and to our schedule of supplemental information which will include comparable 2026 and 2025 quarterly operating results for our 92 hotel portfolio.

不過，鑑於我們第一季表現強勁，我們第二季的調整後 EBITDA 貢獻將略低於去年，而其餘貢獻將落在下半年。最後，關於我們展望的更多細節，請參閱我們今早發布的新聞稿，以及我們的補充資訊附表，其中將包含我們 92 家飯店組合 2026 年與 2025 年可比的季度營運結果。

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

謝謝，以上為我們的預先準備發言。接下來我們將開放問答。接線員？

(Operator Instructions) Michael Bellisario, Baird.

(接線員指示) Michael Bellisario，Baird。

Thanks. Good morning, everyone.

謝謝。各位早安。

Good morning.

早安。

Leslie, can you add a little bit to your commentary on the accelerating business demand you mentioned, but it seems to be offset a little bit by a shorter booking window. Did I hear that correctly? And is that shorter booking window -- is that broad-based or specific to a customer segment?

Leslie，你能否再補充一下你提到的商務需求加速的評論？但看起來似乎被較短的訂房提前期稍微抵消了一些。我理解得對嗎？另外，這個較短的訂房提前期——是普遍現象，還是特定客群才有？

So I would say on BT, Mike, my comment about the booking window is really more so on group and on leisure. I think as it relates to BT, the acceleration we saw was broad-based.

Mike，我會說就商務散客（BT）而言，我提到的訂房提前期其實更多是發生在團體與休閒。至於 BT，我們看到的加速是全面性的。

We're continuing to see national accounts grow, which is our highest rated customers. The sectors in tech and aerospace and life sciences continue to be the sectors that we're seeing the strength at. And that's really a function of strong corporate profits, it's business investment, really sort of driving and aligning with what we're seeing.

我們持續看到全國性客戶（national accounts）成長，這些是我們評等最高的客戶。科技、航太與生命科學等產業仍是我們看到強勢的領域。這主要反映企業獲利強勁與商業投資，確實在推動並與我們所觀察到的情況一致。

So our midweek trends remain strong relative there. On the booking window side, what we've seen is that group is booking shorter. As I mentioned on the call or in the quarter for the quarter pace first quarter was strong. We actually saw 22% of our bookings in the quarter for the quarter. And while it's been short, it's still been materializing.

因此，我們的平日趨勢相對仍然強勁。在訂房提前期方面，我們看到團體訂房提前期變短。如我在電話會議上或在本季所提到的，第一季「當季訂當季」（quarter-for-quarter）的節奏很強。我們實際上有 22% 的訂房是在當季內完成、對應當季入住。雖然提前期變短，但仍持續落地實現。

And so that gives us comfort as it relates to group and then on the leisure side, we've actually seen booking window elongate, and so we've seen the opposite relative to group.

因此，這讓我們在團體方面更有信心；而在休閒方面，我們其實看到訂房提前期拉長，所以與團體呈現相反的走勢。

Got it. That's helpful. And then just sort of on the same lines, just on the out-of-room spending. How much of that is you're taking price versus an increase in volume? And does that pick up really being driven by business travel?

了解。很有幫助。接著同樣延伸一下，關於客房以外消費。其中有多少是你們提高價格帶來的，多少是量的增加？而這個成長主要是由商務旅行帶動的嗎？

It's definitely business travel is playing a key role. And it's not just business transient, it’s also a business group. Business Group has increased to more than 50% of our overall group mix that bodes well for out-of-room for F&B orders while in their group meetings. And it's in general, as BT continues to increase, they do more in spending in the hotel as well. I'll let Tom add some color.

確實，商務旅行扮演關鍵角色。而且不只是商務散客，也包括商務團體。商務團體已提升至我們整體團體組合的 50% 以上，這對於他們在團體會議期間的餐飲（F&B）訂單等客房以外消費非常有利。整體而言，隨著 BT 持續增加，他們在飯店內的消費也會更多。我讓 Tom 再補充一些細節。

So Mike, what we're seeing underneath the F&B hood is we have banquets growing what Leslie was stating about group, we're seeing a much more significant amount of corporate group come -- and with that, banquet goes right along with that.

Mike，就餐飲（F&B）來看，我們看到宴會業務成長；如 Leslie 所說，我們看到更顯著的企業團體進來——而宴會收入也隨之同步提升。

And then when we think about our ROI initiatives, we spent quite a bit of money on making sure that we have a beverage-centric thoughtful food and beverage approach so our lounge up around 12%. And then when we think about AV room rental, when we look at our meeting space and our atrium as well as where we've put some capital. Those continue to be enhancing our ability on the F&B, which allows us to increase margin by about 50 basis points.

再來談到我們的 ROI 計畫，我們投入不少資金，確保我們採取以飲品為核心、且在餐飲上更具巧思的策略，因此我們的酒廊（lounge）收入成長約 12%。另外，談到視聽設備（AV）與場地租金，當我們檢視會議空間與中庭（atrium），以及我們投入資本的區域，這些都持續提升我們在餐飲方面的能力，讓我們的利潤率提高約 50 個基點。

Below that, because of the drive to market still being healthy in the first quarter, we had parking revenues up. And then lastly, I would say where we've been spending a lot of time is watching the consumer behaviour in and around our lobby and where we have been enhancing, we've kind of taken that select service margin expansion -- excuse me, market expansion to our full-service hotels as well.

此外，由於第一季自駕到訪（drive-to）市場仍然健康，我們的停車收入上升。最後，我會說我們花了很多時間在觀察消費者在大廳周邊的行為；我們也在強化相關配置，基本上把精選服務（select service）的利潤率擴張——抱歉，是市場擴張——的做法也延伸到全服務飯店。

And so that grab-and-go consumer trends, total revenues, enhancing by people looking for something in a hurry on the way to the airport and having an opportunity grab that in addition to what we talked about with F&B and parking has really enhanced our profitability on non-room revenue.

因此，外帶即走（grab-and-go）的消費趨勢帶動總營收提升，因為有些人趕著去機場、想快速買點東西；再加上我們剛提到的餐飲與停車，確實提升了我們在非客房收入上的獲利能力。

Yeah and Mike, I'll just add what's kind of in our pipeline that kind of bolt on to some of Tom's comments around the thoughtful F&B and how we've approached it. We've talked about on previous calls how we've been really focused on having F&B that attracts guests that are outside the hotel. We did that at Mills House and Mandalay and Nashville, and we still have Pittsburgh and Boston in the pipeline. And just to put some numbers around that, our total revenues for our conversions were up 8% in aggregate. And that's really a function of our ROI investment and demonstrating how thoughtful we've been around the out-of-room spend.

對，Mike，我再補充一下我們管線中的項目，這些也能呼應 Tom 對於更具巧思的餐飲策略與我們做法的評論。我們在先前的電話會議談過，我們一直很專注於打造能吸引飯店外部客人的餐飲。我們在 Mills House、Mandalay 與 Nashville 已經這麼做了，而 Pittsburgh 與 Boston 仍在管線中。用一些數字來說明，我們轉換案（conversions）的總營收合計成長 8%。這主要反映我們的 ROI 投資，以及我們在推動客房以外消費方面的周全規劃。

That's helpful. Thank you.

很有幫助。謝謝。

Austin Wurschmidt, KeyBanc.

Austin Wurschmidt，KeyBanc。

Thanks. Good morning, everybody. Leslie, you highlighted some high-level details about the outlook across various segments. Could you just walk through the cadence of RevPAR growth guidance over the balance of the year and maybe how some of those building blocks between segments are expected to play out at this point?

謝謝。各位早安。Leslie，你提到各個細分市場展望的一些高層次重點。你能否說明一下今年剩餘期間 RevPAR 成長指引的節奏，以及目前預期各細分市場之間的一些構成要素將如何發展？

Yeah. Sure. So Austin, what I would say is that clearly, Q1 came in better than we expected. But that our view for second quarter really hasn't changed. The trends that we're seeing right now are coming in line with our expectations.

好的。當然。Austin，我會說第一季的表現明顯優於我們預期。但我們對第二季的看法確實沒有改變。我們目前看到的趨勢與我們的預期一致。

We mentioned in our prepared remarks that April was up around 4%. We know that Easter was going to move up in the month. And so we're seeing strength in business and group filling in that space has been moved up. May within that quarter is going to be a softest month because of the tough comps. And then as you know, June is going to benefit from the World Cup.

我們在預先準備發言中提到，4 月成長約 4%。我們知道復活節會提前落在該月。因此，我們看到商務與團體需求的強勁，正在填補因節日提前而移動的空檔。該季中的 5 月會是最疲弱的月份，因為比較基期很硬。接著如你所知，6 月將受惠於世界盃。

And then what I would say is that within that month -- within the second quarter, group pace was already pacing ahead of 2025. And then we really have no change to the -- our perspective on the back half of the year, again, third quarter benefiting from World Cup. We expect third quarter benefit more than quarter from the World Cup because there's a higher demand for the later-stage games. And then you layer in the 250th anniversary on top of an existing holiday and obviously, sales force, fourth quarter, we'll see a lapping of the shutdown, government shutdown. But that's going to be offset by the election.

另外我會說，在第二季內，團體訂房節奏已經領先 2025 年。而對於下半年，我們的看法也沒有改變；同樣地，第三季將受惠於世界盃。我們預期第三季受惠程度會高於第二季，因為後段賽事的需求更高。此外，還會疊加 250 週年紀念活動（本身又與既有假期重疊），而且顯然也會帶動銷售動能；第四季方面，我們將面臨去年政府關門（government shutdown）的比較基期消退。但這將被選舉因素所抵消。

So this setup was already anticipated in our original guidance. And what we're seeing today is in line with our expectations.

因此，這樣的配置在我們原先的指引中就已經預期到了。而我們今天看到的情況也符合我們的預期。

In particular, I would also just sort of say, as it relates to World Cup, it's still early, but we are encouraged by what we're seeing we were very thoughtful in how we approach our perspective around building our blocks and on World Cup.

特別是，談到世界盃，現在仍然算早期，但我們對目前所看到的情況感到鼓舞；我們在如何建立各項區塊以及對世界盃的布局觀點上，都非常審慎。

For example, we were really thoughtful about focusing on blocks related to teams, media and sponsors, and we wanted to have really strong revenue management, and focusing on length of stay and making sure that we were disciplined about rate.

例如，我們非常審慎地把重點放在與球隊、媒體與贊助商相關的區塊上；我們也希望有非常強的營收管理，並聚焦於住宿天數（length of stay），同時確保在房價（rate）上保持紀律。

So today, what we're seeing is that those blocks that we anticipated are actually picking up because we were thoughtful and we're getting deposits around teams and media -- and then as it relates to transient, what we're seeing today is promising. It's early -- but around game day, we are seeing ADR come in line with our expectations.

所以今天我們看到的是，我們先前預期的那些區塊確實正在回溫，因為我們事前規劃周全，並且在球隊與媒體方面也收到了訂金——至於散客（transient），我們今天看到的走勢也令人振奮。現在還早——但在比賽日附近，我們看到ADR（平均每日房價）與我們的預期一致。

I think that the World Cup and when you look at high occupancy market, it's really a rate game in markets like LA, New York and Miami. But overall, these trends we're seeing are in line with our expectations and our original assumptions that we had in our guidance.

我認為世界盃，當你看高住房率市場時，在洛杉磯、紐約與邁阿密這類市場，本質上就是一場「房價」的競賽。但整體而言，我們看到的這些趨勢都符合我們的預期，也符合我們在指引中原先的假設。

That's helpful detail on World Cup. Just switching for a comment you had on leisure and the elongated booking window. Just wondering how much of that you think is sort of sensitivity to change in airfare given what's happened with energy costs? And how does that inform your view on sort of pace as you look out within this segment and what that could look like just given the resiliency in the consumer?

這些關於世界盃的細節很有幫助。我想換個話題，回到你提到的休閒需求與拉長的預訂窗口。想請教你認為其中有多少是對機票價格變動的敏感度，畢竟能源成本上升帶來了影響？這又如何影響你對該細分市場未來節奏（pace）的看法，以及在消費者韌性之下可能呈現的樣貌？

I think that the elongated booking window, some of it may be related to airfare, but I actually think it's around the strength of demand that people are recognizing and they may want to not be able to get the room that they wanted.

我認為預訂窗口拉長，其中一部分可能與機票有關，但我其實覺得更多是因為需求強勁，人們意識到如果不提早訂，可能訂不到自己想要的房型。

And so they're recognizing they need to book a little bit earlier. As we mentioned before, a lot of these special events are happening on top of timings that were already -- windows that already had high occupancy. And so I think that's affecting psychology of the consumer today.

因此他們意識到需要更早一些預訂。如同我們先前提到的，許多特殊活動是疊加在原本就已經——原本就有高住房率的時間窗口之上。所以我認為這正在影響當下消費者的心理。

I would also say that a lot of our leisure again, urban leisure is seeing urban entertainment ramp up around the lifestyle consumer. And so as a result, i think they're trying to get ahead of what they saw in the first quarter around leisure travel. And so I think that's what's causing it to elongate. Could there be some airline implication in that, for sure. But I think that's part of it.

我也想說，我們的休閒需求同樣地，城市休閒（urban leisure）正看到城市娛樂活動升溫，帶動生活風格型消費者（lifestyle consumer）。因此，我認為他們正試圖提前布局，避免重演第一季休閒旅遊的情況。所以我認為這就是造成預訂窗口拉長的原因。當然，這裡面確實可能有一些航空因素的影響。但我認為那只是其中一部分。

The other thing I would add, Austin, to what we're seeing is there's a shift going on in regard to the ability to drive rate with leisure. If you recall last year was primarily demand and there was rate sensitivity. Right now, we're seeing growth in both midweek as well as weekend demand.

Austin，我還想補充一點：我們看到在休閒需求帶動房價的能力方面，正在出現轉變。如果你還記得，去年主要是需求推動，而且對房價有敏感度。但現在，我們看到平日與週末的需求都在成長。

And then we're also seeing growth in rate. And so we're pricing ourselves appropriately based on that seven day heart of demand and these events that are taking place that our footprint is pretty diversified, as you know.

同時我們也看到房價在成長。因此，我們會依據一週七天的核心需求（seven day heart of demand）以及正在發生的這些活動，來做適當定價；如你所知，我們的布局相當多元分散。

So when a special event moves from one location to another, whether it was, let's say, the NBA AllStar game that went from San Francisco to LA, we get the benefit of that because of our diversified portfolio. Same thing with Super Bowl.

所以當某個特殊活動從一個地點移到另一個地點時——例如NBA全明星賽從舊金山移到洛杉磯——我們因為投資組合分散而能受惠。超級盃也是同樣的道理。

It was in New Orleans last year, San Francisco this year. So we're able to capture a lot of those instead of anomalies, they're just moving around the country where we're able to capitalize based on our diversification and our footprint.

去年在紐奧良，今年在舊金山。因此我們能捕捉到很多這類活動；與其說是異常事件，不如說它們只是全國各地輪流舉辦，而我們能憑藉多元化與布局版圖來把握機會。

And I think Tom's point around rate is another example of the consumer not being price-sensitive, which is why I was suggesting that it's more around them seeing the strength of demand.

我認為Tom關於房價的觀點，也再次說明消費者並不那麼在意價格；這也是我先前提到的，我更傾向認為是他們看到了需求的強勁。

Tyler Batory, Oppenheimer.

Tyler Batory，Oppenheimer。

Hey, good morning, everyone. Thanks for taking my questions. And congrats on the strong results here and some really good execution. Just a follow-up on Austin's question. Can you put a finer point on how you define leisure travel? I'm not sure if World Cup-related travel -- if that's all leisure. I'm assuming there might be a portion of that, that group and maybe even business travel too?

嗨，大家早安。謝謝讓我提問。也恭喜你們交出強勁的成果與非常到位的執行。我想追問一下Austin的問題。你們如何更精確地定義休閒旅遊？我不確定與世界盃相關的旅行——是否全部都算休閒。我猜其中可能有一部分是團體（group），甚至也可能有商務旅遊？

Yes. I'll give you an example since you asked about World Cup. So when Leslie was speaking about the difference between group and leisure, group would be the team, the media, the sponsors where we've actually locked in blocks and have deposits. What's still to come and what we're finding on the transient pace, specifically in the last three to four weeks, is around the game days, ticket sales, searches around where do I want to stay. You're going to book your airfare, you're going to make sure that you've got travel and then you're going to look at hotels.

是的。既然你問到世界盃，我舉個例子。當Leslie在談團體與休閒的差異時，團體會是球隊、媒體、贊助商——我們已經鎖定了區塊並收到了訂金。接下來還會發生、而且我們在散客訂房節奏（transient pace）上看到的，特別是在過去三到四週，是圍繞比賽日：門票銷售、搜尋「我想住哪裡」。你會先訂機票、確保行程安排妥當，然後才會開始看飯店。

So what we're seeing is the ADR growth around that, that would be leisure around World Cup. Same thing with 250th anniversary.

所以我們看到那部分帶來的ADR成長，這就會是世界盃相關的休閒需求。美國建國250週年也是同樣的情況。

We do have activation, there is marketing programs around the four cities, which are New York, Philadelphia, DC, as well as Boston. And when we see that, you're also seeing now more demand coming in that will all be pretty much leisure-related based on how we code when people are booking from the outside in.

我們確實有相關的推廣活動（activation），也有針對四個城市的行銷計畫，分別是紐約、費城、華盛頓特區以及波士頓。當我們看到這些時，你也會看到更多需求進來；依照我們在外部訂房時的編碼方式（code），這些幾乎都會被歸類為休閒相關。

Okay. Switching gears to capital allocation. You rank order your priorities right now. I'm curious if capital recycling is something that might look a little more interesting? Just given your fundamental outlook.

了解。換個話題談資本配置。你們目前有排定優先順序。我想知道資本回收再投（capital recycling）是否會變得更有吸引力？尤其考量你們對基本面的展望。

Sure, Tyler. What I would say is that we're constructive on the transaction market. And as we become more active with dispositions, we will be balanced between taking advantage of the dislocation in our stock, maintaining a strong balance sheet and executing on our conversion strategies.

當然，Tyler。我想說的是，我們對交易市場抱持建設性看法。隨著我們在資產處分（dispositions）上變得更積極，我們會在三者之間取得平衡：把握我們股價錯位（dislocation）所帶來的機會、維持強健的資產負債表，以及執行我們的轉換策略（conversion strategies）。

We strive to execute buybacks on a leverage-neutral basis. And so when we use disposition proceeds, that allows us to do that and obviously, we didn't have any dispositions in Q1. Relative to our conversions, our results are very tangible.

我們力求在槓桿中性（leverage-neutral）的基礎上執行庫藏股回購。因此，當我們使用處分所得時，就能做到這一點；而且很明顯地，我們在第一季沒有任何資產處分。至於我們的轉換案，我們的成果非常具體可見。

As I mentioned before, total revenues for our seven completed conversions are up 8%, and our EBITDA was up 16% in the quarter. And this is a direct result of the investment we're making in the ROI as we recycle assets, you're going to see us be balanced and that would include activity on the buyback side.

如我先前提到，我們已完成的七個轉換案總營收成長8%，而本季EBITDA成長16%。這是我們在資產回收再投時，對投資報酬（ROI）所做投入的直接成果；你會看到我們保持平衡，而這也會包含回購端的活動。

Okay. That's all for me. Thank you.

好的。我就問到這裡。謝謝。

Gregory Miller, Truist.

Gregory Miller，Truist。

Thank you, good morning, everyone. I'd like to ask a couple of questions on specific markets. And maybe to start off, could you provide your thoughts about how Louisville is performing this year and expectations for the rest of the year? Particularly on the convention group rent? Thank you.

謝謝，大家早安。我想就幾個特定市場問兩個問題。首先，你們能否分享一下今年路易維爾（Louisville）的表現，以及對今年剩餘時間的預期？特別是會展團體（convention group）房租（rent）方面。謝謝。

Sure, Greg. As you know, we have our Marriott as well as a Residence in Louisville, and the Marriott is connected to the Convention Center. What we're finding at our Marriott is that it's had back-to-back significant growth years.

當然，Greg。如你所知，我們在路易維爾同時擁有萬豪酒店以及一家 Residence Inn，而萬豪酒店與會議中心相連。我們在萬豪酒店看到的是，它已連續兩年出現顯著成長。

We just came off of Kentucky Derby, which was another major success for us. And what we're finding is agriculture, some of the type of accounts that go to Louisville that are attracted to Louisville are all Midwest based, if you will.

我們剛結束肯塔基德比賽，對我們而言又是一個非常成功的大型活動。我們發現，農業等一些前往路易維爾、被路易維爾吸引的客戶類型，基本上都以中西部為主。

It competes with Nashville, competes with other regional locations. And so we get the benefit of that because we're connected to the Convention Center.

它會與納什維爾以及其他區域性地點競爭。因此我們能受惠，因為我們與會議中心相連。

And a long time ago, probably about five, six years ago, when they added additional space, they really change the way we can sell our hotel where we can actually have two conventions at the same time because of the exhibit space they added right across the street, which is connected.

很久以前，大概五、六年前，當他們新增了額外空間時，確實改變了我們銷售飯店的方式；因為他們在街對面新增並連通的展覽空間，使我們實際上可以同時承接兩個會議。

In addition to that, we were looking at the beginning of the year pretty strong results in regards to what we're seeing on the pace side.

此外，今年年初我們在預訂進度（pace）方面看到的結果相當強勁。

We're also -- because of the size of the asset, we look out to '27 and '28 in we're very encouraged in regards of what the pace looks like going forward for this asset. And what I would say is the big top accounts that come into Louisville like Healthcare, Humana, the University of Louisville continues to spend and look to add research. And so we're seeing our top accounts come back into the city as well.

另外——由於資產規模的關係，我們把視野放到 2027 年與 2028 年，對於這項資產未來的預訂進度表現，我們非常受到鼓舞。我想說的是，進入路易維爾的主要大客戶，如醫療保健、Humana，以及路易維爾大學，仍持續投入並尋求擴增研究。因此我們也看到我們的主要客戶回到這座城市。

So feel very strong about where we're positioned. And then the Residence Inn also does very well being just a couple of blocks away from our Marriott with overflow when we have those types of groups.

所以我們對自身所處的位置非常有信心。而 Residence Inn 也表現很好，距離我們的萬豪酒店只有幾個街區，當有這類團體時可承接溢出需求。

Thanks, Tom. Shifting gears, I'd like to ask you about another market with some changes to their convention pace, and that's Austin. And now we were past the one year mark since the temporary closure of the Austin Convention Center for its renovation. Could you provide an update on how your downtown hotel is performing and sort of expectations for the rest of the year in that market as well? Thank you.4i

謝謝你，Tom。換個話題，我想問你另一個會展預訂進度出現變化的市場，也就是奧斯汀。目前距離奧斯汀會議中心為整修而暫時關閉已超過一年。你能否更新一下你們市中心飯店的營運表現，以及對該市場今年剩餘時間的預期？謝謝。4i

And again, we're adjacent to the convention center for two of our assets, as you know. And then we have one other asset that's right by the state capital near University of Texas.

再說一次，如你所知，我們有兩項資產緊鄰會議中心。另外還有一項資產就在州議會大廈旁、靠近德州大學。

To your point, the closure occurred in March of 2025 right after the South by Southwest and the new construction is underway in regards to the convention center.

如你所說，會議中心是在 2025 年 3 月、南方西南音樂節（South by Southwest）結束後不久關閉，而會議中心的新建工程正在進行中。

I think what we're most excited about with Austin is it's going to double the size on the square footage, and more importantly, it's going to have the ability to host over 1,200 exhibits. And that's really important when you think about association business.

我認為我們對奧斯汀最興奮的是，它的面積（平方英尺）將擴大一倍；更重要的是，它將具備容納超過 1,200 個展位的能力。當你想到協會型會議業務時，這點非常關鍵。

For instance, Austin, which is the 11th largest city in the country, had the 59th largest convention center. So now it's going to be more appropriately aligned with the space and the size of what's needed. As an example, Greg, 50% of the leads in the past couldn't even be accommodated based on the space that we didn't have. In addition to the convention center, we're excited about the fact that Austin continues to grow. People want to live there.

例如，奧斯汀是全美第 11 大城市，但它的會議中心規模卻是第 59 大。因此未來它將更適切地與所需的空間與規模相匹配。再舉個例子，Greg，過去有 50% 的潛在案源（leads）因為我們缺乏空間而根本無法承接。除了會議中心之外，我們也對奧斯汀持續成長感到振奮。人們想住在那裡。

The airport expansion is going to have more flights and 20 more gates will be aligned with the convention center opening, that's going to bring 22 million passengers up over 30 million passengers, which is going to be a highlight in regards to the more demand that's going to come in because of that convention center.

機場擴建將帶來更多航班，並新增 20 個登機門，且會與會議中心開幕時間同步；這將把旅客量從 2,200 萬人提升到超過 3,000 萬人，這將成為亮點，因為會議中心帶動的更多需求也會因此進來。

But in the interim, to your point, we are focused on self-contained group business at our two assets adjacent to the center.

但在過渡期間，如你所說，我們會把重點放在我們兩項緊鄰會議中心資產的「自給自足」團體業務（self-contained group business）。

There's been great campaign on marketing and dollars that are allowing us to offer incentives to groups, not only for our hotels, but for the city because of the opening right now that we have for the next few years, then the double trade that we have over by the capital, that was renovated about a year ago, so the property looks great.

目前有很好的行銷活動與資金投入，使我們能向團體提供誘因，不僅是針對我們的飯店，也包括整個城市；因為接下來幾年我們有空檔期，此外在州議會大廈旁的 DoubleTree 也在約一年前完成翻新，因此物業看起來非常好。

It's getting really nice ramp from University of Texas as well as being adjacent to the capital. So this year, the first quarter had the legislation and so every other year, as we did the renovation to make sure that we benefited from that that will happen in 2027.

它也正從德州大學帶來的需求中獲得相當不錯的爬坡（ramp），同時又緊鄰州議會大廈。因此今年第一季有立法會期；而每兩年一次，我們進行翻新就是為了確保能從 2027 年那次會期中受益。

The only thing I would add is that based on all the good nuggets that Tom laid out, we are expecting Austin to be positive for the remainder of the year.

我唯一要補充的是，基於 Tom 提到的所有利多重點，我們預期奧斯汀在今年剩餘時間將呈現正向表現。

That's very helpful. Thank you, both.

這非常有幫助。謝謝你們兩位。

Ken Billingsley, Compass Point.

Ken Billingsley，Compass Point。

Hi, good morning. Two quick questions. One, just a follow-up. You said second quarter adjusted EBITDA is expected to be below last year. Is that just primarily on room count being down?

嗨，早安。兩個簡短問題。第一個是追問：你提到第二季調整後 EBITDA 預期會低於去年。這主要只是因為房間數下降嗎？

It's a function of Q1 being stronger than our original expectations. And so last quarter, we had guided that Q2 would be in line with last year's contribution, and now it's going to be slightly below because Q1 is stronger.

這是因為第一季比我們原先預期更強。因此在上一季，我們指引第二季會與去年貢獻相當；但現在因為第一季更強，第二季將會略低一些。

Okay and the other question I have is could you just talk about Pittsburgh, the draft occurred? And had record numbers. Can you just talk about how that translated into your expectations and maybe the results of what developed out of Pittsburgh?

好的。另一個問題是，你能談談匹茲堡嗎？選秀（draft）已經舉行，而且創下紀錄人數。你能談談這如何轉化為你們的預期，以及匹茲堡實際發展出的結果嗎？

Yeah, I'm glad you're paying attention. The draft was a great event for us. We have three assets in Pittsburgh. If you can, you're aware that Leslie earlier stated about our opportunity to convert a renaissance to an autograph, and that is downtown looking over Three Rivers and the ball field where the Pirates play as well as Heinz Field. So the draft was closer to Heinz Field this year, outdoor arena, but the active. Foundation was all in and around the convention center and as well as our location there.

是的，我很高興你有在關注。選秀對我們來說是一個很棒的活動。我們在匹茲堡有三項資產。如果你記得，Leslie 先前提到我們有機會把一家 Renaissance 轉為 Autograph；該物業位於市中心，俯瞰三河匯流處以及海盜隊主場球場，還有 Heinz Field。所以今年選秀更靠近 Heinz Field，是戶外場地，但活動的核心區域都在會議中心周邊，也包括我們在那裡的位置。

Not only did, but we were just finishing up Pittsburgh and wanted to make sure you heard the last piece, which was we're excited about what's happening, but the NFL draft was very successful this year and our three assets saw significant demand due to that. So I'll go back to the operator for future questions.

不僅如此——我們剛才在講匹茲堡時也想確保你聽到最後一點：我們對正在發生的事情感到興奮；而今年 NFL 選秀非常成功，我們在匹茲堡的三項資產因此看到顯著需求。我把時間交回給接線員，看看是否還有後續問題。

Mr. Billingsley, does that complete your question?

Billingsley 先生，這樣回答完你的問題了嗎？

It does. Thank you.

是的。謝謝。

And then, Ken, I just want to make sure that on your prior question that you were talking about contribution per second quarter, that's what we were referring to in our prepared remarks, it was contribution for the year.

另外，Ken，我想確認一下你前一個問題：你是在問第二季的貢獻（contribution）嗎？我們在事先準備的講稿中提到的是全年貢獻。

Oh, I understand. Great.

喔，我了解了。很好。

Thank you. All right. Sorry for the technical difficulty, everyone. Operator.

謝謝。好。各位抱歉技術上出了點問題。接線員。

Floris Van Dijkum, Ladenburg Thalman.

Floris Van Dijkum，Ladenburg Thalman。

Thanks, guys. Question on the capital allocation, getting back to the capital allocation. Could you maybe just remind us of your -- what you spent on your renovations, what the EBITDA return or yield is on those renovations today as we stand? And also, what -- you mentioned two more projects that you're going to announce later on this year. What's sort of the aggregate amount that we could expect RLJ to invest in repositioning assets and relative to the sort of the maintenance CapEx?

謝謝，各位。關於資本配置的問題，回到資本配置。你能否提醒我們：你們在翻新上花了多少、以目前來看這些翻新的 EBITDA 回報或收益率是多少？另外，你提到今年稍晚還會公布另外兩個專案。我們大概可以預期 RLJ 在資產重新定位上的總投資金額是多少？以及相對於維護性資本支出（maintenance CapEx）大概是什麼樣的比例？

Yeah. I would say that, in general, Floris, that we gave an item of $80 million to $90 million of capital spend for 2026, and the vast majority of that is focused on ROI-related renovations from there. We generally target high double-digit returns on general investments and on our ROI conversions originally seeing north of 40% returns on the incremental capital that we're putting in the assets in order to effectuate these -- the conversion.

是的。我想一般來說，Floris，我們已為2026年提供了8,000萬到9,000萬美元的資本支出項目，而其中絕大部分都聚焦在與ROI相關的翻新上。我們通常在一般投資上目標是高雙位數的報酬率；而在我們的ROI轉換專案上，最初看到的是超過40%的報酬率，這是基於我們為了推動這些——轉換——而投入到資產中的增量資本所帶來的回報。

We mentioned one additional conversion that will be announced. I just want to correct you on that in regards to later this year.

我們提到還會再宣布一項額外的轉換。我只是想就你提到「今年稍晚」這點更正一下。

Got it. And so -- but the 40% is what we should be expecting from the Wyndham Boston conversion? Or is that just for the Renaissance in that's going to become the Marriott Autograph in Pittsburgh?

了解。那麼——所以——40%是我們應該預期溫德姆波士頓（Wyndham Boston）轉換案能帶來的嗎？還是那只是針對匹茲堡那家Renaissance、將改成萬豪Autograph系列的那個案子？

So what we've talked about with Boston is that we think that there is a 40% upside in the EBITDA on that asset. Again, keep in mind that on some of these conversions, in the case of we doubled the EBITDA on that asset. Boston is in that category of how strong we think the asset will perform in a post-converted state.

關於波士頓，我們談到的是，我們認為該資產的EBITDA有40%的上行空間。再次提醒，在某些轉換案中，我們曾把該資產的EBITDA翻倍。波士頓就屬於我們認為在轉換後狀態下表現會非常強勁的那一類資產。

And then the -- how -- you did mention the dispositions, obviously, as well. And I suspect if the disposition market were to pick up a little bit later this year. Would that cause you to accelerate some of your re-positionings as well? Or is that still the buybacks, obviously being another potential source? But 40% returns are just tough to beat that anywhere else. I mean why wouldn't you lean into that even more?

然後——你也提到了資產處分，當然。我猜如果今年稍晚處分市場回溫一些。那會不會也促使你們加速一些重新定位（re-positioning）？或者仍然是回購（buybacks）顯然也是另一個潛在來源？但40%的報酬率真的很難在其他地方超越。我的意思是，為什麼不更大力投入這件事呢？

Yeah, I think what we've said before, Floris, is that, we try to strive to have two conversions per year. Our conversion cadence is influenced by when franchise agreements expire and other elements that, have it stacked up at about two per year.

是的，我想我們之前說過，Floris，我們努力維持每年兩個轉換案。我們的轉換節奏會受到特許經營協議到期時間以及其他因素影響，因此大致堆疊成每年約兩個。

We're on that pace. We're going to be announcing our next conversion on our next earnings call and so I think that when we look at when the franchises come available and when it makes sense from a seasonality perspective.

我們目前就是這個節奏。我們會在下一次財報電話會議上宣布下一個轉換案；因此當我們評估特許經營何時到期、以及從季節性角度何時最合理時——

For example, we wanted to wait until after the World Cup for Boston. So we're trying to be strategic and thoughtful about when we execute the conversion.

例如，波士頓我們希望等到世界盃之後再做。所以我們會在執行轉換的時點上，盡量策略性且審慎地安排。

Thanks, Leslie. And maybe last question, just a follow on. The actual demand from everybody's been talking about the fact that there's going to be last-minute bookings, presumably, to watch the World Cup.

謝謝你，Leslie。也許最後一個問題，算是追問。實際需求方面，大家都在談會有臨近開賽的最後一刻訂房，推測是為了看世界盃。

Can you talk maybe about some of the you mentioned some of the FIFA bookings that you've already done. Do you have any teams or anything like that staying in your hotels, or what tangible. Information can you give us on the potential upside, it sounds like, from the World Cup on your expectation?

你能不能談談你提到的一些你們已經做成的FIFA訂房？你們的飯店有球隊或類似的會入住嗎？或者有什麼具體的——你能提供哪些可量化的資訊，來說明世界盃可能帶來的上行空間、以及你們的預期？

Yes, as I mentioned before, Florence, is that it's early, but we're encouraged because we were very thoughtful about making sure that the types of blocks we took were focused on teams and media.

是的，如我先前提到的，Florence，現在還早，但我們感到鼓舞，因為我們在挑選承接的房量（blocks）類型時非常謹慎，重點放在球隊與媒體。

We're starting to see those blocks pick up and we started to receive deposits. I'll let Tom give some color on that. And then as it relates to the transient demand, what I said is that what we're seeing is very promising, but it's really early and that we expect most of the benefits to really come in rate because these are happening in high-occupancy markets for us. And the markets I was talking about was LA, New York and Miami.

我們開始看到這些房量（blocks）增加，也開始收到訂金。我讓Tom補充一些細節。至於散客（transient）需求，我的意思是我們看到的跡象非常正面，但現在真的還很早；我們預期大部分效益會主要反映在房價（rate）上，因為這些活動發生在我們的高住房率市場。我指的市場是洛杉磯、紐約和邁阿密。

And just to give you a little color on the group side, it's interesting, Floris, when group teams stay with you, they actually encourage fans to stay where the teams stay.

再補充一點團體（group）方面的色彩，Floris，很有意思的是，當團體球隊住在你們飯店時，他們其實會鼓勵球迷也住在球隊下榻的地方。

So that's a positive. And we actually have locked in deposits for teams in three of those nine markets that we have. So we're really encouraged that not only will you have teams, but you'll have fans that will want to stay with the teams.

所以這是正面的。而且我們已經在我們所涵蓋的九個市場中的三個市場，鎖定了球隊的訂金。因此我們非常受到鼓舞：不僅會有球隊入住，也會有想跟球隊住在同一處的球迷。

We're also encouraged, as Leslie talked about on the transient pace, when you think about the leisure side of it and where ticket sales as well as how we're doing length of stay.

我們也受到鼓舞，正如Leslie談到散客預訂節奏（transient pace）那樣；當你想到休閒（leisure）端，以及門票銷售、還有我們在平均入住天數（length of stay）上的表現。

So we're seeing ADR increasing in those timeframes when people are going to have the most amount of demand and then making sure that we're providing the opportunity to take other business outside of those games, whether it's group or BT, to make sure that we're layering in the process of making sure we take advantage of not only the special event, but other.

所以我們看到在需求最旺的那些時段，ADR正在上升；同時也確保我們能提供機會，在那些比賽之外承接其他業務，不管是團體（group）或BT（商務旅遊），以確保我們在流程上層層疊加，充分把握不僅是特殊活動本身，還有其他——

As it comes because those are high-occupancy locations that Leslie mentioned earlier. So it's a busy time of year. In addition to 250th anniversary, it will be over that same time frame. So we're really doubling down on strategy.

——隨之而來的需求，因為如Leslie先前提到，那些都是高住房率地點。所以那是一年中很忙的時段。再加上250週年紀念也會落在同一時間範圍內。因此我們在策略上會更加加碼投入。

Thanks, Tom.

謝謝你，Tom。

Chris Woronka, Deutsche Bank.

Deutsche Bank的Chris Woronka。

Hey, good morning, everyone, for taking my question. I was hoping we could spend a minute talking about kind of the Silicon Valley market you talked about with growth in AI. I think you guys have probably four or five hotels in that area proper.

嗨，大家早安，謝謝讓我提問。我希望我們能花一點時間談談你們提到、因AI成長而受惠的矽谷市場。我想你們在那個核心區域大概有四到五家飯店。

You mentioned you saw nice lift in the first quarter, kind of curious what's embedded in your outlook for the rest of the year.

你提到第一季看到不錯的拉升，我有點好奇你們對今年剩餘期間的展望中，內含了哪些假設。

It may sound like a silly question now, but you worry at all, you see any sign of the frost, kind of that area had some extremely high RevPAR growth back in 1999 and 2000, as I recall. So any thoughts on your outlook beyond the current quarter? Thanks.

這問題現在聽起來可能有點傻，但你們會不會擔心、或看到任何降溫的跡象？我記得那個區域在1999年和2000年曾有非常高的RevPAR成長。所以對於超出本季的展望，你們有什麼想法？謝謝。

Yeah, I mean, we are very encouraged by what we're seeing in San Francisco area, the Northern California market for us broadly.

是的，我的意思是，我們對舊金山地區、以及更廣義的北加州市場的表現感到非常鼓舞。

Clearly the recovery is well underway. As we mentioned before, all of our assets were up 27% in the first quarter. Clearly, it was benefiting from Super Bowl and some major conventions in RSA and JP Morgan.

顯然復甦正在順利進行。如我們先前提到，我們所有資產第一季都成長了27%。很明顯這受惠於超級盃，以及RSA與JP Morgan等一些大型會議。

But I would also just say more broadly, and this goes to your Silicon Valley comment, BT is, very much in full swing.

但我也想更廣泛地說，這也回應你對矽谷的評論：BT（商務旅遊）確實正全面回溫。

Given the fact that you have a better overall environment, you have better local advocacy with good policy. You talked about the AI investment, we're seeing clearly return to office trends and record office leasing and so the BT momentum is strong and we're also starting to see pricing power return. Let time and add some comments.

鑑於整體環境更好、地方倡議與良好政策也更到位。你提到AI投資，我們也清楚看到回辦公室（return to office）的趨勢，以及創紀錄的辦公室租賃，因此BT動能很強；我們也開始看到定價能力回來。我讓Tom補充一些評論。

Yes. The campaign that they're really behind in San Francisco is Believe in San Francisco. And when you think about what Leslie was talking about, it's happening locally from a community as well politically where Bart Ridership is up, foot traffic is increasing in CBD. When you think about what's happening around, they got a healthy pace for '27, '28 and the type of conventions that are coming, our association, corporate medical and then most importantly, high tech to your point.

好的。舊金山目前大力推動的活動是「Believe in San Francisco」。而你回想Leslie剛才談的，這不僅在地方社區層面發生，也在政治層面推進：BART運量上升、CBD（中央商業區）的人流增加。再看周邊情況，他們對2027、2028年的預訂節奏很健康；而即將到來的會議類型，包括協會、企業、醫療，最重要的是你提到的高科技。

Just as an example, to give you an idea on growth, Databricks in 2023 had about 11,000 room nights. And in 2026, they're going to have 25,000 room nights.

舉個例子讓你了解成長幅度：Databricks在2023年大約有11,000個間夜（room nights）。到2026年，他們將會有25,000個間夜。

So you can see there's an evolution happening because venture capital money is all coming to San Francisco and it's basically when you think about where the city is thriving, it's also spilling out the Silicon Valley and the outlying areas, where we have a bigger footprint, as you know, where we have some airport hotels as well as Silicon Valley and CBD.

所以你可以看到正在發生一個演變，因為創投資金都湧向舊金山；基本上，當你想到這座城市在哪些方面蓬勃發展時，這股動能也正在外溢到矽谷以及周邊地區——如你所知，我們在那裡的佈局更大，我們在那裡也有一些機場飯店，涵蓋矽谷與CBD。

So we're encouraged with what's happening, and we're trying to make sure that we're capturing all the different types of demand that's now coming there with the last catalyst hopefully being international, we are seeing some growth coming from Mexico, UK, India, and China will be the last step, hopefully, where we can see that start to come back as it's still a significant amount of spend that comes to San Francisco.

因此，我們對正在發生的事情感到鼓舞，也在努力確保我們能夠捕捉目前正在回流的各種需求類型；最後一個催化劑希望會是國際需求。我們看到來自墨西哥、英國、印度的成長，而中國希望會是最後一步——希望我們能看到那部分開始回來，因為它仍然是流向舊金山的一筆相當可觀的支出。

Okay. Super helpful. And then just another question on conversion. When you guys talked about planned conversions, can we generally assume that that refers to the Wyndham that you still have on converted or either a few independents and things affiliated with non-Marriott, Hilton, Hyatt brands? Just hoping to get a little bit of clarification.

好的。非常有幫助。接著再問一個關於轉換（conversion） 的問題。當你們談到計畫中的轉換時，我們是否可以大致假設那指的是你們仍尚未轉換的溫德姆（Wyndham），或是一些獨立飯店以及隸屬於非萬豪、希爾頓、凱悅品牌的資產？只是希望能再釐清一下。

Yes. I mean we have -- we've published in our management presentation a list of potential conversions in our portfolio. We're obviously looking at the Wyndhams', but we're also looking at current assets as the franchise agreements expire to see what else -- what other lifestyle brands are available that makes sense for that physical asset. So it's not just all Wyndham assets, it's other assets within our portfolio where the franchise agreement may be expiring.

是的。我的意思是——我們已在管理層簡報中公布了我們投資組合中潛在轉換的清單。我們當然在看溫德姆的資產，但我們也在看現有資產，當特許經營協議到期時，評估還有哪些——哪些生活風格（lifestyle）品牌適合那個實體資產。所以不只是所有溫德姆資產，也包括我們投資組合中其他資產，其特許經營協議可能即將到期。

Okay. Got it. Very good. Thanks, Leslie. Thanks, Tom.

好的。了解。很好。謝謝你，Leslie。謝謝你，Tom。

Thank you.

謝謝。

Chris Darling, Green Street.

Chris Darling，Green Street。

Hey, thanks. Good morning. Just a couple of quick follow-ups for me. First, Leslie, you mentioned being constructive on asset sales. Hoping you could just give an update on the broader transaction market, whether you've seen anything change on the margin, given a more favourable RevPAR backdrop, rather, that's pricing, depth of the bidding tent, anything else?

嗨，謝謝。早安。我這邊有幾個簡短的追問。首先，Leslie，你提到對資產出售持建設性看法。希望你能更新一下更廣泛的交易市場情況：在RevPAR背景較有利的情況下，你是否看到邊際上有任何變化——例如定價、投標深度（bidding tent 的深度），或其他方面？

Yeah, sure, Chris. For sure, the transaction market has improved. Obviously it's still, not, as robust it was in the past, but it's definitely approved in general. And what I would say the key driver of that is really the debt market.

好的，當然，Chris。交易市場確實改善了。顯然它仍然沒有過去那麼強勁，但整體而言確實有所改善。而我會說，推動這一點的關鍵因素其實是債務市場。

There are so many debt providers today as people have tried to play sort of the credit trade, if you will. It's creating competition and it's helping spreads tighten. So even though the Fed has not, cut rates, because there's competition among providers, we've seen spreads tighten.

如今有非常多的債務提供者，因為大家都在嘗試參與所謂的信用交易（credit trade）。這造成競爭，並有助於利差收窄。所以即使聯準會尚未降息，由於提供者之間的競爭，我們看到利差已經收窄。

And so that's allowing buyers. Potential buyers to still underwrite lower interest expense. And then you layer on better fundamentals, which is giving potential buyers confidence in the ability to underwrite. So I think that's just a better overall sentiment relative to the transaction environment.

因此，這讓買方——潛在買方——仍能以較低的利息費用來進行承作（underwrite）。而再加上基本面更好，讓潛在買方對其承作能力更有信心。所以我認為，相較於先前的交易環境，整體情緒確實更好。

I think owner-operators continue to be the primary buyer, but we're seeing the buying pool expand. Single assets are still more prevalent, but you could see some small portfolios start to emerge later this year. But in general, I would just say that the transaction market has improved.

我認為自營型業主（owner-operators）仍是主要買方，但我們看到買方池正在擴大。單一資產交易仍較常見，但你可能會在今年稍晚看到一些小型投資組合開始出現。但總體而言，我會說交易市場已經改善。

I appreciate those thoughts. And then just to put a finer point on the guidance discussion, if I look at the midpoint of the revised hotel EBITDA range, it suggests a modest decline, I think, for the rest of the year. I'm hoping you could frame this outlook. And in particular, I'm thinking about the third quarter, where at least in theory, I'd think you'd be lapping an easier comp. So maybe just a discussion of some of the puts and takes that maybe I'm not totally thinking about.

感謝你的看法。另外，為了更精準地聚焦在指引（guidance）的討論上，如果我看修正後飯店EBITDA區間的中位數，似乎暗示今年剩餘期間會有小幅下滑。希望你能說明一下這個展望。尤其是第三季，至少理論上，我會以為你們是在比較一個較容易的基期（easier comp）。所以想請你談談一些我可能沒有完全考慮到的利多與利空因素。

Well, I would say, in general, don't forget that we had a tax credit in the, in last year. So when you look over, look year over year, we actually have, EBITDA growth. And even with that out that we still at the midpoint are having EBITDA growth.

嗯，我會說，整體而言，別忘了我們去年有一筆稅額抵免（tax credit）。所以當你看年對年時，我們其實是有EBITDA成長的。即使把那個因素排除，在中位數情境下我們仍然是EBITDA成長。

What was the second part of your question related to the third quarter?

你問題的第二部分是關於第三季的哪一點？

Well, I think last year, you had a particularly tough year-over-year growth percentage in 3 through '25. And so I would think in theory, it might be an easier comp this year. And that's where I wanted to get a little bit of context.

嗯，我認為去年第三季到2025年期間，你們的年對年成長百分比特別艱難。所以我想理論上今年可能會是較容易的比較基期。我想從這裡取得一些背景脈絡。

Yeah, I would say that in the third quarter, as I mentioned before, that we do expect the third quarter to benefit from World Cup. It is also going to benefit from the 250th anniversary, which is on top of 4th of July weekend. And then we also have Salesforce that we will be benefiting from in the third quarter.

是的，我會說第三季，如我先前提到的，我們確實預期第三季會受惠於世界盃。也會受惠於250週年紀念活動，這是在7月4日週末之上再加成。另外第三季我們也會受惠於Salesforce。

Okay. I appreciate the thoughts. That's it for me.

好的。感謝你的看法。我這邊就這些。

Thank you. We have no further questions at this time. Ms. Hale, I'd like to turn the floor back over to you for closing comments.

謝謝。目前沒有其他問題。Hale女士，我想把時間交還給你做結語。

Thank you all for your interest today and joining our call. We look forward to connecting with you at our upcoming conferences. And I hope all of you have some summer travel planned over the next few months. And have a good day. Thanks, everybody.

感謝各位今天的關注並參與我們的電話會議。我們期待在即將到來的各場會議上與各位交流。也希望各位在接下來幾個月都有安排一些夏季旅行。祝各位有美好的一天。謝謝大家。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。