Sunstone Hotel Investors Inc (SHO) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Sunstone Hotel Investors Second Quarter 2023 Earnings Call. (Operator Instructions) I would now like to remind everyone that this conference is being recorded today, August 4, 2023 at 12:00 p.m. Eastern Time.

早上好，女士們先生們，感謝你們的支持。歡迎參加 Sunstone Hotel 投資者 2023 年第二季度收益電話會議。 （操作員說明）我現在想提醒大家，本次會議是在今天，2023 年 8 月 4 日中午 12:00 錄製的。東部時間。

I will now turn the presentation over to Mr. Aaron Reyes, Chief Financial Officer. Please go ahead, sir.

我現在將演講轉交給首席財務官 Aaron Reyes 先生。請繼續，先生。

Thank you, operator, and good morning, everyone. Before we begin, I would like to remind everyone that this call contains forward-looking statements that are subject to risks and uncertainties including those described in our filings with the SEC, which could cause actual results to differ materially from those projected. We caution you to consider these factors in evaluating our forward-looking statements.

謝謝接線員，大家早上好。在開始之前，我想提醒大家，本次電話會議包含前瞻性陳述，這些陳述存在風險和不確定性，包括我們向SEC 提交的文件中描述的風險和不確定性，這可能導致實際結果與預測存在重大差異。我們提醒您在評估我們的前瞻性陳述時考慮這些因素。

We also note that this call may contain non-GAAP financial information, including adjusted EBITDAre, adjusted FFO and property level adjusted EBITDAre. We are providing this information as a supplement to information prepared in accordance with generally accepted accounting principles. Additional details on our second quarter results have been provided in our earnings release and supplemental, which are available on our website.

我們還注意到，本次電話會議可能包含非 GAAP 財務信息，包括調整後的 EBITDAre、調整後的 FFO 和財產水平調整後的 EBITDAre。我們提供此信息作為根據公認會計原則準備的信息的補充。有關第二季度業績的更多詳細信息已在我們的收益發布和補充材料中提供，可在我們的網站上獲取。

With us on the call today are Bryan Giglia, Chief Executive Officer; Robert Springer, President and Chief Investment Officer; and Chris Ostapovicz, Chief Operating Officer.

今天與我們一起參加電話會議的是首席執行官 Bryan Giglia；羅伯特·斯普林格，總裁兼首席投資官；克里斯·奧斯塔波維奇（Chris Ostapovicz），首席運營官。

Bryan will start us off with some commentary on our second quarter operations and recent trends. Afterwards, Robert will discuss our capital investment activity. And finally, I will provide a summary of our current liquidity position, recap our second quarter earnings results and provide some additional details on our outlook for the remainder of the year.

布萊恩將首先對我們第二季度的運營和近期趨勢進行一些評論。隨後，羅伯特將討論我們的資本投資活動。最後，我將總結我們當前的流動性狀況，回顧我們第二季度的盈利結果，並提供我們對今年剩餘時間的展望的一些額外細節。

After our remarks, the team will be available to answer your questions. With that, I would like to turn the call over to Bryan. Please go ahead.

我們的發言結束後，團隊將可以回答您的問題。說到這裡，我想把電話轉給布萊恩。請繼續。

Thank you, Aaron, and good morning, everyone. We are pleased that our second quarter adjusted EBITDA and adjusted FFO per share exceeded the high end of our guidance. Continued strong demand at our urban and convention hotels, combined with productivity gains, operating efficiencies and expense controls led to increased hotel profitability.

謝謝你，亞倫，大家早上好。我們很高興第二季度調整後的 EBITDA 和調整後的每股 FFO 超過了我們指導的上限。我們的城市和會議酒店持續強勁的需求，加上生產力的提高、運營效率和費用控制，提高了酒店的盈利能力。

The second quarter saw a divergence in trends across our portfolio as urban and convention hotels generated strong growth, while our resorts saw demand moderate as the quarter progressed. These trends reinforce our focus on maintaining a balanced portfolio of high-quality convention, urban and leisure hotels and resorts. Following a very strong RevPAR performance in the first quarter, we anticipated that growth would normalize in the remaining quarters of the year as we lap the impact of the Omicron variant. While strong domestic leisure travel accounted for most of the industry growth coming out of the pandemic, during the second quarter, demand increasingly shifted to corporate travel and group events.

第二季度，我們的投資組合的趨勢出現了分歧，城市和會議酒店實現了強勁增長，而隨著季度的進展，我們的度假村的需求有所放緩。這些趨勢加強了我們對維持高品質會議、城市和休閒酒店及度假村的平衡投資組合的關注。繼第一季度非常強勁的 RevPAR 表現之後，我們預計，隨著 Omicron 變體的影響，今年剩餘季度的增長將正常化。儘管強勁的國內休閒旅遊佔了疫情后行業增長的大部分，但在第二季度，需求日益轉向商務旅行和團體活動。

In Q2, our urban and convention hotels increased occupancy by 460 basis points and grew rate by 4.2% as compared to the second quarter of 2022 which contributed to robust year-over-year RevPAR growth of nearly 11%. Once again, San Francisco led the portfolio, growing RevPAR by over 32% on further occupancy gains and higher rates. While there is no shortage of negative press surrounding the San Francisco market, we remain encouraged by the hotel's ongoing recovery, and we continue to believe that the city is a desirable long-term market in which to own a well-located, fully renovated hotel.

第二季度，與 2022 年第二季度相比，我們的城市和會議酒店入住率增加了 460 個基點，增長率為 4.2%，推動每間客房收入同比強勁增長近 11%。舊金山再次在投資組合中處於領先地位，由於入住率的進一步增長和利率的提高，每間可用客房收入 (RevPAR) 增長了 32% 以上。雖然舊金山市場不乏負面新聞，但我們仍然對酒店的持續復甦感到鼓舞，並且我們仍然相信，這座城市是一個理想的長期市場，可以在其中擁有一家位置優越、經過全面翻修的酒店。

During the quarter, our hotel ran nearly 11 points of higher occupancy as compared to its competitive set as the property is able to capitalize on its more than 70,000 square feet of meeting and event space to create its own in-house group compression and not have to rely solely on the convention center and citywide events.

本季度，我們的酒店入住率比同類酒店高出近 11 個百分點，因為該酒店能夠利用其超過 70,000 平方英尺的會議和活動空間來創建自己的內部團體壓縮，並且沒有僅依靠會議中心和全市範圍的活動。

In addition, our fully renovated guestroom product is allowing the hotel to drive higher rates and attract new and higher quality demand, which together with better occupancy contributed to 124% RevPAR index relative to the competitive set in the second quarter.

此外，我們全面翻新的客房產品使酒店能夠推動更高的房價並吸引新的更高質量的需求，再加上入住率的提高，使第二季度的RevPAR 指數相對於競爭對手而言達到了124 %。

We also saw strong growth at our hotels in Portland, Boston and Orlando, which all generated double-digit RevPAR growth in Q2. Hilton San Diego Bayfront had its best second quarter EBITDA performance on record. The recent Comic-Con event in July was very strong as the hotel remained nimble and was able to resell all rooms that were canceled related to the Hollywood strikes at average rates that were nearly twice as high. In total, room revenue was up 10% relative to the Comic-Con event last year, and our hotel led the competitive set over the multi-day event.

我們在波特蘭、波士頓和奧蘭多的酒店也實現了強勁增長，第二季度的每間客房收入均實現了兩位數增長。聖地亞哥海灣希爾頓酒店第二季度 EBITDA 表現創歷史新高。最近 7 月份的動漫展活動非常強勁，因為酒店保持靈活，能夠以幾乎兩倍的平均價格轉售所有因好萊塢罷工而取消的房間。總體而言，客房收入比去年動漫展活動增長了 10%，我們的酒店在為期多天的活動中處於領先地位。

As I noted earlier, the operating fundamentals at our resorts were less robust as domestic leisure destinations faced increased competition from U.S. travelers going abroad without offsetting benefit of inbound foreign visitation. This was particularly the case at our Florida coastal hotels, which were early beneficiaries of very strong pent-up leisure demand coming out of the pandemic but have seen some normalization as travelers opted for other destinations and vacation options that had been limited in the last 2 years.

正如我之前指出的，我們度假村的運營基本面不太強勁，因為國內休閒目的地面臨著來自出國美國遊客的日益激烈的競爭，但又沒有抵消入境外國遊客帶來的好處。我們佛羅里達州的沿海酒店尤其如此，這些酒店是疫情期間被壓抑的強勁休閒需求的早期受益者，但隨著旅行者選擇其他目的地和在過去兩年受到限制的度假選擇，這些酒店已經實現了一定程度的正常化年。

Despite this moderation, our 2 Florida resorts maintained average room rates that were 46% higher than the second quarter of 2019. We also saw softer leisure trends in Napa and Sonoma as the wine country continue to be impacted by unseasonably cool and wet weather and the surge in international travel.

儘管出現這種放緩，我們佛羅里達州的2 個度假村的平均房價仍比2019 年第二季度高出46%。我們還看到納帕和索諾瑪的休閒趨勢趨於疲軟，因為這兩個葡萄酒之鄉繼續受到反常的涼爽和潮濕天氣以及國際旅行激增。

In Wailea, our hotel grew rate to another all-time second quarter record, beating the high watermark set last year and a staggering 53% increase as compared to 2019. Despite still garnering very strong rates, our resort portfolio underperformed our expectations, particularly in May and June, which contributed to 9 points of lower RevPAR growth for these properties as compared to our forecast at the start of the quarter.

在威雷亞，我們的酒店第二季度增長率再創新高，打破了去年創下的高水位，與2019 年相比增長了53%。儘管仍然獲得了非常強勁的增長率，但我們的度假村組合的表現卻低於我們的預期，尤其是在5 月和 6 月，與我們本季度初的預測相比，這些物業的 RevPAR 增長降低了 9 個百分點。

While this trend continued into early July, we have seen some pickup in forward bookings over the last couple of weeks, which is encouraging. Overall, we think it is reasonable that this heightened preference by American vacationers for international travel will normalize as we move into next year as much of the pent-up demand for trips abroad gets worked out this summer.

雖然這種趨勢持續到七月初，但我們看到過去幾週的提前預訂量有所回升，這是令人鼓舞的。總體而言，我們認為，隨著進入明年，美國度假者對國際旅行的高度偏好將正常化，因為被壓抑的出國旅行需求將在今年夏天得到解決，這是合理的。

This should also be bolstered by increasing levels of foreign visitation to the U.S., which continue to recover but remain well below pre-pandemic run rate. Overall, the combination of steady corporate and group demand and a slower leisure backdrop contributed to 280 basis points of occupancy growth across the portfolio in the second quarter. And when combined with generally flat rates, drove total portfolio RevPAR growth of 3.6% as compared to the prior year.

這也應該受到美國外國遊客數量增加的支撐，美國遊客數量繼續復甦，但仍遠低於大流行前的水平。總體而言，穩定的企業和團體需求以及放緩的休閒背景共同推動第二季度整個投資組合的入住率增長 280 個基點。與普遍統一的費率相結合，推動總投資組合 RevPAR 比上一年增長 3.6%。

While room revenue growth was below the low end of our expectations, we were pleased to see that out-of-room spend remains strong and came in above forecast benefiting from continued increases in group activity and increased ancillary revenues. Banquet sales per group room was $230 in Q2, which was above 2019 on a comparable basis.

雖然客房收入增長低於我們預期的低端，但我們很高興看到客房外支出仍然強勁，並且受益於團體活動的持續增長和輔助收入的增加，其支出高於預期。第二季度每間團體房間的宴會銷售額為 230 美元，高於 2019 年可比水平。

Our urban hotels saw strong out-of-room spend with Marriott Boston Long Wharf, JW Marriott New Orleans and the Bidwell Portland, all generating spend per group room above the second quarter of 2022 and 2019, including the robust out-of-room spend, our portfolio generated an additional $146 of revenue per available room in the quarter for a total RevPAR of approximately $392, an increase of 5.4% from last year.

我們的城市酒店波士頓長碼頭萬豪酒店、新奧爾良JW 萬豪酒店和波特蘭比德韋爾酒店的客房外支出強勁，所有團體客房的每間團體客房支出均高於2022 年第二季度和2019 年，其中包括強勁的客房外支出，我們的投資組合在本季度每間可用客房額外產生了 146 美元的收入，總 RevPAR 約為 392 美元，比去年增長了 5.4%。

As the demand environment evolves, particularly at our resorts, we are working with our operators to drive efficiencies and mitigate costs where possible. Wage growth has continued to ease as some of the excess pressures come out of the labor market.

隨著需求環境的變化，特別是在我們的度假村，我們正在與運營商合作，盡可能提高效率並降低成本。由於部分過剩壓力來自勞動力市場，工資增長繼續放緩。

Food and beverage costs also improved relative to the prior year, driven by a combination of easing inflation, menu optimization and a higher mix of banquet business. As you have likely heard, the property insurance market for real estate of all types has been increasingly challenging in the recent years.

在通脹緩和、菜單優化和宴會業務組合增加的共同推動下，食品和飲料成本也較上年有所改善。正如您可能聽說的那樣，近年來，各類房地產的財產保險市場變得越來越具有挑戰性。

Late in the second quarter, we completed the annual renewal of our insurance program that covers most of our portfolio. And while our outcome was more favorable than what I have heard from many others, we were not immune to rising costs. Despite the various cost pressures, our total portfolio generated an EBITDA margin of 32.3% in the second quarter, which was only 100 basis points lower than a very strong second quarter margin performance in 2022.

在第二季度末，我們完成了涵蓋我們大部分投資組合的保險計劃的年度續保。雖然我們的結果比我從許多其他人那裡聽到的要好，但我們也不能免受成本上升的影響。儘管面臨各種成本壓力，我們的總投資組合第二季度的 EBITDA 利潤率為 32.3%，僅比 2022 年第二季度非常強勁的利潤率表現低 100 個基點。

Our urban and convention portfolio grew margin by 10 basis points year-over-year, even with 80 basis points of margin headwind from the Renaissance D.C., which is in the final phases of its repositioning to the Westin D.C. downtown.

我們的城市和會議投資組合的利潤率同比增長了10 個基點，儘管文藝復興特區酒店的利潤率存在80 個基點的逆風，該酒店正處於重新定位到華盛頓特區市中心威斯汀酒店的最後階段。

Now turning to segmentation. Our portfolio generated 240,000 total group room nights in the quarter and the group segment comprised roughly 44% of our total demand. Q2 group room night volume represents approximately 96% of comparable prepandemic amounts with average rates 10% higher, leading to total comparable group room revenue that was 6% higher than the same quarter of 2019.

現在轉向細分。我們的投資組合在本季度創造了 240,000 間團體間夜總數，團體部分約占我們總需求的 44%。第二季度團體客房夜量約佔疫情前可比金額的 96%，平均價格高出 10%，導致可比團體客房總收入比 2019 年同期高出 6%。

For the total portfolio, group room rates were up 3% year-over-year, with total room nights up 10%. Group production for all current and future periods in Q2 was 221,000 room nights, resulting in a 7% increase in group revenue production relative to last year.

就整個組合而言，團體房價同比上漲 3%，總間夜數上漲 10%。第二季度當前和未來各時期的集團產量為 221,000 個間夜，導致集團收入較去年增長 7%。

In terms of transient business, which accounted for 50% of our total room nights in the quarter. Comparable rate came in at $324 or 20% higher than the prepandemic levels we saw in the same quarter in 2019.

就臨時業務而言，該業務佔本季度總間夜數的 50%。可比價格為 324 美元，比 2019 年同一季度的大流行前水平高出 20%。

For the total portfolio, the transient rate was $345 and was down slightly to the prior year, driven by softening leisure demand. Partially offsetting the decline in leisure volume were increases in both average rate and room nights for our corporate negotiated channel, which posted revenue growth of 10% versus last year.

就總投資組合而言，由於休閒需求疲軟，臨時利率為 345 美元，較上年略有下降。我們的企業協商頻道的平均房價和間夜數的增加部分抵消了休閒客流量的下降，該頻道的收入比去年增長了 10%。

This is indicative of the ongoing recovery in business travel and is encouraging as it is the segment where we have the most opportunity to grow occupancy across the portfolio. While the second quarter RevPAR performance came in below expectations, we continue to see areas for optimism and expect full year earnings growth in 2023. The outlook that Aaron will discuss shortly assumes that the demand environment for leisure travel remains soft in the near term. And while we have seen some encouraging data points in recent transient bookings, it is too soon to tell if it is indicative of a resurgence. We will continue to monitor these trends at our resorts, but we expect that our well-balanced portfolio of urban and convention hotels will make up a larger contribution of our earnings in the coming quarters.

這表明商務旅行正在持續復甦，並且令人鼓舞，因為這是我們最有機會提高整個投資組合入住率的細分市場。雖然第二季度 RevPAR 表現低於預期，但我們仍然看到樂觀的領域，並預計 2023 年全年盈利增長。Aaron 很快將討論的前景假設休閒旅行的需求環境在短期內仍然疲軟。儘管我們在最近的臨時預訂中看到了一些令人鼓舞的數據點，但現在判斷這是否表明復蘇還為時過早。我們將繼續關注我們度假村的這些趨勢，但我們預計我們均衡的城市和會議酒店組合將在未來幾個季度對我們的收入做出更大的貢獻。

Lead volumes and group production are strong. Group pace for the second half of the year is 6% higher than 2022, driven by increases in both room nights and average rates. The Renaissance D.C. is in the final stages of its transformation to the Westin D.C. downtown, which will be completed and rebranded during the fourth quarter and contribute to further profitability growth later this year.

鉛產量和集團生產強勁。由於間夜數和平均房價的增長，集團下半年的增長速度比 2022 年高出 6%。華盛頓特區萬麗酒店正處於向華盛頓特區市中心威斯汀酒店轉型的最後階段，該項目將於第四季度竣工並重新命名，並將在今年晚些時候進一步推動盈利增長。

Competition for international travel and inclement weather have combined to hamper the performance of both of our Wine Country resorts. While the fundamental backdrop has not yet been conducive to demonstrate the full earnings power of these assets. These are world-class resorts, and we have conviction that our attractive basis in each will give us the ability to create value from these investments over time. We remain focused on building the group base of these resorts, which will ultimately lead to transient rate compression.

國際旅行的競爭和惡劣的天氣共同影響了我們兩個酒鄉度假村的業績。雖然基本面尚未有利於展示這些資產的全部盈利能力。這些都是世界一流的度假村，我們相信，隨著時間的推移，我們在每個度假村中具有吸引力的基礎將使我們有能力從這些投資中創造價值。我們仍然專注於建設這些度假村的集團基礎，這最終將導致短暫的價格壓縮。

Record outbound international travel and lagging inbound visitations is negatively impacting domestic summer travel, especially at high-end resorts like these as well as other domestic luxury destinations. We are ensuring that our operators remain diligent in managing their operating models so that when the transient leisure demand resumes, these resorts will be able to maximize flow-through and profitability.

創紀錄的出境國際旅遊和滯後的入境旅遊對國內夏季旅遊產生了負面影響，特別是在像這樣的高端度假村以及其他國內豪華目的地。我們確保我們的運營商繼續努力管理其運營模式，以便當短暫的休閒需求恢復時，這些度假村將能夠最大限度地提高流量和盈利能力。

Our low leverage, well-staggered debt maturities and ample liquidity gives us the optionality to continue to pursue our strategic objectives of investing in our portfolio, recycling sales proceeds into new growth opportunities and returning capital to our shareholders.

我們的低杠桿率、錯開的債務期限和充足的流動性使我們可以選擇繼續實現我們的戰略目標，即投資於我們的投資組合，將銷售收入轉化為新的增長機會，並將資本返還給我們的股東。

We are working through the final steps in the planning for the Andaz Miami Beach transformation and the model rooms have been completed. We will be sharing some exciting new details with you related to the project in the third quarter. Robert will discuss some additional updates on the other investments we are making across the portfolio that should provide multiple layers of growth in the coming years. While the transaction environment remains challenging, we retained significant investment capacity to deploy when opportunities arise, and we are actively searching out ways to recycle capital.

我們正在完成邁阿密海灘安達仕酒店改造規劃的最後步驟，樣板房已經完工。我們將在第三季度與您分享一些與該項目相關的令人興奮的新細節。羅伯特將討論我們在整個投資組合中進行的其他投資的一些額外更新，這些投資應在未來幾年提供多層增長。儘管交易環境仍然充滿挑戰，但我們保留了大量的投資能力，以便在機會出現時進行部署，並且我們正在積極尋找回收資本的方法。

We remain committed to returning capital to our shareholders. And as you saw in our press release this morning, our Board of Directors has also increased our base quarterly dividend to better reflect the normalized taxable income, our portfolio will produce over various cyclical periods. And with that, I'll turn it over to Robert to give some additional thoughts on our renovation progress as well as upcoming capital investments.

我們仍然致力於向股東返還資本。正如您在今天早上的新聞稿中看到的那樣，我們的董事會還增加了基本季度股息，以更好地反映我們的投資組合將在各個週期期間產生的正常化應稅收入。接下來，我將把它交給羅伯特，讓他對我們的裝修進度以及即將到來的資本投資提出一些額外的想法。

Thanks, Bryan. We started the year with several projects underway, and I am pleased to report that we have made substantial progress. The conversion of the Renaissance Washington, D.C. to the Westin brand is in the final stages. The rooms are largely complete and renovation work is now progressing in the lobby and fitness center, along with some exterior work. The hotel is on schedule to be relaunched as a flagship Westin property in October and will contribute to earnings growth in the fourth quarter.

謝謝，布萊恩。今年伊始，我們進行了多個項目，我很高興地報告，我們已經取得了實質性進展。華盛頓特區萬麗酒店向威斯汀品牌的轉變已進入最後階段。房間已基本完工，大堂和健身中心的裝修工程以及一些外部工程正在進行中。該酒店計劃於 10 月份作為威斯汀旗艦酒店重新開業，並將為第四季度的盈利增長做出貢獻。

Work is now also underway to convert the Renaissance in Long Beach to a Marriott. As we shared with you before, we expect the Marriott flag will enable the hotel to better compete for business, grow earnings and ultimately increase the value of the asset. The work will be substantially complete by the end of the year with a plan to relaunch the hotel under the Marriott brand in March 2024.

目前，長灘萬麗酒店 (Renaissance) 改建為萬豪酒店 (Marriott) 的工作也正在進行中。正如我們之前與您分享的那樣，我們預計萬豪旗幟將使酒店能夠更好地競爭業務、增加收入並最終增加資產價值。該工作將於今年年底基本完成，併計劃於 2024 年 3 月以萬豪品牌重新開業。

As Bryan noted earlier, we have finalized the construction details and are preparing to begin work at the Confidante as the resort begins its transformation to the Andaz Miami Beach.

正如布萊恩之前指出的，我們已經敲定了施工細節，並準備在 Confidante 度假村開始向邁阿密海灘安達仕轉型時開始施工。

We will have additional details on the refined scope and timing later this quarter. While the transaction market remains challenging, Recycling capital continues to be a primary component of our strategy as we seek to harvest gains and redeploy proceeds into new growth opportunities.

我們將在本季度晚些時候提供有關細化範圍和時間安排的更多詳細信息。儘管交易市場仍然充滿挑戰，但回收資本仍然是我們戰略的主要組成部分，因為我們尋求收穫收益並將收益重新部署到新的增長機會中。

We maintain considerable balance sheet capacity, which will allow us to take advantage of dislocations and opportunities that may arise as existing loans come due and as owners seek liquidity. With that, I'll turn it over to Aaron. Please go ahead.

我們保持著相當大的資產負債表能力，這將使我們能夠利用現有貸款到期和業主尋求流動性時可能出現的錯位和機會。這樣，我就把它交給亞倫了。請繼續。

Thanks, Robert. We continue to maintain a strong balance sheet. And as of the end of the second quarter, we had approximately $164 million of total cash and cash equivalents, including $56 million of restricted cash. We retain full capacity on our credit facility, which, together with cash on hand, equates to over $660 million of total liquidity.

謝謝，羅伯特。我們繼續保持強勁的資產負債表。截至第二季度末，我們擁有約 1.64 億美元的現金和現金等價物總額，其中包括 5600 萬美元的限制性現金。我們保留了全部信貸額度，加上手頭現金，相當於超過 6.6 億美元的總流動資金。

We have addressed all debt maturities through December 2024. And as of the end of the second quarter, our net debt and preferred equity to EBITDA stood at 3.6x and our net debt to EBITDA was only 2.6x.

我們已經解決了到2024 年12 月為止的所有債務到期問題。截至第二季度末，我們的淨債務和優先股與EBITDA 的比率為3.6 倍，而我們的淨債務與EBITDA 的比率僅為2.6倍。

Shifting to our financial results, the full details of which are provided in our earnings release and our supplemental. Our quarterly profit which surpassed our expectations despite softer revenue growth reflects steady corporate and group demand with the moderation in domestic leisure travel. Adjusted EBITDAre for the second quarter was $85 million, which was just above the high end of our guidance range. Driven by stronger non-room revenue and better margin performance across our urban and convention hotels.

轉向我們的財務業績，其完整細節在我們的收益發布和補充材料中提供。儘管收入增長放緩，但我們的季度利潤仍超出了我們的預期，反映出隨著國內休閒旅遊的放緩，企業和團體需求保持穩定。第二季度調整後 EBITDA 為 8500 萬美元，略高於我們指導範圍的上限。受到我們城市和會議酒店強勁的非客房收入和更好的利潤表現的推動。

We estimate that we incurred approximately $3 million of displaced EBITDA in the quarter related to the renovation work at our hotel in Washington, D.C. Adjusted FFO for the first quarter was $0.33 per diluted share which was also just about the high end of our guidance range. While the evolving demand backdrop makes forecasting incrementally more challenging, based on what we see today, we expect third quarter total portfolio RevPAR will range from a decline of 1% to an increase of 2% as compared to the third quarter of 2022. Based on this level of RevPAR we estimate that third quarter adjusted EBITDAre will range from $57 million to $62 million, and our adjusted FFO per diluted share to range from $0.18 to $0.21.

我們估計，本季度我們因華盛頓特區酒店的裝修工程而產生了約 300 萬美元的流離失所 EBITDA。第一季度調整後的 FFO 為稀釋後每股 0.33 美元，這也大約是我們指導範圍的上限。雖然不斷變化的需求背景使得預測逐漸變得更具挑戰性，但根據我們今天看到的情況，我們預計第三季度總投資組合RevPAR 與2022 年第三季度相比將下降1% 到增長2% 。在這個 RevPAR 水平上，我們估計第三季度調整後的 EBITDA 範圍為 5700 萬美元至 6200 萬美元，調整後的每股攤薄 FFO 範圍為 0.18 美元至 0.21 美元。

Based on second quarter performance and our outlook for the third quarter, we now estimate that full year RevPAR growth is likely to be near the low double digit end of the range we shared with you on prior calls which excludes our hotel in Miami that will soon be undergoing renovation. Assuming this level of RevPAR growth, it could translate into a full year adjusted EBITDAre range of roughly $255 million to $265 million.

根據第二季度的業績和我們對第三季度的展望，我們現在估計全年每間客房收入增長可能接近我們之前與您分享的範圍的低兩位數端，其中不包括我們即將在邁阿密的酒店正在進行裝修。假設 RevPAR 達到這一水平，則全年調整後 EBITDA 範圍約為 2.55 億至 2.65 億美元。

Based on the current renovation time lines, we now anticipate that we will incur between $11 million to $13 million of EBITDA displacement in 2023, with approximately $7 million of that total already incurred during the first half of the year, roughly $1 million expected in the third quarter and the balance in the fourth quarter as work ramps up at the The Confidante in preparation for its conversion to Andaz Miami Beach.

根據目前的改造時間表，我們現在預計 2023 年將產生 1100 萬至 1300 萬美元的 EBITDA 位移，其中約 700 萬美元已在今年上半年產生，預計 2023 年將產生約 100 萬美元。隨著The Confidante酒店為改建為邁阿密海灘安達仕酒店做準備，第三季度的預算和第四季度的餘額將在第四季度完成。

Now shifting to our return on capital. We repurchased a modest amount of additional stock in the quarter, bringing our year-to-date total to $21 million at an average price of $9.46 per share, a meaningful discount to consensus estimates of NAV and a compelling implied multiple on our earnings.

現在轉向我們的資本回報率。我們在本季度回購了少量額外股票，使年初至今的股票總額達到2100 萬美元，平均價格為每股9.46 美元，這比對資產淨值的共識估計有很大折扣，而且我們的收益隱含倍數令人信服。

In addition to the repurchase activity, our Board has declared an increase in our base quarterly common dividend to $0.07 per share for the third quarter. A 40% increase over the prior amount. While we continue to believe that our measured payout approach in the first three quarters of the year, combined with a catch-up dividend at year-end is well suited to our dynamic sector.

除了回購活動之外，我們的董事會還宣布將第三季度的基本季度普通股股息增加至每股 0.07 美元。比之前增加了40%。雖然我們仍然相信，今年前三個季度的謹慎派息方式，加上年底的追趕股息，非常適合我們充滿活力的行業。

We believe this higher base dividend amount better accommodates our commitment to returning more capital to shareholders. In addition to the common dividend, our Board has also declared the routine distributions for our Series H and I preferred securities.

我們相信，較高的基本股息金額更好地滿足了我們向股東返還更多資本的承諾。除了普通股息外，我們的董事會還宣布了 H 和 I 系列優先證券的例行分配。

And with that, we can now open the call to questions. So that we are able to speak with as many participants as possible, we ask that you please limit yourself to one question. Operator, please go ahead.

至此，我們現在可以開始提問了。為了讓我們能夠與盡可能多的參與者交談，我們要求您只回答一個問題。接線員，請繼續。

(Operator Instructions) Our first question comes from the line of Duane Pfennigwerth from Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 Duane Pfennigwerth。

Just with respect to 2024, could you speak to the puts and takes on earnings growth and maybe margins into next year as we think about these ROI projects, assets that are ramping and some of the displacement impact this year?

就 2024 年而言，當我們考慮這些投資回報率項目、正在增加的資產以及今年的一些位移影響時，您能否談談明年的盈利增長和利潤率的看跌期權和期權？

Sure. I'll start, and then I can -- I'll let Aaron cover some of the displacement puts and takes. So when we look at next year, first from a group perspective, while we're not -- we don't typically give group pace at this point. Pace is positive for next year. So that's something that will continue as we've seen in the second quarter and expect throughout the rest of the year, that those markets, the convention, the urban markets, we continue to be strong next year.

當然。我會開始，然後我可以——我會讓亞倫負責一些位移的放置和取出。因此，當我們展望明年時，首先從團體的角度來看，雖然我們不是——但此時我們通常不會給出團體的節奏。明年的步伐是積極的。因此，正如我們在第二季度看到的那樣，這種情況將持續下去，並預計在今年剩餘時間內，這些市場、會議、城市市場，我們明年將繼續保持強勁。

When you look at the citywide calendars in '24, D.C. is very strong, New Orleans is strong, San Diego is strong. And then when you look at D.C. specifically, we are completing the renovation in the third quarter of this year. So there's some additional displacement that will happen during this quarter, although as we've said throughout the process because of the lack of availability in D.C., we've been pleasantly surprised with our ability to work around the displacement and work with groups to minimize that loss.

當你看看 24 年全市的日曆時，華盛頓特區非常強大，新奧爾良也很強大，聖地亞哥也很強大。然後，當你具體看看華盛頓特區時，我們將在今年第三季度完成翻修工作。因此，本季度將會發生一些額外的流離失所，儘管正如我們在整個過程中所說的那樣，由於華盛頓特區缺乏可用性，我們對解決流離失所問題並與團體合作以盡量減少流離失所的能力感到驚喜。那種損失。

And so D.C. will start to ramp in the fourth quarter -- now from the group perspective, there's already quite a big group business on the books, and it's being sold as of Westin into next year. But from a transient perspective, the Westin flag will go out in the fourth quarter and will start booking from there. So we have that ramping up.

因此，華盛頓特區將在第四季度開始增長——現在從集團的角度來看，賬面上已經有相當大的集團業務，並且從威斯汀開始將其出售到明年。但從短暫的角度來看，威斯汀旗幟將在第四季度熄滅，並從那時開始預訂。所以我們正在加大力度。

Our expectations on San Francisco is that while the market has its own challenges, we continue to utilize and take advantage of our meeting space and our ability to build on -- create group compression of our own and not have to rely on citywides.

我們對舊金山的期望是，雖然市場有其自身的挑戰，但我們將繼續利用和利用我們的會議空間以及我們的能力——創建我們自己的團體壓縮，而不必依賴全市範圍。

And then the main renovation next year that will be happening will be in Miami, which demolition will start in the back half of this year. And then we will -- it will be under renovation for the majority of next year looking to open up in the high season, starting in December of next year. I'll let Aaron go through kind of the EBITDA displacement put and takes for time -- both time periods.

明年的主要改造將在邁阿密進行，拆除工作將於今年下半年開始。然後我們將在明年的大部分時間裡進行翻修，希望在明年 12 月開始的旺季開放。我將讓亞倫了解一下 EBITDA 位移量和時間段的情況——兩個時間段。

Sure. So just to add to what Bryan commented on, as we noted earlier in the call, what we're expecting for this year is $11 million to $13 million of EBITDA displacement and that split roughly kind of 50-50 between in the first part of the year related to the work in D.C. and then the back half of the year primarily related to the work at beyond us. So as we think about -- as we just move from '23 into '24 I wouldn't expect much in terms of the way of earnings contribution on a full year basis from Andaz just given the work that will be happening in the back half -- the first half of the year relative to the earnings that will generate once it's done. So that will be a net headwind from a displacement perspective.

當然。因此，補充一下 Bryan 的評論，正如我們之前在電話會議中指出的那樣，我們預計今年的 EBITDA 位移將達到 1100 萬至 1300 萬美元，並且在第一部分中大約會分配 50-50 美元。這一年與華盛頓的工作有關，然後下半年主要與我們以外的工作有關。因此，正如我們所想，當我們剛剛從“23”進入“24”時，考慮到下半年將發生的工作，我對安達仕全年盈利貢獻的方式不會抱有太大期望——上半年相對於完成後將產生的收益。因此，從排水量的角度來看，這將是一個淨阻力。

The positives, I think, that we'll have will be the renovation work at Long Beach that Robert had referred to. That conversion will take place early in the year, so we should see some lift there. And then the primary driver will just be the Westin D.C. Downtown coming online as a fully flagship Westin should be a significant contributor for us.

我認為，我們將擁有的積極因素將是羅伯特提到的長灘的翻修工作。這種轉換將在今年年初進行，因此我們應該會看到一些提升。然後主要的推動力將是威斯汀市中心酒店作為全旗艦威斯汀酒店的上線，應該對我們做出重要貢獻。

Our next question comes from the line of Chris Darling from Green Street.

我們的下一個問題來自 Green Street 的 Chris Darling。

Going back to The Confidante -- Bryan, going back to The Confidante, could you offer any updated thoughts on the return profile there just given some of the recent trends we've seen in that market? I know you've spoken to conservative underwriting in the past, but it would be helpful to hear any update with the exact date.

回到《紅顏知己》——布萊恩，回到《紅顏知己》，考慮到我們在該市場看到的一些最新趨勢，您能否提供有關回報概況的任何最新想法？我知道您過去曾與保守承保機構進行過交談，但如果能聽到任何包含確切日期的最新消息，將會很有幫助。

Sure. Yes. So for -- it's numbers that everyone has seen for last quarter and probably going into third quarter this year, too. The Miami market has definitely pulled back and has moderated still substantially higher than what it was in '19, but a little lower than where it was in '22.

當然。是的。因此，每個人都看到了上個季度的數字，也可能進入今年第三季度。邁阿密市場肯定已經回落，並且仍然大幅高於 19 年的水平，但略低於 22 年的水平。

Quite frankly, we've seen that, and I think others have talked about it, too, in most of the higher-end leisure market, domestic leisure markets, I won't be the first one to say this, but there's a lot more international travel happening than inbound international travel happening. We see that coming from the higher segments. And so the top destinations are definitely feeling some of that moderation in Q2 and Q3. Miami is absolutely not immune from that. But when we go back to our investment here, the game plan followed a lot of what we did in Wailea. And it's a -- we have a -- we have asset in a fantastic location.

坦白說，我們已經看到了，我想其他人也談到過，在大多數高端休閒市場、國內休閒市場，我不會是第一個這麼說的人，但是有很多國際旅行的發生量多於入境國際旅行的發生量。我們看到這來自較高的細分市場。因此，熱門目的地在第二季度和第三季度肯定會感受到一些放緩。邁阿密絕對不能倖免。但當我們回到這裡的投資時，遊戲計劃遵循了我們在維雷亞所做的很多事情。我們擁有一個位於絕佳位置的資產。

Mid-beach has become a very high-end destination, (inaudible) is under construction, just a block down. You have the Faena, you have the addition. And so it is definitely the right ZIP code much like Wailea was. We have an asset that has a fantastic footprint as far as the campus size and the ability to create a backyard destination. And so that's a big positive. And so when we look at the opportunity here, the opportunity is to draft. And while 2023 is down in the market, 2022 finished substantially higher for that market than where we had underwritten.

中灘已成為一個非常高端的目的地，（聽不清）正在建設中，就在一個街區之外。你有 Faena，你有附加。因此，它絕對是正確的郵政編碼，就像維雷亞一樣。我們擁有一項資產，其校園規模和創建後院目的地的能力都非常出色。這是一個很大的積極因素。所以當我們看到這裡的機會時，機會就是選秀。雖然 2023 年市場價格下跌，但 2022 年該市場的收盤價遠高於我們承保的水平。

And that way, we can -- even with the pullback, the amount of room that we have is even more than we initially thought. So that all bodes very well. What we're also doing with the property and we're finishing up, here we finished the model room, backyard demolition will happen soon. We're working with some various partners that will be able to announce shortly. And so sometime in the quarter, we'll be able to provide a full picture of what this asset is going to look like and what the resort will look like going forward.

這樣，我們就可以——即使出現回調，我們擁有的空間甚至比我們最初想像的還要多。所以這一切都是好兆頭。我們也在處理房產，我們正在完成，這裡我們完成了樣板房，後院的拆除很快就會進行。我們正在與一些不同的合作夥伴合作，這些合作夥伴很快就會宣布。因此，在本季度的某個時候，我們將能夠全面了解該資產的外觀以及度假村未來的外觀。

But what we have, we think, is going to be an exceptional room product, a fantastic food and beverage environment and a great pool experience. And a couple of things we've done with the rooms too, is that we're making some modifications to make sure we have the right suite counts, to make sure that we have the right product offering for that market. And so while all leisure markets have had some big wins and some pullbacks, Miami is no different. But where we are, where we ended, where the market ended last year, and where we need to position this hotel, we feel better about it than we did when we executed the transaction.

但我們認為，我們所擁有的將是卓越的客房產品、美妙的餐飲環境以及出色的泳池體驗。我們對房間也做了一些修改，以確保我們擁有合適的套房數量，確保我們為該市場提供合適的產品。因此，儘管所有休閒市場都取得了一些重大勝利，也有一些回調，但邁阿密也不例外。但我們現在的處境、我們的結局、去​​年市場的結局以及我們需要將這家酒店定位在哪裡，我們都比執行交易時感覺更好。

Our next question comes from the line of Smedes Rose from Citigroup.

我們的下一個問題來自花旗集團的 Smedes Rose。

I wanted to ask you -- it looks like -- the pace of share repurchase slowed in the second quarter. And I was just wondering kind of how you're thinking about that going forward? Or are you just kind of trying to preserve capital here with your upcoming CapEx projects or any thoughts on that.

我想問你——看起來——第二季度股票回購的步伐放緩了。我只是想知道你對未來有何看法？或者您只是想通過即將到來的資本支出項目或對此有任何想法來保留資本。

I think when we look at share repurchase, we would look at return of capital to shareholders. That's a combination of dividend and share repurchase. And we did increase our dividend, our base dividend to more accurately address what our current structure is and what our current taxable income is to minimize the catch-up dividend as much as possible, knowing that, that's a difficult thing to do in our space.

我認為，當我們考慮股票回購時，我們會考慮股東的資本回報。這是股息和股票回購的結合。我們確實增加了股息，我們的基本股息，以更準確地解決我們當前的結構是什麼以及我們當前的應稅收入是多少，以盡可能減少追趕股息，因為我們知道，這在我們的領域是一件困難的事情。

And so when we look at allocating capital going forward, it really is just -- it's a continued balance of what we've been doing. It's making sure that we have the right amount of capital for investing in the portfolio, future acquisitions, whether that comes from using balance sheet capacity or recycling capital and then repurchase. And while yes, it did slow a little bit. And sometimes you get into -- you get into blackout periods where you have to set certain parameters far in advance. I think when you look back at 2022 and into 2023, we've been far market cap size, at least one of the more aggressive when it comes to share repurchase. We have a fantastic balance sheet. We have plenty of capacity. And so like you said, it really is just balancing everything. But again, when our share price gets to a certain level, we definitely have the capacity to go ahead and buy back.

因此，當我們考慮未來的資本配置時，它確實是我們一直在做的事情的持續平衡。它確保我們擁有適量的資本來投資組合、未來的收購，無論是來自使用資產負債表能力還是回收資本然後回購。雖然是的，但速度確實慢了一點。有時你會進入——你會進入停電期，你必須提前很長時間設置某些參數。我認為，當你回顧 2022 年和 2023 年時，我們的市值規模已經相當大了，至少是在股票回購方面更激進的市值規模之一。我們擁有出色的資產負債表。我們有足夠的能力。正如你所說，這實際上只是在平衡一切。但同樣，當我們的股價達到一定水平時，我們絕對有能力繼續回購。

And then can I just ask you on the Napa properties. You mentioned I know for a number of reasons that probably have been underperforming your expectations. I mean do you think -- is it '24 where you sort of start to realize better value there? Or do you think it's more like '25 for the managers to get the kind of group business that you were talking about on the books that would cause some compression on the transient side?

然後我可以問你有關納帕房產的事情嗎？您提到我知道由於多種原因可能沒有達到您的期望。我的意思是，你認為 - 是在 24 世紀，你開始在那裡實現更好的價值嗎？或者你是否認為經理們在25年獲得你在書本上談論的那種集團業務會在瞬態方面造成一些壓縮？

Yes. And it's definitely later than we initially thought, and we're -- that's absolutely disappointing. But when we look at both of the resorts and they opened close to each other several months apart. But when they both opened up, they both had -- it was in '22 and you had the pent-up domestic leisure demand that was really just through the roof.

是的。這肯定比我們最初想像的要晚，我們——這絕對令人失望。但當我們觀察這兩個度假村時，發現它們開業時間相距很近，相隔幾個月。但當他們都開放時，他們都有——那是在 22 年，被壓抑的國內休閒需求真的剛剛達到頂峰。

And both hotels out of the gate did very well from a leisure standpoint. And as we've talked about before, got a little bit overly confident in that leisure demand and didn't do a good job of putting on the group base.

從休閒的角度來看，這兩家酒店都表現得非常好。正如我們之前談到的，對休閒需求有點過於自信，並且沒有很好地建立團體基礎。

Last year, we corrected that and have the hotels focused more on group base going into this year and Four Seasons actually has a fantastic group base in Q3 of this year. And so that has been fixed and will be fixed going forward. But now with the strong group base, the leisure demand has fallen off for all the reasons that has been mentioned on -- from several of the calls. And so we haven't had the hotels firing on all cylinders yet.

去年，我們糾正了這一點，並讓酒店更多地關註今年的團體基礎，而四季酒店實際上在今年第三季度擁有出色的團體基礎。所以這個問題已經得到解決，並且將來也會得到解決。但現在，隨著群體基礎的強大，休閒需求已經下降，原因有幾個電話中提到的。所以我們還沒有讓酒店全速運轉。

And usually, when you have a newly opened hotel, what you'd like to do is get the revenue up to where you want it to be and then you go and you work the cost model to make sure that the profitability is in there. Well, since we've seen the various components of the revenue side, just not working at the same time, we're now actively working with both of the management teams, with the highest levels of both of those organizations working through fine-tuning that cost model and Montage maybe a little bit ahead of Four Seasons, where even in the second quarter, where you saw revenues were kind of flat, you saw a little bit more profitability than the prior year. So you're starting to see the beginnings of that. Now remember, these are luxury assets. And so it's very important that we balance the customer experience, the service levels with our desire to have the right profitability. But we believe that there is plenty of opportunity here.

通常，當你有一家新開業的酒店時，你想做的就是讓收入達到你想要的水平，然後你就開始研究成本模型，以確保盈利能力在那裡。好吧，既然我們已經看到了收入方面的各個組成部分，只是不同時工作，我們現在正在積極與兩個管理團隊合作，兩個組織的最高層都在通過微調進行工作成本模型和蒙太奇可能比《四季》稍微領先一點，即使在第二季度，你會看到收入持平，但你會看到比上一年多一點的盈利能力。所以你開始看到這一切的開始。現在請記住，這些都是奢侈資產。因此，平衡客戶體驗、服務水平與我們獲得適當盈利能力的願望非常重要。但我們相信這裡有很多機會。

Rightsizing and working through the cost model, working through the different staffing and the way that things are done where we can extract significant margin upside without impacting our guest experience. And so that's something that's underway now. Now what we will need is we'll need the leisure side to come back to reaccelerate. And if we can get into that next year, we're working with the group base side is a continuation and we'll continue to be working through that.

調整規模並研究成本模型，研究不同的人員配置和工作方式，這樣我們就可以在不影響客戶體驗的情況下獲得顯著的利潤增長。這就是現在正在進行的事情。現在我們需要的是休閒方面重新加速。如果我們明年能做到這一點，我們與集團基礎方面的合作將是一個延續，我們將繼續努力解決這個問題。

When the leisure comes back, we'll start to really see that. Our expectation and time will tell is that a lot of this international travel will get out of the system this year and we should revert back to a more normalized leisure demand as we get into next year.

當休閒回來時，我們將開始真正看到這一點。我們的預期和時間會告訴我們，今年很多國際旅行將退出系統，進入明年我們應該恢復到更加正常化的休閒需求。

So yes, you should start to see some additional earnings acceleration next year. Other things that are happening for the properties, we've continued to make some enhancements at Montage, Four Seasons, our winery there, which is, again, it's a resort inside of a winery and with everything, the vineyards and all the components of a winery surrounding it.

所以，是的，明年你應該會開始看到一些額外的收入加速增長。正在發生的其他事情，我們繼續對蒙太奇、四季、我們在那裡的酒莊進行一些改進，這又是一個酒莊內的度假村，擁有一切，葡萄園和所有組成部分周圍有一個釀酒廠。

So it's quite a unique experience. Our winery is doing very well. We're actually looking for our profitability this year. And then another thing for the Four Seasons, which is a huge win, is the restaurant or there was recently awarded a Michelin Star. And so everything is starting to really -- as far as recognition from the winery, recognition from the restaurant, Four Seasons obviously, is a well-regarded premier luxury operator. So it has the components right now of everything kind of lined up. We have the revenue, we have the expense plan. And when this ramps up, it's going to start putting off the (inaudible).

所以這是一次非常獨特的經歷。我們的酒莊生意很好。我們實際上正在尋找今年的盈利能力。對於四個季節來說，另一件事是一個巨大的勝利，那就是餐廳，或者最近被授予了米其林星級。因此，一切都開始真正 - 就酒莊的認可、餐廳的認可而言，四季顯然是一家備受推崇的頂級奢侈品運營商。所以它現在擁有所有類型的組件。我們有收入，我們有支出計劃。當這種情況加劇時，它將開始推遲（聽不清）。

Our next question comes from Chris Woronka from Deutsche Bank.

我們的下一個問題來自德意志銀行的克里斯·沃龍卡。

My question kind of relates to the Hyatt San Francisco. I know you provided some color in the prepared comments. But obviously, it's an outlier relative to everything we see in San Francisco. And there's reasons for that you mentioned. But how sturdy is that demand? I mean is that a function of other things going on with other hotels in the market. Is this some kind of contract business? I'm just trying to get a sense for what that could look like later this year and even next year if the office vacancies continue to rise.

我的問題與舊金山凱悅酒店有關。我知道您在準備好的評論中提供了一些顏色。但顯然，與我們在舊金山看到的一切相比，這是一個異常值。你提到的也是有原因的。但這種需求有多強烈呢？我的意思是，這是市場上其他酒店發生的其他事情的一個功能。這是某種合同業務嗎？我只是想了解一下，如果辦公室空缺繼續增加，今年晚些時候甚至明年會是什麼樣子。

So San Francisco is -- and what we're seeing in the market now are the submarkets are performing differently. And being in Embarcadero, in the financial area, we rely and have for several years now, relied a lot less on the citywide compression and conventions. It would have to be a very large convention for it to really get out to us and impact us. And so what the hotel is focused on is we have good meeting space. We have a lot of meeting space relative to the size of our hotel. And so to use that to go after groups that are 10 to 100 room nights is really the kind of the bread and butter, 100 to 200. But groups that need the space that are -- would be a much smaller group somewhere else. And so we're able to do that. We're able to then compress the transient demand. And while the office vacancies are not where anyone would want them to be, they are -- we are surrounded by office. And so there are companies that are back to work certain days. And with our new rooms product that we did and maybe we have some companies that are -- that we're staying at a higher price point hotel previously.

舊金山就是這樣——我們現在在市場上看到的是子市場的表現有所不同。在內河碼頭的金融區，我們多年來一直依賴全市的壓縮和會議。它必須是一個非常大的大會才能真正影響我們並影響我們。所以酒店的重點是我們有良好的會議空間。相對於我們酒店的規模，我們有很多會議空間。因此，用它來追踪 10 到 100 個間夜的團體確實是一種麵包和黃油，100 到 200 個。但是需要空間的團體在其他地方可能會是一個小得多的團體。所以我們能夠做到這一點。然後我們就能夠壓縮瞬態需求。雖然辦公室空缺並不是任何人都希望出現的地方，但它們確實是——我們周圍都是辦公室。因此，有些公司會在某些日子恢復工作。憑藉我們所做的新客房產品，也許我們有一些公司——我們之前住在價格較高的酒店。

But we are able to capture good corporate business that we couldn't get before with the room product that we had. And so that's what really the secret to the success for this hotel is now. The transient demand is strong. It is strong for the rest of the year. We anticipate meaningful EBITDA growth and EBITDA probably doubles this year over last year, but we're still quite -- we're down quite a bit from '19.

但我們能夠利用我們現有的客房產品獲得以前無法獲得的良好企業業務。這就是這家酒店現在成功的真正秘訣。瞬態需求強勁。今年剩下的時間裡它會很強勁。我們預計 EBITDA 會出現有意義的增長，今年 EBITDA 可能會比去年翻一番，但我們仍然比 19 年下降了很多。

And so it's a -- to your question is, is it a sustainable model that we have there? Yes, it is because it's -- is there some crew and some other things? Yes, there is that in the hotel. But we do have we do have a good model, a good location and in a market that's suffered and will -- certain segments of it and submarkets that will continue to suffer, some of the products getting a little worn down there. And so we have a basically brand-new product that we're offering guests.

所以，你的問題是，我們那裡有一個可持續的模式嗎？是的，這是因為——有一些船員和其他東西嗎？是的，酒店裡就有。但我們確實有一個好的模式，一個好的位置，並且在一個已經遭受並將繼續遭受損失的市場中——它的某些細分市場和子市場將繼續受到影響，一些產品在那裡會有點磨損。因此，我們為客人提供了一種基本上全新的產品。

And so the hotel is really well positioned. Does that give it legs of growth for next year? It should have some growth, it should still continue to grow next year. But what we'll need is we'll need to continue for the market to continue and to get more people into the city.

所以這家酒店的位置真的很好。這會給明年的增長帶來動力嗎？應該會有一些增長，明年應該還會繼續增長。但我們需要的是，我們需要繼續讓市場繼續發展，並讓更多的人進入城市。

The good news is, especially in our location, the city looks a lot better than it did previously. So look, we're optimistic. We think we have the right hotel and the right location, but it's so a long road ahead for San Francisco.

好消息是，尤其是在我們所在的位置，這座城市看起來比以前好多了。所以看，我們很樂觀。我們認為我們擁有合適的酒店和合適的位置，但對於舊金山來說，還有很長的路要走。

Our next question comes from the line of Michael Bellisario from Baird.

我們的下一個問題來自貝爾德 (Baird) 的邁克爾·貝利薩里奧 (Michael Bellisario)。

Could you go back to -- you mentioned 9-point shortfall at your resorts in the quarter, a couple of parts here. How much of that was occupancy? How much of that was rate? And then the pickup that you mentioned in forward bookings over the last couple of weeks. Was that broad-based specific to any properties? And then what did the rate look like on those bookings?

您能否回到——您提到了本季度度假村的 9 分差距，這裡有幾個部分。其中入住率是多少？其中利率是多少？然後是您在過去幾週的提前預訂中提到的接送服務。這是針對任何屬性的廣泛基礎嗎？那麼這些預訂的價格是怎樣的呢？

Okay. So let's start -- we'll start with our resorts in the quarter. Second quarter was mainly -- a good piece of it was -- the majority of it was occupancy. ADR was down but not as much as the occupancy. And -- but as we look in the third quarter and July specifically, we're going to -- we'll see some more -- we'll see some more rate deterioration. And where we're seeing that is really -- it's a -- is it question now -- I think it was asked on one of the calls yesterday. Is this just demand or is it demand or and or rates getting cut?

好的。那麼，讓我們開始吧——我們將從本季度的度假村開始。第二季度主要是——其中很大一部分是——大部分是入住率。 ADR 下降，但下降幅度不及入住率。而且 - 但當我們具體觀察第三季度和 7 月時，我們將 - 我們會看到更多 - 我們會看到更多的利率惡化。我們看到這確實是一個問題，我認為昨天的一個電話中有人問過這個問題。這只是需求還是需求或利率被下調？

And the answer is it's a little bit of both. But on the rate side, what we're seeing is of the leisure segments, it's the retail segment that was the weakest in Q2 and the weakest in Q3. And maybe just to simplify that retail segment, that's the brand.com customer. We think that, that's the customer that is more likely the one taking the international trip now. And so while that customer has gone away in the leisure segment, we're not seeing that in the BT or other segments. But if that customer has gone away for the short term, our expectation is that they come back.

答案是兩者兼而有之。但在利率方面，我們看到的是休閒領域，零售領域在第二季度和第三季度最弱。也許只是為了簡化零售領域，這就是brand.com 客戶。我們認為，現在更有可能進行國際旅行的客戶。因此，雖然休閒領域的客戶已經消失，但我們在英國電信或其他領域卻沒有看到這種情況。但如果該客戶短期離開，我們期望他們會回來。

And -- so the occupancy and rate mix is more a function of the retail customer going away and more wholesale, more discounted channels, more OTA that you would have typically had. On the BT and the transient pickup over the next -- those are bookings over the next 6 months. That's being heavily led by our urban assets. And so the -- San Francisco is a big piece of that. Portland has actually picked up some Boston Long Wharf even San Diego, where some of that is -- you'll have government or government-related a lot of defense contractors, aerospace, that sort of thing. So -- and then Long Beach is another one where we're seeing a lot of pickup on the government and contractor side.

而且——因此，入住率和費率組合更多地取決於零售客戶的離開以及更多的批發、更多的折扣渠道、更多的 OTA。對於 BT 和接下來的短暫接載，這些是未來 6 個月的預訂。這在很大程度上是由我們的城市資產主導的。因此，舊金山是其中的重要組成部分。波特蘭實際上已經收購了一些波士頓長碼頭，甚至聖地亞哥，其中一些是——你將擁有政府或政府相關的大量國防承包商、航空航天等。那麼，長灘是另一個我們看到政府和承包商方面有很多增長的地方。

Our next question comes from Dori Kesten from Wells Fargo.

我們的下一個問題來自富國銀行的 Dori Kesten。

I believe back in June, you mentioned the potential to increase the total cost of the Andaz renovation. I think it's from -- 60 to 70. Is that still being considered?

我相信早在六月，您就提到了安達仕翻新總成本可能會增加的可能性。我認為是從 60 到 70。還在考慮嗎？

So we are in our final stages of finalizing everything and is final, do I say. So what we're going to do is sometime in the third quarter, when we -- and really what's holding this up now is just finalizing our partnerships to announce because we want to -- we want to provide a complete picture.

所以我們正處於敲定一切的最後階段，並且是最終的，我想說。因此，我們要做的是在第三季度的某個時候，當時我們——現在真正阻礙這一點的是最終確定我們的合作夥伴關係，並宣布，因為我們想要——我們想要提供一個完整的情況。

We will update both the costs, any scope changes where the final room count is going to be, who the food and beverage operators are going to be and then provide some photos and the renderings of that. And then on any scope changes, we'll update our projections to include returns on those scope changes.

我們將更新成本、最終房間數的任何範圍變化、餐飲經營者的身份，然後提供一些照片和效果圖。然後，對於任何範圍變更，我們將更新我們的預測，以包括這些範圍變更的回報。

So I'm kind of dancing around your question right now, and I will say that we will have a more wholesome update during the quarter. That said, the construction costs have increased over that time period -- over this time period, while shipping is really the only thing that has come down. So normal inflation in the expense side should be expected, but we'll provide a total view of everything. And I think once everyone sees the opportunity, see some of the name brand recognition that we'll be able to bring to the Andaz, it will be pretty exciting.

所以我現在正在圍繞你的問題跳舞，我會說我們將在本季度提供更健康的更新。也就是說，在這段時間內，建築成本有所增加，而運輸成本實際上是唯一下降的。因此，支出方面的正常通脹是可以預期的，但我們將提供一切的總體視圖。我認為，一旦每個人都看到了這個機會，看到我們能夠為安達茲帶來一些品牌知名度，那將是非常令人興奮的。

Okay. Are you able to put a little finer point around what the potential displacement could be for next year for that project?

好的。您能否更詳細地說明該項目明年的潛在位移是多少？

I think, if you look to what we said for this year before we were able to get the timing and everything down is that we said that we would be close to 0 this year. And I think the hotel is going to put off about $4 million to $5 million of EBITDA. And so -- and it did $12.5 million in '22. And so looking at '23, the majority of your earnings comes in the first quarter or so of the year than the very end of the year. We plan to be open for the end of the year, but it will probably be minimal earnings coming off that hotel next year.

我想，如果你看看我們今年所說的，在我們能夠確定時間之前，一切都下來了，我們說今年我們將接近於 0。我認為酒店將推遲大約 400 萬至 500 萬美元的 EBITDA。就這樣——它在 22 年賺了 1250 萬美元。因此，以 23 年為例，您的大部分收入來自每年第一季度左右，而不是年底。我們計劃在今年年底開業，但明年該酒店的收入可能會很少。

Sorry, the last part kind of broke up. You said your earnings next year should be comparable to this year?

抱歉，最後一部分有點破裂了。你說你明年的收入應該和今年相當？

See it will be minimal earnings from the hotel next year.

預計明年酒店的收入將是微乎其微的。

Okay. And then just last one. Based on what you all are working on today, would you expect to be recycling capital by year-end?

好的。然後就是最後一張。根據你們今天所做的工作，你們預計到年底就能回收資金嗎？

We are hopeful to be able to recycle capital by year-end. So part of our plan is to be able to be active recyclers of our real estate. And when we get to the point at which we're done with our investment by cycle of these hotels, it's time to move on to something new. It's been challenging up to this point. Smaller deals, obviously easier to be done than larger deals. We have recently seen several CMBS deals get done so for larger assets. So larger cash flowing assets are now at least financeable. And so that should help things move along. But we are absolutely endeavoring to be able to hopefully get some recycling done this year.

我們希望能夠在年底前回收資本。因此，我們計劃的一部分是成為我們房地產的積極回收者。當我們完成對這些酒店的投資後，就該轉向新的方向了。到目前為止，這一直具有挑戰性。較小的交易顯然比較大的交易更容易完成。我們最近看到幾筆 CMBS 交易都是針對較大資產完成的。因此，更大的現金流資產現在至少是可以融資的。所以這應該有助於事情的進展。但我們絕對會努力，希望今年能夠完成一些回收工作。

Our next question comes from Bill Crow from Raymond James.

我們的下一個問題來自雷蒙德·詹姆斯的比爾·克勞。

Trying to make this quick. I have three quick ones. One is a yes, no. We'll start with that one. Do you have any asset -- and this is following up from Dori's question. Do you have any assets currently on the market for sale.

試圖讓這件事快點發生。我有三個快的。一個是是，不是。我們將從那個開始。你有什麼資產嗎——這是 Dori 問題的後續內容。您目前有任何資產在市場上出售嗎？

We have -- and normally, we don't talk about deals until they're done, but we -- I will tell you, we always have at least one asset in some form of either marketing, soft marketing or in talks with others.

我們通常在交易完成之前不會談論交易，但我會告訴你，我們總是擁有至少一項資產，無論是營銷、軟營銷還是與其他人談判的某種形式。

Okay. I appreciate that. Bryan, I guess when I looked at your results last night, I was surprised the RevPAR miss relative to your guidance that was provided a month end, and I get that it's a resort driven, is that -- was that a failure of kind of in the quarter, for the quarter, demand to materialize? Was there cancellations in there? What -- I'm just trying to figure out what the mix was.

好的。我很感激。布萊恩，我想當我昨晚看到你的結果時，我很驚訝相對於你在月底提供的指導，RevPAR 未達到預期，我知道這是一個度假村驅動的，是這樣的——這是一種失敗嗎？在本季度，對於本季度，需求能否實現？那裡有取消嗎？什麼——我只是想弄清楚混合是什麼。

So cancellations are pretty static to where they were. They're up a little bit to '19, but that's more a function of D.C., where we have group contracts, and we're under renovation. And so some of them we are able to work it out with the groups and some of them were not. And so I think we're probably from a total dollar amount, maybe up [$800,000 -- $900,000] to where we were in '19 in cancellations, but that's predominantly D.C. It's to your first point.

因此，取消的情況與原來的情況相當穩定。他們比 19 年稍早一些，但這更多的是華盛頓特區的功能，我們在那裡有團體合同，而且我們正在裝修。因此，其中一些我們能夠與小組一起解決，而另一些則不能。因此，我認為我們的總金額可能會增加 [800,000 美元 - 900,000 美元]，到 19 年取消的金額，但這主要是華盛頓特區的情況。這是你的第一點。

It's a -- their short-term visibility that you have on transient demand. And in certain markets and Wailea was one of them was we had some -- we had shortfalls in Q1. And then we opened up certain channels and they filled. And Q1 was fine. It was great. When we got into second quarter and starting really kind of accelerating in June -- in May and June is that those bookings didn't -- were not happening like they happened in Q1. And when we look at the different markets and it tends to be the higher end and luxury leisure domestic markets. And when you go -- you can look at our portfolio, you can look at others that have given numbers, you look at the STAR data, it's a higher end markets.

這是他們對瞬態需求的短期可見性。在某些市場，威雷亞就是其中之一，我們有一些——我們在第一季度出現了短缺。然後我們打開了某些渠道，它們就被填滿了。第一季度也很好。太好了。當我們進入第二季度並在 6 月開始真正加速時 - 5 月和 6 月，這些預訂並沒有 - 並沒有像第一季度那樣發生。當我們觀察不同的市場時，它往往是高端和豪華休閒國內市場。當你去的時候，你可以看看我們的投資組合，你可以看看其他給出數字的人，你看看 STAR 數據，這是一個更高端的市場。

It's the Florida coastal, it's Southern California, Northern California and Hawaii, domestic Hawaii call it. I know Oahu has inbound from Japan that it's benefited from. And so it was the typical pickup started to slow down. And that coincided with this imbalance between international outbound and inbound travel.

是佛羅里達州沿海，是南加州、北加州和夏威夷，國內叫它夏威夷。我知道歐胡島有來自日本的入境游客，並從中受益。因此，典型的皮卡開始減速。這與國際出境游和入境游之間的不平衡相吻合。

And that's the third question I wanted to ask, because it came up, I know on [post] call and I asked Jim a similar question, but we've been tracking this inbound outbound differential for more than a year, and it's not getting much better. You made a comment that you hoped that this would kind of normalize by next year. But we had 3 years where people weren't able to travel internationally. So I'm curious why it might normalize that quickly?

這是我想問的第三個問題，因為它出現了，我知道在[post]電話中我問了吉姆一個類似的問題，但我們已經跟踪這個入站出站差異一年多了，而且沒有得到解決好多了。您發表評論稱，希望這種情況到明年能夠正常化。但我們有 3 年時間人們無法出國旅行。所以我很好奇為什麼它會這麼快恢復正常？

We are seeing international airfare become very expensive. And then I just -- there was article out yesterday to showing that domestic airfare has come down a little bit. And so while it tends to be the more affluent traveler that's doing these type of trips. The cost of that international ticket does weigh on the overall cost.

我們看到國際機票變得非常昂貴。然後我只是 - 昨天有一篇文章顯示國內機票價格有所下降。因此，雖然進行此類旅行的往往是較為富裕的旅行者。國際機票的費用確實會影響總體成本。

And so -- and then that in our European trips, something that people do every year or every couple of years. So look, you're absolutely right. It's a the time for visas and other things, to get into this country has been difficult inbounds. Prior to the pandemic, we did about 10% international business, and it's kind of hard to calculate because our hotels may do 10%, but maybe the markets that we're in have compression from more that stay and other places. And we're half of that now.

因此，在我們的歐洲旅行中，人們每年或每隔幾年都會做一些事情。所以你看，你是完全正確的。現在是簽證和其他事情的時期，進入這個國家一直很困難。在大流行之前，我們做了大約 10% 的國際業務，這有點難以計算，因為我們的酒店可能會做 10%，但也許我們所在的市場受到更多住宿和其他地方的壓縮。現在我們已經完成了一半。

And so China is a piece of that, especially on the West Coast. European inbound is a piece of that. I mean even in Wailea, the biggest international is Canada, and we've seen a decline from that. So the airline fares are probably the one thing that gives us a lot of confidence that wants that. Because that's what we see, when we see the prices of flights to Hawaii go down, we see demand go up. And so -- but we'll have to watch it.

因此，中國是其中的一部分，尤其是在西海岸。歐洲入境是其中的一部分。我的意思是，即使在威雷亞，最大的國際也是加拿大，但我們已經看到了下降。因此，機票價格可能是讓我們充滿信心的一件事。因為這就是我們所看到的，當我們看到飛往夏威夷的航班價格下降時，我們就會看到需求上升。所以——但我們必須觀察。

Our final question comes from the line of Floris Van Dijkum from Compass Point.

我們的最後一個問題來自 Compass Point 的 Floris Van Dijkum。

Encouraging progress in the Wine Country and San Francisco. My question has to do with the dividend. Again, you raised the dividend. What would the dividend have been raised to if you did not have any tax loss carryforwards?

鼓勵酒鄉和舊金山的進步。我的問題與股息有關。你再次提高了股息。如果您沒有任何稅損結轉，股息會提高到多少？

Well, we're -- the dividend right now, that decision was independent of our tax loss carryforwards. Now we have substantial carryforwards. And our plan is to use those for our capital recycling. To make it so we'll have -- as we sell hotels, we'll have gains. You can always take care of that through a 1031 Exchange, but that sometimes timing needs to be on your side for that.

嗯，我們現在的股息，這個決定與我們的稅收損失結轉無關。現在我們有大量結轉。我們的計劃是將這些用於我們的資本回收。為了做到這一點，我們將在出售酒店時獲得收益。您始終可以通過 1031 Exchange 處理此問題，但有時需要您考慮時機。

So by keeping our NOLs to shield those gains, if we're unable to do a 1031, that allows us to be more efficient with recycling that capital. So right now, what the increase today was, when we came out of the pandemic and taxable income started to flow back in, we went back to our previous dividend, which was based off of a different portfolio, based off of a different capital structure, based off a different depreciation. So all these factors are -- we just kind of went back to what we were doing.

因此，如果我們無法執行 1031，通過保留我們的 NOL 來保護這些收益，這使我們能夠更有效地回收這些資本。所以現在，今天的增長是多少，當我們走出大流行並且應稅收入開始回流時，我們又回到了之前的股息，這是基於不同的投資組合，基於不同的資本結構，基於不同的折舊。所以所有這些因素都是——我們只是回到了我們正在做的事情上。

As we look forward and wanting to maintain a dividend that can handle normal cyclical fluctuations and minimize the amount of a catch-up dividend at the end of the year, this was a step, maybe a little overdue step that could have happened earlier this year. But this is a step that we needed to take. We still anticipate and we'll have an update next quarter. We still anticipate to have a catch-up dividend at the end of the year. This will not Q3 and Q4 dividend will not take care of that full taxable income. But we'll have more information on that, projections on that and then views on the base dividend going forward on our next call.

由於我們期待並希望維持能夠應對正常週期性波動的股息，並最大限度地減少年底追趕股息的金額，這是一個步驟，也許是今年早些時候可能發生的有點遲來的步驟。但這是我們需要採取的一步。我們仍然預計並將在下個季度發布更新。我們仍預計年底會派發追趕股息。這不會是第三季度和第四季度的股息，也不會涵蓋全部應稅收入。但我們將在下次電話會議上獲得更多相關信息、預測以及對基本股息的看法。

I would now like to turn the call over to Bryan Giglia for closing remarks.

我現在想將電話轉給 Bryan Giglia 致閉幕詞。

Well, thank you, everyone, and thank you for the interest in the company, and we look forward to meeting with many of you at upcoming conferences and investor meetings. Have a good day. Thank you.

好的，謝謝大家，感謝大家對公司的興趣，我們期待在即將舉行的會議和投資者會議上與你們中的許多人見面。祝你有美好的一天。謝謝。

Thank you, ladies and gentlemen. This does conclude today's call. Thank you for your participation. You may now disconnect.

謝謝你們，女士們、先生們。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。