Sunstone Hotel Investors Inc (SHO) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, thank you for standing by. Welcome to the Sunstone Hotel Investors fourth-quarter 2023 earnings call. (Operator Instructions) I would like to remind everyone that this conference is being recorded today, February 23, 2024, at 1:00 PM Eastern time. I will now turn the presentation to Mr. Aaron Reyes, Chief Financial Officer. Please go ahead, sir.

早安，女士們先生們，謝謝你們的支持。歡迎參加 Sunstone Hotel Investors 2023 年第四季財報電話會議。（操作員說明）我想提醒大家，本次會議將於今天（2024 年 2 月 23 日）東部時間下午 1:00 錄製。現在我將向財務長 Aaron Reyes 先生進行介紹。請繼續，先生。

Thank you, operator. 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.

謝謝你，接線生。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 the commentary on 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 quarterly results have been provided in our earnings release and supplemental, which are available in the Investor Relations section of our website.

我們還注意到，本次電話會議的評論可能包含非 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。我們提供此資訊作為根據公認會計原則準備的資訊的補充。有關我們季度業績的更多詳細資訊已在我們的收益發布和補充資料中提供，您可以在我們網站的投資者關係部分找到這些資訊。

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. Bryan will start us off with some highlights from last year, followed by commentary on our fourth quarter operations and recent trends. Afterward, Robert will discuss our capital investment activity.

今天與我們一起參加電話會議的是執行長 Bryan Giglia；羅伯特·斯普林格 (Robert Springer) 擔任總裁兼首席投資官，克里斯·奧斯塔波維奇 (Chris Ostapovicz) 擔任首席營運官。布萊恩將為我們介紹去年的一些亮點，然後對我們第四季度的營運和近期趨勢進行評論。隨後，羅伯特將討論我們的資本投資活動。

And finally, I will provide a summary of our fourth quarter earnings results, review our current liquidity position and provide the details of our outlook for 2024. After our remarks, the team will be available to answer your question.

最後，我將總結我們第四季的獲利結果，回顧我們目前的流動性狀況，並詳細介紹我們對 2024 年的展望。在我們的發言結束後，團隊將可以回答您的問題。

With that, I would like to turn the call over to Bryan. Please go ahead.

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 were encouraged by our execution in the fourth quarter has better than expected top-line performance and strong cost controls allowed us to deliver earnings above the high end of our guidance range. The fourth quarter capped off a productive year at Sunstone in which we made further progress on our three strategic objectives, which include capital recycling, investing in our portfolio, and returning capital to our shareholders.

謝謝你，亞倫，大家早安。我們對第四季度的執行情況感到鼓舞，其營收表現優於預期，而強有力的成本控制使我們能夠實現高於指導範圍上限的收益。第四季為 Sunstone 富有成效的一年畫上了圓滿的句號，我們在三個戰略目標上取得了進一步的進展，其中包括資本回收、投資我們的投資組合以及向股東返還資本。

On the recycling front, we completed the sale of Boston Park Plaza in the fourth quarter in a solid execution. While the hotel performed very well for us, it had reached its maximum return potential and needed significant additional investment, much of which would be defensive and would result in meaningful earnings disruption. So consistent with our investment lifecycle approach, we sold the hotel at an attractive valuation in an all-cash deal and are actively pursuing opportunities to redeploy the proceeds into assets that have a more compelling future return profile.

在回收方面，我們在第四季度出色地完成了波士頓公園廣場的出售。雖然酒店的業績對我們來說非常好，但它已經達到了最大的回報潛力，需要大量的額外投資，其中大部分將是防禦性的，並會導致顯著的盈利中斷。因此，與我們的投資生命週期方法一致，我們以有吸引力的估值以全現金交易出售了酒店，並積極尋求機會將收益重新部署到具有更有吸引力的未來回報的資產中。

As we have previously discussed, given the composition of our portfolio, we are targeting a group centric hotel that has an attractive going in yield with limited near-term capital needs, but with longer term value add opportunities. While this sounds like an ambitious wish list, we are confident that we can execute in the near term. We look forward to further updating you on our progress soon.

正如我們之前所討論的，考慮到我們投資組合的組成，我們的目標是一家以集團為中心的酒店，其收益率具有吸引力，短期資本需求有限，但具有長期增值機會。雖然這聽起來像是一個雄心勃勃的願望清單，但我們有信心在短期內能夠執行。我們期待盡快向您進一步通報我們的進展。

During 2023, we also executed on our second strategic objective, which is investing in our portfolio, and we are already seeing the benefits of some of those projects. In October, we launched the Westin Washington DC. The fully renovated flagship property has been very well received with 2024 group pays up almost 20% as compared to 2023.

2023 年，我們還執行了第二個策略目標，即投資我們的投資組合，並且我們已經看到了其中一些項目的好處。十月，我們推出了華盛頓特區威斯汀酒店。經過全面翻修的旗艦酒店廣受好評，2024 年集團的付款比 2023 年上漲了近 20%。

While the hotel has always been a productive group house, the conversion to the Western brand is already driving incremental transient demand at higher rates. Looking forward work is now also underway on another value-added conversion of our soon to be Marriott Long Beach downtown, what should contribute to earnings growth starting in the second quarter of the year.

雖然該酒店一直是一家富有成效的集團酒店，但向西方品牌的轉變已經以更高的速度推動了瞬態需求的增量。展望未來，我們即將成為長灘市中心萬豪酒店的另一項增值改造工作也正在進行中，這將有助於今年第二季開始的獲利成長。

In late 2023, we completed the demolition of the backyard of the Confidante Miami Beach, and the room renovation is now underway. Shortly, Robert will share some additional details on these exciting projects that will drive growth in 2024 and beyond.

2023年底，我們完成了邁阿密海灘紅顏知己後院的拆除工作，目前正在進行房間裝修。很快，羅伯特將分享這些令人興奮的項目的一些額外細節，這些項目將推動 2024 年及以後的成長。

The last element of our strategy is the return of capital to our shareholders. In 2023, we return nearly 120 million to shareholders through an increased quarterly base dividend and through share repurchases at a meaningful discount to NAV. While our share repurchase activity will remain opportunistic, our common dividend will continue to provide a more consistent return of capital.

我們策略的最後一個要素是向股東返還資本。到 2023 年，我們將透過增加季度基本股利以及以相對資產淨值大幅折扣的方式回購股票，向股東返還近 1.2 億美元。雖然我們的股票回購活動仍將是機會主義的，但我們的普通股利將繼續提供更一致的資本回報。

That said, in 2023, we repurchase 56 million of our common stock at $9.43 per share. Additionally, over the last two years, we have repurchased 165 million of common stock at $10.15 per share. Our strong balance sheet and liquidity position gives us the ability to further enhance our capital return into 2024.

也就是說，到 2023 年，我們將以每股 9.43 美元的價格回購 5,600 萬股普通股。此外，在過去兩年中，我們以每股 10.15 美元的價格回購了 1.65 億股普通股。我們強大的資產負債表和流動性狀況使我們有能力在 2024 年進一步提高資本回報。

Now shifting to our quarterly results, as I noted at the top of the call, we were pleased with how the portfolio performed in the fourth quarter relative to our expectations. Similar to what we saw earlier in the year, group business performed well. Corporate travel continued to move higher and leisure demand further moderated, although still generating comparable profitability well ahead of pre pandemic levels.

現在轉向我們的季度業績，正如我在電話會議開頭指出的那樣，我們對投資組合在第四季度的表現相對於我們的預期感到滿意。與我們今年稍早看到的情況類似，集團業務表現良好。商務旅行持續成長，休閒需求進一步放緩，但可比獲利能力仍遠高於疫情前的水平。

Our convention hotels led the portfolio with nearly 8% RevPAR growth in the quarter driven by our newly converted Western Washington DC, which grew RevPAR more than 50% in the quarter and should continue to generate outsized growth into 2024 as it benefits from our recent investment. Elsewhere across the portfolio, we also saw strength in our urban markets, including San Francisco and Portland, which had been our slowest to recover, but showed meaningful improvement as the year progressed.

在我們新改建的華盛頓特區西部地區的推動下，我們的會議酒店在本季度以近8% 的RevPAR 增長引領投資組合，該地區的RevPAR 在本季度增長了50% 以上，並且受益於我們最近的投資，到2024 年應該會繼續大幅成長。在投資組合的其他地方，我們還看到了城市市場的強勁勢頭，包括舊金山和波特蘭，這兩個城市的復甦速度最慢，但隨著時間的推移，顯示出有意義的改善。

The Marriott Boston Long Wharf also continues to provide solid growth with RevPAR up 8.4% during the quarter. As has been widely discussed, leisure travel continues to moderate and has been impacted by the imbalance of the increased number of Americans going abroad. While inbound international visitation remains below historical averages. This trend is evident in Wine Country, as market wide softness has continued to hamper results.

波士頓長碼頭萬豪酒店也持續穩健成長，本季每間可用房 (RevPAR) 成長 8.4%。正如人們廣泛討論的那樣，休閒旅遊持續放緩，並受到美國人出國人數增加不平衡的影響。而入境國際遊客量仍低於歷史平均。這種趨勢在酒鄉很明顯，因為市場整體疲軟持續影響業績。

We are focused on driving group business and generating ancillary revenues at these resorts, which partially mitigated the depressed leisure volumes in 2023. While we cannot control when leisure demand will accelerate, we can continue to work with the resorts to build a base of group business and control costs, all while maintaining a world class guests experience.

我們專注於推動集團業務並在這些度假村創造輔助收入，這在一定程度上緩解了 2023 年休閒量低迷的情況。雖然我們無法控制休閒需求何時加速，但我們可以繼續與度假村合作，建立集團業務基礎並控製成本，同時保持世界一流的賓客體驗。

On the cost side, we remain focused on working with our managers to find ways to offset inflationary pressures. While labor availability has improved wage growth continues to hover near the high end of historical averages in most markets. We were able to mitigate labor costs increases through enhanced productivity, better staff management and driving efficiencies where possible. Food and Beverage profitability improved in the quarter driven by further menu optimization and a better mix of business.

在成本方面，我們仍然專注於與我們的管理者合作，尋找抵消通膨壓力的方法。儘管勞動力供應有所改善，但大多數市場的工資成長仍徘徊在歷史平均的高端附近。我們能夠透過提高生產力、更好的員工管理和盡可能提高效率來緩解勞動成本的增加。在進一步的菜單優化和更好的業務組合的推動下，本季食品和飲料盈利能力有所改善。

Our margin performance during the quarter was impacted by the renovation activity at the Confidante Miami Beach and Renaissance Long Beach. Excluding these two hotels, our margin was down only 100 basis points, even with minimal top line growth and the impact of higher property insurance costs, which speaks to the efforts of our operators to be disciplined in their cost management.

我們本季的利潤率表現受到邁阿密海灘紅顏知己酒店和長灘萬麗酒店的翻修活動的影響。排除這兩家飯店，我們的利潤率僅下降了 100 個基點，即使營收成長極小，且受到財產保險成本上升的影響，這說明了我們的營運商在成本管理方面所付出的努力。

As we look ahead into 2024, we are encouraged about the outlook for the year which benefits from our recent investments and begins to pave the way for the next layer of growth in the portfolio. Group pays for the comparable portfolio is up approximately 6% with DC sustaining the portfolio in the near term, while the second half of the year benefits from broad-based strength including outsides growth in Long Beach, San Diego and Boston in a testament to the markets desirability, Wailea has bounced back very well from the tragic fires last summer, as our well located resort has attracted additional group and leisure business and looks to generate year-over-year growth in ADR and earnings.

展望 2024 年，我們對今年的前景感到鼓舞，這一前景受益於我們最近的投資，並開始為投資組合的下一層成長鋪平​​道路。該集團為可比投資組合支付的費用增長了約 6%，DC 在短期內維持了該投資組合，而下半年受益於廣泛的實力，包括長灘、聖地亞哥和波士頓的外部增長，這證明了考慮到市場的需求，威雷亞已經從去年夏天的悲慘火災中恢復過來，因為我們地理位置優越的度假村吸引了更多的團體和休閒業務，並有望實現平均每日房價和收入的同比增長。

We appreciate the hard work and dedication of the resort's associates that continue to do an outstanding job welcoming guests providing unparalleled service and making the Wailea Beach Resort the premier destination that it is. We continue to evaluate opportunities for the proceeds from the sale of Boston Park Plaza. While a portion of the proceeds were utilized for additional share repurchase activity last quarter, we maintain significant investment capacity that we are looking to accretively redeploy into a superior growth opportunity than what would have been achieved through the continued ownership of Boston Park Plaza.

我們感謝度假村員工的辛勤工作和奉獻精神，他們繼續出色地接待賓客，提供無與倫比的服務，使威雷亞海灘度假村成為首屈一指的目的地。我們繼續評估出售波士頓麗亭廣場的收益機會。雖然部分收益用於上季度的額外股票回購活動，但我們仍保持著巨大的投資能力，我們希望將其重新部署到比繼續擁有波士頓麗亭酒店所實現的更好的成長機會。

As I noted earlier, our investment parameters include a compelling going in yield, limited near term capital needs and opportunities where we can add value either through asset management initiatives, or through capital investment later in the course of our ownership. Considering the significant embedded growth, we already have in our portfolio from us in process transformation of Andaz Miami Beach, and the ramping resorts in Wine Country. A well-priced cash flowing investment now will bring more balance to our earnings, sustain our strong credit metrics, and still provide us with the opportunity to create value.

正如我之前指出的，我們的投資參數包括令人信服的收益率、有限的近期資本需求以及我們可以透過資產管理計劃或在我們所有權後期透過資本投資來增加價值的機會。考慮到顯著的嵌入式成長，我們已經在我們的投資組合中進行了邁阿密海灘安達仕 (Andaz Miami Beach) 和酒鄉 (Wine Country) 度假村的流程轉型。現在，定價合理的現金流投資將為我們的收益帶來更多平衡，維持我們強大的信用指標，並仍然為我們提供創造價值的機會。

We expect to balance this with incremental share repurchases, when our stock price warrants it. We look forward to sharing additional updates on our progress redeploying these funds in the near term. To sum things up, we executed on all three of our strategic objectives in 2023. But we know that we have more work to do in the current year, we are focused on delivering profitability growth from our operations and realizing the benefits of our investment projects.

當我們的股價允許時，我們希望透過增量股票回購來平衡這一點。我們期待在短期內分享有關重新部署這些資金的進展的更多最新資訊。綜上所述，我們在 2023 年達成了全部三個策略目標。但我們知道，今年我們還有更多工作要做，我們的重點是透過營運實現獲利成長並實現投資項目的效益。

We will further advance our capital recycling strategy through the redeployment of our excess cash and further utilizing balance sheet capacity to thoughtfully grow the portfolio. These actions should further support our capital return objectives in the coming year. The entire Sunstone team remains committed to delivering strong returns and creating value for our shareholders.

我們將透過重新部署多餘現金並進一步利用資產負債表能力來深思熟慮地擴大投資組合，進一步推進我們的資本回收策略。這些行動應進一步支持我們來年的資本回報目標。整個 Sunstone 團隊仍然致力於為我們的股東提供豐厚的回報並創造價值。

And with that, I'll turn the call over to Robert to give some additional thoughts on our renovation progress and upcoming capital investments.

接下來，我會將電話轉給羅伯特，讓他對我們的裝修進度和即將到來的資本投資提出一些額外的想法。

Thanks, Bryan. During 2023, we invested over $110 million into our portfolio as we completed in relaunched the Westin Washington DC Downtown, began the renovation and conversion of the Renaissance Long Beach to Marriott and commenced the transformation of the Confidante to the Andaz Miami Beach.

謝謝，布萊恩。2023 年，我們在投資組合中投資了超過1.1 億美元，完成了華盛頓特區市中心威斯汀酒店的重新開業，開始將長灘萬麗酒店改造為萬豪酒店，並開始將紅顏知己酒店改造為邁阿密海灘安達茲酒店。

In 2024, we expect to invest between $135 million and $155 million into our portfolio. The majority of the investment will be in Miami as work is now underway on both the exterior and interior areas of the hotel. In order to most efficiently complete the renovation, we will be suspending operations at the hotel starting in late March through the fall.

到 2024 年，我們預計將向我們的投資組合投資 1.35 億至 1.55 億美元。大部分投資將在邁阿密，因為酒店的外部和內部區域的工程正在進行中。為了最有效地完成翻修工作，我們將從三月下旬到秋季暫停飯店的營運。

We expect to debut the fully renovated hotel in the fourth quarter and remain confident in our business plan and our underwriting approach. We look forward to updating our progress on our next call as we get that much closer to the completion of this transformational project.

我們預計這家經過全面翻新的酒店將在第四季度首次亮相，並對我們的業務計劃和承保方法保持信心。隨著我們距離完成這項轉型專案越來越近，我們期待在下次電話會議上更新我們的進度。

In Long Beach, we expect to finish and launch our converted Marriott Long Beach Downtown in the spring, which should contribute to earnings growth for the balance of the year. Elsewhere across the portfolio, work is underway to renovate the meeting space at our JW Marriott in New Orleans and to convert an underutilized area of the hotel into new meeting space, which should allow us to better compete in the market. In addition, we are also adding a market concept in the lobby of the Renaissance Orlando, which is combined benefit of delivering a better guest experience while also contributing to a higher food and beverage profitability.

在長灘，我們預計將於春季完成並推出改建後的長灘市中心萬豪酒店，這將有助於今年剩餘時間的獲利成長。在整個投資組合的其他地方，我們正在翻新新奧爾良 JW 萬豪酒店的會議空間，並將酒店未充分利用的區域改造成新的會議空間，這將使我們能夠更好地在市場上競爭。此外，我們還在奧蘭多萬麗酒店的大廳添加了市場概念，其綜合效益是提供更好的賓客體驗，同時也有助於提高餐飲盈利能力。

In DC, we're delivering the last piece of our comprehensive renovation of the property, with the addition of 4,000 square feet of new meeting space that has abundant natural light and an exterior patio and makes better use of an underutilized former restaurant space. Later in the year, we will be completing a soft goods renovation in Wailea to keep the room product fresh and able to compete with its nearby luxury peers. While we will have several projects underway during the year on balance, we expect fact that the renovation activity we have planned for 2024 will be marginally less disruptive to earnings than what we experienced in the prior year.

在華盛頓特區，我們正在對酒店進行最後一項全面翻修，新增 4,000 平方英尺的新會議空間，該空間擁有充足的自然光線和外部庭院，並更好地利用了未充分利用的前餐廳空間。今年晚些時候，我們將完成威雷亞的紡織品翻新工程，以保持房間產品的新鮮度，並能夠與附近的豪華同行競爭。雖然我們今年將有多個項目正在進行，但我們預計，我們計劃於 2024 年進行的翻修活動對盈利的干擾將略小於上一年的情況。

As we've shared with you before, capital recycling is a primary component of our strategy. And we are encouraged by the incremental activity we're seeing in the transaction market. We have considerable investment capacity and are actively looking for ways to redeploy these proceeds into new growth opportunities. We look forward to sharing additional information on our progress in the near term.

正如我們之前與您分享的，資本回收是我們策略的主要組成部分。我們對交易市場上不斷增長的活動感到鼓舞。我們擁有相當大的投資能力，並且正在積極尋找將這些收益重新部署到新的成長機會的方法。我們期待分享更多有關我們近期進展的資訊。

With that, I'll turn it over to Aaron. Please go ahead.

這樣，我就把它交給亞倫了。請繼續。

Thanks, Robert. We are pleased with our financial results for the fourth quarter as RevPAR growth EBITDA and FFO were all above the high end of our guidance ranges. Adjusted EBITDAre for the fourth quarter was $55 million or 8% above the midpoint of our outlook, driven by better top-line performance, stronger expense management across the portfolio, and lower corporate level costs. Adjusted FFO for the fourth quarter was $0.19 per diluted share, nearly 20% above the midpoint of our outlook and $0.02 above the high end of the range, as lower-than-expected financing costs combined with the benefit of stronger operating performance.

謝謝，羅伯特。我們對第四季度的財務表現感到滿意，因為每間客房收入 (RevPAR) 成長 EBITDA 和 FFO 均高於我們指導範圍的高端。第四季調整後 EBITDA 為 5,500 萬美元，比我們預期的中點高出 8%，這得益於更好的營收業績、更強的整個投資組合費用管理以及更低的企業層級成本。第四季調整後的FFO 為每股攤薄後每股0.19 美元，比我們預期的中點高出近20%，比預期範圍的高端高出0.02 美元，原因是融資成本低於預期，加上運營業績走強。

While forward visibility remains challenging, we are seeing more stability in booking behaviors and travel patterns. As a result, we are providing a full year outlook for 2024. Based on what we see today, we expect that our total portfolio RevPAR growth will range from 2.5% to 5.5% as compared to 2023. This range includes all hotels in the portfolio.

儘管前瞻性視覺性仍然具有挑戰性，但我們看到預訂行為和旅行模式更加穩定。因此，我們提供 2024 年全年展望。根據我們今天看到的情況，我們預計與 2023 年相比，我們總投資組合的 RevPAR 成長率將在 2.5% 至 5.5% 之間。此範圍包括投資組合中的所有酒店。

If we exclude the Confidante Miami Beach, which will be under construction for most of the year, our full year RevPAR growth is projected to range from 5% to 8%. We estimate that full year adjusted EBITDAre will range from $230 million to $255 million. And our adjusted FFO per diluted share will range from $0.78 to $0.90,

如果我們排除今年大部分時間都在建設中的邁阿密海灘紅顏知己酒店，我們全年的 RevPAR 成長率預計將在 5% 到 8% 之間。我們預計全年調整後 EBITDA 將為 2.3 億美元至 2.55 億美元。我們調整後的每股稀釋後 FFO 範圍為 0.78 美元至 0.90 美元，

Given how travel patterns evolved over the course of 2023 and the expected timing of city wide events and other major demand drivers in 2024, we expect that overall industry growth for this year will be more heavily concentrated in the second half of the year. The same will be true of our portfolio, which will also have the added impact of the renovation activity in Miami and Long Beach, and which will likely lead to modest RevPAR growth, excluding the impact of our renovation activity and lower year-over-year portfolio earnings in the first quarter before resuming a positive trajectory for the balance of the year.

考慮到 2023 年出行模式的演變以及 2024 年城市範圍內活動的預期時間和其他主要需求驅動因素，我們預計今年的整體產業成長將更加集中在下半年。我們的投資組合也是如此，這也將對邁阿密和長灘的翻修活動產生額外影響，這可能會導致每間可用客房收入適度增長（不包括我們翻修活動和同比下降的影響）第一季的投資組合收益在今年剩餘時間恢復正軌之前。

In the 2024 outlook section of our press release, we have included the key assumptions that support our full year guidance numbers, but I'll share a couple of the key points here as well. Our outlook for 2024 does not assume the reinvestment of the proceeds received from the sale of Boston Park Plaza. As we have noted, we are actively evaluating opportunity to redeploy those proceeds and would expect to update our guidance ranges as appropriate as those funds are put back to work this year.

在我們新聞稿的 2024 年展望部分中，我們納入了支持全年指導數據的關鍵假設，但我也將在此分享一些關鍵點。我們對 2024 年的展望並不假設將出售波士頓麗亭廣場所得收益進行再投資。正如我們所指出的，我們正在積極評估重新部署這些收益的機會，並期望隨著這些資金今年重新投入使用而適當更新我們的指導範圍。

As Robert noted earlier, we will be suspending operations at the Confidante Miami Beach in late March to allow for the renovation work to be performed more quickly. A portion of the costs incurred at the hotel during this time will be capitalized in accordance with generally accepted accounting principles or adjusted for in our reconciliations of adjusted EBITDAre and adjusted FFO, consistent with industry practice.

正如羅伯特之前指出的，我們將於 3 月下旬暫停邁阿密海灘紅顏知己酒店的運營，以便更快地進行翻修工作。在此期間酒店產生的部分成本將根據公認的會計原則資本化，或在調整後的 EBITDAre 和調整後的 FFO 調節表中進行調整，與行業慣例保持一致。

We expect the resort to open in Q4 at Andaz Miami Beach. And for the full year, we estimate that the resort will generate an EBITDA loss of $3 million to $5 million, with the majority of the lost spread across the second quarter through the early part of the fourth quarter while the hotel is offline.

我們預計邁阿密海灘安達茲度假村將於第四季開幕。對於全年，我們估計該度假村將產生 300 萬至 500 萬美元的 EBITDA 損失，其中大部分損失分佈在第二季度到第四季度初期，而該酒店處於離線狀態。

As we noted in our press release this morning, our capital investment activity in 2023 was $110 million and was $30 million lower than the midpoint of our estimate at the start of the prior year as a portion of that spend will now be incurred in the current year. Inclusive of the carryover balance, we estimate that we will invest between $135 million to $155 million into our portfolio this year.

正如我們今天早上在新聞稿中指出的那樣，我們 2023 年的資本投資活動為 1.1 億美元，比我們上年初估計的中位數低 3,000 萬美元，因為該支出的一部分現在將在當前支出中產生年。包括結轉餘額在內，我們預計今年將向我們的投資組合投資 1.35 億至 1.55 億美元。

Based on the renovation timeline, we expect to incur a total of $11 million to $13 million of earnings disruption in 2024, which is approximately $1 million less relative to the prior year. Our balance sheet remains strong, and as of the end of the year, we had nearly $500 million of total cash and cash equivalents, including our restricted cash.

根據改造時間表，我們預計 2024 年將產生總計 1,100 萬至 1,300 萬美元的收入中斷，比前一年減少約 100 萬美元。我們的資產負債表依然強勁，截至年底，我們擁有近 5 億美元的現金和現金等價物總額，其中包括我們的限制性現金。

We retain full capacity on our credit facility, which together with cash on hand, equates to nearly $1 billion of total liquidity. As of the end of the year, our net debt and preferred equity to EBITDA stood at 2.9 times, and our net debt to EBITDA was only 1.7 times.

我們保留了全部信貸額度，加上手頭現金，相當於近 10 億美元的總流動資金。截至年底，我們的淨負債和優先股對 EBITDA 的比率為 2.9 倍，而我們的淨負債對 EBITDA 的比率僅為 1.7 倍。

Adjusting for the redeployment of a portion of the Boston Park Plaza sale proceeds, we would expect our pro forma leverage metrics to increase by approximately one term, but to remain in the low end of our longer-term target range. We have one piece of debt coming due at the end of the year. And we expect that the modest principal balance of the maturing loan, combined with our low overall leverage, strong liquidity position, and an improving financing market will give us sufficient optionality to address the refinancing before year end.

在對波士頓麗亭廣場出售收益的一部分進行重新部署進行調整後，我們預計我們的備考槓桿指標將增加大約一個期限，但仍保持在我們長期目標範圍的低端。我們有一筆債務將於年底到期。我們預計，到期貸款的本金餘額適度，加上我們的整體槓桿率較低、流動性狀況強勁以及融資市場的改善，將為我們在年底前解決再融資問題提供足夠的選擇權。

Now shifting to our return of capital. Our Board of Directors has declared a $0.07 per share quarterly common dividend and has also declared the routine distributions for our Series H and I preferred securities. While we retain ample capacity for additional capital return, the full year outlook that was discussed earlier does not assume the impact of any additional share repurchase activity.

現在轉向我們的資本回報。我們的董事會已宣布每股 0.07 美元的季度普通股息，並已宣布 H 和 I 系列優先證券的例行分配。雖然我們保留了充足的額外資本回報能力，但先前討論的全年展望並未假設任何額外股票回購活動的影響。

And with that, we can now open the call to questions. So that we were 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) Chris Darling, Green Street.

（操作員說明）Chris Darling，格林街。

Thanks. Good morning.

謝謝。早安.

Good morning, Chris.

早上好，克里斯。

Brian, you mentioned in your prepared remarks a handful of properties that you'd expect to grow in excess of the 5% to 8% RevPAR growth range that you provided at least when you exclude the Confidante. Can you talk through which properties might fall below that range? And then similarly, what is the midpoint of your guidance range implied for leisure transient RevPAR growth this year? Thank you.

Brian，您在準備好的評論中提到了一些房產，您預計這些房產的增長將超過您提供的 5% 至 8% 的 RevPAR 增長範圍，至少在排除 Confidante 時是這樣。您能談談哪些屬性可能低於該範圍嗎？同樣，今年休閒短暫 RevPAR 成長的指導範圍的中點是多少？謝謝。

Okay, Good morning, Chris. I'll start with the first part. So when we look at '24, the above market or above portfolio growth, obviously, Western DC, Long Wharf, Long Beach coming out of the renovation. San Diego and Portland are our larger growth assets.

好的，早上好，克里斯。我將從第一部分開始。因此，當我們看到 24 年上述市場或投資組合的成長時，顯然，西部特區、長碼頭、長灘都完成了翻修。聖地牙哥和波特蘭是我們較大的成長資產。

When you look at the ones that are will be below that or below the midpoint, the New Orleans market while decent pace this year, it's back end loaded. So the city wide and the demand is coming in the second and third quarter -- I'm sorry, the third and the fourth quarter, which doesn't have the transient compression that the first and second do. So New Orleans will be slightly below.

當你看看那些低於該水平或低於中點的市場時，新奧爾良市場雖然今年的步伐不錯，但它的後端負載很大。因此，整個城市的需求將在第二季和第三季出現——對不起，第三季和第四季，沒有第一季和第二季那樣的短暫壓縮。所以新奧爾良會略低。

San Francisco is a market where we had great growth in ‘23. Looking into ‘24, there are components of growth that are really good. The business transient demand continues to be strong.

舊金山是我們在 2023 年取得巨大成長的市場。縱觀 24 年，成長的某些組成部分確實非常好。商業瞬態需求持續強勁。

The hotel's group business or -- group business got really focuses on is the smaller, call it, 50 to 100 room night business. That's about 40% of the business. That's been pretty robust with the hotel is continuing to book. And booking short term, that's 90 days out. So that remains strong.

飯店的團體業務或－團體業務真正關注的是規模較小的業務，稱之為50至100間客房的夜間業務。這大約佔業務的40%。這相當強勁，酒店仍在繼續預訂。短期預訂，即 90 天後。所以這仍然很強大。

The one concern in San Francisco are the city wides are weak this year. And so that could result in some ADR pressure coming from the other submarkets that maybe are not as strong as the financial [Embarcadero] where we are with business demand.

舊金山令人擔憂的一個問題是今年該市的整體表現疲軟。因此，這可能會導致來自其他子市場的一些 ADR 壓力，這些子市場可能不如我們所在的金融 [Embarcadero] 的業務需求強大。

Some of the wildcards in that market to are what happens with AI, we have seen some increase office getting filled up around us with some of that business and we expect that to grow. And then the international inbound is supposed to grow this year. So if that does, it will obviously help that market.

該市場的一些通配符是人工智慧所發生的情況，我們已經看到我們周圍的一些辦公室越來越多地充滿了一些此類業務，我們預計這種情況將會成長。今年國際入境人數預計會增加。因此，如果確實如此，顯然將有助於該市場。

I think looking else, Orlando had a big first quarter of last year. From a leisure standpoint, new Universal Park is opening next year. And so we expect some transient softness in that market also for the second half of the year.

我認為從其他方面來看，奧蘭多去年第一季表現出色。從休閒的角度來看，新的環球公園將於明年開放。因此，我們預計今年下半年該市場也會出現暫時的疲軟。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Hey, thanks. Just wanted to ask a follow-up there on the 5x to 8x Miami, can you talk about what that growth rate was X Miami in the fourth quarter? And maybe how we should be thinking about that in the first half of the year 1Q, 2Q?

嘿，謝謝。只是想問一下關於 5 倍到 8 倍邁阿密的後續情況，您能談談第四季度 X 邁阿密的成長率嗎？也許我們應該如何在今年上半年第一季、第二季考慮這個問題？

I'm sorry, Duane, as far as the cadence?

抱歉，杜安，關於節奏？

Yeah, the 5% to 8% outlook that you're providing X Miami, what did X Miami RevPAR look like in the fourth quarter? And maybe -- you already indicated it's probably going to be more second half weighted, but I wonder if you could put a finer point on the first half of the year.

是的，您為 X 邁阿密提供的 5% 到 8% 的前景，X 邁阿密第四季的 RevPAR 是什麼樣的？也許——你已經表示下半年的權重可能會更大，但我想知道你是否可以對上半年提出更明確的觀點。

So Duane, just to hit the first question on what RevPAR growth looks like X Miami. Those are the statistics that we have on page 2 of the earnings release we show both with the portfolio and then without Miami. So for the quarter, as you saw in our guidance range, we were down 2.2 for the full portfolio. And then if you exclude Miami, it was down 40 basis points. And both of those metrics were on the better side of our guidance range.

杜安，我想回答第一個問題，即邁阿密的每間客房收入成長如何。這些是我們在收益發布的第二頁上顯示的統計數據，我們展示了投資組合和邁阿密的情況。因此，正如您在我們的指導範圍中看到的那樣，本季整個投資組合下降了 2.2。如果排除邁阿密，則下跌 40 個基點。這兩個指標都在我們的指導範圍內較好的一側。

And then so to add on to that, when you look at the cadence for the year, Q1 is will obviously be the as Aaron said, the weakest quarter, when you look back to ‘23, you had -- most of our group hotels had really some the best quarters that they've ever had Wailea, San Diego. So there was very strong – part of that was the impact of ERV or with Omicron. And so Q1 was very strong this year will be Q1 will be our toughest comp.

然後補充一點，當你看看今年的節奏時，第一季顯然將是亞倫所說的最弱的季度，當你回顧 23 年時，我們的大部分集團酒店確實擁有聖地亞哥威雷亞最好的客房。所以影響非常大——部分是 ERV 或 Omicron 的影響。因此，今年第一季非常強勁，第一季將是我們最艱難的比賽。

When you look at the back half of the year probably 60 or so percent of the of our gain is coming in the back half Q2 ramps up a little bit more, our larger group hotels, the majority of their demand and the pace is coming in that back half of the year, Q3, Q4, that's stronger for the New Orleans market, the San Diego market, that's where we'll see the most growth. The only one that’s more uniform across the year will be DC. And in our RevPAR guidance DC is a big piece of it. It's you know, it's 200 basis points of our RevPAR growth is coming from that hotel ramping up, Long Beach will start to see some of that happen in the starting Q2, buy mainly in the second half of the year.

當你看看今年下半年時，我們的收益的 60% 左右可能會在下半年第二季度有所增加，我們較大的集團酒店，他們的大部分需求和步伐都在增加今年下半年，第三季度、第四季度，新奧爾良市場和聖地牙哥市場表現強勁，我們將看到成長最快的地方。全年唯一更統一的將是華盛頓特區。在我們的 RevPAR 指南中，DC 佔了很大一部分。你知道，我們的 RevPAR 成長的 200 個基點來自於飯店的增加，長灘將在第二季開始看到其中的一些情況，主要是在今年下半年購買。

Okay. Thank you.

好的。謝謝。

Smedes Rose, Citi.

斯梅德斯·羅斯，花旗銀行。

Hi. Thanks. Bryan, I wanted to, as you noted now, it definitely held up better in the fourth quarter. I just wanted to understand, is that just the normal business mix there? Or did it benefit from any fire-related fallout in terms of housing? And how are you thinking about that property in 2024? And just along with that, if you could just talk a little bit about what you're seeing at the two Napa hotels, which seem to still be struggling to find their reasonable run rate or at least the predictable one?

你好。謝謝。布萊恩，我想，正如你現在所指出的，第四季的表現肯定更好。我只是想了解，這只是正常的業務組合嗎？或者它是否從住房方面的火災相關影響中受益？您對 2024 年的房產有何看法？除此之外，您是否可以簡單談談您在納帕的兩家酒店所看到的情況，這兩家酒店似乎仍在努力尋找合理的運行率或至少是可預測的運行率？

Yeah. Okay. Good morning, Smedes.

是的。好的。早上好，斯梅德斯。

So in Maui, the majority of the business in the fourth quarter reverted back to the typical business that we would see in that market. There was some early in the fourth quarter. October, a little bit of some of the relief business still in there. But the hotels had a really good job of pivoting early in getting that relief business in the third quarter and then reverting back to its more typical business mix as we got later into the year or in the fourth quarter.

因此，在毛伊島，第四季度的大部分業務恢復到我們在該市場看到的典型業務。第四季初就出現了一些情況。十月份，一些救濟業務仍然存在。但飯店在第三季儘早轉向獲得救援業務方面做得非常好，然後在今年稍後或第四季恢復到更典型的業務組合。

There's still and others have mentioned on calls, there's still some lingering impact. And we expect Maui to be a recovery market into 2024 and beyond. We have good group base in there. The leisure demand has been strong. The Wailea market is recovered much more than the [Ka'anapali] market, which still has the majority of the relief room nights in their market right now.

其他人在電話會議中提到，仍然存在一些揮之不去的影響。我們預計毛伊島將在 2024 年及以後成為一個復甦的市場。我們在那裡有良好的團隊基礎。休閒需求旺盛。威雷亞市場的恢復程度比 [Ka'anapali] 市場快得多，目前該市場仍擁有大部分救濟間夜。

But we have seen -- just as a reference point, the festive period in December was stronger than what we saw in 2022. And so that higher-end leisure customer definitely came back to the market. Q1 is a little bit weaker on a year-over-year basis on the group side. That's mainly because there's a large group piece of business that rotates out of Maui every third year and then comes back. So they'll be back next year.

但我們已經看到——作為參考點，12 月的節日氣氛比 2022 年的節日氣氛更強烈。因此，高端休閒客戶肯定會回到市場。集團方面，第一季較去年同期略有疲軟。這主要是因為有一個大型集團業務每三年從毛伊島輪換一次，然後再回來。所以他們明年就會回來。

So from that standpoint, we're very happy with how the hotel has responded, how our market has responded. And our expectation is we'll get growth out of it this year and probably get back to a more normalized level into '25.

因此，從這個角度來看，我們對酒店的反應以及我們的市場的反應感到非常滿意。我們的預期是，今年我們將實現成長，並可能在 25 年恢復到更正常的水平。

When we look Wine Country assets -- look, the leisure demand continues to be disappointing market wide. But right now, we're focusing on what we can focus on to control in those hotels and to resorts. And that means focusing both on group if you look at the -- in the supplemental, you'll see that Montage had a better quarter than Four Seasons.

當我們審視酒鄉資產時——看，整個市場的休閒需求仍然令人失望。但現在，我們的重點是我們可以集中控制這些酒店和度假村的內容。這意味著如果你看一下補充資料，你會發現《蒙太奇》的季度表現比《四季》更好。

Four Seasons had to buy out, so it didn't repeat this year. So there's always going to be that lumpiness in their numbers. Montage is a bigger hotel and does more group business. It was able to offset the transient weakness better with group (technical difficulty) Four Seasons was able to.

四季必須買斷，所以今年沒有重演。所以他們的人數總是會出現混亂。蒙太奇是一家更大的酒店，做的團體業務也更多。它能夠透過《四季》的團體（技術難度）來更好地抵消短暫的弱點。

And Montage, as we've talked about before, is farther along in some of the costs restructurings that we've done. And so they're a little bit farther along Four Seasons that's being implemented now. And Montage also going into ‘24, the residential units are now available and starting to be sold.

正如我們之前談到的，蒙太奇在我們已經完成的一些成本重組方面走得更遠。所以他們在現在正在實施的四個季節中走得更遠了一點。蒙太奇也進入 24 月，住宅單位現已上市並開始出售。

So we expect both to continue to gradually increase on the top line. But we're not going to see that next way really until we start to see some transient demand accelerate. In ‘22 we saw -- right when they open, we saw some of that. We're starting to see some pickup in transient demand now. But it will come quickly when it does come. And when what we've done in the meantime is set the cost model and the segmentations of the hotels up right to be able to really push that cash flow.

因此，我們預期兩者的營收將持續逐步成長。但在我們開始看到一些短暫的需求加速之前，我們不會真正看到這種情況。在 22 年，我們看到——當它們打開時，我們看到了其中的一些。我們現在開始看到臨時需求回升。但當它真正到來時，它會很快到來。同時，我們所做的就是正確設定成本模型和飯店細分，以便能夠真正推動現金流。

The good news is throughout the rest of the portfolio -- and what we've taken a lot of time to do is make sure that we have the right portfolio mix and built a foundation of growth going forward to be able to handle markets that might not be performing the way we want them to. We have DC growing this year. We've layered that with Long Beach.

好消息是整個投資組合的其餘部分 - 我們花了很多時間做的是確保我們擁有正確的投資組合併建立了未來成長的基礎，以便能夠應對可能出現的市場沒有按照我們希望的方式行事。今年我們的 DC 正在成長。我們將其與長灘分層。

Why we're talking about displacement at Andaz right now? As we get later into the year, we'll start talking about next year and the ramp up there. And remember, the condition of that hotel was in -- as the Confidante, it was doing $12 million of EBITDA.

為什麼我們現在要討論安達仕的搬遷問題？當我們進入今年晚些時候時，我們將開始談論明年和那裡的成長。請記住，那家酒店的狀況是——作為紅顏知己，它的 EBITDA 為 1200 萬美元。

So we built and layered growth and invested in our portfolio. We'll start to see -- that gives us then. Portland is continuing to rebound. We're getting great growth at Long Wharf, which is building more of a group base. The hotel has done phenomenally, but there's still lot more room to go there. And we have even talked about then what we can do with the proceeds from Boston Park Plaza and providing better growth and more growth from that, whether it be through share repurchase or additional acquisitions.

因此，我們建立了分層成長並投資於我們的投資組合。我們將開始看到——這給了我們。波特蘭正在繼續反彈。我們在 Long Wharf 取得了巨大的發展，它正在建立更多的集團基礎。飯店已經做得非常出色，但還有很多空間可以去那裡。我們甚至討論了我們可以如何利用波士頓麗亭廣場的收益，並從中提供更好的成長和更多的成長，無論是透過股票回購還是額外收購。

And so while we took some lumps to build this foundation, we're set up pretty well for '24 and going into '25 and beyond.

因此，雖然我們花了一些時間來建立這個基礎，但我們已經為 24 年、25 年及以後做好了準備。

Thank you. Appreciate it.

謝謝。欣賞它。

Chris Woronka, Deutsche Bank.

克里斯沃龍卡，德意志銀行。

Hey, good morning, guys. Thanks for taking all the questions so far.

嘿，早上好，夥計們。感謝您迄今為止提出的所有問題。

I know you just spent a lot of time, Bryan, talking about the Wine Country assets. But I want to ask a slightly different question which is, is there going to be -- at some point, is there more like a step function on profitability, let's call it, hotel EBITDA when you get to a certain level of [ark] or RevPAR or something like that?

布萊恩，我知道你花了很多時間談論酒鄉資產。但我想問一個稍微不同的問題，那就是，在某個時候，當你達到一定水平時，是否會出現盈利能力的階梯函數，我們稱之為酒店 EBITDA。或 RevPAR 或類似的東西？

You're obviously holding the rates just fine. You don't have enough ark. Is there more of a step function? I'm really trying to think about a margin cadence as you eventually get more [build block].

顯然你的利率保持得很好。你沒有足夠的方舟。還有更多的階躍函數嗎？我真的很想考慮保證金節奏，因為你最終會得到更多[構建塊]。

Good afternoon, Chris. It's the right question, and it's the right question for Wine Country and San Francisco. It's going to be a step function. In San Francisco, we saw a good growth last year. And there may be a time period where things go sideways a little bit, and then we get some more acceleration.

下午好，克里斯。這是正確的問題，對酒鄉和舊金山來說也是正確的問題。這將是一個階躍函數。在舊金山，我們去年看到了良好的成長。可能有一段時間事情會稍微有點偏向，然後我們會得到更多的加速。

These resorts are exactly the same is that we've built the foundation right for them, we've have the right -- we're working on the cost models, the right way, rate, we're holding rate, but at the same time, we're also making sure that we're being rational with rate and thinking of total RevPAR in that contribution, because, the rate will come down at both of these resorts to be able to bring in the right amount of group. And when the group is, $700 have made or so at Montage $800, Montage of ancillary spend and over 1004 seasons, it's important that we make sure that the resorts look at that holistically.

這些度假村完全相同，我們為他們建立了正確的基礎，我們有權利——我們正在研究成本模型、正確的方式、利率，我們保持利率，但在同時，我們也確保我們對費率和考慮貢獻中的總RevPAR 保持理性，因為這兩個度假村的費率都會下降，以便能夠引入適量的團體。當團隊的收入達到 700 美元時，蒙太奇的收入約為 800 美元，蒙太奇的輔助支出和超過 1004 個季節，重要的是我們要確保度假村從整體上看待這一點。

And so all of that has been done. And yes, you're absolutely right, that there will be acceleration, once additional transient occupancy and transient demand comes back into that market. And it will be, you're not going to see margins that you could see in a full service or convention, upper upscale hotel, but you will see, you will see margin expand significantly from where they are. And at that point is we've talked about before, is the point in time where we would look to potentially monetize one or both of these assets and recycle it into some other growth opportunity. But we still think that there's quite a bit of room to go. It's not going to be linear though.

所有這些都已經完成了。是的，你說得完全正確，一旦額外的臨時入住率和臨時需求回到市場，就會出現加速。你不會看到在全方位服務或會議、高檔飯店中可以看到的利潤，但你會看到，你會看到利潤比現在顯著擴大。在這一點上，我們之前已經討論過，我們會尋求將其中一項或兩項資產貨幣化，並將其回收到其他成長機會中。但我們仍然認為還有很大的空間。但它不會是線性的。

Okay. Thanks, Brian.

好的。謝謝，布萊恩。

Floris van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Thanks. Good morning, guys. Thanks for taking my question.

謝謝。早上好傢伙。感謝您提出我的問題。

Hey, Bryan, question, as you keep shrinking your portfolio, if I do my math correct, your top three assets account for 58% of your EBITDA. Obviously, you know, very pleasantly surprised that Wailea Beach is bounced back as quickly as it has. It's great, kudos to you guys. And San Diego Bayfront continues to move along as well.

嘿，布萊恩，問題是，當你不斷縮減你的投資組合時，如果我計算正確的話，你的前三項資產佔你 EBITDA 的 58%。顯然，你知道，威雷亞海灘能如此迅速地反彈，令人非常驚訝。太棒了，給你們按讚。聖地牙哥海灣也在繼續前進。

My question was on the third of your top three or you know the Orlando's SeaWorld Renaissance. You guys have rebranded some of your other Renaissance hotels, can you tell us a little maybe a little bit more on your longer-term view on the flag at this particular asset and what you could potentially do to create some value going forward?

我的問題是關於您前三名中的第三名，或者您知道奧蘭多的海洋世界文藝復興。你們已經重新命名了其他一些萬麗酒店，您能否告訴我們一些您對這一特定資產的長期看法，以及您可以採取哪些措施來創造一些未來的價值？

Sure. Good afternoon, Floris. While Orlando is number three right now, I think that's DC might be passing it very soon. But to your point, one concentration is something that we focus on quite a bit and so as we look to acquire an additional asset or for more that concentration and making sure that we're spreading that out and you know, replacing what we had in Boston that's something we look at it and we think a lot about.

當然。下午好，弗洛里斯。雖然奧蘭多目前排名第三，但我認為華盛頓特區可能很快就會超越它。但就你的觀點而言，一種集中是我們非常關注的事情，因此，當我們尋求獲得額外的資產或更多的集中，並確保我們將其分散開來，你知道，取代我們擁有的資產時波士頓，這是我們關注並思考很多的事情。

So while we would like that, that, majority of EBITDA, coming from a few more hotels, we also like the ones that we have that are producing it, and they are a world class asset. Orlando, I think we've talked about this before on another calls, is that we have rebranded a few of the -- of our Renaissance hotels and Renaissance hotels do very well on the group side. And we've been happy with the performance in Orlando, it has done very well and done very well as Renaissance. And we've been very happy with that.

因此，雖然我們希望大部分 EBITDA 來自更多的酒店，但我們也喜歡我們擁有的那些能夠產生這些收益的酒店，它們是世界級的資產。奧蘭多，我想我們之前在另一次電話會議上討論過這一點，我們已經重新命名了我們的一些萬麗酒店，而萬麗酒店在集團方面做得非常好。我們對奧蘭多的表演很滿意，它做得很好，文藝復興也做得很好。我們對此感到非常高興。

And so our view is, is that while we always look for opportunities to up brand or add value through that. The Orlando is a pretty mature lodging market with a lot of brands everywhere. And so what we're going to do in our focus is really to maximize this asset, we think we can maximize it as a renaissance. And we have, we have a lot of surface parking lots. We have a leisure component, that's good, but could maybe be better.

因此，我們的觀點是，雖然我們總是尋找機會來提升品牌或增加價值。奧蘭多是一個相當成熟的住宿市場，到處都有許多品牌。因此，我們要做的重點實際上是最大化這一資產，我們認為我們可以將其最大化作為復興。我們有很多地面停車場。我們有休閒部分，這很好，但可能會更好。

And so we will look to maximize our real estate, which could include future development, redevelopment, and we've added a meeting space there a few years ago, which has been able to drive additional room nights. But the good news is we have a lot to work with there. And that the brand has always been additive, especially at this location.

因此，我們將尋求最大限度地利用我們的房地產，其中可能包括未來的開發、再開發，並且我們幾年前在那裡增加了一個會議空間，這能夠帶動更多的間夜。但好消息是我們還有很多工作要做。而且品牌一直都是附加的，尤其是在這個地方。

And maybe just to clarify on the surface parking line. I think if I'm not mistaken, I mean, you can almost double the floor plate potentially if you have structured parking, if I'm not mistaken. Would you consider adding additional hotel rooms? Or what kind of infill, what kind of improvements do you reckon you would look to bring today to the property?

也許只是為了澄清地面停車線。我想，如果我沒記錯的話，我的意思是，如果你有結構化停車場，你幾乎可以將樓板增加一倍，如果我沒記錯的話。您會考慮增加額外的飯店房間嗎？或者您認為您今天希望為該房產帶來什麼樣的填充、什麼樣的改進？

Structured parking comes with a expense which would have to be evaluated. But with some of the space we have there, we could add rooms. We could add additional meeting space. I don't know if we need that because the hotel has really ample meeting space for its size. We could add more leisure components, pool, waterpark, that sort of thing. So we have a lot of optionality there, and we're currently evaluating what will be most additive.

結構化停車會產生一定的費用，必須對其進行評估。但利用我們現有的一些空間，我們可以增加房間。我們可以增加額外的會議空間。我不知道我們是否需要這個，因為酒店的會議空間非常充足。我們可以增加更多的休閒設施，像是游泳池、水上樂園之類的。所以我們有很多選擇，我們目前正在評估什麼是最具附加性的。

Thanks.

謝謝。

This concludes today's question and answer session. I would now like to turn the call over to Bryan Giglia for closing remarks.

今天的問答環節到此結束。我現在想將電話轉給 Bryan Giglia 致閉幕詞。

Thank you, everyone, for your interest and time today. We look forward to meeting with many of you at upcoming conferences, and we look forward to -- for those that we have toured out of the Andaz and those that are touring it coming up, we think it will be a great opportunity for you to witness our next round of growth that we have embedded in this portfolio. Thank you.

謝謝大家今天的興趣和時間。我們期待在即將舉行的會議上與你們中的許多人會面，並且我們期待- 對於那些我們已經參觀過安達茲的人和那些即將參觀它的人來說，我們認為這對你們來說將是一個很好的機會見證我們在該投資組合中嵌入的下一輪成長。謝謝。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。