Sunstone Hotel Investors Inc (SHO) 2024 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 2024 earnings call. (Operator instructions) I would like to remind everyone that this conference is being recorded today, August 7, 2024, at 12:00 PM Eastern Time.

早安，女士們先生們，感謝你們的支持。歡迎參加 Sunstone Hotel Investors 2024 年第二季財報電話會議。（操作員說明）我想提醒大家，本次會議是在美國東部時間今天 2024 年 8 月 7 日中午 12:00 錄製的。

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財務長 Aaron Reyes 先生。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 will 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將包含非 GAAP 財務信息，包括調整後的 EBITDAre、調整後的 FFO 和財產層面調整後的 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 our second quarter, including commentary on operations and recent trends. Afterwards, Robert will discuss our capital investment activity. And finally, I will provide a summary of our second-quarter earnings results and share the details of our updated outlook for 2024. After our remarks, the team will be available to answer your questions.

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第二季度的一些亮點，包括對營運和近期趨勢的評論。隨後，羅伯特將討論我們的資本投資活動。最後，我將總結我們第二季的獲利結果，並分享我們更新的 2024 年展望的詳細資訊。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 Brian. Please go ahead.

有了這個，我想把電話轉給布萊恩。請繼續。

Thank you, Aaron, and good morning, everyone. Overall, it was a productive quarter at Sunstone as we executed on all aspects of our strategy, recycling capital and closing on the previously announced acquisition of the Hyatt Regency San Antonio Riverwalk, further investing in our portfolio, completing work on one value-creating brand conversion and making further progress on the next, and returning capital to our shareholders through increased dividends and share repurchases.

謝謝你，亞倫，大家早安。總體而言，這是Sunstone 富有成效的一個季度，因為我們執行了戰略的各個方面，回收資本並完成了之前宣布的對聖安東尼奧河濱凱悅酒店的收購，進一步投資了我們的投資組合，完成了一個創造價值的品牌的工作轉換並在下一步取得進一步進展，並透過增加股利和股票回購向股東返還資本。

Our second-quarter earnings were in line with expectations as stronger ancillary revenues and successful cost controls offset softer leisure room revenue growth. While the near-term outlook for industry revenue growth has moderated, we believe that many of the primary drivers of the lowered expectations are isolated or short term in nature and that the Sunstone growth story remains intact.

我們第二季的收益符合預期，因為更強勁的輔助收入和成功的成本控制抵消了休閒室收入成長的疲軟。雖然行業收入成長的近期前景有所放緩，但我們認為，預期下調的許多主要驅動因素本質上是孤立的或短期的，而 Sunstone 的成長故事仍然完好無損。

We continue to be optimistic about our earnings potential as we move into 2025, which is largely driven by the contribution of our recently completed and in-progress investment activity and less dependent on moving solely with market RevPAR trends. Later in the call, we will share some additional commentary on the various growth drivers we have across the portfolio. But before that, let's review some of the additional details on our second quarter performance.

進入 2025 年，我們仍然對我們的獲利潛力持樂觀態度，這主要是由我們最近完成和正在進行的投資活動的貢獻推動的，而不是僅僅依賴市場 RevPAR 趨勢。稍後在電話會議中，我們將分享一些關於我們在整個投資組合中的各種成長動力的額外評論。但在此之前，讓我們先回顧一下第二季業績的一些其他細節。

During the quarter, we saw continued strength in group activity and further recovery in business transient demand. While the backdrop for leisure travel was more mixed, there has been some encouraging signs at our Wine Country Resorts. These are the results of our work to redefine the cost model while providing a world-class luxury experience and our efforts to increase the group mix to drive incremental business at both resorts.

在本季度，我們看到集團活動持續強勁，業務瞬態需求進一步復甦。雖然休閒旅遊的背景更為複雜，但我們的酒鄉度假村也出現了一些令人鼓舞的跡象。這些是我們在提供世界一流的奢華體驗的同時重新定義成本模型的工作成果，也是我們努力擴大集團組合以推動兩個度假村業務增量的成果。

Our convention hotels once again led the portfolio this quarter, driven by the continued benefit from our newly converted Westin Washington, D.C. Downtown, which grew RevPAR by 33% and total RevPAR by 42%. The post-conversion performance of this new flagship property continues to exceed our expectations as it is attracting higher-quality groups and appealing to a broader range of transient customers.

我們的會議酒店本季再次在投資組合中處於領先地位，這得益於新改建的華盛頓特區市中心威斯汀酒店的持續受益，該酒店的每間可用房增長了33%，總每間可用房增長了42%。這家新旗艦酒店的改造後表現繼續超越我們的預期，因為它吸引了更高品質的群體並吸引了更廣泛的短期客戶。

The Westin Washington, D.C. increased total transient room nights by 28% year over year and at an average daily rate that was 34% higher than what was achieved as a renaissance in 2019. Our convention portfolio also benefited from the addition of the Hyatt Regency San Antonio Riverwalk, which exceeded our underwriting in the initial months of our ownership and grew total RevPAR by 20% in the quarter as a result of robust group and local food and beverage contribution.

華盛頓特區威斯汀酒店的總短住宿夜數比去年同期增加了 28%，日均入住率比 2019 年復興時高出 34%。我們的會議投資組合也受益於聖安東尼奧河濱凱悅酒店的加入，該酒店超出了我們所有權最初幾個月的承保範圍，並且由於集團和當地食品和飲料的強勁貢獻，本季度的總RevPAR 增長了20%。

The strong performance at these two hotels more than offset the challenged performance in the San Francisco and Orlando markets, which were expected to have tougher comps given their lighter convention calendars. In total, second-quarter convention hotel RevPAR was nearly 7% higher as compared to the second quarter of last year.

這兩家酒店的強勁表現足以抵消舊金山和奧蘭多市場的業績挑戰，鑑於會議日曆較少，預計這兩個市場的競爭將更加艱難。總體而言，第二季會議飯店的 RevPAR 比去年第二季成長了近 7%。

As we look into the third quarter, we expect our convention hotels to once again lead in RevPAR growth with further outsized increases in Washington, D.C., combined with more favorable booking patterns in Orlando, San Francisco, and San Diego. Our group pace for the second half of the year is up 17%. And while it remains early, we are encouraged by our group booking activity for 2025, which is trending up high single digits.

展望第三季度，我們預計我們的會議飯店將再次引領每間可出租客房收入的成長，華盛頓特區的進一步大幅成長，加上奧蘭多、舊金山和聖地牙哥更有利的預訂模式。我們下半年的集團步伐成長了 17%。雖然現在還為時過早，但我們對 2025 年的團體預訂活動感到鼓舞，該活動呈現高個位數成長趨勢。

We continue to monitor trends in business travel and are encouraged by what we saw in the second quarter. The Marriott Boston Long Wharf exceeded our expectations, growing RevPAR by 8% from increases in both rate and occupancy. San Francisco also performed better, driven by higher midweek transient demand as the market benefits from growing commercial activity in the downtown area, driven not only by AI and other tech-related businesses, but also from increased bookings from legal and financial accounts.

我們繼續關注商務旅行的趨勢，並對第二季的情況感到鼓舞。波士頓長碼頭萬豪酒店超出了我們的預期，由於房價和入住率的增加，每間可用客房 (RevPAR) 增加了 8%。舊金山的表現也更好，這得益於周中短暫需求的增加，因為市場受益於市中心地區不斷增長的商業活動，這不僅受到人工智慧和其他技術相關業務的推動，而且還受到法律和金融帳戶預訂量增加的推動。

As has been widely discussed, leisure demand continue to moderate in the second quarter, although the trends varied across our markets. We have experienced some ongoing normalization in pricing, particularly in Key West, where rates grew to very robust levels following the pandemic.

正如人們廣泛討論的那樣，第二季休閒需求繼續放緩，儘管各個市場的趨勢各不相同。我們經歷了一些持續的定價正常化，特別是在基韋斯特，那裡的費率在大流行後增長到非常強勁的水平。

During the quarter, Oceans Edge grew occupancy by nearly 4 points, but at a lower rate than the prior year. To be clear, pricing at our resorts remains very robust with comparable ADR up nearly 45% in the second quarter relative to the same period in 2019. The demand environment on Maui has been softer than expected, with both rates and occupancy lighter than projected in the second quarter, resulting from more subdued vacation travel to the island.

本季度，Oceans Edge 的入住率成長了近 4 個百分點，但成長幅度低於去年同期。需要明確的是，我們度假村的定價仍然非常強勁，第二季的可比 ADR 較 2019 年同期成長了近 45%。毛伊島的需求環境比預期疲軟，第二季的房價和入住率都低於預期，因為前往島上的度假旅遊更加疲軟。

While we expect some of these softer trends in Wailea to extend into the third quarter, which is reflected in our updated outlook, bookings for the festive period remained healthy and above last year. There are incremental efforts underway or soon to be underway by local tourism authorities and other stakeholders, including the brands, to spur incremental travel to the area, which we anticipate will help bolster demand in the coming months.

雖然我們預計威雷亞的一些疲軟趨勢將延續到第三季度（這反映在我們最新的展望中），但節日期間的預訂量仍保持健康並高於去年。當地旅遊當局和包括品牌在內的其他利害關係人正在或即將採取逐步措施，以刺激該地區的旅遊增量，我們預計這將有助於提振未來幾個月的需求。

The island of Maui and Wailea in particular, is an unmatched and spectacular destination. We fully expect demand will rebound as we mark the first anniversary of the tragic fires last year, and the Island welcomes visitors to enjoy and celebrate all that the island and Wailea have to offer. Looking forward, Wailea's group pace is up 18% next year, and we are currently renovating guest rooms in the lobby to provide an enhanced guest experience.

尤其是毛伊島和維雷亞島，是一個無與倫比的壯觀目的地。我們完全預計，在紀念去年悲慘火災一周年之際，需求將會反彈，島上歡迎遊客前來享受和慶祝島上和維雷亞所提供的一切。展望未來，威雷亞明年的集團步伐將提高 18%，我們目前正在翻新大廳的客房，以提供更好的賓客體驗。

In other parts of our portfolio, the second quarter provided some more encouraging data points. In Wine Country, the Four Seasons Resort in Napa Valley grew total RevPAR by over 22% as our operator was able to more effectively leverage group business and drive out-of-room spend. The Four Seasons Residences are also outperforming 2023 with revenue pace up 93%.

在我們投資組合的其他部分，第二季提供了一些更令人鼓舞的數據點。在酒鄉，納帕谷的四季度假村的總 RevPAR 成長了 22% 以上，因為我們的營運商能夠更有效地利用集團業務並推動客房外支出。四季住宅的表現也優於 2023 年，營收成長 93%。

At Montage Healdsburg, we saw the benefit of productivity measures we have been implementing, which drove 470 basis points of margin expansion in the quarter. These two resorts remain a key focus area for us. And based on what we see today, we expect both properties to grow total revenue and earnings in 2024 relative to the prior year, which should continue into 2025 given the encouraging PACE data we are seeing.

在蒙太奇希爾茲堡，我們看到了我們一直在實施的生產力措施的好處，這推動了本季利潤率擴張 470 個基點。這兩個度假村仍然是我們的重點領域。根據我們今天看到的情況，我們預計這兩家酒店2024 年的總收入和收益將較上一年有所增長，鑑於我們看到的令人鼓舞的PACE 數據，這種增長應該會持續到2025年。

Four Seasons has 2025 group room nights pacing up 11%, which will add additional out-of-room spend and help to compress transient rates. Our second-quarter results were impacted by the remaining renovation work at the recently converted Marriott Long Beach Downtown. As we noted on our last call, the project encountered some permitting delays that were out of our control and which lingered throughout the second quarter and into July.

四季酒店 (Four Seasons) 預計 2025 年團體間夜數將增加 11%，這將增加額外的客房外支出，並有助於壓縮短暫入住率。我們第二季的業績受到最近改建的長灘市中心萬豪酒店剩餘裝修工程的影響。正如我們在上次電話會議中指出的那樣，該專案遇到了一些超出我們控制範圍的許可延誤，這些延誤一直持續到第二季​​直至 7 月。

This extended our completion date and led to some incremental displacement. While this resulted in lower expectations for the current year, the finished product looks great and the hotel is well positioned to grow earnings from this point forward. Consistent with the success we have seen at our DC conversion, the Marriott Long Beach Downtown is already gaining transient share with fourth-quarter transient pace at 96% relative to its performance as a renaissance in the same period of 2019.

這延長了我們的完工日期並導致一些增量位移。雖然這導致了對今年的預期降低，但成品看起來很棒，而且酒店已準備好從現在開始增加收入。與我們在 DC 改造中所看到的成功一致，長灘市中心萬豪酒店已經獲得了短暫的份額，相對於 2019 年同期的複興表現，第四季度的短暫增長速度為 96%。

Group pace for Q3 and Q4 are up over 100% to last year, and 2025 pace is trending strong with rate and occupancy growth. In Miami, the transformation of the Andaz Miami Beach remains on schedule to debut by the end of the year. We were recently on site, and it's exciting to see the reimagined property starting to come together.

第三季和第四季的集團成長速度比去年成長了 100% 以上，隨著房價和入住率的成長，2025 年的成長速度將呈現強勁趨勢。在邁阿密，安達茲邁阿密海灘酒店的改造仍按計劃於今年年底首次亮相。我們最近來到了現場，很高興看到重新設計的房產開始融合在一起。

The first phases of the construction will begin to wrap up in early fall, and we are looking forward to the resorts' earnings contribution that is now just a couple of quarters away. While our outlook for 2024 has moderated, it is being impacted by some short-term factors, and we remain encouraged about the growth potential we have embedded in our portfolio.

第一階段的建設將於初秋開始結束，我們期待度假村的獲利貢獻，現在只有幾個季度了。雖然我們對 2024 年的前景有所緩和，但它受到一些短期因素的影響，我們仍然對投資組合中的成長潛力感到鼓舞。

The guidance that Aaron will discuss shortly assumes that RevPAR growth will be 300 basis points lower, and adjusted EBITDA will be $5.5 million lower at the midpoint than our prior estimates. What is important to note here is that nearly half of the RevPAR decline and nearly all of the EBITDA decline is associated with the permitting delays in Long Beach and the slower to recover Maui market.

Aaron 很快就會討論的指導假設 RevPAR 成長率將比我們先前的估計低 300 個基點，調整後的 EBITDA 將比我們先前的估計低 550 萬美元。這裡值得注意的是，近一半的 RevPAR 下降和幾乎所有 EBITDA 下降都與長灘的許可延遲和毛伊島市場恢復較慢有關。

This means that apart from these two hotels, the profitability outlook for the balance of the portfolio remains solid as our operators are able to drive incremental group and business transient demand while effectively managing costs. As we look forward, we continue to believe that our setup for 2025 is among the most attractive in the sector.

這意味著，除了這兩家酒店外，投資組合平衡的獲利前景仍然穩固，因為我們的營運商能夠在有效管理成本的同時推動增量的團體和業務瞬態需求。展望未來，我們仍然相信我們的 2025 年計劃是該行業最具吸引力的計劃之一。

Our group production was healthy during the second quarter and up 2% to 2023. Layering on top of this are markets with better citywide calendars, the Super Bowl and New Orleans, strong group pace and Wine Country, and growth at Andaz and Long Beach should all lead to an impressive 2025.

我們的集團生產在第二季保持健康，到 2023 年將成長 2%。除此之外，還有更好的全市日曆市場、超級盃和新奧爾良、強勁的團體節奏和葡萄酒之鄉，以及安達茲和長灘的成長，都將帶來令人印象深刻的 2025 年。

In the meantime, we continued to thoughtfully execute on our three strategic objectives: recycling capital, investing in our portfolio, and returning capital to shareholders. And we expect the combined impact of these to drive incremental earnings and value over the next several years.

同時，我們繼續深思熟慮地執行我們的三個策略目標：回收資本、投資我們的投資組合以及向股東返還資本。我們預計這些因素的綜合影響將在未來幾年推動收益和價值的增量。

And with that, I'll turn the call over to Robert to give some additional thoughts on our recent acquisition activity and renovation progress. Robert, please go ahead.

接下來，我將把電話轉給羅伯特，讓他對我們最近的收購活動和改造進度提出一些額外的想法。羅伯特，請繼續。

Thanks, Bryan. Early in the quarter, we closed on our previously announced acquisition of the Hyatt Regency San Antonio Riverwalk, and we are very pleased with the hotel's initial performance. The market is healthy, and we are already seeing the results of our asset management initiatives at the property. In fact, we now expect the first-year yield on our net purchase price will be closer to 9%, which is incredibly attractive for an asset of this quality.

謝謝，布萊恩。本季度初，我們完成了先前宣布的對聖安東尼奧河濱凱悅酒店的收購，我們對該酒店的初步業績感到非常滿意。市場健康，我們已經看到了該物業資產管理措施的成果。事實上，我們現在預計淨購買價格的第一年收益率將接近 9%，這對於這種品質的資產來說非常有吸引力。

This higher projection is 100 basis points ahead of our underwriting and represents meaningful accretion on the recycling of capital from the disposition of Boston Park Plaza. We retain the remaining proceeds from the sale that we can use to create further shareholder value, either through additional hotel acquisitions or the repurchase of our stock.

這一較高的預測比我們的承保提前了 100 個基點，代表著波士頓麗亭廣場處置資本回收的有意義的增加。我們保留出售的剩餘收益，可以透過額外的飯店收購或回購我們的股票來創造進一步的股東價值。

During the quarter, we also made additional progress on several other investments across the portfolio. As Bryan noted already, the renovation is in full swing at the soon-to-debut Onda's Miami Beach. As the first phases of the construction are nearing completion, we are now also working with the hotel team to prepare for the opening.

在本季度，我們還在投資組合中的其他幾項投資上取得了額外進展。正如布萊恩已經指出的那樣，即將開業的昂達邁阿密海灘酒店的翻修工作正在緊鑼密鼓地進行中。由於第一階段的建設已接近完成，我們現在也與酒店團隊合作，為開業做準備。

We are pleased with the 2025 group booking activity we have completed to date, and we'll soon be opening up transient reservation channels for stays beginning in December. We continue to be pleased with the progress being made on what is a very comprehensive reimagining of the resort. While the recent softer demand environment in Wailea has been disappointing, we are using the opportunity to move more efficiently through the soft goods rooms renovation we have underway at the resort.

我們對迄今為止已完成的 2025 年團體預訂活動感到滿意，我們很快就會為 12 月開始的住宿開放臨時預訂管道。我們對度假村全面重新規劃所取得的進展仍然感到滿意。雖然威雷亞最近疲軟的需求環境令人失望，但我們正在利用這個機會更有效地完成度假村正在進行的軟商品房間改造。

As you can see from the property-level data, we make available, our upper upscale property achieves robust rates and competes very effectively with its nearby luxury peers, and so a refreshed room product will allow it to continue to do so. We will be performing the remaining work around peak periods and do not anticipate any meaningful disruption at the hotel.

正如您從我們提供的酒店級數據中看到的那樣，我們的高檔酒店實現了強勁的價格，並與附近的豪華酒店同行進行了非常有效的競爭，因此更新的客房產品將使其能夠繼續保持這一優勢。我們將在高峰時段進行剩餘工作，預計酒店不會出現任何有意義的干擾。

Elsewhere across the portfolio, we will be completing a few other projects, including a meeting space renovation at our JW Marriott New Orleans, which is underway now and will be completed in October in order to take advantage of robust group business during the fourth quarter.

在整個投資組合的其他項目中，我們將完成一些其他項目，包括新奧爾良JW 萬豪酒店的會議空間改造，目前正在進行中，將於10 月完成，以便在第四季度充分利用集團強勁的業務。

At Montage Healdsburg, we added a small event facility at the resort's showcase vineyard venue that will allow us to generate incremental sales while also driving staffing efficiencies and contributing to higher margins. While these are smaller projects, they will add to the earnings potential and value of our portfolio.

在蒙太奇希爾茲堡，我們在度假村的葡萄園展示場地增加了一個小型活動設施，這將使我們能夠增加銷售額，同時提高員工效率並提高利潤。雖然這些項目規模較小，但它們將增加我們投資組合的獲利潛力和價值。

As we have shared with you before, capital recycling is a primary component of our strategy. And while we are actively evaluating additional acquisition opportunities, we remain mindful of all capital allocation opportunities available to us and the relative returns offered from each at various points in time. We will be disciplined and balanced in our approach.

正如我們之前與您分享的那樣，資本回收是我們策略的主要組成部分。雖然我們正在積極評估額外的收購機會，但我們仍然專注於我們可用的所有資本配置機會以及每個機會在不同時間點提供的相對回報。我們的方法將保持紀律和平衡。

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. Our earnings results for the second quarter came in generally in line with expectations as higher ancillary revenue and contribution from certain corporate-level items offset lower RevPAR performance. Adjusted EBITDAre for the second quarter was approximately $74 million and adjusted FFO was $0.28 per diluted share.

謝謝，羅伯特。我們第二季的獲利結果總體符合預期，因為輔助收入和某些企業級專案的貢獻增加抵消了每間可用房屋收入的下降。第二季調整後的 EBITDAre 約為 7,400 萬美元，調整後的 FFO 為稀釋後每股 0.28 美元。

Our quarterly results reflect the impact of the extended completion of the renovation work at our hotel in Long Beach, which resulted in $3 million of estimated EBITDA displacement in the quarter, approximately $1.5million higher than anticipated. Together with approximately of $9.5 million of year-over-year decrease and earnings at the Confidante as it undergoes its transformation to Andaz Miami Beach, we now estimate that we will incur $15 million to $16 million of total earnings disruption this year.

我們的季度業績反映了長灘酒店翻修工程延期完成的影響，導致本季 EBITDA 預計減少 300 萬美元，比預期高出約 150 萬美元。加上 Confidante 因轉型為邁阿密海灘安達仕酒店而導致的收入同比減少約 950 萬美元，我們現在估計今年的總收入將受到 1500 萬至 1600 萬美元的影響。

Now that the work is completed in Long Beach, and as we get closer to the debut of Andaz, we look forward to recouping all of this displacement plus additional earnings at these hotels next year. Included in our earnings release this morning with our revised outlook for the year, as Bryan noted earlier, we have lowered our full-year expectations for RevPAR growth and earnings.

現在長灘的工作已經完成，隨著安達仕酒店的首次亮相越來越近，我們期待明年在這些酒店收回所有這些位移以及額外收入。正如 Bryan 早些時候指出的那樣，我們今天早上發布的財報中包含了修訂後的今年展望，我們降低了對 RevPAR 成長和收益的全年預期。

The change is primarily related to the extended timing of completion of the renovation in Long Beach and the softer leisure trends we have seen in Wailea, which together are impacting growth in full-year RevPAR by over 200 basis points. Based on what we see today, we expect that our total portfolio full-year RevPAR growth, which includes all hotels in the portfolio, will range from a decline of 25 basis points to an increase of 1.75% as compared to 2023.

這項變更主要與長灘翻修工程竣工時間的延長以及我們在威雷亞看到的休閒趨勢趨於疲軟有關，這些因素共同影響了全年 RevPAR 的增長超過 200 個基點。根據我們今天看到的情況，我們預計與 2023 年相比，我們的投資組合全年 RevPAR 總增長（包括投資組合中的所有酒店）將下降 25 個基點到增長 1.75%。

If we exclude the Confidante Miami Beach, RevPAR growth is projected to range from 2.25% to 4.25%. As a reference point for our updated guidance range, the full-year 2023 RevPAR metric for the total portfolio, including the Hyatt Regency San Antonio Riverwalk prior to our ownership, was $219. And for the total portfolio, excluding the Confidante Miami Beach, prior-year RevPAR was $222.

如果我們排除邁阿密海灘紅顏知己酒店，RevPAR 成長率預計將在 2.25% 至 4.25% 之間。作為我們更新指導範圍的參考點，整個投資組合（包括我們擁有之前的聖安東尼奧河濱凱悅酒店）的 2023 年全年 RevPAR 指標為 219 美元。對於整個投資組合（不包括邁阿密海灘紅顏知己酒店），去年的 RevPAR 為 222 美元。

Including our revised outlook for the balance of the year, we now estimate the full-year adjusted EBITDA will range from $242 million to $252 million, and our adjusted FFO per diluted share will range from $0.85 to $0.90. While there is not as much of a seasonal variation between the quarterly earnings in the second half of the year as there is in the first, historically, the third quarter has contributed more to full-year earnings than the fourth.

包括我們對今年剩餘時間的修訂展望，我們現在估計全年調整後 EBITDA 範圍為 2.42 億美元至 2.52 億美元，調整後稀釋每股 FFO 範圍為 0.85 美元至 0.90 美元。雖然下半年各季度盈利之間的季節性變化不如上半年那麼大，但從歷史上看，第三季度對全年盈利的貢獻高於第四季度。

At the midpoint of our revised range, our EBITDA in the first half of the year would equate to 52% of our total projected full-year earnings, and we currently expect that an additional 24% to 25% will be generated in the third quarter, with the remaining coming in Q4. Our balance sheet continues to be one of the strongest in the sector. As of the end of the quarter, we had over $230 million of total cash and cash equivalents, including our restricted cash.

按照我們修訂後範圍的中點，我們上半年的 EBITDA 將相當於我們預計全年盈利總額的 52%，目前我們預計第三季度將額外產生 24% 至 25% ，其餘的將在第四季度到來。我們的資產負債表仍然是該行業最強勁的資產負債表之一。截至本季末，我們的現金和現金等價物總額超過 2.3 億美元，其中包括限制性現金。

We retained full capacity on our credit facility, which, together with cash on hand, equates nearly $730 million of total liquidity. We have one piece of secured debt coming due at the end of the year. We are finalizing our refinancing strategy for that loan now, and we'll provide an update as part of our next earnings call. Our conservatively levered balance sheet and significant liquidity position continue to provide flexibility and be a source of strength for the company.

我們保留了信貸額度的全部能力，加上手頭現金，相當於近 7.3 億美元的總流動資金。我們有一筆擔保債務將於今年底到期。我們現在正在敲定該貸款的再融資策略，我們將在下一次財報電話會議中提供最新資訊。我們保守的槓桿資產負債表和大量的流動性部位繼續提供靈活性，並成為公司的力量來源。

Now shifting to our return of capital, our Board of Directors has authorized a base quarterly common dividend at our recently increased rate of $0.09 per share. In addition to the dividend, we have also repurchased approximately $7 million of shares since the start of the second quarter. We retain ample authorization and liquidity for additional share repurchase activity. Separate from the return of capital to our common shareholders, the Board has also authorized the routine distributions for our Series HNI preferred securities.

現在轉向我們的資本回報，我們的董事會已授權按最近提高的每股 0.09 美元的利率派發基本季度普通股息。除了股息之外，自第二季初以來我們還回購了約 700 萬美元的股票。我們保留充足的授權和流動性來進行額外的股票回購活動。除了向普通股股東返還資本外，董事會還授權對我們的 HNI 系列優先證券進行例行分配。

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) Michael Bellisario, Baird.

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

Thanks. Good morning, everyone. Bryan, kind of a big picture question for you. Can you remind us, review your view of value, what the Board's view is, and how they think about the path to get to that number? And then maybe how you're thinking both about the things you can and cannot control in order to close that valuation gap? Thanks.

謝謝。大家早安。布萊恩，這對你來說是一個大問題。您能否提醒我們，回顧一下您的價值觀、董事會的觀點以及他們如何考慮實現該數字的途徑？然後，也許您如何考慮您可以控制和無法控制的事情，以縮小估值差距？謝謝。

Yes. Well, we look at value, and it's something that we spend a lot of time with the Board at every Board meeting on. And like any other hotel investor, we look at it from multiple ways. We look at it on a cash flow basis. We look at it under a relative multiple. We look at replacement costs. And so we use all those and we triangulate on our view of value.

是的。嗯，我們關注的是價值，我們在每次董事會會議上都會花很多時間與董事會討論這一點。與其他酒店投資者一樣，我們從多種角度看待這個問題。我們以現金流量為基礎來看待它。我們以相對倍數來看待它。我們會考慮重置成本。因此，我們使用所有這些，並根據我們的價值觀進行三角測量。

And the way that that plays into our capital allocation strategy is -- at times when we see that deficit, we can do things such as what we did at Boston Park Plaza, where we monetize and then we can use those to get the private market values and then go and either reinvest that into new growth opportunities or into our stock.

這對我們的資本配置策略的影響是——有時，當我們看到赤字時，我們可以做一些事情，例如我們在波士頓公園廣場所做的事情，在那裡我們貨幣化，然後我們可以用這些來進入私人市場價值，然後再投資於新的成長機會或我們的股票。

And if you look over the last couple of years, I think our approach has been very balanced in that. And that as we look forward, we have a great portfolio. We have great hotels in great markets. We have great internal growth that we've been able to build up on over the last couple of years and are now at a point where we have cadence of hotels coming off a renovation and providing earnings like with D.C. and going to Long Beach and Andaz next year with ramping hotels.

如果你回顧過去幾年，我認為我們的方法在這方面非常平衡。展望未來，我們擁有出色的產品組合。我們在廣闊的市場擁有優質的酒店。我們在過去幾年裡取得了巨大的內部增長，現在我們已經有很多酒店完成翻修並提供收入，就像華盛頓特區、長灘和安達茲一樣明年酒店數量將不斷增加。

San Antonio, one where we deployed that capital, has done really well for us and is a market that we're very excited about for several years to come. And we're very happy with this, as Robert said, almost nine yields on that investment in the first year.

聖安東尼奧是我們部署這筆資金的地方，它為我們帶來了非常好的回報，並且是一個我們在未來幾年都感到非常興奮的市場。正如羅伯特所說，我們對此感到非常滿意，第一年的投資收益幾乎達到了九倍。

And then of course is also what we have done consistently over the last couple of years is when the stock gets to a meaningful gap is that we've been able to repurchase shares. And that's something that we did again in the quarter recently and have that balance sheet capacity and that flexibility to be able to pull on any of these levers at any time, and they change depending on where our valuation and where that gap is.

當然，過去幾年我們一直在做的事情是，當股票達到一個有意義的差距時，我們就能夠回購股票。這是我們最近在本季再次做的事情，擁有資產負債表容量和靈活性，能夠隨時動用任何這些槓桿，它們的變化取決於我們的估值和差距在哪裡。

Dori Kesten, Wells Fargo.

多麗凱斯滕，富國銀行。

Thanks. Good morning. During your preparatory remarks, you described some leisure pricing as normalizing, but are there any hotels in your portfolio where you're seeing true price sensitivity at the margin?

謝謝。早安.在您的準備發言中，您將一些休閒定價描述為正常化，但您的投資組合中是否有任何酒店在邊​​際上看到了真正的價格敏感性？

Sorry, Dori. What was the last part of that?

對不起，多麗。最後一部分是什麼？

Where are you seeing this the true price sensitivity at the margin?

您在哪裡看到了邊際的真實價格敏感度？

One market we've talked about, Key West, has been one where there has been more price sensitivity. We have been able to capture some more occupancy there, but that's one where maybe it's a little bit more sensitive and whether that's competing options for the traveler, whether it be cruises or other items plays into that a little bit more.

我們討論過的基韋斯特市場是一個對價格更加敏感的市場。我們已經能夠在那裡獲得更多的入住率，但這可能是一個更敏感的地方，這是否是旅行者的競爭選擇，無論是遊輪還是其他項目，都會更多地影響這一點。

Other markets, I don't think that we've seen that as much. One market where not on the leisure side but on the group side, we've rationalized our pricing has been in Napa, which has been very successful where we're bringing in additional group.

在其他市場，我認為我們沒有看到那麼多。納帕是一個不是休閒市場而是團體市場的市場，我們已經合理化了我們的定價，該市場非常成功，我們引入了更多的團體。

And you'll see -- when you go through the supplementals, you'll see the rates are lower and that's because we're adding occupancy. We're taking the group at a more rational rate, which obviously fluctuates over the different demand periods. But then we're getting that ancillary spend, where at Montage, it's $700, $800; at Four Seasons, it's $900 to $1,000 a day per group room. And that is -- between that and our productivity measures that we put in place, you're seeing the cash flow for both of those assets increase dramatically.

您會看到，當您查看補充資訊時，您會發現費率較低，這是因為我們增加了入住率。我們以更合理的價格來考慮該組，該價格顯然會在不同的需求時期內波動。但我們會得到輔助支出，在蒙太奇，它是 700 美元、800 美元；在四季酒店，每間團體房每天的費用為 900 至 1,000 美元。也就是說，在我們採取的生產力措施和我們實施的生產力措施之間，您會看到這兩項資產的現金流量急劇增加。

Duane Pfennigwerth, Evercore ISI.

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

Hi, thanks. I appreciate it. Just on Maui, given the asset-level disclosure that you give us, the market doesn't really look that off or it's at least hard to tell in the disclosure that you've given. Can you talk specifically about how your assumptions have changed in the back half of the year, maybe 3Q versus 4Q and if there's specific groups or seasonal periods that really impacted the forecast. Thanks for taking the question.

你好，謝謝。我很感激。就毛伊島而言，考慮到您向我們提供的資產級別披露，市場看起來並沒有那麼糟糕，或者至少很難在您提供的披露中看出。您能否具體談談您的假設在今年下半年發生了怎樣的變化，也許是第三季度與第四季度，以及是否有特定群體或季節性時期真正影響了預測。感謝您提出問題。

Thanks, Duane. Good afternoon. So with Maui, I mean, your point is exactly right. When you look at it supplementals, it's down, but it's not down a lot. At the end of the day, this is a hotel that's going to run around 70% occupancy at a high $600 rate. It is a meaningful hotel in our portfolio, and we have a concentrated portfolio.

謝謝，杜安。午安.所以對於毛伊島，我的意思是，你的觀點是完全正確的。當你看它的補充時，它是下降的，但下降的不是很多。最終，這家酒店將以 600 美元的高價實現 70% 左右的入住率。這是我們投資組合中有意義的飯店，而且我們擁有集中的投資組合。

And if you have a concentrated portfolio, you want to make sure that you have great real estate, you have good market exposure, and you have the ability to create value both internally with those assets and externally. And Maui is an asset that is an exceptional piece of real estate.

如果你有一個集中的投資組合，你需要確保你擁有良好的房地產，你有良好的市場曝光度，並且你有能力利用這些資產在內部和外部創造價值。毛伊島是一項非凡的房地產資產。

And when you look at our position within the Wailea market, it is one of the better luxury resort markets in the world, and we're the value proposition there. We have an outstanding 22 acres, multiple pools, some of the closest rooms to the water that you can have, and we compete with some very high-end luxury product in that market.

當你看到我們在威雷亞市場的地位時，你會發現它是世界上更好的豪華度假村市場之一，而我們就是那裡的價值主張。我們擁有 22 英畝的絕佳土地、多個游泳池、一些離水最近的房間，我們與該市場上的一些非常高端的豪華產品競爭。

What we started seeing in the second quarter is, which tends to be a heavier leisure quarter than Group quarter, is that some of the leisure demand did moderate a bit and as we got into then looking at our projections going forward, the third quarter, the group business really starts in September and then runs through towards the festive season.

我們在第二季度開始看到的是，這往往是一個比集團季度更重要的休閒季度，一些休閒需求確實有所放緩，當我們開始考慮我們對第三季度的預測時，集團業務真正從九月開始，然後一直延續到節日期間。

So from a group standpoint, the group demand is still very good, and our group pace is very good. It's just that group kicks in in September. And when we looked at the leisure and more of the summer traveler, whether it's a combination of still traveling abroad or other destinations, whether it be Mexico or Europe, is that there wasn't a group to help insulate that weakness.

所以從團體的角度來看，團體的需求還是很好的，我們的團體節奏也很好。該小組於 9 月剛成立。當我們審視夏季旅客的休閒和更多情況時，無論是出國旅行還是其他目的地，無論是墨西哥還是歐洲，都沒有一個群體可以幫助彌補這一弱點。

And so when we look at the guidance and the change to the guidance, it really is that impact in the third quarter. And while the tourism authorities and multiple stakeholders are doing promotions and other things to remind the traveler what a wonderful experience Maui is, it still is a longer booking window buy.

因此，當我們查看指導意見和指導意見的變化時，確實是第三季的影響。儘管旅遊當局和多個利益相關者正在進行促銷活動和其他活動來提醒旅行者毛伊島是多麼美妙的體驗，但它仍然是一個較長的預訂窗口購買。

And so even with that going in, our assumption is that that's not going to kick in until maybe September and then into the fourth quarter. And September, we already have very good group base and not a lot of additional rooms to sell to take advantage of that.

因此，即使發生這種情況，我們的假設是，這種情況可能要到 9 月才會開始，然後進入第四季度。九月份，我們已經擁有了非常好的團體基礎，並且沒有太多額外的房間可以出售來利用這一點。

And then probably, the most important period of the year would be the festive period in December. Rate is down a couple percent for that, but occupancy is up over 10% right now. And so when we look at a hotel or a resort like Maui, you really look at total RevPAR. And when we look at occupancy going up that much on a pace basis, that should bode well for the back end of the year.

然後，一年中最重要的時期可能是十二月的節日。為此，房價下降了幾個百分點，但目前入住率卻上升了 10% 以上。因此，當我們考慮像毛伊島這樣的酒店或度假村時，您實際上會考慮總 RevPAR。當我們看到入住率增幅如此之大時，這對今年年底來說應該是個好兆頭。

Smedes Rose, Citi.

斯梅德斯·羅斯，花旗銀行。

Hi, thank you. I wanted to ask you about, I guess, as the Andaz comes close to being back online and should be a pretty big contributor into next year. Could you just talk about, I guess, how you're thinking about the mix of business there for group versus leisure? And just with that is I know you mentioned that it's on time. Does it remain on budget relative to what you've shared previously?

你好，謝謝。我想我想問你的是，安達茲即將重新上線，並且應該會在明年做出相當大的貢獻。我想，您能否談談您如何考慮團體商務與休閒的結合？正因為如此，我知道你提到它是準時的。相對於您之前分享的內容，它是否仍在預算之內？

Good afternoon, Smedes. So Andaz is in full renovation right now. As we've told you before, the hotel was shut down to really expedite the renovation. The ultimate mix for that hotel is probably right around 25% group. Miami Beach is a very high transient leisure market. We did, through the renovation, add more suites to be able to accommodate groups. And we also have -- there's also some non-food and beverage group business that the hotel can do too.

下午好，斯梅德斯。所以安達茲現在正在進行全面裝修。正如我們之前告訴過您的，酒店被關閉是為了真正加快裝修速度。該酒店的最終組合可能約為 25% 的群體。邁阿密海灘是一個流動性非常高的休閒市場。我們確實透過翻修增加了更多套房，以便能夠容納團體。我們還有－飯店也可以做一些非餐飲集團的業務。

And so our plan is to have renovation wrapping up for the most part in the fourth quarter. The looking to the reservation line isn't open quite yet but looking to book rooms in December -- which is a good demand period but use December as a time to fine-tune the operation. So come the beginning of next year, when we -- and I believe most of the investors are counting on the earnings from the hotel that really kick in as part of our 2025 growth to be in a great position for that.

因此，我們的計劃是在第四季完成大部分改造工作。預訂熱線尚未開放，但希望在 12 月預訂房間——這是一個很好的需求時期，但可以利用 12 月作為調整營運的時間。因此，到明年年初，我們——我相信大多數投資者都指望酒店的收入真正發揮作用，作為我們 2025 年增長的一部分，從而處於有利地位。

That's also a higher leisure time period, so transient bookings can fill the hotel at that point. We do have a sales team that is fully engaged right now, and they are booking business. That business is probably -- you want to leave a little bit of time to get things running right. So that business is probably looking to come in mid to late January into February but that we are putting business on the books right now.

這也是一個較高的休閒時間段，因此臨時預訂可能會在此時填滿酒店。我們確實有一支全力投入的銷售團隊，他們正在預訂業務。這項業務可能是——你想留一點時間讓事情順利進行。因此，該業務可能會在一月中下旬至二月期間出現，但我們現在正在將業務記入帳簿。

We are getting a great reception. The pools are coming into shape now, the backyard is coming into shape, and you're starting to see -- the vision is becoming a little bit clearer, which is exciting for groups. As far as timing, timing is still for the fourth quarter. And I would say that as far as the budget of it goes, our last update, we're roughly around those numbers right now. Still a lot of moving pieces, but we feel very confident with this being completed and ready to go, and most importantly, creating EBITDA going into next year.

我們受到了熱烈的歡迎。現在，游泳池已經初具規模，後院也正在初具規模，你開始看到——視野變得更加清晰，這對團體來說是令人興奮的。就時間而言，時間仍然是第四季。我想說的是，就我們上次更新的預算而言，我們現在大致在這些數字附近。仍然有很多令人感動的事情，但我們對這項工作的完成和準備工作非常有信心，最重要的是，我們將在明年創造 EBITDA。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi, thank you. Can you talk a bit about Napa and how you -- what you're seeing up there and if that is encompassing the leisure trends that you cited earlier and just how you're doing with those two assets, please? Thank you.

你好，謝謝。您能談談納帕以及您在那裡看到的情況嗎？謝謝。

Sure. Good afternoon, David. So in the second quarter starting with Montage -- and remember, from a group side, these are always going to be a little bit lumpy because you're going to have buyouts, you're going to have other bigger pieces of business that kind of come and go.

當然。下午好，大衛。因此，在第二季度從蒙太奇開始 - 請記住，從集團方面來看，這些總是會有點不穩定，因為你將進行收購，你將擁有其他更大的業務的來去。

Montage Group, it had some buyouts. It had a buyout wedding last year. Group was down a little bit, but we had good transient pickup for the quarter. I think transient was up about 14%. Group was down a couple of percent. And our total -- because that group was down, our total RevPAR was down 1 point or so.

蒙太奇集團進行了一些收購。去年它舉辦了一場買斷婚禮。集團略有下降，但本季我們有良好的短暫回升。我認為瞬態上漲了約 14%。該集團股價下跌了幾個百分點。我們的總收入 - 因為該組的收入下降了，我們的總 RevPAR 下降了 1 個百分點左右。

Even with that, with taking -- with having the group base in there and also driving the ancillary revenues -- and then also, remember that the Montage was farther along in our productivity measures. The resort produced $800,000 of more EBITDA than it did the prior year, even with RevPAR being down. So it's showing that we were able to work with the operator, get the efficiencies that we thought were appropriate, and then also maintaining the service levels of a true luxury hotel.

即便如此，透過採取——在那裡擁有集團基礎並推動輔助收入——然後還要記住，蒙太奇在我們的生產力衡量標準中走得更遠。即使 RevPAR 下降，度假村的 EBITDA 仍比前一年增加了 80 萬美元。因此，這表明我們能夠與營運商合作，獲得我們認為合適的效率，然後保持真正豪華酒店的服務水準。

Looking forward for the rest of the year, group pace is very strong in Q3, and we're on track to be right around the group number that we thought we would be, call it 13,000 or 14,000 room nights. When we look into next year, we're very excited about Montage because we are up $3 million in room revenue pace, about 70%. And so again, the cost model is there. We're starting to see some positives on the transient side. And the group business and that ancillary spend, and most importantly, the total RevPAR is producing.

展望今年剩餘時間，第三季的集團步伐非常強勁，我們預計將達到我們預期的集團數量，即 13,000 或 14,000 個間夜。當我們展望明年時，我們對蒙太奇感到非常興奮，因為我們的客房收入增加了 300 萬美元，大約增加了 70%。再說一遍，成本模型是存在的。我們開始看到瞬態方面的一些正面因素。集團業務和輔助支出，最重要的是，正在產生的總 RevPAR。

For Four Seasons, Four Seasons had a very good group. In Q2, we are implementing some of our productivity measures there. So they're not fully realized. The Michelin Star restaurant has -- is increasing it's -- had increased its number of nights, has increased its revenue, is doing very well, and bringing a lot of notoriety and people to the resort. And our profits were up again year over year, about %0.5 million at that asset. So again, doing very well.

對於四季來說，四季有一個非常好的團隊。在第二季度，我們正在那裡實施一些生產力措施。所以他們還沒有完全實現。這家米其林星級餐廳已經——正在增加——增加了住宿天數，增加了收入，做得很好，並為度假村帶來了許多名聲和人們。我們的利潤同比再次增長，該資產的利潤約為 50 萬%。再說一遍，做得很好。

As we look into next year, the group room nights pace is up about 11%. As I said earlier, rate is down a little bit but that is by design to capture the ancillary spend, which is almost $1,000 a night per room. So again, it's taking a little bit of time, but as we saw this quarter, both of these hotels are absolutely moving in the right direction and producing the cash flow that we were counting on. And as we look onto next year, both of them are lining up very well.

展望明年，團體間夜數成長約 11%。正如我之前所說，房價略有下降，但這是為了吸引輔助支出而設計的，每間客房每晚幾乎為 1,000 美元。再說一遍，這需要一點時間，但正如我們在本季度看到的那樣，這兩家酒店絕對朝著正確的方向前進，並產生了我們所指望的現金流。當我們展望明年時，他們倆的配合都非常好。

Chris Darling, Green Street.

克里斯達林，格林街。

Thanks, good morning. Brian, can you talk through your expectations for total RevPAR growth this year relative to RevPAR and how that might have changed boost's prior guidance? And then, as you mentioned in your prepared remarks, out-of-room spend and cost reduction supporting results this quarter, can you help me understand how each of those aspects plays into the updated full-year outlook?

謝謝，早安。Brian，您能否談談您對今年總 RevPAR 相對於 RevPAR 成長的預期，以及這可能如何改變 boost 之前的指導？然後，正如您在準備好的演講中提到的，室外支出和成本削減支持本季度的業績，您能否幫助我了解這些方面如何影響更新的全年展望？

Okay. Let me start. On total RevPAR, it's probably about 40 basis points higher versus where rooms are.

好的。讓我開始吧。就總 RevPAR 而言，它可能比房間的實際情況高出約 40 個基點。

Yes, I think if you look at how we've done through the first part of the year, total RevPAR growth exceeded rooms RevPAR growth in the second quarter. We saw that also in the first quarter. I think the magnitude of the disparity between rooms and total for this year, I think, will moderate a bit versus what we saw last year. But as Bryan noted, I think you'll expect that the total RevPAR growth should outpace rooms by about 40 to 50 bps.

是的，我認為如果你看看我們今年上半年的表現，你會發現第二季的總 RevPAR 成長超過了客房 RevPAR 成長。我們在第一季也看到了這一點。我認為今年房間和總數之間的差異程度將比去年有所緩和。但正如 Bryan 指出的那樣，我認為您會預期總 RevPAR 成長應比客房成長約 40 至 50 個基點。

And you'll be able to see some of that in our supplemental. And remember too that a big piece of that will be the group side of things. And unlike last year where our group pace was heavy in the first half of the year, this year, it's the second half of the year. And so there will be -- from a quarter-to-quarter basis, there will be some lumpiness to that.

您將能夠在我們的補充資料中看到其中的一些內容。還要記住，其中很大一部分將是團隊方面的事情。與去年上半年我們的小組節奏很重不同，今年是下半年。因此，從季度到季度的基礎上，將會出現一些波動。

Chris Woronka, Deutsche Bank.

克里斯沃龍卡，德意志銀行。

Hey. Good morning, guys. Thanks for taking the question. I was hoping we could talk a little bit about Orlando. And I know, historically, been a pretty good asset for you guys. And this year, pretty familiar with all the issues impacting the Orlando market. But for your asset there specifically, the renaissance, do you think it's totally a market-specific issue, or what's your outlook for that asset next year relative to the market? Is there anything you think you need to do? Is it still considered core on a longer-term basis? Thanks.

嘿。早安，夥計們。感謝您提出問題。我希望我們能談談奧蘭多。我知道，從歷史上看，這對你們來說是一筆非常好的資產。今年，我們對影響奧蘭多市場的所有問題都非常熟悉。但對於您那裡的資產，特別是復興，您是否認為這完全是一個特定於市場的問題，或者您對該資產明年相對於市場的前景有何看法？您認為有什麼需要做的嗎？從長遠來看，它是否仍被視為核心？謝謝。

Yes. Good morning, Chris. Longer term, we do have a lot of land there. And so there could be some opportunity longer term to enhance the assets and enhance its leisure offerings. Like our other -- or our past renaissance hotels, it does very well from the group side. It doesn't do as well on an index basis on the transient side.

是的。早上好，克里斯。從長遠來看，我們那裡確實有很多土地。因此，從長遠來看，可能有一些機會來增強資產並增強其休閒服務。與我們的其他酒店或我們過去的文藝復興酒店一樣，它從集團方面來看表現得非常好。它在瞬態方面的索引基礎上表現不佳。

And so when you look at what we've seen happen in D.C., our transient index year to date is in the 130s. Prior to the repositioning, we were in the high 90s. And so the branding obviously makes a big impact. From a leisure standpoint, the location in between both parks was next to SeaWorld, of course, but between the two major parks was never a -- made it the primary leisure destination choice.

因此，當你看看我們在華盛頓所看到的情況時，我們今年迄今為止的瞬態指數在 130 左右。在重新定位之前，我們處於 90 年代中期。因此，品牌顯然會產生很大的影響。從休閒的角度來看，兩個公園之間的位置當然毗鄰海洋世界，但兩個主要公園之間的位置從來都不是——使其成為主要的休閒目的地選擇。

With the New Orlando gate opening -- sorry, the new Universal Gate opening much closer to the hotel, that should help going forward too. So I think what we can do is we can look in, especially when the new gate opens and see where that -- if there's additional demand shifting to our area, we definitely have the space to enhance the leisure amenities at the hotel.

隨著新奧蘭多大門的開放——抱歉，新的環球大門的開放距離酒店更近，這也應該有助於前進。所以我認為我們能做的是我們可以進去看看，特別是當新大門打開時，看看在哪裡——如果有額外的需求轉移到我們的地區，我們肯定有空間來增強酒店的休閒設施。

Looking at the group side, the bread and butter of this hotel has always been group. It's been our space and the abundance of space, including the atrium area, which we use really well. And so that will always be appealing to groups because we can give them more space per guest or per guest room than some of the other competitors can or give them control of the house when in maybe one of the larger resorts, they're going to be group one, two or three in house at any time.

從集團方面來看，這家飯店的麵包和奶油一直都是集團的。這是我們的空間和豐富的空間，包括我們使用得非常好的中庭區域。因此，這總是對團體有吸引力，因為我們可以為每位客人或每間客房提供比其他一些競爭對手更多的空間，或者讓他們在可能在較大的度假村之一時控制房屋，他們會隨時成為室內第一組、第二組或第三組。

Floris van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤角。

Hey, thanks for taking my question. Bryan, maybe if you could talk a little bit about the transaction markets and also about potential, rather, if -- because what we're hearing is that larger hotels are harder to transact in the current environments. Would you consider putting mortgage debt on one of your bigger assets, for example, the Hilton San Diego, and using some of that capital to buy either another hotel or fund more share repurchases?

嘿，謝謝你回答我的問題。布萊恩，也許您可以談談交易市場以及潛力，因為我們聽到的是，在當前環境下，較大的酒店更難進行交易。您是否會考慮將抵押貸款債務放在您較大的資產之一（例如聖地亞哥希爾頓酒店）上，並使用其中一些資本購買另一家酒店或為更多股票回購提供資金？

Okay. Good afternoon, Floris. From a capital standpoint, I don't know if we would need to put a mortgage on a hotel. We have a fully undrawn $500 million line. We have cash on the balance sheet. We have a low levered balance sheet. So as far as access to capital, whether we wanted to acquire something, whether it be an asset or stock, I think we have all the flexibility and firepower that we need to do that.

好的。下午好，弗洛里斯。從資本的角度來看，我不知道我們是否需要抵押酒店。我們有一筆完全未動用的 5 億美元額度。我們的資產負債表上有現金。我們的資產負債表槓桿比率較低。因此，就獲得資本而言，無論我們想收購什麼東西，無論是資產還是股票，我認為我們擁有做到這一點所需的所有靈活性和火力。

As far as the transaction market goes, when we sold Boston last year and started looking for acquisition targets, our expectation were things were going to improve this year. And while the -- part of it was that the CMBS market would improve, and that would improve the pace of transactions. The CMBS market has definitely improved. It seems like it's improved in mainly facilitating refinancings more than a lot of purchases.

就交易市場而言，當我們去年出售波士頓並開始尋找收購目標時，我們的預期是今年情況會有所改善。雖然部分原因是 CMBS 市場將會改善，這將提高交易的速度。CMBS 市場確實有所改善。看起來它的改進主要是促進再融資而不是大量購買。

And as rates come down and the cost of that debt comes down, then maybe we see some more private buyers become more active. But up until this point, it really -- I would say we're disappointed with the pace because we thought that there would be better opportunities to deploy the remaining proceeds from Boston Park Plaza.

隨著利率下降和債務成本下降，我們可能會看到更多的私人買家變得更加活躍。但到目前為止，我確實對這一速度感到失望，因為我們認為會有更好的機會部署波士頓公園廣場的剩餘收益。

Now we did deploy a good portion of it in San Antonio, and we are very happy with that transaction. And I think if we could find another San Antonio right now, we probably would -- it would be more compelling. That said, we're not seeing a lot of that. We're not -- and to your point, we're seeing some maybe some of the smaller assets.

現在我們確實在聖安東尼奧部署了其中的很大一部分，我們對這筆交易感到非常滿意。我認為如果我們現在能找到另一個聖安東尼奧馬刺隊，我們可能會——這會更引人注目。也就是說，我們並沒有看到很多這樣的情況。我們沒有——就你的觀點而言，我們看到了一些可能較小的資產。

And then when it comes to actually deploying, it's the same thing that we always look at. It's what is -- it's balancing -- deploying those proceeds into an asset and what are the return expectations of that asset and then compare that to where are we trading. Where's our stock? And is that a more compelling opportunity?

當談到實際部署時，我們總是專注於同樣的事情。這就是平衡——將這些收益部署到資產中，以及該資產的回報預期是多少，然後將其與我們的交易情況進行比較。我們的庫存在哪裡？這是一個更有吸引力的機會嗎？

And I think, over time, we've shown that we go back and forth between those pretty often and appropriately, and we try to remain balanced. And that's something -- as we said, we've already had some share repurchase that we announced in the release this morning.

我認為，隨著時間的推移，我們已經表明我們經常且適當地在這些之間來回切換，並且我們努力保持平衡。正如我們所說，我們已經在今天早上的新聞稿中宣布了一些股票回購。

And given the lower the stock price goes and the bigger the discrepancy between that and our view of value makes an acquisition that much more difficult because we're going to need to make up for that difference. And so all these things ebb and flow. The good news is we have the portfolio, we have the balance sheet, we have all the flexibility we need to be able to be very nimble and to be able to go back and forth and make the right capital allocation decision.

考慮到股價越低，股價與我們的價值觀念之間的差異就越大，收購就會變得更加困難，因為我們需要彌補這種差異。所以所有這些事情都會潮起潮落。好消息是我們有投資組合，我們有資產負債表，我們擁有我們需要的所有靈活性，能夠非常靈活，能夠來回做出正確的資本配置決策。

And that concludes our question-and-answer session. And I will now turn the conference over to Bryan Giglia for closing remarks.

我們的問答環節到此結束。現在我將把會議交給 Bryan Giglia 致閉幕詞。

Thank you, everyone, for your time and your interest. And we look forward to seeing many of you in the coming months. And we'll look forward to the grand opening of the Andaz in Miami Beach later this year. Thank you.

謝謝大家的時間和興趣。我們期待在未來幾個月見到你們中的許多人。我們期待安達茲酒店今年稍後在邁阿密海灘盛大開幕。謝謝。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

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。