Service Properties Trust (SVC) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Service Properties Trust second quarter 2025 earnings conference call. Please note, this event is being recorded.

早安，歡迎參加 Service Properties Trust 2025 年第二季財報電話會議。請注意，本次活動正在錄影。

I would now like to turn the conference over to Kevin Barry, Senior Director of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係高級總監凱文·巴里。請繼續。

Good morning. Thank you for joining us today. With me on the call are Chris Bilotto, President and Chief Executive Officer; Jesse Abair, Vice President; and Brian Donley, Treasurer and Chief Financial Officer. In just a moment, they will provide details about our business and our performance for the second quarter of 2025, followed by a question-and-answer session with sell-side analysts.

早安.感謝您今天蒞臨。與我一同參加電話會議的有總裁兼執行長克里斯·比洛托；副總裁傑西·阿貝爾；以及財務主管兼財務長布萊恩·唐利。稍後，他們將詳細介紹我們的業務和 2025 年第二季的業績，隨後將與賣方分析師進行問答環節。

I would like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company. Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on SVC's beliefs and expectations as of today, August 6, 2025, and actual results may differ materially from those that we project.

我想指出，未經公司事先書面同意，禁止錄製和轉播今天的電話會議。另請注意，今天的電話會議包含 1995 年《私人證券訴訟改革法案》及其他證券法所指的前瞻性陳述。這些前瞻性聲明是基於 SVC 截至 2025 年 8 月 6 日的信念和預期，實際結果可能與我們預測的結果有重大差異。

The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the SEC, which can be accessed from our website at svcreit.com or the SEC's website. Investors are cautioned not to place undue reliance upon any forward-looking statements.

本公司不承擔任何義務對今天電話會議中作出的前瞻性陳述進行修訂或公開披露修訂結果。有關可能導致這些差異的因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，這些文件可從我們的網站 svcreit.com 或美國證券交易委員會的網站上獲取。投資者應注意，不要過度依賴任何前瞻性陳述。

In addition, this call may contain non-GAAP financial measures, including normalized funds from operations or normalized FFO and adjusted EBITDAre. A reconciliation of these non-GAAP figures to net income is available in SVC's earnings release presentation that we issued last night, which can be found on our website.

此外，本次電話會議可能包含非公認會計準則財務指標，包括標準化營運資金或標準化FFO和調整後EBITDA。昨晚我們發布了 SVC 的盈利報告演示文稿，其中提供了這些非 GAAP 數據與淨收入的調節表，該演示文稿可在我們的網站上找到。

Finally, we are providing guidance on this call, including adjusted hotel EBITDA. We are not providing a reconciliation of this non-GAAP measure as part of our guidance because certain information required for such reconciliation is not available without unreasonable efforts or at all.

最後，我們將在本次電話會議中提供業績指引，包括調整後的飯店 EBITDA。我們沒有在績效指引中提供該非GAAP指標的調節表，因為進行此類調節所需的某些信息，如果不付出不合理的努力，甚至根本無法獲得。

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

接下來，我將把電話交給克里斯。

Thank you, Kevin. Good morning, everyone, and thank you for joining the call today. Last night, we reported second quarter financial results that were in line with our expectations and continue to advance on many of our strategic priorities.

謝謝你，凱文。各位早安，感謝大家今天參加電話會議。昨晚，我們公佈了第二季財務業績，業績符合預期，我們在許多策略重點方面繼續取得進展。

I will begin today's call with an update on our business plans, including the recent progress of our hotel disposition program and provide further highlights within our hotel and net lease portfolios during the quarter. Then Jesse will discuss in more detail our net lease portfolio and the acquisitions that we have made to build on our existing platform. Finally, Brian will review our financial results and quarterly guidance.

今天，我將首先介紹我們的業務計劃的最新進展，包括我們酒店資產處置計劃的最新進展，並重點介紹本季度我們酒店和淨租賃資產組合的更多亮點。然後，傑西將更詳細地討論我們的淨租賃組合以及我們為鞏固現有平台而進行的收購。最後，布萊恩將審閱我們的財務表現和季度業績指引。

Starting with our current business plan. During the past quarter, we have made significant progress on previously announced hotel dispositions, advanced many of our hotel renovations as a catalyst to drive performance and improve the quality of our assets and pursued selective net lease acquisitions and dispositions. These efforts are part of our ongoing strategic initiative to transform SVC toward becoming a predominantly net lease REIT.

首先，我們從目前的商業計劃開始。在過去的一個季度裡，我們在先前宣布的酒店處置方面取得了重大進展，推進了許多酒店翻新項目，以此作為推動業績增長和提高資產質量的催化劑，並進行了有選擇性的淨租賃收購和處置。這些努力是我們正在進行的策略性舉措的一部分，旨在將 SVC 轉型為以淨租賃為主的 REIT。

Entering into 2025, we have continued to execute on our strategy of divesting select hotels while focusing our retained portfolio on primarily full-service urban and leisure-oriented properties that offer greater potential for EBITDA growth and enhanced overall value.

進入 2025 年，我們繼續執行剝離部分酒店的策略，同時將保留的投資組合主要集中於提供全方位服務的城市休閒酒店，這些酒店具有更大的 EBITDA 增長潛力和更高的整體價值。

To-date, we have sold eight hotels for proceeds of $46 million and continue to make meaningful progress on the previously communicated 114 Sonesta hotel portfolio. We removed from the marketing process one full-service hotel located in Atlanta as we continue to evaluate broader opportunities for the retained hotel portfolio.

迄今為止，我們已售出 8 家酒店，獲得 4,600 萬美元收益，並且繼續在先前公佈的 114 家索內斯塔酒店組合方面取得實質進展。我們從行銷過程中移除了位於亞特蘭大的一家全方位服務酒店，同時我們繼續評估保留酒店組合的更廣泛機會。

Regarding the 114 Sonesta hotel sales, due diligence has been completed and nonrefundable deposits have been received for 111 hotels with four unique buyers for a sales price of $900 million. Additionally, we have entered into a purchase and sale agreement with diligence underway for the remaining three hotels with a sales price of $20 million.

關於 114 家索內斯塔酒店的出售，盡職調查已經完成，111 家酒店的不可退還定金已由四位不同的買家支付，售價為 9 億美元。此外，我們已就剩餘三家酒店簽訂了買賣協議，目前正在進行盡職調查，售價為 2000 萬美元。

Closing on the hotels is expected to commence in Q3 and finish before year-end. Including the eight hotels we already sold this year, in 2025, we are on track to complete 122 hotel sales totaling nearly 16,000 keys for gross proceeds of $966 million. This pricing implies a valuation of 18.4 times hotel EBITDA of $53 million over the trailing 12 months.

預計酒店交易將於第三季開始，並在年底前完成。包括我們今年已經售出的八家酒店在內，到 2025 年，我們預計將完成 122 家酒店的銷售，總計近 16,000 間客房，總收益達 9.66 億美元。該定價意味著其估值是過去 12 個月酒店 EBITDA 5300 萬美元的 18.4 倍。

Turning to hotel performance during the second quarter. RevPAR increased 40 basis points year-over-year, outperforming the broader industry by 90 basis points and marking the third consecutive quarter of relative outperformance.

接下來分析飯店在第二季的業績。RevPAR年增40個基點，較整個產業高出90個基點，連續第三個季度相對錶現優異。

SVC's growth was driven by gains in both occupancy and ADR with group and contract segments outpacing transient business. Top-performing properties during the quarter are within our retained hotel portfolio and include our Royal Sonestas in Hawaii and San Juan, which benefited from strong leisure demand through OTA and wholesale channels.

SVC 的成長得益於入住率和平均房價的雙雙提升，其中團體和合約業務的成長速度超過了散客業務。本季表現最佳的飯店均在我們保留的飯店組合中，包括我們在夏威夷和聖胡安的皇家索內斯塔飯店，這些飯店受益於OTA和批發管道強勁的休閒需求。

We also saw solid performance at our three downtown Chicago hotels and the Clift Royal Sonesta in San Francisco, supported by a rebound in citywide group business. Additionally, recently renovated hotels are consistently delivering double-digit revenue growth with notable strength across our Hyatt portfolio, Sonesta White Plains and Sonesta LAX.

由於全市團體業務的反彈，我們在芝加哥市中心的三家酒店和舊金山的克利夫特皇家索內斯塔酒店也取得了穩健的業績。此外，近期翻新的酒店持續實現兩位數的收入成長，凱悅酒店集團旗下的索內斯塔白原酒店和索內斯塔洛杉磯機場酒店表現尤為強勁。

Hotel-level EBITDA declined during the quarter, primarily due to elevated labor costs and broader inflationary pressures. Additionally, displacement in hotels with active renovations contributed to $2.4 million of year-over-year negative EBITDA.

本季飯店層級的 EBITDA 下降，主要原因是勞動成本上升和整體通膨壓力增大。此外，正在進行翻新的飯店客流減少，導致年比 EBITDA 為負 240 萬美元。

However, we expect this to moderate in Q3 and fluctuate modestly thereafter as renovations advance. The 84 hotels we currently plan to retain delivered relatively solid performance with RevPAR increasing 150 basis points year-over-year, driven by gains in both occupancy and ADR.

不過，我們預期第三季這種情況會有所緩和，此後隨著翻新工程的推進，波動幅度會比較小。我們目前計劃保留的 84 家酒店業績相對穩健，每間可供出租客房收入同比增長 150 個基點，這主要得益於入住率和平均房價的提高。

Over the past several years, we have made substantial capital investments across our retained portfolio, enhancing many of our flagship properties and premier destinations such as Hilton Head, Hawaii and San Juan. These capital enhancements are expected to drive ongoing EBITDA growth. Given our prior investments in the portfolio, coupled with the completion of our remaining hotel dispositions, this positions us to meaningfully lower capital spend with 2026 guidance now set at $150 million.

過去幾年，我們對保留的投資組合進行了大量資本投資，提升了許多旗艦物業和頂級目的地，例如夏威夷希爾頓黑德島和聖胡安。這些資本投入可望推動 EBITDA 的持續成長。鑑於我們先前對該投資組合的投資，以及我們剩餘酒店資產處置的完成，這使我們能夠大幅降低資本支出，2026 年的指導目標現已設定為 1.5 億美元。

Within our triple net lease segment, we are making steady progress with our capital recycling program and prioritizing accretive opportunities within our pipeline. Since the beginning of the quarter, we have completed the sale of five net lease properties for a total of $15 million, and we are in the early stages of marketing six additional properties, which are expected to generate between $2.5 million and $3.5 million in total proceeds. Concurrently, we have acquired or entered into agreements to acquire 20 net lease retail properties for $55 million.

在我們的三方淨租賃業務領域，我們的資本循環利用計畫正在穩步推進，並且優先考慮我們現有專案中的增值機會。自本季初以來，我們已完成五處淨租賃物業的出售，總金額達 1,500 萬美元。目前，我們正在對另外六個物業進行初步行銷，預計總收益將在 250 萬美元至 350 萬美元之間。同時，我們已收購或簽訂協議收購 20 處淨租賃零售物業，總價值 5,500 萬美元。

As Jesse will discuss further, our net lease portfolio continues to provide stable and predictable cash flows with minimum capital requirements, and we view net lease real estate as a naturally defensive and less volatile asset class.

正如傑西將進一步討論的那樣，我們的淨租賃投資組合繼續提供穩定和可預測的現金流，且資本需求最低，我們認為淨租賃房地產是一種天然的防禦性資產類別，波動性較小。

In conclusion, the second quarter marked meaningful progress in SVC's ongoing strategic transformation. Pro forma for our expected hotel sales, net lease assets are projected to account for over 70% of SVC's pro forma Q2 adjusted EBITDAre, representing a meaningful shift in our asset composition and positioning SVC shares for a potential re-rating at more attractive net lease multiples.

總之，第二季標誌著SVC在持續的策略轉型方面取得了實質進展。根據我們預期的飯店銷售額，淨租賃資產預計將佔 SVC 第二季調整後 EBITDA 的 70% 以上，這代表著我們資產組成的重大轉變，並使 SVC 股票有望以更具吸引力的淨租賃倍數重新估值。

Looking ahead, we intend to maintain our capital recycling and deleveraging strategy into 2026, pursuing further hotel dispositions as property performance and overall market conditions continue to improve.

展望未來，我們計劃將資本循環利用和去槓桿化策略延續到 2026 年，隨著物業業績和整體市場狀況的持續改善，我們將進一步處置酒店資產。

I will now turn it over to Jesse to discuss the net lease portfolio.

現在我將把發言權交給傑西，讓他來討論淨租賃組合的情況。

Thank you, Chris. The strategic shift underway at SVC will ultimately result in a portfolio that benefits from minimal CapEx needs, long-term leases with annual escalators that provide a bond-like risk return profile and cash flows that can be relied upon even in uncertain economic environments. The net lease market is deep, liquid and highly fragmented, creating conditions that are conducive to scalable expansion if and when we choose to do so.

謝謝你，克里斯。SVC 正在進行的策略轉變最終將帶來一個投資組合，該投資組合受益於最低的資本支出需求、具有年度遞增條款的長期租賃（提供類似債券的風險回報特徵）以及即使在不確定的經濟環境下也能依賴的現金流。淨租賃市場規模龐大、流動性強且高度分散，這為我們日後選擇進行可擴展擴張創造了有利條件。

Additionally, as we have demonstrated with mortgage financing, SVC's net lease assets provide access to attractively priced financing options to support our growth. That growth will build up the existing backbone of net lease retail properties that we already own. Our portfolio is anchored by 175 TA travel centers backed by BP's investment-grade credit. As a reminder, SVC's current leases with TA have eight years of remaining term and include 50 years of extension options.

此外，正如我們在抵押貸款融資方面所證明的那樣，SVC 的淨租賃資產為我們提供了價格優惠的融資選擇，以支持我們的成長。這一增長將鞏固我們已擁有的淨租賃零售物業的現有基礎。我們的投資組合以 175 家 TA 旅行中心為核心，這些中心均由 BP 的投資等級信用擔保。提醒一下，SVC 與 TA 目前的租賃合約還有八年剩餘期限，並包含 50 年的續約選擇權。

While the rent coverage for the TA assets has experienced degradation over the past few quarters, this decline has begun to level off as freight demand normalizes coming off its COVID era peak. Moreover, we are seeing investments in real estate from BP in the form of EV charging stations and other initiatives that are intended to drive revenue from non-fuel offerings at these locations.

雖然過去幾季TA資產的租金覆蓋率有所下降，但隨著貨運需求從新冠疫情時期的高峰迴落並逐漸恢復正常，這種下降趨勢已經開始趨於平緩。此外，我們看到 BP 在房地產領域進行投資，建造電動車充電站和其他旨在推動這些地點非燃料產品收入的舉措。

The overall net lease portfolio consists of 742 service-oriented retail net lease properties with annual minimum rents of $387 million. These assets were more than 97% leased with a weighted average lease term of 7.6 years. We have 174 tenants operating under 136

整個淨租賃組合包括 742 間服務型零售淨租賃物業，年度最低租金為 3.87 億美元。這些資產的出租率超過 97%，加權平均租賃期間為 7.6 年。我們有174個租戶，在136號樓下經營。

brands, spanning 21 distinct industries. The diversity and breadth of the portfolio provides opportunity for organic growth as we continue to source modest transactions with both new and existing operators. Our lease expiration schedule remains well laddered with 1.7% of our minimum rents scheduled to expire through the remainder of 2025 and 3% expiring in 2026.

旗下品牌涵蓋 21 個不同的產業。投資組合的多樣性和廣度為有機成長提供了機會，我們將繼續與新舊營運商達成適度的交易。我們的租約到期計畫仍安排得井然有序，1.7% 的最低租金將於 2025 年剩餘時間內到期，3% 將於 2026 年到期。

Our asset management platform has been actively engaged with our existing tenants as well as potential new tenants, resulting in over 350,000 square feet of leasing during the second quarter that averaged 12 years of term and a 5.7% roll-up in cash rents.

我們的資產管理平台積極與現有租戶以及潛在的新租戶互動，在第二季度實現了超過 35 萬平方英尺的租賃面積，平均租期為 12 年，現金租金上漲了 5.7%。

As of quarter end, the aggregate coverage of our net lease portfolio's minimum rents was 2.04 times on a trailing 12-month basis, remaining essentially unchanged from the prior quarter. Excluding the BP-backed TA leases, rent coverage remained strong at 3.7 times.

截至季末，我們淨租賃組合的最低租金總覆蓋率按過去 12 個月計算為 2.04 倍，與上一季基本保持不變。除去 BP 支援的 TA 租賃，租金覆蓋率仍維持在 3.7 倍的強勁水準。

With respect to investments, we remain committed to growing and optimizing the portfolio in a manner that enhances tenant and geographic diversity, increases weighted average lease term and expands annual minimum rents.

在投資方面，我們將繼續致力於發展和優化投資組合，以提高租戶和地理多樣性，增加加權平均租賃期限，並提高年度最低租金。

Our investment thesis focuses on properties in e-commerce-resistant necessity-based sectors that have proven resilient across cycles. This includes quick service and casual dining restaurants, grocery stores, auto services and other daily needs providers.

我們的投資理念專注於那些不受電子商務衝擊、以必需品為基礎的行業中的房地產，這些行業已經證明其在經濟週期中具有韌性。這包括快餐店和休閒餐廳、雜貨店、汽車服務店和其他日常用品供應商。

Since ramping up our acquisitions platform in the second half of 2024, we have developed a robust pipeline, resulting in the acquisition of 14 net lease properties year-to-date for a total of $44 million. These transactions have a weighted average lease term of 15 years, average rent coverage of 2.5 times and an average cap rate of 7.4%. We are also under agreement to acquire 6 additional properties in Q3 for a total of $10.3 million with similar economic terms as the closed transactions.

自 2024 年下半年加大收購力度以來，我們已建立了強大的收購管道，今年迄今已收購 14 處淨租賃物業，總價值達 4,400 萬美元。這些交易的加權平均租賃期限為 15 年，平均租金覆蓋率為 2.5 倍，平均資本化率為 7.4%。我們也達成協議，將在第三季以總計 1,030 萬美元的價格收購另外 6 處房產，經濟條款與已完成的交易類似。

As SVC migrates to a predominantly net lease REIT, our asset management and acquisition teams are actively curating the net lease portfolio and fostering new relationships with retail operators. These efforts, coupled with the strong foundation we have already established in this space, will put us in position to efficiently grow this side of the business going forward.

隨著 SVC 向以淨租賃為主的 REIT 轉型，我們的資產管理和收購團隊正在積極地精心管理淨租賃投資組合，並與零售營運商建立新的合作關係。這些努力，加上我們在這個領域已經建立的堅實基礎，將使我們能夠有效地發展這方面的業務。

I'll now turn the call over to Brian to discuss our financial results.

現在我將把電話交給布萊恩，讓他來討論我們的財務表現。

Thanks, Jesse. Good morning. Starting with our consolidated financial results for the second quarter of 2025, normalized FFO was $57.6 million or $0.35 per share versus $0.45 per share in the prior year quarter. Adjusted EBITDAre decreased $7.7 million year- over-year to $163.8 million.

謝謝你，傑西。早安.從我們 2025 年第二季的綜合財務表現來看，經調整後的 FFO 為 5,760 萬美元，即每股 0.35 美元，而去年同期為每股 0.45 美元。調整後 EBITDA 年減 770 萬美元，至 1.638 億美元。

Overall financial results this quarter as compared to the prior year quarter were primarily impacted by an $8.8 million increase in interest expense and lower hotel returns. For our 200 comparable hotels this quarter, RevPAR increased by 40 basis points and gross operating profit margin percentage declined by 300 basis points to 30.2%.

與去年同期相比，本季整體財務表現主要受到利息支出增加 880 萬美元和飯店收益下降的影響。本季度，我們 200 家可比飯店的每間可供出租客房收入 (RevPAR) 增加了 40 個基點，毛利率下降了 300 個基點至 30.2%。

Below the [GLP] line, costs at our comparable hotels decreased less than 1% from the prior year, driven by lower property insurance premiums. Our hotel portfolio generated adjusted hotel EBITDA of $73 million, a decline of 11.3% from the prior year, but towards the high end of our guidance range.

在 [GLP] 線以下，由於財產保險費降低，我們可比飯店的成本比前一年下降了不到 1%。我們的飯店組合產生了調整後的飯店 EBITDA 為 7,300 萬美元，比前一年下降了 11.3%，但接近我們預期範圍的高端。

The four hotels that were under renovation during the quarter represented $2.4 million or 24% of the decline in adjusted hotel EBITDA year-over-year. The 116 Sonesta exit hotels, including two that sold in July, generated RevPAR of $75, a decline of 1.8% and adjusted hotel EBITDA of $19.9 million, a decline of 12% year-over-year.

本季進行翻修的四家飯店造成調整後飯店 EBITDA 年減 240 萬美元，佔年減的 24%。索內斯塔退出的 116 家酒店（包括 7 月份出售的兩家）的每間可供出租客房收入為 75 美元，下降了 1.8%；調整後的酒店 EBITDA 為 1990 萬美元，同比下降了 12%。

The 84 hotels we expect to retain generated RevPAR of $121, an increase of 1.5% year-over-year and adjusted hotel EBITDA of $53.5 million during the quarter, a decrease of $7 million or 11.7% year-over-year. Most of the decline year-over-year in the retained portfolio is related to elevated labor costs, repairs and maintenance expenses and renovation disruption.

我們預計保留的 84 家酒店在本季度產生了 121 美元的每間可供出租客房收入 (RevPAR)，同比增長 1.5%；調整後的酒店 EBITDA 為 5350 萬美元，同比減少 700 萬美元或 11.7%。保留投資組合年減的主要原因是勞動成本上升、維修和維護費用以及翻新工程造成的干擾。

Turning to our expectations for Q3. We're currently projecting third quarter RevPAR of $98 to $101 and adjusted hotel EBITDA in the $54 million to $58 million range. This guidance considers a sequential decline due to seasonality in the third quarter as well as recent headwinds in the travel and lodging industries. Guidance does not include the impact of completing any of the 114 Sonesta hotel dispositions expected to close later in Q3 and Q4.

接下來談談我們對第三季的預期。我們目前預計第三季每間可供出租客房收入 (RevPAR) 為 98 美元至 101 美元，調整後飯店 EBITDA 為 5,400 萬美元至 5,800 萬美元。這項預期考慮了第三季因季節性因素導致的環比下降，以及近期旅遊住宿業面臨的不利因素。該指引不包括預計在第三季和第四季稍後完成的 114 家索內斯塔酒店處置交易的影響。

Turning to the balance sheet. A key objective for our hotel disposition program is to address our debt maturities and improve our credit metrics. At quarter end, we had $5.8 billion of debt outstanding with a weighted average interest rate of 6.4%.

接下來看一下資產負債表。我們酒店資產處置計劃的關鍵目標是解決債務到期問題並改善信用指標。截至季末，我們有 58 億美元的未償債務，加權平均利率為 6.4%。

Our next debt maturity is $350 million of senior unsecured notes maturing in February 2026. As of our earnings release, our 1.5 times debt service coverage covenant was below the minimum requirement at 1.49 times. This prohibits us from incurring additional debt until we are back in compliance on a pro forma basis.

我們下一筆到期債務是 3.5 億美元的優先無擔保票據，將於 2026 年 2 月到期。截至我們發布獲利報告時，我們的 1.5 倍債務償付覆蓋率協議低於最低要求 1.49 倍。這禁止我們在恢復合規狀態之前承擔額外的債務。

In July, we fully drew down our $650 million credit facility as a precautionary measure to preserve our liquidity in anticipation of potentially not meeting the minimum level of debt service coverage. As of today, we have approximately $670 million of cash on hand. Yesterday, we announced the early redemption of the $350 million of 5.25% unsecured senior notes due in February at par plus accrued interest. The redemption will be funded with cash on hand in early September.

7 月，我們全額提取了 6.5 億美元的信貸額度，作為一項預防措施，以保持我們的流動性，因為預計可能無法達到最低償債覆蓋率。截至今日，我們手頭上約有6.7億美元現金。昨天，我們宣布提前贖回將於 2 月到期的 3.5 億美元 5.25% 無擔保優先票據，贖回價格為面額加上應計利息。贖回款項將於9月初用現有現金支付。

The $920 million of expected proceeds from the sale of 114 hotels will be used to repay the $450 million of senior unsecured notes maturing in October of '26 and amounts outstanding on our revolving credit facility. We currently expect closing of the asset sales and the repayment of outstanding debt will have a positive impact to our financial covenants.

出售 114 家酒店預計可獲得 9.2 億美元收益，用於償還 2026 年 10 月到期的 4.5 億美元高級無擔保票據以及我們循環信貸額度的未償餘額。我們目前預期資產出售的完成和未償債務的償還將對我們的財務契約產生正面影響。

We're also currently evaluating different strategies to improve our credit metrics and our covenant measures, including considering additional asset sales, operational improvements at our hotels and potential financing opportunities.

我們目前也正在評估不同的策略來改善我們的信用指標和契約措施，包括考慮出售更多資產、改善飯店的營運以及潛在的融資機會。

Turning to our capital expenditure activity. During the second quarter, we invested $39 million in capital improvements at our properties. Notable activity this quarter included projects at the Royal Sonesta Cambridge and the Sonesta Hilton Head Resort.

接下來談談我們的資本支出活動。第二季度，我們投資了 3,900 萬美元用於旗下物業的資本改善。本季值得關注的項目包括皇家索內斯塔劍橋酒店和索內斯塔希爾頓黑德度假酒店。

For the full year, we continue to expect capital expenditures to be approximately $250 million, including $120 million to $140 million of maintenance capital with the rest going towards renovation and redevelopment initiatives.

全年來看，我們仍然預計資本支出約為 2.5 億美元，其中包括 1.2 億至 1.4 億美元的維護資本，其餘部分將用於翻新和重建計劃。

Looking ahead to next year, we expect full year CapEx in 2026 to be approximately $150 million. Of the $150 million, we expect $64 million related to discretionary renovation capital with the balance going to recurring maintenance capital.

展望明年，我們預計 2026 年全年資本支出約為 1.5 億美元。在 1.5 億美元中，我們預計 6,400 萬美元將用於可自由支配的翻新資金，其餘部分將用於經常性維護資金。

We expect with the reduction in CapEx spending, the repayment of debt, operating improvements expected from our completed hotel renovations, SVC's cash flows will improve significantly as we move into next year. That concludes our prepared remarks.

我們預計，隨著資本支出減少、債務償還以及酒店翻新工程竣工後營運狀況的改善，SVC 的現金流將在明年顯著改善。我們的發言稿到此結束。

We're ready to open the line for questions.

我們已準備好開通提問專線。

(Operator Instructions)

（操作說明）

Tyler Batory with Oppenheimer.

泰勒·巴托里與奧本海默合作。

Good morning. Thanks for taking my questions. First one for me on the guidance for the hotel portfolio. I understand on the EBITDA line, there's some seasonality there sequentially from Q2, but can you expand a little bit more on some of the renovation disruption in Q3 and then talk to you about the commentary you mentioned just some general headwinds in travel and lodging, please?

早安.謝謝您回答我的問題。這是我收到的第一份關於酒店投資組合指導。我了解到 EBITDA 指標存在一些季節性因素，與第二季度相比有所下降，但您能否更詳細地說明一下第三季度翻新工程造成的干擾，然後再談談您提到的旅遊和住宿業面臨的一些普遍不利因素？

Sure. I'll start, Tyler. Thank you for the question. We definitely see some softness in Q3 and especially in the August time frame, we typically see a seasonal drop-off in activity in leisure travel as we get into early fall.

當然。我先來，泰勒。謝謝你的提問。我們確實看到第三季度，尤其是八月份，出現了一些疲軟的跡象。通常情況下，隨著初秋的到來，休閒旅遊活動會出現季節性的下降。

Some of our forward-looking numbers and some of the group pace starting to improve as we get into Q4, but we definitely see some weakness in Q3. Things have been softer and trends have been continuing. As we pace looking year-over-year, it's very comparable to what we saw in Q2 year-over-year, so some declines year-over-year.

隨著我們進入第四季度，我們的一些前瞻性數據和一些集團步伐開始改善，但我們確實看到第三季度存在一些疲軟。情況有所好轉，趨勢仍在延續。從年比來看，情況與第二季度同比情況非常相似，因此同比有所下降。

Okay, perfect, and then the CapEx commentary you gave for 2026 I appreciate that, the $150 million number. The remainder of that, that's discretionary, the $86 million. Is that still a little bit elevated compared to what you might think is more normal? Just how would you think about a maintenance cap ex-run rate long term for the portfolio?

好的，非常完美。另外，我很欣賞您對 2026 年資本支出的評論，也就是 1.5 億美元的數字。剩下的 8600 萬美元是可自由支配的。與你認為的正常值相比，這個數值是否仍然略高一些？您如何看待投資組合的長期維護上限除以運行率？

Yes. I think as we look at '26, it's a significant reduction from what we've been spending in the last few years, the pace of our discretionary numbers. Just to clarify, $64 million, yes, will be discretionary of the $150 million with the rest going to renovations. Our overall CapEx spend, I think if you benchmark that to our current portfolio, it is closer to 15% of revenues.

是的。我認為，展望 2026 年，與過去幾年我們的支出相比，我們的可自由支配支出成長將大幅下降。澄清一下，是的，1.5億美元中的6,400萬美元將可自由支配，其餘部分將用於翻新。我認為，如果以我們目前的投資組合為基準，我們的整體資本支出支出將接近收入的 15%。

I think as we move forward, Industry norms are probably closer to 10% to 12% of total revenues, and that's where we think we want to be longer term, but for '26, we still have some significant projects we're doing, including our repositioning of the South Beach Hotel and some other larger projects. But the pace of our renovations and just the scale of how much we're deploying will continue to trend down.

我認為，隨著我們不斷向前發展，行業標準可能更接近總收入的 10% 到 12%，這也是我們希望長期達到的目標。但就 2026 年而言，我們仍然有一些重要的項目正在進行，包括重新定位南海灘酒店和其他一些更大的項目。但是，我們的翻新速度以及我們部署的規模將繼續呈下降趨勢。

Yes. I think bigger picture, just there'll be less active hotels under renovation in a given year, albeit we're talking about the $150 million in totality. I think the other complement to that is less disruption in the business, and so we should see just EBITDA generally be more moderated in future years because we have less renovations underway at any given time.

是的。我認為從更宏觀的角度來看，每年正在進行翻新的酒店數量會減少，儘管我們討論的是總共 1.5 億美元的投資。我認為另一個補充因素是業務中斷減少，因此我們應該會看到未來幾年 EBITDA 總體上更加溫和，因為我們在任何特定時間進行的翻新工程都較少。

Just want a clarification on the asset sales. I think last quarter, you were talking about $1.1 billion of gross proceeds. Now the number is $966 million. I just want to be clear on just the delta between those numbers and what's changed?

我想了解一下資產出售的相關情況。我記得上個季度你們提到總收益為 11 億美元。現在這個數字是9.66億美元。我只想弄清楚這些數字之間的差異以及發生了什麼變化？

Yeah, it's two-fold. One of the bigger pieces is we pulled a full-service hotel from the marketing efforts, a hotel we have in Atlanta. That's a performing hotel. I think, generally speaking, we weren't necessarily happy with what we were seeing as far as pricing goes, and so retaining that hotel seemed to be more prudent, at least currently. Then the balance, kind of the lesser amount was more around the conclusion of diligence as we as I mentioned in the prepared remarks, where we're at now with the lion's share of the $900

是的，有兩個面向。其中一個比較重要的措施是，我們從行銷工作中撤下了一家提供全方位服務的飯店，這家飯店是我們位於亞特蘭大的飯店。那是一家業績不錯的飯店。總的來說，我認為我們對當時的定價並不滿意，因此至少目前來看，保留那家酒店似乎更為明智。然後，剩下的部分，也就是金額較小的部分，更多的是關於盡職調查的結束，正如我在準備好的發言稿中提到的，我們現在掌握了900美元的大部分資金。

million of asset sales is diligence is complete, deposits are hard, and we're on the other side to closing. Anything related to any pricing changes is no longer is in play. That's the other gap with respect to that number.

數百萬美元的資產出售，盡職調查已完成，定金難以支付，我們即將完成交易。所有與價格變動相關的事宜均已不再進行。這是與該數字相關的另一個差距。

Last one for me. The net lease side of things, making a lot of progress on that strategy in terms of transaction activity. Talk a little bit more about the pipeline for deals. I understand part of this is capital recycling, but is there a point where maybe the acquisitions could be significantly larger than the dispositions?

這是我最後一個了。在淨租賃方面，我們在交易活動方面取得了很大進展。請再詳細談談交易流程。我理解這其中一部分是資本循環利用，但是是否存在這樣一種情況：收購規模遠大於處置規模？

I'm just really trying to get a sense of expectations? I know you probably can't give specific guidance on this, but just trying to get a sense of maybe rough run rate or maybe some guideposts on how much in terms of dollars you'd like to allocate towards acquisitions, whether it's the next couple of quarters or the next couple of years? I'm just trying to get a sense of how that could evolve looking ahead?

我只是想了解大家的期望？我知道您可能無法就此給出具體指導，但我只是想了解一下大致的進展速度，或者能否提供一些指導方針，說明您希望在未來幾個季度或未來幾年內分配多少資金用於收購？我只是想了解未來可能會如何發展？

Yeah, I think generally speaking, and we talked about this on the onset of this endeavor is that we wanted to do modest acquisitions on the net lease side. There's a ranging a range of strategies. We've been net sellers over the years, more specifically in that segment.

是的，我認為總的來說，我們在這項事業開始時也討論過這個問題，那就是我們希望在淨租賃方面進行適度的收購。存在一系列不同的策略。多年來，我們一直是淨賣家，尤其是在該領域。

As you're familiar with, we have an attractive balance sheet mechanism with the ABS, the mortgage financing and as part of that is a good opportunity for the company medium term at favorable pricing, and so refreshing that accordingly with the right assets is part of the driver with respect to some of these acquisitions.

如您所知，我們擁有極具吸引力的資產負債表機制，包括資產擔保證券（ABS）和抵押貸款融資。這為公司在中期內以優惠的價格提供了良好的機會，因此令人欣慰的是，擁有合適的資產也是推動我們進行某些收購的部分原因。

Then again, just overall portfolio enhancements. I mean what we like about it today, absent of just the types of assets we're buying and how we're growing the portfolio is we're able to do it partially with asset sales. We're getting the true benefit of the capital recycling aspect of the growth, but look, you look at Q2 where we started transacting just under $30 million, we're at $14 million to-date through Q3 and Jesse alluded to another $10 million.

當然，也包括整體投資組合的最佳化。我的意思是，除了我們購買的資產類型和我們擴大投資組合的方式之外，我們今天喜歡它的一點是，我們能夠部分地透過出售資產來實現這一目標。我們正在享受資本循環利用帶來的真正好處，但是你看，第二季度我們開始的交易額略低於 3000 萬美元，而截至第三季度末，我們已經完成了 1400 萬美元，傑西還暗示還有 1000 萬美元。

That's probably a fair run rate for the time being. This is not a scenario where we expect to do some sort of outsized growth currently, but we'll look to opportunities to grow and find proceeds through sales and other initiatives to help balance that.

目前來看，這或許是個合理的運行速度。目前我們並不期望實現某種程度的超額成長，但我們會尋找成長機會，並透過銷售和其他措施來獲取收益，以平衡收支。

Then I think your question around the types of assets, where we've been transacting today has been more weighted towards casual dining and QSR. There's been some automotive in there with respect to car washes and similar type uses.

那麼，我認為你關於資產類型的問題，我們今天進行的交易更側重於休閒餐飲和快餐店。其中包含一些與汽車相關的內容，例如洗車和類似用途。

Then we expect that to continue to diversify as we look at certain medical type opportunities and things around some Dollar General to a smaller scale and some other similar type uses are things we're targeting. I think net-net for us, part of that allocation will be tied to how we can use it as a creative financing tool given some parameters around that type of portfolio you can assemble for that.

然後我們預計，隨著我們關注某些醫療類型的機會，以及類似 Dollar General 的小規模業務和其他一些類似用途，我們的目標業務將繼續多元化。我認為總的來說，對我們來說，這部分分配將取決於我們如何將其用作創造性的融資工具，以及圍繞你可以為此組成的投資組合的一些參數。

Okay, very good detail thank you that's all for me.

好的，細節處理得很好，謝謝，我的情況就是這樣。

John Massocca with B. Riley Securities.

John Massocca，B. Riley Securities公司。

Maybe building on Tyler's question. Is the outlook that if you wanted to get more aggressive on the net lease investments, that's something that maybe happens post-closing of some of these strategic hotel dispositions? Just trying to think about when that from a timing perspective, when that net lease acquisition machine could really start ramping into gear?

或許可以接著泰勒的問題繼續探討。展望未來，如果想要在淨租賃投資方面採取更積極的策略，這是否可能在一些策略性飯店資產處置完成後發生？我只是想從時間角度思考一下，淨租賃收購機制何時才能真正開始加速運作？

Yeah, I think that's probably fair. It's going to be steady state based on the run rate I just alluded to. Then as we get further into next year and just see how performance continues across the portfolio, we don't want to shift the focus around the deleveraging component that we're focused on.

嗯，我覺得很合理。根據我剛才提到的運行速度，它將處於穩定狀態。然後，隨著我們進入明年，觀察整個投資組合的表現如何，我們不想將重點從我們目前關注的去槓桿化部分轉移開來。

Certainly, there are other variables we want to be mindful of. But look, coming out of the sales this year, thinking about select sales next year, looking at opportunities to grow EBITDA through the retained portfolio and narrow that margin gap. Those are all net positives, less capital, as we alluded to, bringing that number down by $100 million year-over-year.

當然，還有其他一些因素需要考慮。但是，從今年的銷售情況來看，明年要考慮一些精選銷售，尋找透過保留投資組合來增加 EBITDA 並縮小利潤率差距的機會。這些都是淨收益，資本支出減少，正如我們之前提到的，這使得該數字比前一年減少了 1 億美元。

I think as we work our way through that at the beginning of the year, we'll be in a better position to assess the opportunity to further ratchet up on anything related to more sales or excuse me, more acquisitions outside of the run rate we just talked about.

我認為，隨著我們在年初逐步解決這些問題，我們將能夠更好地評估進一步加大力度進行任何與增加銷售額或（抱歉，是）增加收購相關的舉措的機會，而不僅僅是我們剛才討論的日常運營速度。

Okay, and Then as I think about the $900 million of hotel sales that are more advanced, what was left to do there between now and closing? Just given due diligence is done, deposits are hard. I mean, are there any variables or factors that could derail those transactions?

好的，那麼當我想到那些進展較為順利的9億美元酒店銷售項目時，從現在到交易完成之間，還有哪些事情需要做呢？只要盡職調查完成，存款就很難。我的意思是，是否存在任何可能導致這些交易失敗的變數或因素？

I guess what's left to do from either your perspective or the buyer's perspective to get those across the line? Or is it just literally a matter of we have dates for their reasons, for our reasons, whatever it may be, it's going to close between 3Q and 4Q?

我想，無論是從你的角度來看，還是從買家的角度來看，為了促成這些交易，還需要做些什麼呢？或者說，這只是因為我們出於某種原因（無論是他們的原因還是我們的原因）確定了日期，無論如何，它都將在第三季度和第四季度之間關閉？

It's the latter. I mean, look, the it's four unique buyers. We're on the other side in the sense that there's no more or no contingencies related to these sales. This is common course, whereby following conclusion of diligence, you then have a pace to close.

是後者。我的意思是，你看，這是四個不同的買家。從某種意義上說，我們的情況則相反，這些銷售不再有任何附加條件。這是常見的流程，即在盡職調查結束後，就可以進入成交階段。

Given the size of the portfolio with each of the buyers, it's a rolling close. There'll be incremental takedowns between now and the end of the year. Look, I think where we stand today, I would say upwards of maybe 20% of those proceeds could be realized in Q3 with the balance in Q4. Again, there are ultimately hard outside dates tied to those. That's where we get comfortable with the 2025 execution.

鑑於每位買家的投資組合規模都很大，因此交易將分階段進行。從現在到年底，將會有一系列逐步取締行動。你看，我認為就我們目前的情況來看，這些收益的 20% 左右可以在第三季度實現，其餘部分將在第四季度實現。再說一遍，最終這些都有硬性外部日期。這就是我們對 2025 年執行感到滿意的地方。

Understanding they have an obligation and they wouldn't get them out of their deposits, but these are without commenting too much, I'm sure you can't give too much detail, but these are strong counterparties and there isn't any finance needs on their end that are fulfilling this deal for these deals?

我知道他們有義務這樣做，而且他們不會動用存款，但這些交易我不想過多評論，我相信你也不能透露太多細節，但這些都是實力雄厚的交易對手，而且他們那邊沒有任何融資需求來完成這些交易？

There's no contingency. The deposits are hard at this stage, and I would just echo that our experience in selling assets is this is just normal course. There's nothing in our view, that would suggest that the transactions won't close as planned.

沒有緊急應變計畫。現階段存款比較困難，我只想重申，根據我們出售資產的經驗，這只是正常現象。我們認為沒有任何跡象表明這些交易不會按計劃完成。

I appreciate that. Then in terms of the incurrence covenant on the debt service coverage, ratio, how far off are you from meeting that? I guess, is there like a time line or a series of actions do you think I understand that there's some variability in the performance of the portfolio, but how quickly do you think you could get back in compliance with that covenant and be able to be a more active participant in the debt markets if need be?

我很感激。那麼，就債務償付覆蓋率的發生契約而言，你們距離達到該目標還有多遠？我想，是否有時間表或一系列行動方案？我理解投資組合的表現存在一些波動，但您認為多久才能重新符合該契約的要求，並在必要時能夠更積極地參與債務市場？

Sure, John. It's a great question. At Q1, we were right at the threshold of 1.50 times. The numbers we reported yesterday, we were at 1.49 times. Depending on which side of the ratio you're talking about, it's $4 million of EBITDA, $3 million of interest.

當然可以，約翰。這是一個很好的問題。第一季度，我們正好達到 1.50 倍的門檻。我們昨天公佈的數據是 1.49 倍。根據你討論的是比率的哪一邊，分別是 400 萬美元的 EBITDA 和 300 萬美元的利息。

We did announce to get to the 1.5 times, we did announce the redemption of the February ‘26 notes. On a pro forma basis, we're moving that interest gives us some temporary relief on that, but we did draw the revolver.

我們宣布將達到 1.5 倍，我們也宣布了 2 月 26 日紙幣的兌換。從形式上看，我們認為利息可以暫時緩解我們的壓力，但我們確實已經採取了行動。

There are variables on how that ratio will work as we get into Q3. When we get the Q3 filing, we'll have to see where our earnings are at. We're not happy at the levels even if we are passing the covenant, we need to get more cushion there to not have to worry about an incurrence test, as you said, participate in capital market transactions, but there are things we could do in further asset sales, operational improvements that are going to give us cushion, and we're going to continue to think strategically about it.

進入第三季後，這個比例將如何變化還有待觀察。等我們拿到第三季財報後，才能知道我們的獲利狀況如何。即使我們通過了契約，我們對目前的水準也不滿意。正如您所說，我們需要更多的緩衝，這樣就不必擔心發生風險測試，可以參與資本市場交易。但是，我們可以透過進一步出售資產、改善營運來獲得緩衝，我們將繼續對此進行策略性思考。

Then one last one on the hotel dispositions. Is pricing and apologies if I missed this earlier in the call or in the prepared material, but is pricing what you were anticipating, say, at the 1Q call?

最後還有一個關於飯店設施的問題。定價方面，如果我在先前的電話會議或準備的資料中遺漏了這一點，我深表歉意，但定價是否符合您在 1Q 會議上的預期？

Yeah, I mean barring what I mentioned earlier, right, there was some slight adjustments, but I think the bigger I mean, we're very pleased with the pricing. You look at that $900 million at just shy of a 16 multiple. I think that is indicative of just the strong participation in those assets and the pricing we're able to achieve accordingly.

是的，我的意思是，除了我之前提到的那些之外，還有一些細微的調整，但我認為最重要的是，我們對定價非常滿意。你看，這9億美元相當於將近16倍的市盈率。我認為這恰恰表明了這些資產的強勁參與度以及我們據此能夠實現的定價。

That's it for me thank you very much.

我的情況就是這樣，非常感謝。

Jack Armstrong with Wells Fargo.

傑克·阿姆斯特朗，來自富國銀行。

Hey, good morning. Thanks for taking the question. Just picking back up on the debt side there. Can you walk us through the decision to fully draw the credit facility? In terms of other ways that you could look to address the debt situation, would you consider issuing a 0 coupon bond that would lower your cash interest and get you back into compliance with the debt covenant, you could refinance existing maturities?

嘿，早安。感謝您回答這個問題。再說回債務方面的問題。您能詳細解釋一下決定全部提取信用額度的原因嗎？至於解決債務問題的其他方法，您是否考慮發行零息債券以降低現金利息並使您重新符合債務契約？或者，您是否可以對現有到期債務進行再融資？

Sure, Jack, thank you for that. As we were getting close to the end of Q2 and looking where our May actuals and year-to-date actuals were trending on the hotel portfolio, we had anticipated our Q2 filing might put us right below that threshold, which is why we drew the revolver to protect liquidity because on a pro forma basis, if you're below the 1.5 times, it's an incurrence test, so you can't draw on the revolver if you're under that level.

當然，傑克，謝謝你。隨著第二季度接近尾聲，我們觀察了酒店投資組合五月份的實際業績和年初至今的實際業績趨勢，預計第二季度的財務報告可能會使我們剛好低於該門檻，因此我們動用了循環信貸額度來保護流動性，因為按備考基準計算，如果低於 1.5 倍，則需要進行風險測試，因此如果信貸低於該水平，則無法動用循環信貸水平。

We did that proactively to make sure we have access to that liquidity, which is important for us. The timing of the asset sales being later in the year and having the $350 million due all played into that decision. We'll continue to evaluate whether or not we hold cash, repay the revolver and when we repay off the next tranche of notes that are due later in October of '26.

我們主動採取了這項措施，以確保我們能夠獲得流動資金，這對我們來說非常重要。資產出售的時間安排在今年晚些時候，以及需要支付 3.5 億美元，這些因素都影響了這個決定。我們將繼續評估是否持有現金、償還循環貸款以及何時償還將於 2026 年 10 月下旬到期的下一批票據。

Regarding your other question, the 0 coupon idea is certainly something on the table. We have a lot of exploratory conversations with stakeholders, bankers and things of that nature, and that's something that can, yes, provide relief to this covenant and significant relief given 0 coupon structure. Those are the things we will evaluate going forward.

關於你的另一個問題，0 優惠券的想法當然也在考慮之中。我們與利害關係人、銀行家等進行了大量的探索性對話，這確實可以為該契約提供緩解，鑑於零息票結構，這可以提供顯著的緩解。這些是我們接下來需要評估的內容。

Then as we're thinking about the '27 maturities, when should we expect you to start addressing those maturities? Is that a kind of early '26 event as you start to consider some additional hotel sales? Or do you think you'll try and do a refinance instead of waiting for additional sale proceeds?

那麼，當我們考慮 2027 年到期的債務時，我們應該期待你們何時開始著手處理這些到期債務？這是指您在 2026 年初開始考慮增加一些飯店銷售活動嗎？或者您打算嘗試進行再融資，而不是等待額外的售房款？

Look, I think as Brian alluded to, we're thinking about multiple levers that would ultimately benefit the company, but certainly, the structure around additional hotel sales in '26 will be used to delever and specifically around the '27s given with the current dispositions and the payoff Brian alluded to of the early part of the '26s, that's going to be covered through those proceeds.

你看，我認為正如布萊恩所暗示的那樣，我們正在考慮多種最終將使公司受益的槓桿，但可以肯定的是，2026 年額外的酒店銷售結構將用於降低槓桿率，特別是考慮到目前的資產處置以及布萊恩提到的 2026 年初的收益，2027 年的支出將通過這些收益來彌補。

Again, looking out to '27 in asset sales and again, just being mindful of different opportunities as we continue to stay close to those 27s being the next tranche for us to address.

再次展望 2027 年的資產出售，同時也要留意各種不同的機會，因為我們將繼續密切關注 2027 年的資產出售，這將是我們接下來要解決的問題。

Can you characterize what are the next hotels that you look to take out of the portfolio just from a chain scale, location and brand perspective?

從連鎖規模、地理位置和品牌角度來看，您能否描述一下您接下來打算從旗下飯店中剔除的哪些飯店？

Yeah, I think look, I think it's a little preliminary. I don't want to lose sight of the focus on what we're closing on, but it's probably a combination of different chain scales. There's a scenario where there's some full service on the table. We talked about the one we pulled from Atlanta. Then there's others that may be lower performing in certain markets that we would consider.

是的，我覺得，這還只是初步的。我不想忽略我們正在努力完成的事情，但這可能是不同規模供應鏈的組合。有一種情況是，可以提供全套服務。我們聊了聊從亞特蘭大拉回來的那輛車。此外，我們也會考慮一些在某些市場表現較差的其他股票。

That's something we're really starting to get our arms around with now and then be in a position we can time it accordingly. We've got a little runway to do that. We'll have more detail to share on future calls, but it's something, again, we're assembling, which would I think, be considered across the chain scale.

我們現在正逐漸掌握這項技術，並且能夠據此把握時機。我們還有一段時間來完成這項工作。我們將在以後的電話會議上分享更多細節，但這是我們正在籌備的事情，我認為這將在整個供應鏈層面上考慮。

Okay, and then can you provide us with some updated return expectations on the hotel renovation program just from a cash-on-cash perspective and help us frame what the lift will look like in '26 and '27 in terms of how it breaks out between occupancy and rate?

好的，那麼能否請您從現金回報率的角度，為我們提供一些關於酒店翻新計劃的最新回報預期，並幫助我們了解 2026 年和 2027 年入住率和房價的提升情況？

Sure. I mean the way we've been looking at some of these projects, there's different tiers of what we expect from the money we're deploying, obviously, put aside the recurring maintenance stuff, but the renovations and redevelopment initiatives, there can be a wide range of expectations and how we pro forma some of those projects, whether it's normal course recycling/renovation programs in the 8% to 10% range as far as lift expectations and RGI improvements.

當然。我的意思是，就我們看待這些項目的方式而言，我們對投入資金的期望顯然是分不同層次的，撇開經常性的維護工作不談，但對於翻新和重建計劃，預期範圍可能很廣，我們對其中一些項目的預測方式也各不相同，無論是正常的回收/翻新計劃，其預期提升幅度在 8% 到 10% 之間，還是 RGI 方面改進。

We have some larger scale projects like the South Beach hotel I mentioned where we expect returns in the 20-plus percent range and other projects. There can be a wide range, but the lift can take 6, 12, 18 months to be realized on a pro forma basis as hotels stabilize, get reintroduced to the market.

我們有一些規模較大的項目，例如我提到的南海灘酒店，我們預計回報率將超過 20%，以及其他一些項目。雖然時間跨度可能很大，但從酒店穩定下來並重新進入市場來看，這種提升可能需要 6、12 或 18 個月才能按計劃實現。

But we're seeing a lot of good early signs from some of the bigger boxes that we have completed in recent months, and we continue to be thoughtful around how we deploy capital, and that goes into part of the strategy to selectively pick renovations and how we're deploying CapEx.

但從我們最近幾個月完成的一些大型專案來看，我們看到了許多良好的早期跡象，我們將繼續認真考慮如何部署資本，這也是我們選擇性地進行翻新以及如何部署資本支出策略的一部分。

Then you mentioned in the deck some changes coming to the management agreement with Sonesta. Can you explain what those will look like? To the extent that there are just changes to structure and not in terms of the actual agreement with Sonesta, why are you not pushing for a more favorable contract with them, just given how much of a headwind to margins Sonesta management has been?

然後你在簡報中提到了與索內斯塔酒店管理協議即將發生的一些變化。你能解釋一下它們會是什麼樣子嗎？如果只是結構上的變化，而不是與索內斯塔的實際協議發生變化，考慮到索內斯塔管理層對利潤率造成的負面影響，為什麼你們不爭取與他們簽訂更有利的合約呢？

Yeah, look, I think that the overall terms for the agreement are market. Really, a lot of the strategy around reference to the management agreement is predicated on the fact that this is currently a pooled agreement.

是的，你看，我認為協議的總體條款是符合市場行情的。實際上，圍繞管理協議制定的許多策略都是基於這樣一個事實：目前這是一項集中管理協議。

As we think about the sales that are underway currently and those that will likely happen in future years, I think a change to the structure so we can have and forego the pooled agreement and align incentives more specifically to performance-based initiatives is all part of the expectation with any changes to the management agreement.

當我們考慮目前正在進行的銷售以及未來幾年可能發生的銷售時，我認為，對結構進行調整，以便我們可以擁有或放棄聯合協議，並將激勵措施更具體地與基於績效的舉措相結合，這都是管理協議任何變更的預期組成部分。

Again, I think economically, we don't anticipate any impact. It's more just to right-size and align with where we're going with the strategy and again, on market terms.

再次強調，我認為從經濟角度來看，我們預期不會有任何影響。更確切地說，是為了調整規模，使其與我們的策略方向保持一致，並且再次強調，要符合市場條件。

Okay, that's it for me thanks so much.

好了，我的情況就到這裡，非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Chris Bilotto, President and Chief Executive Officer, for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給總裁兼執行長克里斯·比洛托，請他作閉幕致詞。

Yeah, Thank you for joining today's call. We look forward to keeping you updated on our ongoing strategic initiatives to transform the company, strengthen our balance sheet and enhance overall performance. Please reach out to Investor Relations, if you're interested in scheduling a meeting with SVC. That concludes our call.

是的，感謝您參加今天的電話會議。我們期待持續向您報告我們正在進行的策略舉措，這些舉措旨在轉變公司、增強資產負債表並提高整體績效。如果您有興趣安排與SVC的會面，請聯絡投資者關係部門。通話到此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。