Service Properties Trust (SVC) 2025 Q3 法說會逐字稿

Good morning and welcome to the Service Properties Trust third quarter 2025 earnings conference call [Operator Instructions] I would now like to turn the call over to Kevin Barry, senior director of investor relations. Please go ahead.

早安，歡迎參加 Service Properties Trust 2025 年第三季財報電話會議。 [操作員說明] 現在我將把電話交給投資者關係高級總監 Kevin Barry。請繼續。

Good morning. Thank you for joining us today. With me on the call are Chris Bellotto, President and Chief Executive Officer, Jesse Hebert, Vice President, and Brian Donnelly, treasurer and Chief Financial Officer. In just a moment, they will provide details about our business and our performance for the 3rd quarter of 2025, followed by a question-and-answer session with Seide analysts.

早安.感謝您今天蒞臨。與我一起參加電話會議的有總裁兼執行長克里斯·貝洛托、副總裁傑西·赫伯特以及財務主管兼財務長布萊恩·唐納利。稍後，他們將詳細介紹我們的業務以及 2025 年第三季的業績，隨後將與 Seide 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 1,995 and other securities laws.

我謹此聲明，未經公司事先書面同意，禁止錄音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》及其他證券法所界定的前瞻性陳述。

These forward-looking statements are based on SEC's beliefs and expectations as of today, November 6, 2025, and actual results may differ materially from those that we project. 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.

這些前瞻性聲明是根據美國證券交易委員會截至 2025 年 11 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。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。

Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be accessed from our website at SVCRI.com or the SEC's website. Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, this call may contain non-GAAP financial measures including normalized funds from operations or normalized FFO and adjusted EBITDA.

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 SVCRI.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。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。

A reconciliation of these non-GAAP figures to net income is available in SEC's earnings release presentation that we issued last night, which can be found on our website. and 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. With that, I will turn the call over to Chris.

這些非GAAP數據與淨利潤的調節表已在昨晚我們發布的美國證券交易委員會（SEC）盈利報告演示文稿中提供，該演示文稿可在我們的網站上找到。最後，我們將在本次電話會議上提供業績指引，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。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 announced our third quarter earnings results, which reflect continued momentum on our strategic objectives.

謝謝你，凱文。各位早安，感謝大家今天參加電話會議。昨晚，我們公佈了第三季獲利結果，這反映了我們在策略目標方面持續取得的進展。

I will begin today's call with a brief update on our key initiatives and share operating highlights from both our hotel and net lease businesses. Jesse will provide further details on our NetLease platform and recent acquisitions. Brian will then discuss our financial performance, balance sheet, and quarterly guidance.

今天，我將首先簡要介紹我們的主要舉措，並分享我們酒店和淨租賃業務的營運亮點。Jesse 將提供更多關於我們 NetLease 平台和近期收購的詳細資訊。接下來，布萊恩將討論我們的財務表現、資產負債表和季度業績指引。

Starting with our strategic priorities, we had another productive quarter, completing previously announced hotel sales, advancing our capital recycling initiatives, and taking decisive steps to strengthen SVC's balance sheet.

從我們的策略重點來看，我們又度過了一個富有成效的季度，完成了先前宣布的酒店銷售，推進了我們的資本循環利用計劃，並採取了果斷措施來加強 SVC 的資產負債表。

Since our last earnings call, we have been active in the capital markets, raising over $850 million in proceeds, including $295 million from asset sales during the quarter, $67 million in asset sales in the months of October and November.

自上次財報電話會議以來，我們一直在資本市場積極運作，籌集了超過 8.5 億美元的資金，其中包括本季透過資產出售籌集的 2.95 億美元，以及 10 月和 11 月透過資產出售籌集的 6,700 萬美元。

And approximately $490 million from the issuance of our new zero coupon bonds. the proceeds were used to fully repay our evolving credit facility and retire all of our 2026 senior notes. Each of these steps further improved SEC's debt maturity profile, enhanced our financial flexibility, and strengthened our covenant position.

此外，我們還透過發行新的零息債券籌集了約 4.9 億美元。所得款項用於全額償還我們不斷調整的信貸額度，並贖回我們所有 2026 年到期的優先票據。這些措施進一步改善了美國證券交易委員會的債務到期狀況，增強了我們的財務靈活性，並加強了我們的契約地位。

Turning to current dispositions, earlier this year, we committed to exiting 121 hotels, totaling nearly 16,000 keys for gross proceeds of $959 million. We remain on track to complete the balance of these sales, including 6 hotels that sold in October for $66.5 million.69 hotel sales expected to close in November and December for $567.5 million.

就目前的資產處置情況而言，今年早些時候，我們承諾出售 121 家酒店，總計近 16,000 間客房，總收益為 9.59 億美元。我們仍按計劃完成剩餘的銷售，包括 10 月售出的 6 家酒店，售價為 6,650 萬美元。預計 11 月和 12 月將完成 69 家酒店的銷售，售價為 5.675 億美元。

Proceeds from these remaining sales will primarily be used to initiate the repayment of our February 2027 senior incured notes. with respect to acquisitions, we continue to advance modest growth supporting our net lease portfolio which Jessie will expand upon. This is intended to improve our net lease portfolio fundamentals, provide optionality with financing sources, and support our business model transitioning toward a net lease company.

剩餘銷售所得款項將主要用於償還我們2027年2月到期的優先已發生票據。在收購方面，我們將繼續穩步推進，以支持我們的淨租賃投資組合，傑西將進一步拓展該投資組合。此舉旨在改善我們的淨租賃組合基本面，提供融資來源的選擇，並支持我們的業務模式轉型為淨租賃公司。

Turning to our hotel performance. at the macro level, the US travel market continues to face headwinds with demand trends remaining uneven amid persistent economic uncertainty. Domestic leisure travel has declined to its lowest point in several years, reflecting heightened price sensitivity and a shift towards shorter booking windows. These behaviors suggest a more cautious consumer mindset in the current environment.

再來看我們酒店的業績。從宏觀層面來看，由於持續的經濟不確定性，美國旅遊市場持續面臨不利因素，需求趨勢仍然不均衡。國內休閒旅遊已降至數年來的最低點，反映出人們對價格的敏感度提高以及預訂窗口期縮短的趨勢。這些行為表明，在當前環境下，消費者的心態更加謹慎。

As these portfolio continues to deliver steady top-line growth, with revPAR increasing 20 basis points year over year, outpacing the broader industry by 160 basis points and representing the 4th consecutive quarter of outperformance. This growth was primarily driven by occupancy gains, while ADR declined modestly.

由於這些投資組合持續保持穩定的營收成長，每間可供出租客房收入年增 20 個基點，比整個產業高出 160 個基點，並且連續第四個季度表現優異。這一增長主要由入住率提高推動，而平均房價略有下降。

Excluding the hotels we are exiting, our remaining 84 hotels delivered stronger third quarter performance with revPAR increasing 60 basis points year over year, driven by occupancy gains of 140 basis points. across the broader portfolio, contract business, particularly airline related demand, remained a key growth driver and was partially offset by softer group and demand and a decline in government bookings. Transient revenues were flat year over year, reflecting stable but subdued discretionary travel activity.

除即將退出的飯店外，我們剩餘的84家飯店第三季業績表現強勁，每間可供出租客房收入（revPAR）年增60個基點，主要得益於入住率提升140個基點。在整個酒店組合中，合約業務，尤其是航空相關需求，仍然是主要的成長動力，但部分被團體和政府預訂需求的疲軟以及政府預訂的下降所抵消。短期旅行收入與去年同期持平，反映出非必要旅行活動穩定但較為疲軟。

Hotel EBITDA declined compared to last year, primarily reflecting elevated labor costs, insurance deductibles, and broader expense pressures. The scale and timing of hotel dispositions during the quarter introduced operational disruptions that weighed on performance, which we view as largely transitional.

酒店 EBITDA 與去年相比有所下降，主要反映出勞動力成本、保險免賠額和更廣泛的支出壓力上升。本季飯店資產處置的規模和時間安排造成了營運中斷，對業績產生了影響，但我們認為這在很大程度上是過渡性的。

As the disposition pipeline normalizes, we expect this shift will support stability and margin improvement as we move into 2026. In recent years, we have also made significant capital investments to elevate the quality and performance of our hotels, having undergone major renovations that close to 45% of our retained hotel portfolio. We see positive indications of increasing performance, and we expect these renovated hotels to deliver incremental growth over the next year as they capture additional market share.

隨著處置流程的正常化，我們預計這一轉變將有助於在 2026 年實現穩定性和利潤率的提高。近年來，我們也投入了大量資金來提升飯店的品質和業績，對我們保留的飯店組合進行了重大翻新，翻新面積接近 45%。我們看到業績提升的積極跡象，預計這些翻新後的酒店將在未來一年內隨著市場份額的擴大而穩步增長。

Within the retained hotel portfolio, approximately 15 hotels generated a combined EBITDA loss of over $20 million over the trailing 12 months. while several of these assets are in the midst of a performance ramp ups following the noted renovations or undergoing operational turnarounds, others are identified candidates for this position.

在保留的飯店組合中，約有 15 家飯店在過去 12 個月中合計 EBITDA 虧損超過 2,000 萬美元。雖然其中一些資產在完成翻新或進行營運調整後正處於業績提升階段，但其他一些資​​產被認為是該職位的候選對象。

The reduction in cash drag combined with proceeds with these 2026 hotel sales serves as a meaningful catalyst for further deleveraging. These actions enhance our financial flexibility and support our long-term strategic objectives. We expect to provide additional detail on these disposition plans and future updates as execution progresses.

現金拖累的減少，加上2026年飯店出售所得收益，將成為進一步去槓桿化的強力催化劑。這些舉措增強了我們的財務靈活性，並支持了我們的長期策略目標。我們預計將在執行過程中提供有關這些處置計劃和未來更新的更多細節。

Turning to our triple net lee segment. Our portfolio continues to deliver steady performance, highlighted by rent growth over 2%, stable rent coverage, and occupancy over 97%. The triple net lease market continues to demonstrate resilience and growth driven by supported consumer behavior.

接下來我們來看三網防風部分。我們的投資組合持續保持穩定的業績，租金成長超過 2%，租金覆蓋率穩定，入住率超過 97%。在消費者行為的推動下，三方淨租賃市場持續展現韌性和成長動能。

Operators are capitalizing on consumer preferences for convenience, affordability and accessibility, driving continued demand for QSRs, express car washes, and discount stores, industries in which SBC currently maintains or is increasing its exposure.

營運商正在利用消費者對便利性、價格實惠和易於獲取的偏好，推動對快餐店、快速洗車店和折扣店的持續需求，而 SBC 目前在這些行業保持或正在增加其投資。

Following the balance sheet initiatives executed during the quarter, we believe SBC is well positioned to advance both this hotel and met lee strategies. These efforts are expected to support sustained cash flow growth and enhance long-term value creation for shareholders. I will now turn it over to Jessie to discuss the Netleyease portfolio.

鑑於本季執行的資產負債表舉措，我們相信 SBC 已做好充分準備，推進這家酒店和 Met Lee 的策略。這些舉措有望支持現金流的持續成長，並增強股東的長期價值創造。現在我將把發言權交給傑西，讓她來討論Netleyease的作品集。

Thanks, Chris. In support of SEC's strategic shift toward the net lease space during the quarter, we continued to focus on portfolio growth and curation driven largely by our acquisition platform.

謝謝你，克里斯。為了支持 SEC 在本季向淨租賃領域進行策略轉型，我們繼續專注於投資組合的成長和篩選，這主要得益於我們的收購平台。

Although they will remain relatively modest in the near term, our acquisitions are intended to scale our net lease business, optimize portfolio composition, and unlock value through accretive financing opportunities. Our investment thesis continues to revolve around necessity-based e-commerce resistant retail assets that offer strong rent coverage and require minimal capital investment.

儘管短期內規模可能仍然相對較小，但我們的收購旨在擴大淨租賃業務規模，優化投資組合組成，並透過增值融資機會釋放價值。我們的投資理念仍圍繞著必需品型、抗電商衝擊的零售資產展開，這些資產能夠提供強勁的租金覆蓋率，並且只需要極少的資本投入。

During the third quarter we acquired 13 net lease properties for a total of $24.8 million accounting for closings subsequent to quarter end, year-to-date investments total $70.6 million. These deals have been funded with a combination of cash on hand and proceeds from net lease dispositions.

第三季度，我們收購了 13 處淨租賃物業，總金額為 2,480 萬美元。考慮到季度末之後完成的交易，今年迄今的投資總額為 7,060 萬美元。這些交易的資金來源包括自有現金和淨租賃處置所得款項。

Our 2025 transactions to date have a weighted average lease term of 14.2 years, average rent coverage of 2.6 times, and an average going in cash cap rate of 7.4%. Consistent with our investment criteria, the acquisitions include a balanced mix of quick service and casual dining restaurants, automotive services, fitness, and value retailers.

截至目前，我們 2025 年的交易加權平均租賃期間為 14.2 年，平均租金覆蓋率為 2.6 倍，平均現金資本化率為 7.4%。符合我們的投資標準，此次收購涵蓋了快餐和休閒餐飲餐廳、汽車服務、健身和折扣零售商等多種類型的企業，實現了均衡發展。

At quarter end, SBC's net lease portfolio consisted of 752 properties with annual minimum rents of $389 million. The portfolio was more than 97% leased with a weighted average lease term of 7.5 years. We have 178 tenants operating under 139 brands across 21 distinct industries.

截至季末，SBC 的淨租賃組合包括 752 處房產，年度最低租金為 3.89 億美元。該投資組合的出租率超過 97%，加權平均租賃期限為 7.5 年。我們有 178 個租戶，旗下擁有 139 個品牌，涵蓋 21 個不同的產業。

Aggregate rent coverage was just over 2 times for the trailing 12 months unchanged compared to the prior quarter. From a credit quality perspective, 2/3 of our annual minimum rents come from TA travel centers backed by investment grade rated BP. Rent coverage at these assets was also stable compared to the prior quarter.

過去 12 個月的總租金覆蓋率略高於 2 倍，與上一季相比持平。從信用品質的角度來看，我們年度最低租金的 2/3 來自由投資等級 BP 支持的 TA 旅行中心。與上一季相比，這些資產的租金覆蓋率也保持穩定。

Annualized base rent increased 2.3% and NOI increased 50 basis points year over year, largely a function of our recent acquisition activity. Our asset management team executed 10 leases this quarter, totaling 187,000 square feet and averaging over 10 years of term.

年化基本租金成長 2.3%，淨營業收入年增 50 個基點，主要得益於我們最近的收購活動。本季度，我們的資產管理團隊執行了 10 份租賃合同，總面積達 187,000 平方英尺，平均租期超過 10 年。

Looking ahead, we have a robust pipeline of investment opportunities aimed at further enhancing portfolio metrics with respect to tenant and geographic diversity, weighted average lease term, and coverage ratios. To that end, we are currently under agreement to acquire 5 additional properties totaling $25 million which we expect to close in the 4th quarter.

展望未來，我們擁有強大的投資機會儲備，旨在進一步提升投資組合在租戶和地理多樣性、加權平均租賃期限和覆蓋率方面的指標。為此，我們目前已達成協議，將收購另外 5 處房產，總價值 2,500 萬美元，預計在第四季完成交易。

Incremental disciplined growth will continue to be the focus for the net lease side of the business, generating reliable cash flows designed to endure throughout economic cycles. and with that, I'll turn it over to Brian to discuss our financial results. Thank you, Jesse.

我們將繼續專注於淨租賃業務的穩定成長，以產生能夠經受經濟週期考驗的可靠現金流。接下來，我將把發言權交給布萊恩，讓他來討論我們的財務表現。謝謝你，傑西。

Good morning. Starting with our consolidated financial results for the third quarter of 2025, normalized FFO is $33.9 million or $0.20 per share, versus $0.32 per share in the prior year quarter. Justin Biebert's RE decreased $10 million year over year to $145 million.

早安.從我們 2025 年第三季的綜合財務表現來看，經調整後的 FFO 為 3,390 萬美元，即每股 0.20 美元，而去年同期為每股 0.32 美元。賈斯汀·比伯特的房地產收入比去年同期減少了1000萬美元，至1.45億美元。

Overall financial results this quarter as compared to the prior quarter were primarily impacted by a $13.1 million dollar decline in adjusted hotel EITA and an $8.7 million dollar increase in interest expense. for 160 comparable hotels this quarter, red par increased by 20 basis points, gross operating profit margin percentage declined by 330 basis points to 24.4%.

本季整體財務業績與上季相比主要受到調整後飯店EITA下降1,310萬美元和利息支出增加870萬美元的影響。本季度，160家可比飯店的淨利潤率上升20個基點，毛利率下降330個基點至24.4%。

Below the GOP line costs at our comparable hotels increased 7.6% from the prior year driven by insurance claims at certain hotels. Our hotel portfolio generated adjusted hotel needs of $44.3 million a decline of 18.9% from the prior year as a result of softer demand and expense pressures.

由於某些飯店的保險索賠，我們同類飯店的 GOP 線以下成本比前一年增加了 7.6%。由於需求疲軟和支出壓力，我們的飯店組合調整後飯店需求為 4,430 萬美元，比上年下降 18.9%。

These results came in below the low end of our hotel even the guidance range by $9.7 million primarily due to a $6.6 million dollar impact from hotels sold prior to September 30th, and a $2.9 million dollar impact from fire related disruption at two full service hotels.

這些業績比我們酒店的預期範圍低了 970 萬美元，主要原因是 9 月 30 日之前出售的酒店造成了 660 萬美元的損失，以及兩家全方位服務酒店因火災造成的 290 萬美元損失。

The 76 and the exit hotels not yet sold as a quarter and generated red car of $72 a decline of 1%, and adjusted hotel ETA of $8.3 million a decline of $3.2 million year over year. The 84 hotels in our retained portfolio generated red par of $114 an increase of 60 basis points year over year, and adjusted hotel ETA of $36 million during the quarter, a decrease of $7 million year over year.

76 家酒店和尚未售出的出口酒店作為一個季度產生了 72 美元的紅色汽車收入，下降了 1%；調整後的酒店預計收入為 830 萬美元，同比下降了 320 萬美元。我們保留的投資組合中的 84 家酒店本季產生了 114 美元的虧損面值，年增 60 個基點；調整後的酒店預計總收入為 3,600 萬美元，比去年同期減少 700 萬美元。

Most of the decline year over year and retained portfolios related to elevated labor costs, repairs, and insurance expenses. Turning to our expectations for Q4, we are currently projecting 4th quarter revPAR of $86 to $89 in adjusted hotel EBITDA in the $20 to $25 million dollar range.

年比下降和保留投資組合的大部分與勞動力成本、維修和保險費用上漲有關。展望第四季度，我們目前預計第四季度每間可供出租客房收入 (revPAR) 為 86 至 89 美元，調整後飯店 EBITDA 為 2,000 萬至 2,500 萬美元。

This guidance considers the sequential decline due to seasonality in the 4th quarter, as well as recent headwoods in the travel and lodging industries. This guidance does not include the impact of completing any of the remaining 76 and that the hotel dispositions expected to close in Q4.

該指導意見考慮了第四季度因季節性因素導致的環比下降，以及旅遊和住宿行業近期的低迷狀況。該指導意見不包括完成剩餘 76 項交易的影響，也不包括預計在第四季度完成的飯店處置。

Turning to the balance sheet, we currently have $5.5 billion of debt outstanding with a weighted average interest rate of 5.9%. As discussed last quarter, we fully drew down on our $650 million revolving credit facility in July to protect liquidity as our 1.5 times debt service coverage covenant was projected to be below the minimum requirement when we filed our second quarter earnings. Since then, we have taken several actions to strengthen the SEC's balance sheet and improve our credit metrics.

從資產負債表來看，我們目前有 55 億美元的未償債務，加權平均利率為 5.9%。正如上個季度所討論的，我們在7月份全額動用了6.5億美元的循環信貸額度，以保障流動性，因為在我們提交第二季度收益報告時，預計我們的1.5倍債務償付覆蓋率將低於最低要求。此後，我們採取了多項措施來加強美國​​證券交易委員會的資產負債表並改善我們的信用指標。

Using the proceeds from asset sales in our new $580 million of zero coupon senior secured notes, we have repaid all $700 million of senior notes that were scheduled to mature in 2026. I'm pleased to report we have also repaid all amounts outstanding on our $650 million revolving credit facility and are currently in compliance with all of our debt companies.

利用新發行的 5.8 億美元零息優先擔保票據的資產出售所得，我們償還了所有將於 2026 年到期的 7 億美元高級票據。我很高興地報告，我們已經償還了 6.5 億美元循環信貸額度的所有未償款項，目前符合所有債務公司的要求。

We currently project interest expense for the fourth quarter will be approximately $102 million. It includes approximately $84 million of cash interest expense and $18 million of non-cash amortization of discounts and financing fees.

我們目前預計第四季的利息支出約為 1.02 億美元。其中包括約 8,400 萬美元的現金利息支出和 1,800 萬美元的非現金折價和融資費用攤提。

Our next debt maturity is $400 million of 4.95% unsecured senior notes due February of 2027, which we currently expect to redeem from the proceeds of the remaining hotel asset sales we expect to close this quarter.

我們下一筆到期債務是 4 億美元的 4.95% 無擔保優先票據，將於 2027 年 2 月到期。我們目前預計將從本季完成的剩餘飯店資產出售所得款項中贖回這些票據。

Turning to our capital expenditure activity, during the 3rd quarter, we invested $47 million in capital improvements. Notable activity this quarter includes projects at our Sonesta Atlanta Airport Hotel, preliminary project expenses for the Nautilus in South Beach, and our Sonesta ES Suites in Anaheim.

再來看我們的資本支出活動，在第三季度，我們投資了 4700 萬美元用於資本改善。本季值得關注的活動包括亞特蘭大機場索內斯塔酒店的項目、南海灘鸚鵡螺酒店的初步項目支出以及阿納海姆索內斯塔ES套房酒店的項目。

As it relates to our capital spending, we are updating our full year 2025 guidance to reflect a shift in the pace of deployment and the timing of our planned renovation and brand transition at the Nautilus Hotel. We originally planned to begin this project in the 4th quarter of this year, but we have deferred the project to commence during the 1st quarter of 2026, with completion expected next fall.

就我們的資本支出而言，我們正在更新 2025 年全年預期，以反映部署速度的變化以及我們計劃對 Nautilus Hotel 進行翻新和品牌過渡的時間表。我們原計劃於今年第四季啟動該項目，但已將該項目推遲至 2026 年第一季啟動，預計將於明年秋季完成。

For the full year 2025, we're lowering our full year CapEx projection from $250 million to approximately $200 million. Last quarter we provided initial 2026 CapEx guns at $150 million for the year, and expect the deferral of the Nautilus project will result in $20 million to $30 million of CapEx shifting to 2026.

2025 年全年，我們將全年資本支出預測從 2.5 億美元下調至約 2 億美元。上個季度我們初步預測 2026 年資本支出為 1.5 億美元，預計 Nautilus 計畫的延遲將導致 2,000 萬至 3,000 萬美元的資本支出轉移到 2026 年。

In closing, our third quarter results reflect continued progress in transforming SVC and strengthening its financial position, highlighted by successful capital markets activity and strategic asset sales. Looking ahead, our focus remains on driving even the growth and op optimizing our portfolio to enhance long-term shareholder value. That concludes our prepared remarks. We're ready to open the line for questions.

綜上所述，我們第三季的業績反映了SVC在轉型和加強其財務狀況方面的持續進展，其中資本市場活動和策略資產出售的成功尤為突出。展望未來，我們的重點仍然是推動業務成長，並優化投資組合的運營，以提高股東的長期價值。我們的發言稿到此結束。我們已準備好開通提問專線。

We will now begin the question-and-answer session [Operator Instructions] Our first question comes from Jack Armstrong of Wells Fargo. Go ahead, please.

現在開始問答環節。 [操作員說明] 我們的第一個問題來自富國銀行的傑克阿姆斯壯。請繼續。

Hey, good morning guys, thanks for taking the question. We're coming up on the halfway point in Q4, and there's still 69 hotels left to get done by year end. How realistic is it that all these are going to close in time, based on our prior conversations, the operators that are picking them up can only handle so much at a time from an operational perspective there. So curious your thoughts on the actual execution there.

嘿，各位早安，感謝你們回答這個問題。第四季已經過半，到年底前還有 69 家飯店需要完工。根據我們之前的談話，所有這些項目都能及時關閉的現實性有多大？從營運角度來看，負責接收這些專案的營運商一次只能處理這麼多專案。很好奇你對那裡的實際執行有何看法。

Yeah, hey, thanks for the question. This is Chris. I think, as we've talked about historically, with respect to these sales, there was a phased negotiation or a rolling close with an outside date in December, meaning kind of the last close would occur across all the assets in December. And so I think the best way to look at it is right now with based on information we have, we're tracking to close 40 to 50% of the remaining balance in November. And then the rest will be in December, no later than the outside closing date, so, everything planned for 2025.

是啊，謝謝你的提問。這是克里斯。我認為，正如我們過去討論的那樣，就這些銷售而言，存在一個分階段的談判或滾動式成交，截止日期是 12 月，這意味著所有資產的最終成交將在 12 月完成。所以我認為最好的看待方式是，根據我們目前掌握的信息，我們預計在 11 月完成剩餘餘額的 40% 到 50%。其餘部分將在 12 月完成，最晚不會超過截止日期，所以一切都計劃在 2025 年完成。

Okay, and if they don't close by the closing date, kind of what's the procedure there? What should we expect?

好的，如果他們在截止日期前沒有完成交易，那該如何處理呢？我們該期待什麼？

Well, contractually they're obligated to close and so if for some reason they don't close then there's deposits and other remedies at risk. So, again I think that's at this stage just given where we are and the work we've done I think that I would view that as highly unlikely.

從合約上講，他們有義務完成交易，所以如果由於某種原因他們未能完成交易，那麼定金和其他賠償金就會面臨風險。所以，我再次認為，就目前的情況和我們已經完成的工作而言，這種情況發生的可能性極低。

Okay, and then you took a $27 million impairment in the quarter. Can you talk about what that was in relation to and the likelihood of further impairment, as we get through the rest of these.

好的，然後你們在這個季度提列了 2700 萬美元的減損損失。您能否談談這件事與什麼有關，以及在討論其他問題時，進一步損害的可能性？

Sales?

銷售量？

Hey Jack, this is Brian. That was more shifting of, the purchase price allocations amongst the portfolios. I wouldn't read too much into it. Overall, we, we're still on track to produce a significant book gain on these sales. Most of it, all of the rest of it will be a gain in the 4th quarter. Again, a lot of these, contracts and the way that, the sales were phased in, whether the individual purchase prices and how those are allocated, amongst the portfolio. Ended up resulting in that impairment, but it's, again, I think it's more noise than anything.

嘿，傑克，我是布萊恩。那更多的是投資組合之間購買價格分配的調整。我不會過度解讀這件事。總的來說，我們仍然有望從這些銷售中獲得可觀的書籍收益。大部分，其餘的都將在第四季實現成長。再說，許多這類問題都與合約以及銷售分階段進行的方式有關，包括單一購買價格以及這些價格如何在投資組合中分配。最終導致了這種損傷，但我覺得這更多的是噪音而已。

Okay, and then last one for me, press coverage continues to decline in the travel center portfolio. Give an expectation of when or if that might improve, and at what level of coverage would you say it's concerning to you, acknowledging that it's guaranteed by BT.

好的，最後一點，旅遊中心業務的媒體報告持續下降。請說明這種情況何時或是否會有所改善，以及在何種覆蓋水平下您會感到擔憂，並說明這是由 BT 提供的保障。

Yeah, Jack, this is Jesse, I'll take that. Yeah, I mean, certainly we're seeing, a couple of sequential quarters of degradation in the TA coverage. I think some of that is just kind of, we're rolling off that kind of post-COVID high with respect to the freight demand, driving a lot of their business.

是的，傑克，這是傑西，我接受這個稱呼。是的，我的意思是，我們確實看到，TA覆蓋率連續幾個季度都在下降。我認為部分原因是，我們正在從新冠疫情後貨運需求的高峰期回落，而貨運需求曾是他們業務的主要驅動力。

It does seem to be moderating that decline and it kind of flattening out, particularly within the last couple of quarters, so. Given the BP credit backing of those of those leases, I don't think we're particularly concerned at this point. We're in regular contact with TA. We continue to see them invest in the sites and continue to make them more competitive. So I think it's something we're watching, but I don't think, to anything above one, it doesn't drive us towards any particular degree of concern at this point.

似乎下滑趨勢正在放緩，並且趨於平穩，尤其是在最近幾季。鑑於這些租賃合約有 BP 的信用擔保，我認為我們目前並不特別擔心。我們與TA保持定期聯繫。我們看到他們不斷投資這些網站，並不斷提高它們的競爭力。所以我覺得這是我們正在關注的事情，但我覺得，就目前而言，它還不足以讓我們產生任​​何特別的擔憂。

Okay, really helpful thanks for the time, guys.

好的，非常感謝你們抽出時間。

Thank you [Operator Instructions] The next question comes from Tyler Batori of Oppenheimer. Go ahead, please.

謝謝[操作員說明] 下一個問題來自奧本海默公司的泰勒·巴托里。請繼續。

Hey, good morning. Thanks for taking my questions. A couple on the hotel portfolio first, and I'm just trying to evaluate the performance, during Q3. I know lots of moving pieces with asset sales and whatnot. So, just talk about, how the EBITDA specifically came in versus your expectations internally. I know it was a little bit below the guidance, but I'm not sure, perhaps how much of that was driven by asset sales and some of the other moving pieces you have going on right now.

嘿，早安。謝謝您回答我的問題。首先是飯店投資組合中的幾家公司，我只是想評估它們在第三季的表現。我知道資產出售之類的事情涉及很多環節。所以，請談談 EBITDA 的實際結果與你們內部預期相比如何。我知道這比預期略低，但我不太確定，這其中有多少是由於資產出售以及你們目前正在進行的其他一些變動因素造成的。

Hey Tyler, it's Brian. Thank you for the question. I think, from the disposition standpoint, the timing of those sales and when they closed was the biggest driver. When we provide guidance and the guidance I provided today for the 4th quarter doesn't assume asset sales, so we can't always predict the exact timing and how much, earnings will come off the plate.

嘿，泰勒，我是布萊恩。謝謝你的提問。我認為，從資產處置的角度來看，這些銷售的時機和完成時間是最大的驅動因素。當我們提供業績指引時，我今天提供的第四季度業績指引並未考慮資產出售，因此我們無法總是預測資產出售的具體時間和金額，也無法預測收益將減少多少。

Yeah, so about, you call it $7 million, I think is the number for, sales from what we had guided, 4 Q3. There were some other one-time impacts in the quarter, we had a couple of insuranceable events, fires at a couple of properties in New Orleans.

是的，大約是，你可以說是 700 萬美元，我認為這是我們先前預測的第三季銷售額 400 萬美元。本季還發生了一些其他一次性影響，我們遇到了幾起可投保的事件，新奧爾良的幾處房產發生了火災。

There was an electrical fire that caused significant disruption. We also had a fire incident, Silicon Valley, same story. It just, took room. The hotel was closed for days, and then there's just been general disruption from reopening.

發生了一起電氣火災，造成了嚴重的混亂。矽谷也發生了一起火災事故，情況一樣。它只是佔了地方。酒店關閉了好幾天，之後重新開業又造成了一些混亂。

And some other, renovation disruptions, some softness in Cambridge, for example, was a big driver, this quarter, at our Royal Sonesta. So that, there's different stories within the story, but, I think to Chris's point, his remarks, there is definitely a softness in the industry, and the travel industry in general. We continue to see cost pressures, so put all of that together is where we landed.

還有一些其他因素，例如翻新工程造成的干擾，以及劍橋的一些疲軟，都是本季我們皇家索內斯塔酒店業績下滑的主因。所以，故事裡有不同的故事，但是，我認為正如克里斯所說，旅遊業，尤其是旅遊業，確實存在著一種軟弱的一面。我們持續面臨成本壓力，綜合所有因素，最終得出了這個結論。

Okay, and then just to follow-up that in terms of the guide for Q4, helpful to hear that it doesn't assume any asset sales, but when I just look at the sequential progression Q4 versus Q3, the seasonality is a little bit worse than than normal if I'm doing my math right, it applies, about a high single-digit. Even down margin there, just talk a little bit about, kind of what's going on in Q4, and just what you're seeing in terms of, travel trends, costs, etc. Moving into the 4th quarter that's informing that guide.

好的，接下來我想補充一下第四季度業績指引的內容。很高興聽到它沒有假設任何資產出售，但是當我查看第四季度與第三季度的連續變化時，如果我的計算沒錯的話，季節性因素比正常情況要嚴重一些，大約是接近兩位數的波動。即使利潤率有所下降，也請您簡單談談第四季度的情況，以及您在旅行趨勢、成本等方面看到的情況。這些因素將影響到第四季的預測。

Yeah, I mean, I think at a very high level from the travel trends, things have generally moderated quite a bit.

是的，我的意思是，從旅遊趨勢的總體來看，情況已經緩和了很多。

Where we are seeing kind of some pockets are with respect to kind of the group pace I think overall we expect that to be up 3% for the year give or take $5 million and then we're also starting to kind of see some opportunities with contract business more specifically at a lot of the renovated hotels and so that's providing additional li, but I think you know.

我們看到一些方面有所改善，就集團業務而言，我認為總體而言，我們預計今年將成長 3% 左右，上下浮動 500 萬美元。此外，我們也開始看到一些合約業務的機會，尤其是在許多翻新酒店方面，這提供了額外的成長空間，但我想你知道。

We a lot of our business comes from the OTA market. That market too is getting a little bit more competitive, which is putting pressure on rates just given, as travel demand has lessened. More broadly, there's just a lot more, brands, exercising that market, so there's disruption on that front, let alone just kind of with the broader industry and again with the bright spots being, progress we're seeing from the renovated hotels and then more specifically on, group and contract business and then on the EBITA side, Brian, I don't know if you want to add any more color there.

我們的許多業務都來自OTA市場。由於旅遊需求減少，旅遊市場競爭也變得更加激烈，這給現有的價格帶來了壓力。更廣泛地說，現在有更多的品牌在市場上活動，因此這方面存在著顛覆性的變化，更不用說整個產業了。不過，亮點在於，我們看到翻新酒店取得了進展，更具體地說，團體和合約業務也取得了進展。至於息稅前利潤方面，布萊恩，我不知道你是否想再補充一些細節。

I mean, I think it's really the combination of what we've been seeing the last few quarters with, the continued cost pressures, lower demand, the seasonality in Q4, we're also taking out, our focus service hotels which had much more of a smoother trend, if you will, across all four quarters. It, it's a little more steeper bell curve for our full service hotels coming into Q4.

我的意思是，我認為這實際上是過去幾個季度我們所看到的各種因素綜合造成的，包括持續的成本壓力、需求下降、第四季度的季節性因素，此外，我們還剔除了重點服務型酒店，這些酒店在所有四個季度中都呈現出更為平穩的趨勢。進入第四季度，我們全方位服務飯店的鐘形曲線會更加陡峭一些。

That's, typical pattern for our portfolio. So as we sell these hotels and then, the impact of the rest of the dispositions, we, as we talked about, as Chris mentioned that, most of these properties are going to close in November and December. So how much EBITA we retain versus leaving the system still remains to be determined based on timing. But there will be a similar impact to Q4Z with removing hotels and raising those proceeds for us.

這是我們投資組合的典型模式。因此，當我們出售這些酒店以及其餘資產處置的影響時，正如我們之前討論過的，正如克里斯所提到的，這些房產中的大多數將在 11 月和 12 月完成交割。因此，我們最終保留多少 EBITA 還是退出該體系，仍需根據時機來確定。但取消飯店業務並將這些收益轉移給我們，會對 Q4Z 產生類似的影響。

Okay, great, and then moving on, can you talk a little bit more about some of the recent movements on the debt side, just the rationale behind doing the zero coupon bonds, and I know it's a little while until you have upcoming maturities, but, it's always something that people are focused on, so just kind of talk about how you're thinking about strategically handling those, in the future.

好的，太好了。接下來，您能否再談談最近在債務方面的一些舉措，例如發行零息債券的理由？我知道距離債券到期還有一段時間，但這始終是人們關注的焦點，所以請您談談您未來將如何從策略上應對這些債券。

Sure, Tyler, the zero coupon bond, the primary goal there was to give us some head headroom with our covenants, specifically the 1.5 times interest coverage, the minimum coverage. So it, we don't, we get the benefit of having having zero coupon interest to that covenant, so we got an immediate lift.

當然，泰勒，零息債券的主要目的是讓我們在履行契約方面有一些迴旋餘地，特別是1.5倍利息保障倍數，這是最低保障倍數。所以，我們沒有，我們享受了零息債券的優惠，因此我們立即獲得了收益提升。

And we drew down the revolver in July to protect liquidity because, if we're below that 1.5 times, we can't use the revolver. It's an occurrence test, incurrence of debt including borrowing from the line of credit. So we had drawn down the line defensively in July. We started, working through the strategies, as we see, we saw Hotel Ibica slipping further, as the quarter moved on.

我們在 7 月動用了循環信貸額度來保護流動性，因為如果我們低於 1.5 倍，我們就無法使用循環信貸額度。這是一項發生性測試，包括債務產生（例如向信用額度借款）。所以我們在七月就加強了防守。我們開始著手研究各種策略，但正如我們所看到的，隨著季度的推進，伊比卡酒店的業績進一步下滑。

Executed on the zero coupon transaction we've repaid our 26 notes and you know we brought ourselves back into check. So those are the primary drivers, the zero coupon bond, basically gives us 2 years of runway on our debt maturities.

透過執行零息交易，我們償還了 26 張票據，你知道，我們已經恢復了財務狀況。所以這些是主要驅動因素，零息債券基本上為我們提供了兩年的債務到期緩衝期。

Our next debt maturity. But once we complete the rest of these asset sales, we're paying off the early 27 notes that are coming due in February 27, so our next debt maturity will be those zero coupons in September of 2027.

我們下一筆債務到期。但一旦我們完成其餘的資產出售，我們將償還 2 月 27 日到期的 27 年初票據，因此我們的下一筆債務到期日將是 2027 年 9 月的零息債券。

Okay, appreciate the detail that's all for me thank you.

好的，感謝您提供的詳細信息，我的問題就這些了。

The next question comes from John Masaka of B. Riley Securities. Go ahead, please.

下一個問題來自 B. Riley Securities 的 John Masaka。請繼續。

Good morning. Maybe just a quick clarifying question on the guidance. Does that include the impact of host health sales closed quarter to date?

早安.也許我還有一個關於指導意見的簡單問題。這是否包括截至目前為止的宿主健康銷售額的影響？

No.

不。

We just, we're, the projection is based on the portfolio as of September 30th, so the few hotels shouldn't make a big difference, the ones we've closed so far, but it just assumes, ALL76 that haven't sold are still in those numbers.

我們只是，這個預測是基於截至 9 月 30 日的投資組合，所以那幾家酒店應該不會造成太大影響，也就是我們目前為止關閉的那些酒店，但它只是假設所有 76 家尚未售出的酒店仍然包含在這些數字中。

Okay, and then as we think of kind of, the pro rata impact of sales and 42 and maybe even the final impact coming into 2026 is the overall amount of, Hotel EBITDA you expect to kind of lose in these sales still at the $53 million or so mark you laid out in August.

好的，然後當我們考慮銷售額按比例的影響，以及 42 甚至到 2026 年的最終影響時，酒店 EBITDA 的總體損失金額預計仍將達到您在 8 月份設定的 5300 萬美元左右。

Roughly, I mean, yeah, I mean, it's hard to predict what those would have done without the sales process impacting those properties, but generally speaking around $50 million is the right number for the whole portfolio.

粗略地說，我的意思是，是的，我的意思是，很難預測如果沒有銷售過程對這些房產的影響，它們會取得怎樣的成績，但總的來說，整個投資組合的價值在 5000 萬美元左右是合適的數字。

And then in terms of hotel sales, it sounds like everything is expected to be wrapped up. By the end of this year, what's the outlook for potential further dispositions in 2026, particularly given you're not going to have debt repayment needs until 20,207. Could be expected another strategic process.

至於飯店銷售方面，聽起來一切都將塵埃落定。今年底，2026 年潛在的進一步資產處置前景如何？特別是考慮到您在 2027 年之前都不會有債務償還需求。可能會有另一項策略性舉措。

Maybe as you look at the zero coupon bonds, I know they're secured by, net lease assets, but just kind of curious as to the opportunity set for more hotel dispositions. Is it, could it be structural like it was this year, or is it going to be more opportunistic going forward?

也許當你查看零息債券時，我知道它們是由淨租賃資產擔保的，但我只是有點好奇，對於更多的酒店資產處置機會而言，情況會如何。未來會像今年這樣保持結構性特點，還是會更重視機會主義？

Yeah, so the short answer is that we are planning to continue with this positions in 2026. as I mentioned, kind of in my prepared remarks, we have a quantum of hotels that are negative EBITA drags, and these are on the full service side, and our initial plan is just to focus on a portion of those, for launch of a sale earlier in the year, and we're going to kind of take a more incremental approach to kind of how we think about layering in the sales. I think it's important just to know, I mean, selling negative even to hotels in itself, it takes time.

是的，簡而言之，我們計劃在 2026 年繼續持有這些股份。正如我在準備的演講稿中提到的，我們有一些酒店的 EBITA 為負，拖累了我們的業績，這些酒店都是全服務型酒店。我們最初的計劃是專注於其中的一部分，在今年稍早啟動銷售，我們將採取更循序漸進的方式來考慮如何逐步推進銷售。我認為重要的是要知道，即使是向酒店推銷負面評價，本身也需要時間。

And given kind of the overall backdrop of where the hotel kind of performance is going, more kind of sector related. We just want to strike the right balance of timing to be focused on transactions, so it'll be very much incremental in next year, but with the caveat that we will be selling hotels and our plan is to really provide more definitive information as we, round out the year likely with our NR.

考慮到酒店業整體的發展趨勢，以及與行業相關的其他因素。我們只是想找到合適的時機，專注於交易，所以明年將會逐步推進，但需要注意的是，我們將出售酒店，我們的計劃是在今年年底，可能透過我們的NR（國家評級）提供更確切的資訊。

Presentation update on kind of, the hotels themselves, how much in proceeds we expect, how much negative EBITDA in the cases for the initial round we expect to, see come off the books when these transact and other details supporting that initiative.

本次演示將更新有關酒店本身、我們預計的收益、首輪融資中我們預計的負 EBITDA 金額、交易完成後賬面上將減少的金額以及其他支持該計劃的細節。

Okay, I appreciate that detail, and then one last kind of one on the hotel front, purely the hotel front, the margin decline, kind of, quarter over quarter, obviously, but even year over year, was that just driven by some of the fire disruption and insurance, issues you talked about earlier on the call, or were there other kind of factors going into that?

好的，我感謝您提供的細節。最後一個問題是關於酒店方面的，純粹是酒店方面的問題，利潤率下降，顯然是環比下降，但同比下降，這僅僅是由於您之前在電話會議上提到的火災損失和保險問題造成的，還是還有其他因素導致的？

Yeah, that's part of it, I think labor continues to be a big headline number for us and for every hotel company, frankly, continued growth in wages and benefit costs, market impacts, the availability of labor, has a bigger outsize.

是的，這確實是其中一部分原因。坦白說，勞動成本仍然是我們以及每家酒店公司都非常關注的重要指標。工資和福利成本的持續成長、市場影響以及勞動力供應情況，都產生了更大的影響。

Recurring impact to the portfolio and some of these other things, these insurance items were definitely an impact this quarter, but, eventually we'll get some business interruption proceeds, but that process takes a long time to offset, so that there are other, costs within the portfolio that continue to weigh on margins as, revenues have been relatively flat.

對投資組合和其他一些事項的持續影響，這些保險項目在本季度肯定產生了影響，但最終我們會獲得一些業務中斷賠償金，但這個過程需要很長時間才能抵消，因此投資組合中還有其他成本，在收入相對平穩的情況下，這些成本繼續對利潤率構成壓力。

And then on the capfa guidance, I appreciate all the detail. It still feels like, the 2025 capfa guidance is calling for a pretty significant ramp, in 4Q versus what you've done in the last three quarters. Is there something driving that, particularly now that the Nautilus renovations are going to move to 2026 purely?

關於 CAPFA 指南，我很欣賞其中的所有細節。感覺 2025 年資本充足率預期需要在第四季實現相當大的成長，與過去三個季度相比。是否有某種原因導致這種情況發生，尤其是在鸚鵡螺號的翻新工程完全推遲到 2026 年的情況下？

Yeah.

是的。

There's a significant amount of stuff that we have in the pipeline, at various hotels that will have an outsized impact, including, one of our large royal siestas in Cambridge. We're starting a renovation project there that'll carry through into next year, same thing down in New Orleans.

我們正在籌備許多項目，將在多家酒店舉辦，這些項目將產生巨大的影響，其中包括我們在劍橋舉辦的大型皇家午睡活動。我們將在那裡啟動一個翻新項目，該項目將持續到明年，新奧爾良的情況也是如此。

The Nautilus, the biggest part and the actual swinging of hammers and doing the rooms and the public space will happen next year, but there's still a significant amount of dollars going out the door in fourth quarter by FFE releases and that sort of thing, as well as other, maintenance type capital, that we're working through, across the portfolio. So yes, it is outsized compared to the trend and, but that, that's part of the rationale why we brought the guidance way down.

鸚鵡螺號的改造工程，也就是最大的部分，實際動手敲錘、裝修房間和公共空間的工作將在明年進行，但第四季度仍有大量資金用於家具、設備和其他設施的交付，以及其他維護類型的資金，我們正在努力解決整個投資組合中的問題。所以，是的，與趨勢相比，它確實過大，但這正是我們大幅下調業績預期的部分原因。

Diversely, kind of on a two year stack, I think the way guidance kind of change is calling for overall CapEx to decline. Is that just a product of hotel sales, or is there something else, going on there where you're thinking you need less CapEx spend?

從不同的角度來看，從兩年的時間跨度來看，我認為指導意見的變化表明整體資本支出將會下降。這只是飯店銷售的結果，還是有其他原因導致您認為需要減少資本支出？

I would, certainly having less hotels there'll be less overall capital, but I think generally speaking, we have less kind of renovations planned, during the year and just bringing down kind of the overall capital spend. So I think net net, it's focused on just trying to kind of be more strategic about the deployment of capital, going into the year. So you know this is.

當然，酒店數量減少肯定會減少整體資本支出，但總的來說，我們計劃在一年內減少翻新項目，從而降低整體資本支出。所以我覺得總而言之，今年的重點是要更有策略地部署資本。所以你知道這是。

Ryan kind of alluded to the numbers going into 2026 and we'll continue to evaluate that with the goal that we can kind of see further reductions in our years as well.

Ryan 暗示了 2026 年的數據，我們將繼續評估這些數據，以便在未來幾年內也能看到進一步的減少。

Okay, and just to be, clear, the CapEx spend guidance does take into account the asset sales correct?

好的，為了確認一下，資本支出指導方針是否已將資產出售考慮在內？

Correct, we're not projecting anything related to the sale of hotels.

沒錯，我們沒有預測任何與飯店出售相關的內容。

No, I meant, so it is the, I guess the number for 2026 includes assets that are planned to be sold, or is that. are you factoring in the fact you're going to sell these assets before you need to spend CapEx on them?

不，我的意思是，所以，我猜2026年的數字包含了計劃出售的資產，還是說…您是否考慮到了在需要投入資本支出之前就出售這些資產這一事實？

Yeah, correct, yeah, so it's for, I guess we'll answer it in two parts. The, for the 25 dispositions in the capital guidance, that's all factored in. There's no capital with, specifically tied to what we're selling at this stage, just given where we are in the process. The capital guide for 2026.

是的，沒錯，是的，所以，我想我們會分成兩個部分來回答這個問題。對於資本指引中的 25 項處置，這些都已考慮在內。目前，我們並沒有專門針對我們所銷售的產品投入任何資金，這只是因為我們處於流程的這個階段。2026年資本指南。

It's going to have some capital for the hotels we're selling. I mean by the time we transact on those hotels, we're going to have to continue to make sure we're we're taking care of any, mission critical work. So you know there's going to be some numbers in there, but as we dial into the timing of the sales, then we would kind of right size that number, but I wouldn't view that as kind of an outsized amount that would fall off given some of those initial sales.

我們會用一部分資金來支付我們正在出售的酒店的費用。我的意思是，當我們完成這些酒店的交易時，我們必須繼續確保我們能夠處理任何關鍵任務。所以你知道，這裡面肯定會有一些數字，但隨著我們逐漸確定銷售時間，我們會對這個數字進行適當的調整，但我不會認為這是一個過大的數額，考慮到最初的一些銷售額，這個數額最終會下降。

And then, maybe as we think about 26, bigger picture, is there a leverage target you kind of have in mind, post some of these continued hotel dispositions?

然後，當我們從更宏觀的角度來看待第 26 點時，在繼續進行這些飯店資產處置之後，您是否有一個槓桿目標？

Yeah, I think with the completion of the 113th, and that's the sales, we've been quoting one full turn off of leverage when the dust settles, and that's still where we expect things to shake out on the flip side, as you've seen in these numbers, even does eroded a little bit and really depends on where we come in next year, short of any other. Sales.

是的，我認為隨著第 113 屆的完成，也就是銷售額，我們一直預計，塵埃落定後，槓桿率將下降一整圈，而這仍然是我們預期的最終結果。另一方面，正如你從這些數字中看到的，即使有所下降，也仍然取決於我們明年的情況，除非有其他因素。銷售量。

So from a leverage target standpoint we're going to, when we get more specific as far as what we might sell in 26 and some of the full service hotels and what the EBITA impact is to the portfolio, we'll have more clarity on that. But at this time, the full turn of leverage from what we've done this year is sort of the benchmark in the short-term.

所以從槓桿目標的角度來看，當我們更具體地了解我們可能會出售哪些資產（例如 26 家全服務酒店）以及對投資組合的 EBITA 影響時，我們就會對此有更清晰的認識。但就目前而言，我們今年所取得的成就所帶來的槓桿效應，可以說是短期內的基準。

I appreciate the answer. I appreciate you, answering all my questions.

感謝您的解答。感謝您解答我的所有問題。

Thank you very much.

非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Chris Bellotto, 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·貝洛托，請他作閉幕致詞。

Thank you everybody for joining the call today. We look forward to seeing many of you at Nyre in December. Please reach out to our investor relations team if you're interested in scheduling a meeting with SBC. That concludes our call.

感謝各位今天參加電話會議。我們期待在十二月與大家在奈爾相見。如果您有興趣安排與SBC的會面，請聯絡我們的投資者關係團隊。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。