Xenia Hotels & Resorts Inc (XHR) 2022 Q4 法說會逐字稿

Good afternoon. Thank you for attending today's Xenia Hotels & Resorts, Inc. Q4 2022 Earnings Conference Call. My name is Tamia, and I will be your moderator for today. (Operator Instructions)

下午好。感謝您參加今天的 Xenia Hotels & Resorts, Inc. 2022 年第四季度收益電話會議。我叫 Tamia，今天我將擔任你們的主持人。 （操作員說明）

It is now my pleasure to pass the conference over to your host, Amanda Bryant, VP of Finance. Please proceed.

現在我很高興將會議轉交給你的主持人，財務副總裁 Amanda Bryant。請繼續。

Thank you, Tamia. Good afternoon, and welcome to Xenia Hotels & Resorts' Fourth Quarter 2022 Earnings Call and Webcast. I'm here with Marcel Verbaas, our Chairman and Chief Executive Officer; Barry Bloom, our President and Chief Operating Officer; and Atish Shah, our Executive Vice President and Chief Financial Officer.

謝謝你，塔米亞。下午好，歡迎來到 Xenia Hotels & Resorts 的 2022 年第四季度收益電話會議和網絡直播。我和我們的董事長兼首席執行官 Marcel Verbaas 一起來到這裡；我們的總裁兼首席運營官 Barry Bloom；和我們的執行副總裁兼首席財務官 Atish Shah。

Marcel will begin with a discussion of our performance and recent investment activity. Barry will follow with more details on operating trends and capital expenditure projects. And Atish will conclude our remarks on our balance sheet and outlook for 2023. We will then open the call for Q&A.

Marcel 將首先討論我們的業績和最近的投資活動。巴里將跟進更多關於運營趨勢和資本支出項目的細節。 Atish 將結束我們對 2023 年資產負債表和展望的評論。然後我們將開始徵集問答。

Before we get started, let me remind everyone that certain statements made on this call are not historical facts are concerned forward-looking statements. These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings, which could cause our actual results to differ materially from those expressed in or implied by our comments. Forward-looking statements in the earnings release that we issued this morning, along with the comments on this call, are made only as of today, March 1, 2023, and we undertake no obligation to publicly update any of these forward-looking statements as actual events unfold.

在我們開始之前，讓我提醒大家，在這次電話會議上所做的某些陳述不是歷史事實，而是前瞻性陳述。正如我們在 10-K 表格和其他美國證券交易委員會備案的年度報告中所述，這些陳述受到許多風險和不確定性的影響，這可能導致我們的實際結果與我們的評論中表達或暗示的結果存在重大差異。我們今天上午發布的收益發布中的前瞻性陳述以及對本次電話會議的評論僅截至今天，即 2023 年 3 月 1 日，我們沒有義務公開更新任何這些前瞻性陳述，因為真實事件展開。

You can find a reconciliation of non-GAAP financial measures to net income and definitions of certain items referred to in our remarks in this morning's earnings release and earnings supplemental, which is available on the Investor Relations section of our website.

您可以在今天上午的收益發布和收益補充中找到非 GAAP 財務指標與淨收入和我們評論中提到的某些項目的定義的對賬，這些內容可在我們網站的投資者關係部分找到。

The fourth quarter property level portfolio information we will be speaking about today is on a same-property basis for 30 hotels. This excludes Hyatt Regency Portland at the Oregon Convention Center and W Nashville. An archive of this call will be made available on our website for 90 days.

我們今天要談論的第四季度物業級別投資組合信息是基於 30 家酒店的同一物業。這不包括位於俄勒岡會議中心和 W Nashville 的波特蘭凱悅酒店。此通話的存檔將在我們的網站上提供 90 天。

I will now turn it over to Marcel to get started.

我現在將把它交給 Marcel 開始。

Thanks, Amanda, and good afternoon to all of you joining our call. Following a slow start to 2022, as the Omicron variant significantly impacted all demand segments, industry fundamentals and our portfolio's performance improved meaningfully as the year progressed. Leisure and group demand strengthened significantly in the second quarter, and this was followed by a steady recovery in business transient demands during the third and fourth quarters.

謝謝阿曼達，下午好，所有加入我們電話會議的人。在 2022 年開局緩慢之後，由於 Omicron 變體顯著影響了所有需求領域，行業基本面和我們的投資組合的表現隨著時間的推移顯著改善。休閒和團體需求在第二季度顯著增強，隨後在第三和第四季度商務臨時需求穩步回升。

Our 2022 results substantially exceeded the expectations we had at the beginning of the year, and our fourth quarter results allowed us to finish out the year near the high end of the guidance we provided after the third quarter for net income, adjusted EBITDAre and adjusted FFO per share.

我們 2022 年的業績大大超出了我們年初的預期，我們第四季度的業績使我們能夠在接近第三季度後提供的淨收入、調整後 EBITDAre 和調整後 FFO 指導的高端附近結束這一年每股。

Same-property portfolio RevPAR for full year 2022 declined just 5.1% relative to 2019, driven by a double-digit increase in average daily rate growth. Notably, the rest of our gaps to 2019 narrowed as occupancy improved over the course of the year and ADR growth remained strong. On a same-property basis, 2022 hotel EBITDA of $256.4 million was roughly 3% below 2019 levels. Margins were 40 basis points higher as compared to 2019.

受平均每日房價增長率兩位數增長的推動，2022 年全年同一物業組合的 RevPAR 僅比 2019 年下降 5.1%。值得注意的是，隨著全年入住率的提高和 ADR 增長保持強勁，我們與 2019 年的其他差距有所縮小。在同一酒店基礎上，2022 年酒店 EBITDA 為 2.564 億美元，比 2019 年水平低約 3%。與 2019 年相比，利潤率高出 40 個基點。

In 2022, all 30 of our same-property hotels achieved positive hotel EBITDA. However, only 12 of our hotels and resorts generated EBITDA in excess of 2019 levels, supporting our belief that we still have considerable recovery potential across the majority of our portfolio. This is particularly evident in 6 of our larger corporate- and group-focused hotels, mainly Marriott San Francisco Airport, Hyatt Regency Santa Clara, our 2 Dallas hotels and our 2 Westins in the Houston Galleria markets, as these hotels were collectively over $30 million behind in terms of hotel EBITDA in 2022 as compared to 2019.

2022 年，我們所有 30 家同類型酒店的酒店 EBITDA 均實現正增長。然而，我們只有 12 家酒店和度假村的 EBITDA 超過 2019 年水平，這支持了我們的信念，即我們的大部分投資組合仍有相當大的複蘇潛力。這在我們 6 家以企業和團體為中心的大型酒店中尤為明顯，主要是舊金山機場萬豪酒店、聖克拉拉凱悅酒店、我們在達拉斯的 2 家酒店和休斯頓廣場市場的 2 家威斯汀酒店，因為這些酒店的總銷售額超過 3000 萬美元與 2019 年相比，2022 年酒店 EBITDA 落後。

Now turning to our fourth quarter results. We reported net income of $35.3 million, adjusted EBITDAre of $64.6 million and adjusted FFO per share of $0.41. Our same-property RevPAR for the fourth quarter increased 0.6% as compared to 2019, representing the second quarter of positive growth relative to 2019 since the onset of the pandemic. Average rate growth remained very strong, with a 15% increase compared to the fourth quarter of 2019, which offset about 9 points lower occupancy. Margins improved 17 basis points compared to 2019, despite continued inflationary pressures, particularly in labor and utilities.

現在轉向我們的第四季度業績。我們報告的淨收入為 3530 萬美元，調整後的 EBITDAre 為 6460 萬美元，調整後的每股 FFO 為 0.41 美元。與 2019 年相比，我們第四季度的同物業 RevPAR 增長了 0.6%，這是自大流行開始以來第二季度相對於 2019 年的正增長。平均房價增長仍然非常強勁，與 2019 年第四季度相比增長了 15%，抵消了入住率下降約 9 個百分點的影響。儘管通脹壓力持續存在，尤其是在勞動力和公用事業領域，但與 2019 年相比，利潤率提高了 17 個基點。

We continue to successfully execute our long-term corporate strategy in 2022. Through transaction activity, we improved the overall quality and anticipated growth profile of our portfolio. We acquired W Nashville early in the year for roughly $328 million. And we sold 3 hotels for an aggregate sales price of $133.5 million, including Bohemian Hotel Celebration and Hotel Monaco Denver, in the fourth quarter.

我們在 2022 年繼續成功執行我們的長期企業戰略。通過交易活動，我們提高了投資組合的整體質量和預期增長前景。我們在年初以大約 3.28 億美元的價格收購了 W Nashville。我們在第四季度以 1.335 億美元的總銷售價格出售了 3 家酒店，包括 Bohemian Hotel Celebration 和 Hotel Monaco Denver。

Collectively, our 2022 dispositions occurred at extremely attractive valuation multiples despite a challenging transaction market in the second half of the year. On a blended basis, the aggregate sale price for the 3 dispositions reflected a weighted average multiple of 15.4x 2019 hotel EBITDA. The sale price for the 2 properties we sold in the fourth quarter represented a combined 17.1x multiple on the hotel EBITDA generated during the trailing 12-month period ending September 30. These valuations were particularly attractive in light of alternative uses for our capital.

總的來說，儘管下半年交易市場充滿挑戰，但我們 2022 年的處置估值倍數極具吸引力。在混合基礎上，3 項處置的總售價反映了 15.4 倍 2019 年酒店 EBITDA 的加權平均倍數。我們在第四季度出售的 2 處房產的售價是截至 9 月 30 日的過去 12 個月期間產生的酒店 EBITDA 的 17.1 倍。考慮到我們資本的其他用途，這些估值特別有吸引力。

W Nashville continued to ramp up in its first full year of operations. We and Marriott had several important learnings over the year, including the seasonality of the national markets, the optimal mix of group and transient business, break strategy and food and beverage optimization and positioning. Although the results during our first 9 months of ownership were below our expectations, we are confident these learnings will benefit us going forward, and we remain optimistic that the hotel will achieve our expected same-line profitability in the years ahead.

W Nashville 在其運營的第一個全年持續增長。我們和萬豪在這一年中有幾項重要的經驗教訓，包括全國市場的季節性、團隊和臨時業務的最佳組合、休息策略以及餐飲優化和定位。儘管我們擁有酒店的前 9 個月的業績低於我們的預期，但我們相信這些經驗教訓將使我們的未來受益，並且我們仍然樂觀地認為酒店將在未來幾年實現我們預期的同線盈利。

Meanwhile, we are encouraged by the results we achieved in 2022 at our other most recent acquisition, Hyatt Regency Portland at the Oregon Convention Center, during its first full week calendar year of operations. Despite an extremely difficult operating environment in a market that was slow to reopen, its EBITDA matched our initial underwriting for its first full year of operations, helped by an excellent job by Hyatt's managing costs.

與此同時，我們對 2022 年在俄勒岡會議中心波特蘭凱悅酒店的另一筆收購中取得的成果感到鼓舞，這是其運營的第一個整週日曆年。儘管在一個重新開放緩慢的市場中經營環境極其困難，但在凱悅管理成本方面的出色表現的幫助下，其 EBITDA 與我們在其運營的第一年的初始承保相匹配。

We are optimistic that an improved events calendar and encouraging group base will result in steady EBITDA increases in the next few years. We expect that both W Nashville and Hyatt Regency Portland will be significant drivers for our future portfolio EBITDA growth.

我們樂觀地認為，改進的活動日程和令人鼓舞的團體基礎將導致未來幾年 EBITDA 穩步增長。我們預計 W Nashville 和 Hyatt Regency Portland 將成為我們未來投資組合 EBITDA 增長的重要推動力。

Over the year, we balanced a range of capital allocation priorities, including returning capital to shareholders through the share repurchases and reinstating a $0.10 per share quarterly dividend. Additionally, we further fortified our balance sheet and now have no debt maturities until 2025. Atish will discuss our balance sheet activities in greater detail shortly.

過去一年，我們平衡了一系列資本分配優先事項，包括通過股票回購向股東返還資本，以及恢復每股 0.10 美元的季度股息。此外，我們進一步加強了我們的資產負債表，現在直到 2025 年都沒有到期的債務。Atish 將在短期內更詳細地討論我們的資產負債表活動。

Entering the year, we also invested in several important internal ROI projects at key properties and completed planning work for several upcoming projects that we expect to generate meaningful earnings growth in the years ahead. While Barry will provide details on these various projects in his remarks, I would like to highlight one large and exciting project we are expecting to complete over the next 2 years.

進入這一年，我們還在關鍵物業投資了幾個重要的內部 ROI 項目，並完成了幾個即將進行的項目的規劃工作，我們預計這些項目將在未來幾年產生有意義的收益增長。雖然 Barry 將在他的發言中提供這些不同項目的詳細信息，但我想強調一個我們預計在未來 2 年內完成的令人興奮的大型項目。

In early February, we announced plans to invest approximately $110 million in a complete transformation and expansion of the 491-room Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch. The investment is intended to maximize value of a high-performing asset in a strategically important market by optimizing its ability to capture a premium rate of group and leader transient business and compete most effectively with other luxury resorts in the Phoenix, Scottsdale market.

2 月初，我們宣布計劃投資約 1.1 億美元，對蓋尼牧場擁有 491 間客房的斯科茨代爾凱悅水療度假村進行全面改造和擴建。該投資旨在通過優化其獲取集團和領導者瞬態業務溢價率的能力，並與斯科茨代爾鳳凰城市場的其他豪華度假村進行最有效的競爭，從而在具有重要戰略意義的市場中實現高性能資產價值最大化。

Upon completion, which we currently expect to occur in late 2024, the property will be rebranded as the Grand Hyatt Resort, with an additional 5 keys, the substantial increase in meeting and event space, significantly upgraded and exciting new food and beverage offerings, the revamped pool complex and a substantially enhanced room product.

我們目前預計將於 2024 年底完工後，該酒店將更名為君悅度假村，增加 5 個鑰匙，會議和活動空間的大幅增加，顯著升級和令人興奮的新餐飲服務，改造後的泳池綜合設施和大幅增強的客房產品。

While the resort generated record EBITDA in 2022 as a result of extremely strong post-COVID domestic leisure demands, we believe that this investment will allow the property to optimize its long-term mix of group and transient demands and maintain and improve its ability to drive premium rates. Upon stabilization, we expect the property to generate 50% higher RevPAR and a near doubling of hotel EBITDA from pre-pandemic stabilized levels, effectively closing the performance gap with the property's competitive set which has also experienced meaningful capital investment in recent years.

由於 COVID 後極其強勁的國內休閒需求，該度假村在 2022 年產生了創紀錄的 EBITDA，但我們相信，這項投資將使該物業能夠優化其長期的團體和短暫需求組合，並保持和提高其驅動能力保費率。穩定後，我們預計該物業的 RevPAR 將比大流行前的穩定水平高出 50%，酒店 EBITDA 將增加近一倍，從而有效縮小與該物業的競爭組合之間的績效差距，後者近年來也進行了大量的資本投資。

While this transformative renovation will cause short-term cash flow disruption to a high-performing asset in our portfolio, we strongly believe this project is both attractive from an ROI perspective as well as appropriately timed to drive long-term profit growth and value appreciation in an important market for our company.

雖然這種變革性改造將對我們投資組合中的一項高性能資產造成短期現金流中斷，但我們堅信，從投資回報率的角度來看，該項目既具有吸引力，又適合推動長期利潤增長和價值升值。對我們公司來說是一個重要的市場。

Xenia's had a long and successful relationship with Hyatt, which underscores our confidence in our ability to generate attractive risk-adjusted returns in Scottsdale. This includes 2 recent successful ROI investments at Park Hyatt Aviara and at Hyatt Regency Grand Cypress. Both properties have achieved significant improvement in earnings and market share following our capital investment after acquiring these outstanding resorts in 2018 and 2017, respectively.

Xenia's 與凱悅有著長期而成功的合作關係，這凸顯了我們對我們在斯科茨代爾產生有吸引力的風險調整後回報的能力的信心。這包括最近在 Park Hyatt Aviara 和 Hyatt Regency Grand Cypress 的 2 項成功的 ROI 投資。在我們分別於 2018 年和 2017 年收購這些優秀度假村後，通過我們的資本投資，這兩個物業的收益和市場份額都取得了顯著改善。

Following the acquisition of Park Hyatt Aviara in late 2018, our approximately $58 million additional capital investments has resulted in a more than doubling of the property's EBITDA and a meaningful increase in RevPAR index. While we already reached our projected stabilized EBITDA range in 2022, despite the lingering impact of COVID, particularly on group business, we see substantial opportunities for further gains in the coming years. Rate growth has been particularly impressive, but we believe that improved group business will allow us to drive occupancy and further optimize the demand mix in the years ahead.

在 2018 年底收購 Park Hyatt Aviara 之後，我們約 5800 萬美元的額外資本投資使該酒店的 EBITDA 翻了一番以上，RevPAR 指數也顯著增加。儘管我們已經在 2022 年達到了預計的穩定 EBITDA 範圍，但儘管 COVID 的影響揮之不去，尤其是對集團業務的影響，但我們認為未來幾年有進一步增長的巨大機會。房價增長尤其令人印象深刻，但我們相信，集團業務的改善將使我們能夠在未來幾年推動入住率並進一步優化需求組合。

And at Hyatt Regency Grand Cypress, our post-acquisition capital investment of approximately $45 million included renovation and expansion of the meeting space as well as a targeted renovation of all guest rooms. The property performed extremely well through the pandemic, increasing its EBITDA by approximately 50% between 2018 and 2022 and continuing to gain market share.

在 Hyatt Regency Grand Cypress，我們約 4500 萬美元的收購後資本投資包括會議空間的翻新和擴建以及所有客房的有針對性的翻新。該物業在大流行期間表現非常出色，其 EBITDA 在 2018 年至 2022 年間增長了約 50%，並繼續獲得市場份額。

However, it's still very much in the early innings when it comes to optimizing group business and reaping the full benefits of the expanded and upgraded meeting space. We expect the 25,000-square-foot ballroom addition will allow us to unlock significant growth in the years ahead as Orlando remains a very attractive market for group business and the property is well positioned to take market share.

然而，在優化集團業務和從擴大和升級的會議空間中獲得全部好處方面，它仍處於早期階段。我們預計，新增 25,000 平方英尺的宴會廳將使我們能夠在未來幾年實現顯著增長，因為奧蘭多仍然是一個對集團業務極具吸引力的市場，而且該物業處於佔據市場份額的有利位置。

Similarly to the 2 resorts I just highlighted, we acquired Hyatt Regency Scottsdale at a very attractive basis in 2017. Our projected capital investment will raise our bases in the resort to approximately $680,000 per key. We believe that this basis remains extremely attractive for a luxury resort in the Scottsdale markets, especially when compared to recent transactions for comparable assets and current replacement costs.

與我剛剛強調的 2 個度假村類似，我們在 2017 年以極具吸引力的價格收購了斯科茨代爾凱悅酒店。我們預計的資本投資將使我們在度假村的基地增加到每個鑰匙約 680,000 美元。我們認為，這一基礎對於斯科茨代爾市場的豪華度假村而言仍然極具吸引力，尤其是與最近的可比資產交易和當前重置成本相比。

To conclude my remarks, we are extremely proud of our performance and strategic actions we have taken over the past several years. We navigated through a very challenging period for the lodging industry, yet we emerged with a higher-quality portfolio and a better expected growth profile, supported by a conservative capital structure and ample liquidity.

最後，我們對過去幾年的業績和採取的戰略行動感到非常自豪。我們度過了酒店業充滿挑戰的時期，但在保守的資本結構和充足的流動性支持下，我們的投資組合質量更高，預期增長前景更好。

We are optimistic looking ahead to 2023 and beyond despite a continued cloudy for the general economy, especially as we look towards the second half of the year. We believe our efforts during the pandemic and in the early phases of the recovery has positions us well to remain opportunistic as it relates to potential acquisitions and other potential ROI opportunities. There could be additional drivers of earnings growth in the years ahead.

儘管整體經濟持續陰雲密布，但我們對 2023 年及以後的前景持樂觀態度，尤其是在我們展望下半年的時候。我們相信，我們在大流行期間和復蘇初期所做的努力使我們能夠很好地保持機會主義，因為這與潛在的收購和其他潛在的投資回報率機會有關。未來幾年可能會有更多的盈利增長驅動因素。

And we expect that the stabilization of our recent acquisitions, the recovery potential of our urban group and business transient-focused hotels and the further growth opportunities for our recently renovated properties will be meaningful internal EBITDA growth drivers.

我們預計我們最近收購的穩定、我們城市集團和商務短途酒店的複蘇潛力以及我們最近翻新的物業的進一步增長機會將成為有意義的內部 EBITDA 增長動力。

With that, I will turn the call over to Barry, who will provide additional details on our fourth quarter performance and our capital expenditure projects.

有了這個，我將把電話轉給巴里，他將提供有關我們第四季度業績和資本支出項目的更多詳細信息。

Thank you, Marcel, and good afternoon, everyone. For the full year 2022, our 30 same-property portfolio RevPAR was $166.08 based on occupancy of 63.9% at average daily rate of $259.92. As Marcel noted in his remarks, same-property portfolio RevPAR decreased 5.1% as compared to 2019. This decrease reflects nearly 13 points lower occupancy, which was partially offset by a 13.8% increase in average daily rate as compared to full year 2019.

謝謝 Marcel，大家下午好。 2022 年全年，基於 63.9% 的入住率和 259.92 美元的平均每日房價，我們的 30 個相同物業組合的 RevPAR 為 166.08 美元。正如馬塞爾在講話中指出的那樣，與 2019 年相比，同一物業組合的 RevPAR 下降了 5.1%。這一下降反映出入住率下降了近 13 個百分點，但與 2019 年全年相比，平均每日房價增長了 13.8%，部分抵消了這一影響。

Our properties achieving the strongest RevPAR growth as compared to 2019 included Hyatt Centric Key West, Park Hyatt Aviara, Royal Palms and Bohemian Savannah, all of which benefited from robust leisure demand throughout the year. Conversely, the RevPAR declines compared to 2019 were experienced at Marriott San Francisco Airport, Hyatt Regency Santa Clara and Hotel Palomar Philadelphia, which are more dependent on business transient and group demand.

與 2019 年相比，我們的 RevPAR 增長最快的酒店包括 Hyatt Centric Key West、Park Hyatt Aviara、Royal Palms 和 Bohemian Savannah，所有這些都受益於全年強勁的休閒需求。相反，與 2019 年相比，舊金山機場萬豪酒店、聖克拉拉凱悅酒店和費城帕洛瑪酒店的 RevPAR 有所下降，這些酒店更依賴於業務瞬態和團體需求。

For the fourth quarter, our 30 same-property portfolio RevPAR was $166.87 based on occupancy of 64.1% at an average daily rate of $260.19. Same-property portfolio RevPAR increased 0.6% in the quarter as compared to the same period in 2019. For the fourth quarter, the same property leaders and laggards were the same as for the full year, where we note that each of the laggard hotels achieved significant growth in Q4, in 2022 over Q4 of 2021, suggesting that recovery is well underway.

第四季度，基於 64.1% 的入住率和 260.19 美元的平均每日房價，我們的 30 個相同物業組合的 RevPAR 為 166.87 美元。與 2019 年同期相比，本季度同一物業組合的 RevPAR 增長了 0.6%。第四季度，相同的物業領先者和落後者與全年相同，我們注意到每家落後的酒店都實現了2022 年第四季度比 2021 年第四季度顯著增長，表明復蘇正在順利進行。

As expected, results in the fourth quarter vary across the months given the timing of holidays and the usual seasonal mixtures. Same-property RevPAR in October and November declined 0.1% and 0.4%, respectively, as compared to 2019, while December RevPAR increased 2.6% compared to 2019.

正如預期的那樣，考慮到假期的時間和通常的季節性組合，第四季度的結果在幾個月內有所不同。與 2019 年相比，10 月和 11 月的同店 RevPAR 分別下降 0.1% 和 0.4%，而 12 月的 RevPAR 與 2019 年相比增長 2.6%。

Overall business in the fourth quarter reflected a transition in our business from what has been primarily leisure demand over the past few quarters to a more traditional mix of leisure, corporate transient and group demand. Mid-week occupancies continue to improve, particularly in October, where we had several weeks with midweek occupancy above 80%.

第四季度的整體業務反映了我們的業務從過去幾個季度的主要休閒需求轉變為更傳統的休閒、企業臨時和團體需求組合。周中入住率繼續提高，特別是在 10 月份，我們有幾週的周中入住率超過 80%。

October trends followed the similar patterns of September. This was driven by an increase in occupancy, consistent with expected seasonal patterns in business transient and group and generally coincided with a marked increase in a return to office and business travel. Overall, October occupancy of 70.9% was a post-COVID record relative to 2019 with occupancy down less than 10 points.

10 月的趨勢與 9 月的趨勢相似。這是由入住率增加推動的，這與商務短暫和團體的預期季節性模式一致，並且通常與返回辦公室和商務旅行的顯著增加相吻合。總體而言，與 2019 年相比，10 月份的入住率為 70.9%，創下 COVID 後的記錄，入住率下降不到 10 個百分點。

Rate growth remained robust in the quarter, average daily rate at our same-property portfolio up 15% as compared to 2019. Of our 30 same-property hotels, all but 5 achieved higher average daily rates in the fourth quarter of 2022 than they did in the fourth quarter of 2019.

本季度的房價增長依然強勁，與 2019 年相比，我們同一物業組合的平均每日房價增長了 15%。在我們的 30 家同一物業酒店中，除 5 家外，其他所有酒店在 2022 年第四季度的平均每日房價均高於實際水平2019年第四季度。

We are optimistic regarding corporate group rates, particularly as we achieved higher mid-week occupancies in a number of our urban markets, including Santa Clara, San Francisco, Houston and Dallas on Tuesday and Wednesday nights, providing significant rate compression opportunities. Our managers anticipate further improvements in corporate transient business fundamentals and expect negotiated corporate rates to increase in the high single-digit percentage range this year.

我們對企業團體房價持樂觀態度，尤其是我們在周二和周三晚上在包括聖克拉拉、舊金山、休斯頓和達拉斯在內的多個城市市場實現了更高的周中入住率，提供了顯著的房價壓縮機會。我們的經理預計企業瞬態業務基本面將進一步改善，並預計今年協商的企業利率將以高個位數百分比增長。

Similar to prior quarters, we saw continued rate strength in our resorts and in our drive-to leisure markets, with average daily rates for the quarter compared to 2019 of more than 30% in our properties in Arizona, Key West, Napa and San Diego.

與前幾個季度類似，我們看到我們的度假村和駕車前往休閒市場的房價持續走強，與 2019 年相比，我們在亞利桑那州、基韋斯特、納帕和聖地亞哥的物業的平均每日房價超過 30% .

Turning to group. In the quarter, our group business benefited from solid in the quarter for the quarter billed booking and double-digit rate growth, resulting in group rooms revenue exceeding fourth quarter of 2019 levels by over 5%. Our performance reflected healthy demand from corporate groups, particularly in our larger group-oriented hotels in Orlando, Scottsdale and San Diego. Our full year 2022 group meetings revenue ended about 9% lower than 2019. Looking ahead to 2023, the group revenue pace is currently about 21% of 2022, and group rates for 2023 reflect a high single-digit increase over 2022.

轉向組。在本季度，我們的團體業務受益於本季度的穩健結算預訂和兩位數的增長率，導致團體客房收入超過 2019 年第四季度的水平超過 5%。我們的業績反映了企業集團的健康需求，尤其是我們在奧蘭多、斯科茨代爾和聖地亞哥的大型團體酒店。我們 2022 年全年的團體會議收入比 2019 年低約 9%。展望 2023 年，目前團體收入增速約為 2022 年的 21%，2023 年的團體會議費率比 2022 年高個位數增長。

Now turning to expenses and profit. Fourth quarter same-property hotel EBITDA was $65.4 million, an increase of 3.3% on a total revenue increase of 2.7% compared to the fourth quarter of 2019, resulting in 17 basis points of margin improvement. This modest growth in hotel EBITDA margin for the quarter was primarily impacted by a continuation of higher labor and utility costs. On a full year basis, the total EBITDA margin increased 40 basis points relative to 2019, and reflects primarily the outsized increase we achieved in the second quarter of 2022.

現在轉向費用和利潤。第四季度同物業酒店 EBITDA 為 6540 萬美元，與 2019 年第四季度相比，總收入增長 2.7%，增長 3.3%，利潤率提高 17 個基點。本季度酒店 EBITDA 利潤率的溫和增長主要受到勞動力和公用事業成本持續上漲的影響。從全年來看，EBITDA 總利潤率比 2019 年增加了 40 個基點，主要反映了我們在 2022 年第二季度實現的大幅增長。

With respect to labor, and as we discussed in the third quarter, our operators successfully have staffed up to meet the strong recovery in demand where necessary. In general, our fully recovered hotels are opening at FTE staffing levels between 90% and 95% of pre-pandemic levels, while hotels where there's still substantial opportunity for recovery were operating FTE staffing levels between 60% and 70% of pre-pandemic levels.

關於勞動力，正如我們在第三季度討論的那樣，我們的運營商成功地配備了人員，以滿足必要時需求的強勁復甦。總體而言，我們完全恢復的酒店開業時的 FTE 人員配置水平為大流行前水平的 90% 至 95%，而仍有大量恢復機會的酒店的 FTE 人員配置水平為大流行前水平的 60% 至 70% .

Now turning to CapEx. During the fourth quarter and over the full year, we invested $29.7 million and $70.4 million in portfolio improvements, respectively. This compares to our initial expectation of approximately $95 million in total capital spending for the year, as a number of projects have had portions of their spend delayed into 2023.

現在轉向資本支出。在第四季度和全年，我們分別投資了 2970 萬美元和 7040 萬美元用於改善投資組合。相比之下，我們最初預計今年的總資本支出約為 9500 萬美元，因為許多項目的部分支出已推遲到 2023 年。

During 2022, some of the significant renovation projects in our portfolio included: At Kimpton Canary Santa Barbara, we completed a comprehensive renovation of public spaces, including the meeting space, lobby, restaurant bar and rooftop. We also began a comprehensive guest room renovation in the fourth quarter, which is expected to be completed in the second quarter of 2023.

2022 年，我們投資組合中的一些重大改造項目包括： 在 Kimpton Canary Santa Barbara，我們完成了公共空間的全面改造，包括會議空間、大堂、餐廳酒吧和屋頂。我們還在第四季度開始了全面的客房改造，預計將於2023年第二季度完成。

At Grand Bohemian Hotel Orlando, we conducted a comprehensive renovation of public spaces, including meeting space, lobby, restaurant, bar, Starbucks and the creation of a rooftop bar we expect to be completed in the first quarter of 2023. The comprehensive renovation of the guest rooms, including substantial tub-to-shower conversions, will commence in the second quarter [of 2023].

在奧蘭多波希米亞大酒店，我們對公共空間進行了全面改造，包括會議空間、大堂、餐廳、酒吧、星巴克，並創建了一個屋頂酒吧，我們預計將於 2023 年第一季度完成。客房，包括大量的浴缸到淋浴間的轉換，將於 [2023 年] 第二季度開始。

At Park Hyatt Aviara, we refurbished the nearly 30-year-old golf course, including replacement of turf brass, bunkers, irrigation heads and controls, car paths and curving, all of which will result in significant reduction in water use. We are also well underway with the implementation of a combined heating and power system which should substantially lower our utility costs. In the fourth quarter, we began work on a significant upgrade to the resort's spa and wellness and entities, which will be branded as the Miraval Life in Balance Spa upon completion late in the second quarter of 2023.

在 Park Hyatt Aviara，我們翻新了擁有近 30 年曆史的高爾夫球場，包括更換黃銅草皮、沙坑、灌溉頭和控制裝置、車道和彎道，所有這些都將顯著減少用水量。我們還在順利實施熱電聯供系統，這將大大降低我們的公用事業成本。在第四季度，我們開始著手對度假村的水療中心和健康中心以及實體進行重大升級，這些項目將於 2023 年第二季度末完工後命名為 Balance Spa 中的 Miraval Life。

At Waldorf Astoria Atlanta Buckhead, early in the year, we completed a guest room renovation, including all soft goods and a restaurant and laundry renovation, including reconcepting of the restaurant and bar.

今年年初，我們在亞特蘭大巴克海特華爾道夫酒店完成了客房裝修，包括所有紡織品和餐廳和洗衣房裝修，包括餐廳和酒吧的重新設計。

At the Marriott Woodlands in Houston, we completed a full bathroom renovation in all guest rooms, including conversion of tubs to showers in 75% of the guestrooms.

在休斯頓伍德蘭萬豪酒店，我們對所有客房的浴室進行了全面翻新，包括將 75% 的客房的浴缸改造成淋浴間。

At Marriott Dallas Downtown, Royal Palms and Fairmont Pittsburgh, we renovated meeting and pre-function space. And Fairmont Pittsburgh added a licensed Starbucks outlet in the lobby.

在達拉斯市中心萬豪酒店、皇家棕櫚酒店和匹茲堡費爾蒙酒店，我們翻修了會議和迎賓空間。 Fairmont Pittsburgh 在大堂增加了一家獲得許可的星巴克門店。

At the Ritz-Carlton Denver, we're continuing to work on the renovation and reconfiguration of suites, which will result in 3 additional keys upon completion this quarter.

在丹佛麗思卡爾頓酒店，我們繼續致力於套房的翻新和重新配置，這將在本季度完成後產生 3 把額外的鑰匙。

At the Kimpton Hotel Monaco, Salt Lake City, we continued planning work on a comprehensive renovation of meeting space, restaurant, bar and guest rooms. It is expected to commence in the second quarter of 2023.

在鹽湖城摩納哥金普頓酒店，我們繼續計劃對會議空間、餐廳、酒吧和客房進行全面翻新。預計將於 2023 年第二季度開始。

Including the ongoing projects I just mentioned, in 2023, we expect to spend approximately $130 million to $150 million on capital expenditure projects, the most significant of which is the transformation and upbranding of the Hyatt Regency Scottsdale, as discussed earlier by Marcel. This phased project is expected to commence in the second quarter of this year, with completion expected late next year when the property will be upgraded to the Grand Hyatt brand.

包括我剛才提到的正在進行的項目，到 2023 年，我們預計將花費大約 1.3 億至 1.5 億美元用於資本支出項目，其中最重要的是 Hyatt Regency Scottsdale 的改造和品牌升級，正如 Marcel 先前所討論的那樣。此分期工程預計於今年第二季動工，預計明年底竣工，屆時該物業將升級為君悅品牌。

We're excited about the work our in-house project management team has completed over the past several years and are even more excited about the projects that we have underway in various stages of planning.

我們對內部項目管理團隊在過去幾年中完成的工作感到興奮，對我們處於不同規劃階段的項目更加興奮。

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

有了這個，我會把電話轉給 Atish。

Thanks, Barry. I'll [cover this] afternoon, our balance sheet and guidance.

謝謝，巴里。我將 [今天] 下午介紹我們的資產負債表和指導。

First, on our balance sheet. We further strengthened it in January by extending our debt maturities, and we now have no debt maturities until the second half of 2025. We thank our long-standing bank partners for their continued support.

首先，在我們的資產負債表上。我們在 1 月份通過延長債務期限進一步加強了它，現在我們在 2025 年下半年之前沒有債務到期。我們感謝我們的長期銀行合作夥伴的持續支持。

In addition, our base of unencumbered assets has grown. Out of our 32 hotels, 29 do not have property-level debt, which reflects an additional source of capital.

此外，我們的未支配資產基礎有所擴大。在我們的 32 家酒店中，有 29 家沒有物業債務，這反映了額外的資本來源。

Our liquidity is strong with an undrawn $450 million revolver and approximately $300 million of cash. At year-end, our leverage ratio was approximately 4.5x trailing 12 months net debt to EBITDA, which is inside of our long-term target of sub-5x leverage.

我們的流動性很強，有 4.5 億美元的未動用左輪手槍和大約 3 億美元的現金。年底時，我們的槓桿率約為過去 12 個月淨債務與 EBITDA 的 4.5 倍，這在我們低於 5 倍槓桿率的長期目標範圍內。

Turning to return of capital. Since last fall, we've repurchased about 2.5% of our outstanding shares at an average price of about $14.50 per share. We have over $150 million of remaining capacity under our current Board repurchase authorization. We continue to view share repurchase as a favorable capital allocation tool given that we still trade at about a 30% discount to our average external NAV estimate, which is about $21 per share. In addition, we declared a $0.10 per share dividend in the fourth quarter. Our effective annual yield is about 2.75% based on our current share price.

轉向資本回報。自去年秋天以來，我們以每股約 14.50 美元的平均價格回購了約 2.5% 的已發行股票。根據我們目前的董事會回購授權，我們擁有超過 1.5 億美元的剩餘產能。我們繼續將股票回購視為一種有利的資本配置工具，因為我們的交易價格仍比我們的平均外部資產淨值估計值（每股約 21 美元）折讓約 30%。此外，我們在第四季度宣布派發每股 0.10 美元的股息。根據我們目前的股價，我們的有效年收益率約為 2.75%。

Now turning to my second topic, our full year guidance we provided in this morning's release. As the recovery continues, we are encouraged by strengthening group and business transient demand. We expect full year 32-hotel RevPAR to increase approximately 6% at the midpoint to about $173. That is inclusive of 200 basis points of room revenue displacement due to renovations. As to quarterly cadence, we expect RevPAR growth in the mid-20% range in the first quarter, driven by occupancy gains. During the second half, we expect flattish RevPAR relative to last year due to tougher comps as the year progresses as well as the impact of renovations.

現在轉向我的第二個主題，即我們在今天上午發布的新聞稿中提供的全年指導。隨著復甦的繼續，我們對集團和企業瞬時需求的加強感到鼓舞。我們預計全年 32 家酒店的 RevPAR 將在中點增長約 6% 至約 173 美元。這包括因裝修而導致的 200 個基點的客房收入位移。至於季度節奏，我們預計在入住率增長的推動下，第一季度的 RevPAR 增長將在 20% 左右。下半年，我們預計 RevPAR 與去年持平，原因是隨著時間的推移以及裝修的影響更加嚴格。

For the full year, we expect adjusted EBITDAre to be about flat to last year. While we anticipate growth from our new hotels, W Nashville and Hyatt Regency Portland, as they continue ramping up as well as solid top line growth in many of our other urban and group hotels, these gains are expected to be offset by 3 items relative to last year.

對於全年，我們預計調整後的 EBITDAre 將與去年持平。雖然我們預計我們的新酒店 W Nashville 和 Hyatt Regency Portland 會繼續增長，而且我們許多其他城市和集團酒店的收入也將穩步增長，但這些收益預計將被 3 個項目所抵消去年。

The 3 items are: Number one, lower cancellation and attrition fees; number two, the dispositions that we made last year; and number three, renovations. These 3 items represent a nearly $30 million EBITDA headwind when comparing to last year.

這 3 項是：第一，降低取消和損耗費用；第二，我們去年所做的部署；第三，裝修。與去年相比，這 3 個項目代表了近 3000 萬美元的 EBITDA 逆風。

As to seasonality in adjusted EBITDAre expected for this year, we expect to earn about 60% in the first half and about 40% in the second half.

至於今年調整後的 EBITDA 的季節性，我們預計上半年盈利約 60%，下半年盈利約 40%。

Turning ahead to adjusted FFO. For the full year, we expect to earn $1.48 per share at the midpoint. That is approximately 4% behind last year due to both higher interest expense and higher income tax expense.

轉向調整後的 FFO。對於全年，我們預計中點每股收益為 1.48 美元。由於更高的利息支出和更高的所得稅支出，這比去年低了約 4%。

In conclusion, we continue to be optimistic about the recovery. The long-term outlook is promising as demand continues to improve while the number of new hotels being built in the U.S. continues to decline. We expect the rate of new supply growth to continue to fall and hit historic lows. With demand growth, that should result in strong pricing power for hotel owners.

總之，我們繼續對複蘇持樂觀態度。隨著需求持續改善，而美國在建的新酒店數量持續下降，長期前景充滿希望。我們預計新增供應增速將繼續回落並創歷史新低。隨著需求的增長，這應該會給酒店業主帶來強大的定價權。

Xenia continues to be well positioned with a high-quality, well-located asset base and multiple levers for growth. We expect the capital expenditure projects that we have discussed today to lead to a favorable setup for years to come. And our balance sheet is flexible and strong, which will allow us to take advantage of opportunities that are likely to unfold in the years ahead.

Xenia 憑藉優質、位置優越的資產基礎和多種增長槓桿繼續處於有利地位。我們希望我們今天討論的資本支出項目能夠為未來幾年帶來有利的環境。我們的資產負債表靈活而強大，這將使我們能夠利用未來幾年可能出現的機會。

That concludes our prepared remarks. And with that, we'll turn the call back over to Tamia for our Q&A session.

我們準備好的發言到此結束。有了這個，我們將把電話轉回 Tamia 進行我們的問答環節。

(Operator Instructions) Our first question comes from Bill Crow with Raymond James.

（操作員說明）我們的第一個問題來自 Bill Crow 和 Raymond James。

Marcel, this might be an unfair question, this might be a tough question to answer because of the seasonality that is really hard to get at. But do you think that -- does your gut tell you that the business transient demand is on par today with where it was in June or say September of last year? Or do you think there's been a little bit of erosion on the underlying demand because of the macro concerns?

Marcel，這可能是一個不公平的問題，這可能是一個很難回答的問題，因為季節性真的很難理解。但是您是否認為 - 您的直覺是否告訴您今天的業務瞬態需求與 6 月或去年 9 月的水平相當？還是您認為由於宏觀擔憂，潛在需求受到了一點侵蝕？

I guess no, Bill. On the business transient side, particularly, which is I think what you were asking specifically about, we've actually been seeing good improvement on that. As we talked about, we started seeing some strengthening going into -- particularly later in the third quarter and going into the fourth quarter. And certainly, some of the recent trends that we're seeing on midweek occupancy is pretty promising. So we're actually seeing a little bit more of a traditional mix when you look at day of the week type occupancy, where we're certainly seeing a little bit more strengthening in midweek.

我想不，比爾。特別是在業務瞬態方面，我認為您具體詢問的是什麼，我們實際上已經看到了很好的改進。正如我們所談到的，我們開始看到一些加強——特別是在第三季度晚些時候和進入第四季度。當然，我們在周中入住率方面看到的一些近期趨勢非常有希望。因此，當您查看星期幾類型的入住率時，我們實際上看到了更多的傳統組合，我們肯定會在周中看到更多的加強。

So the way you're comparing it to the months that you're talking about last year, I think we're actually seeing some decent improvement there.

所以你將它與你去年談論的月份進行比較的方式，我認為我們實際上看到了一些不錯的改進。

And I guess -- the second half of that question, I guess, is what you're seeing on the leisure front. Because currently, there are concerns out there about the pace of demand in some markets like The Keys and some other markets that were so good for the last couple of years. Just kind of highlight what you're seeing out there on the leisure side.

我想——這個問題的後半部分，我想，就是你在休閒方面看到的。因為目前，人們擔心一些市場的需求速度，如 The Keys 和其他一些在過去幾年表現良好的市場。只是突出你在休閒方面看到的東西。

Bill, this is Barry. On the leisure side, we are definitely seeing a continuation of strong demand, even in markets like The Keys. We are seeing in some markets, we're seeing a little bit of softening on the rate side in months that truly outperformed.

比爾，這是巴里。在休閒方面，我們肯定會看到強勁的需求持續存在，即使在像 The Keys 這樣的市場也是如此。我們在一些市場上看到，我們看到利率方面在真正跑贏大盤的幾個月里略有走軟。

So for example, January, it was a relatively softer month in The Keys historically compared to February. Over the last couple of years, we've seen January be almost as strong as February in terms of ability to drive rate. So we saw a little softness in February, but then we saw that kind of bounce back in February, again, because we were back to traditionally high demand levels there.

因此，例如，與 2 月相比，1 月是 The Keys 歷史上相對疲軟的月份。在過去的幾年裡，我們看到 1 月份在推動利率方面幾乎與 2 月份一樣強勁。所以我們在 2 月份看到了一些疲軟，但隨後我們又在 2 月份看到了那種反彈，因為我們回到了那里傳統上的高需求水平。

Yes. And then one real quick follow-up, and I'll yield the floor. But is Hyatt providing any sort of financial incentive on the -- either the Aviara renovation or the Scottsdale project?

是的。然後是一個真正的快速跟進，我會發言。但是，凱悅是否為 Aviara 改造或斯科茨代爾項目提供任何形式的經濟激勵？

Not specifically. Clearly, when you think about what's happening there, is that we talked about the fact that we're going to see some disruption there in the short term. Now as you can imagine, that property has been performing very well. So Hyatt certainly was making some good incentive management fees, for example, with the property.

不具體。很明顯，當你想到那裡發生的事情時，我們談到了一個事實，即我們將在短期內看到那裡出現一些中斷。現在你可以想像，該物業一直表現非常好。因此，凱悅當然賺取了一些不錯的獎勵管理費，例如，該物業。

So they are -- from an economic standpoint, they are definitely participating from the sense that they clearly will see an impact to their short-term management fees at the property. And going forward, obviously, our bases in the hotel increases, which will set a higher base for incentive management fees going forward. So that's one way that we really look at it to say there is an economic impact to Hyatt here.

所以他們 - 從經濟的角度來看，他們肯定會參與，因為他們顯然會看到對他們在該物業的短期管理費的影響。很明顯，展望未來，我們在酒店的基地會增加，這將為未來的激勵管理費設定更高的基數。所以這是我們真正看待它的一種方式，它說這裡對凱悅有經濟影響。

We've clearly been working with them very closely over the last, say, really 12, 18 months to look at this project and say, what is the right level of investment that we want to make here? And we're very excited about the plan we've come up with and how we think this property will be positioned going forward.

很明顯，我們在過去（比如 12、18 個月）的時間裡一直與他們密切合作來研究這個項目，然後說，我們想要在這裡進行的正確投資水平是多少？我們對我們提出的計劃以及我們認為該物業未來的定位感到非常興奮。

The next question comes from Austin Wurschmidt with KeyBanc.

下一個問題來自 Austin Wurschmidt 和 KeyBanc。

I was just curious, going back to the Hyatt Regency Scottsdale renovation, was the decision to pursue this up-branding opportunity here kind of a post-COVID opportunity or something that you guys have been evaluating for some time? And as you look broadly across the portfolio, clearly, you've had successes on the renovation front. Are there any other sort of more comprehensive renovation opportunities across any other properties that you'd highlight?

我很好奇，回到斯科茨代爾凱悅酒店的翻新工程，在這裡追求品牌提昇機會的決定是一種後 COVID 機會還是你們已經評估了一段時間的東西？當你廣泛地審視整個投資組合時，很明顯，你在翻新方面取得了成功。您要強調的任何其他物業是否還有其他更全面的翻新機會？

Yes. Thanks, Austin. Yes, this -- it's a great question. I mean it's something that we've been working on for a long time, frankly. And we've owned the property since 2017. So we've had a good run going in (inaudible) to really understand the property and where we thought the opportunities might be. And we, for a long time, talked about the opportunity to increase the meeting space there to give us a real opportunity to optimize the mix there, get more group business, being able to compress higher rates on the leisure side. So it is something that we have been considering going into COVID, for sure. And COVID overall didn't necessarily change that.

是的。謝謝，奧斯汀。是的，這是一個很好的問題。我的意思是，坦率地說，這是我們長期以來一直在努力的事情。自 2017 年以來，我們一直擁有該物業。因此，我們在（聽不清）方面取得了良好的進展，以真正了解該物業以及我們認為機會可能在哪裡。很長一段時間以來，我們一直在談論增加那裡的會議空間的機會，讓我們有機會優化那裡的組合，獲得更多的團體業務，能夠壓縮休閒方面的更高價格。所以這是我們一直在考慮進入 COVID 的東西，這是肯定的。總體而言，COVID 並不一定會改變這一點。

What we have seen, obviously, is that post-COVID domestic leisure demand has been extremely strong. So it makes it a little bit harder from a short-term disruption standpoint. But we absolutely look at this and say we want to be able to sustain and grow the cash flows at this property. We think that doing this -- but clearly, we were coming up on a time where we had to do a renovation of the property anyway. It was time to do the cyclical renovation. The room product was getting a little longer in the tooth, and the property overall hadn't really had a comprehensive renovation in a long time. So we felt that this is the absolute right thing to do to really bring this to the next level. And it's obviously something I focused on quite a bit in my remarks, but it's a market that we are extremely familiar with. We've owned this property for a good number of years.

顯然，我們看到的是後 COVID 國內休閒需求非常強勁。因此，從短期中斷的角度來看，這讓事情變得有點困難。但我們絕對會審視這一點，並表示我們希望能夠維持和增加該物業的現金流。我們認為這樣做 - 但很明顯，我們正處於無論如何都必須對房產進行翻新的時候。是時候進行週期性改造了。房間產品有點老舊了，物業整體也很久沒有真正全面裝修過了。所以我們認為這是真正將其提升到一個新水平的絕對正確的做法。這顯然是我在發言中非常關注的事情，但這是一個我們非常熟悉的市場。我們擁有這處房產已有很多年了。

Barry and I, when we were at [CNO] on hotels and resorts, we actually owned 2 of the luxury hotels that are in the competitive peer set for this hotel. And as a matter of fact, developed of one of those hotels during that time. So it's a market that I would say we probably know more about than any other market [that] was in our portfolio. So we're highly confident about what we think is the right thing to do with this asset and positioning it very well for the future.

Barry 和我，當我們在 [CNO] 的酒店和度假村工作時，我們實際上擁有 2 家豪華酒店，這些酒店在這家酒店的同行中處於競爭地位。事實上，其中一家酒店就是在那段時間開發的。因此，我想說的是，我們可能比我們投資組合中的任何其他市場都更了解這個市場。因此，我們對我們認為對這項資產做正確的事情並為未來做好定位充滿信心。

That's helpful detail. And then how much of the $110 million, I think, of total spend do you expect to hit in '23 versus '24? And assuming a similar economic backdrop, would you expect there to be more or less disruption from this asset next year?

這是有用的細節。然後，我認為在 23 年和 24 年總支出的 1.1 億美元中，您預計會達到多少？假設有類似的經濟背景，您預計明年該資產會或多或少地受到干擾嗎？

It's about -- roughly it's about -- it's roughly about [half and half in the sense]. There's more work that really gets done kind of next year as it relates to the room product and those types of things. And obviously, you spent some of the money upfront in deposits and those kind of things. So it is probably roughly about half and half between this year and next year.

它是關於——大致是關於——它大致是關於 [half and half in the sense]。明年會有更多的工作真正完成，因為它與房間產品和那些類型的東西有關。很明顯，你把一些錢預先花在了存款和諸如此類的事情上。因此，今年和明年之間可能大約是一半和一半。

Certainly, it's a little early to talk about exactly what the disruption is going to look like for next year. But one of the reasons why we're doing it over this 18-month time frame is that, again, we really worked on this over the last 12 to 18 months to look at, hey, what's the right -- what is the right project to do here. And we got very excited about the various components that we're doing here and b, how do we stage this appropriately to kind of balance both the disruption that we're dealing with and obviously wanted to get this project done as quickly as we possibly can without offsetting the operations too much.

當然，現在談論明年的顛覆會是什麼樣子還為時過早。但是我們在這 18 個月的時間框架內做這件事的原因之一是，我們在過去的 12 到 18 個月裡真的在做這件事，看看，嘿，什麼是正確的——什麼是正確的項目在這裡做。我們對我們在這里和 b 所做的各種組件感到非常興奮，我們如何適當地分階段進行，以平衡我們正在處理的中斷和顯然希望盡快完成這個項目可以在不過多抵消操作的情況下。

So again, it's a little early to talk about next year's disruption, but there's a good amount of disruption in this year just because of the fact that we're going to start working on the meeting space, which is largely limiting Hyatt's ability to really put a lot of group business on the books for the second half of this year. The pool complex that will be going as kind of the first part here, which obviously is going to impact some of the leisure experience at the hotel.

所以，現在談論明年的中斷還為時過早，但今年有很多中斷，只是因為我們將開始在會議空間上工作，這在很大程度上限制了凱悅真正做到這一點的能力今年下半年有很多集團業務。游泳池綜合設施將作為這裡的第一部分，這顯然會影響酒店的一些休閒體驗。

So the good thing is it's a seasonal market, right? So part of how we're looking at the [room] renovation that will primarily occur next year is that we're going to stage that in an appropriate way to try to limit as much as possible disruption during the busy season and have more disruption taking place during the summer when clearly the overall Phoenix market has a lower occupancy.

所以好消息是這是一個季節性市場，對吧？因此，我們對明年主要進行的 [房間] 翻新的部分看法是，我們將以適當的方式進行，以盡量減少旺季期間的干擾，並有更多的干擾發生在夏季，當時整個鳳凰城市場的入住率顯然較低。

That's helpful. And just last one for me. I guess within the context of your RevPAR growth guidance, how did you think about or what's assumed, I guess, for some of the markets that have lagged in the recovery since the onset of the pandemic? The Bay Area, you talked about kind of Portland's first full year of operation. How do we think about sort of that subset of hotels growing again within sort of the overall guidance range that you outlined?

這很有幫助。最後一個給我。我想在您的 RevPAR 增長指導的背景下，對於自大流行開始以來復甦滯後的一些市場，您是如何考慮或假設的？灣區，你談到了波特蘭的第一個全年運營。我們如何看待在您概述的總體指導範圍內再次增長的酒店子集？

Yes. I mean that's a good question. I mean it's definitely above that range. It varies quite a bit based on market, but the 2 acquisitions that we made more recently, W Nashville and Hyatt Regency Portland, we expect to see outsized growth there. And then some of the markets that have been the slowest to recover, so namely SFO, Santa Clara, we expect to see stronger growth there. And really, that's been -- being offset by the renovation disruption that we've talked about as well as just more moderate levels of growth or no growth in some of the more leisure-oriented assets.

是的。我的意思是這是個好問題。我的意思是它肯定在那個範圍之上。它因市場而異，但我們最近進行的 2 次收購，W Nashville 和 Hyatt Regency Portland，我們預計會在那裡看到超額增長。然後是一些復甦最慢的市場，即 SFO、Santa Clara，我們預計那裡會出現更強勁的增長。事實上，這已經被我們談到的翻新中斷以及一些更以休閒為導向的資產的更溫和的增長或沒有增長所抵消。

The following question comes from David Katz with Jefferies.

以下問題來自 Jefferies 的 David Katz。

I just wanted to go back. I know you made some introductory comments, but are there any data points or anything you can point to as we progress into this year? I mean, the biggest challenge I assume we're all having is trying to get a sense for what the back half of this year could look like. Can you just talk about that? And I know you've touched on it, but just to revisit what you're baking into your back half guidance.

我只是想回去。我知道您發表了一些介紹性評論，但是隨著我們進入今年，您是否可以指出任何數據點或任何內容？我的意思是，我認為我們都面臨的最大挑戰是試圖了解今年下半年的情況。你能談談嗎？而且我知道你已經觸及它，但只是為了重新審視你正在烘焙到你的後半部分指南中的內容。

Yes, sure. I mean as I mentioned in terms of top line for RevPAR, back half, we're assuming it's flat [this] year. And the reason is, a, renovations; and b, that how tough the comps are. So that's kind of how we're thinking about the back half. And the -- in sort of a similar level of, I guess, impact based on -- if you look at adjusted EBITDA or hotel EBITDA. So that's kind of how we're thinking about back half of the year.

是的，當然。我的意思是，正如我在 RevPAR 的頂線中提到的那樣，後半部分，我們假設它 [this] 持平。原因是，a，裝修； b，比賽有多艱難。這就是我們考慮後半部分的方式。而且——我想，如果你看一下調整後的 EBITDA 或酒店 EBITDA，那麼影響的程度與此類似。這就是我們對今年下半年的看法。

Which is also part of the reason, obviously, why we have a little bit wider range on guidance historically as I think there clearly is a little bit more uncertainty about the second half of the year, particularly. And again, this is -- we're comfortable with this range that we have provided this morning. And certainly, what Atish talked about are really guiding how we're looking at the balance of the year.

顯然，這也是為什麼我們在歷史上有更廣泛的指導範圍的部分原因，因為我認為今年下半年顯然存在更多的不確定性，尤其是。再一次，這是——我們對今天早上提供的這個範圍感到滿意。當然，Atish 所說的內容確實指導了我們如何看待今年的餘額。

Yes. I mean that was kind of the thrust of my question. Is the flat RevPAR, assuming some kind of modest economic slowdown, is that kind of where the base case sits? What is the underlying base case for that flat?

是的。我的意思是那是我問題的主旨。假設某種程度的經濟放緩，持平的 RevPAR 是否就是基本情況所在的位置？該公寓的基本情況是什麼？

Well, it's really sort of a similar level to what -- where the economy is right now. We've not really modeled in a slowdown. It's really more a function of the comparison and then the renovations, which do have a more significant impact in the second half of the year than the first one.

好吧，這確實與現在的經濟水平相似。我們並沒有真正模擬經濟放緩。這實際上更多的是比較的作用，然後是翻新，下半年的影響確實比上半年更大。

Got it. Okay. That's exactly what I was after.

知道了。好的。這正是我所追求的。

Our next question comes from Michael Bellisario with Baird.

我們的下一個問題來自 Michael Bellisario 和 Baird。

Just a couple more on Scottsdale. Maybe tying together with the renovation and potential acquisitions. Scottsdale has obviously a lot of (inaudible), a lot of disruption. Is maybe your decision there to pull the trigger now indicative at all of maybe the lack of product or acquisition opportunities you're seeing at present?

斯科茨代爾還有幾個。也許與翻新和潛在的收購聯繫在一起。斯科茨代爾顯然有很多（聽不清），很多中斷。也許你現在決定扣動扳機表明你目前可能缺乏產品或收購機會？

Well, the one doesn't rule out the other. I mean, we clearly have a good amount of dry powder still available based on liquidity that Atish outlined, but if we see attractive opportunities on the acquisition side that we can absolutely still execute on those. And something like Scottsdale was really done with a really long-term view. And as I pointed out, it's something that didn't just come about over the last couple of months. Obviously, I've (inaudible) to some significant ROI projects for a few earnings calls during the course of last year. And this was obviously a very significant one that we've been working on for a long time. So I wouldn't necessarily -- again, like I said, one doesn't preclude the other. But we certainly look at this as a very attractive use of our capital, given alternative uses of our capital.

好吧，一個不排除另一個。我的意思是，根據 Atish 概述的流動性，我們顯然還有大量幹火藥可用，但如果我們在收購方面看到有吸引力的機會，我們絕對仍然可以執行這些機會。像斯科茨代爾這樣的項目確實是從長遠的角度來看的。正如我所指出的，這不僅僅是過去幾個月才發生的事情。顯然，在去年的過程中，我已經（聽不清）一些重要的 ROI 項目進行了幾次收益電話會議。這顯然是一個非常重要的問題，我們已經努力了很長時間。所以我不一定——再一次，就像我說的，一個並不排除另一個。但考慮到我們資本的其他用途，我們當然認為這是對我們資本的一種非常有吸引力的用途。

And especially in today's environment, clearly, we are not seeing a lot of really exciting and attractive acquisition opportunities. So we're happy being patient on that side, like I've indicated really over the last couple of earnings calls as well. I mean, it hasn't changed much. We are not seeing a great, deep pool of potential attractive acquisition targets for us, but we're obviously continuing to look for those and are still optimistic that as we get deeper into the year, that there might be some more opportunities on that side.

尤其是在今天的環境中，很明顯，我們沒有看到很多真正令人興奮和有吸引力的收購機會。因此，我們很高興在這方面保持耐心，就像我在過去幾次財報電話會議上所表明的那樣。我的意思是，它沒有太大變化。我們沒有看到大量潛在的有吸引力的收購目標，但我們顯然會繼續尋找這些目標，並且仍然樂觀地認為，隨著今年的深入，這方面可能會有更多機會.

Got it. And then I don't think you gave it, but what might have been the incremental, I guess, maybe the base case renovation cost for kind of typical cyclical renovation at that property? Trying to think about what the incremental cost is for the renovation that you're doing there.

知道了。然後我不認為你給了它，但我想可能是增量的，也許是該物業典型的周期性翻新的基本案例翻新成本？試著想想你在那裡進行的翻新的增量成本是多少。

No, it's hard for me to give you an exact number on that because it can be such a wide range, right? I mean if you just say, look, we're just going to do a very basic room renovation. Is that really the right thing to do as opposed to also touching common spaces, restaurants, meeting space and all those type of assets.

不，我很難給你一個確切的數字，因為它可能範圍很廣，對吧？我的意思是，如果你只是說，看，我們只是要進行非常基本的房間裝修。與接觸公共空間、餐廳、會議空間和所有這些類型的資產相比，這真的是正確的做法嗎？

So we believe that -- I mean, clearly, there's a true additional cost as it relates to the expansion of the meeting space, which we think is a very important component of this overall project. So there's clearly a true additional cost there. There clearly is some additional costs as it relates to going to the standards of a Grand Hyatt over what currently is at a Hyatt Regency. But when we looked at those alternatives, we really looked at it across a really wide spectrum of various levels of cost and what we thought it would do for us on the return side.

所以我們相信 - 我的意思是，很明顯，與會議空間的擴展有關，這是一個真正的額外成本，我們認為這是整個項目的一個非常重要的組成部分。因此，那裡顯然存在真正的額外成本。顯然有一些額外的費用，因為它涉及到君悅酒店的標準，而不是目前凱悅酒店的標準。但是，當我們審視這些替代方案時，我們確實在各種成本水平的廣泛範圍內審視了它，以及我們認為它會在回報方面為我們做什麼。

So it became pretty obvious and clear to us that going down this path and being able to get the luxury branding through Grand Hyatt, doing all the things we're planning to do, especially on the food and beverage side, creates much more interesting and exciting opportunities and get higher and more spreaded projects and products to sell and get us the right appropriate returns on.

所以對我們來說變得非常明顯和清楚的是，沿著這條路走下去，能夠通過君悅酒店獲得奢侈品牌，做我們計劃做的所有事情，尤其是在食品和飲料方面，創造更多有趣和激動人心的機會，並獲得更高、更廣泛的項目和產品來銷售，並為我們帶來正確的適當回報。

Got it. Fair enough. And then just last one for me for Atish. Could you quantify that $30 million year-over-year headwind maybe for each of the 3 buckets you gave, asset sales, cancellation fees and renovation disruption?

知道了。很公平。最後一個是我給 Atish 的。您能否量化您給出的 3 個桶中的每一個的 3000 萬美元同比逆風，資產銷售、取消費用和裝修中斷？

Yes. So asset sales is $6 million. We put that in the release. Cancellation and attrition fees, last year, we earned $18 million, typical run rate would be closer to $9 million. So that's about a $9 million headwind. And then the balance is the renovation disruption, which is the $15 million that we called out in the release as well. So that together gets you to the $30 million.

是的。所以資產銷售是 600 萬美元。我們把它放在發布中。取消和減員費用，去年，我們賺了 1800 萬美元，典型的運行率將接近 900 萬美元。所以這大約是 900 萬美元的逆風。然後餘額是裝修中斷，這也是我們在發布中提到的 1500 萬美元。這樣一來，您就可以獲得 3000 萬美元。

And there's obviously a number of renovation projects in there over and above Scottsdale, which we've obviously focused on quite a bit. But we do have room renovation at Grand Bohemian Orlando, room renovation at Canary Santa Barbara, renovations (inaudible), renovations we're doing at Monaco Salt Lake. So those are kind of the bigger projects that we are rolling a [$15 million disruption there].

顯然，在斯科茨代爾上方和上方有許多翻新項目，我們顯然非常關注這些項目。但我們確實在 Grand Bohemian Orlando 進行了房間裝修，在 Canary Santa Barbara 進行了房間裝修，裝修（聽不清），我們正在摩納哥鹽湖城進行裝修。因此，這些是我們正在推出的更大的項目 [在那里中斷了 1500 萬美元]。

The next question comes from Aryeh Klein with BMO.

下一個問題來自 BMO 的 Aryeh Klein。

Maybe just on the W Nashville. You have a few more months under your belt here. And EBITDA, I guess, came in at the adjusted expectation of $12 million. How are you thinking about that asset this year and kind of what your expectations are?

也許就在 W Nashville。你在這裡還有幾個月的時間。我猜 EBITDA 的調整後預期為 1200 萬美元。您今年如何看待該資產以及您的期望是什麼？

Aryeh, it's Barry. Thanks for the question. I would say that each month, we're kind of incrementally seeing more and more progress toward what the goals are. Obviously, we're happy to have hit our revised number, but I think we had a lot of confidence in that. What we're looking at for this year is continuing what we've done historically, which is looking at really changing the mix of the hotel, so it's more group focused. And we spend a lot of time and effort focused with the Marriott team on how to best position the hotel by season. And it's a different hotel in January and February than it is in April and May. It's a different hotel on weeknights than it is on weekends. And really, we spent a lot of time and focus on that. We've done some -- Marriott's done some reenergizing with the food and beverage team and they focused on food and beverage and really focused rather than overall really dig in and focused outlet by outlet on where the opportunities are, what's worked, what hasn't worked and how does each outlet get positioned as the best outlet kind of within its class within the local market.

阿耶，是巴里。謝謝你的問題。我要說的是，每個月，我們都會逐漸看到越來越多的進展朝著目標邁進。顯然，我們很高興達到了修改後的數字，但我認為我們對此很有信心。我們今年的目標是延續我們過去所做的事情，即著眼於真正改變酒店的組合，因此更加註重團隊。我們花了很多時間和精力與萬豪團隊一起研究如何按季節對酒店進行最佳定位。一月和二月的酒店與四月和五月的酒店不同。這是一個工作日晚上與週末不同的酒店。實際上，我們花了很多時間並專注於此。我們已經做了一些——萬豪對餐飲團隊進行了一些重振，他們專注於餐飲，真正專注於而不是整體，真正深入挖掘，並逐個重點關注機會在哪裡、哪些有效、哪些無效。 t 工作以及每個出口如何在當地市場中定位為同類產品中最好的出口。

Got it. And then maybe just on the expense side, can you talk about how you're thinking about margin this year? Marcel, I think you've always been a little hesitant to provide long-term savings targets. But is there anything on that front from a long-term savings standpoint where you think -- still think there's some opportunity?

知道了。然後也許只是在費用方面，你能談談你如何看待今年的利潤率嗎？馬塞爾，我認為你在提供長期儲蓄目標方面一直有點猶豫。但是，從長期儲蓄的角度來看，您認為這方面有什麼 - 仍然認為有一些機會嗎？

Yes. I'll go back to what I've said about this before. I mean, we were always very hesitant about that because it was extremely unclear at that point, what's kind of inflationary pressures we're going to be dealing with. Where you hit your mix of business is really going to change from what it was pre-COVID. The second [phase] obviously has a lot to do with it. So that's why we were always hesitant. We did not believe you could just look at it [statically] and say, "Hey, we're going to be x basis points higher." And I think that's proven to be the case. So I think we were appropriately hesitant to do so.

是的。我會回到我之前所說的。我的意思是，我們對此總是非常猶豫，因為當時非常不清楚，我們將要應對什麼樣的通脹壓力。與 COVID 之前的情況相比，您實現業務組合的地方真的會發生變化。第二個[階段]顯然與它有很大關係。所以這就是為什麼我們總是猶豫不決。我們不相信你可以 [靜態地] 看著它然後說，“嘿，我們將提高 x 個基點。”我認為事實證明是這樣。所以我認為我們對此猶豫不決。

And if you look back, you can just look at the last few quarters, right? I mean we were up 17 basis points in the fourth quarter on relatively minor RevPAR increases over '19 But that shows you obviously that we are controlling costs fairly well to be able to actually increase your margin a little bit even when you see firstly no RevPAR growth. And for most of us who can remember the days before COVID, the [years] leading into COVID, we're having similar issues, obviously, where it was harder to drive RevPAR and drive rates, which made it very difficult to continue to move margins up.

如果你回顧過去，你可以只看最後幾個季度，對吧？我的意思是，我們在第四季度上漲了 17 個基點，相對於 19 年的 RevPAR 增長相對較小，但這顯然表明我們在控製成本方面做得相當好，即使您一開始沒有看到 RevPAR，也能夠實際增加一點利潤生長。對於我們大多數人來說，還記得 COVID 之前的日子，也就是進入 COVID 的[年]，我們顯然遇到了類似的問題，在這些地方更難推動 RevPAR 和驅動率，這使得繼續前進變得非常困難利潤率了。

So the fact that we're still seeing some margin improvement, I think, is a testament to how we are able to control costs and how we're able to run the hotels a little bit more efficiently. But clearly, there continues to be pressures, and we've talked about those. We talked about the labor cost increases. We've talked about utility cost increases. And obviously, we've built in our expectations as it relates to those into the guidance that Atish went through.

因此，我認為，我們仍然看到一些利潤率改善的事實證明了我們如何能夠控製成本以及我們如何能夠更有效地運營酒店。但顯然，壓力仍然存在，我們已經討論過這些。我們談到了勞動力成本的增加。我們已經討論了公用事業成本的增加。顯然，我們已經建立了我們的期望，因為它與 Atish 所經歷的指導相關。

Yes. I mean just more specifically, those items, utilities, real estate taxes and insurance, those 3 are a 50-basis point headwind for us in 2023 relative to last year. And then the cancellation and attrition fees that I talked about are a pretty significant headwind as well, nearly 100 basis points. And then obviously, we've got the renovation disruption. So we do expect margins to contract over the course of the full year, and that's included in our guidance that we gave.

是的。我的意思是更具體地說，那些項目、公用事業、房地產稅和保險，這 3 個項目在 2023 年對我們來說比去年有 50 個基點的逆風。然後，我談到的取消和減員費用也是一個相當大的阻力，將近 100 個基點。然後很明顯，我們遇到了裝修中斷。因此，我們確實預計全年利潤率會收縮，這已包含在我們提供的指導中。

Our next question comes from Tyler Batory with Oppenheimer.

我們的下一個問題來自 Tyler Batory 和 Oppenheimer。

This is [Jonathan] on for Tyler. I wanted to follow up on the transaction discussion. Marcel, I think you said you were optimistic it would improve. I'm curious if you could provide additional color there or sort of the house view on the acquisition environment as we move throughout the year?

這是泰勒的 [喬納森]。我想跟進交易討論。馬塞爾，我想你說過你對它會有所改善感到樂觀。我很好奇你是否可以在我們全年移動時提供額外的顏色或某種關於採集環境的房子視圖？

Yes, sure. Obviously, like I said, we continue to build a pipeline, look at a pipeline to see what's out there, just continues to be fairly shallow as it relates to assets that we think would be strategic fit for us, and it would be good growth drivers for us, especially with pricing expectation that still is out there.

是的，當然。顯然，就像我說的，我們繼續建設管道，查看管道，看看那裡有什麼，只是繼續相當淺薄，因為它與我們認為對我們具有戰略意義的資產有關，這將是良好的增長我們的驅動因素，尤其是定價預期仍然存在。

We do think that as we get deeper into the year, that there just might be more product that comes to market, and I think that's absolutely the view that most of the brokerage community has too, if -- most of the communication that we have with the brokerage community, there seems to be somewhat a consistent view of the fact that the market isn't terribly deep right now, but that there is an expectation of some more product coming to market as we get into the second half of the year.

我們確實認為，隨著今年的深入，可能會有更多的產品進入市場，而且我認為這絕對是大多數經紀界的觀點，如果 - 我們擁有的大部分溝通經紀界似乎一致認為，目前市場並不是很深，但隨著我們進入今年下半年，預計會有更多產品進入市場.

And some of that is obviously going to be driven by what's the overall economic climate, what does the interest rate environment look like, but there certainly will be a number of owners that are looking at refinancing situations where they may just say, look, it might be an attractive time to potentially sell an asset as opposed to having to refinance at significantly higher rates than where they're currently financed. So that's really our view as well at this point, that we think there should be an environment coming up that will be more conducive to more product being out there, us having more choice and more of an ability to look at what's really attractive to us and will be additive to our portfolio.

其中一些顯然會受到整體經濟環境、利率環境的影響，但肯定會有許多業主正在考慮再融資情況，他們可能只是說，看，它可能是出售資產的好時機，而不是不得不以比目前融資利率高得多的利率進行再融資。所以這也是我們在這一點上的觀點，我們認為應該出現一個環境，它將更有利於更多產品的出現，我們有更多的選擇和更多的能力來看待對我們真正有吸引力的東西並將添加到我們的產品組合中。

Very helpful. And then given your [guidance] strong liquidity position and strong balance sheet, are there any markets or locations that you don't currently have exposure to that you'd like to get more exposure to? Or anything that would make sense at this point.

很有幫助。然後，鑑於您的 [guidance] 強大的流動性頭寸和強大的資產負債表，是否有任何您目前沒有接觸但希望更多接觸的市場或地點？或者任何在這一點上有意義的事情。

Well, we're going to remain -- obviously, we're going to stick to our strategy as far as what works well for us. And clearly, we've had more of a focus on [Sunbelt] locations, and I don't see that changing over time. I think we like those markets from a long-term perspective. We like the overall market dynamics. And there are still some markets that we're not in there, some markets where we are, where we could still increase our exposure to some extent. But we've -- I have always been hesitant to really call out specific markets because we want to be opportunistic, and we want to look at assets that we think are good potential fits for our portfolio without really kind of putting ourselves too much in a box of any specific market that we're targeting.

好吧，我們將繼續 - 顯然，我們將堅持我們的戰略，只要對我們有效。很明顯，我們更多地關注 [Sunbelt] 位置，而且我認為這種情況不會隨著時間的推移而改變。我認為從長遠的角度來看，我們喜歡這些市場。我們喜歡整體市場動態。還有一些我們沒有進入的市場，一些我們已經進入的市場，我們仍然可以在一定程度上增加我們的風險敞口。但是我們 - 我一直猶豫要不要真正召集特定市場，因為我們想投機取巧，我們想看看我們認為非常適合我們投資組合的資產，而不是真的讓自己投入太多一盒我們針對的任何特定市場。

So that, again, goes back to hopefully having a greater opportunity set that allows us to look at a little bit wider range of markets, and that gives us a chance to say, okay, this is a market that we feel really confident about and where we like the current dynamics. And again, it could be a market where we're not, it could be a market where we are already where we have some exposure. Clearly, there are a few markets where we have a lot of exposure already. So it's unlikely we'll expand on those. But we like having the kind of geographic diversity that we've always had throughout our history.

因此，再次回到希望有一個更大的機會集，讓我們能夠看到更廣泛的市場，這讓我們有機會說，好吧，這是一個我們感到非常有信心和我們喜歡當前的動態。再一次，它可能是一個我們沒有的市場，它可能是一個我們已經有一些風險敞口的市場。顯然，我們已經在一些市場上有很多風險敞口。所以我們不太可能擴展這些。但我們喜歡擁有我們歷史上一直擁有的那種地理多樣性。

We have a follow-up from Bill Crow with Raymond James.

我們有 Bill Crow 和 Raymond James 的後續報導。

Quick question on the Grand Hyatt upgrade. Given the amount of capital that you'll have in that asset, do you have any protection from Hyatt that they will not introduce a Park Hyatt into that market?

關於君悅酒店升級的快速問題。考慮到您在該資產中擁有的資本數額，凱悅是否會保護您不會將柏悅酒店引入該市場？

No, we obviously -- Bill, as you know, we don't [like] to get too specific as it relates to any kind of particulars on some of the agreements that we have in place with our operators. If you think about what is -- let me answer it in a little bit different way because I think part of your question is also as it relates to what is the right positioning for the resort in and of itself, right, that we clearly looked at. We think there's an opportunity to upbrand this hotel. We think it can play better in its luxury competitor set by going with a brand that has a little bit more cachet and is appropriate for a luxury resort and felt that Grand Hyatt is the right branding here for a number of reasons.

不，我們顯然 - 比爾，正如你所知，我們不 [喜歡] 過於具體，因為它涉及我們與運營商達成的某些協議的任何類型的細節。如果你考慮什麼是 - 讓我以稍微不同的方式回答它，因為我認為你的部分問題也與度假村本身的正確定位有關，對，我們清楚地看到在。我們認為有機會提升這家酒店的品牌形象。我們認為它可以通過選擇一個更具聲望且適合豪華度假村的品牌在其豪華競爭對手中發揮更好的作用，並且出於多種原因認為君悅酒店是這裡的正確品牌。

I mean the size of the resort as opposed to Park Hyatts that are generally a little bit more intimate, a little bit smaller, having this kind of size, this kind of meeting space, being able to attract the right kind of customers that we're looking for, having the type of expense structure in place that we want to have in place with this asset. And as you know, we obviously have a wide range of assets, including within the Hyatt brand, where we do have the Park Hyatt Aviara, which is smaller from a [room's] perspective, where it's more appropriate to have that brand than here.

我指的是度假村的規模，而不是柏悅酒店，柏悅酒店通常更加私密，規模更小，擁有這種規模，這種會議空間，能夠吸引我們所需要的合適客戶我們正在尋找，擁有我們希望與此資產一起使用的費用結構類型。如您所知，我們顯然擁有廣泛的資產，包括在凱悅品牌內，我們確實擁有 Park Hyatt Aviara，從 [房間] 的角度來看，它更小，在那裡擁有該品牌比在這裡更合適。

And the Grand Hyatt brand is something that -- there's obviously a mix of those assets throughout their portfolio, too. Now there's obviously a few more, they're urban focused. If you think about the resort locations that Grand Hyatt has, both domestically and internationally. You really have to think more about like -- and that's when the outstanding resort in (inaudible), for example, that has a Grand Hyatt resort that is probably a prototypical luxury resort. It's more about thinking about it in that context on why we think Grand Hyatt is the right branding for this asset.

Grand Hyatt 品牌就是——在他們的投資組合中顯然也混合了這些資產。現在顯然還有更多，它們以城市為重點。如果您考慮一下君悅酒店在國內和國際上的度假勝地。你真的必須更多地考慮類似的事情——那是在（聽不清）的傑出度假村，例如，它有一個君悅度假村，這可能是一個典型的豪華度假村。更多的是在這種背景下思考為什麼我們認為君悅酒店是該資產的正確品牌。

Okay. I just -- it feels like that's a market where Park Hyatt would be a good fit. So that was really what spurred my question, but all right. Terrific.

好的。我只是——感覺這是一個柏悅酒店非常適合的市場。所以這真的是激發我的問題的原因，但沒關係。了不起。

Thank you. There are no further questions at this time. I will now pass it back over to Marcel Verbaas for closing remarks.

謝謝。目前沒有其他問題。我現在將把它交還給 Marcel Verbaas 作結束語。

Thanks, Tamia. Thank you all for joining the call today. We always appreciate the questions and look forward to updating you again next quarter.

謝謝，塔米亞。感謝大家今天加入電話會議。我們始終感謝您提出問題，並期待在下個季度再次為您更新。

This concludes the conference call. Thank you for your participation. You may now disconnect your line.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。