Xenia Hotels & Resorts Inc (XHR) 2023 Q3 法說會逐字稿

Hello, everyone, and welcome to the Xenia Hotels & Resorts, Inc. Q3 2023 Earnings Conference Call. My name is Charlie and I'll be coordinating the call today. (Operator Instructions)

大家好，歡迎參加 Xenia Hotels & Resorts, Inc. 2023 年第三季財報電話會議。我叫查理，今天我將協調通話。 （操作員說明）

I will now hand over to our host, Amanda Bryant, Vice President of Finance, to begin. Amanda, please go ahead.

現在請我們的東道主、財務副總裁阿曼達·布萊恩特開始發言。阿曼達，請繼續。

Thank you, Charlie, and welcome to Xenia Hotels & Resorts Third Quarter 2023 Earnings Call and Webcast. I'm here with Marcel Verbaas, our Chair and Chief Executive Officer; Barry Bloom, our President and Chief Operating Officer; and Atish Shah, our Executive Vice President and Chief Financial Officer. Marcel will begin with a discussion on our performance. Barry will follow with more details on operating trends and capital expenditure projects. And Atish will conclude today's remarks on our balance sheet and outlook. We will then open the call for Q&A.

謝謝您，查理，歡迎來到森雅酒店及度假村 2023 年第三季財報電話會議和網路廣播。我和我們的董事長兼執行長 Marcel Verbaas 一起來到這裡。 Barry Bloom，我們的總裁兼營運長；以及我們的執行副總裁兼財務長 Atish Shah。馬塞爾將首先討論我們的表現。巴里將隨後提供有關營運趨勢和資本支出項目的更多詳細資訊。 Atish 將結束今天關於我們的資產負債表和前景的評論。然後我們將開始問答環節。

Before we get started, let me remind everyone that certain statements made on this call are not historical facts are considered 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, and could cause our actual results to differ materially from those expressed or implied by our comments.

在我們開始之前，讓我提醒大家，本次電話會議中所做的某些陳述不是歷史事實，而是被視為前瞻性陳述。這些陳述受到我們 10-K 表格年度報告和其他 SEC 文件中所述的眾多風險和不確定性的影響，並可能導致我們的實際結果與我們的評論中明示或暗示的結果存在重大差異。

Forward-looking statements in the earnings release that we issued yesterday, along with the comments on this call, are made only as of today, November 1, 2023, and we undertake no obligation to publicly update any of these forward-looking statements as actual events unfold. You can find reconciliations of non-GAAP financial measures to net loss and definitions of certain items referred to in our remarks in the earnings release, which is available on the Investor Relations section of our website.

我們昨天發布的收益報告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 11 月 1 日，我們沒有義務公開更新任何這些前瞻性陳述的實際情況事件展開。您可以在我們網站的投資者關係部分找到我們在收益報告中的評論中提到的非公認會計準則財務指標對淨虧損的調節表以及某些項目的定義。

The third quarter 2023 property level information we will be speaking about today is on a same-property basis for all 32 hotels unless specified otherwise. An archive of this call will be available on our website for 90 days. I will now turn it over to Marcel to get started.

除非另有說明，我們今天討論的 2023 年第三季物業水平資訊均基於所有 32 家酒店的相同物業水平。本次通話的存檔將在我們的網站上保留 90 天。我現在將把它交給馬塞爾開始。

Thanks, Amanda, and good morning, everyone. Overall results in the third quarter were in line with our expectations. Our demand segmentation mix continues to revert towards pre-pandemic levels as business transient and group demand continues to recover. A couple of important renovation projects have essentially wrapped up, and the transformation of Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch is well underway. And our recently acquired hotels, W Nashville and Hyatt Regency Portland at the Oregon Convention Center, reported a solid quarter of earnings contribution as they were among our top-performing assets during the third quarter.

謝謝阿曼達，大家早安。第三季的整體業績符合我們的預期。隨著業務短暫和團體需求持續復甦，我們的需求細分組合繼續恢復到疫情前的水平。幾個重要的改造項目已基本完成，蓋尼牧場斯科茨代爾凱悅度假村及水療中心的改造工作正在順利進行中。我們最近收購的納許維爾 W 酒店和俄勒岡會議中心波特蘭凱悅酒店報告了強勁的季度盈利貢獻，因為它們是我們第三季度表現最佳的資產之一。

For the quarter, we reported a net loss of $8.5 million. Adjusted EBITDAre was $46.3 million and adjusted FFO per share was $0.26. Same-property RevPAR in the quarter was $158.48, a 0.4% increase as compared to the third quarter of 2022. Occupancy increased 70 basis points, while average daily rates decreased 0.6%.

本季度，我們報告淨虧損 850 萬美元。調整後的 EBITDA 為 4,630 萬美元，調整後的每股 FFO 為 0.26 美元。本季同類飯店的 RevPAR 為 158.48 美元，較 2022 年第三季成長 0.4%。入住率增加 70 個基點，而每日平均房價下降 0.6%。

Our results were meaningfully impacted by 3 of our properties undergoing significant renovations in the quarter. This included the comprehensive renovation at the Kimpton Hotel Monaco Salt Lake City, the guestrooms renovation at Grand Bohemian Hotel Orlando and the transformative renovation at Hyatt Regency Scottsdale. As Barry will discuss in more detail in his remarks, the Salt Lake City renovation has now been completed. The Orlando project will be completed in the next several days, and the Scottsdale project is progressing as planned.

我們的業績受到本季進行重大翻修的 3 處房產的重大影響。其中包括摩納哥鹽湖城金普頓酒店的全面翻修、奧蘭多波西米亞大酒店的客房翻修以及斯科茨代爾凱悅酒店的變革性翻修。正如巴里將在演講中更詳細討論的那樣，鹽湖城的改造現已完成。奧蘭多計畫將在未來幾天內完成，斯科茨代爾計畫正在按計劃進行。

Excluding Hyatt Regency Scottsdale, RevPAR increased 4% as compared to the third quarter of 2022. Highlighting the impact this project had on our results in the third quarter and will continue to have in the near term. As compared to the third quarter of 2019, for the 29 hotels we currently own that were open at that time, excluding Hyatt Regency Scottsdale, RevPAR was down 1.1% in the third quarter. For these 29 hotels, occupancy was roughly 11 points below 2019, while ADR was up 14.3%. While expense growth continues to put pressure on bottom line results in the lodging industry, margin contraction for our portfolio moderated at the third quarter, as hotel EBITDA margin on a same-property basis declined by 169 basis points compared to the third quarter of 2022, which was in line with our expectations.

不包括斯科茨代爾凱悅酒店，每間可用客房收入與2022 年第三季度相比增長了4%。凸顯了該項目對我們第三季度業績的影響，並將在短期內繼續產生影響。與 2019 年第三季相比，我們目前擁有的 29 家當時開業的酒店（不包括斯科茨代爾凱悅酒店）第三季的 RevPAR 下降了 1.1%。這 29 家飯店的入住率比 2019 年下降約 11 個百分點，而平均房價則上漲 14.3%。儘管費用增長繼續對酒店業的盈利構成壓力，但我們投資組合的利潤率收縮在第三季度有所放緩，因為同一酒店的酒店EBITDA 利潤率與2022 年第三季度相比下降了169 個基點，這符合我們的預期。

Excluding Scottsdale, margins contracted just 60 basis points, which is a significant improvement compared to the second quarter margin decline. Recall that property level expenses in the third quarter of last year started normalizing as many of our properties filled open positions and resumed services as the year progresses.

不包括斯科茨代爾，利潤率僅收縮 60 個基點，與第二季利潤率下降相比，這是一個顯著的改善。回想一下，去年第三季的物業水平支出開始正常化，因為隨著時間的推移，我們的許多物業填補了空缺職位並恢復了服務。

Turning to our individual markets. In the third quarter, the strongest RevPAR growth occurred in several markets that are more dependent on business transient and group demand. Houston, Dallas, Portland and Nashville, reported double-digit RevPAR growth while Pittsburgh and San Francisco experienced high single-digit RevPAR growth.

轉向我們的個人市場。第三季度，最強勁的 RevPAR 成長出現在幾個更依賴業務瞬態和團體需求的市場。休士頓、達拉斯、波特蘭和納許維爾的 RevPAR 都達到兩位數成長，而匹茲堡和舊金山的 RevPAR 則實現了個位數的高成長。

Due to renovation disruption, Phoenix and Salt Lake City were our 2 weakest RevPAR markets in the quarter. While several leisure-oriented markets, including Napa and Savannah experienced mid-teen percentage RevPAR declines. We are clearly seeing signs of leisure demand normalizing from its historically high post dynamic levels, both within our portfolio and in overall industry data. However, our portfolio has always benefited from a balanced mix of group business transient and leisure demand. And we are continuing to see the gradual shift back to our pre-pandemic segmentation mix.

由於裝修中斷，鳳凰城和鹽湖城是我們本季每間可用房收入最弱的兩個市場。而包括納帕和薩凡納在內的幾個休閒市場的 RevPAR 卻出現了中位數的下降。無論是在我們的投資組合中還是在整體行業數據中，我們都清楚地看到休閒需求從歷史最高動態水平恢復正常的跡象。然而，我們的投資組合始終受益於團體商務短暫和休閒需求的平衡組合。我們繼續看到我們逐漸回歸到疫情前的細分組合。

Group business remains a bright spot. Group room revenue in the third quarter was up a little over 3% over the third quarter of 2022. And excluding Scottsdale in both periods, our group room revenue was up about 9%. We continue to see meaningful improvements in group business at our important group-oriented hotels in Orlando, Portland, Atlanta and Dallas. By way of reminder, we estimate that group has historically been about 1/3 of our overall business mix.

集團業務依然是亮點。第三季的團體客房收入比 2022 年第三季增加了 3% 多一點。如果不包括斯科茨代爾，這兩個時期我們的團體客房收入增加了約 9%。我們繼續看到我們位於奧蘭多、波特蘭、亞特蘭大和達拉斯的重要團體酒店的團體業務取得了有意義的改善。提醒一下，我們估計該集團歷來約占我們整體業務組合的 1/3。

Group revenue pace for full year 2023 is up about 13% versus last year for our same-property portfolio and up about 16%, if we exclude Scottsdale where the meeting space is now mostly unavailable. Group ADR for full year 2023 is up about 4%, again, excluding Scottsdale. Atish will provide an early look into our 2024 group base during his remarks. Business transient demand continued to improve during the third quarter. Overall, occupancy improved on Mondays, Tuesdays and Wednesdays as compared to the third quarter of 2022, while weekend occupancy was down slightly as compared to the same quarter last year.

就我們的同類物業組合而言，2023 年全年的集團收入增長約 13%，如果我們排除斯科茨代爾 (目前會議空間幾乎不可用)，則增長約 16%。 2023 年全年集團 ADR 再次上漲約 4%，不包括斯科茨代爾。 Atish 將在演講中對我們 2024 年的團隊基礎進行初步了解。第三季商業瞬態需求持續改善。總體而言，與 2022 年第三季相比，週一、週二和週三的入住率有所提高，而週末入住率與去年同期相比略有下降。

2 of our 4 strongest RevPAR growth markets reflected results from our most recent acquisitions, Hyatt Regency Portland at the Oregon Convention Center and W Nashville. With RevPAR increasing by 26.8% and 17.3%, respectively, at these hotels for the quarter. Both properties are benefiting from significant growth in group business as they continue on their path towards stabilization.

我們的 4 個每間可用房收入成長最快的市場中的 2 個反映了我們最近收購的結果：俄勒岡會議中心波特蘭凱悅酒店和納許維爾 W 酒店。本季這些飯店的 RevPAR 分別成長了 26.8% 和 17.3%。這兩家酒店都受益於集團業務的顯著增長，並繼續走向穩定。

For 2023, group room revenue on the books at both properties has increased more than 40% over 2022 levels, driven by solid increases in room nights. Business transient production is also driving growth as both properties increased volumes with important corporate accounts in recent months. Our other top-performing markets for the quarter were both located in Texas, where the Houston and Dallas markets reported third quarter RevPAR growth of 25.2% and 14.2%, respectively. Our hotels in these markets not only drove outstanding third quarter results, but they are also well positioned to capture additional growth in the coming years because of favorable market dynamics and important capital investments made in recent years.

到 2023 年，在間夜數穩定成長的推動下，兩家飯店的團體客房收入較 2022 年的水準成長了 40% 以上。商業瞬時生產也推動了成長，因為近幾個月來，這兩個地產的重要企業客戶銷售量均有所增加。本季表現最好的其他市場均位於德州，其中休士頓和達拉斯市場第三季的 RevPAR 成長分別為 25.2% 和 14.2%。我們在這些市場的酒店不僅在第三季度取得了出色的業績，而且由於近年來有利的市場動態和重要的資本投資，它們也處於有利位置，可以在未來幾年獲得額外的增長。

Overall market fundamentals reflect a favorable supply and demand backdrop. Texas continues to be a high-growth state, both in terms of population growth and business incubations at every locations. Supply growth through 2025 in our specific submarkets is also benign. The Dallas CBD submarket is expected to peak at 2.3%, the Houston North Woodlands submarket at 2.7% and the Houston Galleria submarket is expected to see no new supply over the next 2 years.

整體市場基本面反映了有利的供需背景。無論是在人口成長還是在各地的企業孵化方面，德州仍然是一個高成長的州。到 2025 年，我們特定子市場的供應成長也將是良性的。達拉斯 CBD 子市場預計將達到 2.3% 的峰值，休士頓 North Woodlands 子市場將達到 2.7%，休士頓 Galleria 子市場預計在未來 2 年內不會有新的供應。

In terms of earnings contribution, our Houston properties peaked in 2015 and since that time, have successfully broadened their base of business and reduced reliance on city-wide conventions. We also invested a significant amount of capital into our 3 Houston hotels, leading up to and through the pandemic. The 2 (inaudible) received about $50 million in capital, mostly by renovating and upgrading (inaudible) areas.

就盈利貢獻而言，我們的休士頓酒店於 2015 年達到頂峰，自那時起，我們成功擴大了業務基礎並減少了對全市會議的依賴。在疫情爆發之前和期間，我們也向休士頓的 3 家飯店投入了大量資金。 2（聽不清楚）獲得了約 5000 萬美元的資本，主要用於翻新和升級（聽不清楚）區域。

And in 2020 and 2022, we invested approximately $12 million in additional capital expenditures at Marriott Woodlands, primarily on significant improvements to guest rooms and guest bathrooms. We are pleased to see the benefits of these investments as the market continues its recovery from the pandemic and as economic activity in the region continues to improve. And despite the significant capital expenditures we have made into these hotels during our ownership period, our overall investment basis of approximately $360,000 per key on average for the 3 hotels remains attractive, especially given their excellent locations, high-quality and extensive meeting facilities and supporting amenities,

2020 年和 2022 年，我們在伍德蘭萬豪酒店投資了約 1,200 萬美元的額外資本支出，主要用於對客房和客用浴室進行重大改進。隨著市場繼續從疫情中復甦以及該地區經濟活動持續改善，我們很高興看到這些投資的好處。儘管我們在擁有這些酒店期間投入了大量資本支出，但我們對這3 家酒店平均每間客房約360,000 美元的總體投資基礎仍然具有吸引力，特別是考慮到它們優越的地理位置、高品質和廣泛的會議設施以及配套設施。便利設施，

I would now like to turn to our Scottsdale project. As I mentioned earlier, this transformational renovation is progressing as planned from a schedule and cost perspective. While the disruption to our short-term results are significant, this disruption also continues to be in line with our expectations. As we anticipated, demand in the Phoenix Scottsdale market has softened a bit this year, particularly after a very strong first quarter that was aided by the Super Bowl in early February. The market is experiencing similar signs of moderating leisure demand that we are witnessing in other markets.

我現在想談談我們的斯科茨代爾計畫。正如我之前提到的，從進度和成本的角度來看，這次轉型改造正在按計畫進行。雖然我們的短期業績受到重大干擾，但這種幹擾也仍然符合我們的預期。正如我們預期的那樣，今年菲尼克斯斯科茨代爾市場的需求略有疲軟，特別是在二月初超級碗的幫助下，第一季表現非常強勁。該市場正在經歷與我們在其他市場看到的類似休閒需求放緩的跡象。

As we indicated when we initially announced this transformational renovation, our strategy revolves around further optimizing the demand segmentation mix at the resort and being able to drive greater and higher rate of group business. We also are aiming to create an upgraded experience that will allow the resort to compete more effectively within its luxury competitive set for a higher rate of corporate transient and leisure demand.

正如我們最初宣布這項轉型改造時所指出的那樣，我們的策略圍繞著進一步優化度假村的需求細分組合，並能夠推動集團業務的成長和成長。我們也致力於創造升級的體驗，使度假村能夠在其豪華競爭環境中更有效地競爭，以滿足更高的企業短暫和休閒需求。

This competitive set includes a number of resorts that have also received significant capital investments in recent years. The expansion of our meeting space, the significant upgrades through our pool complex, the relaunching and revitalization of our food and beverage amenities, the substantial investment in our upgraded rooms products and the ultimate up branding into a Grand Hyatt Resort are all important components of this transformation.

這個具有競爭力的組合包括許多近年來也獲得了大量資本投資的度假村。會議空間的擴建、泳池綜合體的重大升級、餐飲設施的重新推出和振興、升級客房產品的大量投資以及君悅度假村的最終品牌升級都是這項計劃的重要組成部分轉型。

When we initially discussed this project, we indicated that we believe that the record 2022 results at the resorts were driven by an unusually high level of post-pandemic domestic leisure demand as well as expenses that were well below normalized levels. We also spoke about viewing 2019 as a more normalized year, both from a demand segmentation perspective and earnings base for the property. Given the resort's aging facilities and an expected normalization of leisure demand in the U.S. overall and the Phoenix-Scottsdale market in particular, we completed an extensive analysis of long-term supply and demand trends, the competitive landscape and the challenges and opportunities that the resort presented.

當我們最初討論該項目時，我們表示，我們認為度假村 2022 年創紀錄的業績是由疫情後異常高水平的國內休閒需求以及遠低於正常水平的支出推動的。我們也談到，無論是從需求細分的角度還是從房地產的獲利基礎來看，2019 年都是更正常化的一年。考慮到度假村設施老化以及美國整體休閒需求的預期正常化，特別是菲尼克斯-斯科茨代爾市場，我們對長期供需趨勢、競爭格局以及度假村面臨的挑戰和機遇進行了廣泛的分析。呈現。

Everything we are seeing in the market this year has further increased our confidence in the decision we made to commence this transformational renovation and up-branding to a Grand Hyatt from both a scope and a timing perspective. The Phoenix-Scottsdale market continues to be very attractive for all segments of hotel demand, which will be bolstered by the expected economic and population growth in the markets in the years and decades ahead. With the well located and upgraded and expanded Grand Hyatt Resort, we believe we will be able to compete very effectively in the Scottsdale luxury resort market. And as a result, we expect the resort to grow earnings significantly over both the 2019 pre-pandemic peak year and the outsized leisure-driven results we achieved in 2022.

今年我們在市場上看到的一切，從範圍和時機的角度，進一步增強了我們對君悅酒店開始轉型改造和品牌升級的決定的信心。菲尼克斯-斯科茨代爾市場對於所有飯店需求領域仍然極具吸引力，未來幾年和幾十年市場預期的經濟和人口成長將推動這一需求。憑藉著地理位置優越、升級和擴建的君悅度假村，我們相信我們將能夠在斯科茨代爾豪華度假村市場上進行非常有效的競爭。因此，我們預計度假村的收入將在 2019 年疫情爆發前的高峰年和 2022 年實現的休閒驅動的超額業績中大幅增長。

As a reminder, we have a relatively low investment basis in the resort, and we will continue to do so after making this approximately $110 million additional investment. Our anticipated gross investment basis of less than $700,000 per key upon completion of the project is especially attractive when compared to recent sales of comparable resorts. We remain extremely excited about the resort's future and continue to believe strongly that this project will be a meaningful driver for portfolio earnings growth in the years ahead.

需要提醒的是，我們對該度假村的投資基礎相對較低，在追加約 1.1 億美元的投資後，我們將繼續這樣做。與同類度假村最近的銷售相比，我們預計項目完成後每間客房的總投資將低於 70 萬美元，這一點尤其有吸引力。我們對度假村的未來仍然感到非常興奮，並繼續堅信該項目將成為未來幾年投資組合收益成長的重要推動力。

Despite a lot of economic and geopolitical uncertainty right now, the year has unfolded largely as expected as it relates to our portfolio performance. While we have been impacted by substantial renovation disruption as anticipated, we are optimistic that our continued investments in the portfolio will drive attractive returns.

儘管目前存在著許多經濟和地緣政治不確定性，但這一年的發展基本上符合預期，因為這與我們的投資組合表現有關。儘管我們受到了預期的重大改造中斷的影響，但我們樂觀地認為，我們對投資組合的持續投資將帶來可觀的回報。

Atish will provide additional details regarding our revised full year 2023 outlook. We have slightly lowered the midpoint of our projected adjusted EBITDAre range to reflect the recent demand trends. However, we continue to believe that our portfolio is well positioned to outperform in the years ahead given its high quality, excellent locations, diversity of demand mix and recent and ongoing capital investments.

Atish 將提供有關我們修訂後的 2023 年全年展望的更多詳細資訊。我們略微降低了預計調整後 EBITDA 範圍的中點，以反映近期的需求趨勢。然而，我們仍然相信，鑑於我們的投資組合的高品質、優越的地理位置、多樣化的需求組合以及近期和持續的資本投資，我們的投資組合在未來幾年將表現出色。

I will now turn the call over to Barry as he will provide more detail on our portfolio's performance and an update on our capital expenditure projects.

我現在將把電話轉給巴里，因為他將提供有關我們投資組合績效的更多詳細資訊以及我們資本支出項目的最新情況。

Thank you, Marcel, and good morning, everyone. As Marcel indicated in his remarks, the leading market in terms of RevPAR growth in the quarter include many of our hotels that cater to group and business transient customers, supporting our view that the recovery has extended beyond these (inaudible) properties. As expected, results in the third quarter reflected renovation impact along with challenging year-ago growth comparisons.

謝謝你，馬塞爾，大家早安。正如馬塞爾在演講中指出的那樣，本季度每間可出租客房收入增長的領先市場包括我們許多為團體和商務短期客戶提供服務的酒店，這支持了我們的觀點，即復蘇已超出了這些（聽不清楚）飯店的範圍。正如預期的那樣，第三季的業績反映了裝修的影響以及與去年同期相比具有挑戰性的成長。

The quarter began with occupancy of 63.7% in July with an ADR of $245.01, resulting in RevPAR of $156.12, a 1.2% increase compared to July 2022. August occupancy was $62.6, with an ADR of $237.23, results in RevPAR of $148.54, a 2.1% increase compared to 2022. The strongest month of the quarter as expected, was September with occupancy of 65% and an ADR of $263.51, resulting in RevPAR of $171.18. However, this represented a 1.9% decline to September 2022. Excluding Hyatt Regency Scottsdale, same-property RevPAR increased 4% in the quarter as compared to the third quarter of 2021.

本季開始時，7 月份的入住率為63.7%，ADR 為245.01 美元，每間可用客房收入為156.12 美元，與2022 年7 月相比增長1.2%。8 月份的入住率為62.6 美元，ADR 為237.23 美元，每間可用客房收入為148.54 美元，比2.1與2022 年相比增長%。正如預期，本季度最強勁的月份是9 月份，入住率為65%，平均房價為263.51 美元，每間可用客房收入為171.18 美元。然而，這一數字截至 2022 年 9 月下降了 1.9%。不包括斯科茨代爾凱悅酒店，本季同一酒店的每間可用客房收入較 2021 年第三季度增長了 4%。

Similar to last quarter, average daily rates at our same-property portfolio moderated in the third quarter, declined 0.6% as compared to the third quarter of 2022, which have grown substantially over the third quarter of 2021. As expected, rate declines at some of our leisure-oriented hotels in the third quarter exceeded that of our same-property portfolio as compared to the third quarter of 2022. However, rates at these properties remain well above 2019 levels.

與上季類似，我們同類物業投資組合的日均利率在第三季有所放緩，與2022 年第三季相比下降了0.6%，較2021 年第三季大幅成長。正如預期的那樣，部分房產的利率有所下降。與 2022 年第三季相比，我們第三季的休閒飯店數量超過了我們同類飯店組合的數量。不過，這些飯店的房價仍遠高於 2019 年的水準。

For instance, rates in Key West, Napa and Savannah were approximately 26%, 21% and 12% above third quarter 2019 levels, respectively. Same-property occupancy for the third quarter improved by 70 basis points compared to the third quarter of 2022. Most of this improvement was driven by higher mid-week occupancies as weekend occupancies declined slightly as compared to last year.

例如，基韋斯特、納帕和薩凡納的房價分別比 2019 年第三季水準高出約 26%、21% 和 12%。與 2022 年第三季相比，第三季的同物業入住率提高了 70 個基點。這一改善主要是由於週末入住率較去年略有下降而導致周中入住率上升。

Reflecting our commentary regarding further opportunity for recovery, particularly in the corporate segment. For the 29 hotels we owned at the time and excluding Hyatt Regency Scottsdale, Mondays through Thursdays are still down approximately 16% in occupancy from 2019 levels, while weekend occupancy was down approximately 11%. We are continuing to see rate growth due to compression, particularly on Tuesday and Wednesday nights, but are seeing some softening in rates on weekends.

反映了我們對進一步復甦機會的評論，特別是在企業領域。對於我們當時擁有的 29 家酒店（不包括斯科茨代爾凱悅酒店），週一至週四的入住率仍比 2019 年的水平下降約 16%，而周末入住率下降約 11%。由於壓縮，我們繼續看到費率增長，特別是在周二和周三晚上，但周末費率有所放緩。

Business from the largest corporate accounts across our portfolio continues to improve year-to-date, but we estimate that room night demand is still down about 20% from 2019 levels. We continue to benefit from healthy group momentum with pace being driven by increases in both room nights and rate, including our 2 most recent acquisitions, Hyatt Regency Portland and W Nashville, but excluding Hyatt Regency Scottsdale. Group room revenue on the books for full year 2023 is currently about 16% ahead of last year and about 6% ahead of 2022 levels for the fourth quarter of 2023. We believe there is continued opportunity for further recovery and growth in group business even as we close the gap to 2019. Our current group room revenue on the books for 2023 is about 3% behind 2019 levels, excluding Scottsdale in both periods.

今年迄今為止，我們投資組合中最大的企業客戶的業務繼續改善，但我們估計間夜需求仍比 2019 年的水準下降約 20%。我們繼續受益於健康的集團發展勢頭，客房夜數和房價的增長推動了我們的步伐，包括我們最近的兩項收購：波特蘭凱悅酒店和納什維爾W 酒店，但不包括斯科茨代爾凱悅酒店。目前，2023 年全年的團體客房帳面收入比去年增長約 16%，2023 年第四季比 2022 年水準成長約 6%。我們相信，即使在我們縮小了與2019 年的差距。我們目前2023 年帳面上的團體客房收入比2019 年水準約低3%（這兩個時期均不包括斯科茨代爾）。

Now switching gears to expenses and profit. Third quarter same-property hotel EBITDA was $51.2 million, a decrease of 7.9% on a total revenue decrease of 0.8% compared to the third quarter of 2022, resulting in 169 basis points of margin erosion. Excluding Hyatt Regency Scottsdale, margin declined by just 60 basis points. This decrease in EBITDA margin in the third quarter was consistent with our expectations. The margin declines would moderate in the second half of the year as we lapped the lower staffing levels that were in place last year.

現在轉向費用和利潤。第三季同飯店 EBITDA 為 5,120 萬美元，下降 7.9%，總營收較 2022 年第三季下降 0.8%，導致利潤率下降 169 個基點。不包括斯科茨代爾凱悅酒店，利潤率僅下降 60 個基點。第三季 EBITDA 利潤率的下降符合我們的預期。由於我們經歷了去年較低的人員配置水平，因此下半年利潤率的下降將會放緩。

Although rooms and food and beverage department margins decreased in the quarter as compared to the third quarter of 2022, salaries and benefits stabilized and over time was significantly reduced as staffing levels normalize. A&G expenses grew a little over 1% compared to the prior year and property operations and maintenance expenses declined by approximately 1%. Utility expenses grew by approximately 6%.

儘管與2022 年第三季相比，本季客房和餐飲部門的利潤率有所下降，但薪資和福利趨於穩定，並且隨著人員配置水平的正常化，薪資和福利會隨著時間的推移而顯著減少。與前一年相比，A&G 費用成長略高於 1%，物業營運和維護費用下降約 1%。公用事業費用成長約6%。

Now turning to CapEx. During the third quarter, we invested $35.5 million in portfolio improvements, bringing our year-to-date total to $69.5 million. In the third quarter, we continued guestroom renovations at the Grand Bohemian Hotel Orlando, which is expected to be completed in the next few days. Earlier in the year, we completed the comprehensive renovation of all public spaces, including meeting space, lobby, restaurant, bar, Starbucks, and the creation of a rooftop bar. At the Park Hyatt Aviara Resort, we completed a significant upgrade to the resort's fitness amenities and spa, which reopened as a branded Miraval Life in Balance Spa. And finally, at Kimpton Hotel Monaco Salt Lake City, we completed the comprehensive renovation of meeting space, lobby, restaurant, bar and guest rooms in the third quarter.

現在轉向資本支出。第三季度，我們投資了 3,550 萬美元用於投資組合改進，使年初至今的總額達到 6,950 萬美元。第三季度，我們繼續對奧蘭多波希米亞大酒店進行客房裝修，預計在未來幾天內完成。今年早些時候，我們完成了所有公共空間的全面改造，包括會議空間、大廳、餐廳、酒吧、星巴克，以及屋頂酒吧的創建。在阿維亞拉柏悅度假村，我們完成了度假村健身設施和水療中心的重大升級，並以 Miraval Life in Balance 水療中心品牌重新開業。最後，在摩納哥鹽湖城金普頓酒店，我們在第三季完成了會議空間、大廳、餐廳、酒吧和客房的全面改造。

The $110 million transformative renovation and up-branding of the 491-room Hyatt Regency Scottsdale is underway and proceeding as planned. Major components, including the meeting space expansion, pool complex and guestrooms have all been contracted in line with budgeted levels, and all phases remain on track to be completed by the end of 2024. Our expectation for total capital expenditures this year are now at a range of $120 million to $130 million, a reduction of $5 million at the midpoint, due to timing of deposits and cash flow. We are excited about the projects we have underway and look forward to their completion.

擁有 491 間客房的斯科茨代爾凱悅酒店 (Hyatt Regency Scottsdale) 耗資 1.1 億美元的變革性翻修和品牌升級工作正在按計劃進行。主要組成部分，包括會議空間擴建、泳池綜合設施和客房均已按照預算水平簽訂合同，所有階段仍按計劃於 2024 年底完成。我們對今年總資本支出的預期為範圍為1.2 億至1.3 億美元，由於存款時間和現金流，中間減少500 萬美元。我們對正在進行的項目感到興奮，並期待它們的完成。

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

這樣，我會將電話轉給 Atish。

Thanks, Barry. I will provide an update on our balance sheet and discuss our guidance.

謝謝，巴里。我將提供我們資產負債表的最新資訊並討論我們的指導。

First on our balance sheet. At the end of the third quarter, our leverage ratio was about 4.7x net debt to EBITDA. All of our debt is at fixed rates. The quarter end interest rate was about 5.5%. And our next debt maturity is in August 2025. We continue to have a fully undrawn line of credit, that together with our unrestricted cash, reflected approximately $670 million of liquidity at quarter end.

首先是我們的資產負債表。第三季末，我們的槓桿比率約為 EBITDA 淨負債的 4.7 倍。我們所有的債務都是固定利率的。季末利率約為5.5%。我們的下一個債務到期日是 2025 年 8 月。我們繼續擁有完全未提取的信貸額度，加上我們不受限制的現金，反映了季度末約 6.7 億美元的流動性。

During the quarter, we bought back just over $5 million of our senior notes in the open market at roughly 1% below par. In addition, we continue to repurchase shares. Year-to-date through today, we've repurchased 6.5% of our outstanding shares at an average price of $12.72 per share. We have approximately $73 million remaining on our Board repurchase authorization. We paid a $0.10 per share dividend in the third quarter on an annualized basis that reflects a yield of approximately 3.4% on our stock. It also reflects a payout ratio under 40% projected FAD based on the midpoint of our FFO guidance.

本季度，我們以低於面額約 1% 的價格在公開市場回購了超過 500 萬美元的優先票據。此外，我們繼續回購股票。今年迄今為止，我們已以每股 12.72 美元的平均價格回購了 6.5% 的流通股。我們的董事會回購授權還剩約 7,300 萬美元。我們在第三季支付了每股 0.10 美元的年化股息，這反映了我們股票的收益率約為 3.4%。它也反映了基於​​我們 FFO 指導中點的預期 FAD 的派息率低於 40%。

Second, I will turn to our full year outlook. We have lowered our expectation for RevPAR growth by 50 basis points to 4.5% at the midpoint. While third quarter results were in line with prior guidance, our revised outlook reflects tempered fourth quarter expectations. This reflects lower weekend demand than had been previously expected as leisure demand continues to normalize. And it also reflects the continued improvement in business transient demand, albeit at a slightly more gradual pace than we had previously estimated.

其次，我將談談我們的全年展望。我們將 RevPAR 成長預期下調 50 個基點至中位數 4.5%。雖然第三季業績與先前的指引一致，但我們修訂後的前景反映了第四季預期的調整。這反映出隨著休閒需求持續正常化，週末需求低於先前的預期。這也反映出商業短暫需求的持續改善，儘管速度比我們先前估計的稍微慢一點。

On a preliminary basis, we estimate October RevPAR declined 2.3% versus last year. Excluding Hyatt Regency Scottsdale, October RevPAR increased about 2.4% versus last year. The impact of the Scottsdale renovation on RevPAR was about 100 basis points higher in October than it was in the third quarter. As a reminder, October has historically been the most significant month of the quarter with nearly 50% of our fourth quarter EBITDA earned during the month. As we look ahead to November and December, our pace is significantly impacted by the Scottsdale renovation. Transient room revenue pace for the 2 months is 2% lower than last year. Excluding Scottsdale, transient pace is up 6%.

我們初步估計 10 月的 RevPAR 較去年下降 2.3%。不包括斯科茨代爾凱悅酒店，10 月的 RevPAR 比去年增加了約 2.4%。斯科茨代爾改造對 RevPAR 的影響在 10 月比第三季高出約 100 個基點。提醒一下，從歷史上看，10 月是該季度最重要的一個月，我們第四季 EBITDA 的近 50% 都是在這個月賺取的。展望 11 月和 12 月，我們的步伐受到斯科茨代爾翻修工程的顯著影響。這兩個月的臨時客房收入成長比去年下降了 2%。不包括斯科茨代爾，短暫成長了 6%。

As of the end of the third quarter, group room revenue pace for November and December was down about 4% versus last year. Again, excluding Scottsdale pace for the 2 months was up 2%. As to hotel EBITDA margins, we expect them to decline approximately 200 basis points during the fourth quarter as compared to the fourth quarter of last year. Excluding Scottsdale, fourth quarter margins are expected to be flat to slightly positive.

截至第三季末，11 月和 12 月的團體客房收入增速較去年下降約 4%。同樣，不包括斯科茨代爾，這兩個月的成長速度為 2%。至於飯店 EBITDA 利潤率，我們預計第四季飯店 EBITDA 利潤率將比去年第四季下降約 200 個基點。不包括斯科茨代爾，第四季利潤率預計將持平至小幅正值。

As to adjusted EBITDAre. We have lowered the midpoint by $4 million to $250 million. Our adjusted FFO guidance of $167 million at the midpoint is $1 million lower than prior guidance. This is a result of the $4 million in lower expected adjusted EBITDAre, offset by slightly lower interest expense and slightly lower income tax expense. Our G&A expense guidance is unchanged. On a per share basis, we expect FFO of about $1.51 at the midpoint, which is $0.005 higher than prior guidance due to buybacks since we last reported.

至於調整後的 EBITDA 。我們將中點降低了 400 萬美元，達到 2.5 億美元。我們調整後的 FFO 指引中位數為 1.67 億美元，比先前的指引低 100 萬美元。這是由於預期調整後 EBITDAre 降低 400 萬美元，但利息費用和所得稅費用略有下降所抵銷。我們的一般及行政費用指引不變。以每股計算，我們預計 FFO 中點約為 1.51 美元，比上次報告以來的回購預期高出 0.005 美元。

Looking ahead to 2024. While it's still early, there are a few data points that we can offer for now. First, on our group outlook. As of the end of the third quarter, we had about 45% of our group revenues for next year already definite. That group room revenues for 2024 is pacing flat. Excluding Scottsdale, group pace is up about 10% for next year. Second, on corporate rates. We expect corporate negotiated rates for 2024 to be up in the low to mid-single-digit percentage range, that's based on preliminary feedback from our operators. And third, on new supply growth. Across our market tracks, we expect supply growth to be up just over 1% next year based on our weighted geographic room mix. This is considerably lower than annual supply growth has been over the last few years.

展望 2024 年。雖然現在還為時過早，但我們現在可以提供一些數據點。首先，關於我們的集團前景。截至第三季末，我們明年集團營收的約45%已經確定。 2024 年團體客房收入持平。如果不包括斯科茨代爾，明年的集團成長將提高約 10%。其次，關於企業費率。我們預計 2024 年企業協商費率將在低至中個位數百分比範圍內上漲，這是基於我們營運商的初步回饋。第三，新供應成長。根據我們的加權地理房間組合，我們預計明年的供應成長將略高於 1%。這大大低於過去幾年的年供應成長。

While we will not yet be providing 2024 guidance and we'll do so when we report the fourth quarter, we are providing an impact -- providing an estimate of the impact of disruption from our Scottsdale project. We expect the impact to EBITDA to be about $12 million over the course of next year. By quarter, our estimate is $3 million in the first quarter, $5 million in the second quarter, $3 million in the third quarter and $1 million in the fourth quarter. By way of reminder, in 2023, the EBITDA impact due to the Scottsdale renovation is expected to be about $14 million.

雖然我們尚未提供 2024 年的指導，我們將在報告第四季度時提供，但我們正在提供影響——提供對斯科茨代爾項目中斷影響的估計。我們預計明年對 EBITDA 的影響約為 1200 萬美元。按季度計算，我們預計第一季為 300 萬美元，第二季為 500 萬美元，第三季為 300 萬美元，第四季為 100 萬美元。需要提醒的是，到 2023 年，斯科茨代爾改造對 EBITDA 的影響預計約為 1,400 萬美元。

By quarter, that was approximately $2 million in the second quarter, $5 million in the third quarter, and we estimate it will be approximately $7 million in the fourth quarter, which we also expect to be the peak absolute level of quarterly EBITDA displacement from the renovation. So as we look at next year, we will see the largest year-over-year net renovation impact in the first half. By the time we get to the second half, we'll be lapping this year's heavy disruption.

按季度計算，第二季度約為 200 萬美元，第三季度約為 500 萬美元，我們預計第四季度約為 700 萬美元，我們還預計這將是季度 EBITDA 位移的絕對峰值水平。裝修。因此，當我們展望明年時，我們將在上半年看到最大的年比淨翻新影響。到下半年時，我們將經歷今年的嚴重破壞。

Despite less renovation disruption next year, we expect EBITDA from Scottsdale property to be lower than in 2023. This is because leisure and group demand were particularly strong during the first 4 months of this year, and the property also benefited from the Super Bowl this year. We expect we will undertake some other capital expenditure projects next year that are likely to negatively impact EBITDA similar to what we've done in any given year. While it's a bit premature to pinpoint that impact, as we have typically done, we will do so when we next report.

儘管明年裝修中斷較少，但我們預計斯科茨代爾物業的 EBITDA 將低於 2023 年。這是因為今年前 4 個月休閒和團體需求特別強勁，而且該物業還受益於今年的超級碗比賽。我們預計明年將開展一些其他資本支出項目，這些項目可能會對 EBITDA 產生負面影響，類似於我們在任何特定年份所做的事情。雖然像我們通常所做的那樣確定這種影響還為時過早，但我們將在下次報告時這樣做。

I'd like to conclude by mentioning that the company continues to be well positioned with no near-term debt maturities, a high-quality portfolio and strong relationships with industry participants, including brands, managers, lenders and others. We're executing and on track on several potential high-value projects that we expect to continue to drive strong growth in the years ahead.

最後，我想提一下，該公司繼續處於有利地位，沒有近期債務到期，擁有高品質的投資組合，並與行業參與者（包括品牌、管理公司、貸方和其他人士）建立了牢固的關係。我們正在執行併步入正軌的幾個潛在高價值項目，我們預計這些項目將在未來幾年繼續推動強勁成長。

And with that, we'll turn the call back over to Charlie for our Q&A session.

然後，我們會將電話轉回給查理進行問答環節。

(Operator Instructions) Our first question comes from Bryan Maher of B. Riley Securities.

（操作員指示）我們的第一個問題來自 B. Riley Securities 的 Bryan Maher。

Just one kind of area I wanted to address. And I don't think you really talked about it much in your prepared comments was you have a pretty formidable liquidity position between your cash and your availability. And we have a marketplace where hotels are starting to be handed back to lenders. I suspect we haven't seen the bottom of that, but would welcome some commentary there.

這只是我想討論的一個領域。我認為您在準備好的評論中並沒有真正談論這一點，因為您的現金和可用性之間擁有相當強大的流動性頭寸。我們有一個市場，酒店開始將其交還給貸方。我懷疑我們還沒有看到真相，但​​歡迎對此發表一些評論。

Marcel, how are you thinking about allocating your capital between future buybacks? You've been pretty aggressive this year and acquisition opportunities over the next 12 to 18 months?

馬塞爾，您如何考慮在未來的回購之間分配您的資本？你們今年相當積極，未來 12 到 18 個月有收購機會嗎？

Bryan, to your point, I think we are still in a situation where we're not quite seeing the depth of acquisition opportunities that we expect to see going forward. So particularly as we're looking at our current stock price, we think that there's a lot of value there as compared to certainly what we believe the outside value for these properties would be. So it is really a balancing act, frankly, making sure that we maintain enough liquidity to potentially look at acquisitions when there is more and more interesting opportunities out there, but we certainly see a lot of value in our stock currently.

布萊恩，就你的觀點而言，我認為我們仍然沒有完全看到我們預計未來會看到的收購機會的深度。因此，特別是當我們考慮當前的股價時，我們認為與我們認為這些房產的外部價值相比，這裡有很多價值。因此，坦白說，這實際上是一種平衡行為，確保我們保持足夠的流動性，以便在出現越來越多有趣的機會時考慮收購，但我們目前確實看到我們的股票有很大的價值。

And obviously, the third component of that is -- we do have a good number of -- well, at this point, really the bulk going into Scottsdale, but any other CapEx needs that we're going to have over the next couple of years as well, just to make sure that we maintain enough liquidity to -- for those kind of high potential projects that we're working on, in addition to the buybacks and maintaining enough dry powder for potential acquisition opportunities in the future.

顯然，其中的第三個組成部分是——我們確實有很多——嗯，在這一點上，實際上大部分都進入了斯科茨代爾，但我們將在接下來的幾年中擁有任何其他資本支出需求多年來，只是為了確保我們保持足夠的流動性——對於我們正在進行的那些高潛力項目，除了回購和保持足夠的乾粉以應對未來潛在的收購機會。

Our next question comes from Bill Crow of Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的比爾克勞。

Great. Curious, if you take out Scottsdale from the equation, how much does RevPAR have to grow next year in order to have flat EBITDA?

偉大的。好奇的是，如果您從等式中剔除斯科茨代爾，明年的 RevPAR 必須增長多少才能實現 EBITDA 持平？

Well, we're still in the budgeting process. But if you take Scottsdale out of the equation, I think it's probably kind of in the low to mid-single-digit range to get to flat EBITDA, just based on initial indications on expense pressures and the rest.

嗯，我們仍在預算過程中。但如果你把斯科茨代爾排除在外，我認為僅基於費用壓力和其他方面的初步跡象，它可能會在低至中個位數的範圍內達到持平的 EBITDA。

I think Barry did, obviously, get into a little bit of what we're seeing just on the overall expenses and growth in expenses. And we are certainly at a much closer level to full staffing than where we were in previous quarters. And that's why you're seeing the moderation that we saw in the third quarter, too, as compared to the margin contraction that we had in the second quarter of this year. So the fact that -- if you think about that we have 4% RevPAR growth in the third quarter of this year, excluding Scottsdale and our margins contracted by 60 basis points, I think that leads you to kind of that range that Atish is talking about.

我認為巴里顯然確實了解了我們所看到的總體支出和支出成長的一些情況。與前幾季相比，我們肯定更接近滿員。這就是為什麼與今年第二季的利潤率收縮相比，第三季的利潤率也有所放緩。因此，如果你考慮到今年第三季我們的RevPAR 成長了4%，不包括斯科茨代爾，而且我們的利潤率縮小了60 個基點，我認為這會讓你得出Atish 所說的那種範圍關於。

Yes. No, that's helpful. And then just a follow-up question. Wondering, it seems like middle of the year, maybe it was a little bit earlier than that, we saw this slowdown in the month or in the quarter for the quarter booking activity. It's just things seem to slow on that end. And I'm wondering what you're seeing on the booking window on those short-term bookings.

是的。不，這很有幫助。然後是一個後續問題。想知道，似乎是在年中，也許比那要早一點，我們看到季度預訂活動在本月或季度出現放緩。只是事情在這方面似乎進展緩慢。我想知道您在這些短期預訂的預訂窗口上看到了什麼。

Yes. I mean I think if you think about fourth quarter pace, short-term bookings are still very much a reality. And I think we're seeing that extend into 2024 as well where -- what Atish talked about overall pace for '24 and where we are. It's pretty heavily front loaded which we take as a good sign that business is responding quickly. And we're now starting to see properties really push to try to put more business on the books in the last half of 2024, which, quite frankly, is pretty easy because in most of our large-scale group properties, the first 2 quarters are in really good shape.

是的。我的意思是，我認為如果你考慮第四季的節奏，短期預訂仍然是現實。我認為我們會看到這種情況一直延續到 2024 年，Atish 談到的 24 年整體步伐以及我們所處的位置。它的前期負載相當大，我們認為這是一個好兆頭，表明業務正在快速回應。我們現在開始看到房地產確實在努力在 2024 年下半年實現更多業務，坦白說，這非常容易，因為在我們大多數大型集團房地產中，前兩個季度狀態真的很好。

Our next question comes from Dori Kesten of Wells Fargo.

我們的下一個問題來自富國銀行的多里·凱斯滕。

With some time now under the new [GM sell at the W Nashville, have you seen a notable shift in operations that you are looking for to put the hotel kind of back on the trajectory to stabilize yields?

納許維爾 W 酒店在新任總經理的領導下已經有一段時間了，您是否看到了營運方面的顯著轉變，您正在尋求這種轉變，以使酒店回到穩定收益率的軌道上？

Yes. I think I would say very much so. We had a very, very good third quarter there in terms of rooms operations, both in terms of the RevPAR, the hotel drove in absolute terms as well as relative to its competitive set. A lot of that managed to flow through the operations as they've taken a new and fresh clean look at kind of how to optimize the property operationally.

是的。我想我會這麼說。就客房營運而言，我們第三季的表現非常非常好，無論是在可出租客房收入方面，還是在絕對值和相對於其競爭對手而言，酒店都取得了增長。其中許多都成功地貫穿了運營，因為他們對如何優化酒店運營採取了全新的、全新的視角。

And certainly with the amount of group business the hotel has done, which was a big contributor to Q3 as we had expected to be and a much larger component of the business of the hotel as we move forward, banking contribution was also good. The piece that's still a work in progress and not surprising given the amount of time it takes is really looking at the multiple food and beverage outlets in the property, and still going back and really working on kind of new marketing, and digital marketing and social media plans for each outlet to really think about how we can maximize performance.

當然，考慮到酒店已完成的集團業務量（正如我們預期的那樣，這是第三季度的重要貢獻者），並且隨著我們的前進，銀行業務的貢獻也很大。這項工作仍在進行中，考慮到它所花費的時間，這並不奇怪，它實際上是在研究酒店內的多個餐飲店，並且仍在回過頭來真正致力於新的營銷、數位行銷和社交媒體。媒體計劃讓每個媒體真正考慮如何最大限度地提高績效。

And we're working on some things we're not really prepared to talk about yet, but then we think we'll certainly be able to get the property on a better track and certainly more help get us closer to bridge the gap that we still have on the food and beverage outlet side.

我們正在研究一些我們還沒有真正準備好談論的事情，但我們認為我們肯定能夠讓該物業走上更好的軌道，並且肯定會更多幫助我們更接近彌合我們的差距。食品和飲料出口側仍然有。

Okay. And I think last quarter, you said maybe the hotel is about a year behind where you thought -- or [it might take a] year longer to stabilize. Is that still fair?

好的。我認為上個季度，您說酒店可能比您想像的落後一年左右，或者[可能需要]一年的時間才能穩定下來。這樣還公平嗎？

Yes, I think that's still fair. And I just -- I would reiterate what Barry said. We, obviously, are really kind of undertaking this path of kind of revamping some of the F&B operations here and it's still relatively early days with the new GM in place. I believe you've seen the property yourself and you know what's outstanding facilities that we have there. So we are still very confident in kind of the long-term prospects for the hotel. Clearly, it is taken a little bit longer to stabilize, but it remains a great market, a great asset, and we're still very excited about the growth prospects there.

是的，我認為這仍然公平。我只是——我會重申巴里所說的話。顯然，我們確實正在採取這種方式來改造這裡的一些餐飲業務，而且新總經理就位還處於相對早期的階段。我相信您已經親眼看過該物業，並且知道我們那裡擁有哪些出色的設施。所以我們對飯店的長期前景還是很有信心的。顯然，它需要更長的時間才能穩定下來，但它仍然是一個巨大的市場，一項巨大的資產，我們仍然對那裡的成長前景感到非常興奮。

(Operator Instructions) Our next question comes from David Katz of Jefferies.

（操作員說明）我們的下一個問題來自 Jefferies 的 David Katz。

I want to Atish, go back to some of your prepared remarks. We appreciate the detail around Scottsdale and how that rolls into 2024. I think you did suggest that there could or would be more projects in 2024. And what I'm trying to envision is whether they could have the same kind of impact of Scottsdale or we start to get into more of a cash flow pivot or harvest mode?

我想阿蒂什，回到你準備好的一些言論。我們很欣賞斯科茨代爾周圍的細節以及如何將其延續到2024 年。我認為您確實建議2024 年可能或將會有更多項目。我試圖設想的是它們是否可以產生與斯科茨代爾或者我們開始進入更多的現金流樞軸或收穫模式？

Yes. Thanks, David. Yes, that comment was really meant to indicate that there are, in any given year, some projects that we do. We don't expect to do anything next year of the magnitude of the project in Scottsdale. But while I was giving the displacement number for Scottsdale, I'm not really rolling up any and all displacement for next year, just given that we're still in the budgeting process and capital planning mode. So that's really what that comment was meant to indicate. Just that there are -- in any given year, we have some other smaller projects. We expect we'll have those next year as well. And we expect those, in fact, to be similar to the projects we had this year. We had a handful of other projects that we were working on. So we likely will have several other projects next year that we'll work on as well.

是的。謝謝，大衛。是的，這個評論的真正意思是表明，在任何特定年份，我們都會做一些項目。我們預計明年不會在斯科茨代爾開展如此規模的項目。但是，雖然我給出了斯科茨代爾的排水量數字，但我並沒有真正匯總明年的所有排水量，只是考慮到我們仍處於預算流程和資本規劃模式。這就是該評論的真正含義。只是在任何一年裡，我們都有一些其他較小的項目。我們預計明年也會有這些。事實上，我們預計這些項目將與我們今年的項目類似。我們還有一些其他項目正在進行。因此，明年我們可能還會進行其他幾個項目。

So should I think about those magnitude-wise as something order of magnitude similar towards this year ex-Scottsdale, is that a fair way to kind of think about the...

因此，我是否應該將這些數量級視為與今年前斯科茨代爾類似的數量級，這是一種公平的方式來思考...

Yes, I think more or less. I mean -- look, yes, look, we still -- we don't have a specific number for those projects and the timing will obviously vary relative to the projects we did this year namely Grand Bohemian Orlando and the project in Salt Lake. But I think it's probably a fair guess to do that.

是的，我或多或少都這麼認為。我的意思是——看，是的，看，我們仍然——我們沒有這些項目的具體數字，而且相對於我們今年所做的項目，即大波西米亞奧蘭多和鹽湖城的項目，時間顯然會有所不同。但我認為這樣做可能是個合理的猜測。

It's really -- I'll just add to that, David. That it really is -- as Atish said, just kind of indicating that there may be some more disruption than essentially the $12 million that they outlined for Scottsdale. If you think about this year's disruption, we've talked about $18 million of total disruption, $14 million of which came from Scottsdale. So there was an additional roughly $4 million that came from some other projects this year. We are just not pinpointing exactly what it is for any additional projects because, frankly, we're still going through the whole process of finalizing capital budgets for next year and really looking at what we may or may not want to tackle that year. So as I'm sure you can understand, we'll get into a lot more detail on that as we do our next earnings call at the beginning of next year.

這真的是——我想補充一點，大衛。事實確實如此——正如 Atish 所說，這只是表明，可能會出現比他們為斯科茨代爾計劃的 1200 萬美元更多的干擾。如果您考慮今年的中斷，我們已經討論了 1800 萬美元的中斷總額，其中 1400 萬美元來自斯科茨代爾。因此，今年還有大約 400 萬美元來自其他一些項目。我們只是沒有準確指出任何額外項目的具體內容，因為坦白說，我們仍在經歷最終確定明年資本預算的整個過程，並真正考慮我們今年可能或可能不想解決的問題。因此，我相信您能夠理解，我們將在明年初舉行下一次財報電話會議時詳細介紹這一點。

Got it. If I could sneak one more quick one in, I'd appreciate it. One of the other public REITs announced a transaction recently, and I'm just wondering whether you think the capital markets landscape is better, worse or the same and whether there's a message in that or not?

知道了。如果我能再快點偷偷溜進去，我會很感激的。其他公共房地產投資信託基金之一最近宣布了一項交易，我只是想知道您認為資本市場格局是更好、更糟還是相同，這是否有一個資訊？

From a capital markets perspective, maybe just -- I don't know if you want to be more specific about what you're asking about, exactly what transaction. Are you talking about company-wide transactions? Are you talking about a specific individual asset acquisition?

從資本市場的角度來看，也許只是──我不知道你是否想更具體地說明你所問的是什麼，到底是什麼交易。您是在談論公司範圍內的交易嗎？您是在談論特定的個人資產收購嗎？

Well, I mean, what prompted the question was the Boston asset that has sold and whether there's a message in that about receptivity or underwriting conviction and the receptivity of the capital markets. That's what I was getting at.

嗯，我的意思是，引發這個問題的是已經出售的波士頓資產，以及其中是否有關於接受度或承銷信念以及資本市場的接受度的信息。這就是我的意思。

Yes. Thanks for the clarification, David. So from our perspective, I mean, there's still clearly -- there are transactions being completed, and there is interest in well-located assets and good assets that are out there. And we know of other transactions that are currently in the pipeline that will also be viewed probably pretty constructively as it relates to valuations of hotel assets. And I think -- we all know that interest rates have obviously increased very significantly. And I'm sure you've seen some recent refinancings that have been done where mortgage rates are in kind of the high 8% kind of range. But I think people are underwriting that and probably underwriting some sort of refinance down the road at hopefully, more attractive levels that gives them confidence in what their long-term returns could be.

是的。感謝您的澄清，大衛。因此，從我們的角度來看，我的意思是，仍然很明顯——有交易正在完成，人們對位置優越的資產和現有的優質資產感興趣。我們知道目前正在進行的其他交易也可能被視為相當有建設性的，因為它與酒店資產的估值有關。我認為——我們都知道利率顯然已經大幅上升。我確信您已經看到最近進行的一些再融資，抵押貸款利率在 8% 左右。但我認為人們正在承保這一項目，並且可能會在未來以更具吸引力的水平承保某種再融資，這讓他們對長期回報充滿信心。

With that being said, I think the market is still not overly deep for larger-sized asset acquisitions, and both from a number of assets that are out there and a number of transactions that are getting completed. We're still seeing some more deals done at some kind of the smaller-sized transactions than you're seeing in the larger sizes. But I do think that there's certainly interest in the lodging space. And I think part of that is also being driven by kind of looking past these next 6, 12 months and looking at what's supply -- the supply picture looks like for the space, which is obviously very appealing compared to where we've been historically. So I think that's -- there's certainly plenty of interest in the hotel space overall. And obviously, from our perspective, we see a pretty good path forward for growth in a portfolio like ours as well.

話雖如此，我認為對於大型資產收購來說，市場仍然不太深入，無論是從現有的大量資產還是正在完成的大量交易來看。我們仍然看到一些較小規模的交易比您在較大規模的交易中看到的要多。但我確實認為人們對住宿空間肯定感興趣。我認為部分原因也是透過回顧未來 6、12 個月並查看供應量來推動的——該空間的供應情況看起來與我們歷史上的情況相比顯然非常有吸引力。所以我認為，總體而言，人們對酒店空間確實很感興趣。顯然，從我們的角度來看，我們也看到了像我們這樣的投資組合的良好成長前景。

Our next question comes from Michael Bellisario of Baird.

我們的下一個問題來自貝爾德 (Baird) 的邁克爾貝利薩裡奧 (Michael Bellisario)。

Just a couple of quick clarifications. First on the fourth quarter outlook. It sounds like it's all on the top line coming down a little bit. Is that correct? Or are there any incremental expense headwinds that you're also baking into updated full year guidance?

只是一些簡單的澄清。首先是第四季的展望。聽起來好像一切都在下降一點。那是對的嗎？或者您也將任何增量支出阻力納入更新的全年指導中？

No, Mike, I think you got it right. It's really RevPAR-driven. I mean if you look at everything else, how we're thinking about the renovation impact or the expense backdrop, that hasn't changed. It's really top line-driven, and primarily associated with the 2 things that I mentioned. The demand a little bit lighter on weekends and then [BT] ramping, ramping up slightly slower.

不，麥克，我認為你說得對。這確實是由 RevPAR 驅動的。我的意思是，如果你看看其他一切，我們如何考慮裝修影響或費用背景，那並沒有改變。它確實是由頂層驅動的，主要與我提到的兩件事相關。週末的需求會稍微減少一些，然後[BT] 會增加，增加的速度會稍微慢一些。

Got it. Just wanted to clarify that. And then just on the '24 numbers for Scottsdale just to clarify there, if it's net positive, too, from renovations, but you expect the year-over-year to be down. Is that sort of at least net 3 negative sort of like-for-like. Is that all in the first quarter then? Or is that going to be spread out more between 1Q and 2Q?

知道了。只是想澄清這一點。然後就斯科茨代爾的 24 年數據進行澄清，翻修是否也帶來淨正面影響，但您預計將年減。這是至少淨 3 負的同類嗎？那麼這就是第一季的全部內容了嗎？或者說第一季和第二季之間會更加分散嗎？

Yes. It's mostly first quarter. That's where we saw kind of more of the strength, at least, relative to this year. There's a tad bit in the first month of the second quarter, but it's mostly first quarter.

是的。主要是第一季。至少相對於今年，我們在這方面看到了更多的實力。第二季第一個月有一點，但主要是第一季。

Got it. Okay. And then just last one for me, probably for Barry here. I think you mentioned meaningful improvement in group performance group trends in a few of your key markets. Any incremental color you could provide there, maybe what's driving that optimism and that upside?

知道了。好的。最後一個是我的，可能是巴里的。我認為您提到了一些關鍵市場中集團業績集團趨勢的有意義的改善。您可以在那裡提供任何增量顏色，也許是什麼推動了這種樂觀情緒和上升趨勢？

Yes. I think in part, it's a shift back to like everything else is shifting. It's a little bit of shift back to our more normal group patterns where we're seeing a much more blended mix of kind of corporate group, association group and SMERF group and where that's falling across the year, it's falling into more traditional places. So you don't have -- I mean, their kind of the big buildup of corporate demand has softened while that's incredibly lucrative business. It's the shift back to more group of the traditional types we've had, we've talked about before, right?

是的。我認為在某種程度上，這是一種轉變，就像其他一切都在轉變一樣。這有點回到了我們更正常的團體模式，我們看到企業團體、協會團體和 SMERF 團體更加混合，全年都在下降，它正在落入更傳統的地方。所以你沒有——我的意思是，他們那種大規模累積的企業需求已經減弱，而這是一項利潤極其豐厚的業務。這是我們之前討論過的更多傳統類型的轉變，對嗎？

We had this tremendous pent-up demand from corporate and associations typically book further out. So now we're getting that association group books further out. We're getting the high-quality summer business and a lot of resorts that it is sports groups, dance groups, things like that. So it's just a more balanced group mix across the year, which is ultimately driving higher and better pace both in room nights and in rate.

我們有來自企業和協會的巨大的被壓抑的需求，通常會提前預訂。所以現在我們正在進一步擴大協會小組的範圍。我們得到了高品質的夏季業務和許多度假村，包括體育團體、舞蹈團體等。因此，這只是全年更加平衡的群體組合，最終推動間夜數和房價的更快更好的發展。

Our next question comes from Aryeh Klein of BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Aryeh Klein。

Maybe just on the balance sheet. With some higher near-term CapEx and EBITDA next year impacted by renovations, how high are you comfortable with leverage getting to or maybe just where do you think it will kind of peak out at?

也許只是在資產負債表上。由於明年的近期資本支出和 EBITDA 將受到翻修的影響，您對槓桿達到多高感到滿意，或者您認為槓桿會在哪裡達到高峰？

Yes, thanks, Aryeh. Well, pre-COVID, we have been running the company from kind of in this range of low 3x to low 4x and that certainly continues to be kind of our target range and the optimal level for us given the asset profile. That said, there is a lot of recovery potential here over the next couple of years, and we pointed to some of that in prior conversations as well as the materials we posted. So we do expect there will be a natural delevering for the company as we go forward here over the next couple of years, given the EBITDA growth, particularly from some of the newer investments as well as the CapEx.

是的，謝謝，阿耶。嗯，在新冠疫情爆發之前，我們一直在從低 3 倍到低 4 倍的範圍內經營公司，這當然仍然是我們的目標範圍，也是考慮到資產狀況的最佳水平。也就是說，未來幾年這裡有很大的復甦潛力，我們在先前的對話以及我們發布的資料中指出了其中的一些潛力。因此，考慮到 EBITDA 的成長，特別是來自一些新投資和資本支出的成長，我們確實預計，隨著我們在未來幾年的發展，該公司將會自然地去槓桿化。

As we think about next year, I think as we talked about earlier, it is a little bit of a balance here, given the level of CapEx we have with other uses that we deem attractive, including buybacks. And I think where we are leverage-wise, roughly speaking, is about right. We're north of that low 4x higher end that I mentioned. But again, as we look further out, we think we can comfortably get back into that range. So I would say we're fine kind of in the high 4s, maybe even a little bit higher, just given the recovery potential of the business.

當我們考慮明年時，我認為正如我們之前討論的那樣，考慮到我們認為具有吸引力的其他用途（包括回購）的資本支出水平，這裡有點平衡。我認為，粗略地說，我們的槓桿水平是正確的。我們位於我提到的低 4 倍高端的北部。但同樣，當我們進一步展望時，我們認為我們可以輕鬆地回到這個範圍。因此，我想說，考慮到業務的復甦潛力，我們的業績處於高 4 水平，甚至可能更高一點。

So hopefully, that gives you a little bit of how we're -- color into how we're thinking about, leverage in the balance sheet in light of what we've got cooking in terms of CapEx and how we're thinking about share repurchases and continuing to be active there.

因此，希望這能讓您了解我們的情況——根據我們在資本支出方面的做法以及我們的想法，了解我們的想法、資產負債表中的槓桿作用股票回購併繼續在那裡活躍。

Appreciate that. And on the Hyatt in Scottsdale, curious about how you think about maybe starting to hold down or if you would consider that in an effort to accelerate the renovation timeline? And if not, what -- I guess, why not?

感謝。在斯科茨代爾的凱悅酒店，好奇您如何考慮可能開始保留，或者您是否會考慮這樣做以加快裝修時間表？如果不是，我想，為什麼不呢？

Yes. We obviously looked at that very extensively to see what we thought the right approach would be. And if anything, that [says] to do that would have been in the last -- really in the kind of the last few months as opposed to going forward. But even with that, we look at it very closely to make sure that we felt that we were not hurting ourselves financially in the short term, but also not hurting ourselves with a ramp-up, if you have to open the hotel back up. And the good thing about this hotel is that you've got some pretty distinctive areas of the hotel from a guest room perspective, where you can easily do one side of the building and have the other rooms on the other side of the building available.

是的。顯然，我們對此進行了非常廣泛的研究，以了解我們認為正確的方法是什麼。如果有什麼不同的話，那就是說，這件事應該在最後——實際上是在過去幾個月，而不是繼續進行。但即便如此，我們也會非常仔細地審視它，以確保我們認為短期內不會在財務上傷害自己，而且如果您必須重新開業酒店，也不會因業務擴張而傷害自己。這家飯店的好處是，從客房的角度來看，飯店有一些非常獨特的區域，您可以輕鬆地遊覽建築物的一側，並使用建築物另一側的其他房間。

And that's what we're working through right now as we're doing to guest room renovation, to make sure that we get through the first half of the building first. And then have the second half available, really when the pool complex is done at the beginning of next year. So it probably -- it might be helpful for me to expand on it a little bit because we've obviously talked about this in meetings before. But maybe not quite as granular a way as we're -- as I'd like to do now, which is we really have a strategy of making sure that we can attract leisure business primarily in the first half of next year, by having pool complex complete and by getting the guestrooms completed really here in the fourth quarter and the first quarter of next year.

這就是我們現在正在做的客房翻修工作，以確保我們首先完成大樓的前半部。然後，下半年就可以使用了，實際上是在明年初泳池綜合大樓完工後。所以，對我來說擴展一下可能會有所幫助，因為我們之前在會議上顯然已經討論過這個問題。但也許不像我們現在想做的那樣細緻，我們確實有一個策略，確保我們能夠主要在明年上半年吸引休閒業務，方法是泳池綜合體已完工，客房將在第四季度和明年第一季真正完工。

And being able to drive the leisure demand into the hotel first, while the meeting space isn't available yet with the expanded meeting space that we're doing. And then over the summer in the kind of slower periods that naturally occurs anyway, really tackling primarily the F&B operations. So we have a very well thought-out process here of how we're staging this whole renovation and trying to minimize disruption, getting the pieces going as quickly as we can. And we feel very strongly that we're not losing a lot of time, honestly, by not closing down the resort entirely. But that we're actually managing through this, the best way possible, maximizing our cash flow during this time frame, without really losing any kind of time in completing this process.

能夠首先將休閒需求引入酒店，而我們正在擴大的會議空間尚未提供會議空間。然後在夏季，在自然發生的緩慢時期，真正主要解決餐飲業務。因此，我們有一個經過深思熟慮的流程，決定如何進行整個翻修，並盡量減少干擾，盡快讓工程順利進行。老實說，我們強烈認為，不完全關閉度假村並不會浪費很多時間。但我們實際上正在透過這個盡可能最好的方式進行管理，在這段時間內最大化我們的現金流，而不會真正浪費任何時間來完成這個過程。

And if I can just squeeze one more in. Just looking at San Jose, it's obviously a challenged market, but I'm surprised that occupancy dipped a little bit from last year with tech companies returning to office. What are you seeing in that market? And how do you think that kind of evolves into 2024?

如果我能再擠進去一個。看看聖荷西，這顯然是一個充滿挑戰的市場，但令我驚訝的是，隨著科技公司重返辦公室，入住率比去年略有下降。您在那個市場上看到了什麼？您認為 2024 年會如何發展？

Yes. I think one of the challenges there is that while there has been more return tech to office, there have also been significant layoffs. So that has masked a little bit of the opportunity to grow occupancy in the market. It's also true that when people were not in the office, we actually -- and it was one of our original strategies from the beginning of COVID, was to attract business from people who were visiting the office. Meaning employees who are paying their own way to come into the market to be in the office a couple of days a week. And that business has changed a lot, both as a result of tech layoffs and a result of requirements to be in the office more days, has led a lot of people to come back to be more local to the office.

是的。我認為面臨的挑戰之一是，雖然有更多技術人員重返辦公室，但也出現了大量裁員。因此，這掩蓋了一些增加市場入住率的機會。確實，當人們不在辦公室時，我們實際上——這也是我們從新冠疫情開始以來的最初策略之一——就是吸引來辦公室的人們的業務。這意味著自費進入市場的員工每週在辦公室工作幾天。由於技術裁員和需要在辦公室待更多天的要求，該業務已經發生了很大變化，導致許多人回到辦公室，更加本地化。

We have the Q3 of this year had also never had a particularly good setup for us in that hotel on the group side as we continue to work with the adjacent convention center on driving more business into that center, but we had always known that will be soft. So those are kind of the 2 or 3 components that led to a little bit of softening there. And the flip side is we have seen rate improvement there through the period as well, in part, because we -- because -- I mean, it's not the ideal outcome, but some of that's because we didn't have some of the lower-rated group business that we'd ordinarily have. Low-rated group business we ordinarily have in that hotel during Q3.

今年第三季度，我們在集團方面的那家酒店也從未有過特別好的設置，因為我們繼續與鄰近的會議中心合作，推動更多業務進入該中心，但我們一直知道這將是柔軟的。因此，這些是導致那裡稍微軟化的 2 或 3 個組成部分。另一方面，我們在此期間也看到了利率的提高，部分原因是我們——因為——我的意思是，這不是理想的結果，但其中一些是因為我們沒有一些較低的結果通常擁有的評級集團業務。第三季度，我們通常在該飯店開展低評價的團體業務。

Our next question comes from Austin Wurschmidt of KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Austin Wurschmidt。

I'm curious if the recent softness in leisure demand that you highlighted kind of changed your outlook for this segment at all heading into 2024. And were there any specific markets or hotels across the portfolio that you'd highlight?

我很好奇您所強調的近期休閒需求疲軟是否會改變您對該細分市場進入 2024 年的前景。您的投資組合中是否有任何特定的市場或酒店值得您強調？

Yes. I talked a little bit in prepared remarks. I mean where we continue to see a little pullback in both occupancy and rate are really the key leisure markets we've talked about for a long time now, which are Napa, Savannah and Key West. Key West we, actually had some lap to renovation last year. So we actually showed growth in Q3 there. It was really a result of renovation lapping.

是的。我在準備好的發言中談了一點。我的意思是，我們繼續看到入住率和房價略有回落的地方實際上是我們長期以來討論的主要休閒市場，即納帕、薩凡納和基韋斯特。事實上，我們去年對基韋斯特進行了一些翻修。所以我們實際上在第三季顯示了成長。這確實是翻新研磨的結果。

Again, as I mentioned in the prepared remarks as well, rates are incredibly strong in those markets, and we've not seen a lot of rate pressure. I think it's just simply a matter of in each of those markets, if you -- we spent 10 minutes on each of one, which we obviously don't have time for today. Each one of them has their own unique dynamic. NAPA is certainly has been impacted by the West Coast and tech slowdown and layoffs and things like that.

同樣，正如我在準備好的評論中提到的那樣，這些市場的利率非常強勁，而且我們沒有看到很大的利率壓力。我認為這只是每個市場的問題，如果我們在每個市場上都花了 10 分鐘，而我們今天顯然沒有時間。他們每個人都有自己獨特的動力。 NAPA 肯定受到了西海岸、科技放緩、裁員等因素的影響。

But we continue to be pleased with the performance in Savannah despite the year-over-year decline. Charleston has held up very well in Q3 as well. And again, Key West has always been a tremendous market for anyone that's invested there. And so we don't have a particular view in '24 that we see anything remotely close to the clients we've seen this year. And in fact, we certainly hope that the occupancy levels will stabilize back to the more normal levels, albeit at a much significantly enhanced rate over 2019.

但儘管同比有所下降，我們仍然對薩凡納的表現感到滿意。查爾斯頓在第三季也表現出色。再說一次，基韋斯特對於在那裡投資的人來說一直是一個巨大的市場。因此，我們對 24 年沒有特別的看法，認為我們看到的任何東西都與我們今年看到的客戶有很接近。事實上，我們當然希望入住率能穩定回到更正常的水平，儘管入住率比 2019 年大幅提高。

The only thing I'll add to that is that from our perspective, we've been in the leisure markets for a long time. We didn't just jump into these markets in the last couple of years, right? So we're in some really long-term proven high-demand leisure markets where we feel very good about the long-term prospects and where those will kind of stabilize and normalize. And obviously, very important now at our prepared remarks, too, that we have seen very significant rate growth in those markets even still compared to '19. So it doesn't really change our outlook as it relates to those particular markets.

我唯一要補充的是，從我們的角度來看，我們已經進入休閒市場很久了。我們並不是過去幾年才進入這些市場的，對嗎？因此，我們處於一些經過長期驗證的高需求休閒市場，我們對長期前景感到非常看好，而這些市場將趨於穩定和正常化。顯然，現在我們準備好的發言也非常重要，我們已經看到這些市場的成長率非常顯著，即使與 19 年相比也是如此。因此，它並沒有真正改變我們對這些特定市場的看法。

I think what we're seeing is really what we kind of expected, which is a softening of kind of the overall domestic leisure trends. And as Atish pointed out, that is a little bit more significant in the fourth quarter than we initially anticipated, but it's also not quite being made up by business trends in accelerating as much as we we're projecting a quarter ago. So it's really kind of the balance of those two things. But we feel good about where we are in those leisure markets. We feel good about the hotels that we have in those markets.

我認為我們所看到的確實是我們所期望的，這是國內整體休閒趨勢的軟化。正如阿蒂什指出的那樣，第四季度的情況比我們最初預期的要重要一些，但它也沒有完全被業務趨勢加速所彌補，正如我們一個季度前預測的那樣。所以這確實是這兩件事的平衡。但我們對自己在這些休閒市場的地位感到滿意。我們對這些市場上的酒店感覺良好。

And as you know, and as I've pointed out a number of times, this kind of gradual shift back is not a bad thing for our portfolio because we do have a very good balance between corporate transient group and leisure demand. And particularly the strength that we're continuing to see in group is very consistent with what our expectations are, and really plays into where we think we're going to benefit over the next couple of years, which is -- we have assets that are more heavily dependent on that type of business.

正如你所知，正如我多次指出的那樣，這種逐漸回歸對我們的投資組合來說並不是一件壞事，因為我們確實在企業流動群體和休閒需求之間取得了很好的平衡。特別是我們在集團中繼續看到的力量與我們的期望非常一致，並且真正發揮了我們認為我們將在未來幾年受益的地方，那就是——我們擁有的資產更嚴重地依賴該類型的業務。

We obviously did the additional Ballroom at Grand Cypress, where we're expecting good growth over what we saw in '17, '18, '19. Certainly, what we're doing in Scottsdale plays into that, where we want to make sure that it's extremely attractive for all 3 demand segments and where that increased group business that we're going after there is going to be very important for the long-term success of the property. So in overall trends in these demand segments, we're not surprised by what we're seeing there.

顯然，我們在 Grand Cypress 增加了宴會廳，我們預計那裡會比 17、18、19 年看到更好的成長。當然，我們在斯科茨代爾所做的事情會發揮作用，我們希望確保它對所有三個需求細分市場都極具吸引力，並且我們正在追求的集團業務的增加對於長期而言非常重要- 財產的長期成功。因此，從這些需求領域的整體趨勢來看，我們對所看到的情況並不感到驚訝。

Yes. That's a good segue into my next question. I guess with respect to the corporate segment, you referenced the 16% delta in occupancy versus '19 levels. I guess how does that compare to the beginning of this year? And any specific markets where that corporate demand that is underperformed, you referenced into the fourth quarter versus initial expectations or budgets. Like is it any specific hotels or markets or just broad-based?

是的。這是我下一個問題的一個很好的延續。我想關於企業部門，您提到了與 19 年水準相比入住率增加了 16%。我想這與今年年初相比如何？對於企業需求表現不佳的任何特定市場，您提到了第四季度與最初預期或預算的情況。例如是特定的酒店或市場還是只是廣泛的？

Well, I think part of it is it's twofold from my perspective and Barry can jump in as well. But we -- Orlando, for example, is a component of that. And Orlando was a Grand Bohemian Orlando, which is really a business transient hotel for the most part and some group element to it, not really very significantly driven by leisure. And that renovation being extended out a little bit, certainly had a bit of an impact in the beginning of the fourth quarter as well.

嗯，我認為部分原因是從我的角度來看這是雙重的，巴里也可以加入。但我們——例如奧蘭多——是其中的一部分。奧蘭多是一家波西米亞風格的大奧蘭多酒店，它在很大程度上實際上是一家商務短暫酒店，並帶有一些團體元素，並不是真正受到休閒的顯著驅動。翻新工作的時間稍微延長了一點，當然也對第四季初產生了一些影響。

So some of our more business-oriented hotels are some of the ones that have undergone some of the renovations this year, too. We have seen an improvement in corporate transient as the year has progressed, where you're still seeing where you need to see additional growth is really on the Monday nights and Thursday nights. Tuesday and Wednesday nights are performing very well. Where you're really seeing that delta in the occupancies. It's very much driven by what you're seeing on Monday and Thursday nights. And that is still driven by return to office, more travel by -- especially the larger corporate accounts that needs to occur on those nights of the week that we haven't quite seen yet.

因此，我們的一些商務型飯店今年也進行了一些翻修。隨著時間的推移，我們看到企業瞬態有所改善，您仍然會看到需要看到額外增長的地方確實是在周一晚上和周四晚上。週二和週三晚上的表現非常好。你確實可以看到入住率的變化。這在很大程度上是由你在周一和周四晚上看到的情況所驅動的。這仍然是由重返辦公室、更多的旅行推動的——尤其是需要在我們還沒有看到的一周中的那些晚上發生的更大的公司客戶。

Our final question today comes from Luis Ricardo Chinchilla of Deutsche Bank.

我們今天的最後一個問題來自德意志銀行的路易斯·里卡多·欽奇利亞（Luis Ricardo Chinchilla）。

I was wondering if you could comment on your refinancing strategy. Acknowledging that you guys have a pretty good rate, it's fixed and effectively, you have plenty of liquidity. So any insight on what you're thinking and perhaps if you would be more inclined to be more conservative in leverage? Although I know this was already asked, but if you could provide like a range in would you feel comfortable in deteriorating fundamental environment.

我想知道您是否可以評論一下您的再融資策略。承認你們有一個相當不錯的利率，它是固定的和有效的，你們有充足的流動性。那麼，您對您的想法有什麼見解嗎？也許您是否更傾向於在槓桿方面更加保守？雖然我知道這已經被問到了，但如果你能提供一個範圍，你會在不斷惡化的基本環境中感到舒適嗎？

Well, thanks for the question. So on the first part of the question with regard to refinancings or financings, our next maturity is in August to '25. So it's quite some time away. I think there are obviously potentially many avenues we could explore for that debt maturity. And a lot is going to depend on sort of pricing, what's available and attractive.

嗯，謝謝你的提問。因此，關於再融資或融資問題的第一部分，我們的下一個到期日是 8 月到 25 年。所以還有相當長的一段時間。我認為我們顯然可以探索多種潛在的債務到期途徑。很大程度上取決於定價類型、可用​​的和有吸引力的。

Certainly, the high-yield market is one that we could continue to access, and we've got a good track record in that space. But there are other financing tools we could utilize as well. So just a little bit too early to really have a specific strategy laid out, but we do feel particularly confident in the avenues available to the company, and we continue to stay close to the opportunities on that side. So we get a little bit closer, I think we continue to monitor it, and we'll make some decisions with regard to that, but still almost a couple of years away.

當然，高收益市場是我們可以繼續進入的市場，而且我們在該領域擁有良好的記錄。但我們也可以利用其他融資工具。因此，真正制定具體策略還為時過早，但我們確實對公司可用的途徑特別有信心，並且我們將繼續密切關注這方面的機會。所以我們更接近了，我想我們會繼續監控它，我們將就此做出一些決定，但仍然需要幾年的時間。

And then to the second part of your question really around how we're thinking about the balance sheet overall and leverage level. I would say, as I pointed out earlier, that range of leverage that we had talked about, the low 3x to low 4x continues to be appropriate for us. And I do think specifically to your question, look, as we look at the business over the next several years, we do see a lot of upside, and we've articulated some of that in terms of the EBITDA levels this business could get to.

然後是你問題的第二部分，實際上是關於我們如何考慮整體資產負債表和槓桿水平。我想說，正如我之前指出的，我們討論過的槓桿範圍（低 3 倍到低 4 倍）仍然適合我們。我確實特別針對你的問題，看，當我們審視未來幾年的業務時，我們確實看到了很多上升空間，並且我們已經根據該業務可能達到的 EBITDA 水平闡明了其中的一些優勢。

So I think that really is the focus when you think about leverage level for the company. And while there may be some near-term headwinds, and we haven't obviously provided guidance for next year yet, we're really looking big picture and longer term at where do we want the leverage level for the company to be relative to the growth prospects and the stabilized EBITDA we're expecting from the projects and investments we've made. So I think I would just keep that in mind as you think about where we want to take the balance sheet, and how we're thinking about the right level of debt for the company relative to the long-term earnings potential of the company.

所以我認為，當你考慮公司的槓桿水平時，這確實是重點。雖然短期內可能會出現一些阻力，而且我們還沒有明顯提供明年的指導，但我們確實在著眼於大局和長期，我們希望公司的槓桿水平相對於我們期望從我們所做的項目和投資中獲得增長前景和穩定的EBITDA。因此，當您考慮我們想要將資產負債表放在何處，以及我們如何考慮公司相對於公司長期盈利潛力的適當債務水平時，我想我會牢記這一點。

We have no further questions registered at this point, so I'll turn the call back over to our Chair and CEO, Marcel Verbaas, for any closing remarks.

目前我們沒有其他問題，因此我會將電話轉回給我們的董事長兼執行長馬塞爾·維巴斯 (Marcel Verbaas)，讓其發表結束語。

Thank you, Charlie. Thanks for joining us this morning. I know we'll see many of you over the next few weeks. Those of you we won't see, we wish you a good rest of the year, good holiday season, and we look forward to connecting with everyone at the beginning of next year again.

謝謝你，查理。感謝您今天早上加入我們。我知道在接下來的幾週內我們會見到你們中的許多人。對於那些我們不會見面的人，我們祝你們在這一年裡過得愉快，假期愉快，我們期待著明年初再次與大家聯繫。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。您可以斷開線路。