Xenia Hotels & Resorts Inc (XHR) 2023 Q4 法說會逐字稿

Hello, everyone, and welcome to the Xenia Hotels & Resorts Q4 2023 earnings conference call. My name is Emily, and I'll be facilitating your call today. (Operator Instructions)

大家好，歡迎參加森雅酒店及度假村 2023 年第四季財報電話會議。我叫艾米麗，今天我將為您接聽電話。（操作員說明）

I will now turn the call over to our host, Amanda Bryant, Vice President of Finance. Please go ahead, Amanda.

現在我將把電話轉給我們的東道主、財務副總裁阿曼達·布萊恩特。請繼續，阿曼達。

Thank you, Emily, and welcome to Xenia Hotels & Resorts fourth-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 of our performance, Barry will follow with more details on our 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 Emily，歡迎參加 Xenia Hotels & Resorts 2023 年第四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業績，巴里將詳細介紹我們的營運趨勢和資本支出項目，阿蒂什將結束今天對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 and 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, 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, February 27, 2024, 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，本次電話會議中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，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有重大差異。我們今天早上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 2024 年 2 月 27 日，我們沒有義務公開更新任何這些前瞻性陳述。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. The property-level information that we'll 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.

您可以在今天早上的收益發布和收益補充中找到非公認會計準則財務指標與淨利潤的調節表以及我們評論中提到的某些項目的定義，這些數據可以在我們網站的投資者關係部分找到。除非另有說明，我們今天討論的酒店級資訊均以所有 32 家酒店的同一酒店為基礎。本次通話的存檔將在我們的網站上保留 90 天。

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

我現在將把它交給馬塞爾開始。

Thanks, Amanda, and good afternoon, everyone. We are pleased to report on our results and achievements in 2023 as we successfully executed against our long-term strategy by further investing in our high-quality and diversified portfolio while remaining focused on working with our operating partners to drive topline growth and control expenses in a challenging operating environment.

謝謝阿曼達，大家下午好。我們很高興報告2023 年的成果和成就，因為我們透過進一步投資於我們的高品質和多元化投資組合，同時繼續專注於與我們的營運合作夥伴合作，推動營收成長並控制支出，從而成功執行了我們的長期策略。充滿挑戰的營運環境。

During the course of 2023, we invested over $120 million in capital expenditures across the portfolio, all of which was supported by our in-house project management team. We believe that our recent capital projects will enable us to capture significant revenue and income growth in the years to come.

2023 年期間，我們在整個投資組合中投資了超過 1.2 億美元的資本支出，所有這些都得到了我們內部專案管理團隊的支持。我們相信，我們最近的資本項目將使我們能夠在未來幾年實現顯著的收入和收入成長。

Our 2023 portfolio performance was broadly in line with our expectations despite a challenging economic backdrop. And our fourth-quarter financial results allowed us to finish the year near the upper end of our full-year guidance ranges for net income, adjusted EBITDAre and adjusted FFO per share that we provided when we reported our third-quarter results.

儘管經濟背景充滿挑戰，但我們 2023 年的投資組合表現基本上符合我們的預期。我們的第四季度財務業績使我們能夠以接近我們在報告第三季度業績時提供的淨利潤、調整後 EBITDAre 和調整後每股 FFO 的全年指導範圍的上限結束這一年。

Same-property portfolio RevPAR for full year 2023 increased 3.9% compared to 2022, just shy of the low end of our most recent guidance, as November and December RevPAR were a bit softer than expected. Our 2023 RevPAR increase was driven by a healthy 250 basis point occupancy gain, as average daily rate was essentially flat.

與 2022 年相比，2023 年全年相同物業組合的 RevPAR 增長了 3.9%，略低於我們最新指引的低端，因為 11 月和 12 月的 RevPAR 略低於預期。我們 2023 年的 RevPAR 成長是由 250 個基點的入住率健康成長所推動的，因為日均房價基本上持平。

If we exclude Hyatt Regency Scottsdale Resort & Spa Gainey Ranch, where the transformational renovation is well underway, same-property RevPAR for the remainder of the portfolio increased a solid 6.4% as compared to 2022.

如果我們排除正在進行轉型改造的斯科茨代爾凱悅度假村及水療中心蓋尼牧場，那麼與 2022 年相比，其餘酒店的相同酒店每間可用客房收入 (RevPAR) 穩步增長 6.4%。

In 2023, 23 of out of the 32 hotels in our same-property portfolio achieved RevPAR growth as compared to 2022. RevPAR increased by double-digit percentages in 7 of our 22 markets, including Portland, Houston, Dallas, San Francisco, San Jose, Nashville, and Atlanta. We expect most of these markets to continue to experience strong growth in 2024 as well.

2023 年，我們同類酒店組合中的 32 家酒店中有 23 家的 RevPAR 較 2022 年增長。在我們的 22 個市場中，有 7 個市場的每間可用客房收入 (RevPAR) 實現了兩位數百分比的成長，包括波特蘭、休士頓、達拉斯、舊金山、聖荷西、納許維爾和亞特蘭大。我們預計這些市場中的大多數在 2024 年也將繼續強勁成長。

On a same-property basis, 2023 hotel EBITDA of $271.5 million was 1.5% below 2022 levels, and margins were 153 basis points lower as compared to 2022. Excluding Hyatt Regency Scottsville in both years, same-property hotel EBITDA increased 3.5%, and margins decreased just 92 basis points in 2023 as compared to 2022. We are pleased with this result, given the inflationary pressures on the overall economy, and our industry particularly, during the year.

以同一飯店計算，2023 年飯店 EBITDA 為 2.715 億美元，比 2022 年水準低 1.5%，利潤率比 2022 年低 153 個基點。不包括斯科茨維爾凱悅酒店，這兩年同酒店的 EBITDA 成長了 3.5%，2023 年利潤率僅比 2022 年下降 92 個基點。考慮到今年整體經濟，特別是我們行業面臨的通膨壓力，我們對這一結果感到滿意。

Now, turning specifically to our fourth-quarter results. This morning, we reported net income of $7.6 million, adjusted EBITDAre of $59.4 million, and adjusted FFO per share of $0.41. Despite significant disruption from the Hyatt Regency Scottsville renovation throughout the quarter as well as disruption from our Grand Bohemian Orlando renovation early in the quarter, our fourth-quarter adjusted FFO per share of $0.41 was flat compared to the same period in the prior year. This was partially due to a lower share count resulting from our substantial share repurchase activity during the quarter and the year.

現在，具體談談我們的第四季業績。今天早上，我們報告淨利潤為 760 萬美元，調整後 EBITDA 為 5940 萬美元，調整後每股 FFO 為 0.41 美元。儘管斯科茨維爾凱悅酒店整個季度的翻修以及我們本季初奧蘭多波希米亞大酒店的翻修造成了嚴重干擾，但我們第四季度調整後的每股FFO 為0.41 美元，與上年同期持平。部分原因是我們在本季和本年度進行了大量股票回購活動，導致股票數量減少。

Our same-property RevPAR for the fourth quarter decreased 3.4% as compared to 2022. However, excluding Hyatt Regency Scottsdale, RevPAR for the quarter increased 1.2%. On a same-property basis, fourth-quarter hotel EBITDA of $63.7 million was 8.4% below 2022 levels and hotel EBITDA margin decreased 162 basis points.

與 2022 年相比，我們在第四季度同類酒店的 RevPAR 下降了 3.4%。然而，不包括斯科茨代爾凱悅酒店，該季度的 RevPAR 增加了 1.2%。以同一間飯店計算，第四季飯店 EBITDA 為 6,370 萬美元，比 2022 年水準低 8.4%，飯店 EBITDA 利潤率下降 162 個基點。

Excluding Hyatt Regency Scottsdale, fourth quarter same-property hotel EBITDA increased 2.5%, and hotel EBITDA margin decreased just 10-basis points. The trends across our portfolio continue to indicate that our demand segmentation mix is reverting towards pre-pandemic levels as group and business transient demand recover and leisure demand normalizes.

不包括斯科茨代爾凱悅酒店，第四季同酒店 EBITDA 成長 2.5%，酒店 EBITDA 利潤率僅下降 10 個基點。我們投資組合的趨勢繼續表明，隨著團體和企業短暫需求的恢復以及休閒需求的正常化，我們的需求細分組合正在恢復到疫情前的水平。

In the fourth quarter and the full year, same-property group room revenues, excluding Hyatt Regency Scottsdale, increased 4% and 15%, respectively, as compared to 2022. We also saw continuous strength in business transient demand over the year, as evidenced by a healthy recovery in midweek occupancy.

第四季和全年，除斯科茨代爾凱悅酒店外，同酒店集團客房收入較 2022 年分別增長 4% 和 15%。我們也看到一年中商業短暫需求的持續強勁，周中入住率的健康復甦就證明了這一點。

And finally, leisure demand continued to normalize, which was not a big surprise given the incredible strength in domestic leisure demand coming out of the pandemic. This retracement was evident in the lagging performance of some of our more leisure-dependent assets and markets in the fourth quarter.

最後，休閒需求持續正常化，考慮到疫情後國內休閒需求的強勁強勁，這並不令人意外。這種回撤在第四季度我們一些更依賴休閒的資產和市場的滯後表現中表現得很明顯。

As for our capital allocation strategy, included in our $120 million in capital expenditures in our portfolio in 2023 were major renovations at Kimpton Canary Hotel Santa Barbara, Kimpton Hotel Monaco Salt Lake City, and Grand Bohemian Orlando, in addition to other projects such as the creation of a Miraval Life and Balance Spa at Park Hyatt Aviara.

至於我們的資本配置策略，我們2023年投資組合中1.2億美元的資本支出中包括聖巴巴拉金絲雀金普頓酒店、摩納哥鹽湖城金普頓酒店和奧蘭多波希米亞大酒店的重大翻修項目，以及其他項目，例如在阿維亞拉柏悅酒店創建 Miraval Life and Balance 水療中心。

As you are all well aware, we also commenced the transformative renovation and up-branding of Hyatt Regency Scottsdale in June of last year. We are excited that this project is progressing on time and on budget to date. We continue to believe strongly that the property will be able to compete even more effectively in the Phoenix, Scottsdale luxury resort markets after its relaunch as the luxury Grand Hyatt Resort Scottsdale by the end of the year. Barry will provide a detailed update on our progress on this important project in his remarks.

眾所周知，我們也於去年 6 月開始了斯科茨代爾凱悅酒店的變革性翻新和品牌升級。我們很高興該項目迄今為止按時按預算取得進展。我們仍然堅信，該酒店在年底重新推出豪華斯科茨代爾君悅度假村後，將能夠在鳳凰城、斯科茨代爾豪華度假村市場上更有效地競爭。巴里將在演講中詳細介紹我們在這項重要項目上的進展。

Importantly, we balance these investments in our portfolio with meaningful returns to our shareholders. In 2023, we returned approximately $177 million to shareholders through nearly $133 million in share buybacks and roughly $44 million in common dividends. Looking ahead, we are cautiously optimistic as we start 2024. We believe that our recent and ongoing ROI investments will yield meaningful results in 2024 and in the years to come. We expect to invest another $120 million to $130 million in capital projects this year with the Hyatt Regency Scottsdale renovation expected to account for $65 million to $70 million of this total amount.

重要的是，我們平衡投資組合中的這些投資與股東的有意義的回報。2023 年，我們透過近 1.33 億美元的股票回購和約 4,400 萬美元的普通股息向股東返還了約 1.77 億美元。展望未來，我們對 2024 年開始持謹慎樂觀態度。我們相信，我們最近和正在進行的 ROI 投資將在 2024 年及未來幾年產生有意義的成果。我們預計今年將在資本項目上再投資 1.2 億至 1.3 億美元，其中斯科茨代爾凱悅酒店翻修工程預計將佔其中的 6,500 萬至 7,000 萬美元。

These important projects should start to drive benefits later this year as the guest rooms and various other components are completed. Also in 2024, we expect to generate earnings growth from our recently renovated properties, some of which have already started to see notable share gains in the months coming out of renovation.

隨著客房和其他各種組件的竣工，這些重要項目將在今年稍後開始帶來效益。同樣在 2024 年，我們預計最近翻新的房產將實現盈利增長，其中一些房產在翻新後的幾個月內已經開始出現顯著的份額增長。

While Barry will provide more detail on our capital projects, I would like to note that we expect overall renovation disruption in the portfolio to be a bit less than in 2023, despite continued significant renovation disruption at Hyatt Regency Scottsdale. The majority of the capital expenditures we will make in 2024 outside of the Scottsdale project are expected to be significantly less impactful to the guest experience than the major renovations we completed in 2023.

雖然巴里將提供有關我們資本項目的更多詳細信息，但我想指出的是，儘管斯科茨代爾凱悅酒店持續出現重大翻修中斷，但我們預計投資組合中的整體翻修中斷將比2023 年略少。我們將在 2024 年在斯科茨代爾專案之外進行的大部分資本支出預計對賓客體驗的影響將明顯小於我們在 2023 年完成的重大翻修工程。

Our initial 2024 outlook is based on a range of 2% to 5% same-property RevPAR growth or 3.5% at the midpoint. Excluding Hyatt Regency Scottsdale, we expect the portfolio to produce 2.5% to 5.5% RevPAR growth. Embedded in this outlook are opportunities for further occupancy gains. In 2023, our same-property portfolio, excluding Scottsdale, occupancy was still approximately 10 points behind 2019, levels despite a 2.5-point increase in occupancy during the year.

我們對 2024 年的初步展望是基於同物業 RevPAR 成長 2% 至 5% 或中位數 3.5% 的範圍內。不包括斯科茨代爾凱悅酒店，我們預計該投資組合的 RevPAR 將實現 2.5% 至 5.5% 的成長。這項前景包含了進一步提高入住率的機會。2023 年，我們相同的物業組合（不包括斯科茨代爾）的入住率仍比 2019 年的水平落後約 10 個百分點，儘管年內入住率增長了 2.5 個百分點。

In addition to growth from recently renovated properties, our greatest opportunities for growth in 2024 include continued strong performance at our hotels that cater to group and business transient customers. This includes our two most recent acquisitions, W Nashville and Hyatt Regency Portland at the Oregon Convention Center, both of which should generate above-average levels of RevPAR growth as compared to our overall portfolio. Additionally, in 2024, we expect strong RevPAR growth at our properties in Orlando, Atlanta and our recovering Northern California markets, San Francisco and San Jose.

除了最近翻新的飯店帶來的成長外，我們 2024 年最大的成長機會還包括迎合團體和商務短期客戶需求的飯店持續強勁的業績表現。這包括我們最近收購的兩項收購，即俄勒岡會議中心的納許維爾W 酒店和波特蘭凱悅酒店，與我們的整體投資組合相比，這兩家酒店的每間客房收入(RevPAR) 增長水平應高於平均水平。此外，到 2024 年，我們預計奧蘭多、亞特蘭大的酒店以及正在復甦的北加州市場、舊金山和聖何塞的​​每間可用客房收入將強勁增長。

Excluding Scottsdale, we crossed into 2024 with approximately 8% greater group rooms revenue on the books than we did for 2023 at the end of 2022. We also anticipate continued recovery in business transient demand, which should drive further midweek occupancy gains. We expect leisure transient demand to remain relatively stable this year after some retracement last year. Atish will provide additional details around our 2024 outlook, including our expectations for seasonality and impact from our ongoing renovation activity in his prepared remarks.

不包括斯科茨代爾，我們進入 2024 年時，截至 2022 年底的團體客房帳面收入比 2023 年增加了約 8%。我們也預期商業短暫需求將持續復甦，這將進一步推動周中入住率的成長。我們預計休閒短暫需求在去年回撤後，今年將保持相對穩定。Atish 將在他準備好的演講中提供有關我們 2024 年展望的更多詳細信息，包括我們對季節性的預期以及我們正在進行的翻新活動的影響。

We are off to a solid start in 2024. Quarter-to-date through February 22, 2024, we estimate that excluding Scottsdale, same-property RevPAR increased 4.9% as compared to the same period in 2023. When including Hyatt Regency Scottsdale, which delivered extremely strong results in early 2023 due to the Super Bowl and strong overall demand in the markets, quarter-to-date RevPAR through February 22 is down 0.5%.

2024 年我們將迎來一個好的開始。截至 2024 年 2 月 22 日的季度至今，我們估計，不包括斯科茨代爾，同類物業的 RevPAR 與 2023 年同期相比增長了 4.9%。斯科茨代爾凱悅酒店 (Hyatt Regency Scottsdale) 因超級碗比賽和市場整體需求強勁而在 2023 年初取得了極其強勁的業績，截至 2 月 22 日，季度至今的 RevPAR 下降了 0.5%。

Given its very strong performance through May of last year and the renovation disruption this year, Hyatt Regency Scottsdale will be a drag on RevPAR growth through the first half of the year, after which, the comparisons will become significantly more favorable.

鑑於其去年 5 月的強勁表現以及今年的裝修中斷，斯科茨代爾凱悅酒店將拖累今年上半年的 RevPAR 成長，之後，比較將變得更加有利。

To wrap up, I'm very proud of all the great work our team accomplished in 2023. We not only delivered results broadly in line with the expectations we set at the start of the year, but we also invested meaningfully in our portfolio in ways that we believe will enhance our growth profile in the years ahead. All this was accomplished during a time when we also returned substantial levels of capital to shareholders through a combination of share repurchases and dividends. And as we announced this morning, we are continuing this into 2024 as our Board of Directors authorized a 20% increase in our quarterly cash dividends to $0.12 per share for the first quarter.

最後，我對我們團隊在 2023 年完成的所有出色工作感到非常自豪。我們不僅取得了與年初設定的預期基本一致的業績，而且還對我們的投資組合進行了有意義的投資，我們相信這將增強我們未來幾年的成長前景。所有這一切都是在我們透過股票回購和股利結合的方式向股東返還大量資本的同時實現的。正如我們今天早上宣布的那樣，我們將在 2024 年繼續這一舉措，因為我們的董事會授權將第一季的季度現金股息增加 20%，達到每股 0.12 美元。

I will now turn the call over to Barry to provide more details on our operating results and our capital projects.

我現在將把電話轉給巴里，以提供有關我們的經營業績和資本項目的更多詳細資訊。

Thanks, Marcel, and good afternoon, everyone. For the full year of 2023, our 32 same-property portfolio RevPAR was $169.46 based on occupancy of 65.1% and an average daily rate of $260.40. Same-property portfolio RevPAR increased 3.9% as compared to 2022. This increase reflected a 2.5-point gain in occupancy and flat average daily rate as compared to full year 2022.

謝謝馬塞爾，大家下午好。2023 年全年，我們 32 個相同物業組合的 RevPAR 為 169.46 美元，入住率為 65.1%，日均房價為 260.40 美元。與 2022 年相比，相同物業組合的 RevPAR 成長了 3.9%。這一增長反映了與 2022 年全年相比，入住率增加了 2.5 個百分點，且日均房價持平。

Excluding Hyatt Regency Scottsdale, full year RevPAR was $170.57, an increase of 6.4% as compared to 2022. This increase reflected over 3.5 points of occupancy gain and nearly flat average daily rate as compared to full year 2022. Our properties achieving the strongest RevPAR growth as compared to full year 2022, included the Hyatt Regency Portland with RevPAR of 30.8%; our 3 Houston properties with RevPAR up 19.9%; and our two Dallas properties, which are up 17.9%, all of which benefited from recovering business transient and strong group demand.

不包括斯科茨代爾凱悅酒店，全年 RevPAR 為 170.57 美元，較 2022 年成長 6.4%。與 2022 年全年相比，這一增長反映了入住率增長超過 3.5 個百分點，以及日均房價幾乎持平。與 2022 年全年相比，我們的酒店實現了最強勁的 RevPAR 成長，其中包括波特蘭凱悅酒店，RevPAR 為 30.8%；我們的 3 個休士頓物業的 RevPAR 成長了 19.9%；我們在達拉斯的兩處房產上漲了 17.9%，所有這些都受益於業務短暫的復甦和強勁的團體需求。

In addition, our properties in San Francisco, Santa Clara, and Nashville all achieved double-digit RevPAR growth for the year. Conversely, the greatest RevPAR declines compared to 2022 were experienced at Hyatt Regency Scottsdale, Kimpton Monaco Salt Lake City, Grand Bohemian Orlando, and Kimpton Canary Santa Barbara, all of which were undergoing comprehensive renovations, which will position each of these hotels extremely well for the years ahead.

此外，我們在舊金山、聖克拉拉和納許維爾的物業今年均實現了兩位數的 RevPAR 成長。相反，與2022 年相比，每間客房收入下降幅度最大的是斯科茨代爾凱悅酒店、摩納哥鹽湖城金普頓酒店、奧蘭多波希米亞大酒店和聖巴巴拉金普頓金絲雀酒店，這些酒店都正在進行全面翻修，這將使這些酒店在未來的發展中處於有利地位。未來的歲月。

The RevPAR declines at Andaz Napa and Hyatt Centric Key West reflected weaker leisure demand against an extremely tough prior year comparison, although both properties' RevPAR was above 2019 levels. At W Nashville, RevPAR grew by over 10% for the full year with 33% growth in group revenue as our business strategy for this hotel continues to become more refined. EBITDA margin improved by over 170 basis points in 2023 as compared to 2022. We continue to focus the hotel's efforts on improving food and beverage performance, including the repositioning and relaunch of the hotel's [three-meal] restaurant. As we look ahead to 2024, group revenue pace is up nearly 20% as of the end of January.

安達仕納帕酒店和凱悅中心基韋斯特酒店的每間可用客房收入下降反映了休閒需求的疲軟，而與去年的比較極為嚴峻，儘管這兩家酒店的每間客房客房收入均高於2019 年的水準。在納許維爾 W 酒店，隨著我們的業務策略不斷完善，全年每間可用客房 (RevPAR) 增長了 10% 以上，集團收入增長了 33%。與 2022 年相比，2023 年 EBITDA 利潤率提高了 170 個基點。我們繼續將酒店的工作重點放在改善餐飲業績上，包括重新定位和重新推出酒店的【三餐】餐廳。展望 2024 年，截至 1 月底，集團營收成長近 20%。

In January, RevPAR was up over 6% compared to the prior year despite inclement weather, giving us further confidence that the hotel's penetration within each segment will continue to improve as the market recognizes the outstanding attributes of this property. Although RevPAR declined in the fourth quarter, this was expected as the overall market was impacted by the absorption of three new luxury hotels year-over-year during this traditionally softer period.

1 月份，儘管天氣惡劣，每間可用客房收入仍比去年同期增長了6% 以上，這讓我們更加相信，隨著市場認可該酒店的卓越屬性，該酒店在各個細分市場的滲透率將繼續提高。儘管第四季度每間可用客房收入有所下降，但這也是意料之中的，因為在這個傳統的疲軟時期，整體市場受到了三家新豪華酒店同比吸收的影響。

For the fourth quarter, our 32 same-property portfolio RevPAR was $157.69 based on occupancy of 61.9% at an average daily rate of $254.56. Same-property portfolio RevPAR decreased 3.4% in the quarter as compared to the same period in 2022. Excluding Hyatt Regency Scottsdale, fourth-quarter RevPAR was $162.51, an increase of 1.2% as compared to 2022. This increase reflected about 1.5 points of occupancy gain and a slight decline in average daily rate as compared to full year 2022.

第四季度，我們 32 個相同物業組合的 RevPAR 為 157.69 美元，入住率為 61.9%，每日平均房價為 254.56 美元。與 2022 年同期相比，本季相同物業組合的 RevPAR 下降了 3.4%。不包括斯科茨代爾凱悅酒店，第四季RevPAR為162.51美元，較2022年成長1.2%。與 2022 年全年相比，這一增長反映了入住率增長約 1.5 個百分點，以及日均房價略有下降。

In the quarter, same-property RevPAR in October and November declined 2.2% and 3.7%, respectively, as compared to 2022, while December RevPAR decreased 4.9% compared to 2022. Excluding Hyatt Regency Scottsdale, RevPAR was up 2.4% and 1.4% in October and November and declined 0.8% in December as compared to 2022.

本季度，同物業 10 月和 11 月的 RevPAR 較 2022 年分別下降 2.2% 和 3.7%，12 月的 RevPAR 較 2022 年下降 4.9%。不包括斯科茨代爾凱悅酒店，與 2022 年相比，10 月和 11 月的 RevPAR 分別增加了 2.4% 和 1.4%，12 月下降了 0.8%。

As Marcel mentioned in his prepared remarks, overall business reflects the continued transition in our business in what was primarily a leisure demand-driven recovery in 2022 through a more traditional mix of leisure, business transient, and group demand. As it relates to business transient, mid-week occupancies continued to improve in the fourth quarter with Monday, Tuesday, and Wednesday occupancies all up relative to the fourth quarter of 2022.

正如馬塞爾在準備好的演講中所提到的那樣，整體業務反映了我們業務的持續轉型，2022 年主要是休閒需求驅動的復甦，透過休閒、商務短暫和團體需求的更傳統組合。由於與業務瞬態相關，第四季度周中入住率持續改善，週一、週二和週三的入住率均較 2022 年第四季上升。

Conversely, occupancy on Saturday nights declined relative to the fourth quarter of 2022, reflecting softening leisure demand across the portfolio and the extreme peaks we experienced in 2022. Business from the largest corporate accounts improved throughout the year, but we estimate that room night demand for this important subsegment is still down about 20% from 2019 levels.

相反，週六晚上的入住率相對 2022 年第四季有所下降，反映出整個投資組合的休閒需求疲軟以及我們在 2022 年經歷的極端高峰。最大的企業客戶的業務全年有所改善，但我們估計這一重要細分市場的間夜需求仍較 2019 年水準下降約 20%。

On the leisure side, several of our more leisure-oriented properties reported RevPAR declines in the fourth quarter and full year of 2023 as compared to 2022, including our properties in Key West, Napa, Savannah, and Santa Barbara. Among our leisure markets, Charleston was a relative bright spot in our portfolio with RevPAR growth in the fourth quarter and full year. Not surprisingly, the slight decline in our total portfolio's average daily rate in the fourth quarter was largely attributable to lower rates at most of our leisure-oriented hotels.

在休閒方面，我們的一些休閒型酒店報告稱，與2022 年相比，2023 年第四季度和全年的RevPAR 有所下降，包括我們在基韋斯特、納帕、薩凡納和聖巴巴拉的酒店。在我們的休閒市場中，查爾斯頓是我們投資組合中的一個相對亮點，其第四季度和全年的每間客房收入都在增長。毫不奇怪，第四季度我們總投資組合的平均每日房價略有下降，很大程度上是由於我們大多數休閒酒店的房價較低。

Now turning to group. In the quarter, our same-property group's revenue exceeded fourth quarter of 2022 levels by nearly 5%, excluding Hyatt Regency Scottsdale. Our performance reflected very strong group results in October, particularly at our properties in Houston, Atlanta, and Orlando and generally higher group rates across the portfolio. Our full year same-property 2023 group's revenue ended about 16% higher than 2022 and about 2% lower than 2019, again excluding Hyatt Regency Scottsdale in all periods.

現在轉向團體。本季度，我們同一物業集團的收入比 2022 年第四季度的水平增長了近 5%（不包括斯科茨代爾凱悅酒店）。我們的業績反映了 10 月份非常強勁的集團業績，特別是我們在休士頓、亞特蘭大和奧蘭多的酒店，以及整個投資組合中總體較高的集團利率。我們 2023 年同一飯店集團的全年收入比 2022 年高出約 16%，比 2019 年低約 2%，同樣不包括所有時期的斯科茨代爾凱悅酒店。

The vast majority of the recovery in group to date has come from average daily rate increases as group room nights in 2023 were still about 12% lower than in 2019. This gives us confidence that we will see further opportunities for growth over the coming year, particularly at our important group-oriented hotels in Orlando, Portland, Atlanta, and Dallas as we see booking windows lengthen and normalize.

迄今為止，團體的復甦大部分來自日均房價的成長，因為 2023 年的團體間夜數仍比 2019 年低 12% 左右。這讓我們相信，我們將在未來一年看到更多成長機會，特別是在奧蘭多、波特蘭、亞特蘭大和達拉斯的重要團體飯店，因為我們看到預訂窗口延長並正常化。

Now, turning to expenses and profit. Fourth quarter, same-property hotel EBITDA was $63.7 million, a decrease of 8.4% compared to the fourth quarter of 2022, resulting in 162 basis points of margin erosion. Excluding Hyatt Regency Scottsdale, fourth-quarter same-property hotel EBITDA was $63.4 million, an increase of 2.5% as compared to the fourth quarter of 2022 and reflected a 10 basis point decline in margin.

現在，轉向費用和利潤。第四季度，同物業酒店 EBITDA 為 6,370 萬美元，較 2022 年第四季下降 8.4%，導致利潤率下降 162 個基點。不包括斯科茨代爾凱悅酒店，第四季同酒店 EBITDA 為 6,340 萬美元，較 2022 年第四季成長 2.5%，反映利潤率下降 10 個基點。

On a full year basis, same-property hotel EBITDA was $271.5 million, and margins decreased 153 basis points. Excluding Hyatt Regency Scottsdale, same-property hotel EBITDA margins decreased 92 basis points as compared to full year 2022.

全年同一飯店的 EBITDA 為 2.715 億美元，利潤率下降 153 個基點。不包括斯科茨代爾凱悅酒店，同酒店的 EBITDA 利潤率較 2022 年全年下降 92 個基點。

Our fourth quarter and full year 2023 margins reflected generally good expense control over the year in light of significant increases in wages and benefits, as well as utility costs. We continue to see significant reductions in overtime labor as staffing levels and recruiting by our managers normalize in line with business levels. Administrative and general expenses declined by nearly 3% year over year in Q4, and repairs and maintenance expenses were stable year over year in Q4.

鑑於工資和福利以及公用事業成本的大幅增長，我們的第四季度和 2023 年全年利潤率反映出全年總體良好的費用控制。隨著人員配備水準和經理招募的正常化，與業務水準保持一致，我們繼續看到加班勞動力大幅減少。第四季行政和一般費用年減近3%，第四季維修和保養費用較去年同期穩定。

Now turning to CapEx. During the fourth quarter and over the full year, we invested $51.4 million and $120.9 million in portfolio improvements, respectively. In 2023, some of the significant renovation projects in our portfolio included, at Grand Bohemian Hotel Orlando. We completed a comprehensive renovation of all guest rooms and public spaces, including meeting space, lobby, restaurant, bar, Starbucks, and the creation of a new rooftop bar. The phase renovation was completed in the fourth quarter. This transformative renovation has completely changed the look and feel of the property and will afford the hotel with the ability to maintain its market-leading position within the downtown Orlando market.

現在轉向資本支出。在第四季和全年，我們分別投資了 5,140 萬美元和 1.209 億美元用於投資組合改善。2023 年，我們的投資組合中的一些重大改造項目包括奧蘭多波西米亞大酒店。我們完成了所有客房和公共空間的全面翻新，包括會議空間、大廳、餐廳、酒吧、星巴克，並創建了一個新的屋頂酒吧。該期改造已於第四季完成。此次變革性翻修徹底改變了飯店的外觀和感覺，並使飯店能夠保持其在奧蘭多市中心市場的市場領先地位。

At the Kimpton Hotel Monaco Salt Lake City and Kimpton Canary Santa Barbara, we completed comprehensive renovations of each hotel's meeting space, restaurant, bar, and guest rooms. These significant renovations will ensure these hotels positioning as the premier boutique hotels within their respective markets.

在摩納哥鹽湖城金普頓酒店和聖巴巴拉金普頓金普頓酒店，我們完成了每家酒店會議空間、餐廳、酒吧和客房的全面翻修。這些重大翻新工程將確保這些酒店成為各自市場中首屈一指的精品酒店。

In the second quarter, we commenced the initial phases of the approximate $110 million transformative renovation and up-branding of the 491-room Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch. Thus far, the project is on time and on budget. The 2-acre pool complex is expected to be fully completed and operational by the end of the first quarter. The guest rooms are being renovated in phases, the first 150 of which have now been completed with approximately 50 more to be completed in the next two weeks and the remainder expected to be completed in continual phases until final completion at the end of the third quarter. All of the other elements, including public spaces and new and existing meeting spaces, are expected to be completed by the end of 2024. We anticipate this property will be a meaningful driver of earnings in 2025 and beyond as we complete the rebranding of the resort to Grand Hyatt later this year.

第二季度，我們開始了對蓋尼牧場擁有 491 間客房的斯科茨代爾凱悅度假村及水療中心耗資約 1.1 億美元的變革性翻修和品牌升級的初始階段。到目前為止，該項目已按時完成並符合預算。佔地 2 英畝的泳池綜合體預計將在第一季末全面竣工並投入營運。客房正在分階段進行翻修，其中前 150 間客房現已完工，另外約 50 間客房將在未來兩週內完成，其餘客房預計將分階段完成，直至第三季末最終完工。所有其他元素，包括公共空間以及新的和現有的會議空間，預計將於 2024 年底完成。我們預計，隨著我們在今年稍後完成度假村對君悅酒店的品牌重塑，該酒店將成為 2025 年及以後盈利的重要推動力。

The initial response from both leisure and group guests has only affirmed our confidence in our expected outcome from this substantial investment. We are seeing future group business being booked at meaningfully higher rates than the hotel has achieved historically. Much of this is the direct result of the expansion of the Arizona Ballroom, which will allow the hotel to retain existing group customers, as well as attract new group customers who otherwise could not be accommodated at the resort and the spectacular physical facility that's being created throughout the resort.

休閒和團體客人的初步反應證實了我們對這項重大投資的預期成果的信心。我們看到未來的團體業務預訂價格明顯高於酒店歷史上的水平。這在很大程度上是亞利桑那宴會廳擴建的直接結果，這將使酒店能夠留住現有的團體客戶，並吸引新的團體客戶，否則這些客戶無法入住度假村和正在創建的壯觀的物理設施整個度假村。

At the adult pool, which was completed in mid-January, the new bar, now known as H2Oasis, is meeting with significant positive feedback, in part due to revised menu overseen by the renounced celebrity chef, Richard Blaze, with whom we've developed an excellent working relationship at Park at Aviara, High Regency Grand Cypress, and Hyatt Centric Key West. Chef Balze, the first winner of Broths Top Chef All-stars and a current co-star on FOX's Next-level Chef, will be involved in all aspects of food and beverage programming and menu design throughout the resort. Major new venues include an upscale, modern Italian stake and seafood concept along with a speakeasy style bar in the resort's former Regency Club space and a global small play concept, including a sushi bar in the location of the long Dorman Alto restaurant. In addition, the hotel's three-meal restaurant will be completely reimagined along with an expanded lobby bar.

在一月中旬竣工的成人泳池中，新酒吧（現稱為H2Oasis）收到了顯著的積極反饋，部分原因是由已退役的名廚理查德·布萊茲(Richard Blaze) 監督修改了菜單，我們曾與他合作與 Park at Aviara、High Regency Grand Cypress 和 Hyatt Centric Key West 建立了良好的工作關係。主廚 Balze 是 Broths 頂級廚師全明星賽的首位獲獎者，也是福克斯電視台 Next-level Chef 節目的現任聯合主演，他將參與整個度假村的餐飲節目和菜單設計的各個方面。主要的新場所包括高檔、現代的意大利股份和海鮮概念，以及位於度假村前攝政俱樂部空間的地下酒吧風格的酒吧，以及全球小型遊樂概念，包括位於長形 Dorman Alto 餐廳位置的壽司吧。此外，酒店的三餐餐廳將徹底重新設計，並擴大大廳酒吧。

Additionally, Fountain Port, the dramatic space just outside the lobby, will be redeveloped into a space that will be able to be utilized for outdoor functions and live music. Finally, the previously mentioned H2Oasis pool bar, a newly concepted pool bar and restaurant to the family pool, will complete the significantly elevated food and beverage offerings at the resort, all of which will create a much more compelling offering for in-house and local Scottsdale business.

此外，大廳外的戲劇性空間 Fountain Port 將被重新開發為可用於戶外活動和現場音樂的空間。最後，前面提到的 H2Oasis 泳池酒吧，一個新概念的泳池酒吧和家庭泳池餐廳，將完善度假村的餐飲服務，所有這些都將為內部和當地提供更具吸引力的服務。斯科茨代爾業務。

Other capital projects planned for 2024 include renovations of restaurants and bars at Bohemian Hotel Savannah, Ritz-Carlton Denver, Marriott Woodlands Waterway; renovation of the lobbies at the Westin Oaks and Galleria Houston; relocation of the fitness facility and addition of the concierge lounge with the Westin Oaks Houston; and approximately $20 million of infrastructure and sustainability projects. We are very excited about the projects we have underway and look forward to their completion.

其他計劃於 2024 年實施的資本項目包括對薩凡納波西米亞酒店、丹佛麗思卡爾頓酒店、伍德蘭茲水道萬豪酒店的餐廳和酒吧進行翻修；改造威斯汀奧克斯酒店和休士頓商業街廊酒店的大廳；休士頓威斯汀盛橡酒店的健身設施搬遷並增設禮賓酒廊；以及約2000萬美元的基礎設施和永續發展項目。我們對正在進行的項目感到非常興奮，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 three items: balance sheet, return of capital, and 2024 full year guidance. As to our balance sheet, we are well positioned to take advantage of opportunities given our liquidity and balance sheet profile. With no debt maturities until August of 2025, all of our debt at fixed interest rates at present, no preferred equity and 29 of our 32 hotels unencumbered of property-level debt, our balance sheet continues to be strong. At year-end, our leverage ratio was about 5 times trailing 12 months debt -- net debt to EBITDA. We expect our leverage ratio to decline as earnings increase in the years ahead.

謝謝，巴里。我將提供三個項目的最新情況：資產負債表、資本回報率和 2024 年全年指導。就我們的資產負債表而言，鑑於我們的流動性和資產負債表狀況，我們處於有利地位，可以利用機會。由於債務到 2025 年 8 月才到期，目前所有債務均為固定利率，沒有優先股，而且我們 32 家酒店中有 29 家沒有財產級債務，因此我們的資產負債表仍然強勁。截至年底，我們的槓桿率約為過去 12 個月債務（淨債務與 EBITDA 比率）的 5 倍。我們預計隨著未來幾年獲利的增加，我們的槓桿率將會下降。

Now I want to turn to our return of capital. I have two specific items here as follows. First, we repurchased about 3.9 million shares in the fourth quarter, bringing our full year 2023 buyback total to approximately 10.4 million shares. In total, during 2023, we repurchased about 9% of our outstanding shares at about $12.75 a share. Together with shares repurchased in the prior year and the small amount purchased thus far in 2024, we believe our repurchase activity at these price levels will prove to be a driver of long-term value creation.

現在我想談談我們的資本回饋。我這裡有兩個具體項目如下。首先，我們在第四季回購了約 390 萬股，使 2023 年全年回購總量達到約 1,040 萬股。2023 年期間，我們總共以每股約 12.75 美元的價格回購了約 9% 的已發行股票。加上上一年回購的股票以及 2024 年迄今的少量回購，我們相信我們在這些價格水平上的回購活動將被證明是長期價值創造的驅動力。

Second, our Board of Directors increased our first-quarter dividend to $0.12 per share. Based on the closing price of our shares yesterday, this level of dividend equates to an annualized yield of approximately 3.7%. As to our payout ratio, this level of dividend reflects approximately 40% of FAD based on 2023 FFO. Over time, we expect the dividend to grow to prior levels or to roughly double, and that our payout ratio will return to pre-pandemic levels in the mid-60% range.

其次，我們的董事會將第一季股利提高至每股 0.12 美元。根據我們昨天股票的收盤價，這一股息水準相當於年化殖利率約為3.7%。至於我們的派息率，這一水平的股息反映了基於​​ 2023 年 FFO 的 FAD 的約 40%。隨著時間的推移，我們預計股息將增長到先前的水平或大約翻倍，並且我們的派息率將恢復到疫情前 60% 左右的水平。

The third item I wish to discuss is our 2024 guidance. At the midpoint of the full-year guidance that we issued this morning, we expect RevPAR and adjusted EBITDAre to each grow in the low single-digit percentage range and FFO per share to grow in the high single-digit percentage range.

我想討論的第三個項目是我們 2024 年的指導。在我們今天早上發布的全年指引的中點，我們預計 RevPAR 和調整後 EBITDAre 將分別在低個位數百分比範圍內增長，而每股 FFO 將在高個位數百分比範圍內增長。

Getting into the components a bit more, I will begin with RevPAR. We expect same-property RevPAR to increase 3.5% at the midpoint of the range. Supporting these expectations for RevPAR growth are four items. First, group room revenue booking pace, excluding Scottsdale, is up about 5% as of the end of January. This is driven roughly equally by growth in room nights and rate, and just over 60% of expected 2024 group rooms revenue is already definite.

我將從 RevPAR 開始，詳細介紹各個組成部分。我們預計同類物業的 RevPAR 將成長 3.5%，位於該範圍的中點。支持這些對 RevPAR 成長預期的有四項內容。首先，截至 1 月底，團體客房預訂收入（不包括斯科茨代爾）增加了約 5%。這大致是由間夜數和房價增長推動的，2024 年團體客房收入預期的 60% 多一點已經確定。

The second item, continued pickup in business transient demand is driving higher occupancy. On business transient demand, the corporate-negotiated rates piece of the business, we expect rates to increase in the low to mid-single-digit percentage range versus last year.

第二，商業短暫需求的持續回升正在推動入住率的上升。在企業臨時需求方面，即企業協商的費率部分，我們預計費率將比去年在低至中個位數的百分比範圍內增加。

Third, leisure comparisons will become easier starting in May. We also expect some high-end leisure travelers will stay in the US this summer instead of traveling internationally as they did last year. Fourth and last, strong growth from three of our smaller properties which were under renovation in 2023. These three properties together drive approximately one-third of the 3.5% expected RevPAR growth.

第三，從五月開始，休閒比較將變得更加容易。我們也預計一些高端休閒旅行者今年夏天將留在美國，而不是像去年那樣出國旅行。第四個也是最後一個，我們的三個較小物業的強勁增長，這些物業將於 2023 年進行翻修。這三項物業共同推動了 3.5% 預期 RevPAR 成長的約三分之一。

One final point on our RevPAR guidance is that we also provided a RevPAR outlook, excluding Hyatt Regency Scottsdale. We expect full year same-property RevPAR to grow approximately 4% at the midpoint, excluding Scottsdale. The level of variance will change significantly as we move through the year with the first half seeing a much larger variance because of both the renovation timing as well as the comparison to a very strong first five months of 2023 in Scottsdale.

我們的 RevPAR 指南的最後一點是，我們還提供了 RevPAR 展望，不包括斯科茨代爾凱悅酒店。我們預計全年同物業 RevPAR 將成長約 4%（不包括斯科茨代爾）。隨著今年的推移，方差水平將發生顯著變化，上半年將出現更大的方差，因為裝修時間以及與斯科茨代爾 2023 年前 5 個月非常強勁的情況相比。

As to hotel EBITDA margins, for the year, we expect margins to decline about 100 basis points as compared to 2023. First-half margins are expected to decline about 250 basis points, and second-half margins are expected to increase about 100 basis points. Excluding the impact of Scottsdale, we expect full-year margins to decrease about 40 basis points, which reflects a first-half decline of about 100 basis points and flat margins in the second half.

至於飯店 EBITDA 利潤率，我們預計今年的利潤率將比 2023 年下降約 100 個基點。上半年利潤率預計下降約250個基點，下半年利潤率預計增加約100個基點。排除斯科茨代爾的影響，我們預計全年利潤率將下降約 40 個基點，這反映出上半年下降約 100 個基點，下半年利潤率持平。

Moving ahead to adjusted EBITDAre. We are guiding to a midpoint of $254 million for 2024. By quarter, the weighting is just above 20% for the first quarter, nearly 30% for the second quarter, around 20% for the third quarter and back up to nearly 30% for the fourth quarter. This weighting varies from the cadence of earnings in prior years due to tougher comps in some markets in the first couple of quarters, including Scottsdale, as well as renovation disruption, which is much greater in this year's first half than last year's first half. As we get into the second half of 2024, the comps become easier and our renovation activity turns into a tailwind relative to last year's second half.

繼續調整後的 EBITDAre。我們預計 2024 年的中點為 2.54 億美元。以季度來看，第一季的權重略高於20%，第二季接近30%，第三季約20%，第四季則回升至近30%。這項權重與前幾年的獲利節奏有所不同，因為包括斯科茨代爾在內的一些市場在前幾個季度的競爭更加激烈，而且今年上半年的翻修中斷比去年上半年要嚴重得多。隨著我們進入 2024 年下半年，競爭變得更加容易，我們的翻新活動相對於去年下半年變得順風順水。

And finally, our FFO per share guidance of $1.685 at the midpoint reflects the increase in adjusted EBITDAre versus last year, lower expected interest expense as well as lower share count. Year over year, our guidance reflects about 9% growth in FFO per share at the midpoint.

最後，我們的 FFO 每股指引為 1.685 美元，反映了調整後 EBITDAre 較去年增加、預期利息支出降低以及股票數量減少。與去年同期相比，我們的指引反映出 FFO 每股中位數成長約 9%。

As we look ahead, we believe the investments we are making this year and have made in -- over the last few years, continued ramp in Nashville and Portland, significant recovery potential in Northern California, and low rooms-weighted supply growth should lead to higher levels of RevPAR growth in the years ahead. We also believe the annual expense growth relative to revenue growth will continue to moderate over the quarters and years, and that should lead to renewed margin growth.

展望未來，我們相信，我們今年和過去幾年所做的投資、納許維爾和波特蘭的持續成長、北加州的巨大復甦潛力以及較低的房間加權供應成長應該會導致未來幾年的RevPAR 成長水平更高。我們還認為，相對於收入成長的年度費用成長將在幾個季度和幾年內繼續放緩，這應該會導致利潤率重新增長。

And with that, we will turn the call back over to Emily to begin our Q&A session.

然後，我們將把電話轉回給艾米麗，開始我們的問答環節。

(Operator Instructions) David Katz, Jefferies.

（操作員說明）David Katz，Jefferies。

Congrats on your quarter. I wanted to just touch base on the W Nashville in particular, it's such a -- it was a large hotel, a large presence and obviously seems to be getting some traction there. Can you -- and I did hear the prepared remarks. Just color us in a little bit more about how high the ceiling is for that property now that it seems like you have it facing in the right direction and maybe how many years or what inning we're in, in terms of getting that normalized, please?

恭喜您的季度。我想特別談談納許維爾 W 酒店，它是一家大型酒店，影響力很大，顯然似乎在那裡受到了一些關注。你可以嗎——我確實聽到了準備好的發言。只要讓我們多了解一下該房產的上限有多高，現在看起來你已經把它面向正確的方向了，也許我們在多少年或哪一局中，在標準化方面，請？

Yeah, David, as we've talked about the last couple of -- this is Marcel. As we've talked about the last couple of quarters, we do think there is a significant amount of upside there over the next few years. We saw some of that upside coming last year. But clearly, we're still kind of in the first half of that ball game, let's put it that way, of really optimizing both the business mix and truly continue to optimize the food and beverage offering.

是的，大衛，正如我們談到的最後幾個 - 這是馬塞爾。正如我們討論過去幾個季度一樣，我們確實認為未來幾年會有很大的上升空間。去年我們就看到了一些好處。但顯然，我們仍然處於比賽的前半部分，讓我們這樣說，真正優化業務組合併真正繼續優化食品和飲料產品。

So Barry spoke about a few of the things that we're doing there. I think we're seeing some really good results there on the group side. And we are certainly hard at work at looking to optimize these food and beverage basis, including kind of the first step that we took there as far as reconcepting the three-meal restaurant that we're really working through that process right now.

巴里談到了我們在那裡所做的一些事情。我認為我們在團體方面看到了一些非常好的結果。我們當然正在努力優化這些食品和飲料基礎，包括我們在重新構思三餐餐廳方面採取的第一步，我們現在正在真正完成這個過程。

So at this point, I think we're still, like I said, kind of in the first half of the ballgame. We have a lot of work cut out for us. And it's not going to be a straight line, frankly. And you saw some of that in the fourth quarter, where RevPAR declined a bit as a result of the absorption of some of those newer luxury hotels that came online. But that was not unexpected.

所以在這一點上，我認為我們仍然像我說的那樣，處於比賽的上半場。我們還有很多工作要做。坦白說，這不會是一條直線。你在第四季度就看到了其中的一些情況，由於吸收了一些新上線的豪華酒店，每間可用客房收入略有下降。但這並不令人意外。

And as we've talked about, again, over the last few quarters, we're really trending overall on the room side in the direction that we wanted to go. And we still do have some work left on the food and beverage side particularly. But I think our strategy is starting to pay off, and we expect that to continue over the next couple of years.

正如我們在過去幾個季度再次討論的那樣，我們在房間方面的整體趨勢確實朝著我們想要的方向發展。我們仍然有一些工作要做，特別是在食品和飲料方面。但我認為我們的策略已經開始取得成效，我們預計這種情況將在未來幾年持續下去。

Understood. Look, I also wanted to just, Atish, touch on leverage for a few minutes because we've had obviously a dozen different interest rate expectations over the last 90 days. Where do you want to put your leverage now based on what the current interest rate environment is? And I suppose, why do you want to put it there?

明白了。聽著，Atish，我還想花幾分鐘談談槓桿問題，因為在過去 90 天內我們顯然有十幾種不同的利率預期。根據目前的利率環境，您現在想把槓桿放在哪裡？我想，你為什麼要把它放在那裡？

Yes. Great question, David. Thanks. Our long-term view on the target for leverage is really getting back to the range that we were in pre-COVID. So that's low 3 times net debt-to-EBITDA to below 4 times. So kind of that 1-point range between low 3 times and low 4 times. So we're still a bit away from that. And our view is at this point in the cycle, we'll -- as earnings continue to ramp from here, we should get back into that target range, low 3 times to low 4 times, over the next couple of years, particularly as we get past the renovation at Gainey Ranch and we see the lift at Nashville and Portland.

是的。好問題，大衛。謝謝。我們對槓桿目標的長期看法確實回到了新冠疫情之前的範圍。因此，淨債務與 EBITDA 比率為 3 倍，低於 4 倍。1 分的範圍在低 3 倍和低 4 倍之間。所以我們離這個目標還有點距離。我們的觀點是，在周期的這一點上，隨著盈利繼續從這裡開始增長，我們應該在未來幾年內回到目標範圍，低 3 倍到低 4 倍，特別是在我們經過了蓋尼牧場的翻修工程，我們看到了納許維爾和波特蘭的電梯。

And the reason really has less to do with kind of the current interest rates and more just about how we want to run the company for our asset base and the level of activity that we usually undertake in terms of acquisitions and dispositions. So making sure we have significant levels of flexibility.

原因實際上與當前的利率關係不大，而更多地與我們希望如何根據我們的資產基礎運營公司以及我們通常在收購和處置方面進行的活動水平有關。因此，請確保我們擁有顯著的靈活性。

With regard to near-term interest rates, I will also just add, as I mentioned in my comments, that we are currently 100% fixed. So we don't have that interest rate exposure that maybe some others do. We're actually in a really good position balance sheet-wise and also having no maturities till really 1.5 years from now also positions us pretty well.

關於近期利率，正如我在評論中提到的，我還要補充一點，我們目前是 100% 固定的。因此，我們沒有其他人可能擁有的利率風險。事實上，從資產負債表來看，我們的處境非常好，而且從現在起 1.5 年後才到期，這也讓我們處於非常有利的位置。

Noted. Thank you.

著名的。謝謝。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Just want to stick on that same topic, so just on capital allocation. You didn't touch on dispositions in the prepared remarks, but presumably that's a possibility this year as the transaction market improves. What's your thinking on asset sales? How are you thinking about which markets, which assets? And then maybe what would you do with any sale proceeds, kind of to follow up on David's question there?

只是想堅持同一主題，所以只是資本配置。您在準備好的發言中沒有談到處置，但隨著交易市場的改善，今年這可能是一種可能性。您對資產出售有何看法？您如何考慮哪些市場、哪些資產？然後也許你會用任何銷售收入做什麼，以跟進大衛的問題？

Yeah. So on the -- I'll answer that really on both sides of the transaction equation, so both on acquisitions and dispositions. It really depends on what the opportunity set is on the acquisition side. And as you know, we haven't seen a -- kind of a wide -- kind of a broad range of good acquisition opportunities over the last couple of years. And we're hopeful that we're starting to see some signs there of improvement as it relates to potential acquisitions that could be appealing to us.

是的。因此，我將在交易等式的兩邊都回答這個問題，無論是收購還是處置。這實際上取決於收購方的機會集是什麼。如您所知，過去幾年我們還沒有看到廣泛的良好收購機會。我們希望我們開始看到一些改善的跡象，因為這與可能對我們有吸引力的潛在收購有關。

So as you know, going into COVID and even a little bit coming out of COVID, the transaction side has been an important pillar for how we want to create shareholder value over time. So I would say that we will continue to look at both dispositions and acquisitions to drive future value.

如你所知，進入新冠疫情，甚至稍微擺脫新冠疫情，交易方面一直是我們如何隨著時間的推移創造股東價值的重要支柱。因此，我想說，我們將繼續考慮處置和收購，以推動未來價值。

And as it relates to the dispositions, a lot of our prior dispositions have really been in light of potential additional capital expenditures, whether that's in -- we see an appropriate ROI in those kind of potential projects. And I would look at it the same way as what we've done historically.

由於與處置相關，我們之前的許多處置實際上都是考慮到潛在的額外資本支出，無論是在這些潛在項目中，我們都看到了適當的投資報酬率。我會用我們歷史上所做的同樣的方式來看待它。

I think what our track record has been there is kind of what you could expect going forward, that we will look at every hotel very carefully and do a very deep analysis, particularly when there is some additional CapEx needs. And to the extent that we don't feel the return will be there, that it might be the right time to sell some of those assets.

我認為我們的業績記錄是您可以期待的，我們將非常仔細地研究每家酒店並進行非常深入的分析，特別是當存在一些額外的資本支出需求時。如果我們認為不會有回報，現在可能是出售其中一些資產的合適時機。

I wouldn't expect any wholesale changes as it relates to dispositions. And certainly, we're going to remain very disciplined as it relates to potential acquisitions. And as you saw last year, we clearly felt that there was a very significant value in our own portfolio and in our own stock, which made that a bigger priority for us on the capital allocation front and potential acquisitions that really were too expensive and not really out there enough for us to get excited about.

我預計不會發生任何與處置相關的大規模變化。當然，我們將在潛在收購方面保持非常嚴格的紀律。正如你去年所看到的，我們清楚地感覺到我們自己的投資組合和我們自己的股票具有非常重要的價值，這使得我們在資本配置方面和潛在的收購方面更加優先考慮，這些收購確實太昂貴了，而不是真的足以讓我們興奮不已。

Understood. That's helpful. And then just for Barry on Scottsdale, you mentioned the group booking pace has picked up. Can you maybe just help us frame that up? I don't know if it's comparison to 2019 or maybe there's a different year, but how many group rooms were maybe booked in 2019? What do you think the group upside is upon stabilization? Kind of how should we think about the curve of group bookings over the course of the renovation and completion? And then how much higher are those ADRs on the group rooms that have been so far?

明白了。這很有幫助。然後，就斯科茨代爾的巴里而言，您提到團體預訂速度已經加快。你能幫我們建構一下嗎？我不知道這是與2019年相比還是有不同的年份，但2019年可能預訂了多少團體房？您認為穩定後該集團的優勢是什麼？我們應該如何考慮裝潢和竣工過程中團體預約的曲線？那麼到目前為止，團體房間的 ADR 究竟高出了多少呢？

Yeah. Thanks, Mike. It's a really good question. I think it's a little early to really become that focused on it. What we're seeing is we're clearly seeing activity, a lot of activity for '25 and rates that are absolutely incredible in -- both in Q1 of -- for Q1 of '25 and kind of throughout the rest of the year.

是的。謝謝，麥克。這是一個非常好的問題。我認為現在真正關注它還為時過早。我們所看到的是，我們清楚地看到了 25 年的活動，大量的活動，以及 25 年第一季和今年剩餘時間的利率絕對令人難以置信。

But one of the things that we've seen in all of the renovations we've done of this type is that it takes a lot of show and tell for a lot of the groups to really make the commitment and to really get rooms on the books right now. It's not a pretty property to tour, quite frankly. And as we move through the year and it becomes much more clear to the planners what the product is like, we expect group base to ramp significantly over the course of the year, particularly for '25.

但我們在所有此類翻修中看到的一件事是，需要大量的展示和講述才能讓許多團體真正做出承諾並真正獲得房間。現在就看書。坦白說，這不是一個值得遊覽的好地方。隨著這一年的過去，規劃者對產品是什麼樣子變得更加清楚，我們預計團隊基礎將在這一年中顯著增加，特別是在 25 年。

We do have some pretty good business on the books for Q4 of '24 in the space that is not being added to. So the non-Arizona Ballroom, the other smaller meeting spaces, we've continued to do through the renovation by maintaining about 300 rooms in inventory across the entire year. We've been able to capture a large number of small groups -- smaller groups to the hotel that has really helped us maintain occupancy as best we can and to help drive EBITDA and reduce the displacement during this year.

在 24 年第四季度，我們確實在未添加的領域中有一些相當不錯的業務。因此，我們繼續對非亞利桑那州宴會廳和其他較小的會議空間進行翻修，全年保留約 300 個房間的庫存。我們已經能夠吸引大量的小團體——較小的團體來到酒店，這確實幫助我們盡最大努力維持入住率，並幫助推動 EBITDA 並減少今年的流離失所。

Understood. Thank you.

明白了。謝謝。

Austin Wurschmidt, KeyBanc Capital Markets.

Austin Wurschmidt，KeyBanc 資本市場。

Just going back to the W Nashville for a minute and really, I guess, in the context of overall portfolio upside potential. I mean, do you guys think that the prior hotel EBITDA stabilization level that you underwrote is still achievable at the outset of the acquisition? And I guess, are there any real headwinds you see that could see that pushing that out, I guess, over a longer time period, like the supply that you identified here more recently?

回到納許維爾 W 酒店一分鐘，我想，實際上是在整體投資組合上行潛力的背景下。我的意思是，你們認為你們在收購之​​初承保的酒店 EBITDA 穩定水準仍然可以實現嗎？我想，您是否看到任何真正的阻力可以在更長的時間內推動這種情況，就像您最近在這裡確定的供應一樣？

Thanks, Austin. I think as we look at the property and as I said earlier, we'd obviously like to see that stabilization level a little bit earlier than what we're seeing so far. As we're thinking about the market longer term and as we're thinking about the levers that can be pulled at the property and where this hotel is positioned and can be positioned going forward, we still believe we can get to that range.

謝謝，奧斯汀。我認為，正如我之前所說，當我們審視該房產時，我們顯然希望看到比迄今為止看到的穩定水平早一點。當我們考慮更長遠的市場時，當我們考慮到可以在酒店中拉動的槓桿以及這家酒店的定位和未來可以定位時，我們仍然相信我們可以達到這個範圍。

It's certainly going to take a little bit longer than we were hoping for that we were expecting to achieve when we underwrote the property. And so that won't come as a big surprise to you. But clearly, we still believe that the asset can get there.

這肯定會比我們承保該房產時所期望的時間要長一些。所以這對你來說不會太意外。但顯然，我們仍然相信該資產可以到達那裡。

And it takes some time to kind of change the strategy as it relates to what Barry explained as far as where we are on the group side and how we're really optimizing the room side and how that kind of plays into driving further food and beverage revenues. So as we sit here today, like I said, I think it's a lengthening of getting to a stabilized number, but we don't see a specific reason of why it can't get to the range.

改變策略需要一些時間，因為這與巴里解釋的我們在集團方面的位置以及我們如何真正優化房間方面以及如何推動進一步的食品和飲料有關。收入。因此，當我們今天坐在這裡時，就像我說的那樣，我認為達到穩定數字的時間需要延長，但我們沒有看到它無法達到該範圍的具體原因。

That's helpful. And then, Barry, you've kind of highlighted in the past, I think, that group bookings for the overall portfolio were trending a little bit better in the first half of the year. And you've continued to see sort of good short-term bookings, but that's lengthening. I mean, how did sort of the group set up for the year from a cadence perspective first half or second half? And what is sort of embedded in the guidance from a -- in the year, for the year versus maybe what you had to do last year?

這很有幫助。然後，巴里，我認為您過去曾強調過，整個投資組合的團體預訂在今年上半年的趨勢有所改善。你繼續看到一些不錯的短期預訂，但這種情況正在延長。我的意思是，從上半年或下半年的節奏角度來看，今年的團隊是如何安排的？今年、今年的指導意見與去年你必須做的事情相比，有哪些內容？

Yeah, it's interesting. We're definitely seeing the booking cycle lengthen, which means we're -- which is actually, we think, very positive because we're seeing a lot more business going on the books for the second year or the first next year. So we're seeing a real trend and some really good positive momentum in 2025. But quite frankly, when we're sitting in the same place in '23, we weren't seeing for 2024.

是的，這很有趣。我們肯定會看到預訂週期延長，這意味著我們認為，這實際上是非常積極的，因為我們看到第二年或明年第一年的預訂增加了很多。因此，我們在 2025 年看到了真正的趨勢和一些非常好的積極勢頭。但坦白說，當我們在 23 年坐在同一個地方時，我們並沒有看到 2024 年的情況。

The group business is pretty balanced throughout the year, although we view a little more upside in the latter half of the year than the first half of the year. But some of that is based on just some of the particulars in the portfolio and which properties are performing well. We've got some issues this year between Q3 and Q4 on the group side as it relates to the Jewish holidays. But it's pretty steady through the year in terms of front half versus back half.

集團業務全年相當平衡，儘管我們認為下半年的上升空間比上半年更大。但其中一些僅基於投資組合中的一些細節以及哪些房產表現良好。今年第三季和第四季之間，我們在集團方面遇到了一些問題，因為這與猶太節日有關。但全年前半段與後半段的情況相當穩定。

Just to refine that a little bit, I mean, is there any more significant kind of go-getter in the year for the year assumed this year relative to last year embedded in guidance? Or is it sort of a similar or even less amount than what you ended up achieving in 2023? And that's all for me. Thanks.

稍微細化一下，我的意思是，與去年相比，今年假設的今年是否有更重要的正面因素？還是與您在 2023 年最終實現的目標相似甚至更少？這就是我的全部。謝謝。

It's pretty comparable for '24 versus '23.

'24 和 '23 非常相似。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO 資本市場。

Just going back to the Hyatt Scottsdale, I think for the year, it's around the 50-basis point headwind. Maybe -- year-to-date, I think it's been around the 500-basis point headwind. Can you talk about the tailwinds in the second half of the year? How significant are they? And I guess, to the extent you can talk about bridging the gap between where things are today and versus the stabilized EBITDA, how does that cadence look over the next few years? How long does it take to get there?

回到斯科茨代爾凱悅酒店，我認為今年的逆風大約是 50 個基點。也許——今年迄今為止，我認為它一直處於 500 個基點的逆風附近。能談談下半年的順風車嗎？它們有多重要？我想，在某種程度上，你可以談論縮小現狀與穩定的 EBITDA 之間的差距，那麼未來幾年的節奏會如何？需要多長時間才能到達那裡？

Yes. Sure, Aryeh. Great question. So it is a pretty significant drag, as you just pointed out, in the first quarter in particular, probably in the order of magnitude of 500 basis points. That moderates a bit in the second quarter, where it should be about a couple of hundred basis point drag. And then in the back half, it's about a 300-basis point tailwind.

是的。當然，阿耶。很好的問題。因此，正如您剛才指出的那樣，這是一個相當大的拖累，尤其是在第一季度，拖累的數量級可能是 500 個基點。這種情況在第二季度有所緩和，應該會拖累大約幾百個基點。然後在後半段，大約有 300 個基點的順風。

So as I was mentioning in my upfront comments, you see a lot of variability in performance. And that has to do with a couple of things. I mean one is the market was really strong last year in the first half. Prior to starting the renovation, we had the Super Bowl and really strong leisure and group demand. So that -- we're coming off of that. And then on top of that, we've got the timing of the renovation, where really the second half of last year was heavily impacted as is the first half of this year. And when we get into the second half of this year, we really have a tailwind from a comparison perspective.

正如我在前面的評論中提到的，您會看到性能存在很大的差異。這與幾件事有關。我的意思是，去年上半年市場非常強勁。在開始裝修之前，我們有超級盃比賽以及非常強烈的休閒和團體需求。所以——我們正在擺脫這個困境。除此之外，我們也知道了翻修的時間，去年下半年和今年上半年都受到了嚴重影響。當我們進入今年下半年時，從比較的角度來看，我們確實順風順水。

So you've got a few moving parts there with regard to that property. And so hopefully, the color I've given you helps a little bit in terms of how you think about kind of the cadence this year as it relates to RevPAR.

因此，關於該財產，您有一些活動部件。因此，希望我給您的顏色對您如何看待今年與 RevPAR 相關的節奏有所幫助。

In terms of getting to low $40 million in terms of hotel EBITDA, which was our underwriting, we think that's a couple of years post commenced -- sort of wrapping up the renovation. So we'll wrap up the renovation kind of at the very end of this year. And it should take a couple of years given the group mix at the hotel to get into that low $40 million range. And we continue to be really confident about that based on kind of what we're seeing in the market, some of the color Barry provided around what our key customers are telling us as well as how the renovation is starting to come together and how it's starting to look. So I think those are the things that continue to give us confidence in the long-term underwriting on that asset.

就我們承保的酒店 EBITDA 降至 4000 萬美元而言，我們認為這是在開始幾年後——裝修即將結束。因此，我們將在今年底完成翻修工作。考慮到酒店的群體結構，應該需要幾年的時間才能達到 4000 萬美元的低水平。基於我們在市場上看到的情況、巴里根據我們的主要客戶告訴我們的情況提供的一些顏色以及翻新工程如何開始進行以及進展如何，我們仍然對此非常有信心。開始尋找。因此，我認為這些因素繼續讓我們對該資產的長期承保充滿信心。

Thanks. And then maybe just CapEx outside of Hyatt, it's around $60 million for the year. How should we think about the level of spend beyond this year once that project's completed? And maybe to the extent you could talk about some future projects that are of significance that maybe you can -- you might start to look at post the Hyatt?

謝謝。然後，也許只是凱悅之外的資本支出，全年約 6,000 萬美元。一旦該專案完成，我們應該如何考慮今年以後的支出水準？也許您可以談論一些未來的重要項目，也許您可以 - 您可能會開始考慮凱悅酒店後的項目？

I mean I'll start on that one. We have been spending on average about $70 million to $75 million a year pre-COVID between kind of the usual MEP stuff and typical stuff that we do, as well as some ROI-type projects. Now, it varied quite a bit based on acquisitions. So sometimes we acquired assets that required CapEx. Aviara, you saw more elevated spending, particularly in associated with that project.

我的意思是我將從那裡開始。在新冠疫情爆發之前，我們每年平均花費約 7,000 萬至 7,500 萬美元，用於一般的 MEP 工作和我們所做的典型工作，以及一些 ROI 類型的專案。現在，它根據收購而變化很大。因此，有時我們收購的資產需要資本支出。阿維亞拉，您看到支出增加，特別是與該項目相關的支出。

So I would say longer term, for the portfolio, we should get back to that range. But again, there's going to be some lumpiness associated on transactions, what you're buying and selling and how that impacts CapEx and as well as ROI projects, which really kind of fall on the cycle that an asset has as opposed to necessarily the overall cycle for the company.

所以我想說，從長遠來看，對於投資組合來說，我們應該回到這個範圍。但同樣，交易、您購買和銷售的內容以及這如何影響資本支出和投資回報率項目都會出現一些波動，這些項目確實屬於資產的周期，而不是整體的周期。公司的循環。

Thanks.

謝謝。

Dori Kesten, Wells Fargo.

多麗凱斯滕，富國銀行。

As you think through the renovations in the portfolio that you've completed over the last several years, how much EBITDA upside would you estimate remains until they stabilize?

當您思考過去幾年中完成的投資組合改革時，您估計在其穩定下來之前，EBITDA 的上升空間還有多少？

Yeah, that's a great question, Dori. So we estimate about $25 million of upside from the renovations we've done over the last few years. This is excluding Scottsdale that have yet to ramp for us. And then Scottsdale is roughly another $25 million. So it's $50 million of upside from the CapEx that we have done in the last few years and are currently doing this year. And we expect that $50 million will take a few years, again, getting back to the earlier question on stabilization for Scottsdale. But the other projects as well, including the few projects that we had last year, they will take a little bit of time to stabilize. So that's the overall target on stabilization from CapEx spend this year and in the past few years.

是的，這是一個很好的問題，多麗。因此，我們估計過去幾年的翻修工程將帶來約 2,500 萬美元的收益。這不包括尚未為我們服務的斯科茨代爾。然後斯科茨代爾大約還有 2500 萬美元。因此，我們在過去幾年和今年目前所做的資本支出中增加了 5,000 萬美元。我們預計 5000 萬美元將需要幾年的時間，再次回到先前關於斯科茨代爾穩定的問題。但其他項目，包括我們去年的幾個項目，也需要一點時間才能穩定下來。這就是今年和過去幾年資本支出穩定的總體目標。

So that's $25 million ex Gainey Ranch? Is that what you meant?

那麼這就是蓋尼牧場的 2500 萬美元嗎？這是你的意思嗎？

Yes, $25 million ex Gainey Ranch. So it's $25 million for all the other CapEx, and then $25 million for Gainey Ranch. So a total of $50 million.

是的，2500 萬美元，前蓋尼牧場。因此，所有其他資本支出為 2500 萬美元，蓋尼牧場為 2500 萬美元。總計 5000 萬美元。

Got it. Okay. I may have missed this, but was there an incremental EBITDA headwind assumed this year for Gainey Ranch? I wasn't sure if that was a little incremental conservatism or a shift in group bookings or maybe just the timing of when the renovation completes.

知道了。好的。我可能錯過了這一點，但今年蓋尼牧場是否會出現增加的 EBITDA 逆風？我不確定這是否是一種漸進的保守主義或團體預訂的轉變，或者可能只是裝修完成的時間。

No, it was about a $14 million headwind last year and it's about $14 million this year in terms of EBITDA loss due to disruption. So it's the same level of disruption for the project. Now last year, in 2023, we had some other projects, right? So that -- so our aggregate level of disruption was $18 million. So it's $18 million of disruption last year compared to primarily Gainey Ranch this year at $14 million. So that's the $4 million benefit.

不，去年的逆風約為 1,400 萬美元，而今年因中斷而造成的 EBITDA 損失約為 1,400 萬美元。所以這對專案來說是同樣程度的破壞。去年，2023 年，我們還有一些其他項目，對吧？因此，我們的總破壞水準為 1800 萬美元。因此，去年的中斷費用為 1800 萬美元，而今年主要是蓋尼牧場的中斷費用為 1400 萬美元。這就是 400 萬美元的收益。

But if you're just looking at Gainey Ranch, it's $14 million to $14 million. Now again, the timing varies by quarter because of the timing of the renovation. And last year, it was much more second-half disruption. This year, it was much more first-half disruption. But the number overall is the same.

但如果你只看蓋尼牧場，那就是 1400 萬至 1400 萬美元。現在，由於裝修時間的原因，時間因季度而異。去年下半年的混亂程度要大得多。今年上半年的混亂程度要大得多。但總體數量是相同的。

As Atish pointed out in his comments, that's not to say that's the number off of a kind of bare stabilized number because clearly, we had a lot of really good business in the first five months of last year. So Gainey Ranch overall would be down kind of absent the renovation as well. So the $14 million is really the renovation disruption we're speaking of.

正如阿蒂什在評論中指出的那樣，這並不是說這是一個穩定的數字，因為顯然，我們在去年的前五個月有很多非常好的業務。因此，如果沒有翻修，蓋尼牧場的整體業績也會下降。因此，1400 萬美元實際上是我們所說的翻修中斷。

But as kind of an answer -- as we talked about earlier and how we kind of get sort of upside going forward, in the years that the market did extremely well and in some ways, was overly frothy, particularly in '22 and also really in '23, if we hadn't done the renovation, the property would have been somewhere in the high $20 million, whereas going into COVID, in '19, it was in the low $20 million. And given kind of the condition of the asset over time, that was a more reasonable expectation of where in a normal year, the property was produced and on. Clearly, the way we're looking at this renovation is it's going to give us very significant upside over both what we kind of view as a true kind of stabilized number and even some of the frothy years that we've seen over the last couple of years in the market.

但作為一種答案——正如我們之前談到的，以及我們如何在未來的發展中獲得某種上行空間，在市場表現非常好並且在某些方面過度泡沫的那些年裡，特別是在22 年，而且確實在 23 年，如果我們沒有進行翻修，該房產的價格將高達 2000 萬美元，而在 19 年進入新冠疫情期間，該房產的價格將僅為 2000 萬美元。考慮到資產隨時間的變化情況，這是對正常年份中資產生產的更合理預期。顯然，我們看待這次改造的方式是，它將為我們帶來非常顯著的好處，無論是我們所認為的真正穩定的數字，還是我們在過去幾年中看到的一些泡沫時期市場年數。

Right. No, I appreciate that. What I was referring to is I thought last quarter, the expectation for '24 was that there would be a $12 million headwind, and then it was $14 million. That was just the spread that I was asking about.

正確的。不，我很欣賞這一點。我指的是我認為上個季度，對 24 年的預期是會有 1200 萬美元的逆風，然後是 1400 萬美元。這就是我要問的價差。

Yeah. Like -- that's a good question. I mean to -- we did speak about $12 million last quarter. And we did talk at that point about the fact that we would have some additional disruption coming from some of the other CapEx that we're spending. So our expectation at the time was that we would probably end up around -- somewhere around $14 million of total renovation disruption for the full year with $12 million of that coming from Gainey Ranch.

是的。就像——這是個好問題。我的意思是——上個季度我們確實談到了 1200 萬美元。當時我們確實談到了這樣一個事實，即我們正在支出的其他一些資​​本支出會給我們帶來一些額外的干擾。因此，我們當時的預期是，全年的翻修中斷總額可能約為 1,400 萬美元，其中 1,200 萬美元來自蓋尼牧場。

As we sit here today, we think that that's probably a little bit higher for Gainey Ranch and less coming from any other projects. So the total of $14 million disruption is kind of similar to what we thought last quarter with a little bit more disruption from Gainey Ranch than we projected last quarter.

當我們今天坐在這裡時，我們認為蓋尼牧場的這一數字可能要高一些，而來自任何其他項目的數字則要少一些。因此，總計 1400 萬美元的中斷與我們上季度的預期類似，蓋尼牧場的中斷比我們上季度的預期要多一些。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Tyler Batory, Oppenheimer.

泰勒·巴托里，奧本海默。

This is Jonathan on for Tyler. Just one for me today. It's a multipart question on the common dividend. Any additional details you can share in terms of what factors were contributing to that decision to raise and why you think this level is appropriate in the current environment? I'm also interested in your perspective on the bridge to returning to that prior payout ratio that Marcel mentioned and kind of what you would need to see to get there.

這是泰勒的喬納森。今天只給我一個。這是一個關於普通股利的多部分問題。您是否可以分享任何其他詳細信息，包括哪些因素促成了加薪決定以及為什麼您認為該水平在當前環境下是合適的？我也對您對恢復馬塞爾提到的先前支付比率的橋樑的看法以及您需要看到什麼才能實現這一目標感興趣。

Yeah, sure. Great question. So on the dividend, I think why the increase I think that was the first part of your question. One is just looking at the demand that we're seeing in the business as well as the company's earnings profile. We have confidence in that. And so it seemed an appropriate time to recommend to the Board to increase the dividend, which they agreed to do.

好，當然。很好的問題。關於股息，我認為為什麼要增加，我認為這是你問題的第一部分。一是看看我們在業務中看到的需求以及公司的獲利狀況。我們對此有信心。因此，現在似乎是向董事會建議增加股利的合適時機，他們也同意了。

I think as we think about kind of the payout ratio, the point in that comment was just to indicate that our expectation is that the business will continue to recover and we'll get back to that pre-COVID payout ratio level. There's no specific timeline we want to articulate at this point, but just to indicate that, that is the long-term goal just to get back to that prior payout level, which was in the -- as I mentioned, the mid-60% range.

我認為，當我們考慮派息率時，該評論的要點只是表明我們的預期是業務將繼續復甦，我們將回到新冠疫情前的派息率水平。目前我們沒有想要闡明的具體時間表，但只是為了表明，這是恢復到先前的支付水準的長期目標，正如我所提到的，即 60% 的中期範圍。

Okay, very good. Thank you all for the color. That's all for me today.

好的，非常好。謝謝大家的顏色。這就是我今天的全部內容。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

I just want to make sure we have this bridge properly. If we were to sort of take your '24 guidance, right, which includes $14 million of impact, right, and take the remaining $11 million of that notional $25 million from Scottsdale, right, and then the other $25 million is totally on top of the '24 guidance? Or is there any of that $25 million that's sort of in '24 already?

我只是想確保我們正確地擁有這座橋。如果我們接受你的24 年指導，對吧，其中包括1400 萬美元的影響，對吧，並從斯科茨代爾拿走名義上的2500 萬美元中剩餘的1100 萬美元，對吧，然後剩下下的2500 萬美元完全在'24 指南？還是 24 年已經有 2500 萬美元了？

Well, no, some of it is in '24. I think we didn't break it out with that level of detail. But certainly, you're seeing some -- because that $25 million was off of last year. So it's a good point. I should have clarified that. So that $25 million was off of last year. And certainly, the three renovation projects we did last year, you're seeing lift this year in the numbers. I don't have kind of the breakout by year on that, but it's something we can look to provide in the future. But that -- certainly, there is a piece of the $25 million that's this year.

嗯，不，其中一些是在 24 年的。我認為我們沒有將其分解得那麼詳細。但當然，你會看到一些——因為去年減少了 2500 萬美元。所以這是一個好點。我應該澄清這一點。這樣一來，去年就少了 2,500 萬美元。當然，我們去年完成的三個改造項目，今年的數字有所提升。我在這方面並沒有取得任何突破，但這是我們未來可以提供的東西。但是，當然，今年的 2500 萬美元中也有一部分。

Right. So there's some of that 25 that's in your 24 guidance already, and we can venture our own guess.

正確的。因此，這 25 個指南中已經包含了其中的一些內容，我們可以大膽猜測。

Yep.

是的。

Okay. Got it. Thank you.

好的。知道了。謝謝。

We have no further questions, so I'll hand back to Marcel Verbaas for closing comments.

我們沒有其他問題了，所以我將把結論交還給 Marcel Verbaas。

Thanks, Emily. Thanks, everyone, for joining us today. I know it's -- you're getting to the tail end of a long earnings season. So we appreciate everyone's interest and questions today and look forward to updating you over the next couple of quarters as we progress through some important projects, particularly Scottsdale. And as you can tell, we're very excited about the progress that we're making there. So we look forward to updating you on that next quarter.

謝謝，艾米麗。謝謝大家今天加入我們。我知道，漫長的財報季即將結束。因此，我們感謝大家今天的興趣和問題，並期待在接下來的幾個季度中，隨著我們在一些重要項目（特別是斯科茨代爾）的進展，向您通報最新情況。如您所知，我們對在那裡取得的進展感到非常興奮。因此，我們期待在下個季度向您通報最新情況。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家今天加入我們。我們的通話到此結束，您現在可以斷開線路了。