Xenia Hotels & Resorts Inc (XHR) 2024 Q2 法說會逐字稿

Hello, all. And welcome to Xenia Hotels & Resorts second-quarter 2024 earnings conference call. My name is Lydia. And I will be your operator today. (Operator Instructions)

大家好。歡迎參加 Xenia Hotels & Resorts 2024 年第二季財報電話會議。我叫莉迪亞。今天我將成為您的接線生。（操作員說明）

I'll now hand you over to Aldo Martinez, Manager of Finance, to begin. Please go ahead.

現在我將把您交給財務經理阿爾多·馬丁內斯（Aldo Martinez）開始。請繼續。

Thank you, Lydia. And welcome to Xenia Hotels & Resorts second-quarter 2024 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 with commentary on our balance sheet and outlook. We will then open the call for Q&A.

謝謝你，莉迪亞。歡迎參加 Xenia Hotels & Resorts 2024 年第二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。阿蒂什將以對我們的資產負債表和前景的評論來結束今天的演講。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 yesterday afternoon along with the comments on this call, are made only as of today, August 2, 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，這些風險和不確定性可能導致我們的實際結果與我們的評論中表達或暗示的結果存在重大差異。我們昨天下午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 8 月 2 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。

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

您可以在我們第二季財報中找到非公認會計準則財務指標與淨利的調節表以及我們在評論中提到的某些項目的定義，該報告可在我們網站的投資者關係部分找到。

The 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.

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, Aldo. And good morning to everyone joining our call today. Our portfolio delivered meaningful RevPAR growth in the second quarter as we continue to benefit from improvement in corporate transient and group demand in many of our markets, offset by some weakness in leisure demand as the quarter progressed.

謝謝，奧爾多。今天參加我們電話會議的每個人都早安。我們的投資組合在第二季度實現了可觀的每間可用收入增長，因為我們繼續受益於許多市場的企業瞬態和團體需求的改善，但隨著本季度的進展，休閒需求的一些疲軟抵消了這一影響。

We also continue to make significant progress on the most impactful project in the history of our company, the transformational renovation of Hyatt Regency Scottsdale. This project continues to be on track from a timing perspective and the excitement is starting to build as we near the completion of most of the major components of the renovation and the relaunch of the property as the luxury Grand Hyatt Scottsdale Resort.

我們也繼續在公司歷史上最具影響力的項目——斯科茨代爾凱悅酒店的轉型改造項目上取得重大進展。從時間角度來看，該項目仍在按計劃進行，隨著我們即將完成大部分主要翻修工程，並將該酒店重新定位為豪華斯科茨代爾君悅度假村，人們開始興奮不已。

Despite a continued strong focus on expense controls by our operators and asset management team, our hotel EBITDA margin in the second quarter was a bit lower than we had projected. This lower margin, combined with RevPAR growth that was slightly below our forecast caused our adjusted EBITDAre to come in approximately $2 million below our internal estimate for the quarter. This was offset by a tax benefit positively impacting adjusted FFO that Atish will highlight in his remarks.

儘管我們的營運商和資產管理團隊繼續大力關注費用控制，但我們第二季的酒店 EBITDA 利潤率仍略低於我們的預期。較低的利潤率，加上略低於我們預測的 RevPAR 成長，導致我們調整後的 EBITDA 比我們對本季的內部預期低約 200 萬美元。這被稅收優惠對調整後的 FFO 產生積極影響所抵消，阿蒂什將在他的演講中強調這一點。

For the second quarter of 2024, the company's net income was $15.3 million. Adjusted EBITDAre was $68.4 million and adjusted FFO per share was $0.52. The renovation disruption at Hyatt Regency Scottsdale continued to be a substantial headwind in year-over-year comparisons, as the resort delivered particularly strong results in April and May of last year before the start of the renovation project in June. Year-over-year comparisons will become significantly more favorable as the year progresses, now that we have started lapping the commencement of the renovation.

2024年第二季度，該公司淨利為1,530萬美元。調整後的 EBITDA 為 6,840 萬美元，調整後的每股 FFO 為 0.52 美元。與去年同期相比，斯科茨代爾凱悅酒店的翻修中斷仍然是一個巨大的阻力，因為該度假村在 6 月翻修項目開始之前的去年 4 月和 5 月取得了特別強勁的業績。隨著時間的推移，隨著時間的推移，同比比較將變得更加有利，因為我們已經開始了翻修工程的開始。

Same-property RevPAR for our 32 hotel portfolio increased by 1.8% for the quarter, while RevPAR increased by 5% when excluding Hyatt Regency Scottsdale. For these 31 hotels, occupancy increased by 389 basis points while ADR decreased by 0.5%. RevPAR growth was driven by strong results at our newly renovated Grand Bohemian Hotel Orlando, Canary Hotel Santa Barbara, and Hotel Monaco Salt Lake City. Additionally, we continue to achieve encouraging results at a number of our large group-oriented hotels, such as our three Houston hotels, Park Hyatt Aviara, Fairmont Dallas, the Ritz-Carlton, Pentagon City, and Hyatt Regency Santa Clara.

本季度，我們 32 家酒店組合的同類酒店 RevPAR 增長了 1.8%，而在排除斯科茨代爾凱悅酒店時，RevPAR 增長了 5%。這 31 家飯店的入住率增加了 389 個基點，而平均房價下降了 0.5%。每間客房收入的成長得益於新裝修的奧蘭多波希米亞大酒店、聖塔芭芭拉金絲雀酒店和鹽湖城摩納哥酒店的強勁業績。此外，我們在許多面向大型團體的酒店中繼續取得令人鼓舞的業績，例如我們的三家休斯頓酒店、阿維亞拉柏悅酒店、達拉斯費爾蒙酒店、麗思卡爾頓酒店、五角大樓城市酒店和聖克拉拉凱悅酒店。

On a same-property basis, second quarter same-property hotel EBITDA of $73.4 million was 7.5% below 2023 levels and hotel EBITDA margin decreased 238 basis points. Excluding Hyatt Regency Scottsdale, second quarter hotel EBITDA increased 1.2% and hotel EBITDA margin decreased by 100 basis points. The increase in occupancy, slight decrease in ADR, and a mix shift in food and beverage revenues contributed to the margin decline for the quarter in comparison to last year.

以同飯店計算，第二季同飯店 EBITDA 為 7,340 萬美元，比 2023 年水準低 7.5%，飯店 EBITDA 利潤率下降 238 個基點。不包括斯科茨代爾凱悅酒店，第二季度酒店 EBITDA 增長 1.2%，酒店 EBITDA 利潤率下降 100 個基點。入住率增加、平均房價略有下降以及食品和飲料收入的混合變化導致本季利潤率較去年下降。

Our portfolio demand segmentation continues to revert towards pre-pandemic levels, with group and corporate transient demand recovering and leisure demand softening a bit during the quarter. Same-property group room revenues, excluding Hyatt Regency Scottsdale, increased 5% as compared to the second quarter last year. And corporate transient demand continues to strengthen as evidenced by increases in midweek occupancy.

我們的投資組合需求細分繼續恢復到疫情前的水平，集團和企業的短暫需求在本季度有所復甦，休閒需求略有疲軟。同一酒店集團客房收入（不包括斯科茨代爾凱悅酒店）與去年第二季度相比增長了 5%。企業的臨時需求持續增強，周中入住率的增加就證明了這一點。

Turning to our capital expenditure projects. We now project that we will spend between $125 million and $135 million on property improvements during the year, an increase of $5 million compared to our prior estimate. This is driven by an increase of the Scottsdale project as we have opted to add and accelerate some exterior upgrades. We now expect to spend $70 million to $75 million on the Scottsdale renovation in 2024. We still anticipate full completion of the project, including the ballroom and pre-function space expansion by the end of this year. However, we expect to complete the vast majority of the renovation by the end of the third quarter.

轉向我們的資本支出項目。我們現在預計，今年我們將花費 1.25 億至 1.35 億美元用於房產改善，比我們先前的估計增加了 500 萬美元。這是由斯科茨代爾項目的增加所推動的，因為我們選擇添加並加速一些外部升級。我們現在預計 2024 年將花費 7,000 萬至 7,500 萬美元對斯科茨代爾進行翻修。我們仍然預計該項目將在今年年底全面完成，包括宴會廳和迎賓空間的擴建。不過，我們預計在第三季末完成大部分改造工作。

We have made tremendous progress on the project over the past several months and continue to do so during the seasonally slower summer months in the Phoenix, Scottsdale markets. After completing the spectacular new pool complex and exclusive beverage amenities earlier in the year, we are now also nearing the completion of the guestroom renovation with almost 90% of the guest rooms having been renovated to date. The remaining guestrooms are still expected to be completed by the end of the third quarter, after which our room count will have increased to 496.

在過去的幾個月裡，我們在該項目上取得了巨大進展，並且在鳳凰城和斯科茨代爾市場季節性放緩的夏季月份中繼續這樣做。繼今年稍早完成了壯觀的新泳池綜合設施和專屬飲料設施後，我們現在也即將完成客房裝修，迄今為止，近 90% 的客房已完成裝修。剩餘客房預計將在第三季末完工，屆時我們的客房數量將增加至 496 間。

The renovation of the public space, including the lobby, lobby bar, hotel markets, and all indoor and outdoor dining spaces is also progressing as planned and we also expect to complete these components by the end of the third quarter. We remain particularly excited about our collaboration with Chef Richard Blais on the restaurant concepts and menus as we believe that the upgrade of food and beverage offerings at the resort will be extremely well received by resort guests as well as local residents.

公共空間的改造，包括大廳、大堂酒吧、酒店市場以及所有室內外餐飲空間也正在按計劃進行，我們也預計在第三季末完成這些部分。我們對與主廚理查德·布萊斯在餐廳概念和菜單上的合作感到特別興奮，因為我們相信度假村的食品和飲料產品的升級將受到度假村客人和當地居民的熱烈歡迎。

Given the expected completion of all the aforementioned components by the end of the third quarter, we expect that the resort will be relaunched as the Grand Hyatt Scottsdale Resort in early October. At that time, the resort will be fully functional and highly attractive for anticipated higher-rated leisure and group segments, with just the completion of the ballroom expansion and a limited amount of exterior upgrades to follow by the end of the year.

鑑於上述所有部分預計將於第三季末完成，我們預計該度假村將於 10 月初以斯科茨代爾君悅度假村 (Grand Hyatt Scottsdale Resort) 的名義重新開業。屆時，度假村將功能齊全，對預期的高評價休閒和團體市場極具吸引力，宴會廳擴建工程將於年底完成，並進行有限的外部升級。

Given the revenue displacement we experienced in the second quarter and are now expecting in the third quarter, we have increased our estimate of renovation disruption on our adjusted EBITDAre in 2024 by $1 million. While the renovation will continue to displace a significant amount of revenue and EBITDA during the third quarter, this disruption will largely be eliminated in the fourth quarter as the impact of the ballroom expansion on the overall operations and feel of the resort is expected to be minimum. We are thrilled to be nearing the completion of this significant project and continue to be very excited about the earnings growth potential that we expect we will create through this transformative renovation and upbranding.

考慮到我們在第二季度經歷的收入流失以及目前預計第三季的收入流失，我們將 2024 年調整後 EBITDA 的翻修中斷估計增加了 100 萬美元。雖然翻修工程將繼續在第三季取代大量收入和 EBITDA，但這種幹擾將在第四季度基本消除，因為宴會廳擴建對度假村整體營運和感覺的影響預計將降至最低。我們很高興這項重要項目即將完成，並對我們期望透過這項變革性翻新和品牌升級創造的獲利成長潛力繼續感到非常興奮。

Turning to transaction activity. We previously disclosed that subsequent to the end of the second quarter, we sold the Lorien Hotel & Spa in Alexandria, Virginia for a sale price of $30 million. While this is a relatively small transaction, we were pleased with the execution of the sale with the price representing a 21.3 times multiple on hotel EBITDA for the 12 months ended May 31, 2024. We believe that the successful sale of this hotel at this attractive pricing and the ability to use the proceeds in a more accretive manner was a prudent capital allocation decision for the company and is reflective of the value embedded in our portfolio.

轉向交易活動。我們之前透露，第二季末後，我們以 3000 萬美元的價格出售了弗吉尼亞州亞歷山大市的 Lorien Hotel & Spa。雖然這是一筆相對較小的交易，但我們對此次出售的執行感到滿意，其價格是截至 2024 年 5 月 31 日的 12 個月酒店 EBITDA 的 21.3 倍。我們相信，以如此有吸引力的價格成功出售這家酒店以及以更具增值性的方式使用收益的能力是公司審慎的資本配置決策，也反映了我們投資組合中嵌入的價值。

We will continue to exercise patience as we evaluate any further potential dispositions and possible acquisitions to drive shareholder value in the years ahead. Meanwhile, we remain pleased with the overall quality and diversification of the portfolio and our internal growth potential. While we don't expect meaningful shifts in the composition of our portfolio in the near term, we will continue to look for opportunities to enhance our portfolio's quality and earnings growth potential if market conditions are conducive, as we have done throughout the history of our company. We intend to continue to manage our balance sheet prudently as we evaluate these potential growth opportunities.

我們將繼續保持耐心，評估任何進一步的潛在處置和可能的收購，以在未來幾年提高股東價值。同時，我們對投資組合的整體品質和多元化以及我們的內部成長潛力仍然感到滿意。雖然我們預期短期內我們的投資組合組成不會發生有意義的變化，但如果市場條件有利，我們將繼續尋找機會提高投資組合的品質和獲利成長潛力，正如我們在整個歷史中所做的那樣。公司。在評估這些潛在成長機會時，我們打算繼續審慎管理我們的資產負債表。

Looking ahead to the second half of the year, we are taking a slightly more cautious stance compared to our expectations last quarter. We estimate that current same-property RevPAR increased approximately 2.6% in July as compared to the same period in 2023. When excluding Hyatt Regency Scottsdale, we estimate that July RevPAR is up approximately 1.9% compared to last year.

展望下半年，與上季的預期相比，我們採取稍微謹慎的立場。我們預計 7 月目前同物業 RevPAR 較 2023 年同期成長約 2.6%。如果不包括斯科茨代爾凱悅酒店，我們估計 7 月的 RevPAR 比去年增長約 1.9%。

Despite these positive top line results in July, we have slightly reduced our estimates for adjusted EBITDAre for 2024 as compared to last quarter. This is reflective of both our recent operating results and greater uncertainty regarding our portfolio and market performance in the second half of the year. Atish will provide additional detail on our updated guidance during his remarks.

儘管 7 月取得了積極的營收業績，但與上季相比，我們仍略微降低了對 2024 年調整後 EBITDA 的預期。這不僅反映了我們最近的經營業績，也反映了下半年我們的投資組合和市場表現的更大不確定性。Atish 將在演講中提供有關我們更新指南的更多詳細資訊。

Despite short-term uncertainty, we remain optimistic regarding our portfolio performance and earnings growth potential as we look ahead to 2025 and beyond. We continue to expect that embedded growth in the portfolio will be a significant driver for future outperformance, particularly as the Grand Hyatt Scottsdale Resort ramps up. And importantly, supply growth is anticipated to remain muted in the luxury and upper upscale segments in our markets over the next several years.

儘管存在短期不確定性，但展望 2025 年及以後，我們對投資組合表現和獲利成長潛力仍持樂觀態度。我們仍然預計，投資組合的內在成長將成為未來業績優異的重要動力，特別是隨著斯科茨代爾君悅度假村的崛起。重要的是，預計未來幾年我們市場的豪華和高檔細分市場的供應成長將保持溫和。

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

我現在將把電話轉給巴里，以提供有關我們的營運績效和資本項目的更多詳細資訊。

Thank you, Marcel. And good morning, everyone. For the second quarter, our 32 same-property portfolio RevPAR was $185.69 based on occupancy of 71% at an average daily rate of $261.53, an increase of 1.8% as compared to the second quarter in 2023. Excluding Hyatt Regency Scottsdale, second quarter RevPAR was $191.28, an increase of 5% as compared to 2023. This increase reflected 3.9 points of occupancy gain and a decline of approximately 0.5% in average daily rate as compared to the second quarter of 2023.

謝謝你，馬塞爾。大家早安。第二季度，我們 32 個相同物業組合的 RevPAR 為 185.69 美元，入住率為 71%，日均租金為 261.53 美元，較 2023 年第二季度增長 1.8%。不包括斯科茨代爾凱悅酒店，第二季 RevPAR 為 191.28 美元，較 2023 年成長 5%。與 2023 年第二季相比，這一成長反映了入住率成長 3.9 個百分點，日均房價下降約 0.5%。

As Marcel indicated in his remarks, the same-property leaders in terms of RevPAR growth in the quarter included our hotels that underwent comprehensive renovations in 2023: Canary, Santa Barbara, Grand Bohemian in Orlando, and Monaco Salt Lake City. Collectively, RevPAR of these hotels was up 42.3% in the second quarter. Additionally, RevPAR grew significantly at our two hotels in Dallas, collectively up 19.4%. Ritz-Carlton, Pentagon City up 14.3%; Park Hyatt Aviara up 11.1%; Waldorf Astoria Atlanta Buckhead up 10%; Westin Oaks in Galleria up 9.6%; and Hyatt Regency Santa Clara, up 8%.

正如Marcel 在演講中指出的那樣，本季每間客房收入增長方面領先的酒店包括我們在2023 年進行全面翻修的酒店：加那利酒店、聖巴巴拉酒店、奧蘭多的Grand Bohemian 酒店和摩納哥鹽湖城飯店.總的來說，這些酒店第二季的 RevPAR 成長了 42.3%。此外，我們位於達拉斯的兩家酒店的 RevPAR 也顯著增長，總計增長了 19.4%。五角大廈城麗茲卡爾頓酒店上漲14.3%；阿維亞拉柏悅酒店上漲 11.1%；亞特蘭大巴克海特華爾道夫酒店上漲 10%； Galleria 的 Westin Oaks 上漲 9.6%；聖克拉拉凱悅酒店上漲 8%。

The growth in these markets is a result of clearly improving business transient and group demand that we're seeing across the portfolio. Markets had experienced RevPAR weakness compared to the second quarter of 2023 as a result of softer group business, including New Orleans, Orlando, and Nashville, while Savannah and Key West experienced softer leisure demand.

這些市場的成長是我們在整個投資組合中看到的業務瞬態和團體需求明顯改善的結果。與 2023 年第二季相比，由於新奧爾良、奧蘭多和納許維爾等集團業務疲軟，市場的每間可用客房收入 (RevPAR) 疲軟，而薩凡納和基韋斯特的休閒需求則疲軟。

Despite softening in the Nashville market as a result of new luxury supply absorption, our W Nashville continues to perform well relative to this new supply. Despite announcements of several of those properties, we do not expect them to be online for many years. Future group bookings are strengthening as evidenced by a record group booking production month in June. And in the second quarter, business transient production was up nearly 90% in room nights compared to the second quarter last year.

儘管納許維爾市場因吸收新的奢侈品供應而疲軟，但我們的納許維爾 W 酒店相對於新的供應繼續表現良好。儘管已經宣布了其中一些屬性，但我們預計它們在很多年內都不會上線。六月團體預訂產量創紀錄的月份證明，未來的團體預訂量正在加強。與去年第二季相比，第二季商務瞬態生產間夜數成長了近 90%。

In Portland, our Hyatt Regency at the convention center continues to perform at a share level significantly above the remainder of the market due to its unique location and has continued to average occupancies in the upper 60% range. Looking at each month of the quarter and excluding Hyatt Regency Scottsdale, April RevPAR was $200.77, up 6.1% to April 2023. May RevPAR was $193.81, up 7.7% compared to May 2023. And June RevPAR was up $179.16, up 1% compared to June 2023.

在波特蘭，由於其獨特的地理位置，我們位於會議中心的凱悅酒店的市場份額繼續顯著高於市場其他酒店，並且平均入住率繼續保持在 60% 以上的範圍內。從本季的每個月來看，不包括斯科茨代爾凱悅酒店，4 月的 RevPAR 為 200.77 美元，較 2023 年 4 月成長 6.1%。5 月的 RevPAR 為 193.81 美元，比 2023 年 5 月成長 7.7%。6 月的 RevPAR 上漲了 179.16 美元，比 2023 年 6 月上漲了 1%。

We continue to be optimistic about the recovery in corporate and group rates as we continue to achieve higher mid-week occupancies across the portfolio, particularly on Tuesday and Wednesday nights, where portfolio occupancies of approximately 80% continue to provide meaningful rate compression opportunities. We note that compared to 2019, which excludes Hyatt Regency Scottsdale, Hyatt Regency Portland, and W Nashville.

我們繼續對企業和集團利率的復甦持樂觀態度，因為我們繼續在整個投資組合中實現更高的周中入住率，特別是在周二和周三晚上，大約80% 的投資組合入住率繼續提供有意義的利率壓縮機會。我們注意到，與 2019 年相比，其中不包括斯科茨代爾凱悅酒店、波特蘭凱悅酒店和納許維爾 W 酒店。

During the second quarter, daily occupancy still trailed by approximately 9 occupancy points midweek while Friday and Saturday night occupancies trailed 2019 by approximately 3 occupancy points. While this gap is somewhat disappointing, our continually improving performance in our corporate transient and corporate group driven hotels gives us confidence that we still have significant growth ahead as our hotels continue to close this gap.

第二季度，周中每日入住率仍落後約 9 個入住率點，而週五和週六晚上的入住率較 2019 年落後約 3 個入住率點。雖然這一差距有些令人失望，但我們在企業短期和企業集團驅動的酒店中不斷提高的業績讓我們相信，隨著我們的酒店繼續縮小這一差距，我們仍然有顯著的增長。

Business from the largest corporate accounts across our portfolio continues to be significantly behind 2019, while corporate business from small and medium-sized accounts has recovered much more significantly. Again, recent performance in our corporate transient-driven hotels gives us confidence that we still have significant growth ahead. Group business continues to be a bright spot across the portfolio, where we continue to see a reversion of pre-pandemic patterns.

我們投資組合中最大的企業客戶的業務繼續大幅落後於 2019 年，而中小型客戶的企業業務則恢復得更為顯著。同樣，我們企業瞬態驅動的飯店最近的表現讓我們相信我們未來仍將顯著成長。集團業務仍然是整個投資組合的亮點，我們繼續看到大流行前模式的逆轉。

For the second quarter, excluding Hyatt Regency Scottsdale, group room revenues were up just over 5% as compared to the second quarter of last year. This growth was split relatively evenly with room nights up 2.9% and average rate, up 2.4%. We see a continued trend in our mix of group business with association group business now recovering at a stronger pace than corporate group business and more bookings for future years than the current year.

第二季度，不包括斯科茨代爾凱悅酒店，團體客房收入較去年第二季度增加略高於 5%。這一增長的分佈相對均勻，間夜增長 2.9%，平均價格增長 2.4%。我們看到，集團業務與協會集團業務的組合呈現持續的趨勢，其復甦速度快於企業集團業務，未來幾年的預訂量也將高於今年。

Now, turning to expenses and profit. Second quarter same-property hotel EBITDA was $73.4 million, a decrease of 7.5% on a total revenue increase of 0.7%, compared to the second quarter of 2023, resulting in 238 basis points of margin decline. Excluding Hyatt Regency Scottsdale, hotel EBITDA was $74.1 million, an increase of 1.2% on a total revenue increase of 4.6%, resulting in a margin decline of 100 basis points. This decline in hotel EBITDA margin for the quarter was a result of several factors. Excluding Hyatt Regency Scottsdale, rooms department costs increased nearly 8% over last year, primarily as a result of continued occupancy growth. However, this equated to just a 2.1% increase on a per occupied room basis.

現在，轉向費用和利潤。與 2023 年第二季相比，第二季同飯店 EBITDA 為 7,340 萬美元，下降 7.5%，總營收成長 0.7%，導致利潤率下降 238 個基點。不包括斯科茨代爾凱悅酒店，酒店 EBITDA 為 7,410 萬美元，增長 1.2%，總收入增長 4.6%，導致利潤率下降 100 個基點。本季飯店 EBITDA 利潤率下降是多種因素造成的。不包括斯科茨代爾凱悅酒店，客房部門的成本比去年增加了近 8%，這主要是由於入住率持續增長。然而，這僅相當於每間入住房間的成長 2.1%。

Food and beverage revenue growth slowed to just 2% during the quarter as association business grew significantly more than corporate business impacting banquet revenues as food revenue grew while beverage revenue declined, putting pressure on overall F&B margins. Cancellation and attrition revenues declined 35% compared to last year, returning to normalized levels, also impacting margins. However, other operating department income, including parking, spa, and golf revenues was up 21%.

本季食品和飲料收入成長放緩至僅 2%，因為協會業務的成長明顯超過影響宴會收入的公司業務，食品收入成長而飲料收入下降，給整體餐飲利潤率帶來壓力。與去年相比，取消和自然流失收入下降了 35%，恢復到正常水平，這也影響了利潤率。然而，其他營運部門的收入，包括停車、水療和高爾夫收入成長了 21%。

In the undistributed departments, expenses in each of A&G, property operations and utilities were generally well controlled with approximately 4.5% growth each, while sales and marketing expenditures were up over 10% compared to last year, as hotels continue to grow their sales teams and see continued growth in expenditures on digital marketing efforts and loyalty programs.

在未分配部門中，A&G、物業營運和公用事業的支出總體得到良好控制，各增長約 4.5%，而銷售和行銷支出較去年增長超過 10%，因為酒店不斷擴大銷售團隊和數位行銷工作和忠誠度計劃的支出持續成長。

Turning to CapEx. During the second quarter, we invested $35.8 million in portfolio improvements, bringing our year-to-date total to $69.3 million. As Marcel discussed, we continued our significant work on the transformative renovation and upbranding of the Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch and are pleased that the project continues to be both on time and on budget. Our increases to budgeted capital expenditures are related to work on the building's exterior and facade, which includes both an expansion of scope and acceleration of timing in order to accomplish that work this year.

轉向資本支出。第二季度，我們投資了 3,580 萬美元用於投資組合改進，使年初至今的總額達到 6,930 萬美元。正如馬塞爾所討論的，我們繼續對蓋尼牧場斯科茨代爾凱悅度假村及水療中心的變革性翻新和品牌升級進行重要工作，並且很高興該項目繼續按時、按預算進行。我們增加預算資本支出與建築物外部和立面的工作有關，其中包括擴大範圍和加快時間，以便今年完成這項工作。

We continue to be incredibly optimistic about the hotel to perform post renovation. The initial response from both leisure and group guests has only affirmed our confidence in our expected outcome from the substantial investment. We are seeing future group business being booked at meaningfully higher rates than the hotel has achieved historically with the average daily rate for group bookings for 2025 up over 20% from 2022.

我們仍然對酒店進行裝修後的工作非常樂觀。休閒和團體客人的初步反應證實了我們對大量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水平，2025 年團體預訂的平均每日價格較 2022 年上漲超過 20%。

In addition, year-to-date group room night booking production for future dates is at its highest level since 2018. Much of this is the direct result of the expansion of the larger 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 guest experiences being created throughout the resort.

此外，今年迄今未來日期的團體間夜預訂量達到 2018 年以來的最高水準。這在很大程度上是較大的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，否則這些客戶將無法在度假村住宿，並且整個酒店將創造壯觀的賓客體驗。

Initial response and feedback from the luxury traveling community, a key component of the hotel's refined business plan, has also been very strong as this channel views the property as a completely new addition to the Scottsdale market that they are excited to introduce to their clients. Planned renovations are currently underway at two of our Texas hotels during the seasonally slow summer months, including renovation of the lobby and restaurant, relocation of the fitness facility, addition of a concierge lounge, and upgrading to Heavenly Beds at The Westin Oaks Houston and renovation of the lobby and upgrading to Heavenly Beds at The Westin Galleria Houston. Comprehensive renovations of the lobby and restaurant and creation of the M Club at Marriott Woodlands Waterway will take place in the late summer and during the fall.

豪華旅遊社區（酒店精緻業務計劃的關鍵組成部分）的初步反應和反饋也非常強烈，因為該管道將該酒店視為斯科茨代爾市場的全新補充，他們很高興將其介紹給客戶。目前，我們德州的兩家酒店正在季節性淡季的夏季月份進行翻修計劃，包括大廳和餐廳翻修、健身設施搬遷、增設禮賓休息室以及升級至休斯頓威斯汀奧克斯酒店的天夢之床與翻修休士頓商業街威斯汀飯店大廳升級至天夢之床 (Heavenly Beds)。伍德蘭水道萬豪酒店的大廳和餐廳將進行全面翻修，M 俱樂部的創建將在夏末和秋季進行。

In addition, we're making select upgrades to the guestrooms at several of our largest assets, including Hyatt Regency Santa Clara, Marriott SFO, and Renaissance Waverly in Atlanta. We expect minimal disruption from these projects. We are also continuing with approximately $20 million of infrastructure and sustainability projects this year, including significant HVAC upgrades at Andaz San Diego, Fairmont Dallas, Marriott SFO, Hyatt Regency Santa Clara, Renaissance Waverly, and The Ritz-Carlton, Denver. We are excited about the work our in-house project management team has underway as it will contribute to future growth throughout the portfolio.

此外，我們還對幾家最大的酒店的客房進行了選擇性升級，包括聖克拉拉凱悅酒店、SFO 萬豪酒店和亞特蘭大韋弗利萬麗酒店。我們預計這些項目的干擾將降至最低。今年我們也將繼續實施約2,000 萬美元的基礎設施和永續發展項目，包括聖地牙哥安達仕酒店、達拉斯費爾蒙酒店、SFO 萬豪酒店、聖克拉拉凱悅酒店、韋弗利萬麗酒店和丹佛麗思卡爾頓酒店的重大HVAC 升級。我們對內部專案管理團隊正在進行的工作感到興奮，因為它將有助於整個產品組合的未來成長。

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

這樣，我會將電話轉給 Atish。

Okay. Thanks, Barry. I will provide an update on two items. Our balance sheet and our 2024 guidance.

好的。謝謝，巴里。我將提供兩個項目的更新。我們的資產負債表和 2024 年指導。

As for our balance sheet, it continues to be a point of strength for the company. We maintain a significant unencumbered asset base and ample liquidity. Our next debt maturity is over a year from now and we expect to address it well in advance. Our current leverage ratio pro forma for the Lorien disposition is approximately 5.2 times trailing 12-month net debt-to-EBITDA. As a reminder, our long-term target is a leverage ratio in the low 3 times to low 4 times range. We expect to move closer to that range in 2025 as Grand Hyatt Scottsdale Resort ramps up post renovation.

至於我們的資產負債表，它仍然是公司的一個優勢點。我們保持著大量的未支配資產基礎和充足的流動性。我們的下一個債務到期日是一年多後，我們希望提前解決這個問題。我們目前 Lorien 處置的槓桿率預計約為過去 12 個月淨債務與 EBITDA 的 5.2 倍。提醒一下，我們的長期目標是槓桿率在低 3 倍到低 4 倍範圍內。隨著斯科茨代爾君悅度假村 (Grand Hyatt Scottsdale Resort) 翻修後的進度加快，我們預計到 2025 年將更接近這個範圍。

Turning next to our 2024 full year guidance. Beginning with RevPAR, we have lowered our expectation for RevPAR growth by 50 basis points to 3% at the midpoint. Excluding Scottsdale, we are lowering our expectations for RevPAR growth by 25 basis points to 3.75% at the midpoint. Our lower RevPAR expectation is a combination of slightly lower-than-expected second quarter RevPAR as well as more muted expectations across the portfolio, including in Scottsdale.

接下來是我們的 2024 年全年指導。從 RevPAR 開始，我們將 RevPAR 成長預期下調了 50 個基點至中位數 3%。不包括斯科茨代爾，我們將 RevPAR 成長預期下調 25 個基點至中位數 3.75%。我們較低的 RevPAR 預期是由於第二季度 RevPAR 略低於預期以及整個投資組合（包括斯科茨代爾）的預期更加溫和的組合。

As to adjusted EBITDAre, we have lowered the midpoint by $5 million to $249 million. This reduction is driven by three items as follows: $1 million due to the sale of the Lorien Hotel in July, $1 million due to higher renovation-related displacement in Scottsdale, and $4 million due to lower RevPAR and its corresponding impact on margins. Half of this or about $2 million was in the second quarter and the other half relates to our second half forecast. These three items are offset by $1 million in lower G&A expense.

至於調整後的 EBITDAre，我們將中點降低了 500 萬美元，達到 2.49 億美元。這項減少是由以下三個因素推動的：100萬美元是由於7月份出售了Lorien酒店，100萬美元是由於與斯科茨代爾裝修相關的搬遷增加，400萬美元是由於每間可用房屋收入降低及其對利潤率的相應影響。其中一半（即約 200 萬美元）用於第二季度，另一半與我們下半年的預測有關。這三項被 100 萬美元的 G&A 費用減少所抵消。

As to the weighting of adjusted EBITDAre by quarter, we expect the third quarter to be just under 20% of the year's adjusted EBITDAre and the fourth quarter to be in the mid- to high 20% range of full year adjusted EBITDAre.

至於按季調整後 EBITDAre 的權重，我們預計第三季調整後 EBITDAre 略低於全年調整後 EBITDAre 的 20%，第四季將在全年調整後 EBITDAre 的中高 20% 範圍內。

As to our adjusted FFO per diluted share guidance, we are reducing it by $0.005. We now expect FFO per share of $1.68. This is due to the change in adjusted EBITDAre being mostly offset by favorability and expected income tax expense.

至於調整後的 FFO 每股攤薄股指引，我們將其減少 0.005 美元。我們現在預計每股 FFO 為 1.68 美元。這是由於調整後 EBITDA 的變動大部分被優惠和預期所得稅費用所抵銷。

For the year, we have an income tax benefit of $3 million versus prior guidance of a $2 million expense. The $5 million positive variance is due to the release of a valuation allowance on certain state level income tax deferred assets.

今年，我們的所得稅優惠為 300 萬美元，而先前的指導為 200 萬美元。500 萬美元的正差異是由於釋放了某些州級所得稅遞延資產的估價津貼。

Our full year capital expenditure guidance has increased by $5 million and our interest expense guidance is unchanged.

我們的全年資本支出指導增加了 500 萬美元，利息支出指導保持不變。

Apart from the formal guidance, we want to also provide some color on our outlook for the remainder of the year by demand segment. Business transient continues to drive this part of the recovery, our negotiated corporate business is still very much in recovery mode, particularly in urban markets and this is translating to recent increases in our second half forecast for our hotels in Burlingame and Santa Clara, California, Houston and Dallas, Texas and Philadelphia, each of which historically has done healthy levels of business transient.

除了正式的指導之外，我們還希望按需求領域對今年剩餘時間的展望提供一些資訊。業務瞬態繼續推動這部分復甦，我們商定的企業業務仍處於復甦模式，特別是在城市市場，這意味著我們最近對加州伯林格姆和聖克拉拉酒店的下半年預測有所增加，休斯頓、達拉斯、德州和費城，這三個城市歷來都保持著健康的商業流動水準。

Next, the group segment continues to be strong while group's revenue pace is up only about 1% for the second half, excluding Scottsdale. This is primarily due to a tough comparison over a couple of months, which were quite strong last year. Second half group rates are up over 2% and our hotels continue to have strong near-term booking activity. For instance, in the second quarter, group revenue production for the third quarter was 5% higher than last year.

接下來，集團業務持續強勁，集團下半年營收成長僅成長約 1%（不包括斯科茨代爾）。這主要是由於過去幾個月的嚴格比較，而去年的情況相當強勁。下半年團體房價上漲超過 2%，我們的飯店近期預訂活動持續強勁。例如，第二季度，第三季度集團營收比去年同期成長了5%。

As we look further ahead, group for 2025 is starting to shape up well. As is typical this far in advance, about one-third of our expected 2025 group revenues is currently on the books. Pace, excluding Scottsdale is up in the mid-teens percentage range and on pace, including Scottsdale is even higher.

當我們進一步展望未來時，2025 年的小組賽已經開始順利進行。正如提前預測的那樣，我們預計 2025 年集團收入的約三分之一目前已記入帳面。佩斯（不包括斯科茨代爾）的百分比上升到了十幾歲左右，而包括斯科茨代爾在內的佩斯的百分比甚至更高。

Last, leisure demand continues to normalize but there are properties in markets that are starting to maintain their business levels such as Charleston, South Carolina and Mountain Brook, Alabama and other markets, which are ramping post-renovation such as Santa Barbara. Leisure is not as large a part of our demand mix once we get past the summer and leisure comparisons at our smaller hotels in key leisure markets get much easier starting in fall.

最後，休閒需求繼續正常化，但南卡羅來納州查爾斯頓和阿拉巴馬州布魯克山等市場中的一些房產開始維持其業務水平，以及聖塔芭芭拉等其他市場在裝修後正在蓬勃發展。一旦我們度過了夏季，休閒就不再是我們需求組合的重要組成部分，而從秋季開始，在主要休閒市場的小型酒店進行休閒比較就會變得容易得多。

As to the expense picture, we continue to experience moderation in expense pressure relative to last year. Our second quarter margin was impacted by lower-than-expected ADR. The second quarter margin decline is the greatest quarterly decline we expect this year. We expect margins to be positive in the second half, driven by Scottsdale. And even excluding Scottsdale, we expect more modest margin decline of less than 25 basis points.

就費用狀況而言，與去年相比，我們的費用壓力持續放緩。我們第二季的利潤率受到低於預期的 ADR 的影響。第二季利潤率下降是我們今年預期的最大季度下降。我們預計，在斯科茨代爾的推動下，下半年利潤率將為正值。即使不包括斯科茨代爾，我們預計利潤率下降幅度也會更小，不會超過 25 個基點。

Before I wrap up, I'll add that we continue to be well positioned for opportunities to evolve the portfolio in the years ahead. And despite the slightly softer top line outlook for this year, our current guidance for adjusted FFO per share reflects 9% growth over 2023. We expect our rate of earnings growth to further increase as we look ahead to favorable dynamics, including more limited new hotel supply, moderating expense growth, and further strengthening in business transient -- business and transient, improved hotel demand, which drive the bulk of the company's profits. As we look ahead, we remain confident in the longer-term earnings power of the company.

在結束之前，我要補充一點，我們將繼續處於有利位置，並有機會在未來幾年發展產品組合。儘管今年的營收前景略有疲軟，但我們目前對調整後每股 FFO 的指導反映了 2023 年成長 9%。我們預計，我們的獲利成長率將進一步提高，因為我們期待有利的動態，包括新飯店供應更加有限、費用成長放緩，以及業務瞬態的進一步加強——業務和瞬態、改善的飯店需求，這推動了大部分酒店的發展。展望未來，我們對公司的長期獲利能力仍然充滿信心。

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

然後，我們將把電話轉回給莉迪亞，開始我們的問答環節。

(Operator Instructions) Michael Bellisario, Baird.

（操作員說明）邁克爾貝利薩裡奧 (Michael Bellisario)，貝爾德 (Baird)。

Good morning, everyone.

大家早安。

Good morning.

早安.

Barry, first question for you. Booking channels. What are you seeing with loyalty redemptions? I guess, what does any change there, maybe historically tell you about demand and demand patterns? And is there any change in the loyalty bookings? Is that affecting RevPAR and margins at your hotels and across the portfolio?

巴里，第一個問題給你。預訂管道。您對忠誠度兌換有何看法？我想，從歷史上看，那裡有什麼變化可以告訴您有關需求和需求模式的資訊？忠誠度預訂有變化嗎？這是否會影響您酒店及整個酒店組合的 RevPAR 和利潤率？

Yeah. Good question. So we have relatively few hotels that are significant redemption hotels. In those hotels, we are seeing lower redemptions this year than we had seen in prior year. But one of the reasons we've continued to drive occupancy in those hotels is because we want to make sure we're getting redeemed at the premium redemption rates. We don't -- we've not gotten a lot of insight from the properties as to really why redemptions are down. There's some conversation about people having used up and spent a lot of their points historically and our hotels that had been high redeemers, continue to be high redeemers within their various brand families.

是的。好問題。因此，我們的重要兌換酒店相對較少。在這些酒店中，我們今年的兌換量低於去年。但我們繼續提高這些飯店入住率的原因之一是我們希望確保以優質的兌換率兌換。我們沒有——我們還沒有從這些房產中獲得很多關於贖回下降的真正原因的見解。有一些關於人們在歷史上用完並花費了大量積分的討論，而我們的酒店曾經是高兌換者，在其各個品牌系列中仍然是高兌換者。

Got it. Understood. And then just second question, just on the -- I think I heard you correctly, the better business transient outlook for the second half of the year in a handful of those markets like SFO in Houston and a few others. Can we kind of dig in there a little bit, what customers, what types of industries are you seeing the pickup there? And how much of it is rate versus occupancy driven? Thank you.

知道了。明白了。然後是第二個問題，我想我沒聽錯，一些市場（例如休士頓的 SFO 和其他一些市場）今年下半年的業務瞬態前景會更好。我們能否深入探討一下，您看到哪些客戶、哪些類型的產業出現了成長？其中有多少是房價與入住率所驅動的？謝謝。

Yeah. We certainly continue to see continued growth in small and medium-sized businesses. But in some of these larger markets, whether that's -- and I think it's part of what we saw in Q2 and we look forward to seeing continue through the year is, in some of these more major markets, whether that's Houston or Dallas, San Francisco, we're seeing more -- Santa Clara as well, we're seeing more significant increase than we have historically in the larger corporate accounts. So thinking more Fortune 100 accounts and the consulting and accounting firms are showing greater growth than they have thus far in the recovery from the pandemic.

是的。我們當然會繼續看到中小企業的持續成長。但在一些較大的市場中，無論是——我認為這是我們在第二季度看到的情況的一部分，我們期待在今年繼續看到這種情況，在一些更主要的市場中，無論是休士頓還是達拉斯、聖保羅弗朗西斯科，我們看到了更多——聖克拉拉，我們看到了比歷史上更大的企業帳戶更顯著的成長。因此，想想更多的財富 100 強客戶以及諮詢和會計師事務所在從大流行中復甦的過程中表現出比迄今為止更大的成長。

I mean is that pickup that's primarily demand then, not just rate?

我的意思是，皮卡的主要需求是需求，而不僅僅是利率？

The pickup is primarily in demand. But again, where that business is coming in, on Tuesday and Wednesday nights in particular, hotels were able to compress their noncorporate rate or nonlarge corporate account business. So as you know, last year, the increases that we got as an industry across the largest negotiated corporate accounts were not terribly significant. But we do rely and are looking forward to and part of what we've seen is that as we are able to fill with more large volume account business that lets the hotel compress and drive rate from the non-negotiated accounts.

皮卡的需求主要是。但同樣，在該業務出現的地方，特別是在周二和周三晚上，酒店能夠壓縮其非公司房價或非大型公司帳戶業務。如您所知，去年，我們作為一個行業在最大的協商企業帳戶中獲得的成長並不是非常顯著。但我們確實依賴並期待著，我們所看到的部分原因是，我們能夠填補更多的大額帳戶業務，這讓酒店可以壓縮並提高非協商帳戶的價格。

Thank you. That's all for me.

謝謝。這就是我的全部。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi. Morning, everyone. Thanks for taking my questions. I wanted to just talk about leisure and the portfolio and some of the commentary, it does seem as though leisure, at least for the moment, right, is slowing. And obviously, that may not bode well for an ideal opening in Scottsdale. But does it inform any sort of other strategies that you can pursue or any other sort of deals that you can make, obviously, I'm thinking more disposition wise? Or anything you can do sort of in that context to sort of deal with or approach leisure slowing a bit?

你好。早安，大家。感謝您回答我的問題。我只想談談休閒、投資組合和一些評論，至少目前來看，休閒似乎正在放緩，對吧。顯然，這對斯科茨代爾的理想開業來說可能不是好兆頭。但是，它是否告知您可以採取的任何其他策略或您可以進行的任何其他類型的交易，顯然，我認為更明智的處置？或者在這種情況下你可以做些什麼來應對或接近休閒放慢一點？

Yes. Thanks for the questions, David. As you know, our portfolio is very balanced and being able to really play in all demand segments. And we've obviously spoken on this call already quite a bit in our prepared remarks about where we're seeing strength coming on the corporate transient and group side that is really offsetting some of the weakness that we are seeing to a certain extent on the leisure side. Now, when you look at our leisure markets and I think Atish pointed out in his remarks, we do have a few markets that are holding up fairly well on the leisure side and we have some markets where you are absolutely seeing some softening.

是的。謝謝你的提問，大衛。如您所知，我們的產品組合非常平衡，能夠真正在所有需求領域發揮作用。顯然，我們在準備好的演講中已經就這次電話會議談了很多，我們看到企業瞬態和集團方面的力量正在顯現，這確實在一定程度上抵消了我們在企業瞬態和集團方面看到的一些弱點。現在，當你看看我們的休閒市場時，我認為阿蒂什在他的演講中指出，我們確實有一些市場在休閒方面表現得相當好，而且我們有一些市場絕對會看到一些疲軟。

But even in some of the markets where you're seeing kind of a more, kind of a greater softening, for example, Orlando is absolutely a softer leisure market this year than it was last year. And some of that probably has to do with Universal opening up a new park next year, which generally kind of drives more demand into that year and a little bit of a slowing going into that. That's not really what's impacting us in a market like Orlando, for example. And we have our Grand Bohemian in Orlando Downtown that is really corporate transient-driven hotel that is doing very well coming off of its renovation. And some of the softness that we saw in Grand Cypress was more just about some group business that was down there as compared to really softening from the leisure demand that's pulling back.

但即使在一些市場更加疲軟的市場中，例如奧蘭多，今年的休閒市場也絕對比去年更疲軟。其中一些可能與環球影業明年開設一個新公園有關，這通常會推動當年的需求增加，但需求會略有放緩。例如，在奧蘭多這樣的市場上，這並不是真正影響我們的因素。我們在奧蘭多市中心有一家波希米亞大酒店，這確實是一家企業短暫驅動的酒店，經過翻新後表現非常好。我們在大柏樹看到的一些疲軟更多是因為那裡的一些集團業務，而不是休閒需求減少帶來的真正疲軟。

Now, if you translate that to your, kind of the second part of your question, as it relates to first, Scottsdale and kind of the rest of the portfolio. Scottsdale, as you know, a very big component of what we're doing there is the expansion of the meeting space. And historically, it has been a very much a group-oriented hotel where this additional ballroom space will do all the things that Barry highlighted in his remarks as far as being able to take bigger groups as opposed to having more flexibility and what type of groups we're taking. So the group strategy is a very big component of that.

現在，如果你將其轉化為問題的第二部分，因為它與第一部分、斯科茨代爾和投資組合的其餘部分相關。如您所知，斯科茨代爾我們在那裡所做的一個非常重要的組成部分是擴大會議空間。從歷史上看，它一直是一家以團體為導向的酒店，額外的宴會廳空間將實現巴里在演講中強調的所有事情，即能夠容納更大的團體，而不是擁有更大的靈活性以及什麼類型的團體我們正在採取。因此，集團策略是其中非常重要的組成部分。

And the other side of it is, Scottsdale is not a trendy leisure market. It's a very consistent high-end leisure market that does extremely well, particularly in the seasons where there is a lot of compression there. So it doesn't give us any real concerns as we're sort of completing that renovation and as we're getting into next year. So we still feel very good about that. And really, like I said, have -- don't have a lot of concerns about this any overall slowing in leisure impacting that in a significant way.

另一方面是，斯科茨代爾並不是一個時尚的休閒市場。這是一個非常穩定的高端休閒市場，表現非常出色，尤其是在市場壓力很大的季節。因此，這不會給我們帶來任何真正的擔憂，因為我們即將完成翻修，並且即將進入明年。所以我們對此仍然感覺很好。事實上，就像我說的，對於休閒整體放緩會產生重大影響，沒有太多擔憂。

And for the rest of the portfolio, as I pointed out in my remarks, over time, we will always look at how do we continue to upgrade the quality of the portfolio, the earnings growth potential but we feel really good about the balance that we have in our portfolio. And we have -- we didn't shift to just a leisure only strategy. We're still very focused on the bulk of our business, which is really corporate transient and group and leisure as the third component.

對於投資組合的其餘部分，正如我在發言中指出的那樣，隨著時間的推移，我們將始終關注如何繼續提升投資組合的品質和獲利成長潛力，但我們對我們的平衡感到非常滿意。投資組合中有。我們並沒有轉向純粹的休閒策略。我們仍然非常專注於我們的大部分業務，這實際上是企業瞬態業務，而團體和休閒業務是第三個組成部分。

Understood. And I'm not sure that I fully understand the sort of outbound international versus inbound international travel. I guess I had thought that this was going to be a little better summer for that than perhaps what it's turned out to be. Is there anything more to it than just the sort of cost decision or the value of the dollar as you see it?

明白了。我不確定我是否完全理解出境國際旅行與入境國際旅行的差異。我想我本來以為這個夏天會比結果好。除了您所看到的成本決策或美元價值之外，還有其他什麼嗎？

Yes. We obviously see the same things you do as it relates to kind of overall market data. And certainly, the international outbound travel has been very strong still, it appears. And I think overall, everyone was expecting maybe that will be a little bit weaker this year and see that balance shift in a different direction a little bit.

是的。顯然，我們看到了與您所做的相同的事情，因為它與整體市場數據有關。當然，國際出境遊似乎仍然非常強勁。我認為總體而言，每個人都預計今年的情況可能會稍弱一些，並看到平衡向不同的方向稍微轉變。

Our portfolio isn't driven very heavily by inbound international traffic. We have very few assets where that's a meaningful component of our portfolio. So even though we see kind of the overall trends in the market, we're probably not in the best position to have -- take a very strong position on that.

我們的投資組合並不受入境國際流量的大幅推動。我們的資產很少，而這對我們的投資組合來說是有意義的組成部分。因此，儘管我們看到了市場的整體趨勢，但我們可能並不處於最佳位置——對此採取非常強大的立場。

Understood. Thanks for taking my questions.

明白了。感謝您回答我的問題。

Ari Klein, BMO Capital Markets.

Ari Klein，BMO 資本市場。

Thanks. And good morning. Maybe just following up on the leisure comments. Just want an out-of-room perspective, what are you seeing on that front? And even beyond leisure, is that -- are you seeing any kind of impacts elsewhere, whether it's group or BT or anywhere else? Thank you.

謝謝。早安.也許只是跟進休閒評論。只是想要一個室外視角，您在前面看到了什麼？甚至除了休閒之外，您是否在其他地方看到了任何類型的影響，無論是團體、英國電信還是其他任何地方？謝謝。

Yeah. I think in particular, on leisure, we've been, I wouldn't say surprised but encouraged that outlets are still busy generally across the portfolio and that the consumers seem to -- comparing to certainly pre-COVID, they seem to be -- they seem to eat and drink in the hotel more frequently, meaning our in-house capture in general across the portfolio is better than it was pre-COVID. Some of that obviously is because of pricing and the price increases we've taken in restaurant and bar -- in bar pricing.

是的。我認為，特別是在休閒方面，我不會說感到驚訝，但感到鼓舞的是，整個投資組合中的商店仍然很忙，而且消費者似乎——與新冠疫情之前相比，他們似乎—— -他們似乎更頻繁地在酒店吃喝，這意味著我們在整個投資組合中的內部捕獲總體上比新冠疫情之前更好。其中一些顯然是由於定價以及我們在餐廳和酒吧——酒吧定價中採取的價格上漲所致。

But we feel pretty good about that out of -- the out-of-room spend. And what we're seeing in ancillary areas like parking and spa and even retail in some of the properties we have that, has held up pretty well, in fact, very well. I mentioned that, that some of those departments, other operating departments combined were up over 20% in Q2 versus prior year. So we feel pretty good about that out of room spend.

但我們對室外支出感到非常滿意。我們在停車場和水療中心等輔助領域看到的情況，甚至我們擁有的一些物業的零售業，都表現得很好，事實上，非常好。我提到過，其中一些部門和其他營運部門在第二季度的成長率與去年同期相比成長了 20% 以上。所以我們對房間外的支出感覺很好。

I think that Barry did highlight in his comments as well. A little bit of a shift in the mix of the group business with associations just take -- being a bit stronger than corporate group at this point, which does impact the additional spend by -- to some extent.

我認為巴里在他的評論中也強調了這一點。集團業務與協會的組合發生了一點變化——在這一點上比企業集團更強一點，這確實在某種程度上影響了額外支出。

Certainly, the banquet spend in food and beverage, for sure.

當然，宴會的花費肯定是在餐飲上。

Thanks for that. And then just on the expense side of things. I guess what has changed there from your perspective versus your prior expectations? Because it does seem like some peers are seeing softening on the expense pressure side of things. I guess what's embedded from a same-store expense growth for this year? And do you think that moderates as we look ahead to next year?

謝謝你。然後只是在費用方面。我想從您的角度來看，與您之前的期望相比，有什麼改變？因為有些同行似乎確實看到了支出壓力的疲軟。我想今年的同店支出成長會帶來什麼影響？當我們展望明年時，您認為這種情況會緩和嗎？

We do think it moderates and Atish mentioned that we do expect it to moderate for the remainder of the year. I think we -- big picture and I went through some of the detail in the remarks but I think big picture, that we're like -- we're driving occupancy very well, which means we're servicing more guests. And I think I feel much better when we look at the per occupied room expense growth, as opposed to the raw expense growth. And I think that's obviously kind of proof to us in part that a lot of this is occupancy driven.

我們確實認為它會有所緩和，阿蒂什提到我們確實預計它會在今年剩餘時間內有所緩和。我認為我們——大局，我在評論中詳細介紹了一些細節，但我認為大局，我們的入住率非常好，這意味著我們正在為更多的客人提供服務。我認為，當我們看到每間客房的費用增長而不是原始費用增長時，我感覺好多了。我認為這顯然在某種程度上向我們證明了其中許多都是由入住率驅動的。

I think there's also and I mentioned it, that part of our strategy and part of the hotel strategy of driving occupancy is at a higher cost, particularly in sales and marketing, where we're utilizing, where we have more salespeople on board across the portfolio. We have -- we're doing more paid search and more digital marketing and we're doing more paid search in part in certain markets through OTA channels, which is an expensive channel. But in those properties that are doing that, the goal is to make sure that we're filling the hotel and driving enough business into the hotel to support the overall operation and grow bottom line dollars even if it's at the expense of margin.

我認為我也提到過，我們的部分策略和飯店提高入住率的部分策略的成本較高，特別是在銷售和行銷方面，我們正在利用這些方面，我們在整個地區擁有更多的銷售人員。資料夾。我們正在做更多的付費搜尋和更多的數位行銷，我們在某些​​市場上透過 OTA 管道進行更多的付費搜索，這是一個昂貴的管道。但在那些這樣做的酒店中，我們的目標是確保我們能夠填滿酒店並為酒店帶來足夠的業務，以支持整體運營並增加利潤，即使這是以犧牲利潤為代價。

Thank you.

謝謝。

Jack Armstrong, Wells Fargo.

傑克·阿姆斯特朗，富國銀行。

Hey. Good morning, everyone. So Nashville had a kind of tough quarter from a leisure perspective. Did the W continue to gain market share in that environment? And are there any updates on the new restaurant concept there or any other out-of-room spend drivers?

嘿。大家早安。因此，從休閒角度來看，納許維爾經歷了一個艱難的季度。在這種環境下，W 是否繼續獲得市場份額？那裡的新餐廳概念或任何其他室外消費驅動因素是否有任何更新？

Yeah. No update on the restaurant concept. We're working on some -- we think will be some pretty exciting ideas that hopefully, we'll be able to share in the near future. For W Nashville, we actually held up fairly well relative to the comp set in terms of leisure in Q2. We did very well, as I mentioned, in the corporate transient but we had a challenging time on the in-house group side. It's really the first time we've experienced that. We had some turnover in the sales department in the month leading into the second quarter and just that -- and we're not able to really recover from that.

是的。餐廳概念沒有更新。我們正在研究一些——我們認為這將是一些非常令人興奮的想法，希望我們能夠在不久的將來分享。對於納許維爾 W 酒店，我們在第二季的休閒時間方面實際上相對於其他競爭對手錶現得相當好。正如我所提到的，我們在公司短暫時期做得很好，但我們在內部團隊方面遇到了挑戰。這確實是我們第一次經歷。在第二季之前的一個月裡，我們的銷售部門出現了一些人員流動，但我們無法真正從中恢復過來。

Having said that and I mentioned earlier that production in June and what we were, first thing about July for future dates is that we're back on track in terms of driving group business into the hotel. And the way that we've talked before is, I think, is much more meaningful than we had originally anticipated in our underwriting.

話雖如此，我之前也提到過 6 月份的生產情況以及我們的情況，但對於未來日期，7 月份的第一件事是，我們在推動集團業務進入酒店方面已回到正軌。我認為，我們之前討論的方式比我們最初在承保中預期的更有意義。

Okay. Thank you. That's helpful color. And then just kind of based on your take on the macro environment and the slowdown you're seeing in leisure, are you assuming the stabilization in Scottsdale might be pushed out a bit? Or do you think the group booking pace that you're seeing for '25 keeping on track with the original underwriting?

好的。謝謝。這是有用的顏色。然後，根據您對宏觀環境的看法以及您在休閒方面看到的放緩，您是否認為斯科茨代爾的穩定性可能會被推遲一點？或者您認為 25 年的團體預訂速度是否與最初的承保保持一致？

Really not seeing anything at this point that would cause us, like I said earlier, to change our view of where this will stabilize and how this will stabilize. So leisure is obviously an important component but group is really the most important component as we kind of build up the occupancy there. And then, again, because of the seasonality in the markets, really make sure that we take advantage of how frothy those first essentially five months of the year are to really drive the increased rates and everything that we're looking to do as a result of the renovation.

正如我之前所說，目前確實沒有看到任何事情會導致我們改變我們對局勢將在何處穩定以及如何穩定的看法。因此，休閒顯然是一個重要的組成部分，但團體實際上是最重要的組成部分，因為我們在那裡建立了入住率。然後，再次強調，由於市場的季節性，我們要真正確保我們利用今年前五個月的泡沫來真正推動利率上漲以及我們希望做的一切的裝修。

So any kind of overall global softening of leisure demand, I mean, certainly, the stronger the leisure, the better. But at this point, we're not -- we're not seeing anything that gives us any cause on how we think this asset looks like for us.

因此，我的意思是，任何形式的全球整體休閒需求疲軟，休閒活動越強勁越好。但目前，我們還沒有看到任何可以讓我們有理由認為這項資產對我們來說是什麼樣子的東西。

Okay. Great. That's it for me. Thanks.

好的。偉大的。對我來說就是這樣。謝謝。

(Operator Instructions) Tyler Batory, Oppenheimer.

（操作員說明）Tyler Batory，Oppenheimer。

Hey. Good morning. Thanks for taking my questions. I wanted to ask about the group business. I think you said you're pacing up 1% for the second half. What are you seeing in terms of in the quarter for the quarter bookings? And then can you talk a little bit about the citywide calendar in the second half of this year as well?

嘿。早安.感謝您回答我的問題。我想問一下集團業務。我想你說過下半年你會加快 1%。您對本季的預訂量有何看法？那麼您能談談今年下半年全市的日曆嗎？

Yeah. Why don't I start on that? Maybe, Barry, you can talk about the citywide calendar. So in terms of production, I think I referred to production being strong in the second quarter and being up 5% for the third quarter relative to last year. So we continue to see healthy levels of near-term business. And similarly, for sort of in the quarter, for the quarter, activity continues to be good.

是的。我為什麼不開始呢？巴里，也許你可以談談全市日曆。因此，就生產而言，我認為我提到了第二季度的生產強勁，第三季的生產較去年增長了 5%。因此，我們繼續看到近期業務的健康水平。同樣，就本季而言，本季的活動仍然良好。

So while our pace number is up 1% excluding Scottsdale, is not that strong for the back half of the year. Again, we're seeing good levels of activity. So we have confidence in that and the rate profile continues to be good, up over a couple of percent. So that's really informing our guidance.

因此，雖然我們的步伐數字成長了 1%（不包括斯科茨代爾），但今年下半年的成長速度並不那麼強勁。我們再次看到了良好的活動水平。因此，我們對此充滿信心，利率狀況持續良好，並上漲了幾個百分點。所以這確實為我們的指導提供了資訊。

And then, Barry, if you want to add anything, citywide calendar?

然後，巴里，如果你想添加什麼，全市日曆？

Yeah. On citywide, we've talked about this before, that our portfolio in general is not heavily reliant on citywides as it relates to the portfolio overall. Some of the properties where we do enjoy traditionally big citywide business would be Portland. Obviously, where we're next to the convention center and the set up there, as we've long known, is a little bit soft in the second half of this year, but the hotel has worked hard to try to offset that with in-house business. And that's certainly one of the pluses of understanding citywide business and knowing kind of where those gaps are. So we've done a good job of filling that.

是的。在全市範圍內，我們之前已經討論過這一點，我們的投資組合總體上並不嚴重依賴全市範圍，因為它與整體投資組合有關。我們確實享有傳統上全市範圍內大型業務的一些房產將在波特蘭。顯然，正如我們所知，我們靠近會議中心的地方和那裡的設施在今年下半年有點疲軟，但酒店已經努力嘗試用- 房屋生意。這當然是了解全市業務並了解這些差距在哪裡的優點之一。所以我們在填補這一點方面做得很好。

Dallas, we participate in some citywides there where our Q3 and Q4 are both down a little bit from prior years. But again, they were also quite a bit down in Q1 as well, and we were able to perform very well through that in Dallas.

達拉斯，我們參加了那裡的一些全市範圍的活動，我們的第三季度和第四季度都比前幾年有所下降。但同樣，他們在第一季也出現了相當大的下滑，而我們在達拉斯的表現也非常好。

And then the other markets are relatively little importance as it relates to how much compression we get from citywide business and/or whether we tend to not fill when citywides aren't in. But other markets where we do participate in citywides are Nashville, which has a good setup for Q3 and Q4 as well.

然後其他市場的重要性相對較小，因為它關係到我們從全市範圍的業務中獲得多少壓縮和/或當全市範圍的業務不在時我們是否傾向於不填補。但我們在全市範圍內參與的其他市場是納許維爾，該市場在第三季和第四季也有良好的設置。

Okay. Quick follow-up on the leisure discussion here. In terms of your channel mix, have you increased using OTAs or other discount channels more to drive business? I'm not sure if that's something that's impacting the cost structure, too.

好的。在這裡快速跟進休閒討論。就您的管道組合而言，您是否更多地使用 OTA 或其他折扣管道來推動業務？我不確定這是否也會影響成本結構。

In some hotels, where they really believe that driving occupancy is going to be -- is the best overall strategy because it's going to drive the most ancillary spend, keep the building busy. We have hotels that are definitely using more OTA marketing than they have historically and it is a lower revenue, higher cost channel. So that certainly is one of the factors that has had some impact on margin.

在某些飯店，他們確實相信提高入住率是最好的整體策略，因為這將帶來最多的輔助支出，讓大樓保持忙碌。我們的飯店肯定比以往更多地使用 OTA 行銷，這是一個收入較低、成本較高的管道。因此，這無疑是對利潤率產生一定影響的因素之一。

Okay. And then just the last question for me. I'm trying to think about what 2025 might look like from an EBITDA perspective. I know you can't give guidance. I guess one thing at a time, I got to get through 2024 first. But with your portfolio, I think there's a lot of moving pieces with some of the acquisitions, with some of the renovations, some disruption. So if you could kind of run through some of the potential building blocks on the EBITDA side of things, just to try to help us frame a starting point, if you will, for next year.

好的。然後是我的最後一個問題。我正在嘗試從 EBITDA 的角度思考 2025 年會是什麼樣子。我知道你無法提供指導。我想一次只做一件事，我必須先度過2024年。但在你的投資組合中，我認為有很多變化，包括一些收購、一些翻新、一些破壞。因此，如果您可以瀏覽 EBITDA 方面的一些潛在建置模組，只是為了幫助我們為明年制定一個起點（如果您願意的話）。

Well, I think one thing to refer to is the slide in our prior investment -- investor decks that bridges to the future. And obviously, it doesn't do it by year but you have some major components, one being Scottsdale, where we expect $20 million of EBITDA lift between now and stabilization plus disruption. So getting that back, that's a big piece. Obviously, the newer assets, W Nashville and Portland are big drivers. And then finally, outsized growth in some assets in the portfolio, particularly those in Northern California, which are -- still have a lot of recovery potential and have certainly shown strong signs of recovery this year.

嗯，我認為值得一提的是我們先前的投資——連結未來的投資者平台的下滑。顯然，它不會逐年實現，但有一些主要組成部分，其中一個是斯科茨代爾，我們預計從現在到穩定加上中斷，該地區的 EBITDA 將增加 2000 萬美元。所以把它拿回來，這是一個很大的部分。顯然，較新的資產 W 納許維爾和波特蘭是重要的推動力。最後，投資組合中的一些資產大幅增長，尤其是北加州的資產，這些資產仍然具有很大的復甦潛力，今年肯定顯示出強勁的復甦跡象。

So those building blocks are there. And I think as we get closer into next year and certainly in the beginning of the year, we can highlight those with more specificity as to how each one of those are shaping up for next year. It's just a little bit too early given that our hotels are just now starting the budgeting process. So getting into a lot of detail on that at this point is just really tough for us to do.

所以這些構建塊就在那裡。我認為，隨著明年的臨近，當然在年初，我們可以更具體地重點介紹其中每一個明年的情況。鑑於我們的酒店剛開始預算流程，現在還為時過早。因此，目前我們很難詳細了解這一點。

Yes. So obviously, it's a long way to answer the question, '25. So we -- and Atish did highlight some of the positives as we go into next year. And it's a little earlier than we normally like to speak about kind of where group base is shaping out but we're seeing some very encouraging signs there. And the one piece that we can look out ahead. And then Atish pointed there is about, at this time of the year, like every year, there's probably about -- only about one-third of your group business for next year on the books. But our pace is very healthy thus far.

是的。顯然，要回答「25」這個問題還有很長的路要走。因此，我們和 Atish 在進入明年時確實強調了一些積極的方面。這比我們通常喜歡談論的群體基礎正在形成的情況要早一些，但我們在那裡看到了一些非常令人鼓舞的跡象。這是我們可以展望未來的一件作品。然後阿蒂什指出，每年的這個時候，就像每年一樣，明年的集團業務可能只有大約三分之一在帳面上。但到目前為止，我們的步伐非常健康。

And especially some -- when you think about some of the things Atish talked about with the booking base and what we've seen over the last couple of months, we're very encouraged about what the hotels are able to put on the books for next year. And that's even outside of what we expect to get from Scottsdale, which is showing some very encouraging signs, particularly on the rate side. So we are -- we've talked a number of times about as we look at the setup for '25 and beyond being very positive for us and we continue to feel that way.

尤其是一些——當你想到 Atish 與預訂基地談論的一些事情以及我們在過去幾個月中看到的情況時，我們對酒店能夠在預訂中列出的內容感到非常鼓舞明年。這甚至超出了我們對斯科茨代爾的預期，斯科茨代爾顯示出一些非常令人鼓舞的跡象，特別是在利率方面。所以我們——我們已經多次討論過，當我們考慮 25 年及以後的安排時，這對我們來說非常積極，而且我們仍然有這種感覺。

Okay. Very helpful. Thank you

好的。非常有幫助。謝謝

Thank you. We have no further questions. So I'd now like to turn the call back to Marcel Verbaas for any closing comments.

謝謝。我們沒有其他問題了。因此，我現在想將電話轉回給 Marcel Verbaas，以徵求結束意見。

All right. Thanks, Lydia. And thanks, everyone, for joining us this morning. I know it's been a busy week of earnings calls in our space. So we thank you for joining us.

好的。謝謝，莉迪亞。感謝大家今天早上加入我們。我知道我們領域的財報電話會議本周非常忙碌。所以我們感謝您加入我們。

And hope you enjoy whatever is remaining of the summer. And we'll speak with you over the next few months. Thanks again. And we'll look forward to updating you in the future.

希望你能享受這個夏天剩下的一切。我們將在接下來的幾個月內與您交談。再次感謝。我們期待將來為您提供最新消息。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。