Xenia Hotels & Resorts Inc (XHR) 2025 Q1 法說會逐字稿

Hello, everyone, and welcome to the Xenia Hotels & Resorts, Inc., Q1 2025 earnings conference call. My name is Carla, and I will be coordinating your call today. (Operator Instructions)

大家好，歡迎參加 Xenia Hotels & Resorts, Inc. 2025 年第一季財報電話會議。我叫卡拉，今天我要負責協調您的通話。（操作員指示）

I would now like to hand you over to Aldo Martinez, Manager Finance, to begin. Please go ahead when you're ready.

現在我想把麥克風交給財務經理 Aldo Martinez。準備好後請繼續。

Thank you, Carla, and welcome to Xenia Hotels & Resorts first-quarter 2025 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 and recent transactions. Barry will follow with more details on operating trends and capital expenditure projects. And Atish will conclude today's remarks on our balance sheet and outlook. We will then open the call for Q&A.

謝謝你，卡拉，歡迎參加 Xenia Hotels & Resorts 2025 年第一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 一起在場；我們的總裁兼營運長 Barry Bloom；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和最近的交易。巴里將隨後提供有關營運趨勢和資本支出項目的更多細節。Atish 將結束今天有關我們資產負債表和展望的評論。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, May 2, 2025, 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，請容許我提醒大家，本次電話會議中的某些陳述不是歷史事實，而是前瞻性陳述。這些聲明受到我們 10-K 表年度報告和其他美國證券交易委員會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存在重大差異。我們今天早上發布的收益報告以及本次電話會議的評論中的前瞻性陳述僅截至 2025 年 5 月 2 日，並且我們不承擔隨著實際事件的發展公開更新任何這些前瞻性陳述的義務。

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 first quarter earnings release, which is available on the Investor Relations section of our website. The property-level information we'll be speaking about today is on a same-property basis for all 31 hotels unless specified otherwise. An archive of this call will be available on our website for 90 days.

您可以在我們的第一季財報中找到非公認會計準則財務指標與淨收入的對帳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。除非另有說明，我們今天要討論的酒店級資訊均以所有 31 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.

現在我將把時間交給馬塞爾 (Marcel) 來開始。

Thanks, Aldo, and good afternoon, everyone. We are pleased with our first quarter results, which gave us a strong start to the year. For the first quarter of 2025, we reported net income of $15.6 million, adjusted EBITDAre of $72.9 million and adjusted FFO per share of $0.51. RevPAR grew by 6.3% as compared to the first quarter of 2024, which exceeded our expectations and led to nearly 12% growth in adjusted EBITDAre and nearly 16% growth in adjusted FFO per share. First quarter same-property RevPAR for our 31-hotel portfolio was $188.73, with occupancy increasing by 180 basis points and ADR increasing by 3.6% compared to the same period last year.

謝謝，阿爾多，大家下午好。我們對第一季的業績感到滿意，這為我們今年的開局帶來了良好的開端。2025 年第一季度，我們報告淨收入為 1,560 萬美元，調整後 EBITDAre 為 7,290 萬美元，調整後每股 FFO 為 0.51 美元。與 2024 年第一季相比，RevPAR 成長了 6.3%，超出了我們的預期，並導致調整後的 EBITDAre 成長了近 12%，調整後的每股 FFO 成長了近 16%。第一季度，我們 31 家飯店組合的同店 RevPAR 為 188.73 美元，與去年同期相比，入住率增加了 180 個基點，ADR 增加了 3.6%。

The initial ramp-up at Grand Hyatt Scottsdale after the substantial completion of its transformative renovation was a significant driver of this strong performance. However, the portfolio also benefited from meaningful RevPAR growth in a number of our other markets, with 1/3 of our assets achieving double-digit percentage RevPAR growth and several others achieving high single-digit percentage RevPAR growth.

斯科茨代爾君悅酒店在基本完成改造後，最初的成長是其強勁業績的重要推動力。然而，該投資組合也受益於我們其他一些市場的 RevPAR 顯著增長，其中三分之一的資產實現了兩位數的 RevPAR 百分比增長，其他幾家則實現了較高的個位數百分比 RevPAR 增長。

There were several puts and takes that impacted our portfolio during the quarter. On the positive side of the ledger, our hotels in the Washington, DC, and New Orleans markets benefited from the Presidential inauguration and the Super Bowl in January and February, respectively. Also, March results were aided by the shift in the timing of the Easter holiday, which fell on March 31 in 2024, causing softness in demand during the last week of the month last year.

本季發生了數起影響我們投資組合的看跌期權交易。從積極的一面來看，我們在華盛頓特區和新奧爾良市場的酒店分別受益於 1 月和 2 月的總統就職典禮和超級碗比賽。此外，3 月的業績也受到復活節假期時間變化的影響，2024 年復活節假期為 3 月 31 日，導致去年 3 月最後一週需求疲軟。

Conversely, we also experienced a few headwinds during the first quarter. Most significantly, January results were negatively impacted by unusually strong winter storms in several of our Sunbelt locations, particularly in Texas. A common theme throughout the portfolio was the fact that strong group business and recovering demand from some of the largest corporate accounts drove RevPAR gains. This is a continuation of the trends we experienced in 2024 and consistent with our expectations as we started the year. We came into the year with very strong group revenue pace and this was realized in the first quarter.

相反，我們在第一季也遇到了一些阻力。最重要的是，一月份的表現受到陽光地帶多個地區（尤其是德克薩斯州）異常強烈的冬季風暴的負面影響。整個投資組合的一個共同主題是，強勁的團體業務和一些最大企業帳戶的復甦需求推動了 RevPAR 的成長。這是我們在 2024 年經歷的趨勢的延續，並且與我們年初的預期一致。今年我們集團營收成長非常強勁，並且在第一季就實現了這一目標。

On a same-property basis, first quarter hotel EBITDA of $79.3 million was 10.5% above 2024 levels, and hotel EBITDA margin increased 42 basis points. We continue to be pleased with our operators' efforts to control expenses as the impact of wage growth and other inflationary pressures continue to impact operating margins.

以同類飯店計算，第一季飯店 EBITDA 為 7,930 萬美元，比 2024 年水準高出 10.5%，飯店 EBITDA 利潤率增加 42 個基點。由於薪資成長和其他通膨壓力繼續影響營業利潤率，我們繼續對營運商控制費用的努力感到滿意。

On our last quarterly earnings call, we expressed our excitement about the substantial completion of the Grand Hyatt Scottsdale transformative renovation and up-branding, including the significantly expanded and upgraded Arizona Ballroom that opened to groups in mid-January. Customer feedback on the relaunch resort continues to be outstanding and group reduction has been strong. RevPAR grew by approximately 60% during the first quarter compared to same quarter last year, which was consistent with our expectations. Despite overall transient demand in the Phoenix, Scottsdale market being a bit softer this year.

在我們上次的季度收益電話會議上，我們對斯科茨代爾君悅酒店改造和品牌升級工程的全面完成表示興奮，其中包括 1 月中旬向團體開放的亞利桑那宴會廳的大幅擴建和升級。客戶對重新開業的度假村的回饋仍然非常好，團體遊客減少的幅度也很大。第一季的 RevPAR 與去年同期相比成長了約 60%，這與我們的預期一致。儘管今年鳳凰城、斯科茨代爾市場的整體需求略顯疲軟。

Group revenue on the books for the remainder of the year has continued to grow, with our group revenue pace for 2025 now exceeding group revenues actualized in 2019, our project underwriting base year. As of the end of the first quarter, over 80% of our expected group room revenue for the balance of the year was definite. We completed 2 transactions over the last two months that we believe reflect prudent capital allocation. In March, we took advantage of a unique opportunity to acquire the fee simple interest in the land underlying our Hyatt Regency from the city of Santa Clara. Through this $25 million purchase, we have improved our optionality and flexibility for this hotel and eliminated risk due to a potentially significant ground rent escalation in the near term.

今年剩餘時間的集團帳面收入持續成長，我們 2025 年的集團營收成長率現已超過 2019 年（我們的專案承保基準年）實現的集團收入。截至第一季末，我們預計全年剩餘時間的團體客房收入將有 80% 以上是確定的。我們在過去兩個月完成了兩筆交易，我們認為這反映了審慎的資本配置。三月份，我們利用一個獨特的機會從聖克拉拉市獲得了凱悅酒店所屬土地的完全產權。透過此次價值 2500 萬美元的收購，我們提高了該酒店的選擇性和靈活性，並消除了短期內地租可能大幅上漲的風險。

The ground lease provides for both percentage rent tied to revenues that could increase substantially over time as well as a fair market value rent adjustment in the relatively near future. After this transaction, we now own fee simple interest in all but one of our hotels, and those have very limited exposure to ground lease expiration or rent escalation.

土地租賃規定，租金百分比與收入掛鉤（該收入可能會隨著時間的推移而大幅增加），並且在不久的將來還會進行公平的市場價值租金調整。在此次交易之後，除一家酒店外，我們目前對所有酒店都擁有絕對所有權，而且這些酒店受土地租賃到期或租金上漲的影響非常有限。

On the disposition side, in April, we sold Fairmont Dallas for $111 million, avoiding a constantly and disruptive near-term renovation and further improving the quality of the portfolio. We strongly believe that existing cash flow levels were not sustainable without a significant renovation due to the deteriorating physical condition of this 56-year-old hotel, guest expectations for our luxury hotel and the upcoming closing and renovation of the Dallas Convention Center, but we expect it to negatively impact this group-focused hotel in the near and medium term. We estimate the near-term capital expenditures of approximately $80 million would have been required to maintain and improve the hotel's competitive positioning.

在處置方面，我們在四月份以 1.11 億美元的價格出售了達拉斯費爾蒙酒店，避免了近期持續不斷的破壞性翻修，並進一步提高了投資組合的品質。我們堅信，由於這家擁有 56 年歷史的酒店的狀況不斷惡化、客人對我們豪華酒店的期望以及達拉斯會議中心即將關閉和翻新，如果不進行大規模翻新，現有的現金流水平將無法維持，但我們預計這將在短期和中期內對這家以團體為中心的酒店產生負面影響。我們估計，近期需要約 8,000 萬美元的資本支出來維持和提高飯店的競爭地位。

This extensive potential renovation would have been highly disruptive to the hotel's operations and EBITDA and carries a significant amount of execution risk. With the amount of capital reinvestment that would have been required, the EBITDA disrupted during the renovation and the expected time it would have taken to reach stabilization post-renovation. We believe that the sale of the hotel was a superior capital allocation decision for the company.

這項大規模的潛在翻新工程將嚴重擾亂飯店的營運和 EBITDA，並帶來巨大的執行風險。由於需要大量的資本再投資，EBITDA 在改造期間受到干擾，並且預計改造後需要一定時間才能達到穩定。我們認為出售飯店對公司來說是個卓越的資本配置決策。

The Fairmont Dallas investment was a very successful one. We acquired the hotel for $69 million in 2011. The hotel generated strong cash flow during most of our period of ownership, which in combination with our net sale proceeds resulted in an unlevered IRR of 11.3% for this investment. It is especially strong, considering the impact of the pandemic on cash flow in 2020 and 2021. I would like to thank our team for their hard work in getting both transactions across the finish line in a challenging market environment.

費爾蒙達拉斯的投資非常成功。我們於 2011 年以 6,900 萬美元收購了這家飯店。在我們擁有飯店的大部分期間內，飯店都產生了強勁的現金流，再加上我們的淨銷售收益，這項投資的無槓桿內部收益率 (IRR) 達到 11.3%。考慮到疫情對 2020 年和 2021 年現金流的影響，這一表現尤其強勁。我要感謝我們的團隊在充滿挑戰的市場環境下努力完成這兩筆交易。

Despite the heightened macroeconomic uncertainty over the past two months and the resulting concerns about consumer spending, we have not yet seen a significant impact on our portfolio of results. Based on preliminary results, we estimate that our 30-hotel same-property portfolio, which now excludes Fairmont Dallas, grew RevPAR by approximately 3.4% in April as compared to last year despite the negative impact of the Easter timing shift on the results for the month.

儘管過去兩個月宏觀經濟不確定性加劇，並引發對消費者支出的擔憂，但我們尚未看到其對我們的業績組合產生重大影響。根據初步結果，我們估計，儘管復活節時間變化對當月業績產生了負面影響，但我們 30 家同類型酒店組合（目前不包括費爾蒙達拉斯酒店）4 月份的每間可用客房收入 (RevPAR) 較去年同期增長了約 3.4%。

Notwithstanding our positive year-to-date results, we have reflected the potential negative impact of this uncertain macroeconomic environment and our outlook for the remainder of the year. Atish will discuss our adjustments to full year guidance, which incorporate both the impact of our recently completed transactions as well as modestly greater downside risk to portfolio performance for the balance of the year.

儘管我們今年迄今取得了積極的業績，但我們也反映了這種不確定的宏觀經濟環境可能帶來的負面影響以及我們對今年剩餘時間的展望。Atish 將討論我們對全年指引的調整，其中包括我們最近完成的交易的影響以及今年剩餘時間投資組合表現的略微較大的下行風險。

We have taken decisive action to reduce our capital expenditures this year in response to the headwinds created by the potential macroeconomic impact, including tariffs on goods sourced internationally. We are also reducing our G&A expenses and continue to work with our hotel operators to be even more disciplined in managing property-level expenses. Regarding capital expenditures, we now expect to spend between $75 million and $85 million on property improvements during the year, a reduction of $25 million compared to our previous guidance. This is partially the result of avoiding capital expenditures that were planned at Fairmont Dallas in 2025. Additionally, we have elected to defer and modify some projects as we further refine and analyze scope costs and ROI expectations for these potential investments.

為因應潛在宏觀經濟影響（包括對國際採購商品徵收關稅）的不利影響，我們已採取果斷行動削減今年的資本支出。我們也正在削減一般行政費用，並繼續與旅館經營者合作，更嚴格地管理飯店層級的費用。關於資本支出，我們現在預計今年將在物業改善上花費 7500 萬至 8500 萬美元，比我們之前的指導減少 2500 萬美元。這在一定程度上是由於避免了費爾蒙達拉斯酒店 2025 年計劃的資本支出。此外，我們選擇延後和修改一些項目，因為我們進一步完善和分析了這些潛在投資的範圍成本和投資報酬率預期。

Barry will provide additional details on the $32.4 million we invested during the first quarter and the latest on projects planned for 2025. Although our portfolio is not immune to the pressures created by a potential slowdown in consumer spending and overall economic activity, we believe that we will benefit this year from the fact that all of our high-quality branded hotels and resorts are in the luxury and upper upscale segments and cater to customers that may be more resilient than those in the lower quality segments. We also believe that our geographic diversification and Sunbelt focus will once again benefit us as our exposure to inbound international demand and government business is limited.

巴里將提供有關我們在第一季投資的 3240 萬美元以及 2025 年計劃的最新項目的更多詳細資訊。儘管我們的投資組合無法免受消費支出和整體經濟活動放緩帶來的潛在壓力，但我們相信，今年我們將受益於這樣一個事實：我們所有的高品質品牌酒店和度假村都屬於豪華和高檔細分市場，迎合的客戶可能比低品質細分市場的客戶更具彈性。我們也相信，由於我們對入境國際需求和政府業務的接觸有限，我們的地理多樣化和陽光地帶重點將再次使我們受益。

We believe that we are well positioned to weather various economic environments with a curated portfolio, strong balance sheet and experienced management team, and we continue to expect that our high-quality branded portfolio will show meaningful growth and appreciation in the years ahead. Reflecting this view, we increased our quarterly dividend by 17%, and we repurchased 2.7% of our outstanding shares during the first quarter.

我們相信，憑藉精心策劃的投資組合、強勁的資產負債表和經驗豐富的管理團隊，我們完全有能力應對各種經濟環境，我們繼續預計，我們的高品質品牌投資組合將在未來幾年實現有意義的成長和升值。出於這一觀點，我們在第一季將季度股息提高了 17%，並回購了 2.7% 的流通股。

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

現在我將把電話轉給巴里，讓他提供有關我們的經營業績和資本項目的更多細節。

Thank you, Marcel, and good afternoon, everyone. For the first quarter, our 31 same-property portfolio RevPAR was $188.73 based on occupancy of 69.3% and an average daily rate of $272.41, an increase of 6.3% as compared to the first quarter in 2024. Properties achieving double-digit RevPAR growth as compared to the first quarter of 2024 included: Grand Hyatt Scottsdale with RevPAR up 60.9%; Ritz-Carlton Pentagon City up 22.6%; Renaissance Atlanta Waverly up 21.4%; Kimpton Canary Hotel Santa Barbara up 20.4%; Loews New Orleans up 18%; Ritz-Carlton Denver up 17.2%; Kimpton Hotel Palomar Philadelphia up 15%; W Nashville up 14%; and Park Hyatt Aviara Resort and Waldorf Astoria Atlanta Buckhead each up over 12%.

謝謝你，馬塞爾，大家下午好。第一季度，我們 31 家同類型飯店組合的 RevPAR 為 188.73 美元（入住率為 69.3%），平均每日房價為 272.41 美元，與 2024 年第一季相比成長 6.3%。與 2024 年第一季相比，兩位數 RevPAR 成長的飯店包括：斯科茨代爾君悅酒店 (Grand Hyatt Scottsdale)，RevPAR 成長 60.9%；五角大廈城麗思卡爾頓酒店上漲 22.6%；亞特蘭大威弗利文藝復興酒店上漲 21.4%；聖塔芭芭拉金普頓金普頓 (Kimpton CantBarbara) 上漲 21.4%； 18%；丹佛麗思卡爾頓酒店上漲 17.2%；費城帕洛瑪金普頓酒店 (Kimpton Hotel Palomar Philadelphia) 上漲 15%；納許維爾西區上漲 14%； Park Hyatt Aviara Resort 和亞特蘭大巴克海特華爾道夫酒店 (Waldorf Astoria Atlanta Buckhead) 的漲幅均超過 12%。

Growth at these properties represents a mixture of special events as in the case of Ritz-Carlton Pentagon City and Loews New Orleans and generally stronger group and corporate demand across the portfolio as the recovery continues. Strong high single-digit RevPAR growth was experienced at the Fairmont Pittsburgh, Marriott San Francisco Airport and Grand Bohemian Charleston.

這些酒店的成長體現了一系列特殊事件，例如五角大樓麗思卡爾頓酒店和新奧爾良洛伊斯酒店，隨著經濟復甦的持續，整個投資組合的團體和企業需求普遍增強。費爾蒙匹茲堡酒店、萬豪舊金山機場酒店和大波西米亞查爾斯頓酒店均實現了強勁的高個位數 RevPAR 成長。

The Houston market was softer than Q1 of 2024 as a result of several winter storms which impacted travel to the region. Looking at each month of the quarter, January RevPAR was $158.39, up 2.1% to January 2024 with occupancy down 20 basis points and ADR of 2.4%. February RevPAR was $202.60, up 12.6% compared to February 2024 with occupancy up 4.9 points and ADR up 5%. And March RevPAR was $206.52, up 4.5% compared to March 2024 with occupancy up 1 point and ADR up 3.2%.

由於幾場冬季風暴影響了前往該地區的旅行，休士頓市場比 2024 年第一季疲軟。本季各月來看，1 月 RevPAR 為 158.39 美元，較 2024 年 1 月上漲 2.1%，入住率下降 20 個基點，ADR 為 2.4%。2 月 RevPAR 為 202.60 美元，較 2024 年 2 月成長 12.6%，入住率成長 4.9 個百分點，ADR 成長 5%。3 月 RevPAR 為 206.52 美元，較 2024 年 3 月成長 4.5%，入住率上升 1 個百分點，ADR 上升 3.2%。

Group business was a standout during the quarter with both February and March group rooms revenue up over 15%, reflecting ongoing strength in group business that is expected to continue throughout the year. Overall for the quarter, group room nights were up 6.6% with ADR up 4.1%. Business from the largest corporate accounts across our portfolio grew significantly during the quarter, up approximately 15% compared to the first quarter of 2024, but still remains significantly behind 2019 levels.

本季團體業務表現突出，2 月和 3 月團體客房收入均成長 15% 以上，反映出團體業務持續強勁，預計這種勢頭將持續全年。本季整體而言，團體間夜量上漲 6.6%，平均房價上漲 4.1%。本季度，我們投資組合中最大的企業帳戶業務大幅成長，與 2024 年第一季相比成長了約 15%，但仍遠落後於 2019 年的水準。

Business levels grew significantly for each night of the week during the quarter compared to the first quarter of 2024. Occupancies grew by 2.1 points on weekdays and 1 point on weekends with ADR growth of 3.5% on weekdays and 3.4% on weekend. Leisure business during the quarter continued to vary at the large resorts across the portfolio, with significant increases in leisure business at Park Hyatt Aviara and, of course, Grand Hyatt Scottsdale. While leisure business at Hyatt Regency Grand Cypress was a bit softer, it was offset by a significant increase in group business.

與 2024 年第一季相比，本季每週晚上的業務水平均顯著成長。平日入住率成長 2.1 個百分點，週末成長 1 個百分點，平均房價成長 3.5%（平日），週末成長 3.4%。本季度，投資組合中各大型度假村的休閒業務持續呈現變化，其中 Park Hyatt Aviara 和 Grand Hyatt Scottsdale 的休閒業務顯著成長。雖然凱悅大柏樹酒店的休閒業務略顯疲軟，但團體業務的大幅成長抵消了影響。

At our smaller leisure-focused hotels, leisure business grew with Kimpton Canary Santa Barbara, Hyatt Centric Key West and Bohemian Savannah, while Grand Bohemian Charleston, Royal Palms, Andaz Napa and Andaz Savannah experienced occupancy declines compared to the first quarter of last year. At Grand Hyatt Scottsdale, the completion of guest-facing areas, including the expansion of the Arizona Ballroom in mid-January, marked the successful completion of this project. From a guest satisfaction perspective, the hotel has been incredibly well received with TripAdvisor metrics significantly outscoring the hotel's competitive set and some of the highest internal guest satisfaction scores in the resort's history. RevPAR performance was in line with our expectations as the hotel worked to fill anticipated gaps in group business, with transient business in a softer Scottsdale luxury market.

在我們規模較小的以休閒為主的酒店中，金普頓金絲雀聖巴巴拉酒店、凱悅尚萃基韋斯特酒店和波西米亞薩凡納酒店的休閒業務有所增長，而大波西米亞查爾斯頓酒店、皇家棕櫚酒店、安達仕納帕酒店和安達仕薩凡納酒店的入住率與去年第一季相比有所下降。在斯科茨代爾君悅酒店，面向客人的區域的完工，包括 1 月中旬亞利桑那宴會廳的擴建，標誌著該項目的成功完成。從客人滿意度的角度來看，該酒店受到了極大的好評，TripAdvisor 的各項指標遠遠超過了其他競爭對手，並且獲得了度假村歷史上最高的內部客人滿意度分數。RevPAR 的表現符合我們的預期，因為飯店努力填補團體業務的預期缺口，並在疲軟的斯科茨代爾奢侈品市場中開展臨時業務。

Across the property, food and beverage revenue for the quarter was nearly equal to 2019, reflecting an excellent start, given the ramp-up of the new ballroom. Banquet and catering contribution was terrific with revenue per group room night up over 60% compared to 2019, reflecting the quality group business and additional meeting space. The new La Zozonna restaurant, reimagined Grand Vista Bar and significantly expanded pool food and beverage offerings all performed exceptionally well versus our expectations.

整個酒店本季的餐飲收入幾乎與 2019 年持平，考慮到新宴會廳的擴張，這是一個好的開始。宴會和餐飲業務貢獻巨大，每間團體客房每晚收入較 2019 年相比增長了 60% 以上，這反映了優質的團體業務和額外的會議空間。新的 La Zozonna 餐廳、重新設計的 Grand Vista Bar 以及大幅擴展的泳池食品和飲料供應均表現得非常出色，超出了我們的預期。

Now turning to expenses and profits. First quarter same-property hotel EBITDA was $79.3 million, an increase of 10.5%, driven by a total revenue increase of 8.9% compared to the first quarter of 2024, resulting in 42 basis points of margin improvement. We continue to be pleased with the improvement in our operators' ability to manage expenses in what continues to be a challenging operating environment as occupancy improves. For the 31 same-property portfolio, food and beverage revenues increased 13.4% in the quarter as a result of approximately 14% growth in both outlets and banquets.

現在談談費用和利潤。第一季同店飯店 EBITDA 為 7,930 萬美元，成長 10.5%，這得益於總營收與 2024 年第一季相比成長 8.9%，導致利潤率提高了 42 個基點。隨著入住率的提高，我們對營運商在持續充滿挑戰的營運環境中管理費用的能力的提高感到高興。對於 31 家同類型飯店組合而言，本季餐飲收入成長 13.4%，原因是門市和宴會均成長了約 14%。

Other operating department income, including parking, spa and golf revenues grew by 14% as well. Rooms expenses were well controlled, increasing 2.5% on a per occupied room basis while F&B profit margin improved by 145 basis points. AMG and sales and marketing expenses each grew approximately 7% during the quarter as a result of the higher business levels and higher loyalty program costs. Property operations and maintenance expenses grew by 5.8% due primarily to higher labor costs, while energy expenses across the portfolio grew at just 1.6% due to success from our significant infrastructure investments and despite significant winter storms in the Sunbelt. Finally, turning to CapEx.

其他營運部門的收入，包括停車、水療和高爾夫收入也增加了 14%。客房費用得到良好控制，每間入住客房費用增加 2.5%，而餐飲利潤率則提高了 145 個基點。由於業務水準提高和忠誠度計畫成本增加，本季 AMG 和銷售及行銷費用分別成長了約 7%。物業營運和維護費用增加了 5.8%，主要原因是勞動力成本上升，而整個投資組合的能源費用僅增加了 1.6%，這得益於我們大量基礎設施投資的成功，儘管陽光地帶遭遇了嚴重的冬季風暴。最後，談談資本支出。

During the first quarter, we invested $32.4 million in portfolio improvements, which included CapEx related to the substantial completion of the transformative renovation and up-branding of the Grand Hyatt Scottsdale. During the first quarter, we completed the expansion of the Arizona Ballroom and the renovation of certain premium suites and casitas at Grand Hyatt Scottsdale. Certain exterior projects, including a parking lot renovation, are expected to be completed by the end of this summer. We are continuing with the process of reevaluating all of the capital projects initially planned for 2025 in light of tariffs, which may have a significant impact on the cost of goods purchased from sources outside of the United States. As Marcel mentioned earlier, we've already taken decisive action on some previously planned projects, which include deferring the guestroom renovation at Andaz Napa and Ritz-Carlton Denver planned to begin in the fourth quarter of 2025.

在第一季度，我們投資了 3,240 萬美元用於投資組合改進，其中包括與斯科茨代爾君悅酒店的改造性翻新和品牌升級基本完成相關的資本支出。第一季度，我們完成了亞利桑那宴會廳的擴建以及斯科茨代爾君悅酒店部分高級套房和小別墅的翻新。某些外部項目（包括停車場改造）預計將於今年夏末完工。我們正在繼續根據關稅重新評估最初計劃於 2025 年實施的所有資本項目，這可能會對從美國境外採購的商品成本產生重大影響。正如馬塞爾之前提到的，我們已經對一些先前計劃的項目採取了果斷行動，其中包括推遲原定於 2025 年第四季度開始的安達仕納帕酒店和丹佛麗思卡爾頓酒店的客房裝修工程。

We plan to continue to select upgrades to guestrooms and public areas at a number of properties, including Fairmont Pittsburgh, Renaissance Plano Waverly, Marriott San Francisco Airport, Marriott Dallas Downtown, Hyatt Centric Key West, Hyatt Regency Santa Clara, Grand Bohemian Mountain Brook, Grand Bohemian Charleston, and Kimpton River Place. These projects will be performed based on hotel seasonality and expected to result in minimal disruption. In addition, we expect to perform infrastructure and facade upgrades at approximately 8 hotels throughout the remainder of this year. As a result of the sale of Fairmont Dallas, we've reduced our budget for infrastructure projects for this year.

我們計劃繼續對多家酒店的客房和公共區域進行選擇性升級，包括匹茲堡費爾蒙酒店、普萊諾韋弗利萬麗酒店、舊金山機場萬豪酒店、達拉斯市中心萬豪酒店、基韋斯特凱悅尚萃酒店、聖克拉拉凱悅酒店、山溪波西米亞大酒店、查爾斯頓波西米亞大酒店和金普頓河畔廣場酒店。這些項目將根據酒店季節性進行，預計對酒店造成的干擾最小。此外，我們預計今年剩餘時間內將對約 8 家飯店進行基礎設施和外觀升級。由於出售了達拉斯費爾蒙酒店，我們減少了今年的基礎設施項目預算。

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

說完這些，我會把電話轉給 Atish。

Thanks, Barry. I will provide an update on two topics, our balance sheet and 2025 guidance. First, our balance sheet continues to be strong. We have an appealing mix of debt and a good maturity profile. As to our interest rate exposure, our debt is about 3/4 fixed and 1/4 floating rate, which is an appropriate balance based on our portfolio and strategy as well as the potential for lower interest rates in the future.

謝謝，巴里。我將就兩個主題提供最新信息，即我們的資產負債表和 2025 年指引。首先，我們的資產負債表持續保持強勁。我們的債務組合頗具吸引力，且到期狀況良好。至於我們的利率敞口，我們的債務大約有 3/4 是固定利率，1/4 是浮動利率，根據我們的投資組合和策略以及未來利率降低的可能性，這是一個適當的平衡。

We have no significant debt maturities until late 2028, with only one property-level mortgage maturing in each of 2026 and '27. Together, these two mortgage loans represent about 10% of our overall debt. At quarter end and pro forma for the sale of Fairmont Dallas, our leverage ratio was 5.4 times trailing 12-month net debt to EBITDA. As a reminder, our long-term leverage target is a net debt-to-EBITDA ratio in the low 3 to low 4x range. As to current liquidity, it is roughly $715 million, reflecting both a $500 million undrawn line of credit as well as proceeds received from the sale of Fairmont Dallas last month.

直到 2028 年底，我們都沒有重大債務到期，2026 年和 2027 年分別只有一筆房地產抵押貸款到期。這兩筆抵押貸款加起來約占我們總債務的 10%。在季度末和達拉斯費爾蒙酒店出售的備考數據中，我們的槓桿率為過去 12 個月淨債務與 EBITDA 比率的 5.4 倍。提醒一下，我們的長期槓桿目標是淨負債與 EBITDA 比率在 3 倍以下到 4 倍以下的範圍內。至於目前的流動資金，約為 7.15 億美元，既包括 5 億美元的未提取信用額度，也包括上個月出售 Fairmont Dallas 酒店所獲得的收益。

During the quarter, we repurchased about $36 million of stock at an average price of $13.09. This activity retired a meaningful 2.7% of our outstanding shares as of year-end 2024. We continue to evaluate share buybacks relative to other uses of capital, considering the implied cap rate, the implied per key value, our invested capital in our portfolio, our NAV and our overall outlook on the business. During the quarter, we upped our quarterly dividend by approximately 17% to $0.14 per share. Our yield is nearly 5% on an annualized basis, assuming this level of dividend is maintained.

本季度，我們以平均 13.09 美元的價格回購了價值約 3,600 萬美元的股票。截至 2024 年底，此活動已累計撤回我們 2.7% 的流通股。我們繼續評估相對於其他資本用途的股票回購，考慮隱含的資本化率、隱含的關鍵價值、我們投資組合中的投資資本、我們的資產淨值以及我們對業務的整體展望。本季度，我們將季度股息提高約 17%，至每股 0.14 美元。假設維持這一股息水平，我們的年化殖利率接近 5%。

Turning next to our current 2025 guidance that we issued this morning. We have lowered our expectations for full year RevPAR growth by approximately 50 basis points at the midpoint. While the top end of our guidance range is unchanged, the bottom end was lowered by 100 basis points. This wider range reflects an increased level of macroeconomic uncertainty since we first provided guidance for 2025. Our midpoint of 4.5% RevPAR growth is driven by Grand Hyatt Scottsdale, which reflects 2/3 of our expected growth or 3% out of 4.5%.

接下來是我們今天上午發布的 2025 年指導方針。我們將全年 RevPAR 成長預期中位數下調了約 50 個基點。雖然我們的指導範圍的上限保持不變，但下限降低了 100 個基點。自我們首次提供 2025 年指引以來，這個更廣泛的範圍反映出宏觀經濟不確定性水準的增加。我們的 RevPAR 成長中位數為 4.5%，這得益於斯科茨代爾君悅酒店，占我們預期成長的 2/3，即 4.5% 中的 3%。

This 300 basis point boost is consistent with what we've indicated a couple of months ago. Our forecasted full-year RevPAR growth for the rest of the portfolio has moderated from up 2% to up 1.5% at the midpoint. Based on performance through April, our implied RevPAR growth guidance for the balance of the year is approximately 1% to 7% or approximately 3.75% at the midpoint. Again, this reflects a wide range of outcomes possible, given policy and other impacts to economic growth. We continue to believe that RevPAR growth will be driven more by occupancy than rate this year.

這次 300 個基點的上調與我們幾個月前所指出的一致。我們預測其餘飯店組合的全年 RevPAR 成長率已從中點的 2% 降至 1.5%。根據截至 4 月的表現，我們預計今年剩餘時間的 RevPAR 成長率約為 1% 至 7%，或中間值約為 3.75%。再一次，這反映了考慮到政策和其他因素對經濟成長的影響而可能產生的多種結果。我們仍然相信，今年 RevPAR 的成長將更多地受到入住率而非房價的推動。

In addition, we expect strong non-rooms revenue growth, which is, in fact, what we saw in the first quarter. At the midpoint, 50 basis points in lower RevPAR translates to approximately $3 million of lower expected EBITDA. This change is partially offset by $1 million in lower expected cash G&A expense for the full year to net $2 million in lower full-year EBITDA. To complete the walk, the transactions we completed in March and April further reduced EBITDA by a net $4 million. Therefore, the cut to prior adjusted EBITDAre guidance is approximately $6 million at the midpoint.

此外，我們預計非客房收入將強勁成長，事實上，這正是我們在第一季看到的。以中間值計算，RevPAR 降低 50 個基點意味著預期 EBITDA 降低約 300 萬美元。這項變更被全年預期現金 G&A 費用降低 100 萬美元部分抵消，導致全年 EBITDA 淨額降低 200 萬美元。為了完成這一目標，我們在 3 月和 4 月完成的交易進一步使 EBITDA 淨減少 400 萬美元。因此，先前調整後的 EBITDAre 指引的中位數削減幅度約為 600 萬美元。

As to adjusted EBITDAre weighting by quarter, the weighting in the first quarter was nearly 30% of the full year. The second quarter is expected to be just under 30%. The third quarter is expected to be just under 20%, and the fourth quarter is expected to be approximately 25%. Turning now to our margin outlook. We currently expect hotel EBITDA margin to increase 50 basis points for the balance of the year.

從季度調整後EBITDAre權重來看，第一季的權重接近全年的30%。預計第二季增幅略低於30%。預計第三季略低於20%，第四季預計約25%。現在談談我們的利潤前景。我們目前預計今年餘下時間飯店的 EBITDA 利潤率將增加 50 個基點。

This compares to our prior expectations of flat margin for the full year. The main driver of our improved margin outlook is better expense management as we and our operators focus on the parts of the business that we can control. Secondarily, and to a much lesser degree, the sale of Fairmont Dallas also helps our balance of the year margin outlook. Turning ahead to group room revenue pace for our 30 hotels. Our group pace continues to be healthy and a bright spot.

相比之下，我們之前預期全年利潤率將持平。我們利潤率前景改善的主要驅動力是更好的費用管理，因為我們和我們的營運商專注於我們能夠控制的業務部分。其次，在較小程度上，費爾蒙達拉斯酒店的出售也有助於我們平衡今年的利潤前景。接下來看看我們 30 間飯店的團體客房收入速度。我們團體的步伐繼續保持健康和亮點。

As of the end of the first quarter, group pace for the balance of the year is up approximately 22%. Excluding Scottsdale, it is up 13%, again for the balance of the year. Narrowing further if we look at just the second half, group pace is up 30%, and excluding Scottsdale, it is up 20%. Group production is also tracking well, first quarter group room revenue production, and again these numbers exclude Scottsdale, for the balance of the year is up 15% from the first quarter of last year. This gain comes despite less availability remaining this year versus last year, given our already higher group pace going into this year.

截至第一季末，全年集團業績成長約 22%。除了斯科茨代爾外，今年餘下時間裡，該指數上漲 13%。如果我們進一步縮小範圍，只看下半場，小組速度上升了 30%，不包括斯科茨代爾，則上升了 20%。團體生產也進展順利，第一季團體客房收入生產（同樣不包括斯科茨代爾）年增了 15%。儘管今年剩餘的可用座位數比去年有所減少，但考慮到我們今年的團隊步調已經加快，我們仍取得了這一增長。

We have not seen any pickup in cancellations or any outsized group attrition to date. As to the other components of our outlook, we expect slightly higher interest expense and slightly lower income tax expense, which offset each other. Finally, our adjusted FFO per diluted share forecast is down about 1% at the midpoint or $0.02. This change is driven by the impact of transactions and lower revenue expectations offset by recent share repurchase activity. We expect adjusted FFO per diluted share of $1.62 or slightly ahead of last year.

到目前為止，我們還沒有看到取消人數增加或團體人員大規模流失的情況。至於我們展望的其他組成部分，我們預計利息支出將略高，所得稅支出將略低，兩者相互抵消。最後，我們調整後的每股攤薄 FFO 預測中位數下降約 1% 或 0.02 美元。這一變化是由交易的影響和較低的收入預期所驅動，但被最近的股票回購活動所抵消。我們預計調整後每股攤薄 FFO 為 1.62 美元，略高於去年同期。

We continue to believe in the strong merits of our top quality portfolio that is diversified across the best brands, desirable locations and multiple demand drivers. We view our balance sheet strength as an advantage. Given our size and orientation, we expect to be opportunistic in the years ahead in order to create long-term shareholder value. And we look forward to many years of growth ahead as the supply-demand balance shifts to better benefit owners of high-end lodging real estate.

我們始終堅信，我們的優質投資組合具有強大的優勢，涵蓋最優秀的品牌、理想的地理位置和多種需求驅動因素。我們認為我們的資產負債表實力是一個優勢。鑑於我們的規模和定位，我們預計未來幾年將抓住機會，為股東創造長期價值。隨著供需平衡的轉變，高端住宿房地產業主將受益更多，我們期待未來多年的成長。

With that, we will turn the call back over to Carla to begin our question-and-answer session.

接下來，我們將把電話轉回卡拉，開始我們的問答環節。

(Operator Instructions) Austin Wurschmidt, KeyBanc Capital.

（操作員指示）Austin Wurschmidt，KeyBanc Capital。

It's Josh Friedland on for Austin. Just wondering, have group booking trends evolved in response to the current uncertainty? Have you seen any increase in cancellations or are groups in more of a wait-and-see mode right now?

喬許·弗里德蘭 (Josh Friedland) 代表奧斯汀出戰。只是想知道，團體預訂趨勢是否會因當前的不確定性而改變？您是否發現取消預訂的情況增加，或是目前各團體是否處於觀望狀態？

Thanks, Josh. So in terms of group booking activity, as I mentioned, production in the first quarter was quite healthy and positive relative to the first quarter of last year, and that's for the balance of this year compared to the balance of 2024. So we feel good about kind of the production and the latest numbers we have on production. I would say as I mentioned earlier, no uptick in cancellations or attrition. Really nothing to reflect any slowdown on the group side.

謝謝，喬希。因此，就團體預訂活動而言，正如我所提到的，第一季的產量與去年第一季相比相當健康且積極，這是今年餘額與 2024 年餘額相比的情況。因此，我們對生產情況以及最新的生產數據感到滿意。我想說，正如我之前提到的，取消或流失的數量並沒有增加。確實沒有任何事情反映出集團方面的任何放緩。

But we're obviously watching that very, very closely, and we'll continue to do so in the weeks ahead.

但我們顯然正在密切關注這一點，並將在未來幾週繼續這樣做。

Okay, that's helpful. And have you seen any meaningful impact from lower international inbound travel thus far? And which of your markets are most exposed to international inbound?

好的，這很有幫助。到目前為止，您是否看到國際入境旅遊人數減少帶來任何有意義的影響？你們的哪些市場最容易受到國際入境遊客的影響？

Yes. It has been -- again, there, it's been relatively limited. Our portfolio, given the locations where we have our properties, we're not very dependent on international visitation. Clearly, markets like Orlando and Phoenix, to some extent, especially at the beginning of the year when a lot of Canadian visitors generally go to those markets. We have seen a little bit of softening on the leisure side for sure.

是的。再次強調，它一直相對有限。我們的投資組合，考慮到我們房產的所在地，我們對國際訪問的依賴程度並不高。顯然，像奧蘭多和鳳凰城這樣的市場在某種程度上，尤其是在年初，許多加拿大遊客通常會去這些市場。我們確實看到休閒方面出現了一些疲軟。

And we've talked before in prior quarters about Orlando a little bit, and we also think it's more of a phenomenon as far as the Epic Universe Park opening up soon, that people were probably kind of delaying some leisure trips down here. Our assets, very particularly both the ones that we have in Orlando and in Phoenix, actually don't do a lot of international business. But obviously, if the market is a little bit softer, you'll see some of that ripple effect. But overall, like I said, a very small percentage of our business that comes from international visitation, so we haven't seen any kind of meaningful impact there.

我們在前幾個季度已經談論過奧蘭多的一些情況，我們也認為這更像是一種現象，因為史詩宇宙公園即將開放，人們可能會推遲來這裡的一些休閒旅行。我們的資產，特別是在奧蘭多和菲尼克斯的資產，實際上並沒有開展很多國際業務。但顯然，如果市場稍微疲軟，你會看到一些連鎖反應。但總體而言，正如我所說，我們的業務中只有很小一部分來自國際遊客，因此我們還沒有看到任何有意義的影響。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

I just want to ask on Santa Clara. Maybe could you give us some background on the process? I mean, who approached whom, and I guess, sort of bigger picture, just why now? And then you mentioned optionality. I assume that means either renovate or sell or maybe there's a third option in there, too.

我只是想問一下聖克拉拉的情況。您能否向我們介紹一下這個過程的背景？我的意思是，誰接近了誰，我想，從更大的角度來看，為什麼是現在？然後你提到了可選性。我認為這意味著要么翻新，要么出售，或者也許還有第三種選擇。

Maybe just help us think about how you're evaluating that decision now. And what would push you one way or the other?

也許只是幫助我們思考一下您現在如何評價這個決定。那麼什麼會推動你朝這個方向或那個方向發展呢？

Sure. It's -- like I mentioned, we essentially bought it from the city of Santa Clara. So it's a situation where we kind of had a unique opportunity to buy it because the city had decided to market the parcel essentially. So given some of the things I talked about as far as both future rent escalations and then, obviously, fair market value adjustments that was going to happen, this ground lease was potentially going to be much more expensive for us in the future. So this is the type of process that, as you can imagine, you're dealing with a municipal entity.

當然。正如我所提到的，我們基本上是從聖克拉拉市購買的。因此，我們有一個獨特的機會來購買它，因為市政府已經決定將這塊地皮進行行銷。因此，考慮到我談到的未來租金上漲以及顯然即將發生的公平市場價值調整等一些事情，未來這塊土地的租賃費用可能會變得更加昂貴。因此，正如您所想像的，這是與市政實體打交道的流程類型。

It's not something that happens in one night. It's actually something that took a long time to kind of come to fruition and to finally close as we did in March. So as it relates to kind of the valuation, now clearly, it's not just a matter of kind of looking at what the current going-in cap rate of that is. It's really looking at eliminating that risk on the rent escalation and eliminating the potential expiration risk. So longer term, the reason why we say it creates additional optionality, the reality is just that an asset is much more valuable as a fee simple asset than if it was a ground -- an asset that's subject to a ground lease that could have some major escalations in its rent.

這不是一夜之間發生的事。事實上，這件事花了很長時間才得以實現，並最終在三月結束。因此，就估值而言，現在顯然，這不僅僅是看當前的資本化率是多少的問題。這實際上是為了消除租金上漲的風險以及消除潛在的到期風險。因此，從長期來看，我們之所以說它創造了額外的選擇性，是因為現實情況是，一項資產作為一種完全產權資產比作為一塊土地更有價值——一塊受土地租賃約束的資產，其租金可能會大幅上漲。

So it just creates more long-term optionality for us. I wouldn't say that don't read into that, that there is anything short term that we're necessarily doing there. We're doing some relatively minor upgrades to the rooms that Barry was talking about. But in the short term, there's really nothing there to think about. It's more about kind of that long-term optionality and just increasing the value of the asset.

因此它為我們創造了更多的長期選擇權。我不會說不要去深究這一點，我們在那裡必然會做一些短期的事情。我們正在對 Barry 談到的房間進行一些相對較小的升級。但從短期來看，確實沒有什麼好考慮的。這更多的是關於長期選擇權以及增加資產價值。

Got it. Understood. And then just for Barry on CapEx, maybe just on the couple of projects that you're deferring or pushing out. I guess, is the plan to reevaluate that later this year and do those next year? And then how do you think about weighing sort of the impact on returns and relative RevPAR index of those properties by deciding not to spend the CapEx or the relative positioning within the respective markets?

知道了。明白了。然後僅針對 Barry 的資本支出，也許只是關於您正在推遲或推遲的幾個項目。我想，計劃是在今年稍後重新評估，並在明年實施嗎？那麼，您如何看待透過決定不花費資本支出或在各自市場中的相對定位來衡量對這些物業的回報和相對 RevPAR 指數的影響？

Any context there would be helpful.

任何背景資訊都會有幫助。

Thanks, Mike. Great question. It's going to be a continual evaluation process for us. As you know, we have our own in-house project management team, and so we feel like we have very good information based on whatever is going on at the current moment. And I think right now, when we were kind of in a position to launch those projects to execute this year, we were in a position where once we were uncertain, not only which products but at what tariff levels we might need to pay, so we're going to take a step back, continue to evaluate those.

謝謝，麥克。好問題。對我們來說這將是一個持續的評估過程。如您所知，我們有自己的內部專案管理團隊，因此我們覺得根據目前發生的一切，我們擁有非常好的資訊。我認為現在，當我們準備在今年啟動這些項目時，我們曾經不確定，不僅不確定哪些產品，而且不確定我們可能需要支付什麼關稅水平，所以我們將退一步，繼續評估這些問題。

Obviously, that was, in part, based on the analysis of the condition of those assets and how -- and whether we could defer, for some period of time, a renovation there. So I think we certainly took that into account. But I think we felt like there was a lot of risk in moving ahead with those projects right now with tariff levels at a level that we thought would make the projects perhaps uneconomic, and two, make a onetime decision for something that we don't know will be necessarily a permanent part of the decision-making process. So I think we're very prudent in that. And I think as I said, we were evaluating it literally every couple of weeks.

顯然，這在一定程度上是基於對這些資產狀況的分析，以及我們如何以及是否可以在一段時間內推遲對這些資產的翻新。所以我認為我們肯定考慮到了這一點。但我認為，我們覺得現在推進這些專案存在很大的風險，因為我們認為目前的關稅水準可能會使這些專案變得不經濟，其次，我們為某件事做出的一次性決定是否必然會成為決策過程的永久組成部分。所以我認為我們對此非常謹慎。我想正如我所說的，我們每隔幾週就會對其進行評估。

We're taking a look at where we are and when it might make sense to move forward with those projects, keeping in mind that each of those assets has some unique seasonality, and there are relatively tight windows in which we would want to do a renovation of the full guestroom.

我們正在審視目前的狀況以及何時推進這些項目才合理，同時牢記每項資產都有其獨特的季節性，而且我們希望在相對緊張的時間段內對整個客房進行翻新。

(Operator Instructions) Aryeh Klein, BMO Capital Markets.

（操作員指示）Aryeh Klein，BMO 資本市場。

Can you maybe give a little bit of color on what you're seeing more recently from a leisure standpoint and any behavioral changes that you're seeing? And then what's implied for the leisure segment within the full year guide?

您能否從休閒的角度稍微描述一下您最近看到的情況以及您所看到的行為變化？那麼全年指南中對休閒部分有何暗示呢？

Aryeh, it's interesting, and I think in my commentary, I named some properties that are doing well and some properties that maybe aren't doing so well in terms of recapturing leisure. So it really varies a lot by market, it varies a lot by competitive positioning kind of lineage market. So we're not seeing a significant cross-portfolio trend in leisure. Either in the more leisure-oriented properties, which are generally those smaller assets that have done historically business nor are we seeing particular patterns in the larger hotels where -- that are maybe more commercial during the week but do more leisure business on the weekends. It's been very hard to discern any trend and it's really been on a property-by-property, a market-by-market basis, in some cases, driven by economics, in some cases, driven by local market factors, in some cases, driven by property-specific factors.

阿里耶，這很有趣，我認為在我的評論中，我列舉了一些在重新獲得休閒方面表現良好的酒店，以及一些可能表現不佳的酒店。因此，它確實因市場不同而存在很大差異，也因競爭定位類型的血統市場而存在很大差異。因此，我們並沒有看到休閒領域出現明顯的跨投資組合趨勢。無論是在更注重休閒的酒店中，這些酒店通常是那些歷史上做過生意的小型資產，還是在大型酒店中我們都沒有看到特定的模式——這些酒店在工作日可能更具商業性，但在周末則做更多的休閒業務。很難辨別任何趨勢，它實際上是基於每個房產、每個市場而變化的，在某些情況下，受經濟因素驅動，在某些情況下，受當地市場因素驅動，在某些情況下，受特定房產因素驅動。

And I'd just add on to the second part of your question as to guidance and what we've thought about leisure sort of for the balance of the year is a slight decline, low single digit kind of percentage decline in RevPAR at our leisure assets overall. As you recall, we talked about 3.75% for the balance of the year. And I would say group would be the highest contributor to that RevPAR growth, followed by business transient and leisure kind of lagging. So that's kind of how we shake out based on demand driver.

我想補充你問題的第二部分，關於指導意見，我們認為今年休閒業務的餘額將略有下降，我們休閒資產的 RevPAR 將出現低個位數的百分比下降。大家還記得，我們​​討論過今年餘額的利率為 3.75%。我想說的是，集團對 RevPAR 成長的貢獻最大，其次是商務臨時業務和休閒業務。這就是我們根據需求驅動因素所做的調整。

And then maybe on group. Obviously, 2025 is an incredibly strong year for you. Anything you can share on 2026 and what that's beginning to look like? And then maybe more specifically in Scottsdale, how are group bookings shaping up there for future years?

然後也許在小組中。顯然，2025 年對您來說是極其強勁的一年。能分享一下關於 2026 年的情況嗎？ 2026 年將會是什麼樣子？那麼更具體地說，在斯科茨代爾，未來幾年那裡的團體預訂情況如何？

I think really too early to probably talk about 2026. As you know, we don't do -- on a relative basis, a huge amount of convention center-driven business. So it's about the shorter-term corporate and shorter-term association business is really the core of our portfolio. What I can tell you is that we -- I think we've -- given the success we've had in booking 2025, the sales teams are very focused on '26 and not that they aren't always focused on all future dates, but because 2025 is still relatively booked across the portfolio, we're seeing a lot of focus and attention and a lot of opportunities earlier for '26 than we otherwise have seen in prior years in terms of filling the books for '26.

我認為談論 2026 年可能還為時過早。如您所知，相對而言，我們並沒有開展大量的會議中心驅動業務。因此，短期企業和短期協會業務確實是我們投資組合的核心。我可以告訴你的是，鑑於我們在預訂 2025 年方面取得的成功，銷售團隊非常關注 2026 年，並不是說他們並不總是關注所有未來的日期，而是因為 2025 年在整個投資組合中仍然預訂得比較多，在填寫 2026 年的書籍方面，我們看到了比前幾年更多的關注和關注以及更多的機會。

And then on Scottsdale, production there continues to be quite strong. I mean, group rate is up significantly relative to where it was in 2019. Our production level in the first quarter relative to what we produced in 2019, up significantly from a rate and volume perspective. I mean, Marcel talked about our overall business being -- on the group side, being over 75%, 80% definite. So I think we feel really good about group and kind of our -- and how it fits with the overall thesis around delivering in the EBITDA in the low $20 million range for this year at that asset.

然後在斯科茨代爾，那裡的生產繼續保持強勁。我的意思是，與 2019 年相比，團體費率大幅上漲。與 2019 年相比，我們第一季的生產水準從速度和產量角度都有顯著提高。我的意思是，馬塞爾談到了我們的整體業務——從集團方面來看，確定性已經超過 75% 到 80%。因此，我認為我們對集團以及我們的業務感到非常滿意——以及它如何符合今年該資產的 EBITDA 達到 2000 萬美元左右的總體目標。

Jack Armstrong, Wells Fargo.

傑克·阿姆斯特朗，富國銀行。

What are you seeing in terms of mix shift in your group business? A lot of your peers have pointed to the government business falling off pretty sharply in March before kind of getting to a stabilized level in April and then a broader shift towards association business throughout the portfolio. Are you seeing similar trends in your portfolio or things played out differently for you guys?

您認為集團業務的組合轉變是怎樣的？許多同業都指出，政府業務在 3 月急劇下滑，4 月才基本恢復穩定，隨後整個投資組合開始轉向協會業務。您是否在自己的投資組合中看到了類似的趨勢，或者事情的發展有所不同？

Yes. Our portfolio from a group perspective is built a little bit differently than some of the peers. In general, we have relatively lower -- relatively less citywide business, relatively less government business. And so most of our business is concentrated in corporate group, first, and then association second. So we're -- I think we're -- some of why we continue -- while we may not have seen what some of the peers have seen in terms of booked business into '25 or businesses booked -- still booking to '25 moderating, we continue to see strong lead volume and building funnels in the corporate and association business for '25.

是的。從團體角度來看，我們的投資組合與一些同行略有不同。整體來說，我們的城市業務相對較低，政府業務也相對較少。因此，我們的大部分業務首先集中在企業集團，然後是協會。因此，我認為我們之所以會繼續這樣做，部分原因在於，儘管我們可能沒有看到一些同行在 2025 年的預訂業務或預訂業務方面所看到的情況，但 2025 年的預訂量仍在放緩，我們繼續看到 2025 年企業和協會業務的銷售線索量和渠道建設強勁。

The one piece that we are seeing in corporate, the funnel is still very large. There's been a little bit slower transaction time as it's taken the corporate groups that the hotels are pursuing a little bit longer to approve and get through their systems in terms of approval and actual contract signing.

我們在企業中看到的一個部分，漏斗仍然非常大。交易時間稍微慢了一點，因為酒店所追求的企業集團需要更長的時間來批准並通過他們的系統進行審批和實際簽訂合約。

Okay, great. That's really helpful. And then just jumping back to capital projects. I know you talked about seasonality at these hotels and the decision to defer. Would it be fair to assume that these projects are going to get done in '26 if we end up in a more normal macro environment by the end of the year and the relative disruption would be a little bit higher in '26?

好的，太好了。這真的很有幫助。然後回到資本項目。我知道您談到了這些酒店的季節性以及推遲的決定。如果到今年年底宏觀環境將更加正常，而 26 年的相對混亂程度會更高一些，那麼是否可以公平地假設這些項目將在 26 年完成？

Yes. At this point, obviously, it's relatively likely that we'll pump by about a year and then do them kind of towards the end of next year. But it is going to really be dependent on the things we talked about as far as really potentially adjusting some of the scopes in these projects. Clearly, hopefully, there'll be some more certainty over the next few months as far as where tariffs ultimately will settle out, and that might drive some decisions as far as where you're sourcing some materials and what the impact on the cost would be and how you kind of reevaluate again the scope and what you do exactly to still make it make sense from an ROI perspective. Another aspect of that is obviously that there is a lot of uncertainty on the macroeconomic side.

是的。從目前的情況來看，顯然我們很有可能提前一年左右進行生產，然後在明年年底左右進行。但這實際上將取決於我們所談論的內容，即真正有可能調整這些項目中的一些範圍。顯然，希望在接下來的幾個月裡，關稅最終會在哪裡解決會更加確定，這可能會影響一些決定，例如你從哪裡採購一些材料，對成本的影響是什麼，你如何重新評估範圍，以及你到底做了什麼才能從投資回報率的角度看仍然是合理的。另一個面向顯然是宏觀經濟方面存在著許多不確定性。

So it really depends on kind of what happens a little bit deeper into the year or 2 as far as what we're seeing kind of throughout the portfolio and in those markets specifically. And we'll continue to kind of evaluate the ROI on those projects to make sure that we still believe that next year might be the right time to actually do those projects.

因此，這實際上取決於我們在整個投資組合以及具體市場中看到的情況，即今年或兩年後會發生什麼。我們將繼續評估這些項目的投資報酬率，以確保我們仍然相信明年可能是實際實施這些項目的最佳時機。

Yes. The only thing I'd add is with regard to disruption, your question for that for next year, I mean those projects that we've decided to postpone were not going to be highly disruptive this year. So at least with regard to those projects, we wouldn't expect, if we did those start those projects at the end of next year, that they would be highly disruptive. And the other piece is obviously selling Fairmont Dallas. I mean, that, if we had held that, we would have a large-scale renovation to do at some point in the near future.

是的。我唯一想補充的是關於中斷的問題，您問的是明年的情況，我的意思是，我們決定推遲的那些項目今年不會造成很大的中斷。因此，至少就這些項目而言，如果我們在明年年底啟動這些項目，我們預計它們不會造成很大的破壞。另一件事顯然是出售達拉斯費爾蒙酒店。我的意思是，如果我們舉行了那次會議，那麼在不久的將來我們就需要進行大規模的翻修。

That would have been very disruptive. So that minimizes overall disruption significantly over the next few years relative to having continued to own that property.

那將會造成很大的破壞。因此，與繼續擁有該房產相比，這可以顯著減少未來幾年的整體混亂。

And that was clearly was Barry's point as far as the seasonality on those assets is that whether we do it this year or we do it next year. If you kind of do it in that same time frame, no matter what kind of deals or overall market conditions are, even if the market conditions are stronger, we're still doing it at a time that historically, and we've owned these assets for a pretty long time at this point so we have a very good sense of what the right timeframes are to do these type of projects where we're really going to very much limited disruption. Whenever it happens, obviously not this year, but if we decided to do it next year, then we're still not viewing it as disruptive to the guest experience or EBITDA.

顯然，這是巴里關於這些資產的季節性的觀點，即我們今年做還是明年。如果你在同一時間範圍內進行操作，無論交易類型或整體市場狀況如何，即使市場狀況更強勁，我們仍然在歷史時間範圍內進行操作，並且我們此時已經擁有這些資產很長時間了，因此我們非常清楚在正確的時間範圍內進行此類項目，這樣我們實際上可以非常有限地減少干擾。無論何時發生，顯然不是今年，但如果我們決定明年這樣做，那麼我們仍然不會認為這會破壞客人體驗或 EBITDA。

Okay, really helpful. And what portion of that $25 million reduction in CapEx guidance is related to the Fairmont?

好的，真的很有幫助。資本支出指導減少的 2500 萬美元中有多少與費爾蒙特有關？

It's a little north of $10 million. There was a good amount of infrastructure work that was planned for the property in the event that we weren't going to be selling this asset this year. Clearly, this is a project that we've been working on for a while and did a lot of analysis really over the last couple of years as far as what would be the appropriate level of renovation to potentially do at this asset versus a potential sale. So we obviously decided to go down the path of potential sale process, and we're very pleased with how that played out and being able to get the value that we did for the asset. For us, it became a very clear capital allocation decision to say, let's sell the asset as opposed to doing these really highly disruptive renovations.

該金額略高於 1000 萬美元。如果我們今年不打算出售該資產，那麼我們計劃為該房產進行大量的基礎設施工程。顯然，這是一個我們已經進行了一段時間的項目，並且在過去幾年中確實做了大量分析，以確定對該資產進行潛在的翻新和潛在的出售的適當程度。因此，我們顯然決定走潛在銷售流程的道路，我們對整個過程的結果以及能夠獲得資產的價值感到非常滿意。對我們來說，這是一個非常明確的資本配置決策，那就是，讓我們出售資產，而不是進行這些極具破壞性的翻修。

But that being said, we obviously had to plan for potentially doing work there this year that will have to be done regardless of whether you were doing a significant renovation or not. So there was a good amount of infrastructure work that was going to have to happen there. And we obviously were able to avoid that now by doing this sale as well.

但話雖如此，我們顯然必須計劃今年在那裡進行可能的工作，無論是否進行重大翻修，這項工作都必須完成。因此，那裡需要進行大量的基礎設施建設工作。顯然，透過這次銷售，我們現在能夠避免這種情況。

(Operator Instructions) And as we currently have no further questions in the queue, I will hand back over to Marcel Verbaas, Chair and CEO, for any final remarks.

（操作員指示）由於我們目前沒有其他問題，我將把時間交還給董事長兼首席執行官 Marcel Verbaas，請他做最後的評論。

Thanks, Carla. Thanks, everyone, for joining us today. I know it's been a busy few days with lodging companies reporting. We were glad to be able to do this update today. We obviously had a great first quarter.

謝謝，卡拉。感謝大家今天加入我們。我知道這幾天住宿公司都在忙著報道。我們很高興今天能夠進行此更新。顯然，我們第一季表現非常出色。

I think we're well positioned for the remainder of this year no matter what economic circumstances we'll be dealing with. And we look forward to seeing many of you over the next few months.

我認為，無論我們面臨什麼樣的經濟情勢，我們都已為今年剩餘時間做好了準備。我們期待在接下來的幾個月見到你們。

Thank you, everyone. That does conclude today's call. Have a good day. You may now disconnect.

謝謝大家。今天的電話會議到此結束。祝你有美好的一天。您現在可以斷開連線。