Xenia Hotels & Resorts, Inc. (XHR) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Xenia Hotels & Resorts Q3 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Xenia Hotels & Resorts 2026 年第三季財報電話會議。(接線員指示)

I will now hand the conference over to Aldo Martinez, Director of Finance. Aldo, please go ahead.

現在我將把會議交給財務總監 Aldo Martinez。Aldo，請開始。

Thank you, Marina, and welcome to Xenia Hotels & Resorts third quarter 2026 earnings call and webcast. I'm here with Marcel Verbaas, our Chairman and Chief Executive Officer; Barry Bloom, our President and Chief Operating Officer; and Atish Shah, our Executive Vice President and Chief Financial Officer. Marcel will begin with a discussion on our performance. Barry will follow with more details on operating trends and capital expenditure projects. And Atish will conclude today's remarks on our balance sheet and outlook.

謝謝你，Marina，也歡迎各位參加 Xenia Hotels & Resorts 2026 年第三季財報電話會議與網路直播。今天與我一同出席的有：董事長兼執行長 Marcel Verbaas；總裁兼營運長 Barry Bloom；以及執行副總裁兼財務長 Atish Shah。Marcel 將先就我們的業績表現進行說明。接著 Barry 將提供更多營運趨勢與資本支出專案的細節。最後 Atish 將就我們的資產負債表與展望作結。

We will then open up the call for Q&A.

之後我們將開放問答。

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, November 3, 2026, and we undertake no obligation to publicly update any of these forward-looking statements as actual events unfold.

在開始之前，提醒各位，本次電話會議中所作的某些陳述並非歷史事實，屬於前瞻性陳述。這些陳述受到我們在 Form 10-K 年報及其他向美國證券交易委員會（SEC）提交之文件中所述的眾多風險與不確定性影響，可能導致實際結果與我們評論中明示或暗示者存在重大差異。我們今早發布的財報新聞稿中的前瞻性陳述，以及本次電話會議中的評論，僅以今日（2026 年 11 月 3 日）為準；隨著實際事件發展，我們不承擔公開更新任何此等前瞻性陳述之義務。

You can find a reconciliation of non-GAAP financial measures to net income as well as definitions of certain items referred to in our remarks in our third 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 29 hotels unless specified otherwise. An archive of this call will be available on our website for 90 days.

您可在我們第三季財報新聞稿中找到非 GAAP 財務衡量指標與淨利之調節表，以及我們發言中提及之若干項目的定義；該新聞稿可於我們網站的投資人關係（Investor Relations）專區取得。除非另有說明，今天我們將討論的物業層級資訊係以同店（same property）基礎呈現，涵蓋全部 29 家飯店。本次電話會議的錄音檔將於我們網站上提供 90 天。

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

現在我把時間交給 Marcel 開始。

Thanks, Aldo, and good afternoon, everyone. Our portfolio delivered an outstanding third quarter with results that substantially exceeded the expectations we outlined on our second quarter earnings call at the end of July. Group demand was very strong as anticipated and grew significantly compared to the softer demand we experienced in the third quarter of last year. Additionally, corporate transient demand continued to strengthen and demand from the higher-end leisure customer remained resilient. Importantly, the strong top line performance carried through to the bottom line with nearly 300 basis points of hotel EBITDA margin expansion compared to the same period last year.

謝謝你，Aldo，各位下午好。我們的投資組合在第三季交出亮眼成績，結果大幅超出我們在 7 月底第二季財報電話會議中所提出的預期。團體需求如預期般非常強勁，且相較去年第三季較疲弱的需求顯著成長。此外，企業散客需求持續增強，而高端休閒客群的需求亦維持韌性。更重要的是，強勁的營收表現也帶動獲利端，相較去年同期，飯店 EBITDA 利潤率擴張近 300 個基點。

On a GAAP basis, this morning, we reported a net loss of $2.7 million for the quarter. Adjusted EBITDAre was $53.2 million, an increase of 26%. And adjusted FFO per share was $0.36, up almost 57% from the same quarter last year. This significant growth reflects both the strength of our operating results and the benefit of a lower share count following the significant share repurchases we completed last year.

以 GAAP 基礎計算，我們今早公布本季淨損為 270 萬美元。調整後 EBITDAre 為 5,320 萬美元，增加 26%。調整後每股 FFO 為 0.36 美元，較去年同期成長近 57%。這項顯著成長反映了我們營運成果的強勁表現，以及我們去年完成大規模庫藏股回購後、流通股數下降所帶來的效益。

Same-property RevPAR for our 29-hotel portfolio was $184.75, an increase of 12.5% compared to the third quarter of 2025. After a second quarter in which our RevPAR growth came entirely from rate, this quarter's gains were well balanced between occupancy and average daily rate, which we view as a healthy sign of broadening demand across the portfolio.

我們 29 家飯店投資組合的同店 RevPAR 為 184.75 美元，較 2025 年第三季成長 12.5%。在第二季我們的 RevPAR 成長完全來自房價之後，本季的增長在住房率與平均每日房價（ADR）之間更為均衡；我們認為這是需求在整體投資組合中擴大的健康訊號。

While certain markets in our portfolio benefited from event-driven demand in July, including the FIFA World Cup at America250, it is noteworthy that August and September delivered strong RevPAR gains as well with September's 16.8% RevPAR increase leading the quarter. Diving into our markets. In the third quarter, 21 of our 22 markets experienced RevPAR increases with 13 of those achieving double-digit growth versus the third quarter of 2025. Philadelphia, which benefited from several large events, led the portfolio with RevPAR up 34.5%, followed by New Orleans at 29%, and San Diego and Salt Lake City, each also up in excess of 20%. Pittsburgh, Santa Clara, Dallas and Orlando also had very strong results during the quarter with each of those markets up between 16% and 18%.

雖然我們投資組合中的部分市場在 7 月受惠於活動帶動的需求（包括 America250 期間的 FIFA 世界盃），但值得注意的是，8 月與 9 月同樣帶來強勁的 RevPAR 增幅，其中 9 月 RevPAR 成長 16.8% 領先全季。進一步看各市場表現。第三季，我們 22 個市場中有 21 個市場的 RevPAR 呈現成長，其中 13 個市場相較 2025 年第三季達到雙位數成長。費城受惠於多場大型活動，RevPAR 以 34.5% 的增幅領先投資組合，其次為紐奧良 29%，以及聖地牙哥與鹽湖城，兩者皆成長超過 20%。匹茲堡、聖塔克拉拉、達拉斯與奧蘭多本季表現亦非常強勁，這些市場各自成長介於 16% 至 18% 之間。

As we anticipated when we last reported, the second quarter's gap between same-property RevPAR and total RevPAR growth, which was driven by lower contributions from group demand, did not continue into the third quarter. Same-property total RevPAR growth of 12.7% for the third quarter exceeded our 12.5% RevPAR growth as group demand and banquet and catering revenue increased meaningfully compared to last year.

如同我們上次公布時所預期，第二季同店 RevPAR 與總 RevPAR 成長之間的差距（主要由團體需求貢獻較低所致）並未延續到第三季。第三季同店總 RevPAR 成長 12.7%，高於我們 12.5% 的 RevPAR 成長，原因在於團體需求以及宴會與餐飲收入相較去年有顯著提升。

In a number of markets, healthy group business drove even greater growth in total RevPAR, most notably in San Diego, up more than 26% and in Houston, up nearly 17% as our Houston hotels lapped a softer period last year. Looking ahead, we do expect that RevPAR growth for the portfolio will now exceed total RevPAR growth for full year 2026 as reflected by our updated guidance for both metrics. This is a result of much stronger RevPAR growth than we previously projected as well as the mix of our RevPAR growth rather than any softening in out-of-room spend. Transient demand, which carries less ancillary revenues than group business, has been much stronger than we previously anticipated, and a significant portion of our RevPAR growth has been fueled by increases in ADR.

在多個市場中，健康的團體業務帶動總 RevPAR 更大幅度的成長，其中以聖地牙哥最為突出，成長超過 26%；休士頓則成長近 17%，因我們的休士頓飯店已度過去年較疲弱的同期基期。展望未來，我們預期 2026 全年投資組合的 RevPAR 成長將高於總 RevPAR 成長，這也反映在我們對兩項指標的最新財測指引中。這主要是因為 RevPAR 成長遠強於我們先前預估，以及 RevPAR 成長的組成結構所致，而非非客房消費（out-of-room spend）轉弱。散客需求（其附加收入通常低於團體業務）強度遠超我們先前預期，且我們 RevPAR 成長的相當一部分來自 ADR 的提升。

Third quarter same-property hotel EBITDA of $60.2 million was 29.3% above the same period in 2025. And same-property hotel EBITDA margin was 22.9%, an increase of nearly 300 basis points. The balanced growth in occupancy and rate during the quarter allowed our hotels to leverage their fixed cost, while the rebound in group business drove a significant improvement in out-of-room profitability. Our operators continue to do an excellent job managing costs, and we continue to work closely with them to manage expenses where possible. Barry will provide additional detail on our property level results during his remarks.

第三季同店飯店 EBITDA 為 6,020 萬美元，較 2025 年同期高出 29.3%。同店飯店 EBITDA 利潤率為 22.9%，提升近 300 個基點。本季住房率與房價的均衡成長，使我們的飯店得以發揮固定成本槓桿效益；同時，團體業務回升也帶動非客房獲利能力顯著改善。我們的營運商持續在成本管理方面表現出色，我們也持續與其密切合作，在可行之處控管費用。Barry 將在其發言中就物業層級的表現提供更多細節。

Turning to our capital expenditure projects. We now expect that we will spend $70 million to $75 million in property improvements during the year with two significant renovations scheduled to begin next month. At Andaz Napa, the first phase of a comprehensive renovation of guestrooms and corridors will commence. And at the Ritz-Carlton, Denver, we will be upgrading the guestrooms, corridors and meeting space. Barry will also provide more color on all of our completed and ongoing capital projects.

接著談我們的資本支出專案。我們目前預期今年將投入 7,000 萬至 7,500 萬美元進行物業改善，並有兩項重大整修預計於下月開始。在 Andaz Napa，客房與走廊的全面整修第一階段將啟動。而在丹佛麗思卡爾頓（Ritz-Carlton, Denver），我們將升級客房、走廊及會議空間。Barry 也將就我們所有已完成及進行中的資本專案提供更多說明。

As we have done throughout the history of the company, we will continue to evaluate additional opportunities to enhance the quality of our portfolio and drive adjusted FFO growth, whether through reinvestment in our existing hotels, acquisitions or dispositions.

一如我們在公司歷史上一貫的作法，我們將持續評估更多機會，以提升我們投資組合的品質並推動調整後FFO成長，無論是透過對既有飯店的再投資、收購或處分。

The sale of the 85-room Kimpton RiverPlace Hotel in Portland that we discussed on our second quarter earnings call is an example of these disciplined capital allocation decisions. As a reminder, we sold the hotel in July for $11 million, which represented a 19.4x multiple on trailing 12-month hotel EBITDA, and allowed us to exit an asset that faced substantial near-term capital needs amid an uncertain outlook for earnings growth.

我們在第二季財報電話會議中提到的波特蘭85間客房Kimpton RiverPlace Hotel出售案，就是這些嚴謹資本配置決策的例子。提醒一下，我們於7月以1,100萬美元出售該飯店，該價格相當於過去12個月飯店EBITDA的19.4倍，並使我們得以在獲利成長前景不明朗之際，退出一項短期內面臨大量資本支出需求的資產。

Given our strong third quarter and our expectations for the remainder of the year, we are meaningfully raising our full year 2026 outlook. We now expect same-property RevPAR growth of 7.75% to 8.25%, an increase of 250 basis points at the midpoint, compared to the guidance we provided after the second quarter. And we expect full year same-property total RevPAR growth of 7% to 7.5%, an increase of 150 basis points at the midpoint compared to prior guidance. These increases in expected full year revenues, coupled with improved margin performance are driving significant projected increases in adjusted EBITDAre and adjusted FFO per share as well. Atish will walk through our updated guidance in more detail.

鑑於我們第三季的強勁表現以及對今年剩餘期間的預期，我們大幅上調2026年全年展望。我們目前預期同店RevPAR成長為7.75%至8.25%，以中位數計較我們在第二季後提供的指引上調250個基點。我們也預期全年同店總RevPAR成長為7%至7.5%，以中位數計較先前指引上調150個基點。這些對全年營收的上調預期，加上利潤率表現改善，也正推動調整後EBITDAre與調整後每股FFO的顯著上修。Atish將更詳細說明我們更新後的指引。

2026 is shaping up to be an exceptional year for Xenia. Our results have exceeded our expectations throughout the year, and we have raised our earnings outlook three quarters in a row. The fourth quarter is off to another promising start as we estimate that same-property RevPAR during the month of October increased approximately 8% compared to last year. The significant RevPAR increases during the important months of September and October were driven by both group and corporate transient demand, which is encouraging as we look ahead to next year.

2026年正逐步成為Xenia表現非凡的一年。我們今年以來的業績持續超出預期，且已連續三個季度上調獲利展望。第四季也以另一個令人振奮的開局展開；我們估計10月同店RevPAR較去年同期增加約8%。9月與10月這兩個關鍵月份RevPAR的大幅成長，係由團體與企業散客需求共同帶動；這點在我們展望明年時令人鼓舞。

The recent investments we have made in our portfolio continue to pay off, highlighted by Grand Hyatt Scottsdale continuing its successful path towards stabilization at a significantly higher hotel EBITDA level than its prior peak. We own a high-quality portfolio of luxury and upper upscale hotels in markets with limited new supply. We continue to maintain a strong and flexible balance sheet, and we have a proven track record of prudent capital allocation, leading to value creation for our shareholders. We are proud of what our team and our operating partners have accomplished over the past several years, and we are more confident than ever in the long-term earnings potential of our portfolio.

我們近期在投資組合中的投資持續帶來成效，其中以Grand Hyatt Scottsdale最為突出；該飯店持續沿著成功路徑邁向穩定期，且飯店EBITDA水準顯著高於其先前高峰。我們擁有高品質的奢華與高端高級飯店投資組合，所在市場的新供給有限。我們持續維持強健且具彈性的資產負債表，並擁有審慎資本配置的良好實績，為股東創造價值。我們為團隊與營運夥伴在過去數年所達成的成果感到自豪，且我們對投資組合的長期獲利潛力比以往任何時候都更有信心。

Barry will now provide more detail on our operating results and capital projects.

接下來Barry將就我們的營運成果與資本專案提供更多細節。

Thank you, Marcel, and good afternoon, everyone. Our same-property portfolio generated third quarter RevPAR of $184.75, up 12.5% from a year ago. Unlike last quarter, when growth was entirely rate driven, the third quarter gains were more balanced with occupancy rising 380 basis points to 70% and average daily rate increasing 6.4% to $264 when compared to the same period in 2025. Strong out-of-room spend lifted total RevPAR to $325.71, up 12.7% for the quarter, which, as Marcel mentioned, represents a strong rebound after a more subdued second quarter, primarily as a result of our group business mix.

謝謝你，Marcel，各位下午好。我們的同店投資組合第三季RevPAR為184.75美元，較去年同期成長12.5%。不同於上季成長完全由房價帶動，第三季的增長更為均衡：相較2025年同期，入住率上升380個基點至70%，平均每日房價（ADR）增加6.4%至264美元。強勁的非客房消費帶動總RevPAR提升至325.71美元，本季成長12.7%；如Marcel所提，這代表在第二季較為平淡之後的強勁反彈，主要原因在於我們的團體業務組合。

We are pleased to report that for the third quarter, 26 of our 29 hotels grew RevPAR when compared to the third quarter of 2025, with 14 of those achieving double-digit percentage increases during the period. Our top performing hotels in the quarter were Kimpton Hotel Palomar Philadelphia, where RevPAR rose 34.5%; Loews New Orleans, up 29%; Park Hyatt Aviara, up 28.5%; Marriott Woodlands Waterway, up 23.9% and Kimpton Hotel Monaco Salt Lake City and Hyatt Regency Grand Cypress, each up nearly 21%. RevPAR at Fairmont Pittsburgh, Hyatt Regency Santa Clara, Marriott Dallas Downtown and Kimpton Canary Santa Barbara, each grew in mid- to high-teens percentages while Grand Hyatt Scottsdale continued its ramp towards stabilization with RevPAR of 12.5% at the resort. Only three of our hotels experienced RevPAR weakness compared to the third quarter of 2025, including Andaz Savannah, down 4.5%; Hotel Orielle in Savannah, down 1.3% and Andaz San Diego flat versus last year's third quarter.

我們很高興報告，第三季我們29家飯店中有26家之RevPAR較2025年第三季成長，其中14家在期間達成兩位數百分比增幅。本季表現最佳的飯店包括：Kimpton Hotel Palomar Philadelphia，RevPAR上升34.5%；Loews New Orleans，上升29%；Park Hyatt Aviara，上升28.5%；Marriott Woodlands Waterway，上升23.9%；以及Kimpton Hotel Monaco Salt Lake City與Hyatt Regency Grand Cypress，兩者皆上升近21%。Fairmont Pittsburgh、Hyatt Regency Santa Clara、Marriott Dallas Downtown與Kimpton Canary Santa Barbara的RevPAR亦分別以中到高十幾%的幅度成長；同時Grand Hyatt Scottsdale持續朝穩定期爬坡，該度假村RevPAR成長12.5%。僅有三家飯店相較2025年第三季出現RevPAR走弱，包括：Andaz Savannah下降4.5%；Savannah的Hotel Orielle下降1.3%；以及Andaz San Diego與去年第三季持平。

By month for the third quarter, July same-property RevPAR was $180.40, an 11.7% increase over last year, with 367 basis points of occupancy gain and a 5.8% higher rate. August came in at $167.24, up 8.6% with rate up 6.3%. September was a standout month finishing at $207.33, up 16.8% as occupancy climbed 641 basis points to 73.5% and rate grew 6.6% to $282.26.

以第三季各月份來看，7月同店RevPAR為180.40美元，較去年增加11.7%，其中入住率提升367個基點、房價提高5.8%。8月為167.24美元，成長8.6%，房價成長6.3%。9月表現突出，達207.33美元，成長16.8%；入住率上升641個基點至73.5%，房價成長6.6%至282.26美元。

Group business was a clear driver of our results in the quarter. Same-property group room revenue increased 16.2% compared to the third quarter of 2025, driven primarily by volume with group room nights up approximately 11%. That represents our strongest quarter of group growth this year. This is despite the relative softness in group experience in our World Cup markets during July, but reflective of the shift of both Jewish holidays to September, with both falling on weekends this year. The increase in group volume also carried through to banquet and catering revenue, which was a primary driver of our 15% growth in food and beverage revenue for the quarter.

團體業務是本季業績的明確驅動因素。同店團體客房收入較2025年第三季增加16.2%，主要由量的成長帶動，團體間夜數約增加11%。這是我們今年團體成長最強的一季。儘管7月我們在世界盃市場的團體體驗相對偏弱，但也反映出猶太節日今年雙雙移至9月，且兩個節日都落在週末。團體量的增加也帶動宴會與餐飲收入，成為本季餐飲收入成長15%的主要推手。

Atish will provide more color on group pace for the fourth quarter and 2027 in his remarks. Day of week trends were solid in the third quarter with RevPAR growing every night of the week. Across all segments, weekday RevPAR, Sunday through Thursday, grew 12.6%, while weekend RevPAR, Friday and Saturday, grew nearly 12%. Midweek occupancy was particularly strong, driven by both group and transient, with Tuesday and Wednesday occupancy averaging 76.3%, up 470 basis points from last year. That additional demand created opportunities for meaningful rate compression with Tuesday and Wednesday ADR up 7.9% and RevPAR up 14.9%. Now turning to expenses and profit.

Atish將在其發言中就第四季與2027年的團體預訂進度提供更多說明。第三季的星期別趨勢穩健，RevPAR在一週的每一晚皆呈成長。在所有客群中，平日（週日至週四）RevPAR成長12.6%，而週末（週五與週六）RevPAR成長近12%。週中入住率尤其強勁，團體與散客需求共同帶動，週二與週三的平均入住率為76.3%，較去年提高470個基點。額外需求也創造了顯著的房價壓縮（rate compression）機會，週二與週三ADR上升7.9%，RevPAR上升14.9%。接下來談費用與獲利。

Third quarter same-property total revenue grew 12.7% year-over-year, outpacing total operating expense growth of 8.5%. As a result, hotel EBITDA of $60.2 million was up 29.3% versus 2025. Additionally, hotel EBITDA margin saw 295 basis points of margin expansion, climbing to 22.9% versus the third quarter of 2025.

第三季同店總營收年增12.7%，增幅高於總營運費用8.5%的成長。因此，飯店EBITDA為6,020萬美元，較2025年增加29.3%。此外，飯店EBITDA利潤率擴張295個基點，提升至22.9%，相較2025年第三季。

Within the operating departments, rooms revenue grew 12.5%, while rooms expense rose only 6.6% with rooms expense per occupied room up less than 1% as occupancy increased by 4 points. Food and beverage was a standout in the quarter with F&B revenue up 15% against expense growth of 10.3%, driven by increased banquet and catering revenues and strong group demand and reflecting an uptick in growth compared to both last quarter and the third quarter of last year.

在營運部門內，客房收入成長12.5%，而客房費用僅上升6.6%；隨著入住率提高4個百分點，每間已入住客房的客房費用增幅不到1%。餐飲在本季表現突出，餐飲（F&B）收入上升15%，相較之下費用成長10.3%，主要受惠於宴會與外燴收入增加以及強勁的團體需求，且相較於上季及去年第三季，成長動能有所回升。

Other operating departments, including spa, parking and golf grew 15.5% in the quarter, while miscellaneous income declined 5%, primarily due to lower cancellation and attrition revenue. Undistributed departments continue to be well controlled with expenses rising 7.8% in the third quarter, well below revenue growth. On a same-property basis, A&G expenses increased 10.2%, primarily driven by revenue-related costs, including credit card commissions.

其他營運部門（包括SPA、水療、停車與高爾夫）本季成長15.5%，而雜項收入下滑5%，主要因取消與流失（attrition）收入較低。未分攤部門持續維持良好控管，第三季費用上升7.8%，明顯低於收入成長。以同店基礎計算，A&G（行政與一般）費用增加10.2%，主要由與收入相關的成本所帶動，包括信用卡手續費。

Sales and marketing and repairs and maintenance grew more modest, 3.9% and 2.1%, respectively. Utilities, however, increased nearly 14%, driven by higher occupancy, several markets with extreme weather conditions and the USALI reclassification of golf water expenses to this line item in 2026.

銷售與行銷以及修繕與維護的成長較為溫和，分別為3.9%與2.1%。然而，公用事業費用增加近14%，主要受較高入住率、部分市場出現極端天候，以及USALI於2026年將高爾夫用水費用重新分類至此項目所驅動。

Now turning to CapEx. During the third quarter, we invested $16.4 million in portfolio improvements, which brings our total for the year to $47 million. We now expect full year capital expenditures of between $70 million and $75 million, a reduction of $5 million at the high end of our prior range.

接著談資本支出（CapEx）。第三季我們投入1,640萬美元進行投資組合改善，使今年累計達4,700萬美元。我們目前預期全年資本支出介於7,000萬至7,500萬美元，較先前區間上緣下調500萬美元。

At Royal Palms Resort & Spa, we completed the renovation of the guest rooms and corridors in the 68 room Monte Vista building and the renovation of T. Cook's restaurant. Additionally, in the third quarter, we performed work and continued planning minor guestroom upgrades at three hotels, which are expected to be completed in 2026 or in the first quarter of 2027 based on hotel occupancy, as well as planning and/or execution of mechanical systems and infrastructure upgrades at nine hotels.

在Royal Palms Resort & Spa，我們完成了Monte Vista大樓（68間客房）的客房與走廊翻新，以及T. Cook's餐廳的整修。此外，第三季我們在三家飯店執行工程並持續規劃小幅客房升級，預計將依飯店入住率於2026年或2027年第一季完成；同時也在九家飯店規劃及／或執行機電系統與基礎設施升級。

The 2 significant renovations this year are still on track to begin next month. At Andaz Napa, the first phase of comprehensive renovation of guest rooms and corridors, covering about half of the hotel's 141 rooms with completion expected in the first quarter of next year. As a reminder, the second phase will begin in the fourth quarter of 2027.

今年兩項重大翻新工程仍按計畫於下月開始。在Andaz Napa，將展開客房與走廊全面翻新的第一階段，涵蓋飯店141間客房約一半，預計於明年第一季完成。提醒一下，第二階段將於2027年第四季開始。

At The Ritz-Carlton, Denver, next month, we will begin a renovation of guest rooms, corridors and meeting space with completion expected in early March. Both projects are timed for lower demand periods to minimize disruption. Turning to our four Marriott Autograph Collection hotels. Our hotels in Orlando and Savannah transitioned to their new names on September 1, followed by our hotels in Charleston and Mountain Brook on October 1. The Orlando hotel is now named Hotel Beauden.

在The Ritz-Carlton, Denver，我們將於下月開始進行客房、走廊及會議空間翻新，預計於3月初完成。兩個專案皆安排在需求較低的期間，以將干擾降至最低。接著談我們四家Marriott Autograph Collection飯店。我們位於奧蘭多與薩凡納的飯店已於9月1日更名，接著查爾斯頓與Mountain Brook的飯店於10月1日更名。奧蘭多飯店現更名為Hotel Beauden。

The Savannah hotel is now Hotel Orielle, the Charleston Hotel is now Hotel Operis and Mountain Brook is now Hotel Wildemont. As a reminder, the hotels remain part of Marriott's Autograph Collection and the new identities reinforce the collection's emphasis on distinctive properties that capture the character of their local markets. We made minor investments in these properties as part of the renaming and have also rebranded the primary restaurants and bars in both Orlando and Charleston. As with the management transition at Davidson earlier this year, renames were completed with no meaningful disruption to hotel operations, and we look forward to the benefits of these repositionings under Davidson's management.

薩凡納飯店現為Hotel Orielle，查爾斯頓飯店現為Hotel Operis，而Mountain Brook現為Hotel Wildemont。提醒一下，這些飯店仍屬於萬豪（Marriott）的Autograph Collection，新品牌識別強化該系列對獨特物業的重視，以呈現其在地市場的特色。我們為更名對這些物業進行了小幅投資，並且也為奧蘭多與查爾斯頓兩地的主要餐廳與酒吧完成重新品牌化。如同今年稍早與Davidson的管理交接一樣，更名在未對飯店營運造成任何實質干擾的情況下完成，我們也期待在Davidson管理下，這些重新定位所帶來的效益。

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

接下來我把電話交給Atish。

Thanks, Barry. I will provide an update on our balance sheet, walk through our updated guidance and provide some early thoughts on 2027. First, our balance sheet continues to be a source of strength. At quarter end, we had approximately $1.4 billion in outstanding debt, approximately 3/4 of which was at fixed interest rates. Our weighted average interest rate at quarter end was 5.55%.

謝謝，Barry。我將更新我們的資產負債表狀況，說明最新的財測指引，並分享一些對2027年的初步看法。首先，我們的資產負債表仍是我們的優勢來源。截至季末，我們約有14億美元的未償債務，其中約四分之三為固定利率。季末加權平均利率為5.55%。

Our leverage ratio, as calculated under our credit facility, was approximately 4.4 times trailing 12 months net debt to EBITDA, down from 5.2 times at the end of 2025. Over time, we expect our leverage ratio to achieve our long-term target of sub-4 times net debt to EBITDA. As a reminder, we have no preferred equity or senior capital. Our debt maturities continue to be well laddered with a weighted average duration of 2.6 years at quarter end. The only debt maturity next year is the Marriott San Francisco Airport mortgage loan, which we intend to pay off with existing liquidity early in the second quarter.

依據我們的信貸融資安排計算之槓桿比率約為過去12個月淨負債／EBITDA的4.4倍，較2025年底的5.2倍下降。隨時間推進，我們預期槓桿比率將達成長期目標：淨負債／EBITDA低於4倍。提醒一下，我們沒有優先股權或高順位資本。我們的到期債務期限分布仍相當均衡，季末加權平均存續期間為2.6年。明年唯一到期的債務為Marriott San Francisco Airport的抵押貸款，我們計畫於第二季初以現有流動性償還。

At that time, 28 of our 29 hotels will be free of property level debt. As to liquidity, we ended the third quarter with $161 million in available cash, excluding restricted cash. Our $500 million revolving line of credit continues to remain fully undrawn. Therefore, total liquidity at quarter end was $661 million.

屆時，我們29家飯店中將有28家不再承擔物業層級的負債。就流動性而言，我們第三季末可用現金為1.61億美元（不含受限制現金）。我們5億美元的循環信用額度仍維持全額未動用。因此，季末總流動性為6.61億美元。

As previously reported, our Board authorized a third quarter dividend of $0.14 per share. Our dividend continues to reflect the use of NOLs, which -- while we prioritize the uses of capital that we believe drive the most shareholder value, including investments in our existing portfolio. We did not repurchase or issue any shares during the quarter. We have $97.5 million remaining on our buyback authorization and $200 million of capacity under our ATM offering program. Now turning to our updated 2026 outlook, beginning with RevPAR.

如先前所報告，我們董事會核准第三季每股0.14美元的股利。我們的股利政策持續反映NOL（淨營運虧損結轉扣抵）的使用；同時，我們仍優先配置資本於我們認為最能提升股東價值的用途，包括對既有投資組合的投資。本季我們未進行任何股份回購或發行。我們的回購授權尚餘9,750萬美元，且在ATM（隨市發行）計畫下仍有2億美元的額度。接著說明更新後的2026年展望，先從RevPAR開始。

Our RevPAR growth is now expected to be 8% at the midpoint. This represents a 250 basis point increase to prior guidance and 500 basis points above our initial 2026 guidance. That increase captures both the strength of the third quarter and a more favorable view of the fourth quarter. Our full year midpoint implies RevPAR growth of roughly 7% for the fourth quarter, which is supported by our estimated October RevPAR growth of approximately 8%. On total RevPAR growth, our midpoint is now 7.25%.

我們目前預期RevPAR成長在中位數為8%。這較先前指引上調250個基點，亦較我們最初的2026年指引高出500個基點。此上調反映第三季的強勁表現，以及對第四季更為有利的看法。以全年中位數推算，第四季RevPAR成長約為7%，並由我們估計10月RevPAR約8%的成長所支撐。就總RevPAR成長而言，我們的中位數目前為7.25%。

That is 150 basis points higher than prior guidance.

這較先前指引高出150個基點。

As to hotel EBITDA margin, we now anticipate full year expansion of approximately 120 basis points. You'll recall that we started the year expecting margin to decline slightly. Cost per occupied room is running up about 2.5% year-to-date versus the roughly 3% we had expected when the year began.

至於飯店EBITDA利潤率，我們目前預期全年將擴張約120個基點。各位應記得，我們年初原本預期利潤率會小幅下滑。每間已入住客房成本（cost per occupied room）年初至今約上升2.5%，低於我們年初預期的約3%。

As to adjusted EBITDAre, we have both raised and tightened our range. We now expect to earn $281 million at the midpoint, an increase of $8 million from last quarter and an increase of $21 million from our initial 2026 outlook. Adjusted FFO per diluted share is expected to be between $2.08 and $2.14. Lastly, we now project $26 million of full year G&A expense, an increase of approximately $1 million due to higher incentive compensation expense. Full year income tax expense moves the opposite way and is projected to be $1 million, which is down from $2 million per prior guidance.

關於調整後 EBITDAre，我們同時上調並收窄了我們的區間。我們目前預期以中點計將達到 2.81 億美元，較上季中點增加 800 萬美元，較我們最初的 2026 年展望增加 2,100 萬美元。稀釋後每股調整後 FFO 預計介於 2.08 美元至 2.14 美元之間。最後，我們目前預估全年 G&A 費用為 2,600 萬美元，因較高的激勵性薪酬費用而約增加 100 萬美元。全年所得稅費用則朝相反方向變動，預估為 100 萬美元，較先前指引的 200 萬美元下降。

For the full year 2026, at the midpoint of our guidance, we expect adjusted FFO per share to grow about 20% versus last year. From a free cash flow perspective, after capital expenditures and before dividend, we expect over 45% growth versus 2025. On a per share basis, we expect about $1.35 of free cash flow. This equates to a free cash flow yield of over 6% based on our current share price. And again, that is after capital expenditures and before dividends.

就 2026 全年而言，以我們指引中點計，我們預期每股調整後 FFO 將較去年成長約 20%。從自由現金流角度來看，在資本支出之後、股利之前，我們預期較 2025 年成長超過 45%。以每股計，我們預期自由現金流約為 1.35 美元。以我們目前股價計算，這相當於超過 6% 的自由現金流殖利率。再次強調，這是在資本支出之後、股利之前。

Looking ahead to 2027, we would like to provide some initial thoughts. While it is still early, there are a handful of points we can share. First, on business transient demand, which is the biggest slice of the pie at about 40% of our overall room revenue mix. We are expecting the momentum we experienced this fall to continue into next year. We expect midweek demand to continue recovering as we are still nearly 7 points behind 2019 occupancy across Tuesday and Wednesday nights with larger gaps on Mondays and Thursdays.

展望 2027 年，我們想提供一些初步看法。雖然現在仍為時尚早，但有幾點我們可以分享。首先，就商務散客需求而言，這是最大的一塊，約占我們整體客房營收組合的 40%。我們預期今年秋季所見的動能將延續到明年。我們預期平日需求將持續復甦，因為在週二與週三晚間的入住率方面，我們仍較 2019 年落後近 7 個百分點，而週一與週四的差距更大。

Our operators are conducting corporate rate negotiations now, and we are hopeful for healthy revenue increases from this segment. We expect return to office and a healthy overall labor market to continue benefiting corporate transient demand.

我們的營運團隊目前正在進行企業房價協商，我們期望該客群能帶來健康的營收增長。我們預期回辦公室趨勢以及整體健康的勞動市場將持續有利於企業散客需求。

Second, as to group demand, which reflects about 35% of our room revenue mix. While group is an important part of our mix, we are coming off a couple of very strong years of growth. By way of reminder, in 2025, group room revenue increased about 13% and year-to-date through September of this year, it increased another 9%. As we look forward, we expect more normalized growth. As of the end of the third quarter, about half of our 2027 group room revenue was definite, which is generally in line with our historical pattern.

第二，關於團體需求，其約占我們客房營收組合的 35%。雖然團體是我們組合的重要部分，但我們剛經歷了連續幾年非常強勁的成長。提醒一下，2025 年團體客房營收約成長 13%，而今年截至 9 月的年初至今又再成長 9%。展望未來，我們預期成長將更趨於常態化。截至第三季末，我們 2027 年團體客房營收約有一半已確定（definite），大致符合我們的歷史模式。

Group room revenue pace for 2027 was down approximately 4% compared to the same time last year. The decline is all second half related.

2027 年團體客房營收的預訂進度（pace）較去年同期下降約 4%。這一下滑完全與下半年相關。

First half group pace is roughly flat, which is important given that it's a seasonally stronger half of our portfolio, given our Sunbelt orientation. Our hotel operating teams are focused on filling the current gap for the second half of 2027. And based on early budget discussions, we are expecting that they will do so in the months ahead. Another point to keep in mind is at this time last year, we had approximately $2 million of FIFA-related group business that was canceled ahead of the tournament. Adjusting for those FIFA blocks, our group pace for the first half of next year would be slightly positive versus flat.

上半年團體進度大致持平，這點很重要，因為考量我們偏重陽光地帶（Sunbelt）的布局，上半年在我們投資組合中屬於季節性較強的半年。我們的飯店營運團隊正專注於填補 2027 年下半年的目前缺口。根據初步預算討論，我們預期他們將在接下來幾個月做到這點。另一個需要留意的是，在去年此時，我們約有 200 萬美元與 FIFA 相關的團體業務在賽事前被取消。若將這些 FIFA 房間配額（blocks）因素調整後，我們明年上半年的團體進度將會由持平轉為小幅正成長。

Looking across our group markets, the largest gains in 2027 group pace are at both our resorts in the Phoenix, Scottsdale area, the Marriott SFO and each of our hotels in Houston and Orlando. These gains are being driven primarily by in-house group business rather than big citywide conventions. The largest declines are concentrated in a few markets that are lapping special events such as the Super Bowl, FIFA World Cup or America250 as well as some soft citywide calendars in markets such as Portland.

放眼我們的各個團體市場，2027 年團體進度增幅最大的包括鳳凰城／史考茲戴爾（Phoenix/Scottsdale）地區的兩家度假村、Marriott SFO，以及我們在休士頓與奧蘭多的各家飯店。這些增長主要由館內團體業務所帶動，而非大型全市型會展（citywide conventions）。降幅最大的則集中在少數市場，這些市場正逢特殊活動的高基期，例如超級盃、FIFA 世界盃或 America250，此外也包括如波特蘭等市場的全市型活動行事曆偏弱。

Third, moving ahead to leisure demand, which drives about 25% of our overall room revenue mix. Our assets in key leisure destinations continue to be well positioned to capture the high-end leisure traveler. A few of our leisure-focused hotels have meaningful gaps to 2019 occupancy levels. We expect our drive-to leisure hotels to continue to fare well from domestic feeder markets.

第三，談到休閒需求，其約帶動我們整體客房營收組合的 25%。我們位於關鍵休閒目的地的資產，仍具備良好定位以吸引高端休閒旅客。我們有幾家以休閒為主的飯店，與 2019 年入住率水準仍存在明顯差距。我們預期以自駕為主的休閒飯店將持續受惠於國內客源市場而表現良好。

Fourth, new hotel supply continues to be muted. Across our markets, we expect weighted supply growth to be less than 80 basis points in 2027, following approximately 1% growth in 2026. Across our 29 hotels, almost 40% are in market tracts with no supply growth expected next year. Fifth, we're expecting Grand Hyatt Scottsdale hotel EBITDA to continue ramping from the low $30 million EBITDA range in 2026 to the high $30 million EBITDA range in 2027. We also expect the F&B improvements at W Nashville and the renaming and relaunching of the 4 Autograph Collection hotels to provide incremental year-over-year growth.

第四，新飯店供給仍然偏低。在我們所處市場中，我們預期 2027 年加權供給成長將低於 80 個基點，繼 2026 年約 1% 的成長之後。在我們 29 家飯店中，近 40% 位於預期明年不會有供給成長的市場區段。第五，我們預期 Grand Hyatt Scottsdale 飯店 EBITDA 將持續爬坡，從 2026 年 3,000 萬美元出頭的 EBITDA 區間提升至 2027 年 3,000 萬美元後段的 EBITDA 區間。我們也預期 W Nashville 的餐飲（F&B）改善，以及 4 家 Autograph Collection 飯店的更名與重新推出，將帶來額外的年增成長。

Lastly, we want to provide some initial thoughts on the year-over-year comparison. Due to this year's special events, we estimate that in 2027, we will have a 50 basis point RevPAR headwind and a $3 million EBITDA headwind compared to 2026. The impact will be spread across the first three quarters of 2027. We believe the continued recovery in transient can more than offset this tough comparison. And as we look ahead to 2027, we do not expect renovations to generate incremental disruption relative to the amount of disruption expected this year.

最後，我們想就年對年比較提供一些初步看法。由於今年的特殊活動，我們估計 2027 年相較 2026 年將面臨 50 個基點的 RevPAR 逆風，以及 300 萬美元的 EBITDA 逆風。其影響將分散在 2027 年前三個季度。我們相信散客需求的持續復甦足以抵消這一艱難的比較基期。此外，展望 2027 年，我們不預期整修工程會相較今年預期的干擾程度帶來額外的增量干擾。

In closing, our high-quality portfolio positions us well for meaningful earnings growth. Over the next few years, we expect demand to further improve and pricing power to increase given the low supply growth backdrop. The operating leverage of our hotels, coupled with the financial leverage of the company are expected to drive continued growth in earnings and cash flow per share in the years ahead.

總結而言，我們的高品質投資組合使我們具備良好條件以實現可觀的獲利成長。在未來幾年，鑑於供給成長偏低的背景，我們預期需求將進一步改善、定價能力也將提升。飯店的營運槓桿，加上公司的財務槓桿，預期將在未來幾年推動每股盈餘與每股現金流持續成長。

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

接下來，我們把電話交回給 Marina，開始問答環節。

(Operator Instructions)

（接線員指示）

David Katz, Jefferies.

David Katz，Jefferies。

Hi, afternoon, everyone. Thanks for taking my question. All seems to be, frankly, moving along quite well. I mean, with a bit of a noisy year, a bit of some noise in 2027. I just wonder like what your appetite and what the opportunity set looks like for you to maybe start playing offense and acquire your next meaningful asset?

嗨，各位下午好。謝謝讓我提問。坦白說，一切看起來都進展得相當順利。我的意思是，今年有點雜音，2027 年也有一些雜音。我只是想了解，你們是否有意願，以及你們看到的機會集合是什麼，讓你們也許開始採取更積極的策略，去收購下一個具規模的重要資產？

Good afternoon, David, thanks for the question. Yes. As you pointed out, we're obviously pleased with the performance this year, and that's been somewhat reflected in the stock price kind of moving up throughout the year too, which does make acquisitions a bit more feasible as a potential capital allocation decision for us. We talked about over the last couple of quarters that it does seem like the opportunity set is probably a little bit better than it has been over the last couple of years. So we certainly are looking at potential acquisitions and digging into some ways to potentially play offense going into 2027.

下午好，David，謝謝你的提問。是的。如你所指出的，我們顯然對今年的表現感到滿意，而這也在某種程度上反映在股價今年一路走高，這確實讓併購作為我們潛在的資本配置決策之一變得更可行。我們在過去幾個季度談到過，機會集合看起來可能比過去幾年要好一些。因此，我們確實正在評估潛在的併購，並深入研究一些可能在邁向2027年時採取進攻策略的方式。

But nothing imminent at this point.

但目前沒有任何迫在眉睫的事項。

We're obviously staying very disciplined in the way that we're reviewing those various opportunities, and we'll continue to look at that in line with any other capital allocation decisions we have coming up, which obviously includes some of the paying down the debt that Atish talked about, and some additional investments into our existing portfolio.

我們顯然會以非常嚴謹的方式來審視各種機會，並會在我們接下來的其他資本配置決策框架下持續評估；其中顯然包括Atish提到的部分償還債務，以及對我們既有投資組合的額外投資。

Got it. And as my follow-up, we spend a decent amount of time talking with investors about relationships with the brands, generally speaking, not naming names. And over the years, it has seemed as though those are conversations that are always a thing, but they've become a bit more of a topic among us these days. And I'd love your take on whether what we're hearing today is normal course conversations that always go on? Or are they just a bit more intense with respect to things like fee structures and loyalty programs, et cetera?

了解。作為追問，我們花了相當多時間與投資人討論與品牌方的關係，一般而言不點名。多年來，這類對話似乎一直都存在，但近來在我們之間似乎成為更常被提起的話題。我想聽聽你的看法：我們今天聽到的這些，是一如既往、正常流程中一直在進行的對話嗎？還是說在費率結構、忠誠度計畫等方面，討論只是變得更為激烈？

Well, in general, I'd say that we talked about this before. I mean, we -- from our perspective, speaking just for us, it's hard to speak for everyone in the industry, but we have very good relationships with the various brand companies. We believe strongly in the value that brands bring to a portfolio like ours, particularly with the type of assets that we own. And there are always conversations going on with stakeholders to make sure that we improve the outlook and growth for a portfolio like ours. So we, from our side, welcome those discussions and appreciate the fact that the brands are clearly focused on making sure that the business model works from an ownership perspective.

嗯，整體而言，我會說我們之前也談過這點。我的意思是——從我們的角度，只代表我們自己來說，很難替整個產業發言——但我們與各家品牌公司之間的關係非常良好。我們非常相信品牌為像我們這樣的投資組合所帶來的價值，尤其是就我們所持有的資產類型而言。而且，與各方利害關係人之間一直都會有對話，以確保我們能改善像我們這樣投資組合的前景與成長。因此，就我們這邊而言，我們歡迎這些討論，也很感謝品牌方顯然專注於確保從資產所有權角度來看，商業模式能夠運作。

Okay, thank you.

好的，謝謝。

Michael Bellisario, Baird.

Michael Bellisario，Baird。

Thanks. Good afternoon, everyone. First question, I just want to dig into the group comments, Atish, that you provided. Any stats that you guys can give just on certain markets that have more normal comparisons and not being affected by special events or onetime impacts? Just trying to get a better understanding of what the underlying run rate is, ex some of these onetime items that were such big benefits this year?

謝謝。各位下午好。第一個問題，我想深入了解一下你提供的團體（group）相關評論，Atish。你們是否能提供一些統計數據，針對某些市場在比較基期較正常、且未受特殊事件或一次性影響的情況？我只是想更好地理解，在扣除今年帶來巨大助益的這些一次性項目後，基本的運行水準（run rate）到底是什麼樣子？

Yeah, Thanks for the question, Michael. So I think if you back out, FIFA as I mentioned, we're down slightly for the full year. And really, it's more a story of first half versus second half. The first half for us actually looks flattish, slightly positive if you back out that FIFA block that canceled.

好的，謝謝你的問題，Michael。所以我想，如果把我提到的FIFA因素扣除，我們全年是小幅下滑。而且這其實更像是上半年對比下半年的故事。對我們而言，上半年看起來其實接近平盤；如果把那個取消的FIFA包場（block）扣除，甚至是略為正成長。

The second half is down. And frankly, we've got some time to fill in that second half. As I mentioned, we're about half booked in terms of group business for the full year next year, but the second half is about 1/3 booked with two-third left to book. So still plenty of time there. Some of our bigger assets that have done so well over the last couple of years are hanging in there, particularly, again, for the first half.

下半年是下滑的。坦白說，我們還有一些時間可以把下半年的空缺補上。如我提到的，就明年全年而言，我們在團體業務的預訂大約完成了一半；但下半年大約只預訂了1/3，仍有2/3有待預訂。所以時間還很充裕。我們一些過去幾年表現非常出色的較大型資產仍然維持得不錯，尤其是——再強調一次——在上半年。

And we see some opportunity in some of the markets that I mentioned like Portland, some of the World Cup markets, Santa Clara that had the Super Bowl last year -- or sorry, this year, Dallas, Aviara. So some opportunities there for sure, particularly in the second half.

而且我們在我提到的一些市場看到機會，例如波特蘭、一些世界盃市場、去年——抱歉，是今年——舉辦超級盃的Santa Clara、達拉斯、Aviara。所以那裡確實有一些機會，特別是在下半年。

Got it. Understood. And then just switching gears on Scottsdale, I guess, maybe also related to group too, but just any update on the performance trajectory there? I get the numbers you gave for your expectation for '27, but any incremental color or learnings from meeting planners? And I guess at this point, do you think the stabilized earnings base of the hotel is higher today than it was, say, 12 months ago, given the underlying performance there?

了解。明白。接著換個話題談Scottsdale，我想也許也與團體業務有關，但想請問那邊的表現走勢有沒有更新？我理解你們對於2027年的預期數字，但是否能提供更多補充資訊或從會議策劃者（meeting planners）那邊得到的觀察？另外，到目前為止，你是否認為該飯店的穩態獲利基礎（stabilized earnings base）相較於例如12個月前已經更高，考量到其基本面表現？

Yeah, Big picture, Michael, I think we're on track. We continue to be on track with where we thought we would be. Getting to the low 30s this year, like we've talked about, it's obviously highly encouraging. We're still seeing good growth going into next year.

是的，從大方向來看，Michael，我認為我們進度符合預期。我們持續維持在我們原先認為應該達到的位置上。如我們談過的，今年達到30%出頭（low 30s）顯然非常令人鼓舞。我們仍看到明年將有不錯的成長。

Booking pace is still very good there. So Atish mentioned current expectation, and this is early because we're still going through the budgeting process, is getting to that high 30s next year, and we still believe we will get to the low 40s on a stabilized level, like we've talked about before. And I think part of it is really that strength that we've seen on the group side that has been very encouraging because we've talked about this a little bit over the last couple of quarters. The backdrop on the leisure side was a little bit more subdued than probably what we would have expected 18 months ago, 24 months ago. But it really has been kind of filled in by very robust group contribution.

那邊的預訂節奏仍然非常好。因此Atish提到目前的預期——而且現在還早，因為我們仍在進行預算編製流程——是明年達到30%後段（high 30s）；而我們仍相信在穩態水準上能達到40%出頭（low 40s），如同我們之前談過的。我認為其中一部分原因，確實是我們在團體端看到的強勁表現，這非常令人鼓舞；因為我們在過去幾個季度稍微談過這點。休閒端的背景相對更為溫和，可能不如我們在18個月前、24個月前所預期的那麼強。但這部分確實被非常強勁的團體貢獻所填補。

So it's all really playing out the way we were hoping it would. So we're very pleased with how it looks like we're tracking towards stabilization.

所以整體都在按照我們希望的方式發展。因此，我們對於看起來正朝向穩態化（stabilization）的進度感到非常滿意。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO Capital Markets。

Thanks and good afternoon. Obviously, a lot of positive trends out there. Just curious, from your perspective, what's really been the biggest delta or upside delta versus your expectations? Is it largely BT related? Is it on the pricing side? Just curious your thoughts there.

謝謝，下午好。顯然外部有很多正向趨勢。我只是好奇，從你們的角度來看，相較於你們原先的預期，最大的差異（delta）或超預期的上行差異是什麼？主要是與BT相關嗎？是定價端的因素嗎？想聽聽你們的看法。

Yeah, I think it's been every segment to some extent. So clearly, we came into the year with a very robust group pace. And generally, as the year goes along, you see some of that kind of abating as the year goes on because you don't have a lot of open periods anymore to book and things of that nature. But it held up very well in the periods that we thought would be very strong.

是的，我認為在某種程度上每個分項都有貢獻。很明顯，我們在年初進入今年時，團體預訂節奏非常強勁。一般而言，隨著年度推進，你會看到其中一些動能逐步趨緩，因為可供預訂的空檔時段變少了，以及諸如此類的因素。但在我們認為會非常強的那些期間，它維持得非常好。

So the third quarter, we knew was always setting up very nicely compared to where we were last year certainly. And that's all held up very nicely.

因此第三季，我們知道相較於去年同期一直是非常有利的態勢。而且這一切都維持得非常好。

I think the biggest upside really has come from the transient side, though, the type of business that you can't forecast too far out. So that's where really the positive surprise has come from, and particularly on the corporate transient side that has been very robust getting into September and October, and driving really a lot of that upside that we're reflecting in the updated guidance.

我認為最大的上行其實來自散客端（transient），不過這類業務你無法提前太久做預測。所以正面的驚喜主要就來自這裡，尤其是企業散客（corporate transient）在進入9月與10月時表現非常強勁，確實推動了我們在更新指引中所反映的那一大部分上行。

I think we've seen a meaningful increase, Aryeh, in compression dates, and that's been driven in part by the good group base. But I think when you look at it, as both Atish and I mentioned, kind of, that the Tuesday, Wednesday pattern has really been very, very strong and has provided for a lot of compression on rate on those nights in many markets and in particular, some of the markets where we have not been seeing that over the last few years, so -- which are some of our biggest commercial demand-driven markets like Santa Clara, San Francisco, Houston, Dallas. I think that's really been probably something that the piece that we had not forecasted at the start of the year, we certainly hoped for it, but we're very pleased to see that come through.

Aryeh，我認為我們看到壓縮日期（compression dates）有顯著增加，而這部分是由良好的團體（group）基本盤所帶動。但我認為你若仔細看，正如Atish和我提到的，週二、週三的型態確實非常、非常強，並在許多市場的這些夜晚帶來了大量的房價壓縮（rate compression）；特別是在一些過去幾年我們並未看到這種情況的市場——也就是我們一些最大的、由商務需求驅動的市場，例如Santa Clara、San Francisco、Houston、Dallas。我認為這很可能就是我們在年初沒有預測到的那一塊；我們當然希望如此，但非常高興看到它真正實現。

And then maybe just on Nashville. RevPAR growth outperformed total RevPAR growth there by a little bit. I know you made some F&B changes there. Can you just update us on kind of how that's been progressing and how you're thinking about maybe the upside potential there in '27?

另外也想問一下Nashville。那裡的RevPAR成長略優於整體RevPAR成長。我知道你們在那裡做了一些餐飲（F&B）調整。你能否更新一下目前進展如何，以及你們如何看待在’27年的上行潛力？

Yeah, I think coming out of the renovation relaunching of the restaurants in, I guess, early -- really by early Q2 of this year, I think we're seeing the kind of cadence and progression and growth in the outlets that we had expected to see. Keep in mind, it's 4 outlets, all with new names, all with new concepts and all affiliated with José Andrés. But we're seeing, I think, continuing both week-over-week and month-over-month growth in those outlets in a way that we would have expected the progression to be.

好的，我想在翻新完成、餐廳重新推出之後——我想是在今年第二季初，確切說到第二季初就已經完成——我們看到各個餐飲據點的節奏、進展與成長，符合我們原先的預期。請記得，這是4個據點，全部都是新名稱、全新概念，而且都與José Andrés合作。但我們看到這些據點持續呈現週比週、月比月的成長，進展方式也如同我們預期的那樣。

What we've always counted on there, I think, was the ability of those restaurants to be a driver of both in all segments of demand. So first, I think we've seen that in leisure demand that leisure guests are more likely to stay there because they have this choice of world-class outlets with a world-class celebrity chef who's designed the menus for those outlets.

我認為我們一直仰賴的一點，是這些餐廳能夠成為帶動各個需求分眾的驅動因素。首先，我們在休閒需求上已經看到這點：休閒旅客更可能選擇住在那裡，因為他們可以選擇世界級的餐飲據點，而這些據點的菜單是由世界級名廚所設計。

I think it's also part of what we've seen in really strong success this year in the negotiated corporate market, where we -- the number of accounts we've picked up that are new, I think, it is partly related to the hotel itself and the room, but I think partly related to the opportunities that, that frequent business traveler has to stay in the hotel for a great dining experiences.

我認為這也反映在我們今年於議價企業市場（negotiated corporate market）的強勁成果上；我們新增的客戶帳戶數量，我想部分原因與飯店本身與客房有關，但也有一部分與常出差的商務旅客能在飯店內享有很棒的用餐體驗有關。

And then I think the piece we have still yet to see, and I think is part of what we view as upside for 2027 is the opportunity to really tie group into that and really using a lot of those outlets as private dining spaces for buyouts, both at lunch and dinner. The hotel, as you know, is relatively light on meeting space. So I think the ability to provide a really unique experiences in banquets for lunch and dinner within the confines of those outlets and utilizing those menus is one of the pieces we think we still have a lot of upside to grow into.

接著我認為我們仍尚未完全看到的一塊、也是我們視為2027年上行的一部分，是把團體（group）需求真正與此連結起來的機會，並將許多這些據點作為包場的私人用餐空間，在午餐與晚餐時段都能使用。如你所知，這家飯店的會議空間相對有限。因此，我認為在這些據點的範圍內，運用其菜單，於午餐與晚餐宴會中提供非常獨特的體驗，是我們認為仍有很大上行空間可以持續成長的一部分。

Yeah, from a financial standpoint, Aryeh, it's obviously early days, right? And we've talked about this, as we talked about rolling this out to open up 4 new venues all at the same time, there's obviously a lot of heavy lifting on the properties part. So there's certainly some growing pains as you go through that. So it's really optimizing each of those operations, also optimizing staffing levels, hours, those kind of things.

是的，從財務角度來看，Aryeh，這顯然還在早期階段，對吧？而且我們也談過，當我們推動這個計畫、同時開出4個全新場館時，物業端（properties）顯然需要做大量的工作。因此在推進過程中一定會有一些磨合期。所以重點在於把每一個營運單位最佳化，也要把人力配置、營業時段等這類事項最佳化。

So this is definitely not a 2026 story as it relates to kind of the cash flow impact. It is really something that over time needs to start building and where we hope to see it really becoming very fruitful as we go through the next several years.

因此，就現金流影響而言，這絕對不是一個2026年的故事。這確實是需要隨時間逐步累積的事情，而我們希望在接下來幾年推進的過程中，能看到它真正變得非常有成果。

Thank you.

謝謝。

Chris Darling, Green Street.

Chris Darling，Green Street。

Thanks. Good afternoon. You posted some pretty encouraging results in markets like Pittsburgh, Philly, New Orleans. These are also markets where you have a pretty significant amount of operating leverage. And so with that in mind, it'd be helpful if you could elaborate on the positive outcome this quarter, but also how you see performance trending in those markets on a go-forward basis?

謝謝。下午好。你們在Pittsburgh、Philly、New Orleans等市場公布了相當令人鼓舞的結果。這些也都是你們具有相當顯著營運槓桿的市場。基於此，如果你能進一步說明本季的正面表現，以及你如何看待這些市場未來一段時間的趨勢，會很有幫助。

Yeah, specifically to the markets you mentioned, New Orleans, to be fair, came off a very weak base in the third quarter of last year. It's obviously an asset that is still operating at a RevPAR level that's pretty significantly below where you see the rest of our portfolio. So we look at that probably not as much as a driver for us going forward. Markets like Pittsburgh and Philadelphia have been highly encouraging for us. We've definitely seen -- we talked about the benefit that we saw in Philadelphia from some of the onetime events.

是的，針對你提到的市場，New Orleans坦白說是因為去年第三季的基期非常疲弱。這顯然是一項資產，其RevPAR水準仍明顯低於我們投資組合中其他資產的水準。因此我們看待它時，可能不會把它視為未來對我們的主要驅動因素。像Pittsburgh與Philadelphia這些市場，對我們而言則非常令人振奮。我們確實看到——我們也談過Philadelphia因一些一次性活動所帶來的助益。

Clearly, we did have the All-Star Game, America250, World Cup, there are some things that really did help the market and the property.

很明顯，我們確實有全明星賽、America250、世界盃等一些活動，確實對市場與該物業有所幫助。

But overall, there seems to be some really good positive momentum in the Philadelphia market as opposed to what we saw over the last several years. And Pittsburgh has just been a really steady performer for us and has continued to benefit from -- from both playing in kind of the leisure entertainment business, but also on the corporate transient side with some big corporate accounts that just really have come back to the office there over the last, really over the last few months even. So we continue to see some really good benefits from both the leisure and the corporate transient side in that market.

但整體而言，相較於過去幾年我們所看到的情況，Philadelphia市場似乎出現了相當不錯的正向動能。而Pittsburgh對我們來說一直是非常穩健的表現者，並持續受惠於——同時在休閒娛樂需求上發揮，以及在企業散客端（corporate transient）方面，因為一些大型企業客戶在過去幾個月、甚至可以說最近幾個月才真正回到辦公室。因此我們持續在該市場看到來自休閒與企業散客兩端的相當不錯的效益。

Understood. And then Atish, in your prepared remarks around the sustainability of BT demand in the next year, I want to say you mentioned a 7-point occupancy gap between pre-COVID levels and sort of a run rate for BT. Could you maybe elaborate on that point, if I had that right, and maybe talk about where the opportunity might be greater across your market profile?

了解。另外Atish，在你事先準備的談話中提到明年商務差旅（BT）需求的可持續性時，我記得你提到相較於COVID前水準與目前BT的常態運行水準之間，大約有7個百分點的入住率缺口。你能否就這點再多說一些——如果我理解無誤的話——並談談在你們的市場組合中，機會可能更大的地方在哪裡？

Yeah, why don't I start on that one, and Barry can add to it as well. Yes, the point I was specifically referring to was really about midweek demand, where we still have 700 basis points or 7 occupancy points in -- to make up relative to where we were on those nights, Tuesday, Wednesday in 2019. So pretty big gap there. And really, what I'm speaking to there is, frankly, the potential for continued recovery.

好的，這題我先回答，Barry也可以補充。是的，我特別指的是平日需求，也就是我們在週二、週三這些夜晚，相較於2019年仍有700個基點、或7個入住率百分點的差距需要補回。所以那裡的缺口相當大。而我在這裡想表達的，坦白說，就是持續復甦的潛力。

And then on Mondays and Thursdays, the gap is even larger. So despite the fact that we've had a really good year of growth in BT, there's a lot more opportunity. And we think over time that will continue to normalize and BT will return to prior levels. Certainly, some of the things we're seeing, both in terms of growth in the economy, trends on return to office, some of the trends on the corporate negotiated side, the healthy overall labor market, all those things I think will contribute to benefiting. And there's still a lot of potential just to get back in terms of occupancy to where we were before. So that's really how we think about BT evolving here over the next couple of few years.

然後在週一和週四，差距甚至更大。因此，儘管我們在 BT 方面今年成長表現非常好，但仍有更多機會。我們認為隨著時間推移，這將持續正常化，而 BT 也會回到先前水準。當然，我們看到的一些因素，無論是經濟成長、回辦公室的趨勢、企業議價端的一些趨勢、整體健康的勞動市場，我認為這些都將有助於帶來正面效益。而且在入住率回到我們之前的水準方面，仍有很大的潛力。所以，這就是我們對未來接下來幾年 BT 演變的看法。

It's certainly a case where there's quite a bit of potential yet remaining for recovery.

這確實是一種情況，也就是復甦仍然還有相當大的潛力。

Appreciate it.

感謝。

Yeah.

是的。

(Operator Instructions)

(接線員指示)

Jamie Feldman, Wells Fargo.

Wells Fargo 的 Jamie Feldman。

Hi, This is Conor on with Jamie. Maybe staying on the corporate transient and the strength there, are more hotels getting to the point of selling midweek enough to push rate? And is this backdrop showing up in the corporate rate negotiations that you're having for 2027?

嗨，我是 Conor，代 Jamie 上線。或許延續企業散客（corporate transient）及其強勁表現的話題，是否有更多飯店已經到了平日能賣得夠滿、足以推升房價的程度？而且，這樣的背景是否也反映在你們正在進行的 2027 年企業房價談判中？

For sure, it's showing up in current months, and a big part, I think, of the rate opportunity that we've been able to achieve has been because occupancy is definitely getting more compressed in midweek and particularly on Tuesdays and Wednesdays. How that translates to our managers being able to get higher pricing out of the largest volume accounts for 2027, it's still a little too early in the RFP season for us to know definitively. But certainly, historically, they've not had -- they've not done as well as I think we and other owners would like in terms of pushing rates for the largest negotiated accounts out there.

當然，這在目前幾個月份已經反映出來了；而且我們能夠取得的房價提升機會，很大一部分原因是平日的入住率確實變得更為緊縮，尤其是在週二和週三。至於這會如何轉化為我們的管理團隊在 2027 年針對最大量體客戶爭取更高定價的能力，現在仍然有點太早，因為我們還在 RFP 季節的初期，尚無法給出明確結論。但可以肯定的是，從歷史來看，他們在推升市場上最大型議價帳戶的房價方面，表現一直沒有達到我想我們以及其他業主所期望的水準。

I think what we are doing, particularly as we look at this fourth quarter of 2026 and look at 2027, is really encouraging our hotels to find opportunities that may be better than the large-scale negotiated corporate accounts. In other words, taking more group midweek that may be driving a little lower rate, but driving substantially improved food and beverage contributions and really making sure that they -- where they are able to price and where they have accounts are on dynamic pricing, they're working with revenue management systems to really drive rate on those nights where they're -- where they have compression.

我認為我們正在做的事情，特別是當我們看 2026 年第四季並展望 2027 年時，是大力鼓勵旗下飯店去尋找可能優於大型議價企業帳戶的機會。換句話說，平日多接一些團體（group）可能會帶來略低的房價，但能顯著提升餐飲（F&B）的貢獻；同時也要確保——在他們能夠定價、且擁有相關客戶的地方——採用動態定價，並與收益管理系統合作，在出現供給緊縮（compression）的那些夜晚真正把房價拉上去。

The only thing I'll add is compression nights for us were up about 10% in the quarter and are running up in the kind of mid- to high-teens percent year-over-year, year-to-date. So that story, which is not just BT oriented, but more broad, but that was a big piece. And one of the reasons why not only are you seeing absolute rate increases, but mix shift that's driving rate increases as we take more of the retail rack type rates as opposed to lower-rated business across a variety of days of the week, including midweek.

我唯一要補充的是，我們本季的供給緊縮夜晚（compression nights）約增加了 10%，而年初至今的年增率大約在中到高十幾個百分點。所以這個故事不只是 BT 相關，而是更廣泛的趨勢，但它確實是很重要的一部分。也因此，你看到的不僅是絕對房價上升，還有組合轉移（mix shift）帶動的房價上升：我們在一週的各個日子（包括平日）更多採用零售掛牌價（retail rack）類型的房價，而不是較低房價的商務需求。

Thank you. Appreciate the color. And maybe with Napa and the Ritz starting later this year, can you walk us through the EBITDA displacement we should think about for 2027 and whether that's mostly a first quarter event or extends further into the year?

謝謝。感謝提供這些細節。另外，隨著 Napa 和 Ritz 將在今年稍晚開始，你能否帶我們了解一下 2027 年我們應該如何看待 EBITDA 的排擠（displacement），以及這是否主要發生在第一季，或會延伸到年度後續期間？

Yeah. In terms of EBITDA displacement, we talked about roughly the same level of displacement as this year, so $1 million. And that $1 million will be more in the first quarter and then a little bit related to some other smaller projects later in the year. So really not a big number overall for our size company and size portfolio. So really, the point being that beyond really the couple of projects we talked about, we don't have much in the way of major projects that would be overly disruptive.

好的。就 EBITDA 排擠而言，我們提到大約與今年相同的排擠水準，也就是 100 萬美元。這 100 萬美元會更多集中在第一季，之後在年度稍晚還會有一些與其他較小專案相關的影響。所以以我們公司的規模和投資組合的規模來看，整體而言不是一個很大的數字。重點是，除了我們談到的那幾個專案之外，我們沒有太多會造成過度干擾的重大專案。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call back to Marcel Verbaas for closing remarks.

目前沒有其他問題。我現在把電話交回給 Marcel Verbaas 作結語。

Thanks, Marina. Thanks, everyone, for joining us today. Obviously, very -- very pleased with our performance in the third quarter and the outlook for the remainder of this year. We continue to feel we're very well positioned for growth going forward. And we look forward to seeing many of you at the NAREIT conference in the next several weeks, and we'll look forward to reporting again earlier -- early in 2027.

謝謝你，Marina。也謝謝各位今天加入我們。顯然，我們對第三季的表現以及今年剩餘期間的展望感到非常——非常滿意。我們持續認為，未來在成長方面我們處於非常有利的位置。我們期待在接下來幾週於 NAREIT 會議上見到各位中的許多人，也期待在 2027 年更早——也就是 2027 年初——再次向各位報告。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。