Xenia酒店及度假村是一家专门从事高档和豪华酒店物业的公司，该公司公布了2024年第一季度的业绩好坏参半。虽然该公司每间可用客房的同酒店收入(RevPAR)下降了1.5%，但由于战略股票回购的推动，调整后的每股运营资金(FFO)增长了10%。

　　斯科茨代尔凯悦酒店(Hyatt Regency Scottsdale)是Xenia投资组合中的一个重要物业，其翻新工作将于2024年底完成。尽管装修会暂时拖累每间可使用客房收益(RevPAR)的增长，但Xenia对今年剩余时间的前景仍然看好，预计企业和团体房价将出现复苏，夏季休闲需求也将强劲。

　　Xenia Hotels & Resorts报告称，同酒店的每间可使用客房收益下降了1.5%，但不包括斯科茨代尔凯悦酒店(Hyatt Regency Scottsdale)在内，每间可使用客房收益增长了3.7%。

　　得益于公司股票回购计划，调整后每股FFO增长10%。

　　预计到2024年，将有1.2亿至1.3亿澳元用于物业改善。

　　该公司预计，斯科茨代尔凯悦酒店的全面装修将于2024年底完成。

　　Xenia仍然保持乐观盈利增长，特别是通过翻新的物业和那些服务于集团和商业临时客户的物业。

　　Xenia预计全年同酒店每间可使用客房收益(RevPAR)将增长3.5%。

　　从第二季度到第四季度，酒店EBITDA利润率预计将下降约25个基点。

　　该公司预计将在2015年实现盈利第三季度约占全年调整后EBITDAre的20%，第四季度接近30%。

　　斯科茨代尔凯悦酒店的翻新预计将对今年上半年的每间可使用客房收益(RevPAR)增长产生负面影响。

　　一些休闲驱动型酒店的每间客房收益(RevPAR)疲软。

　　业务暂态和集团需求在整个投资组合中显示出增长。

　　预计强劲的休闲需求将持续，尤其是在夏季。

　　预计Xenia子市场的供应增长将保持疲软，这可能会支持每间可分配收益的增长。

　　该公司报告称，与2023年第一季度相比，调整后的EBITDAre有所下降。

　　高管们讨论了扩建项目，包括增加25间客房和扩大会议空间，预计将于2024年第三季度末完成。

　　各种市场的复苏，尤其是科技行业，以及大型企业账户正在逐步改善。

　　该公司保持了2019冠状病毒病期间休闲住宿的价格水平。

　　Xenia Hotels & Resorts(股票代码:XHR)虽然在第一季度面临一些不利因素，但其定位是在2024年下半年取得强劲表现。该公司专注于战略投资，如斯科茨代尔凯悦酒店(Hyatt Regency Scottsdale)的翻新和会议空间的扩建，预计随着这些项目的完成，将会带来回报。凭借强大的资产负债表和积极主动的投资组合管理方法，Xenia有信心为股东创造价值，并利用酒店业需求的复苏。

　　Xenia酒店及度假村(XHR)通过积极的股票回购计划，展示了提高股东价值的战略方法。这一举措使调整后的每股运营资金(FFO)增加了10%，显示了管理层对资本配置效率的承诺。值得注意的是，Xenia的股票回购证明了管理团队对公司未来前景的信心，与酒店业复苏的积极前景相一致。

　　InvestingPro Tips显示，分析师对Xenia的表现持乐观态度，两位分析师上调了未来一段时间的收益。该公司的高股东收益率进一步支撑了这种情绪，这表明通过股息和股票回购给投资者带来了有利的回报。

　　从估值角度来看，Xenia的市盈率很高，市盈率为75.55，截至2024年第一季度，过去12个月的调整后市盈率为83.78。然而，该公司的收入估值倍数仍然很低，这可能是寻找酒店业增长潜力的投资者的一个有吸引力的切入点。

　　InvestingPro Data强调了Xenia稳健的财务状况，其市值为15.8亿美元，流动资产超过了短期债务。此外，公司的股息收益率为3.21%，截至2024年第一季度，过去12个月的股息增长率为20.0%，这反映了Xenia对股东回报价值的承诺。

　　投资者如欲获得更深入的分析和更多的InvestingPro提示，请访问http://k1.fpubli.cc/file/upload/202405/04/n5iz2ewmamo。可以提供丰富的信息。目前，InvestingPro上还有其他提示，为Xenia的财务状况和市场地位提供了全面的视角。使用优惠券代码PRONEWS24可获得每年或两年一次的Pro和Pro+订阅额外10%的折扣，通过有价值的见解和数据增强您的投资研究。

　　Raymond James: Aldo Martinez—财务经理Marcel Verbaas—董事长兼首席执行官Barry Bloom—总裁兼首席运营官Atish Shah—执行副总裁兼首席财务官

　　接线员:您好，欢迎来到Xenia酒店及度假村公司。2024年第一季度财报电话会议。我叫亚历克斯。今天的电话由我来协调。我现在把话筒交给主持人，财务经理阿尔多·马丁内斯，请开始。

　　阿尔多·马丁内斯:谢谢你，亚历克斯，欢迎参加Xenia酒店及度假村2024年第一季度财报电话会议和网络直播。今天和我在一起的是我们的主席兼首席执行官Marcel Verbaas;Barry Bloom，我们的总裁兼首席运营官;Atish Shah，我们的执行副总裁兼首席财务官。Marcel将首先讨论我们的业绩，Barry随后将详细介绍运营趋势和资本支出项目，Atish将结束今天对我们资产负债表和前景的评论。然后我们将开始问答环节。在我们开始之前，请允许我提醒大家，在这次电话会议上所作的某些陈述并非历史事实，而是前瞻性陈述。这些陈述受到我们年度报告中10-K表格和其他SEC文件中所述的许多风险和不确定性的影响，这可能导致我们的实际结果与我们评论中表达或暗示的结果存在重大差异。我们昨天下午发布的收益公告中的前瞻性陈述，以及对此次电话会议的评论，仅截至今天(2024年5月3日)，我们没有义务在实际事件发生时公开更新任何前瞻性陈述。您可以在我们第一季度收益发布的评论中找到非公认会计准则财务指标与净收入的对账，以及某些项目的定义，该报告可在我们网站的投资者关系部分找到。除非另有说明，否则我们今天要讨论的属性级别信息是基于所有32家酒店的同一属性的。本次通话的存档将在我们的网站上提供90天。现在请马塞尔开始。

　　Marcel Verbaas: Thanks, Aldo, and good morning, everyone. Our operating results continued to be encouraging in the first quarter as strong group demand and steady improvement in business transient demands grew same-property portfolio RevPAR and total revenues that exceeded our expectations for the quarter. A consistent focus on expense controls by our operators and asset management team in a continued inflationary environment allowed us to also achieve a same-property hotel EBITDA margin that was a bit ahead of our expectations. As a result, our adjusted EBITDAre came in above our internal forecast as well. For the first quarter of 2024, we reported net income of $8.5 million, adjusted EBITDAre of $65.3 million, and adjusted FFO per share of $0.44. While adjusted EBITDAre declined from the first quarter of 2023, we had anticipated this as Hyatt Regency Scottsdale at Gainey Ranch had record high performance last year when Phoenix hosted the Super Bowl and overall market demand was extremely strong. Despite the lapping of this outperformance and the high level of EBITDA disruption resulting from the ongoing transformative renovation at our Scottsdale resort during the quarter, our adjusted FFO per share increased by 10% over last year. This was mostly driven by the significant amount of share buybacks we completed in 2023, which we continued at a slower pace during the early part of the first quarter this year. Although same-property RevPAR for our 32 hotel portfolio decreased by 1.5% for the quarter, RevPAR actually increased by a healthy 3.7% when excluding Hyatt Regency Scottsdale, despite the negative impact of the Easter holiday occurring at the end of March this year. This increase was mainly driven by a significant 310 basis point increase in occupancy for these 31 hotels. We saw particular strength in a number of our large group-oriented hotels such as our Houston hotels, Hyatt Regency Portland, and Park Hyatt Aviara, as well as at Marriott San Francisco Airport and Hyatt Regency Santa Clara. We continue to believe that these two high-quality hotels possess some of the greatest earnings growth potential within our portfolio. Additionally, Grand Bohemian Hotel Orlando is hitting its stride now that the comprehensive renovation is fully behind us and Canary Hotel Santa Barbara had outsized revenue and earnings growth compared to last year as we lapped the room renovation that took place mainly in the first quarter of last year. On a same-property basis, first quarter same-property hotel EBITDA of $70.7 million was 8.5% below 2023 levels and hotel EBITDA margin decreased 228 basis points. Excluding Hyatt Regency Scottsdale, first quarter Hotel EBITDA increased 4.7%, and Hotel EBITDA margin decreased just 14 basis points. We continue to be pleased with these margin results as overall inflation remained at an elevated level during the quarter. As we have noted over the past several quarters, the trends across our portfolio continue to indicate that our demand segmentation mix is reverting towards pre-pandemic levels with group and business transient demand recovering and leisure demand normalizing. Group demand was a particular bright spot during the first quarter. same-property group room revenues excluding Hyatt Regency Scottsdale increased 8.1% as compared to the same period last year. We also saw a modest improvement in business transient demand with continued increases in midweek occupancy. And while leisure demand has largely stabilized across the portfolio, we did see some further retracement in a few of our more leisure-dependent assets and markets in the quarter, particularly in Napa and Savannah. Now, turning to our capital expenditure projects. We continue to project that we will spend between $120 million and $130 million on property improvements during the year. While Barry will provide additional details on the $33.4 million we invested into the portfolio during the quarter in his remarks, I would like to highlight the progress we are making on the transformational renovation and upgrading of Hyatt Regency Scottsdale. The project is progressing as planned and we still anticipate a completion by the end of 2024 with approximately $65 million to $70 million that will be spent during this year. After completing the adult pool and its H2Oasis pool bar in January, the large family pool and its F&B amenities were fully completed and operational in early April. The new pool complex is spectacular and significantly improved over the resort's previous amenities. The earlier reviews have been very positive and we expect that this new pool complex will be well received by our anticipated higher-rated leisure and group demand. We also believe that this upgrade of the pool complex will enable us to attract significant staycation leisure demands during the slower summer season in the years ahead. We also continue to make progress on the renovation of all guest rooms. We have now completed the renovation of 230 rooms and we anticipate that a total of almost 300 out of our current 491 rooms will be fully renovated by the end of May. The remaining guest rooms, including the additional five rooms that will be created as part of this project, will be completed in continual phase until final completion by the end of the third quarter. We are also making good progress on the approximately 12,000 square foot expansion of the Arizona ballroom. We continue to expect that this ballroom expansion, as well as the renovation of all existing ballrooms, meeting spaces, and pre-function space will be completed by the end of the year. We have also commenced the renovation of the public space, including the lobby, lobby bar, hotel market, and all indoor and outdoor dining spaces. As announced last quarter, we are collaborating with celebrity chef, Richard Blais on all food and beverage offerings at the relaunched resort. We are thrilled we are expanding our relationship with Chef Blais, with whom we have developed an excellent working relationship at Park Hyatt Aviara, Hyatt Regency Grand Cypress, and Hyatt Centric Key West. We continue to expect completion of these components by the end of the third quarter. Restaurant concepts and menus are nearly finalized as work has now begun in each of the food and beverage outlets. And finally, we continue to expect completion of all improvements to the resort's building facade, infrastructure and grounds to be completed by the end of 2024. The renovation and transformation of all of these components will continue to displace a significant amount of revenue and EBITDA as the overall guest experience is meaningfully impacted. We expect that the majority of the remaining revenue disruption will occur during the second and the third quarters and subside as the fourth quarter progresses. We now expect the impact of renovation disruption to be a bit higher than previously projected as we have gotten deeper into the project and the sequencing of demolition and construction has become clear. Atish will provide further details on our outlook, including our renovation disruption during his remarks. We continue to be extremely excited about this project and the earnings growth potential that we expect will be created by this transformation. The Phoenix Scottsdale luxury resort market remains strong and the soon-to-be-launched Grand Hyatt Scottsdale will be a formidable competitor in this luxury peer set. Looking ahead across the portfolio, we remain cautiously optimistic for the remainder of 2024. As we have previously outlined, we believe we have significant embedded earnings growth potential within our portfolio, primarily through our recently renovated properties, our hotels that primarily cater to group and business transient customers, and our two most recent acquisitions, W Nashville and Hyatt Regency Portland at the Oregon Convention Center. Additionally, we continue to expect strong RevPAR growth at our properties in our recovering northern California markets, San Francisco and Santa Clara. We saw these themes play out in the first quarter as we experienced encouraging results at our recently renovated properties, Grand Bohemian Orlando and Canary Hotel Santa Barbara, as well as further gains at properties that were renovated in recent years, including Hyatt Regency Grand Cypress, our Houston properties and Waldorf Astoria Atlanta Buckhead. We also had strong results at our other large Group-oriented hotels, our Northern California assets, and our most recently acquired hotels, particularly Hyatt Regency Portland. We are off to a good start in the second quarter. We estimate that excluding Scottsdale, same-property of RevPAR increased 6.2% in April as compared to the same period in 2023. When including Hyatt Regency Scottsdale, which continued to deliver very strong results through May of 2023, we estimate that April RevPAR is up 0.9% compared to last year. Given its performance through May of last year and the renovation disruption we are experiencing this year, we continue to expect that Hyatt Regency Scottsdale will be a drag on RevPAR growth through the first half of the year, after which, the comparisons will become more favorable. We remain particularly optimistic regarding our portfolio performance and earnings growth potential, as we look ahead to 2025 and beyond. We expect recent demand trends in our portfolio to continue, and are looking forward to the additional growth we expect to get from completion of the Scottsdale project. We continue to believe that supply growth will remain muted in our submarkets over the next several years, and especially in the upper upscale and luxury segments where our hotels and resorts are positioned. This will provide a very favorable backdrop for potential RevPAR growth, as we have seen in previous cycles in the lodging industry, when supply growth has been subdued. With our high quality and further improved portfolio, we expect to be well-positioned to take advantage of these dynamics. I will now turn the call over to Barry to provide more details on our operating results and our capital projects.

　　Barry Bloom: Thank you, Marcel, and good morning, everyone. For the first quarter, our 32 Same-Property portfolio RevPAR was $176.86, based on occupancy of 67.4%, at an average daily rate of $262.39, a decrease of 1.5% as compared to the first quarter in 2023. Excluding Hyatt Regency Scottsdale, first quarter RevPAR was $178.07, an increase of 3.7% as compared to 2023. This increase reflected 3.1 points of occupancy gain and a decline of 1% in average daily rate as compared to the first quarter of 2023. As Marcel indicated in his remarks, the Same-Property leaders in terms of RevPAR growth in the quarter included our hotels that were lapping first quarter 2023 renovations at Canary Santa Barbara and Grand Bohemian Orlando. Additionally, RevPAR grew significantly at Hyatt Regency Santa Clara, up 26.3%, Waldorf Astoria Atlanta Buckhead up 15.9%, Fairmont Pittsburgh up 9.8%, Portland, where our two hotels were each up approximately 9.5%, Houston, where each of our hotels were up over 8.5%, Park Hyatt Aviara up 7.6%, and Marriott San Francisco Airport, which was up 5%. The growth in these markets is a result of clearly improving business transient and Group demand that we are seeing across the portfolio. Conversely, we experienced RevPAR weakness compared to the first quarter of 2023 at a couple of our leisure-driven properties, including Bohemian Savannah Riverfront and Andaz Napa. As expected, results in the first quarter grew as each month progressed. Looking at each month of the quarter, excluding Hyatt Regency Scottsdale, January RevPAR was $157.14, up 11.1% to January 2023. February RevPAR was $178.71, up 0.6% compared to February 2023. And March RevPAR was up -- was $198.40, up 0.9% compared to March 2023. Notably, occupancy grew each month during the quarter. We are optimistic about the recovery in corporate and Group rates as we continue to achieve higher midweek occupancies across the portfolio, particularly on Tuesday and Wednesday nights, where these higher occupancies are providing meaningful rate compression opportunities. We note that compared to 2019, which excludes Hyatt Regency Scottsdale, Hyatt Regency Portland, and W Nashville, daily occupancies still trail by approximately 5.5 to 7 occupancy points each day of the week, with the exception of Mondays and Thursdays, which have been slower to recover, trailing 2019 by approximately 10 to 11 occupancy points. Business from the largest corporate accounts across our portfolio continues to be significantly behind 2019, while corporate business from small and medium-sized accounts has recovered much more significantly. Group business continues to be a bright spot across the portfolio, where we continue to see a reversion to pre-pandemic patterns. For the first quarter, excluding Hyatt Regency Scottsdale, Group room revenues were up just over 8% as compared to the first quarter of last year. Notably, much of this growth was in occupancy, with room nights up approximately 7%, with rate up approximately 1%. This reflects a continued trend in our mix of Group business, with association Group business now recovering at a stronger pace than corporate Group business. Now, turning to expenses and profit, first quarter, same-property Hotel EBITDA was $70.7 million, a decrease of 8.5% on a total revenue decline of 0.6% compared to the first quarter of 2023, resulting in 228 basis points of margin decline. Excluding Hyatt Regency Scottsdale, Hotel EBITDA was $67.2 million, an increase of 4.7% on a total revenue increase of 5.3%, resulting in a margin decline of just 14 basis points. This modest decline in Hotel EBITDA margin for the quarter reflected our operator's ability to manage expenses while continuing to improve guest services and satisfaction. Overall, labor expenses increased over last year, which was expected due to higher occupancy levels. Our operators continue to control overtime more effectively now that staffing levels have normalized. In the undistributed departments, expenses in A&G and property operations were well controlled, while sales and marketing expenditures continue to increase as hotels grow their sales teams and continue expenditures on digital marketing efforts. Energy expenses for the quarter declined year-over-year as a result of the warmer weather and reduced pricing in certain markets compared to last year. Turning to CapEx. During the first quarter we invested $33.4 million in portfolio improvements. As Marcel discussed, we continued our significant work on the approximate $110 million transformative renovation and upbranding of the 491-room Hyatt Regency Scottsdale Resort and Spa at Gainey Ranch, and are pleased that the project continues to be both on time and on budget. In addition to our work in Scottsdale, in the first quarter, we completed the renovation of all meeting rooms at the Waldorf Astoria Atlanta Buckhead, a complete renovation and reconcepting of the restaurant at Bohemian Hotel Savannah, and a renovation of ELWAY'S Downtown Steakhouse at the Ritz-Carlton Denver. Planned renovations will take place in our Texas hotels during the seasonally slower summer months, including renovation of the restaurant and creation of an M-Club at Marriott Woodlands Waterway, renovation of the lobbies at the Wesson Oaks and Gallery of Houston, relocation of the fitness facility, and addition of a concierge lounge at the Wesson Oaks Houston, and continuing with approximately $20 million of infrastructure and sustainability projects across the portfolio as the year progresses. We are excited about the work our in-house project management team has completed, and even more excited about the projects that we have underway and in various stages of planning in 2024. With that, I will turn the call over to Atish.

　　Atish Shah: Thank you, Barry. I will provide an update on two items, our balance sheet and our 2024 guidance. As to our balance sheet, we continue to have a strong balance sheet with ample liquidity. With no near-term maturities, a significant unencumbered asset base, and limited interest rate exposure, balance sheet continues to be a point of strength for the company. At quarter end, our leverage ratio was 5.2 times trailing 12 months net debt to EBITDA. As a reminder, our long-term target is a leverage ratio in the low 3 times to low 4 times range. We expect to move closer to that range in 2025 as we see the Scottsdale project ramp up post-renovation. To wrap up the balance sheet discussion, note that we repurchased a small amount of stock, about $6 million during the quarter. As you may recall, during 2023, we repurchased about 9% of our outstanding shares at about $12.75 per share. While we continue to consider our stock at the current price level to be an attractive use of our capital, we are balancing that with a few other factors, including liquidity in our stock, current-year CapEx outlays, and reducing our leverage target -- our leverage ratio to be closer to our target range. Next, I'll turn to our 2024 guidance. At the midpoint, our current full year guidance is in line with the guidance we provided at the end of February. While the first quarter came in better than expected, given that we are still early in the year and visibility of the back half of the year continues to be limited, we are maintaining guidance midpoints at prior levels. What has increased is our level of confidence in achieving full year guidance, and we will continue to monitor recent trends to see if the broad momentum over the last several weeks continues over the months ahead. With regard to our first quarter results, adjusted EBITDAre benefited from nearly $1 million of business interruption insurance proceeds that were recognized a quarter earlier than expected. As for our full year RevPAR, we continue to expect same-property RevPAR to increase 3.5% at the midpoint of the range, or 4% exclusive of Scottsdale. Looking at our business by demand segment on the group side and excluding Scottsdale, our group room revenue case for the second through fourth quarters is up nearly 4%. Of the 4% increase, 90% is driven by rate. about 25% of expected group room nights for the balance of the year have yet to be booked. In terms of booking activity or group production, it continues to increase as group rooms revenue booked in the first quarter for future quarters in the year was ahead of that booked during the first quarter of 2023 for the comparable period. As to leisure demand, as we look ahead to the summer, our operators are expecting robust demand, including more international travelers as well as more US travelers staying domestic when compared to trends observed last year. Finally, as to corporate transient demand, during the first quarter, we benefited from higher-than-expected midweek business transient demand, particularly at some of our larger hotels, and we expect that to continue. As to the expense picture, we continue to experience moderation in expense pressure relative to last year. For the second to fourth quarter, we expect Hotel EBITDA margin to decrease about 25 basis points. Excluding the impact of Scottsdale, we expect Hotel EBITDA margin for the second to fourth quarters to increase -- excuse me, decrease about 15 basis points. As to adjusted EBITDAre, the midpoint of our full year range is $254 million. By quarter, the second quarter weighting is slightly ahead of the weighting we had in the first quarter or in the approximate mid-to-high 20% range. For the third quarter, we expect to earn about 20% of full year adjusted EBITDAre. In the final quarter of the year, we expect to earn nearly 30% of full year adjusted EBITDAre. This weighting reflects a slightly lower mix of earnings in the second quarter versus prior guidance. One of the drivers of this change is higher-than-expected renovation disruption in the second quarter. As reflected in last night's release, we now expect renovation disruption for the year to be $16 million versus the $14 million we had previously expected. This change is due to the fine-tuning of construction timing at Scottsdale, and it's more impactful in the second quarter. As we get into the second half of 2024, the comps become easier, and our renovation activity turns into a comparative tailwind as the year progresses. And finally, our adjusted FFO per diluted share guidance is unchanged with the midpoint at $1.69, which reflects about 9% growth in adjusted FFO per diluted share versus 2023. To wrap up, during the first quarter, our portfolio benefited from stronger-than-expected business transient and Group demand, particularly in some of our larger hotels. We are hopeful that this broad momentum continues into the remainder of the year. Our focus on the ramp-up of consumer properties, certain markets which are still in recovery, as well as successful execution on Scottsdale continues, and we expect that the setup for 2025 and beyond will continue to improve in the months ahead. And with that, we'll turn the call back over to begin our Q&A session.

　　接线员:[接线员说明]我们的第一个问题来自Baird的Michael Bellisario。您的电话现在接通了。请继续。

　　Michael Bellisario:谢谢大家。早上好。

　　Marcel Verbaas:早上好，Mike。

　　Michael Bellisario:第一个问题可能是问Barry的。幻灯片提到了纳什维尔正在降温的休闲需求。考虑到最近的数据，这并不完全令人惊讶，但你在事先准备的讲话中只提到了纳帕，我相信萨凡纳，所以也许可以帮助我们理解你对W酒店的看法，该酒店在本季度的表现如何，相对于你的预期，以及更广泛的市场。

　　巴里·布鲁姆:是的，当然。当我们想到——当我们通常谈论临时酒店时，这些通常是我们较小的休闲酒店，这就是为什么对纳帕和萨凡纳的评论。显然，W Nashville是一个非常多样化的需求基础，我们一直在谈论的是，我们重新调整了酒店的重点，并试图在企业临时住宿和集团细分市场获得更好的渗透，我们已经做到了。在纳什维尔的整体背景下，尤其是在过去几年豪华酒店数量稀少的情况下，导致第一季度市场和W纳什维尔的休闲需求都略有疲软，但休闲需求并不是纳什维尔第一季度的主要推动力，从来都不是。所以，当我们进入第二季度和第三季度时，我们会有一个更好的指示，这是市场整体上更加强劲的几个月，历史上纳什维尔西部也是更加强劲的时期。

　　Michael Bellisario:明白了。理解。还有一个更大的问题是关于马塞尔的资本配置和战略。请提醒我们您和董事会是如何考虑为股东创造价值的，您关注的指标是什么以及您在寻找投资机会时所瞄准的风险调整回报是什么?这就是我要说的。谢谢你！

　　Marcel Verbaas:当然。谢谢你,迈克尔。阿提什显然也在他的讲话中谈到了这一点，我们继续关注资本配置，因为我们需要在各种杠杆之间取得平衡，从而为股东带来价值。很明显，去年我们谈了很多关于没有看到很多收购机会，我们非常关注潜在的股票回购的价值，我们去年显然非常活跃。此外，正如阿提什指出的那样，我们仍然相信我们目前的股票具有良好的价值，但我们正在平衡我们对资本支出的现金支出的需求，显然Scottsdale是今年的重要组成部分，同时也希望保持大量的干货，以备潜在的收购。所以，很明显，在我们完成今年主要支出的同时，我们也在密切关注收购市场的动向。很明显，你最近还没有看到我们在这方面的积极表现，但我们确实觉得现在管道正在建设得更好一些，这可能会给我们带来一些机会。显然，众所周知，利率比以前要高，所以这可能会提高我们对所寻求回报的要求，但我们当然希望获得非杠杆式的两位数回报。很明显，在某种程度上，有更多的风险，有更多的翻新风险或任何其他与之相关的风险，你将寻找一些更好的回报，以获得在那个范围内的风险调整回报。

　　接线员:谢谢。下一个问题来自BMO资本市场的阿里·克莱因。您的电话现在接通了。请继续。

　　阿里·克莱因:谢谢大家，早上好。也许只是在高斯科茨代尔，我很好奇，从团体预订的角度来看，你对今年的展望是什么。在利率方面，你看到了什么样的上升?也许我们可以和你谈谈那笔资产，因为我承认现在还为时过早。

　　巴里·布鲁姆:是的。谢谢你的问题，阿里，这是个好问题。这是一个当你看到很小的数字时，如果你愿意的话，数据变化很大，当我们看到25年不同的预订模式时。很明显，再过一两个季度，我们就会对2025年的情况有一个更好的认识。比率显著上升。预订(纳斯达克股票代码:BKNG)的房间夜数是我们预期的，我们意识到很多集团，尤其是高端集团，他们会等到接近终点线的时候，看看我们的产品，然后才真正开始为24年下半年的业务做准备，那时我们会为他们提供很多产品，然后是25年。

　　阿里·克莱因:明白了。谢谢。然后，Atish，我想你提到了对入境国际旅游复苏的预期，这可能对你夏天的工作有所帮助。我很好奇这些观点是如何改变的，或者考虑到美元的趋势，他们是否已经改变了。

　　阿Atish Shah:是的。问得好，阿里。我认为，就国际入境人数而言，某些市场与新冠疫情前的水平仍有很大差距。我们会考虑亚洲的一些市场，欧洲和拉丁美洲的一些市场，这些市场可能会进入奥兰多这样的市场。所以，我认为，尽管汇率方面出现了一些变化，但人们仍然认为，入境业务的潜力还有很大。当然，如果你看看进入旧金山等市场的电梯，它已经增加了很多，还有进入奥兰多等市场的国际电梯。国际业务并不是我们投资组合的主要推动力，但在这两个市场，我们确实看到一些国际业务进入了市场。所以，这只是今年夏天休闲行业信心的另一个问题。

　　阿里·克莱因:谢谢。如果我能回到斯科茨代尔凯悦酒店，你能谈一下节奏吗，是的，我想你谈到了今年EBITDA的影响。只是节奏，事情可能会如何转变影响上半年和下半年等等。

　　阿提什·沙阿:当然可以。我是说，每季度1600万美元，也许我们会给你。第一季度400万美元，第二季度700万美元，第三季度400万美元，最后一个季度100万美元。这就是你得到1600万美元的方法。正如我们所提到的，从1400万美元增加到1600万美元实际上是在第二季度左右。年复一年，稍有不同。很明显，去年我们有1200万美元的损失。从季度来看，第一季度没有中断，第二季度中断100万美元，第三季度中断500万美元，第四季度中断600万美元。因此，每年的变化显然是400万美元，今年比去年在盖尼牧场更多的破坏。但是你可以把这两项相减就得到了这400万美元是怎么来的。很明显，上半年的干扰增加了1000万美元，下半年的顺风增加了600万美元，第四季度的影响比第三季度要大。希望这对大家有所帮助。

　　阿里·克莱因:是的。谢谢。欣赏它的颜色。

　　接线员:谢谢。下一个问题来自富国银行的Dori Kesten。您的电话现在接通了。请继续。

　　多莉·凯斯滕:谢谢。早上好。关于W纳什维尔，你对今年剩余时间的展望在最新指引中有任何改变吗?然后我想知道你是否确定了那里的新餐饮空间?

　　巴里·布鲁姆:是的。不。我们的前景和第一季度的表现，以及我们在今年剩余时间里看到的情况，都与我们对今年的预期相符。再说一次，我们对市场感觉非常好，尤其是对他们的房产和他们在需要的地方发展细分市场的能力。我认为，正如我们在第一季度所享受的那样，我们也更好地关注损益表的中间部分，我们在这方面的EBITDA和EBITDA利润率比我们今年预期的要高一些。在餐饮方面，我们还没有制定长期替代荷兰餐厅的计划，荷兰餐厅是一家三餐餐厅，今年年初就离开了。我们仍在考虑一些不同的概念，但酒店的表现还可以接受，当然，正如我们所期望的那样，这家无品牌餐厅在早餐和午餐方面非常成功，在我们制定午餐和晚餐长期战略的同时，它正在制定战略。

　　多瑞·凯斯滕:好。然后回到盖尼牧场，你什么时候会把大多数会议策划者带进来给他们展示装修后的空间?我只是，我只是想确定在什么时间范围内你会看到你的25个房间真正凝固在书上。

　　巴里·布鲁姆:是的，我的意思是，很明显，我们在市场上很活跃。销售团队每天都在实地考察。客人们并没有看到太多东西，尤其是在会议空间的扩展方面，尽管我们现在已经可以看到整个结构了。所以，这实际上是一个巨大的优势相对于现有舞厅设施旁边的空地。因此，在酒店的鼓励下，我们实际上看到了网站访问量和类似事情的相当不错的增长。所以，我想简单的答案是，没有特定的时间点，当我们在大柏树舞厅扩建时，我们有很多经验。当大量的业务涌入时，没有特别的时间标记。这是一个持续的努力，专注于让人们对产品感到兴奋。有些人在产品完成之前根本不会预订，但这不是重点，这将是25年下半年的业务，然后是26年和27年的业务。

　　Marcel Verbaas:是的，从积极的方面来看，当我们谈到我们正在做的各种组成部分时，我们显然正在取得持续的进步。我的意思是，当有人现在去看房子的时候，他们可以看到较新的房间，因为我们有很多房间已经完工。他们可以看到游泳池综合体，就像我说的，在这一点上是壮观的。他们可以看到真正的进展，就像巴里刚才指出的，以及会议空间的情况。在接下来的两个季度，也就是第二季度和第三季度，我们面临的最大挑战是如何通过这些公共空间、大堂和所有的餐饮服务，这显然会对客人的体验产生很大的影响。所以当我们完成这个的时候，我们的目标是在第三季度末完成。进入第四季度，除了完成会议空间和一些基础设施和外部立面的工作外，我们基本上已经完全翻新了。这将是第三季度末的一个点人们将能够进入房地产并对最终产品的样子有一个真正的感觉。

　　多瑞·凯斯滕:好。太好了。非常感谢。

　　接线员:谢谢。下一个问题来自KeyBanc Capital Markets的Austin Wurschmidt。您的电话现在接通了。请继续。

　　Austin Wurschmidt:很好。谢谢，大家早上好。我想对一些复苏较慢的市场进行一些冲击，我只是想知道这些地区和市场，如湾区和波特兰，在这个需求点上是否看到了更持久的复苏，以及在今年剩下的时间里，预订速度、团体和/或临时预订将如何继续增长?

　　巴里·布鲁姆:是的，谢谢你，奥斯汀。谢谢你的问题。我认为，如果你看看这些市场以及我们在第一季度取得的增长，特别是圣克拉拉和波特兰，我认为你提到了我们在本季度取得的两个非常好的成功案例，不仅明显显示了我们现在谈到的在恢复稳定水平方面的差距，而且我们正在显著地实现这些目标。我们看到了持续的增长。当然，就圣克拉拉而言，科技业务显然是最大的一块。在我们的后院有一些特殊的需求产生者和特定的公司，他们确实增加了个人旅行者的旅行数量，他们的团体旅行数量。我们从来没有真正谈论过房地产或市场的预定速度，但足以说明的是，我们继续表明，这些市场不仅有复苏的机会，而且它们正在做出实质性的改善，推动复苏。

　　Austin Wurschmidt:那么你认为你需要看到什么才能真正抓住你在准备好的发言中强调的占用点差异?下一步是什么来保持势头?

　　巴里?布鲁姆:我的意思是，我认为，我们当然认为这种势头正在持续，我们明显看到，每个季度我们都看到，在整个投资组合中，企业的短暂需求，无论是小型公司还是中型公司，它们通常恢复得更快，而从恢复得更慢的大公司来看，每个季度我们都看到业务在上升。就周一和周四晚上比周二和周三与covid前的差距更大的动态而言，我们认为这只是一个时间问题，最终，当人们意识到他们可能无法在周二和周三晚上订到房间时，部分旅行模式将会改变。如果你要去任何一个市场出差，无论市场是强劲的还是疲软的，我们的大多数市场在周二、周二和周三晚上的表现都令人难以置信地好，随着业务的压缩，我们有机会提高价格，最终有机会将业务部分转移到周一和周四。

　　Marcel Verbaas:在这条道路上，特别令人鼓舞的是，就像你所描述的那样，在缩小入住率方面的差距，我们第一季度的每间可用房收益增长中有多少是由入住率驱动的，而不是率驱动的，实际上所有的增长都是如此，我们在4月份的结果中看到了这一点。因此，我们在4月份的每间可使用客房收益数据中看到的大部分增长实际上也是由入住率推动的。

　　Austin Wurschmidt:是的，这很有帮助。最后一个问题是关于我的，也许是关于Atish的，你能否就你的评论提供一些额外的细节关于微调建设时间以及什么真正解释了现在嵌入的额外中断，听起来像是第二季度，特别是来自斯科茨代尔凯悦酒店，我的意思是，它是推动了一些房间装修还是仅仅是市场上的表现影响了这造成了一些额外的中断?任何细节都会有帮助的。谢谢。

　　Marcel Verbaas:是的，当然。太棒了。这是马塞尔。我来回答这个问题。所以，我们显然非常、非常专注于确保这个项目在我们制定的时间表上完成，我们想要确保我们达到目标。所以为了感觉尽可能好的完成所有这些组件的时间我们已经讨论过,我们决定向前凸出到第二季度——第二季度之前,一些装修我们做公共空间,尤其是游说fb空间,这是非常有效的客户体验,将影响更在休闲方面,尤其是比我们最初的预期。所以，我想这是主要的驱动因素，它确实确保我们达到这些时间表，我们完成这些项目，特别是在我们谈论的时间。在开始这些特定的组件时，把它向前拉一点会更舒服一些。

　　Austin Wurschmidt:明白了。欣赏细节。

　　接线员:谢谢。下一个问题来自奥本海默的泰勒·巴托里。您的电话现在接通了。请继续。

　　匿名分析师:谢谢。早上好。乔纳森接泰勒的电话。感谢回答我的问题，祝贺本季度顺利完成。我的大部分问题都得到了解答，但也许还有一个问题要问巴里。你注意到了大公司和中小公司账户之间的差异。我很好奇你如何看待这种差距的缩小，以及大公司恢复到新冠疫情前的水平。

　　巴里·布鲁姆:是的，我的意思是，正如我在回答奥斯汀的问题时所说的，我们确实看到了复苏，更大的账户正在逐季改善，显然我们认为这是积极的。我认为这有点难以想象，很难想象他们什么时候会接近缩小差距，回到covid前的水平。但是，我认为这与业务扩张有关，人们似乎更愿意在周一和周四晚上出行，或者至少在周二和周三之外的周一晚上出行。所以，这当然是缩小差距的一部分。我认为，随着越来越多的人回到更正常的模式，进行更传统的商务旅行，我们认为这种趋势正在到来。我们不直接与四大会计师事务所或三大咨询公司或《财富》100强公司打交道，我们分析它们时，它们实际上构成了一个池子。但我们所有的运营商都告诉我们，人们想要更多地在路上。他们想要出去。他们想要获得积分。他们想要和客户见面。他们希望与自己的内部团队会面。所以，我们认为这是一个时间问题，而不是需求最终是否会恢复。

　　身份不明的分析师:好的。太好了。很有帮助。对我来说就这些了。谢谢你！

　　接线员:[接线员说明]我们的下一个问题来自Bill Crow或Raymond James。您的电话现在接通了。请继续。

　　比尔·克罗:是的，谢谢。早上好，伙计们。巴里，给你一杯。我想你们都提到了几个市场的休闲需求疲软，这听起来很孤立。不过，同行们也各自发现了一两个休闲需求疲软的市场。我只是——根据你的经验，你认为从现在开始的一两个季度，我们谈论的休闲领域的挑战会比挑战少的可能性有多大，我想，这是一种思考方式。

　　巴里·布鲁姆:我想，当我考虑到我们的投资组合和我们所处的市场时，我们会推动大型酒店的休闲业务，所以，我认为——从两方面考虑。第一，大型酒店，然后是我们较小的市场，休闲酒店。但当我们考虑到奥兰多、凤凰城、斯科茨代尔和阿维阿拉的近期和中期情况时，我们认为这些地产都有很好的属性，它们将继续推动业绩，而且这些高端度假地产在休闲方面没有任何疲软的迹象。我们对此感觉很好。再说一次，它们不是定位在超级超豪华的水平。他们的定位是客人真正喜欢和想要访问这些度假村的水平。如果这些市场有足够的需求，我们将继续推动这些市场。我认为，我们确实看到了休闲市场需求的正常化，比如基韦斯特和萨凡纳以及北加州的纳帕，但就休闲低迷而言，没有什么真正的问题。以纳帕为例，在天气方面，这又是一个非常非常艰难的季度，这无疑是那里面临的挑战之一。但我认为，当我们审视整个投资组合时，我们的资产在他们的市场中确实是可取的。我们没有看到休闲——我们看到了休闲，我的意思是，我们使用正常化这个词是有原因的，这是一种正常化。我们还特别感兴趣的是，总的来说，我们已经能够保持在COVID期间开始实现的速度水平。在某些市场，他们是否有所软化?是的，确实是这样，但是客人们已经被重新训练过了，他们已经习惯了为休闲住宿支付高得多的费用。

　　比尔·克罗:好的。好吧。我很感激。我们只是——我们只是试图尽可能多地剖析消费者的信息。有很多不确定因素。所以，我感谢你的评论。谢谢你！

　　接线员:谢谢。现在，我们没有其他问题了，所以请马塞尔·韦尔巴斯继续发言。

　　Marcel Verbaas:谢谢Alex，谢谢大家今天的到来。我们当然对我们在投资组合和市场中看到的持续势头感到高兴，我们期待着在5月房地产投资信托基金或任何其他会议或会议机会上看到你们中的许多人。所以，再次感谢您今天加入我们，期待下次与您交谈。

　　接线员:谢谢您接听今天的电话。您现在可以断开线路了。

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