Choice Hotels International Inc (CHH) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Choice Hotels International's second quarter 2025 earnings call. (Operator Instructions) I will now turn the conference over to Ms. Allie Summers, Investor Relations Senior Director for Choice Hotels. Thank you. Please go ahead.

女士們、先生們，感謝你們的支持。歡迎參加精選國際飯店集團 2025 年第二季財報電話會議。（操作員指示）現在，我將會議交給精選國際酒店集團投資者關係高級總監 Allie Summers 女士。謝謝。請繼續。

Good morning and thank you for joining us today. Before we begin, we would like to remind you that during this conference call, certain predictive or forward-looking statements will be used to assist you in understanding the company and its results. Actual results may differ materially from those indicated in forward-looking statements, and you should consult the company's Forms 10-Q, 10-K and other SEC filings for information about important risk factors affecting the company that you should consider.

早安，感謝您今天加入我們。在開始之前，我們想提醒您，在本次電話會議期間，將使用某些預測性或前瞻性陳述來幫助您了解公司及其業績。實際結果可能與前瞻性陳述中所示的結果有重大差異，您應該查閱公司的 10-Q、10-K 表格和其他 SEC 文件，以獲取有關您應該考慮的影響公司的重要風險因素的資訊。

These forward-looking statements speak as of today's date, and we undertake no obligation to publicly update them to reflect subsequent events or circumstances.

這些前瞻性陳述僅代表今日的觀點，我們不承擔公開更新這些陳述以反映後續事件或情況的義務。

You can find a reconciliation of our non-GAAP financial measures referred to in our remarks as part of our second quarter 2025 earnings press release, which is posted on our website at choicehotels.com under the Investor Relations section.

您可以在我們 2025 年第二季財報新聞稿中找到我們在評論中提到的非 GAAP 財務指標的對帳表，該新聞稿發佈在我們的網站 choicehotels.com 的「投資者關係」部分下。

This morning, Pat Pacious, President and Chief Executive Officer, will speak to our second quarter operating results and update on our strategic priorities, while Scott Oaksmith, Chief Financial Officer, will discuss our financial performance and outlook for the remainder of the year. Following our prepared remarks, we'll be glad to answer your questions. And with that, I will turn the call over to Pat.

今天上午，總裁兼執行長 Pat Pacious 將介紹我們的第二季經營業績並更新我們的策略重點，而財務長 Scott Oaksmith 將討論我們的財務業績和今年剩餘時間的展望。在我們準備好發言之後，我們將很高興回答您的問題。說完這些，我將把電話轉給帕特。

Thank you, Allie, and good morning, everyone. We appreciate you taking the time to join us. I'm pleased to report that in the second quarter, the ongoing momentum from our strategic investments drove our adjusted EBITDA to $165 million and our adjusted earnings per share, 4% higher year-over-year. We also achieved a more than 2% year-over-year net increase in global rooms, including a 3% net increase in our more revenue intense rooms.

謝謝你，艾莉，大家早安。感謝您抽空加入我們。我很高興地報告，在第二季度，我們戰略投資的持續成長勢頭推動我們的調整後 EBITDA 達到 1.65 億美元，調整後每股收益同比增長 4%。我們的全球客房數量也實現了同比超過 2% 的淨增長，其中收入密集型客房數量淨增長了 3%。

We are particularly pleased with the strong performance of our international business where we drove 10% growth in adjusted EBITDA and expanded our rooms portfolio by 5% year-over-year, highlighted by a 15% increase in hotel openings.

我們對國際業務的強勁表現感到特別高興，調整後的 EBITDA 增長了 10%，客房組合同比增長了 5%，其中酒店開業數量增加了 15%。

With an 11% increase in our rooms pipeline since the start of the year, we are very optimistic about the continued accelerated growth of our more than 140,000 rooms outside of the US and see a significant opportunity to further gain international market share in the coming years.

自今年年初以來，我們的客房數量增加了 11%，我們對美國以外超過 140,000 間客房的持續加速增長非常樂觀，並看到了未來幾年進一步獲得國際市場份額的巨大機會。

We are actively expanding our global footprint across strategic markets through a recent acquisition, strengthening of key partnerships and entry into new regions. In the Americas, in July, we acquired the remaining 50% interest in Choice Hotels, Canada from our joint venture partner. This strategic acquisition marks the next chapter in Choice Hotels' 70-year presence in Canada, transitioning us from a master franchising to a fully direct franchising model.

我們正在透過最近的收購、加強關鍵合作夥伴關係以及進入新地區，積極擴大我們在策略市場的全球影響力。在美洲，7月份，我們從合資夥伴手中收購了加拿大精選飯店剩餘的50%股權。此次策略性收購標誌著精選國際酒店集團在加拿大 70 年歷史的新篇章，使我們從主特許經營模式轉變為完全直接特許經營模式。

Our Canadian team will now expand their product offering and franchise success system support from the current eight hotel brands to our full portfolio of 22 with particularly strong growth potential for our extended stay brands. Canada presents an attractive opportunity with the lodging market projected to grow at an average annual rate of more than 5% over the next five years, reaching over $50 billion in total revenues by 2030.

我們的加拿大團隊現在將擴大其產品供應和特許經營成功系統支持，從目前的 8 個酒店品牌擴展到我們的全部 22 個品牌，其中我們的長住品牌具有特別強勁的成長潛力。加拿大的住宿市場前景十分誘人，預計未來五年其住宿市場年均成長率將超過 5%，到 2030 年總收入將達到 500 多億美元。

Our teams there have already established a strong base of 30,000 rooms, a pipeline of over 2,500 rooms, approximately 9 million customers and over 200 Canadian franchisees. This powerful foundation now positions us to capture additional market share by leveraging our local market expertise and Choice's franchisee success system across all 22 brands.

我們的團隊已經建立了強大的基礎，擁有 30,000 間客房、超過 2,500 間客房、約 900 萬客戶和超過 200 個加拿大特許經營商。這個強大的基礎使我們能夠利用本地市場專業知識和 Choice 在所有 22 個品牌中的特許經營成功系統來佔領更多的市場份額。

Elsewhere in the Americas, we extended our master franchise agreement with the largest multi-brand hotel operator in South America, for an additional 20-year term, covering over 10,000 rooms in Brazil, thereby further strengthening our presence in the region.

在美洲其他地區，我們與南美洲最大的多品牌酒店營運商延長了特許經營協議，期限為 20 年，覆蓋巴西的 10,000 多間客房，從而進一步加強了我們在該地區的業務。

In the EMEA region, we are very pleased with our progress in expanding our presence after successfully onboarding approximately 4,000 rooms under direct franchise agreements, we've grown our room count to over 63,000 rooms, a 7% increase from the prior year. We also entered a new European market by signing our first franchise agreement in Poland, one of the fastest-growing markets in Central and Eastern Europe.

在歐洲、中東和非洲地區，我們對業務拓展的進展感到非常滿意，在直接特許經營協議下成功引入約 4,000 間客房後，我們的客房數量已增至 63,000 多間，比上一年增加了 7%。我們也透過在波蘭簽署第一份特許經營協議進入了新的歐洲市場，波蘭是中歐和東歐成長最快的市場之一。

Turning to Asia Pac. During the second quarter, our team signed a master franchising agreement with a leader in the upscale business hotel and resort segment in China. This relationship is expected to significantly accelerate the growth of our mid-scale portfolio in China with approximately 10,000 rooms over the next five years and increase Choice brand awareness among Chinese travelers internationally.

轉向亞太地區。第二季度，我們的團隊與中國高檔商務酒店和度假村領域的領導企業簽署了特許經營總協議。預計此次合作將顯著加速我們在中國中檔酒店組合的成長，未來五年內將擁有約 10,000 間客房，並提高 Choice 品牌在國際上對中國遊客的知名度。

Additionally, we secured a strategic distribution agreement, which will add over 9,500 upscale rooms to the Ascend Hotel Collection by the end of the third quarter, allowing our rewards members to earn and redeem points at these properties. We believe these agreements mark the first steps towards a long-term expansion opportunity in the region.

此外，我們還達成了一項策略性分銷協議，該協議將在第三季末為 Ascend Hotel Collection 增加超過 9,500 間高檔客房，讓我們的獎勵會員可以在這些酒店賺取和兌換積分。我們相信這些協議標誌著邁向該地區長期擴張機會的第一步。

As we look at the domestic business, we continued our growth in the Cycle Resilient Extended Stay segment. Over the past five years, we have expanded our extended stay portfolio by over 20% to nearly 54,000 rooms with the segment's pipeline now constituting half of the total domestic rooms pipeline. In the second quarter, we added over 5,000 rooms domestically over the prior year's quarter.

從國內業務來看，我們在循環彈性延長住宿領域持續保持成長。過去五年來，我們的長期住宿飯店組合擴大了 20% 以上，客房數量達到近 54,000 間，目前該部門的在建客房數量佔國內客房總數的一半。第二季度，我們國內客房數量比去年同期增加了 5,000 多間。

For eight consecutive quarters, we have grown our domestic extended stay room system size by double digits year-over-year, and we expect this higher-than-industry-average growth to continue. This increased footprint provides us with even more confidence in the resilience of our business, given the longer average length of stay and more stable revenue associated with extended stay hotels. And as they have in the past, our extended stay hotels continued to outperform the industry during uncertain times.

連續八個季度，我們的國內長住客房系統規模同比增長兩位數，我們預計這種高於行業平均水平的增長將持續下去。考慮到長期住宿飯店的平均入住時間更長、收入更穩定，飯店規模的擴大讓我們對業務的韌性更有信心。正如過去一樣，我們的長期住宿酒店在不確定的時期繼續表現優於行業。

We are very proud that for the third year in a row, J.D. Power ranked our WoodSpring Suites new construction brand number one in guest satisfaction among economy extended stay hotel brands. This strong guest recognition is translating into increased interest from developers as demonstrated by a 43% year-over-year increase in the number of WoodSpring Suites brand domestic franchise agreements awarded in the second quarter.

我們非常自豪，J.D. Power 連續第三年將我們的 WoodSpring Suites 新建品牌評為經濟型長住酒店品牌中客人滿意度第一名。客人的強烈認可轉化為開發商興趣的增加，第二季度授予的 WoodSpring Suites 品牌國內特許經營協議數量同比增長 43% 就證明了這一點。

With half of the industry-wide economy extended stay rooms currently under construction being the WoodSpring Suites brand, we are well positioned for the future.

目前，全行業正在建造的經濟型長住客房中有一半屬於 WoodSpring Suites 品牌，因此我們已為未來做好了準備。

Now let me discuss how our strategic expansion into more revenue intense segments is positively impacting our economy transient brands. As part of our portfolio enhancement, we have been deliberately exiting underperforming hotels. This approach allows us to open these markets to new owners and maximize market potential for more profitable hotels.

現在讓我來討論一下我們向收入密集領域的策略擴張如何對我們的經濟瞬態品牌產生正面影響。作為我們投資組合增強的一部分，我們一直在有意退出表現不佳的酒店。這種方法使我們能夠向新業主開放這些市場，並最大限度地提高更有利可圖的酒店的市場潛力。

Additionally, over the past year, we have successfully elevated our guest satisfaction scores in the economy transient segment by delivering enhanced guest experiences through our upgraded product quality. As a result of these actions, our economy transient hotels are outperforming the economy chain scale in domestic RevPAR performance while achieving RevPAR share gains versus competitors.

此外，在過去的一年裡，我們透過升級產品品質來提供增強的客戶體驗，成功提高了經濟艙旅客的滿意度分數。透過採取這些措施，我們的經濟型短期飯店在國內 RevPAR 表現上超越了經濟型連鎖飯店，同時實現了 RevPAR 份額相對於競爭對手的成長。

This improved performance enabled us to expand our domestic economy transient rooms pipeline by 8% and execute 42% more domestic franchise agreements in the first half of 2025 year-over-year with the new hotels expected to generate higher royalty revenue than the hotels we exited.

業績的提升使我們能夠將國內經濟型短途客房數量擴大 8%，並在 2025 年上半年比去年同期增加 42% 的國內特許經營協議，預計新酒店將比我們退出的酒店產生更高的特許權使用費收入。

We have reenergized the Country Inn & Suites by Radisson brand. Our recently introduced value-engineered prototype for the brand helped drive an 11% increase in the brand's pipeline over the prior year's quarter.

我們為麗笙鄉村套房飯店 (Country Inn & Suites by Radisson) 品牌注入了新的活力。我們最近為該品牌推出的價值工程原型幫助推動該品牌的管道比去年同期增長了 11%。

In the upscale segment, we continue to expand our presence, increasing the global room system size by 15% year-over-year to over 110,000 rooms. With nearly 29,000 upscale global rooms in the pipeline, a 7% increase over the prior quarter, we will be providing our guests with even more aspirational locations to visit. As we look to the future, our global pipeline provides a strong platform for long-term growth with 98% of the rooms within our more revenue intense brands.

在高端領域，我們持續擴大業務，全球客房系統規模年增 15%，達到 110,000 多間客房。我們在全球擁有近 29,000 間高檔客房，比上一季成長 7%，將為客人提供更多令人嚮往的旅遊勝地。展望未來，我們的全球酒店陣容為長期成長提供了強大的平台，其中 98% 的客房均來自我們收益更高的品牌。

This means that our pipeline should generate significantly higher revenue compared to our existing portfolio driven by RevPAR premium of more than 30%, a higher average effective royalty rate and a larger room count per hotel.

這意味著，與現有酒店組合相比，我們的新酒店組合將產生更高的收入，這得益於超過 30% 的 RevPAR 溢價、更高的平均有效特許權使用費率和每家酒店更大的客房數量。

Our distinct strategy continues to deliver strong results, reinforcing our confidence in the long-term outlook. Notably, our focused expansion in the revenue intense segments has elevated the domestic mix of higher revenue-generating rooms to 88% of our system. This improvement in our hotel portfolio has further strengthened our overall value proposition to our guests.

我們獨特的策略持續帶來強勁的成果，增強了我們對長期前景的信心。值得注意的是，我們專注於收入密集領域的擴張，已將國內高收入客房的比例提升至我們系統的 88%。我們飯店組合的改善進一步加強了我們向客人提供的整體價值主張。

Our guest strategy is tailored to address the underlying consumer trends we are currently seeing and have been focused on for the past several years, such as increasing retirements, road trips and domestic infrastructure investments. As more of our core customers reach retirement age this year, they have increased disposable income and time for leisure travel, seeking brands like ours.

我們的賓客策略是根據我們目前看到的潛在消費趨勢量身定制的，並且在過去幾年中一直關注這些趨勢，例如增加退休、公路旅行和國內基礎設施投資。隨著我們越來越多的核心客戶今年達到退休年齡，他們的可支配收入和休閒旅遊時間增加了，他們尋求像我們這樣的品牌。

Research shows that one in four baby boomers currently spends six times more on travel than the majority of millennials and Gen Z cohorts. With gas prices at their lowest level since 2021 and approximately 90% of our domestic portfolio within one mile of a highway, we offer travelers the opportunity to take more affordable vacations closer to home without the need to fly.

研究表明，四分之一的嬰兒潮世代目前在旅行上的花費是大多數千禧世代和 Z 世代的六倍。由於油價處於 2021 年以來的最低水平，並且我們約 90% 的國內投資組合位於距離高速公路一英里以內的範圍內，我們為旅行者提供了在家附近享受更實惠的假期的機會，而無需乘坐飛機。

Additionally, as we have been noting for some time, significant infrastructure investments driven by Gen AI and the reshoring of American manufacturing are fueling new business demand, especially for our extended stay hotels. By making deliberate investments to capitalize on these compelling tailwinds, our enhanced value proposition is driving stronger customer engagement, increasing customer lifetime value, and attracting higher value, more resilient travelers.

此外，正如我們一段時間以來所注意到的，由人工智慧和美國製造業回流推動的大量基礎設施投資正在推動新的業務需求，尤其是對我們的長期住宿酒店的需求。透過進行深思熟慮的投資來利用這些引人注目的順風，我們增強的價值主張正在推動更強的客戶參與度，提高客戶終身價值，並吸引更高價值、更具彈性的旅客。

We are seeing this in a more favorable guest mix, increased traction in the small and medium business and group travel segments, and the growing strength of our rewards program. We expect these positive trends to further strengthen in the coming quarters and years, positioning us to capture significant future market opportunities.

我們看到，賓客組合更加有利，中小型商務和團體旅遊領域的吸引力增強，獎勵計畫的實力不斷增強。我們預計這些積極趨勢將在未來幾季和幾年進一步加強，使我們能夠抓住重要的未來市場機會。

Importantly, we achieved occupancy index share gains versus our competitors in the second quarter even as the industry faced macroeconomic uncertainty. We believe this will contribute to increased loyalty and repeat guests over time.

重要的是，儘管產業面臨宏觀經濟不確定性，但我們在第二季的入住率指數份額仍比競爭對手有所成長。我們相信，隨著時間的推移，這將有助於提高顧客的忠誠度和回頭客數量。

Today, approximately 40% of our guest profile mix consists of business travelers, which we believe is a good balance between business and leisure travel. Importantly, Choice's business travelers have a relatively resilient profile, which is particularly evident in our small and medium business segment performance where revenues were up 13% year-over-year in the second quarter.

如今，我們的客人結構中約有 40% 是商務旅客，我們認為這在商務和休閒旅行之間取得了良好的平衡。重要的是，Choice 的商務旅客具有相對彈性的特徵，這在我們的中小型企業部門表現中尤為明顯，該部門第二季度的收入同比增長了 13%。

We also see ongoing strength in sectors such as construction, utilities and high-tech manufacturing. In addition, our recent investment in an enhanced group sales team and an expanded upscale hotel portfolio continue to pay off. This is demonstrated by the 48% year-over-year increase in revenue from the group travel business in the second quarter, driven in part by small corporate groups and sports travel bookings.

我們也看到建築、公用事業和高科技製造等領域持續走強。此外，我們最近對增強團體銷售團隊和擴大高檔飯店組合的投資繼續獲得回報。第二季團體旅遊業務收入年增 48%，部分原因是小型企業團體和運動旅遊預訂。

Our rewards program is also delivering exciting results, benefiting from the investments we have made this year. We expanded our rewards program to nearly 72 million members, an 8% year-over-year increase as of the end of the second quarter, and I'm especially pleased to share that Choice Privileges was recently named the Top Hotel Rewards Program by US News and World Report and WalletHub, a trusted source for personal finance insights and consumer rankings.

我們的獎勵計劃也取得了令人興奮的成果，這得益於我們今年的投資。我們將獎勵計劃的會員人數擴大到近 7,200 萬，截至第二季末，年增 8%，我特別高興地告訴大家，Choice Privileges 最近被《美國新聞與世界報道》和 WalletHub（個人理財見解和消費者排名的可靠來源）評為頂級酒店獎勵計劃。

These recognitions are a testament to our efforts in creating a more compelling rewards program, including introducing new aspirational hotels and exciting experiences such as music, racing and college sports redemption options, along with added program benefits.

這些認可證明了我們在創建更具吸引力的獎勵計劃方面所做的努力，包括推出新的理想酒店和令人興奮的體驗，如音樂、賽車和大學體育兌換選項，以及增加的計劃福利。

Notably, our enhanced rewards program is driving stronger customer engagement. During the first half of the year, we saw a more than 40% year-over-year increase in the booking window for reward night redemptions, which drove occupancy for our properties further out.

值得注意的是，我們增強的獎勵計劃正在推動更強的客戶參與度。今年上半年，獎勵住宿兌換的預訂窗口年增了 40% 以上，這進一步提高了我們飯店的入住率。

Additionally, our rewards program enhancements contributed to the increase in the overall length of stay at our hotels compared to the previous year. As we've highlighted previously, our focus on strategic investments combined with the broader adoption of Gen AI is unlocking significant growth opportunities for both Choice and our franchisees, positioning us for long-term margin expansion and enhanced operating leverage.

此外，與前一年相比，我們的獎勵計劃的改進也使得我們酒店的整體住宿時間增加。正如我們之前所強調的那樣，我們對策略性投資的關注，加上對 Gen AI 的更廣泛採用，為 Choice 和我們的特許經營商帶來了巨大的成長機會，使我們能夠實現長期利潤率的擴大和經營槓桿的增強。

In particular, our investments in franchisee-facing technology are empowering our franchise owners to maximize returns on their assets. Solutions such as advanced revenue optimization services, and tailored profitability tools are designed to help drive stronger performance of their hotels.

特別是，我們在特許經營商的技術方面的投資使我們的特許經營業主能夠最大限度地提高其資產回報。先進的收入優化服務和量身定制的盈利工具等解決方案旨在幫助提高酒店業績。

On the guest side, we are elevating the customer experience through the launch of a redesigned Choice Hotels website and mobile app, intelligent marketing initiatives and enhancements to our rewards program, all of which are contributing to stronger customer engagement and increased customer lifetime value.

在客人方面，我們透過推出重新設計的精選酒店網站和行動應用程式、智慧行銷計劃和獎勵計劃的增強來提升客戶體驗，所有這些都有助於增強客戶參與度並提高客戶終身價值。

I'm also proud that we were recently named Time Magazine's 2025 America's Best Midsize Companies list. This achievement is a testament to our strong company culture, where we prioritize our people, foster innovation and seek to deliver long-term value for all stakeholders.

我也很自豪我們最近被《時代》雜誌評為 2025 年美國最佳中型公司名單。這項成就證明了我們強大的公司文化，我們優先考慮員工，促進創新，並致力於為所有利害關係人提供長期價值。

In closing, by successfully executing our strategy, we have transformed the company to be future-ready and established a strong foundation for both near-term stability and long-term growth. We believe that our proactive investments, differentiated value proposition, an asset-light fee-based model have meaningfully enhanced our company's growth profile, enabling us to generate multiple avenues of growth even in the face of an uncertain macroeconomic environment.

最後，透過成功執行我們的策略，我們已經將公司轉變為面向未來的公司，並為近期穩定和長期成長奠定了堅實的基礎。我們相信，我們的主動投資、差異化的價值主張、輕資產收費模式顯著提升了公司的成長前景，使我們即使在不確定的宏觀經濟環境下也能創造多種成長途徑。

We continue to grow our significant free cash flow annually, prioritizing the creation of long-term value by enhancing our value proposition, driving growth and returning excess cash to shareholders. I'll now turn the call over to our CFO. Scott?

我們每年持續增加可觀的自由現金流，透過增強我們的價值主張、推動成長和向股東返還多餘的現金來優先創造長期價值。我現在將電話轉給我們的財務長。史考特？

Thanks, Pat, and good morning, everyone. Today, I will discuss our second quarter results, update you on our balance sheet and capital allocation and comment on our outlook for the remainder of 2025.

謝謝，帕特，大家早安。今天，我將討論我們的第二季業績，向您介紹我們的資產負債表和資本配置，並對 2025 年剩餘時間的展望進行評論。

In the second quarter, despite a weaker-than-anticipated RevPAR environment, we achieved a record second quarter adjusted EBITDA of $165 million, representing a 2% year-over-year increase. Our growth was driven by the expansion of our global rooms, a robust effective royalty rate, strong international business and successful expansion of our margins as we implement technology and provide tools to improve the productivity of our associates.

在第二季度，儘管 RevPAR 環境弱於預期，但我們仍實現了創紀錄的第二季調整後 EBITDA 1.65 億美元，年增 2%。我們的成長得益於全球客房的擴張、強勁的有效特許權使用費率、強勁的國際業務以及利潤的成功擴大，因為我們實施了技術並提供工具來提高員工的生產力。

When excluding the impact of a $2 million operating guarantee payment for a portfolio of managed hotels, which was acquired with the Radisson Hotels Americas acquisition, the adjusted EBITDA would have increased by 3%. Our adjusted earnings per share also reached a second quarter record of $1.92 per share, marking a 4% year-over-year increase.

如果排除收購麗笙美洲酒店集團時獲得的管理酒店組合的 200 萬美元營運擔保付款的影響，調整後的 EBITDA 將增加 3%。我們的調整後每股盈餘也達到了第二季創紀錄的 1.92 美元，年增 4%。

Let me first discuss our key drivers of royalty fee growth, which include unit growth, RevPAR performance and our royalty rates. In the second quarter, our global rooms grew by 3% year-over-year across our more revenue intense, upscale, extended-stay and mid-scale portfolio with total worldwide rooms growing by 2.1%. Our deliberate decisions and strategic investments delivered results across all our brand segments in the second quarter.

首先，讓我討論一下特許權使用費成長的主要驅動因素，其中包括單位成長、RevPAR 表現和特許權使用費率。第二季度，我們收入密集、高檔、長住和中檔飯店組合的全球客房數量年增 3%，全球客房總數增加 2.1%。我們的深思熟慮的決策和策略投資在第二季度為我們所有的品牌部門帶來了成果。

First, we grew our domestic extended stay room system size by 10% year-over-year, highlighted by a 7% increase in domestic openings. At the same time, we saw a 6% increase in domestic franchise agreements awarded year-over-year. The Everhome Suites brand continues to gain strong traction with 17 hotels now open, 11 of which were open this year and 55 domestic projects in the pipeline, including 16 under construction as of today.

首先，我們的國內長住客房系統規模年增了 10%，其中國內開業客房數量增加了 7%。同時，我們看到國內特許經營協議授予數量同比增長了 6%。Everhome Suites 品牌持續獲得強勁發展勢頭，目前已開業 17 家酒店，其中 11 家於今年開業，另有 55 個國內項目正在籌備中，截至目前有 16 個項目正在建設中。

Second, we further strengthened our presence in the midscale segment. Our flagship Comfort brand continues its growth trajectory with a 50% increase in global openings and a 23% year-over-year increase in domestic franchise agreements awarded.

第二，我們進一步加強了在中端市場的地位。我們的旗艦品牌 Comfort 繼續保持成長勢頭，全球開幕數量增加了 50%，國內特許經營協議數量同比增長 23%。

Third, we expanded our global upscale portfolio and attracted strong developer interest with a 38% year-over-year increase in domestic franchise agreements executed. Specifically, our Ascend Hotel Collection, a leading global soft brand, reached over 65,000 rooms worldwide and saw a 29% year-over-year increase in domestic franchise agreements awarded.

第三，我們擴大了全球高端酒店組合，吸引了開發商的濃厚興趣，國內特許經營協議的簽訂量比去年同期增長了 38%。具體來說，我們領先的全球軟品牌 Ascend Hotel Collection 在全球擁有超過 65,000 間客房，授予的國內特許經營協議同比增長 29%。

Given the strong demand we continue to receive from developers for our brands, we are focused on continually elevating the strength and quality of our portfolio by exiting select underperforming assets that fail to meet our requirements and standards and on average, under-indexed the rest of our portfolio. In the second quarter, we achieved global system-wide rooms growth even as we made some of these strategic exits.

鑑於開發商對我們品牌的持續強勁需求，我們專注於透過退出那些未能滿足我們的要求和標準且平均指數低於我們投資組合其餘部分的表現不佳的資產，不斷提升我們投資組合的實力和品質。在第二季度，儘管我們進行了一些策略退出，但我們仍實現了全球系統客房數量的成長。

Turning now to our RevPAR performance. Excluding the tougher comparisons due to the Easter calendar shift to April as well as the benefit from eclipse related travel in 2024, domestic RevPAR declined approximately 1.6% for second quarter 2025 compared to the same period of 2024.

現在來談談我們的 RevPAR 表現。排除由於復活節日曆移至 4 月而導致的更嚴格的比較以及 2024 年日食相關旅行帶來的好處，2025 年第二季度國內 RevPAR 與 2024 年同期相比下降了約 1.6%。

Our overall second quarter results declined 2.9%, reflecting reduced government and international travel as well as softer leisure transient demand due to the broader economic uncertainty as well as the Easter and eclipse impacts. As Pat mentioned, we were pleased that despite the macroeconomic headwinds, our strategic investments to improve our brand portfolio and expand our customer reach drove occupancy share index gains versus our competitors.

我們第二季的整體業績下降了 2.9%，反映出政府和國際旅行減少，以及由於更廣泛的經濟不確定性以及復活節和日食的影響導致的休閒短暫需求疲軟。正如帕特所提到的，我們很高興，儘管面臨宏觀經濟逆風，但我們為改善品牌組合和擴大客戶範圍而進行的戰略投資推動了入住率指數相對於競爭對手的成長。

In particular, our domestic extended space segment outperformed the industry's second quarter RevPAR by 40 basis points and delivered over 3% year-to-date RevPAR growth through June 30. At the same time, our domestic transient economy segment outperformed the economy chain scale by over 3 percentage points achieving RevPAR index share gains versus competitors in the second quarter and also increased its year-to-date RevPAR by over 3%.

特別是，我們的國內擴展空間部門第二季的 RevPAR 比業界平均高出 40 個基點，截至 6 月 30 日，年初至今的 RevPAR 成長率超過 3%。同時，我們的國內短途經濟型酒店部門的表現比經濟型連鎖酒店高出 3 個百分點以上，第二季度的 RevPAR 指數份額超過了競爭對手，並且年初至今的 RevPAR 增長了 3% 以上。

Moving on to our third royalty growth lever. We are pleased to report that the continued expansion of our effective royalty rate remains a significant source of revenue growth. In the second quarter, our domestic system effective royalty rate increased by 8 basis points year-over-year. This performance highlights the positive impact of our strategy to drive the growth of our revenue intense brand portfolio and our enhanced value proposition to franchise owners.

接下來討論我們的第三個特許權使用費成長槓桿。我們很高興地報告，我們有效特許權使用費率的持續提高仍然是收入成長的重要來源。第二季度，我們的國內系統有效特許權使用費率較去年同期增加了8個基點。這項業績凸顯了我們的策略對推動高收入品牌組合成長和增強特許經營業主價值主張的正面影響。

We are optimistic about the ongoing upward trajectory of our effective royalty rate for years to come as the contracts in our domestic pipeline have a significantly higher effective royalty rate than those in our current portfolio of open hotels.

我們對未來幾年有效特許權使用費率的持續上升趨勢感到樂觀，因為我們國內合約的有效特許權使用費率明顯高於我們目前開業酒店組合中的合約。

We continue to strengthen our partnership business, which encompasses revenues from our strategic partners and vendors. Excluding a one-time benefit in 2024 related to our prior credit card partner, this revenue stream increased 16% in the first half of the year and 7% year-over-year in the second quarter, primarily due to higher partnership fees from our co-brand credit card.

我們繼續加強我們的合作業務，其中包括來自我們的策略合作夥伴和供應商的收入。不包括 2024 年與我們之前的信用卡合作夥伴相關的一次性福利，該收入流在今年上半年增長了 16%，在第二季度同比增長了 7%，這主要歸功於我們聯名信用卡的合作費用增加。

We're also seeing these positive results in our non-RevPAR-related franchise fees for various services we provide, which increased by 6% in the second quarter compared to the prior year. Expanding our partnership service and fees as well as our non-RevPAR-related franchise fees remains one of our key initiatives, and we believe that we can drive strong revenue growth in the years ahead.

我們也看到了我們提供的各種服務的非 RevPAR 相關特許經營費用的積極成果，與去年同期相比，第二季度增長了 6%。擴大我們的合作服務和費用以及與 RevPAR 無關的特許經營費用仍然是我們的主要舉措之一，我們相信我們可以在未來幾年推動強勁的收入成長。

Finally, we expanded our EBITDA margins by 120 basis points during the second quarter as we continue to grow our top line while improving the productivity of our associates and the efficiency of our operations, reflected by a 4% decline in our adjusted SG&A. In the six months ended June 30, 2025, we generated $116 million in operating cash flows, including $96 million in the second quarter, and our free cash flow conversion was approximately 50%.

最後，由於我們繼續增加營業收入，同時提高員工生產力和營運效率，我們在第二季將 EBITDA 利潤率提高了 120 個基點，這反映在調整後的銷售、一般和行政費用下降了 4% 上。在截至 2025 年 6 月 30 日的六個月內，我們產生了 1.16 億美元的營運現金流，其中第二季為 9,600 萬美元，我們的自由現金流轉換率約為 50%。

Our business continues to produce strong cash flow, which coupled with our well-positioned balance sheet, allows us to execute on our capital allocation priorities. These include investing in growth initiatives and acquisitions while also returning significant capital to shareholders. Year-to-date through June, we've returned $137 million to shareholders, including $27 million in cash dividends and $110 million in share repurchases.

我們的業務繼續產生強勁的現金流，再加上我們良好的資產負債表，使我們能夠執行資本配置優先事項。其中包括投資成長計劃和收購，同時向股東返還大量資本。截至今年 6 月，我們已向股東返還 1.37 億美元，其中包括 2,700 萬美元的現金股利和 1.1 億美元的股票回購。

We had 3 million shares remaining in our authorization as of the end of June. As Pat discussed, we acquired the remaining 50% interest in Choice Hotels Canada from our joint venture partner for approximately USD112 million subject to customary adjustments for working capital and cash.

截至 6 月底，我們的授權股數還剩下 300 萬股。正如帕特所討論的，我們從合資夥伴手中收購了 Choice Hotels Canada 剩餘的 50% 的權益，收購價格約為 1.12 億美元，但需根據營運資金和現金進行常規調整。

For full year 2025, Choice Hotels Canada's operations are expected to generate approximately $18 million in EBITDA in US dollars, and we anticipate growing this EBITDA through the realization of cost synergies and driving higher revenues as we introduce our full array of brands to this key market, which offers us significant development growth opportunities.

預計 2025 年全年，精選酒店加拿大公司的營運將產生約 1800 萬美元的 EBITDA（以美元計算），隨著我們將全系列品牌引入這一關鍵市場，我們預計通過實現成本協同效應和推動更高的收入來增加這一 EBITDA，這為我們提供了巨大的發展增長機會。

As a reminder, Choice Hotels Canada refranchises over 26,000 rooms in Canada, which were already part of our system before the acquisition. We remain well positioned with a strong balance sheet with gross debt to trailing 12-month EBITDA ratio of 3.1x as of quarter end and total available liquidity of $588 million as of June 30, 2025. Furthermore, the pro forma leverage ratio accounting for the Canada joint venture acquisition remains at the low end of our targeted range.

提醒一下，Choice Hotels Canada 在加拿大重新特許經營了超過 26,000 間客房，這些客房在收購之前就已經是我們系統的一部分。我們仍然保持著良好的狀態，擁有強勁的資產負債表，截至季度末，總債務與過去 12 個月 EBITDA 的比率為 3.1 倍，截至 2025 年 6 月 30 日，總可用流動資金為 5.88 億美元。此外，計算加拿大合資企業收購的備考槓桿率仍處於我們目標範圍的低端。

Finally, I'd like to discuss our expectations for the remainder of the year. As a reminder, in the fourth quarter, we will face tougher comparisons due to the hurricane-related demand we benefited from last year. Reflecting the more uncertain macroeconomic backdrop, which is impacting domestic RevPAR performance across the lodging industry, particularly the mid-scale and economy segments, we are adjusting our domestic RevPAR expectations to a range of minus 3% to flat. The midpoint of this range assumes that the current trends we are observing will continue for the remainder of the year.

最後，我想討論一下我們對今年剩餘時間的期望。提醒一下，由於去年颶風帶來的需求，我們在第四季將面臨更嚴峻的比較。由於宏觀經濟背景更加不確定，影響了整個住宿業（尤其是中檔和經濟型酒店）的國內 RevPAR 表現，我們將國內 RevPAR 預期調整為下降 3% 至持平的範圍。該範圍的中點假設我們觀察到的當前趨勢將在今年剩餘時間內持續下去。

For the full year 2025, we are maintaining our adjusted EBITDA outlook range of $615 million and $635 million. The guidance reflects a more moderate domestic RevPAR expectation, offset by effective cost management and the additional earnings from the purchase of the remaining interest in Choice Hotels Canada.

對於 2025 年全年，我們維持調整後的 EBITDA 預期範圍為 6.15 億美元至 6.35 億美元。該指引反映了國內 RevPAR 預期較為溫和，但有效的成本管理和購買 Choice Hotels Canada 剩餘權益所帶來的額外收益抵消了這一影響。

We are updating our full year guidance for adjusted SG&A now expected to grow at a low-single-digit rate from the 2024 base of $276 million. We maintained strong conviction in our portfolio's resiliency, our model's versatility and adaptability and the strength of our fee-based business.

我們正在更新全年調整後銷售、一般及行政費用的指導，目前預計該指導將以 2024 年 2.76 億美元為基數，以低個位數增長率增長。我們對我們的投資組合的彈性、我們模型的多功能性和適應性以及我們收費業務的實力堅信不疑。

We anticipate growth will be driven by more revenue-intense hotels and markets, robust effective royalty rate growth, growth from our partnership revenue streams, strong international business and incremental revenue-generating opportunities from our expanded scale. This outlook does not account for any additional M&A, repurchase of the company's stock after June 30 or other capital markets activity.

我們預計，成長將受到更多收入密集型酒店和市場、強勁的有效特許權使用費率增長、合作夥伴收入流的增長、強勁的國際業務以及擴大規模帶來的增量創收機會的推動。這項展望並未考慮 6 月 30 日之後的任何額外併購、公司股票回購或其他資本市場活動。

Today's results are a testament to our strategy's effectiveness and the benefits of our expanded scale and versatile business model, even in a softer domestic RevPAR environment. We intend to keep investing in those areas of our business that will generate the highest return on our capital. At this time, Pat and I would be happy to answer any of your questions. Operator?

現今的業績證明了我們策略的有效性，以及我們擴大規模和靈活業務模式的優勢，即使在國內 RevPAR 環境較為疲軟的情況下也是如此。我們打算繼續投資那些能夠產生最高資本回報的業務領域。此時，帕特和我很樂意回答您的任何問題。操作員？

(Operator Instructions)

（操作員指示）

Dany Asad, Bank of America.

丹尼·阿薩德，美國銀行。

So Pat, maybe if we look at your international expansion, just from a strategy perspective, this quarter, you're going direct in Canada, but in other regions like South America and China, they are master franchising. So how do you decide direct versus master franchise in any given market? And should we expect one over the other over time? And then maybe can you just remind us of the difference in economics between the two?

所以帕特，如果我們從戰略角度來看待你的國際擴張，本季度你將直接在加拿大開展業務，但在南美和中國等其他地區，他們採用特許經營的方式。那麼，在特定市場中，您如何決定選擇直接特許經營還是主特許經營？隨著時間的推移，我們是否應該期待其中一種情況發生？那麼，您能否提醒我們兩者在經濟上的差異？

Yes. Sure, Dany. So effectively, the -- if you look at where we are in our international growth strategy, a lot of this goes back to the acquisition we did of Radisson. So we bought that brand at the end of 2022, effectively back half. 2023 was really a focus on the cost synergies, 2024 opened up a number of revenue synergy opportunities. And now in 2025, we're really leveraging that platform plus our existing business to expand internationally.

是的。當然，丹妮。因此，如果你看一下我們的國際成長策略，就會發現這在很大程度上要歸功於我們對麗笙的收購。因此，我們在 2022 年底收購了該品牌，實際上是下半年。 2023 年真正關注的是成本綜效，2024 年開闢了許多收入綜效機會。現在到了 2025 年，我們將真正利用該平台加上我們現有的業務來拓展國際業務。

The way we think about direct versus master franchise is really what are the fundamentals in each of those countries. And in markets where small business owners can aggregate capital and there's the correct regulatory environment, those are generally the two things that we look for where direct franchising makes sense.

我們對直接特許經營和特許經營權的看法實際上是根據每個國家的基本情況而定的。在小型企業主可以聚集資本並且擁有正確的監管環境的市場中，這通常是我們尋找直接特許經營有意義的兩個因素。

I would add to that the ability for owners to actually acquire the land. And so in certain markets, where we are doing direct franchising. So Canada now, Mexico, Australia, New Zealand, Europe, a good part of South America. All of those factors are present there. And if you look at our mix today, post acquisition of Canada, we're now more direct franchising than master franchising across the international portfolio. So those are the things that we look for.

我想補充的是，業主實際上有能力獲得土地。因此，在某些市場，我們正在進行直接特許經營。所以現在有加拿大、墨西哥、澳洲、紐西蘭、歐洲和南美洲的大部分地區。所有這些因素都存在。如果你看看我們今天的組合，在收購加拿大之後，我們現在在國際投資組合中更多的是直接特許經營，而不是主特許經營。這些就是我們所尋找的東西。

And as we said in our remarks, the Canadian opportunity, we've been in that market since 1955, built a great business there. Of the 70-year history, we had a 30-year great partnership with our JV partner. But since we acquired nine additional brands from Radisson, we also have our Cambria brand and our extended stay brands, bringing all of those to be supported by our existing Canadian team just makes a ton of sense, both from an opportunity perspective, but also cost avoidance of going into market in both in the prior world, we were doing both direct franchising for those other brands and the MFA.

正如我們在演講中所說，加拿大的機遇，我們自 1955 年以來就一直進入該市場，並在那裡建立了偉大的業務。在70年的歷史中，我們與合資夥伴維持了30年的良好合作關係。但是，由於我們從麗笙酒店集團收購了另外 9 個品牌，我們也有 Cambria 品牌和長住品牌，將所有這些品牌都交由我們現有的加拿大團隊提供支持，這非常有意義，不僅從機會角度考慮，而且還可以避免進入這兩個市場的成本。在之前的世界中，我們同時為其他品牌和 MFA 進行直接特許經營。

So it really is a great opportunity for us to consolidate the operation there, leverage the talent of our team headquartered out of Toronto and really grow our business there.

因此，這對我們來說確實是一個絕佳的機會，可以鞏固那裡的業務，利用我們多倫多總部團隊的人才，真正發展我們在那裡的業務。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Two more follow-ups on Canada. I mean, firstly, can you just help us understand the growth outlook there over the coming years. I know, Pat, you mentioned sort of the demographic drivers, but maybe more specifically, how quickly can you open new hotels or convert hotels? And then can you quantify some of the revenue and cost synergies that you referenced maybe on a stabilized basis two- to three years out?

關於加拿大的另外兩個後續問題。我的意思是，首先，您能否幫助我們了解未來幾年的成長前景。我知道，帕特，您提到了人口驅動因素，但更具體地說，您能多快開設新酒店或改造酒店？然後，您能否量化您提到的兩到三年內穩定下來的收入和成本協同效應？

Yes, Michael, I think the dynamics around development and hotel openings and the speed with which to do it in Canada looks very similar to what we have here in the US. The dynamics around conversion versus new construction, very similar. So if you look at an extended stay opportunity up there, given WoodSpring and Everhome, those are more new construction brands. So those will take some time, whereas Suburban and Mainstay are more conversion brands. So those could be showing up sooner.

是的，邁克爾，我認為加拿大的酒店開發和開業動態以及速度與美國非常相似。轉換與新建的動態非常相似。因此，如果您考慮那裡的長期住宿機會，考慮到 WoodSpring 和 Everhome，這些都是新的建築品牌。所以這些都需要一些時間，而 Suburban 和 Mainstay 更多的是轉換品牌。所以這些可能會更快出現。

I think when we look at the health of that market, the reason we disclosed just some of the growth trajectories there, 5% healthy growth is really positive.

我認為，當我們觀察該市場的健康狀況時，我們披露那裡的一些成長軌蹟的原因在於，5% 的健康成長確實是積極的。

So the other thing is the quality of the product in Canada. The RevPAR there of that system is pretty significant. So it's a good quality product and the franchisees up there, we already have an existing base of 200 who are interested in doing more brands with us. So really having that support team up there, supporting all of the brands, I think, is going to be a really exciting growth opportunity for us.

所以另一件事是加拿大產品的品質。該系統的 RevPAR 相當可觀。因此，這是一款優質的產品，我們現有的特許經營商已有 200 家，他們有興趣與我們合作經營更多品牌。因此，我認為，擁有這樣的支援團隊，支持所有品牌，對我們來說將是一個非常令人興奮的成長機會。

I think as we get further into the ownership structure and some more details and maybe in the future, we can provide more unit growth expectations for that market. But we're pretty excited by the interest in our brands up there. And as I said, the long history we have with existing franchisees.

我認為，隨著我們進一步了解所有權結構和更多細節，也許在未來，我們可以為該市場提供更多的單位成長預期。但我們對那裡對我們品牌的興趣感到非常興奮。正如我所說，我們與現有特許經營商有著悠久的歷史。

Dan Politzer, JPMorgan.

摩根大通的丹‧波利策。

Another one on international. I mean I think that by our estimate, this is about 6%, 7% of your EBITDA, maybe a couple of points higher now with Canada. You have a long-term expectation -- one, I wanted to sanity check that, but two, do you have a kind of a long-term goal or expectation for how this could evolve over time in the coming years as maybe you look to do more of these international deals?

另一個是關於國際的。我的意思是，根據我們的估計，這大約佔你們 EBITDA 的 6% 到 7%，在加拿大可能還要高出幾個點。您有一個長期期望——首先，我想對此進行合理性檢查，其次，您是否有一個長期目標或期望，對於未來幾年這種情況將如何發展，因為也許您希望進行更多此類國際交易？

Yes. I think for -- it obviously differs by region. I think if you look at the 7% increase that we saw in EMEA, a lot of that is sort of based off of the existing franchisee base and the opportunities we have for our brands. And they differ -- they do differ by region. So we do see significant upside there. I think what we'll likely do sometime in the future is sort of lay some of this out in a more detailed fashion about where we see those growth opportunities.

是的。我認為——這顯然因地區而異。我認為，如果你看看我們在歐洲、中東和非洲地區看到的 7% 的成長，你會發現其中很大一部分是基於現有的特許經營商基礎以及我們為品牌提供的機會。而且它們因地區而異。因此我們確實看到了顯著的上升空間。我認為我們將來可能會更詳細地闡述我們所看到的成長機會。

But as I mentioned in the remarks, some of these are foundational, so what we are seeing in China, for instance, is partnering with a very strong player in that market, bringing a couple of our mid-scale brands there with a pretty significant opportunity. It's really a look into these markets and looking at the right partners that we have on the MFA side. And then on the direct franchising, as I said, particularly in the Americas region, we are looking to grow the system size there, very similar to what we experienced here in the US.

但正如我在評論中提到的，其中一些是基礎性的，因此，例如，我們在中國看到的是與該市場非常強大的參與者合作，將我們的幾個中檔品牌帶到那裡，這是一個相當大的機會。這實際上是對這些市場的觀察，並尋找我們在 MFA 方面的合適合作夥伴。然後關於直接特許經營，正如我所說，特別是在美洲地區，我們希望擴大那裡的系統規模，這與我們在美國所經歷的非常相似。

And Dan, a follow-up on your question on just the absolute size. Yes, you're right, it's about 6% of our current EBITDA prior to the acquisition of Choice Hotels Canada. And what we're really excited about is we've been able to really grow that EBITDA during the quarter, that was up 10% even before the acquisition. So really a strong opportunity for us, a lot of white space where we think we can grow at a more accelerated fashion for the company.

丹，關於絕對尺寸的問題，我想跟進一下。是的，您說得對，這大約占我們收購 Choice Hotels Canada 之前當前 EBITDA 的 6%。我們真正興奮的是，本季我們的 EBITDA 確實實現了成長，在收購之前就已經成長了 10%。因此，這對我們來說確實是一個很大的機會，有很多空白空間，我們認為我們可以以更快的方式為公司發展。

Got it. And if I could just squeeze in a quick follow-up. Just in terms of the RevPAR cadence, you guys called out and reminded us that, that fourth quarter hurricane benefit, which we have from the prior year to compare against, is there any way to kind of think about or frame out the cadence of RevPAR growth for the rest of the year, just given some of those puts and takes?

知道了。如果我能擠出時間快速跟進就好了。就 RevPAR 節奏而言，你們提醒我們，第四季度的颶風收益與去年同期相比有所差異，那麼，在考慮到一些利弊之後，是否有辦法預測或確定今年剩餘時間 RevPAR 的成長節奏？

Yes. Just as a reminder, what we talked about in the fourth quarter of last year is we did see about a 125-basis point lift related to business delivered from FEMA accounts, the Red Cross business as well as increased spending from the restoration crews.

是的。提醒一下，我們在去年第四季談到的是，我們確實看到與聯邦緊急事務管理署帳戶業務、紅十字會業務以及修復人員支出增加相關的業務增長了約 125 個基點。

For the rest, in terms of the pace for the rest of the year, really where our guidance is in the midpoint is to think about our pace for the second quarter to continue through the rest of the year, that would hit about the midpoint of our guidance. Obviously, any improvement to that would be towards the top end and any softness would be towards the bottom end.

對於其餘部分，就今年剩餘時間的步伐而言，我們的指導實際上處於中間點，即考慮將第二季度的步伐延續到今年剩餘時間，這將達到我們指導的中間點。顯然，任何改進都將朝著高端發展，而任何柔軟度都將朝著低端發展。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯，Truist Securities。

My first question, in the prepared remarks, everything sounded pretty uniformly positive. But then on the other hand, you're taking your RevPAR guidance down where you called out basically current trends as the driver for that. I'm wondering if you could talk a little bit more on specifically what in those current trends is softer now than your previous expectations, customer segments, geographies, et cetera? And then I have a follow-up question.

我的第一個問題，在準備好的發言中，一切聽起來都非常正面。但另一方面，您卻下調了 RevPAR 指導，而您稱當前的趨勢基本上是導致這一現象的驅動因素。我想知道您是否可以具體談談當前趨勢中哪些方面比您之前的預期更弱，客戶細分、地理位置等等？然後我有一個後續問題。

Yes, Patrick, I mean, the two headwinds and the whole industry is experiencing there's a really international inbound and government travel. Those are the two things that have sort of modestly set back RevPAR expectations. I think when we -- the reason we're positive is if you look at the US consumer, consumer confidence is trending up, credit card delinquencies are flat. We pointed out in our remarks, gas prices are lower, people are driving more than flying.

是的，帕特里克，我的意思是，這兩個不利因素以及整個行業正在經歷的真正的國際入境和政府旅行。這兩件事在一定程度上降低了 RevPAR 的預期。我認為，我們之所以持樂觀態度，是因為如果你看看美國消費者，你會發現消費者信心呈現上升趨勢，信用卡拖欠率持平。我們在評論中指出，油價較低，人們開車旅行比乘飛機旅行更多。

And then you've had some pretty significant catalysts in the kind of middle of the year here. You've got certainty now on tax reform. You've got a solid labor market, the trade policy is sort of settling out. Corporate profits are healthy. And then you've got these catalysts for growth, significant investments in both infrastructure with Gen AI and all of the efforts that we see going on around that and then the reshoring of American manufacturing.

然後，到了年中，你會看到一些非常重要的催化劑。現在，您已經對稅制改革有了確定性。你們擁有穩固的勞動市場，貿易政策也逐漸穩定。企業利潤健康。然後你就有了這些成長的催化劑，對人工智慧基礎設施的大量投資以及我們看到的所有圍繞這一領域的努力，以及美國製造業的回流。

So you couple that with the limited hotel supply growth that the industry has seen for the last couple of years and particularly in our segments, it gives us a lot of optimism about the future of RevPAR growth.

因此，再加上過去幾年酒店業（尤其是在我們的細分市場）的供應量增長有限，我們對未來 RevPAR 的成長充滿信心。

So that's why I think we've had this sort of very choppy first half of the year. The upside case is pretty strong when you look at the industry fundamentals. And so that's why when we kind of look at the RevPAR environment, those are the positive aspects. But we are still, as we mentioned, seeing softness from government travel and international inbound.

所以我認為這就是我們今年上半年如此動盪的原因。從業界基本面來看，上行前景相當強勁。因此，當我們觀察 RevPAR 環境時，這些都是正面的方面。但正如我們所提到的，我們仍然看到政府旅行和國際入境旅遊的疲軟。

Okay. And then my follow-up question, this actually has to do with an article that came out -- a news article a couple of weeks ago regarding a loan that you had made in San Jose to a Motel 6 property and a Super 8 property, neither of which I believe are your brands for $22 million that appears to, per the article, defaulted. I guess my question is why is Choice making loans to competitors' brands?

好的。然後我的後續問題是，這實際上與幾週前發表的一篇文章有​​關——一篇新聞文章，講述了您在聖何塞向一家 Motel 6 酒店和一家 Super 8 酒店提供的一筆 2200 萬美元的貸款，我認為這兩家酒店都不是您的品牌，但根據文章內容，這筆貸款似乎已經違約。我想我的問題是為什麼 Choice 要向競爭對手的品牌提供貸款？

And secondly, are there any other loans of size similar like this that we should be aware of?

其次，是否有其他類似規模的貸款值得我們注意？

Yes. So we -- those loans were not to a competitor brand. So they were around some new product that we had brought in at our Park Inn brand last year as we launched it. So typically, we do use our balance sheet to launch new brands. I think you're well aware of the investments we've made over the years in Cambria and Everhome to launch it.

是的。所以我們——這些貸款不是提供給競爭對手品牌的。因此，它們圍繞著我們去年推出的 Park Inn 品牌的一些新產品。因此，通常我們確實會使用資產負債表來推出新品牌。我想您很清楚我們多年來在 Cambria 和 Everhome 上進行的投資。

We had a previous Motel 6 owner that was bringing a large amount of properties over to the Park Inn brand to get that brand started and we did make a loan on one of the properties. That owner has had some financial difficulties, but we are working through the collection process on that. We do detail our overall loans, which are predominantly towards Cambria and Everhome in our financial disclosures, but nothing of significance other than that, that has any financial difficulty at this point.

我們之前有一位 Motel 6 的業主，他將大量房產轉入 Park Inn 品牌，以啟動該品牌，我們確實為其中一處房產提供了貸款。該業主遇到了一些財務困難，但我們正在努力解決這個問題。我們確實在財務揭露中詳細說明了我們的整體貸款，這些貸款主要針對 Cambria 和 Everhome，但除此之外，沒有任何重要資訊表明目前存在任何財務困難。

Okay. Any other significant loans of size that are in good standing? That's my last question.

好的。還有其他規模較大且信譽良好的貸款嗎？這是我的最後一個問題。

Yes. We don't typically do lending. Typically, our capital support programs have been more in joint ventures and building hotels. On the books today, we have just under $80 million of loans on the books spread across multiple properties.

是的。我們通常不做貸款業務。通常，我們的資本支持計劃更多地用於合資企業和酒店建設。目前，我們的帳面上有將近 8000 萬美元的貸款，分佈在多個房產上。

It seems so unusual.

這看起來很不尋常。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great. Just wanted to make sure I understand, looking at your global net system rooms, the guidance is for 1% growth this year, and that didn't change since last quarter, but it seems like the agreement in China and would already -- I know the rooms in Canada would have been in your system already, but it does seem like China would have added to that. So just wondering if that's not included in that Global Net Systems guidance yet or if it's just -- maybe some domestic deletions were part of that?

偉大的。只是想確保我理解，看看你們的全球淨系統客房數量，今年的指導目標是增長 1%，而且自上個季度以來沒有變化，但似乎與中國達成的協議已經——我知道加拿大的客房數量已經包含在你們的系統中，但看起來中國還會繼續增加客房數量。所以只是想知道這是否尚未包含在全球網路系統指南中，或者只是 - 也許其中一些國內刪除了？

Yes, Robin, I think when you look at the whole picture, you start with in the quarter, up 2% in global rooms. When we look at our franchise agreements that we've awarded, if you take out the onetime Westgate agreements from last year, we're up 5% year-over-year upper mid-scale, mid-scale awarded contracts were up 15%. Extended Stay remains strong.

是的，羅賓，我認為當你看整體情況時，從本季開始，全球客房數量增加了 2%。當我們查看我們授予的特許經營協議時，如果扣除去年的一次性 Westgate 協議，我們授予的中高端合約同比增長 5%，中型合約同比增長 15%。延長住宿依然強勁。

And as we talked in our remarks about the economy segment, we've really been looking at removing lower-performing properties in that segment. And that better product quality in the Economy segment is really giving us the confidence to sort of continue to exit out underperforming properties because we've got such strong demand in that segment, and you saw that in our numbers.

正如我們在談到經濟領域時所說，我們一直在考慮移除該領域中表現較差的資產。經濟型酒店領域產品品質的提高確實給了我們信心，讓我們能夠繼續退出表現不佳的酒店，因為該領域的需求非常強勁，這一點您可以從我們的數據中看到。

So what we're looking at from a total unit growth is the benefits of the future contracts that we've got, either already awarded or apps that we have received or in-house and also the strategic terminations that we're doing along the way.

因此，從整體單位成長來看，我們所關注的是未來合約帶來的好處，無論是已經授予的合同，還是我們收到的應用程式或內部的合同，以及我們在此過程中進行的戰略終止。

And Robin, I would say we executed that Chinese agreement towards the beginning of the quarter, so that was contemplated in our previous guidance.

羅賓，我想說我們在本季初就執行了那項中國協議，所以這在我們之前的指導中已經考慮到了。

Okay. Great. And then just also wanted to follow up. There was an operating profit guarantee in this quarter that was a little bit of an impact on your EBITDA. Are there additional operating profit guarantees and just kind of this year, next year, any future years just for us to think about?

好的。偉大的。然後只是想跟進一下。本季有一項營業利潤保證，這對您的 EBITDA 有一點影響。是否有額外的營業利潤保證以及今年、明年或未來幾年需要我們考慮的事情？

Yes. As you're aware, the management business is not a large part of our business. We did acquire that with the Radisson Hotels Americas. So we manage 13 hotels. A portion of those are with one owner, there is an operating guarantee across a portfolio of hotels. The total amount that potentially could be paid under that over the life of the agreement is $20 million. It's an annual valuation of that agreement.

是的。如您所知，管理業務並不是我們業務的重要組成部分。我們確實透過麗笙美洲酒店集團 (Radisson Hotels Americas) 收購了該酒店。因此我們管理 13 家飯店。其中一部分屬於同一所有者，飯店組合的營運有保障。根據該協議，在協議有效期內可能支付的總金額為 2000 萬美元。這是對該協議的年度評估。

So we did some softness in some of the markets as well as a renovation of one of the hotels have put us a little bit behind on the performance. But at this point in time, we evaluate that going forward and don't expect to pay anything more material than what we've recorded today, but continuing to monitor the performance of those hotels.

因此，我們在一些市場上表現得有些疲軟，其中一家酒店也進行了翻新，導致我們的業績略有落後。但目前，我們對未來進行了評估，並不期望支付比今天記錄的更多的實質費用，但會繼續監控這些飯店的表現。

Meredith Jensen, HSBC.

匯豐銀行的梅瑞迪絲‧詹森。

I know in the past, you've spoken about managing the balance between occupancy and rate as part of revenue optimization. And so I was wondering if you could speak to sort of how you're thinking about driving incremental occupancy, particularly now as you have sort of a different mix of -- with higher variable service costs associated to sort of higher revenue intense brands and sort of how you and the franchisees are approaching this trade-off in this kind of environment?

我知道，您過去曾談到管理入住率和房價之間的平衡作為收入優化的一部分。所以我想知道您是否可以談談您如何考慮推動入住率的提升，特別是現在您有了一種不同的組合——更高的可變服務成本與更高收入密集型品牌相關，以及您和特許經營商在這種環境下如何處理這種權衡？

Yes. Meredith, it's a great question, and it's actually kind of a reflection of how our franchisees, I think, are managing through this uncertainty. The good news for us is that they are hanging on to occupancy and actually taking occupancy share gains, which is a reflection of the primarily limited service nature of our brands, and I think it's really important to understand that fact.

是的。梅雷迪斯，這是一個很好的問題，我認為這實際上反映了我們的特許經營者如何應對這種不確定性。對我們來說，好消息是他們保持了入住率，並且實際上獲得了入住率份額的增長，這反映了我們品牌主要有限的服務性質，我認為了解這一事實非常重要。

So yes, we are in more revenue-intense segments, but that doesn't necessarily mean the cost per occupied room is higher. You look at extended stay, for instance, where the cost per occupied room is very low, but the revenue intensity of those brands is higher because of the length of stay and the room count in the hotels.

所以是的，我們處於收入更密集的領域，但這並不一定意味著每間客房的成本更高。以長住飯店為例，其每間客房的成本非常低，但由於住宿時間和飯店客房數量較多，這些品牌的收入強度較高。

So our owners have been managing this through this time of uncertainty, looking to hold on to customers and because of the limited service nature of those brands, the profit margins on each room makes sense for them. So we see it as a positive sign. And if you're well aware of sort of past cycles, you need occupancy in order for rate gains to return. And so we're pretty pleased to see that occupancy is not dropping as well as rate. So to have occupancy be stable or slightly up is a positive sign for the future.

因此，我們的業主一直在應對這個不確定的時期，希望留住客戶，並且由於這些品牌的服務性質有限，每個房間的利潤率對他們來說是合理的。因此我們認為這是一個積極的信號。如果您清楚了解過去的週期，您就會知道入住率是推動房價上漲的關鍵。因此，我們很高興地看到入住率和房價都沒有下降。因此，入住率保持穩定或略有上升對未來來說是一個積極的信號。

That's super helpful color. And very quickly, I was wondering if you could just clarify how many of the Everhome and Cambria you still have over in ownership and how you're thinking about recycling nodes? And lastly, sorry to toss one more in, if you could discuss conversion activity internationally, in particular.

這是非常有用的顏色。很快，我想知道您是否可以澄清一下您仍然擁有多少 Everhome 和 Cambria，以及您如何考慮回收節點？最後，很抱歉再問一個問題，請您特別討論一下國際上的轉換活動。

Yes, I can -- I'll start with the ownership of hotels. So today, we have 13 hotels that we own and operate. Those are 8 Cambrias, 3 Radissons and 2 Everhomes.

是的，我可以——我將從酒店所有權開始。如今，我們擁有並經營 13 家酒店。它們是 8 家 Cambria 酒店、3 家 Radisson 酒店和 2 家 Everhomes 酒店。

Sorry, I was going to answer your other question, Meredith, on conversions on international. It's very similar to the US business. I mean I would say in Europe, given most of those are leaseholds, it's a primarily conversion business there. But when you look at Canada, you look at LatAm, you look at Australia and New Zealand, some of those markets, the conversion and new construction mix is very similar to the US.

抱歉，梅雷迪斯，我本來要回答你的另一個問題，關於國際轉換。這與美國的業務非常相似。我的意思是，我想說在歐洲，由於其中大多數是租賃權，所以那裡主要是轉換業務。但是當你看看加拿大、拉丁美洲、澳洲和紐西蘭時，其中一些市場，轉換和新建築組合與美國非常相似。

Alex Brignall, Rothschild & Co Redburn.

亞歷克斯‧布里格納爾 (Alex Brignall)，羅斯柴爾德雷德伯恩公司 (Rothschild & Co Redburn)。

Could we just look at the US net unit evolution? I guess in there, there's a little continued reduction in Radisson, but just across the beginning of the year, it's down over 10,000 rooms. So maybe you could just give us some detail on how much of that is sort of intended churn of low revenue room that you've taken out and whether you could give us the gross and net number within that.

我們能看看美國淨單位的演變嗎？我想，雷迪森酒店的客房數量還會繼續減少，但就在今年年初，它的客房數量就減少了 10,000 多間。因此，也許您可以向我們提供一些細節，說明其中有多少是您有意從低收入房間中取出的，以及您是否可以提供其中的總額和淨額。

And then just on the 3% that you said in terms of the higher-end brand growth, again, would that include the China partnership agreement from the Ascend Collection, would that be within that number? Because obviously, that's a relatively big number.

然後，就您所說的高端品牌成長 3% 而言，這是否包括 Ascend Collection 的中國合作協議，這是否在這個數字之內？因為顯然這是一個相對較大的數字。

Yes. To answer your first question on Radisson. So one of the things that I think we talked about in the first quarter is skewing the results a little bit is we did have more of a distribution agreement that came over with the Radisson acquisition with the Treasure Island hotel in Las Vegas represented close to 3,000 rooms. So there was just a loyalty program arrangement that paid for loyalty program members that stayed there. So it was something that when we acquired Radisson, it was a known contract that was expiring that we knew was leaving the system.

是的。回答您關於 Radisson 的第一個問題。因此，我認為我們在第一季度討論過的一個問題是，我們確實與麗笙酒店集團達成了一項分銷協議，該協議對業績產生了一些影響，該協議與拉斯維加斯的金銀島酒店有近 3,000 間客房。因此，這只是一個忠誠度計劃安排，為住在那裡的忠誠度計劃會員支付費用。因此，當我們收購麗笙酒店時，我們知道該酒店合約即將到期，並且該酒店將退出我們的系統。

So it has skewed the room numbers a little bit, but it was not a meaningful revenue contributor. I'd say, in terms of the other declines, again, as we purchased that brand, we understood that there were some underperforming properties. And with the success we've had in upscale, we thought it was the right thing to do is to make sure that we have the right product going forward for our guests.

因此，它對客房數量造成了一些影響，但對收入的貢獻並不大。我想說，就其他方面的下滑而言，當我們購買該品牌時，我們了解到有一些表現不佳的資產。鑑於我們在高檔飯店領域的成功，我們認為正確的做法是確保我們為客人提供合適的產品。

So the rest of it has all been planned of what we expected for the Radisson brand to churn. We do expect in kind of '26, '27 to start seeing more growth there. Certainly, we've seen that on an international basis. That's a very strong brand in the LatAm. So we've been pleased with kind of what the global story looks like for Radisson.

因此，我們對麗笙品牌的其餘部分都進行了規劃。我們確實預計在 26 年、27 年左右那裡會出現更多的成長。當然，我們在國際上已經看到了這一點。這是拉丁美洲地區非常強大的品牌。因此，我們對麗笙酒店的全球發展感到滿意。

In terms of your numbers, I think you're talking about our rooms growth to date. That does not include -- we have not opened yet the Chinese hotels yet. So that 3%, that's still sitting in the pipeline for the Chinese hotels and not included in the year-over-year growth rates of our overall portfolio through June 30.

就您的數字而言，我認為您談論的是迄今為止我們的客房增長。這還不包括——我們還沒有開設中國酒店。因此，這 3% 仍處於中國酒店的規劃階段，並未計入我們截至 6 月 30 日的整體投資組合的同比增長率中。

Okay, that's fantastic. And I guess a follow-up on the second question then. How much of the growth in the revenue intense segments is coming in the international business, where obviously there's a much higher mix of kind of master franchising and lower fee agreements, which, of course, dilute the overall group royalty rate.

好的，太棒了。我想接下來是第二個問題的後續問題。收入密集領域的成長有多少來自國際業務，其中顯然特許經營和低費用協議的組合要高得多，這當然會稀釋整體集團的特許權使用費率。

Yes, I would say outside of the Chinese partnership, most of the growth we have is coming from the direct markets, which are a much higher royalty rate, as we've talked about. So the growth we've had in Europe with our partnership with Zenitude in France, we've signed them with a multiunit developer in Spain. All those are direct franchise agreements that are paying on that higher royalty rates. So outside of the Chinese partnership on the indirect MFAs, it's mainly direct franchising growth.

是的，我想說，除了中國合作夥伴之外，我們的大部分成長都來自直接市場，正如我們所討論的，這些市場的版稅率要高得多。因此，我們透過與法國 Zenitude 的合作在歐洲取得了成長，並與西班牙的多單元開發商簽約。所有這些都是直接特許經營協議，並支付更高的特許權使用費率。因此，除了與中國在間接 MFA 方面的合作之外，主要還是直接特許經營的成長。

And it's -- from a revenue intense perspective, our economy brands really aren't represented in a meaningful way. So it's almost 100% from an international pipeline is in those revenue intense segments.

從收入密集的角度來看，我們的經濟品牌確實沒有得到有意義體現。因此，這些收入密集型領域的收入幾乎 100% 來自國際通路。

Thank you. And there are no further questions at this time. I will now hand the call back to Mr. Pat Pacious for any closing remarks.

謝謝。目前沒有其他問題。現在我將把電話轉回給帕特·帕修斯先生，請他做最後發言。

Thank you, operator, and thanks, everybody, again, for your time this morning. We will talk to you again in November when we announce our third quarter 2025 results. Have a great day.

謝謝接線員，也再次感謝大家今天早上抽出時間。我們將於 11 月公佈 2025 年第三季業績時再次與您交談。祝你有美好的一天。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。