Choice Hotels International Inc (CHH) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Choice Hotels International's third-quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。歡迎參加 Choice Hotels International 2025 年第三季財報電話會議。（操作說明）

I will now turn the call over to Allie Summers, Senior Director of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係高級總監艾莉·薩默斯。請繼續。

Good morning, and thank you for joining us. Before we begin, please note that today's discussion includes forward-looking statements as defined under US securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For more information, please refer to our filings with the SEC, including our most recent Forms 10-K and 10-Q. These statements speak only as of today, and we undertake no obligation to update them.

早安，感謝各位的參與。在開始之前，請注意，今天的討論包含美國證券法定義的前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與明示或暗示的結果有重大差異。有關更多信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格和 10-Q 表格。這些聲明僅代表截至今日的情況，我們不承擔更新它們的義務。

A reconciliation of any non-GAAP financial measures referenced in today's remarks is included in our earnings press release available on the Investor Relations section of choicehotels.com Today's remarks also include projected non-GAAP adjusted EBITDA contributions from our international operations. We are unable to provide a reconciliation to comparable net income projections without unreasonable effort as the necessary adjustments cannot be reasonably estimated for the period. The impact of this unavailable information could be significant relative to our expectations due to the inherent difficulty in forecasting certain items.

今天講話中提及的任何非GAAP財務指標的調節表均包含在我們的盈利新聞稿中，該新聞稿可在choicehotels.com的投資者關係部分查閱。今天的演講還包括我們國際業務預計的非GAAP調整後EBITDA貢獻。由於無法合理估計該期間所需的調整，因此我們無法在不付出不合理努力的情況下提供與可比較淨收入預測的調節表。由於某些項目本身就難以預測，因此，這些資訊的缺失可能會比我們預期的產生更大影響。

Joining me this morning are Pat Pacious, our President and Chief Executive Officer; and Scott Oaksmith, our Chief Financial Officer. Pat will discuss our business performance and strategic progress and Scott will review our financial results and outlook. And with that, I will turn the call over to Pat.

今天早上和我一起出席的有我們的總裁兼執行長帕特·帕西奧斯，以及我們的財務長斯科特·奧克史密斯。Pat 將討論我們的業務表現和策略進展，Scott 將回顧我們的財務表現和展望。接下來，我將把電話交給帕特。

Thank you, Allie, and good morning, everyone. We appreciate you joining us today.

謝謝你，艾莉，大家早安。感謝您今天蒞臨。

In the third quarter, we drove adjusted EBITDA 7% higher to $190 million, reflecting the strength of our higher revenue brand mix, a surge in our small and medium business traveler and group's business revenue, continued momentum across our partnership revenue streams, and the accelerating earnings contribution now coming from our expanding international business. The strength of these earnings drivers allows us to raise the midpoint of our full-year earnings outlook and tighten the range reinforcing our confidence in the growth of our global business going forward.

第三季度，我們調整後的 EBITDA 成長了 7%，達到 1.9 億美元，這反映了我們更高的收入品牌組合的強勁表現、中小企業旅客和團體業務收入的激增、合作夥伴收入來源的持續增長勢頭，以及我們不斷擴大的國際業務帶來的收益貢獻的加速增長。這些獲利驅動因素的強勁表現使我們能夠提高全年獲利預期的中位數，並收緊預期範圍，從而增強我們對未來全球業務成長的信心。

During the quarter, we increased our net global rooms by nearly 2.5% year over year, and growth was led by continued expansion in higher revenue segments, where we grew by nearly 3.5%, along with higher revenues per hotel across all segments.

本季度，我們的全球淨客房數年增近 2.5%，成長主要得益於高收入細分市場的持續擴張，成長近 3.5%，同時所有細分市場的每家飯店收入也有所提高。

Today, 90% of our global portfolio consists of those higher revenue-generating rooms, further strengthening the value we deliver to guests, franchisees and shareholders. The future growth of our portfolio is compelling, fueled by robust developer interest with global franchise agreements awarded up 54% year over year. And today, 98% of rooms in our global pipeline are in higher revenue brands.

如今，我們全球投資組合的 90% 都是那些能帶來更高收益的客房，這進一步增強了我們為客人、加盟商和股東創造的價值。在開發商的強勁需求推動下，我們投資組合的未來成長前景十分可觀，全球特許經營協議的授予數量同比增長了 54%。如今，我們全球在建工程中 98% 的客房都屬於高收入品牌。

As shown in our investor supplementary materials, these hotels are expected to be 1.7 times more accretive than our current portfolio, driven by their RevPAR premium, higher effective royalty rates, and larger average room counts. This pipeline strength underscores our ability to continue to elevate our earnings per unit by adding accretive hotels to our platform.

正如我們在投資者補充資料中所示，這些飯店的增值潛力預計將比我們目前的投資組合高出 1.7 倍，這主要得益於其每間可供出租客房收入溢價、更高的有效特許權使用費率以及更大的平均客房數量。這項專案儲備實力凸顯了我們透過在我們的平台上增加增值酒店來持續提高單位收益的能力。

Our pipeline is important not only for its size, but also for the quality of the hotels within it and the velocity at which we are able to convert signings into openings. In fact, the number of hotels that opened over the past year without ever appearing in our global pipeline accounted for approximately 1% of the system-wide unit growth. As we look ahead, we're optimistic about the next phase of the US lodging cycle and its impact on new construction openings.

我們的專案儲備不僅規模龐大，而且酒店的品質以及我們將簽約轉化為開業的速度也至關重要。事實上，過去一年中開業但從未出現在我們全球項目儲備中的酒店數量約佔系統整體單位增長的 1%。展望未來，我們對美國住宿業週期的下一階段及其對新酒店開業的影響持樂觀態度。

In the US, we expect last week's lowering of interest rates, continued investments in the build-out of AI infrastructureand a constructive regulatory environment will drive stronger demand especially for our travelers. Combined with low industry supply growth, continued favorable demographic trends and significant demand catalysts, such as the 2026 World Cup, the US 250th Anniversary, and the Route 66 Centennial, these tailwinds are expected to generate incremental travel across our markets and set the stage for stronger RevPAR growth in the years ahead.

在美國，我們預計上週利率的下調、對人工智慧基礎設施建設的持續投資以及建設性的監管環境將推動更強勁的需求，尤其是對我們的旅客而言。結合產業供應成長緩慢、持續有利的人口趨勢以及 2026 年世界盃、美國建國 250 週年和 66 號公路百年紀念等重大需求催化劑，這些利好因素預計將促進我們市場內旅行量的增加，並為未來幾年 RevPAR 的強勁成長奠定基礎。

Backed by the strength of our core travel base, retirees, road trippers, and America's blue- and gray-collar workforce, our purpose-built hotel portfolio is well positioned for sustained growth.

憑藉我們強大的核心旅遊群體、退休人員、自駕遊愛好者以及美國藍領和灰領勞動力的支持，我們精心打造的酒店組合已做好持續增長的準備。

As we look for signs as to when the cycle in the US may turn positive for our business, two indicators are moving in the right direction. First, our economy transient segment occupancy performance has begun to improve year-to-date and has shown year-over-year growth in each of the last two quarters excluding the impact of the third quarter 2024 hurricane. This segment was also the first to recover after the last period of demand softening, followed by the midscale segment.

當我們尋找美國經濟週期何時可能對我們的業務產生積極影響的跡象時，有兩個指標正朝著正確的方向發展。首先，我們的經濟型短期住宿入住率今年以來已開始改善，並且在過去兩個季度中均實現了同比增長（不包括 2024 年第三季度颶風的影響）。在上一輪需求疲軟之後，這一細分市場也率先復甦，其次是中檔市場。

Second, occupancy index across our entire US portfolio is up slightly year to date, a constructive early indicator that in prior cycles, has preceded broader US RevPAR growth.

其次，我們整個美國投資組合的入住率指數今年迄今略有上升，這是一個建設性的早期指標，在先前的周期中，它預示著美國整體RevPAR的成長。

Turning to our business outside the US. 2025 has been the year that we put the final pieces of our growth foundation in place, and we're very excited about the future. Our international business which represents $3 billion in gross rooms revenue is now our highest growth opportunity. As highlighted in our supplemental investor materials, our teams have made incredible progress in improving the value proposition of our brands. They've delivered higher earnings per hotel, higher royalties, and higher operating margins for our business internationally.

展望我們在美國以外的業務。 2025年是我們完成成長基礎建設的最後階段，我們對未來充滿信心。我們國際業務目前擁有 30 億美元的客房總收入，是我們最大的成長機會。正如我們在補充投資者資料中所強調的那樣，我們的團隊在提升品牌價值主張方面取得了令人矚目的進展。它們為我們在國際上的業務帶來了更高的每家酒店收益、更高的特許權使用費和更高的營業利潤率。

We've built a scalable global platform and successfully repositioned the business towards a higher-value direct franchising business model, which has grown by 22 percentage points over the past three years and now represents 40% of our international rooms portfolio. Over that same period, our international EBITDA margins have expanded to 70% and per-unit EBITDA has tripled.

我們已經建立了一個可擴展的全球平台，並成功地將業務重新定位為更高價值的直接特許經營業務模式，該模式在過去三年中增長了 22 個百分點，現在占我們國際客房組合的 40%。同期，我們的國際 EBITDA 利潤率擴大至 70%，單位 EBITDA 成長了兩倍。

The foundation we've built gives us high confidence in our ability to capture rising demand across markets where our brands have a meaningful runway for growth and a significant opportunity for continued royalty rate expansion. With this momentum, we expect to generate more than $50 million in international adjusted EBITDA by 2027, doubling from our 2024 baseline.

我們所建立的基礎使我們對自身能力充滿信心，能夠抓住各個市場不斷增長的需求，在這些市場中，我們的品牌具有顯著的成長空間，並且有很大的機會繼續擴大特許權使用費率。憑藉這一勢頭，我們預計到 2027 年，國際調整後 EBITDA 將超過 5,000 萬美元，比 2024 年的基準值翻倍。

In the third quarter alone, we achieved 35% growth in adjusted international EBITDA, and we expanded our international portfolio by over 8% year over year surpassing 150,000 rooms outside the US. That growth was fueled by a 66% year-over-year increase in hotel openings.

僅在第三季度，我們的調整後國際 EBITDA 就實現了 35% 的增長，並且我們的國際投資組合同比增長超過 8%，在美國以外的客房數量超過 15 萬間。這一增長主要得益於酒店開業數量年增 66%。

In EMEA, our portfolio grew to nearly 64,000 rooms, up 7% year over year. We're especially encouraged by the progress in France, where we expect to onboard over 4,800 mid-scale rooms under direct franchise agreements by year end, nearly doubling our presence. This milestone highlights our ability to continue to scale our direct franchising markets.

在歐洲、中東和非洲地區，我們的客房數量成長至近 64,000 間，較去年同期成長 7%。我們對在法國的進展尤其感到鼓舞，預計到今年年底，我們將透過直接特許經營協議在法國新增 4800 多間中檔客房，使我們的業務規模幾乎翻倍。這一里程碑凸顯了我們繼續擴大直營特許經營市場的能力。

We also recently entered Africa with our first development agreement, including a flagship property in Kenya's Maasai Mara Game Reserve, marking the start of broader expansion across Central and Southern Africa.

我們最近也透過首個開發協議進入了非洲市場，其中包括位於肯亞馬賽馬拉野生動物保護區的一處旗艦物業，這標誌著我們在中非和南部非洲更廣泛擴張的開始。

In the Caribbean and Latin America, we expanded our footprint by nearly 50% over the past three years to more than 25,000 rooms across more than 20 countries. Just two weeks ago, we hosted our first Choice Hotels' CALA convention in Mexico, where we saw tremendous enthusiasm for our upscale and mid-scale brands. Our targeted business travel strategy is reshaping the guest mix, with about 60% of stays in the region, now business related, driving weekday demand, higher spend and long-term loyalty.

在加勒比海和拉丁美洲，在過去三年裡，我們的業務規模擴大了近 50%，在 20 多個國家擁有超過 25,000 間客房。就在兩週前，我們在墨西哥舉辦了首屆 Choice Hotels CALA 大會，會上我們看到了大家對我們的高端和中端品牌的極大熱情。我們針對商務旅行的策略正在重塑客戶組成，目前該地區約 60% 的住宿都與商務相關，這推動了工作日的需求、更高的消費額和長期的客戶忠誠度。

We also entered a new direct market, Argentina, with the opening of the Radisson Blu in Patagonia and recently signed an agreement for a new upscale Radisson RED. This follows the successful opening of the Radisson RED Sao Paulo a couple of months ago, further strengthening our upscale and upper upscale presence in the region.

我們也進入了一個新的直接市場——阿根廷，在巴塔哥尼亞開設了麗笙酒店，並且最近簽署了一項協議，將開設一家新的高檔麗笙RED酒店。繼幾個月前聖保羅麗笙RED酒店成功開業之後，我們進一步鞏固了在該地區的高端和超高端市場地位。

Elsewhere in the Americas, following the full consolidation of Choice Hotels Canada, we've transitioned to a direct franchising model and are already seeing impressive results from the 355 Canadian hotels, with third-quarter Canadian RevPAR up 7% year over year and growing franchisee interest across our brands.

在美洲其他地區，隨著 Choice Hotels Canada 的全面整合，我們已過渡到直接特許經營模式，並且已經從 355 家加拿大酒店獲得了令人矚目的成果，第三季度加拿大每間可供出租客房收入同比增長 7%，並且我們旗下所有品牌的加盟商興趣都在不斷增長。

In Asia Pacific, since launching our Ascend Collection in China, just five months ago, we've already onboarded nearly 80% of the more than 9,500 anticipated upscale rooms with the remainder expected by year end. We are on track to add roughly 10,000 mid-scale rooms over the next five years, significantly expanding our reach among Chinese travelers and driving valuable outbound traffic to our hotels in the rest of Asia and beyond.

在亞太地區，自五個月前在中國推出 Ascend 系列以來，我們已經完成了超過 9,500 間預計高檔客房中近 80% 的上線，其餘客房預計將在年底前上線。我們預計在未來五年內新增約 10,000 間中檔客房，這將顯著擴大我們在中國遊客中的影響力，並為我們在亞洲其他地區及其他地區的酒店帶來寶貴的出境客流。

We also successfully launched our mid-scale extended stay brand, MainStay Suites in Australia, marking the first expansion outside North America. This direct franchise agreement adds nearly 600 rooms and marks the first step in extended stay growth across the region. All of this exciting progress around the world has positioned our international business as our fastest-growing segment.

我們也成功在澳洲推出了我們的中檔長住品牌 MainStay Suites，這是該品牌首次在北美以外地區擴張。這項直接特許經營協議新增了近 600 間客房，標誌著該地區長期住宿酒店業務成長的第一步。全球範圍內取得的這些令人振奮的進展，使我們的國際業務成為成長最快的業務板塊。

Our second fastest earnings growth segment is extended stay in the US. Over the past five years, we've expanded our US extended stay portfolio by more than 20%, now exceeding 55,000 rooms. We've delivered nine consecutive quarters of double-digit system size growth outpacing the industry. Today, this cycle-resilient segment represents nearly half of our US pipeline offering longer average days, higher margin, and stable revenue streams.

我們第二大獲利成長最快的業務部門是長期居留美國業務。過去五年，我們在美國長期住宿飯店的數量增加了 20% 以上，目前已超過 55,000 間客房。我們已連續九個季度實現兩位數的系統規模成長，成長率超過產業平均。如今，這不受週期波動影響的細分市場占我們美國業務通路的近一半，平均營運時間更長，利潤率更高，收入來源更穩定。

Despite a challenging new construction environment for the industry, our Everhome Suites brand continues to gain traction. We now have 23 hotels open, 16 of which opened this year, and 40 more US projects in the pipeline, including 12 under construction. In the third quarter, we more than doubled Everhome openings year over year, expanding into fast-growing markets like San Antonio, Texas, a key emerging data center hub.

儘管產業面臨的新建環境充滿挑戰，但我們的 Everhome Suites 品牌仍持續獲得發展動力。目前我們已開設 23 家酒店，其中 16 家是今年開業的，另有 40 個美國項目正在籌備中，包括 12 個正在建設中的項目。第三季度，Everhome 的開業數量比去年同期增加了一倍多，並擴展到了快速成長的市場，例如德州聖安東尼奧，這是一個重要的新興資料中心樞紐。

Nationwide, the manufacturing and data center build-out is fueling strong long-term demand for extended stay. And with 40% of all economy and mid-scale extended stay rooms under construction belonging to Choice brands, we're exceptionally well positioned to maintain segment leadership.

在全國範圍內，製造業和資料中心的建設正在推動對長期住宿的強勁需求。目前，所有在建的經濟型和中檔長住酒店客房中有 40% 屬於 Choice 品牌，因此我們擁有得天獨厚的優勢，能夠保持在該領域的領先地位。

Our strategic expansion into higher revenue-generating segment is also strengthening our economy transient brands. Through deliberate portfolio optimization, we've been replacing lower-performing assets with higher quality, more profitable hotels, lifting guest satisfaction and brand equity. As a result, our economy transient hotels are outperforming comparable hotels within their chain scale in RevPAR growth and gaining RevPAR index share. This strong performance is attracting developer interest, driving a 35% year-over-year increase in our US economy transient rooms pipeline and a 27% year-over-year rise in US franchise agreements awarded in the third quarter.

我們向高收益細分市場的策略擴張也增強了我們經濟型短期品牌的實力。透過精心優化投資組合，我們以更高品質、更獲利的飯店取代了表現較差的資產，從而提高了顧客滿意度和品牌價值。因此，我們的經濟型短期飯店在每間可供出租客房收入 (RevPAR) 成長方面優於同規模連鎖飯店，並在 RevPAR 指數中佔據了更大的份額。這一強勁的業績吸引了開發商的興趣，推動了我們美國經濟型短期客房項目儲備同比增長 35%，以及第三季度美國特許經營協議同比增長 27%。

Importantly, the new hotels entering our system are expected to generate, on average, higher royalty revenue than those we strategically exited.

重要的是，預計新加入我們系統的酒店平均而言將比我們戰略性退出的酒店產生更高的特許經營收入。

In our mid-scale segment, developer interest remained strong with our global pipeline up 5% year over year. The redesigned country and ensuites by Radisson prototype engineered for cost efficiency and ease of conversion has reinvigorated the brand. In the third quarter, we doubled the US franchise agreements awarded and grew the US pipeline by 15% year over year, reflecting renewed developer confidence. And we remain on track to deliver year-over-year growth in brand openings in 2026.

在中型專案領域，開發商的興趣依然濃厚，我們的全球專案儲備較去年同期成長 5%。麗笙酒店重新設計的鄉村風格套房原型，兼顧了成本效益和易於改造的特點，重振了品牌。第三季度，我們授予的美國特許經營協議數量翻了一番，美國項目儲備年增 15%，反映出開發商信心的恢復。我們仍有望在 2026 年實現品牌門市數量年增。

In our upscale category, we continue to expand rapidly, increasing our global system size by 21% year over year to 118,000 rooms and driving a 33% increase in US franchise agreements executed during the quarter. As I mentioned earlier, the velocity with which we move hotels through our pipeline remains a key differentiator. On average, our conversion hotels open within three to six months, about 80% faster than new construction, allowing both Choice and our franchisees to capture revenue earlier.

在高端飯店領域，我們持續快速擴張，全球系統規模年增 21%，達到 118,000 間客房，本季美國特許經營協議數量成長 33%。正如我之前提到的，我們飯店專案在流程中的推進速度仍然是關鍵的差異化因素。平均而言，我們的改建酒店可在三到六個月內開業，比新建酒店快約 80%，這使得 Choice 和我們的加盟商都能更早獲得收入。

Choice remains the leader in the share of conversion hotels in its segments. In the third quarter, our US conversion franchise agreements increased 7% year over year, and we expect conversions to remain a core growth driver through year end and to account for approximately 80% of total US openings in 2025.

Choice 在其細分市場中，仍保持著轉換型酒店市場份額的領先地位。第三季度，我們的美國特許經營協議數量年增 7%，我們預計特許經營仍將是年底前的核心成長動力，並將佔 2025 年美國新店開幕總數的約 80%。

Now let's turn to the exciting investments we are making in our franchisee success system. Choice continues to have the best technology team in the business. We're especially proud that Forbes recently recognized Choice as one of America's best employers for tech workers, a testament to our culture of innovation and talented teams, shaping the future of travel through technology.

現在讓我們來看看我們在加盟商成功體系中進行的令人興奮的投資。Choice 仍然擁有業界最優秀的技術團隊。我們特別感到自豪的是，《富比士》最近將 Choice 評為美國科技工作者最佳雇主之一，這證明了我們創新文化和優秀團隊的實力，我們正在透過科技塑造旅行的未來。

Today, we're building on our leadership in cloud computing and data to evolve Choice's technology stack into an intelligent, always-on ecosystem, one where autonomous agents continuously help franchisees optimize rate and revenue management, streamline operations, and free franchisees to focus on delivering exceptional guest experiences. Our systems are advancing from a tool to a true teammate, reflecting Choice's long-standing commitment to helping owners succeed from day one.

今天，我們正利用我們在雲端運算和資料領域的領先地位，將 Choice 的技術堆疊發展成為一個智慧的、始終在線的生態系統，在這個生態系統中，自主代理會不斷幫助加盟商優化價格和收入管理，簡化運營，並讓加盟商能夠專注於提供卓越的客戶體驗。我們的系統正在從工具發展成為真正的團隊成員，這反映了 Choice 長期以來致力於幫助企業主從第一天起就取得成功的承諾。

Backed by our $60 million technology investment program now nearing completion and on track to conclude next year, this transformation will mark a pivotal step forward in how our platforms empower franchisees to achieve more. These next-generation systems will understand intent, reason across data sources and take action autonomously, equipping our owners with predictive insights, automated workflows, and real-time decision support to unlock new levels of efficiency, profitability, and growth.

在我們即將完成並預計於明年完成的 6,000 萬美元技術投資計畫的支持下，這項轉型將標誌著我們的平台在賦能加盟商方面邁出了關鍵一步，幫助他們取得更大的成就。這些新一代系統將理解意圖，跨數據源進行推理，並自主採取行動，為我們的所有者提供預測性見解、自動化工作流程和實時決策支持，從而釋放新的效率、盈利能力和增長水平。

As part of our technology investment program, we're also expanding our reach in business travel and deepening guest loyalty, driving higher customer lifetime value and further strengthening our competitive edge. The transformation is designed to deliver durable RevPAR growth, expand RevPAR index share, and support long-term rooms expansion. We're already seeing measurable impact with year-to-date occupancy share gains versus competitors through September.

作為我們技術投資計畫的一部分，我們也在擴大商務旅行領域的覆蓋範圍，加深客戶忠誠度，從而提高客戶終身價值，並進一步增強我們的競爭優勢。此次轉型旨在實現 RevPAR 的持續成長，擴大 RevPAR 指數份額，並支持客房的長期擴張。截至9月份，我們已經看到了可衡量的影響，入住率份額較競爭對手有所增長。

In business travel, we strengthened our position by expanding and elevating our global sales capabilities. Business travelers now represent roughly 40% of stays, creating a balanced mix that supports rate stability across economic cycles.

在商務旅行領域，我們透過拓展和提升全球銷售能力，鞏固了自身地位。商務旅客目前約佔住宿量的 40%，這種均衡的構成有助於在經濟週期中維持房價穩定。

In the third quarter, group revenue rose 35% year over year while small and medium business revenue grew 18%. Importantly, Choice's US business traveler base continues to provide steady demand made up of guests whose jobs require travel, representing industries such as construction, utilities, healthcare staffing, logistics, and manufacturing.

第三季度，集團營收年增 35%，中小企業營收成長 18%。重要的是，Choice 的美國商務旅客群體持續提供穩定的需求，這些旅客的工作需要出差，他們來自建築、公用事業、醫療保健人員配備、物流和製造業等行業。

Today, we manage more than 1,600 global business accounts and serve a strong SMB and SMERF base, underscoring our role as a trusted partner for business, group, and event travel. Next year, we'll launch a dedicated digital platform for small and medium businesses tapping into a $13 billion opportunity to grow midweek occupancy and extend our corporate reach. In addition, we're developing new AI-enabled RFP management and sales tools designed to streamline group sales, accelerate responsiveness, and drive more high-value bookings.

如今，我們管理超過 1600 個全球商業帳戶，並服務於強大的中小企業和中小型活動市場客戶群，這凸顯了我們作為商務、團體和活動旅行值得信賴的合作夥伴的地位。明年，我們將推出一個專門針對中小企業的數位平台，抓住 130 億美元的商機，提高周中入住率，擴大企業影響力。此外，我們正在開發新的 AI 賦能的 RFP 管理和銷售工具，旨在簡化團體銷售、加快回應速度並推動更多高價值訂單。

Let me now turn to the exciting progress we're making in the types of guests we serve. Across our portfolio, the quality of our guests continues to rise. Half of our US guests now have household incomes above $100,000, and one in five exceed $200,000, representing an increasingly attractive customer base for both our franchisees and partners.

現在讓我來談談我們在服務客人類型方面取得的令人振奮的進展。我們旗下所有飯店的賓客品質都在持續提升。我們一半的美國顧客家庭年收入超過 10 萬美元，五分之一的顧客家庭年收入超過 20 萬美元，這對我們的加盟商和合作夥伴來說，代表著一個越來越有吸引力的客戶群。

Our Choice Privileges rewards program now exceeds 73 million members, up 8% year over year. Recent enhancements in 2025 are delivering results. Loyal members stay nearly twice as many nights, spend more per se than non-members, and are 7 times more likely to book direct, driving greater customer lifetime value for Choice and our franchisees.

我們的 Choice Privileges 獎勵計畫會員人數現已超過 7,300 萬，較去年同期成長 8%。2025 年的最新改進措施正在取得成效。忠誠會員的入住晚數幾乎是非會員的兩倍，消費額也更高，而且直接預訂的可能性是非會員的 7 倍，這為 Choice 和我們的加盟商帶來了更高的客戶終身價值。

Just yesterday, we announced new benefits launching in January. This meaningful transformation of our program is designed to accelerate member growth, increase co-brand card revenue, and strengthen direct bookings, further deepening engagement and fueling demand. The last time we revamped the program, we achieved a 700-basis-point increase in loyalty contribution, giving us strong confidence in this next evolution.

就在昨天，我們宣布了將於一月份推出的新福利。這項對我們計劃的重大改革旨在加速會員成長，增加聯名卡收入，加強直接預訂，進一步加深會員參與度，並激發需求。上次我們對該計劃進行改革時，忠誠度貢獻提高了 700 個基點，這讓我們對這次的改進充滿信心。

The enhancements in our rewards program are designed to further activate the expanding core demographic that we expect will drive demand well into the future, retirees and near retirees. This growing demographic now represents nearly 30% of our revenue and continues to be among the most valuable and active travelers on the road. They spend more at our hotels and are twice as likely to be members of our rewards program.

我們獎勵計劃的改進旨在進一步激活不斷擴大的核心人群，我們預計他們將在未來很長一段時間內推動需求，即退休人員和即將退休的人員。這個不斷增長的群體目前占我們收入的近 30%，並且仍然是路上最有價值、最活躍的旅行者之一。他們在我們的酒店消費更多，成為我們獎勵計劃會員的可能性是其他人的兩倍。

This year alone, more than 4 million Americans are reaching retirement age, the largest cohort in US history, entering their peak leisure travel years with record levels of disposable income. By 2030, one in five Americans will be 65 or older, representing an expanding base of affluent travel-ready consumers who spend more on travel than younger generations. Studies show that spending by this golden generation is expected to increase by 70%, reaching nearly $15 billion over this time period.

光是今年，就有超過 400 萬美國人達到退休年齡，這是美國史上規模最大的退休群體，他們正值休閒旅遊的黃金時期，可支配收入也創下歷史新高。到 2030 年，五分之一的美國人將年滿 65 歲或以上，這代表著一個不斷擴大的富裕且隨時準備旅行的消費者群體，他們在旅行上的花費比年輕一代更多。研究顯示，這一代黃金族群的消費預計將成長 70%，在此期間達到近 150 億美元。

With gas prices at multi-year lows and expected to go lower next year, Choice is uniquely positioned to serve these travelers, supported by our extensive portfolio of convenient drive-to locations that appeal to the millions of road trippers hitting the open road for new experiences.

由於汽油價格處於多年來的低位，並且預計明年還會繼續下降，Choice 憑藉其廣泛的便捷自駕遊地點網絡，在服務這些旅行者方面擁有獨特的優勢，吸引了數百萬駕車旅行、尋求新體驗的旅行者。

Our next-generation loyalty program is built to capture this growing demand, giving these high-value guests even more reasons to stay with Choice. And in an AI-driven world, travelers will gravitate towards brands they know and trust and those they have real relationships with. That's why our loyalty evolution is focused on deepening those connections, positioning Choice to capture this next wave of demand.

我們新一代的忠誠度計畫旨在滿足這種不斷增長的需求，讓這些高價值的客人有更多理由選擇入住 Choice 飯店。在人工智慧驅動的世界裡，旅行者會傾向於選擇他們了解和信任的品牌，以及與他們建立真正關係的品牌。因此，我們的忠誠度發展策略著重於加深這些聯繫，使 Choice 能夠抓住下一波需求浪潮。

Together, these initiatives are driving greater demand and creating higher customer lifetime value for our franchisees. We're confident these investments and those still to come will expand our growth opportunities and create meaningful long-term shareholder value.

這些措施共同推動了更大的市場需求，並為我們的加盟商創造了更高的客戶終身價值。我們相信，這些投資以及未來即​​將進行的投資將擴大我們的成長機會，並創造有意義的長期股東價值。

Importantly, we're positioning Choice for enhanced performance and sustained growth. Our technology forward strategy and disciplined execution, combined with an asset-light fee-based model, have meaningfully strengthened our growth trajectory even in the dynamic macroeconomic environment. We continue to generate substantial free cash flow, enabling us to reinvest in high-return initiatives that fuel growth while delivering sustainable value to our shareholders. We are confident that our strategy will continue to unlock scalable growth opportunities, expand market share, and drive long-term returns.

重要的是，我們正在為 Choice 提升業績並實現持續成長做好準備。我們以技術為先導的策略和嚴謹的執行，再加上輕資產的收費模式，即使在動態的宏觀經濟環境下，也顯著增強了我們的成長動能。我們持續產生大量自由現金流，使我們能夠再投資於高回報項目，從而推動成長，同時為股東創造永續價值。我們相信，我們的策略將繼續釋放可擴展的成長機會，擴大市場份額，並推動長期回報。

With that, I will now turn the call over to our CFO. Scott?

接下來，我將把電話轉交給我們的財務長。史考特？

Thanks, Pat, and good morning, everyone. Today, I will cover three key areas: our third-quarter financial results, our balance sheet and capital allocation, and our outlook for the remainder of 2025.

謝謝你，帕特，大家早安。今天，我將介紹三個關鍵領域：我們第三季的財務表現、我們的資產負債表和資本配置，以及我們對 2025 年剩餘時間的展望。

We delivered record third quarter adjusted EBITDA of $190 million, up 7% year over year despite a softer US RevPAR environment. This performance underscores the strength of our diversified revenue streams and the early returns from our strategic investments. Our record quarterly performance was driven by system-wide rooms growth and our higher revenue extended-stay and upscale segments, a higher average royalty rate, the continued expansion of our international business, including the introduction of our brands in new markets and strong partnership revenue.

儘管美國每間可供出租客房收入環境疲軟，但我們第三季調整後 EBITDA 仍創下 1.9 億美元的紀錄，年增 7%。這項績效凸顯了我們多元化收入來源的實力以及策略性投資的早期回報。我們創紀錄的季度業績得益於系統客房數量的成長、長住和高檔業務收入的提高、平均特許權使用率的提高、國際業務的持續擴張（包括在新市場推出我們的品牌）以及強勁的合作夥伴關係收入。

Let's turn to the three drivers of royalty fee growth: unit growth, RevPAR performance, and royalty rate. In the third quarter, we grew our global rooms 2.3% year over year, led by a 3.3% growth across our higher revenue segments, upscale, extended-stay, and mid-scale. Each segment delivered strong results in the third quarter, reflecting the benefits of our deliberate investments and disciplined portfolio focus.

讓我們來看看影響特許權使用費成長的三個因素：單位成長、每間可供出租客房收入 (RevPAR) 表現和特許權使用費率。第三季度，我們的全球客房數量年增 2.3%，其中高收入細分市場（高檔、長住和中檔）成長了 3.3%。第三季各業務部門均取得了強勁的業績，反映了我們審慎的投資和嚴謹的投資組合策略所帶來的益處。

Our US extended stay room system size grew 12% year over year, highlighted by a 14% increase in openings. At the same time, we awarded 30% more franchise agreements in the US year over year. We strengthened our position in the mid-scale segment, our global pipeline increasing 5% year over year.

我們的美國長期住宿客房系統規模年增 12%，其中新房數量增加了 14%。同時，我們在美國授予的特許經營協議數量比上年同期增加了 30%。我們在中型市場鞏固了地位，全球專案儲備年增 5%。

Specifically, our flagship Comfort brand saw US new construction franchise agreements doubled year over year with the new construction US pipeline accelerating quarter over quarter. In the upscale segment, we expanded our global rooms portfolio by 7% quarter over quarter and attracted strong developer demand. Our SEM collection, now exceeding 72,000 rooms worldwide, saw a sixfold increase in global openings and twice as many franchise agreements awarded in the US versus last year.

具體來說，我們的旗艦品牌 Comfort 在美國的新建築特許經營協議數量同比增長了一倍，而美國的新建築項目數量也逐季加速增長。在高端市場，我們的全球客房組合較上季成長了 7%，並吸引了開發商的強勁需求。我們的 SEM 酒店系列目前在全球擁有超過 72,000 間客房，全球新店開業數量比去年增長了六倍，在美國授予的特許經營協議數量比去年增長了兩倍。

Even in a challenging construction environment, we awarded more US new construction franchise agreements than last year and opened 15% more US new construction hotels in the third quarter year over year. Our focus remains on elevating the quality of our portfolio. We continue to strategically exit select assets that under-index our portfolio and fail to meet our requirements while maintaining system-wide growth, clear evidence that our portfolio optimization strategy is working.

即使在充滿挑戰的建築環境下，我們授予的美國新建建築特許經營協議數量也比去年多，第三季度美國新建酒店開業數量比去年同期增長了 15%。我們將繼續專注於提升投資組合的品質。我們繼續有策略地退出那些表現不佳、未能滿足我們要求的資產，同時保持系統整體成長，這清楚地表明我們的投資組合優化策略是有效的。

Turning to our RevPAR performance. Our global RevPAR for the third quarter was flat compared to the prior year, led by strong performance from our international markets. We achieved third-quarter RevPAR growth across every region outside the US with overall international RevPAR up 9.5% year over year.

接下來我們來看看RevPAR（每間可供出租客房收入）表現。第三季度，我們的全球每間可供出租客房收入 (RevPAR) 與去年同期持平，這主要得益於國際市場的強勁表現。第三季度，除美國以外的所有地區都實現了RevPAR成長，國際整體RevPAR年增9.5%。

On a constant currency basis, international RevPAR growth was led by the EMEA region, which delivered 11% year-over-year increase. The Americas and Asia Pacific regions each posted 5% year-over-year RevPAR growth. We were particularly pleased with the performance of our Canadian operations, where RevPAR increased 7% in the third quarter. Our US third-quarter RevPAR declined 3.2% year over year, primarily reflecting softer government and international inbound demand.

以固定匯率計算，國際RevPAR成長主要由EMEA地區引領，該地區較去年同期成長11%。美洲和亞太地區每間可供出租客房收入 (RevPAR) 均較去年同期成長 5%。我們對加拿大業務的業績尤其滿意，第三季每間可供出租客房收入成長了 7%。我們的美國第三季每間可供出租客房營收年減 3.2%，主要反映出政府和國際入境需求疲軟。

Even so, we achieved year-to-date occupancy share index gains versus our competitors, driven by strategic investments that enhance customer lifetime value for our franchisees. Our extended stay segment of the United States outperformed the industry RevPAR by 20 basis points in the quarter and delivered a 1.4% year-to-date growth through September. At the same time, our US transient economy segment outperformed its chain scale RevPAR by 310 basis points and gained RevPAR index share versus competitors year-to-date through September.

即便如此，我們今年的入住率份額指數仍比競爭對手有所成長，這得益於我們為加盟商提供的策略投資，這些投資提高了客戶的終身價值。本季度，我們在美國長期住宿業務的每間可供出租客房收入 (RevPAR) 比行業平均水平高出 20 個基點，截至 9 月份，今年迄今實現了 1.4% 的增長。同時，截至 9 月份，我們在美國短期經濟型酒店業務的每間可供出租客房收入 (RevPAR) 比其連鎖規模酒店高出 310 個基點，並且今年迄今為止，RevPAR 指數份額較競爭對手有所增長。

Looking ahead, we remain confident in our ability to deliver sustained RevPAR growth and expand our RevPAR index share. This confidence is grounded in our disciplined high-return investments that broaden our business travel base, deepen loyalty engagement, and position us to capture long-term demand supported by favorable demographic trends, particularly the expanding retiree leisure segment and America's blue- and gray-collar workforce.

展望未來，我們仍然有信心實現持續的RevPAR成長並擴大RevPAR指數份額。這種信心源於我們嚴謹的高回報投資，這些投資擴大了我們的商務旅行基礎，加深了忠誠度，並使我們能夠抓住有利的人口趨勢所支持的長期需求，特別是不斷擴大的退休人員休閒市場和美國藍領和灰領勞動力。

Moving to royalty rate, our third lever of royalty fee growth. In the third quarter, the average US royalty rate increased by 10 basis points year over year, reflecting our continued strategic focus towards higher revenue brands and a stronger franchisee value proposition. We remain confident in the future growth trajectory of our system-wide royalty rates, supported by ongoing investments that improve reservation delivery to our franchisees and a robust development pipeline. This pipeline reflects contracts with higher royalty rates, larger average room counts and a RevPAR premium, all of which provide a clear path for long-term revenue growth.

接下來是版稅率，這是我們提高版稅收入的第三個槓桿。第三季度，美國平均特許經營費率較去年同期成長 10 個基點，這反映了我們持續的策略重點是高收入品牌和更強大的加盟商價值主張。我們對系統整體特許經營費率的未來成長軌跡仍然充滿信心，這得益於持續的投資，這些投資改善了對加盟商的預訂交付，以及強大的開發管道。該銷售管道反映了具有更高特許權使用費率、更大平均客房數量和 RevPAR 溢價的合同，所有這些都為長期收入增長提供了明確的途徑。

Turning to our partnership business. Our focus remains on strengthening relationships with our strategic partners and suppliers, which was evidenced in a 19% year-over-year increase in revenues this quarter. Growth was driven by strong co-brand credit card fees as well as increased suppliers and strategic partnership fees.

接下來談談我們的合夥業務。我們仍然專注於加強與策略合作夥伴和供應商的關係，本季營收年增 19% 就證明了這一點。成長主要得益於聯名信用卡手續費的強勁成長，以及供應商和策略合作夥伴費用的增加。

As we've enhanced our franchisees-facing service offerings, adoption has continued to rise, driving steady growth in our non-RevPAR-related franchise fees across the broad range of services we provide. Expanding our partnership revenue streams and non-RevPAR franchise fees remains one of our key priorities and represents a meaningful opportunity for continued earnings diversification and growth.

隨著我們不斷提升針對加盟商的服務產品，採用率持續上升，推動了我們在所提供的廣泛服務範圍內，與RevPAR無關的加盟費穩步增長。擴大我們的合作夥伴收入來源和非RevPAR特許經營費仍然是我們的主要優先事項之一，並代表著持續實現收入多元化和成長的重要機會。

We continue to focus on driving our top line growth while enhancing associate productivity and operational efficiency. We see meaningful opportunities to deploy labor-saving technologies that will deliver significant productivity gains across the enterprise and help mitigate SG&A growth. As a result, we continue to expect adjusted SG&A to increase at a low single-digit rate from our 2024 base of $276 million.

我們將繼續專注於推動營收成長，同時提高員工生產力和營運效率。我們看到了部署節省勞動力技術的重要機會，這些技術將顯著提高整個企業的生產力，並有助於緩解銷售、一般及行政費用的成長。因此，我們繼續預計，經調整的銷售、一般及行政費用將從 2024 年的 2.76 億美元基準值以較低的個位數成長率成長。

Finally, our adjusted earnings per share were $2.10 for third-quarter 2025 compared to $2.23 in the prior year quarter. The year-over-year comparison reflects the impact of our acquisition of the remaining 50% interest in the Choice Hotels Canada joint venture, which resulted in higher amortization expense related to the acquired intangible assets, a temporary increase in income tax expense expected to reverse in the fourth quarter, the reevaluation of our previously held ownership interest in the joint venture and unrealized foreign currency adjustments across our broader operations. Excluding these items, third-quarter adjusted EPS would have been $2.27, representing a 2% year-over-year increase.

最後，我們 2025 年第三季的調整後每股收益為 2.10 美元，而去年同期為 2.23 美元。與去年同期相比，反映了我們收購 Choice Hotels Canada 合資企業剩餘 50% 股份的影響，導致與收購的無形資產相關的攤銷費用增加，預計第四季度所得稅費用將暫時增加，重新評估我們先前持有的合資企業所有權權益，以及我們更廣泛業務中未實現的外匯調整。剔除這些項目後，第三季調整後每股收益為 2.27 美元，年增 2%。

Now let's move to the balance sheet and capital allocation. As of September 30, we generated $185 million in operating cash flow through September including $69 million in the third quarter. This strong cash generation and the healthy balance sheet underpin our capital allocation priorities, investing in growth initiatives and accretive acquisitions while returning capital to shareholders. Year-to-date through September, we returned $150 million to shareholders in dividends and share repurchases. We continue to deploy capital selectively to scale Cambria Hotels and Everhome Suites while maintaining a disciplined approach to recycling that capital at the right time.

現在我們來看資產負債表和資本配置。截至 9 月 30 日，我們 9 月份的經營現金流為 1.85 億美元，其中第三季為 6,900 萬美元。強勁的現金流和健康的資產負債表支撐著我們的資本配置重點，即投資於成長計畫和增值收購，同時向股東返還資本。截至9月份，我們已透過股利和股票回購向股東返還了1.5億美元。我們將繼續有選擇地部署資金，以擴大 Cambria Hotels 和 Everhome Suites 的規模，同時保持嚴謹的態度，在適當的時機回收這些資金。

In the third quarter, we generated $25 million in net proceeds from recycling activities, and year to date, our hotel development-related net outlays and lending declined by $53 million. We expect 2025 to be the final year of developing new company-owned Cambria hotels, followed by Everhome Suites in 2026, with investments expected to be completed in 2027. As the interest rate environment continues to improve and the hotel transaction market recovers, we also expect our capital recycling activity to accelerate. We ended the quarter with a net debt to trailing 12-month EBITDA of 3 times and a liquidity of $564 million.

第三季度，我們從回收活動中獲得了 2,500 萬美元的淨收益；今年迄今為止，我們與飯店開發相關的淨支出和貸款減少了 5,300 萬美元。我們預計 2025 年將是開發新的公司自有 Cambria 酒店的最後一年，隨後是 2026 年的 Everhome Suites，預計投資將於 2027 年完成。隨著利率環境持續改善和飯店交易市場復甦，我們也預期我們的資本循環活動將會加速。本季末，我們的淨負債與過去 12 個月 EBITDA 比率為 3 倍，流動資金為 5.64 億美元。

Finally, I'd like to discuss our outlook for the remainder of the year. For the full year, we now expect US RevPAR to range between minus 3% and minus 2%. As a reminder, fourth-quarter comparisons will be impacted by elevated hurricane-related demand in the prior year, and we continue to monitor potential impacts related to the government shutdown.

最後，我想談談我們對今年剩餘時間的展望。我們現在預計，全年美國每間可供出租客房收入（RevPAR）將下降 3% 至 2%。需要提醒的是，由於去年颶風相關需求增加，第四季的業績將受到影響，我們將繼續關注政府停擺可能帶來的影響。

We are tightening our full-year adjusted EBITDA with the midpoint up by $1 million. We now expect adjusted EBITDA to range between $620 million and $632 million.

我們將全年調整後 EBITDA 的中位數上調 100 萬美元。我們現在預計調整後的 EBITDA 將在 6.2 億美元至 6.32 億美元之間。

We are adjusting our full-year adjusted EPS guidance to range from $6.82 to $7.05, primarily reflecting additional amortization expense related to the intangible assets from the Choice Hotels Canada acquisition, which was not included in prior guidance, as well as lower equity earnings from joint ventures due to the timing of hotel openings.

我們將全年調整後每股收益預期調整為 6.82 美元至 7.05 美元，主要反映了與收購 Choice Hotels Canada 相關的無形資產的額外攤銷費用（此前未包含在預期中），以及由於酒店開業時間安排而導致的合資企業權益收益下降。

Our fourth-quarter recurring effective income tax rate is expected to be approximately 21%, reflecting the timing of tax recognition between the third and fourth quarters, as previously discussed. Our full-year effective recurring rate guidance remains at approximately 25%. We now expect full-year 2025 franchise agreement acquisition costs to be lower than in 2024. Our outlook excludes any additional M&A, share repurchases after September 30 or other capital markets activity.

我們預計第四季度經常性實際所得稅率約為 21%，這反映了先前討論過的第三季和第四季之間的稅務確認時間差異。我們全年有效經常性利率預期仍維持在 25% 左右。我們現在預計 2025 年全年特許經營協議收購成本將低於 2024 年。我們的展望不包括9月30日之後的任何額外併購、股票回購或其他資本市場活動。

Our third-quarter results demonstrate the success of our strategy and highlight the benefits of our expanded scale and diversified business model, even in a softer US RevPAR environment. We'll continue to invest in high-return areas that enhance our long-term trajectory and drive meaningful shareholder value.

第三季業績證明了我們策略的成功，並突顯了我們擴大規模和多元化業務模式的優勢，即使在美國RevPAR市場疲軟的情況下也是如此。我們將持續投資於能夠提升公司長期發展軌跡並創造可觀股東價值的高回報領域。

Looking ahead, we remain confident in the durability and strength of our fee-based business model. We expect growth to be driven by higher revenue hotels, average royalty rate growth, expanding partnership revenues, sustained international momentum, and strategic initiatives designed to enhance customer lifetime value for our franchisees.

展望未來，我們仍然對我們基於收費的商業模式的持久性和優勢充滿信心。我們預計成長將由酒店收入增加、平均特許經營費率增長、合作夥伴收入擴大、持續的國際發展勢頭以及旨在提高加盟商客戶終身價值的戰略舉措來推動。

Pat and I are now happy to take your questions. Operator?

帕特和我現在很樂意回答你們的問題。操作員？

(Operator Instructions) Michael Bellisario, Baird.

（操作說明）邁克爾貝利薩裡奧，貝爾德。

First on this Everhome joint venture that you guys announced in July, I think just in the past, you had mentioned that you were going to recycle owned assets. I know, Scott, you provided some comments there, too. I think we all assume that means those assets get sold to a third party and you get cash. But in this joint venture deal, you still own 80% and you're sort of committing to owning and developing hotels for longer or at least more of a medium-term holding period?

首先，關於你們在7月宣布的Everhome合資企業，我想就在不久前，你們曾提到要對自有資產進行再利用。我知道，斯科特，你也在那裡發表了一些評論。我想我們都認為這意味著這些資產會被賣給第三方，然後你會得到現金。但在這項合資協議中，你仍然擁有 80% 的股份，並且你承諾在更長的時間裡，或至少在中期內，擁有和開發酒店？

I guess, help us understand the motivation, thought process here and how the economics of this deal are maybe better or different than previously owning and developing assets on your own balance sheet?

我想請您幫助我們理解您的動機和思考過程，以及這筆交易的經濟效益與之前在您自己的資產負債表上擁有和開發資產相比有何不同或更好之處？

Yes. Our preferred vehicle has been to develop hotels through the joint ventures that we have. So what you saw in this transaction was really more of a timing of the transaction. So we had started a few hotels on our own balance sheet, owning them, that we're always intended to go into the joint venture, just it had not been fully set up at the time. So when you take a look at the overall transaction, there were some sales from an accounting perspective that were treated as proceeds from sales.

是的。我們一直以來都傾向於透過合資企業來開發酒店。所以，你在這筆交易中看到的，實際上更多的是交易時機的問題。所以，我們用自己的資產負債表創辦了幾家飯店，我們一直打算加入合資企業，但當時合資企業還沒有完全成立。因此，從會計角度來看，整個交易中有一些銷售被視為銷售收入。

But ultimately, the way that transaction worked that netted us about a $25 million recycling. This doesn't change in terms of our long-term viewpoint on holding assets. As I've always said, we're in the moving business, not the storage business. And we have developed ever homes really to launch that brand to get it to scale so that it's 100% franchised brand. So even in this joint venture, we either expect our JV partner to buy out our interest at some point in time or to go to market and sell those to additional third parties encumbered with long-term franchise agreements.

但最終，這筆交易的運作方式讓我們獲得了約 2,500 萬美元的回收收益。從長遠來看，我們對持有資產的看法不會改變。正如我一直所說，我們從事的是搬家業務，而不是倉儲業務。我們已經開發了 Ever Homes，真正是為了推出這個品牌，使其規模化，使其成為 100% 特許經營品牌。因此，即使在這種合資企業中，我們也期望我們的合資夥伴在某個時候收購我們的股份，或將這些股份出售給受長期特許經營協議約束的其他第三方。

As we talked about in the remarks, we're towards the tail end of our capital investment in both Cambria and Everhome. We expect to wrap up with no new development in Cambria after this year and then finishing the Everhome development in 2026, where our net capital outlays will be significantly lower. In fact, if you look at our Q3 results this year, we're actually about $50 million less in capital being used on our development of hotels. So we're at the tail end of that. And as the transaction environment and interest rate environment improves, we do expect to be sellers of those hotels, whether they're on our owned assets or in these JVs.

正如我們在演講中提到的，我們對 Cambria 和 Everhome 的資本投資都已接近尾聲。我們預計今年之後在坎布里亞將不再有新的開發項目，然後在 2026 年完成 Everhome 開發項目，屆時我們的淨資本支出將大幅降低。事實上，如果你看一下我們今年第三季的業績，你會發現我們用於酒店開發的資金實際上減少了​​約 5000 萬美元。所以我們已經到了那個階段的尾聲。隨著交易環境和利率環境的改善，我們預計將會出售這些飯店，無論它們是我們自有資產還是合資企業中的資產。

Okay. That's helpful. And then just similarly, on capital allocation, what was the rationale for not buying back stock during the quarter, especially when it was down so much versus levels where you had previously been repurchasing stock? And that's all for me.

好的。那很有幫助。同樣地，關於資本配置，本季沒有回購股票的理由是什麼？尤其是在股價相對於先前回購股票的水平下跌這麼多的情況下？這就是我全部的內容了。

Yes, Michael, I mean we look at our capital allocation hierarchy to invest in the business to do accretive M&A and then return to capital to shareholders through dividends and share repurchases. We bought the other half of Canada we did not own in the third quarter. So that capital outlay was sort of the kind of -- it rises higher from that standpoint as to what creates more long-term value for shareholders.

是的，邁克爾，我的意思是，我們會審視我們的資本配置層級，投資於業務進行增值併購，然後透過股利和股票回購將資本返還給股東。第三季度，我們收購了我們之前未擁有的加拿大另一半股份。因此，從這個角度來看，資本支出越高，就越能為股東創造更多長期價值。

I would say if you look at our pace of sort of how we've been deploying capital we're effectively on pace through the third quarter with the acquisition and the share repurchases we did in the prior part of the year. But yes, absolutely, it's a very attractive price at this point, but that was the way we deployed our capital in the third quarter.

我認為，如果你看看我們部署資本的速度，你會發現，透過今年上半年進行的收購和股票回購，我們第三季的進度基本上符合預期。但沒錯，目前這個價格確實非常有吸引力，但這正是我們在第三季部署資金的方式。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

I just wanted to ask about the longer-term outlook for rooms growth, particularly in the US. It's been tracking down year over year, at least when you kind of strip out Westgate from there. And so as we move forward over the next year or two, what's the kind of base case expectation? And what are you kind of seeing in the development environment or the conversion environment really in the US to drive that?

我只是想了解一下酒店客房成長的長期前景，尤其是在美國。這種情況逐年惡化，至少如果你把 Westgate 從中剔除的話。那麼，展望未來一兩年，我們的基本預期是什麼？那麼，在美國的開發環境或轉換環境中，您究竟看到了哪些因素正在推動這種情況的發生？

Sure. So if you look at our pipeline and where we've been focused really for the last five years is on bringing higher-quality product into the pipeline and therefore, moving that into the system. And that is going to continue.

當然。所以，如果你看看我們的產品線，你會發現我們過去五年真正關注的重點是把更高品質的產品引入產品線，從而將其推入系統。這種情況還會繼續下去。

If you look at the makeup that we talked about in our remarks about 98% of what's in the pipeline today is in those higher-value segments. What we've been opening, and as we've mentioned in the remarks, there's actually because we're doing a lot more conversions they open anywhere between three and six months on average.

如果你看看我們在演講中提到的組成，你會發現目前在研產品中約有 98% 屬於高價值細分市場。正如我們在評論中提到的，我們一直在開設的店鋪，實際上由於我們進行了更多的改造，平均開業時間在三到六個月之間。

But that also means we're opening hotels in less than three months. And so many of those show up as openings, but never even show up in the pipeline. And that's really, as we mentioned in the remarks, about 1% of our unit growth came from the hotels that opened that quickly.

但這同時也意味著，我們將在不到三個月的時間內重新開放飯店。很多職位都顯示為空缺，但實際上根本沒有進入招募流程。正如我們在演講中提到的，我們新增酒店數量約有 1% 來自那些快速開業的酒店。

So when you look at the pipeline, it's not only the size of it, but it's also the quality of the hotels that are in there. But as importantly as the velocity with which because we've been doing conversions as a company for so many years, we're able to get these hotels open quickly for owners, and that allows them to capture revenue early and us as well.

所以，當你審視這條管道時，不僅要看它的規模，還要看其中酒店的品質。但更重要的是，由於我們公司多年來一直在進行酒店改造，我們能夠以極快的速度讓這些酒店迅速開業，這不僅讓業主能夠儘早獲得收入，也讓我們能夠儘早獲得收入。

And so as I think as we look into next year, just given the limited supply growth that's been going on in the US from a new construction perspective. I would expect that trend to continue well into 2026. So that's sort of probably how we would think about the setup for the conversions coming out of the pipeline and the net rooms growth in the US.

因此，展望明年，考慮到美國新建房屋供應成長有限，我認為情況會比較複雜。我預計這種趨勢將持續到2026年。所以，這大概就是我們對管道中轉換率和美國淨客房成長的安排的思考方式。

Got it. That's helpful. And then on to the RevPAR environment, I appreciate the comments you made with some of the green shoots and also World Cup and whatnot next year. I'm curious how you would think about just how much of what's going on at the lower end is structural or cyclical, especially in terms of competition from conversion brands like Spark, premium economy, things like that, the K-shaped recovery.

知道了。那很有幫助。接下來談談RevPAR（每間可供出租客房收入）方面，我很欣賞你對一些正面跡象的評論，以及明年世界盃等等。我很好奇您如何看待低端市場正在發生的一切究竟有多少是結構性的還是週期性的，尤其是在像 Spark 這樣的轉換型品牌、高端經濟艙等的競爭以及 K 型復甦方面。

Anything you can share there or then how you think about the long-term trajectory to be able to potentially grow domestic RevPAR again longer-term.

您可以在那裡分享一些信息，或者談談您對長期發展軌蹟的看法，以便有可能在長期內再次實現國內RevPAR的增長。

Yes. Sure, Lizzie, from our perspective, this is a cyclical business. I mean I've been at Choice for 20 years, and this is probably the third one of these we've been through. The green shoots you do look for is when does occupancy stop dropping. That then gives owners confidence when they set price.

是的。當然，莉齊，從我們的角度來看，這是一個週期性產業。我的意思是，我在 Choice 工作了 20 年，這可能是我們經歷的第三次了。你應該關注的復甦跡像是入住率何時停止下降。這樣一來，業主在定價時就有了信心。

And so that's the kind of early indicators that we've seen where the cycle starts to turn, and that's -- in fact, what we're starting to see in our chain scales in our segments and our brands. And we're pretty excited with what we're actually seeing in the economy segment, which, again, is the segment that usually leads you out of one of these cyclical downturns. So we feel pretty good about sort of what we're seeing on that front.

所以，這就是我們看到的周期開始轉變的早期跡象，事實上，這正是我們在各個細分市場和品牌中開始看到的連鎖規模變化。我們對經濟領域目前的發展狀況感到非常興奮，經濟領域通常是帶領經濟走出週期性衰退的領域。所以，我們對目前這方面的情況感覺相當不錯。

I'd say on the consumer front, this is -- that sort of question around this K-shaped recovery. I think it's missing the fact that you've got a ton of -- I mean, 75% of the people who work in this country work for a small and medium-sized business. And when we're seeing that surge in the SMB business in our hotels, it's because of the types of travelers that are -- the labor force is effectively shifting towards the types of travels that stay in our hotels, construction, utilities, medical staffing, which is traveling nurses and the like, there's a pretty significant tailwind that we see from a business travelers perspective.

我認為，就消費者而言，這就是——圍繞著這種 K 型復甦的這類問題。我認為它忽略了一個事實，那就是——我的意思是，這個國家有75%的勞動人口在中小企業工作。當我們看到酒店中小企業業務激增時，是因為旅客類型發生了變化——勞動力正在有效地轉向那些會入住我們酒店的旅客類型，例如建築工人、公用事業人員、醫療人員（包括流動護士等），從商務旅客的角度來看，我們看到了一個相當大的利好因素。

The other is what we talked about, which is our retirees and road trippers. And about 30% of our business today are those folks who are 60 years old and older. They're sitting on tremendous wealth in their homes. They're sitting on very attractive stock portfolios, and they've got discretionary income and the time to travel.

另一個是我們剛才討論的，那就是我們的退休人員和自駕旅行者。如今，我們約有 30% 的客戶是 60 歲及以上的老年人。他們名下擁有巨額財富。他們持有非常有吸引力的股票投資組合，而且有可支配收入和時間去旅行。

So we are seeing that traveler on the road, and we expect to see more of them. The investments we're making in our loyalty programs that are going to kick off here on the first of January are really designed to drive more of that business. And we know that those are the folks who spend more in our hotels, they stay more often and they book direct, which is all a real positive from a unit economics within the hotels themselves.

所以我們在路上看到了這樣的旅行者，我們預計會看到更多這樣的旅行者。我們將於 1 月 1 日正式啟動會員忠誠度計劃，並為此進行投資，旨在推動更多業務發展。我們知道，這些顧客在我們飯店消費更多，入住頻率更高，而且都是直接預訂，這對飯店本身的單位經濟效益來說都是非常有利的。

So we feel pretty good about how the setup is coming for 2026 and those core demographics, the road trippers and retirees and then those blue and gray collar workers, those are expected to be demand drivers, and those are the folks who are in our hotels today, and we would expect we'll get more of that share as we move forward.

因此，我們對 2026 年的發展前景感到非常樂觀，那些核心人群，例如自駕遊愛好者、退休人員以及藍領和灰領工人，預計將成為需求驅動力，他們也是我們酒店目前的顧客，我們預計隨著時間的推移，我們將獲得更多的市場份額。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Yes. Two things, if I may. I just wanted to get whatever early perspectives you can share with us regarding 2026. I know I understand your business, obviously, and the booking window is short. But any thoughts on how we might use 2025 as a platform off of which to measure 2026?

是的。兩件事，如果可以的話。我只是想了解一下您對 2026 年的一些早期看法。我知道我了解你們的業務，當然，預訂窗口期很短。但是，對於如何利用 2025 年作為衡量 2026 年的基準，大家有什麼想法嗎？

And then I have one quick follow-up, please.

最後，我還有一個後續問題。

Yes, David. I would look at the two things I just spoke about. I mean, I think when you look at our share, and we talked about that in the remarks, of those 60-year-old travelers and above. The research shows they call them the golden travelers because they've got all this time and they've got all this wealth and they are traveling more this year. And that number that cohort is going to grow. We've talked about by 2030, one in five Americans is going to be at retirement age. And so over the next five years, that cohort only continues to grow. And we overindex for that type of traveler in our portfolio today, and we intend to bring in on that.

是的，大衛。我會考慮我剛才提到的兩件事。我的意思是，我認為當你看看我們的份額，我們在發言中也談到了這一點，那就是60歲及以上旅客的份額。研究表明，人們稱他們為“黃金旅行者”，因為他們擁有大量的時間和財富，而且今年他們旅行的次數更多了。而且這個群體的人數還會繼續增加。我們之前討論過，到 2030 年，五分之一的美國人將達到退休年齡。因此，在接下來的五年裡，這個群體只會繼續壯大。目前，我們的投資組合中這類旅行者的比例過高，我們打算繼續吸引這類旅行者。

And then I think on the business travel side, when you look at our business traveler mix, I know you've been around the stock a long time, we used to be 70-30 leisure business. We're now 60-40. And that small business traveler is a much more resilient traveler because they have to travel for their jobs. And what we're seeing, particularly with what AI is doing to the workforce, we're going to see more people who are in that sort of blue and gray travel segment when you look at the job gains and you look at the small business formation that's occurring, they're in the segments that travel in our hotels.

然後，我認為在商務旅行方面，當你查看我們的商務旅客組成時，我知道你關注這支股票很久了，我們以前的休閒旅客和商務旅客的比例是 70:30。我們現在是60比40。而且，小企業旅客的適應力更強，因為他們必須出差工作。我們看到，尤其是在人工智慧對勞動市場的影響下，隨著就業成長和小型企業的成立，越來越多的人將進入藍灰色旅遊市場，而這些市場正是我們酒店的主要客源市場。

And so when we look at that overall total available market for small and medium business, it's about $13 billion of travel on an annual basis. And I think our ability to capture more and more of that share is another positive that we're looking forward to. So on top of that, I would just add our group's business revenue, which again is up 35% this year. That's a function of the fact that we have put more sellers out there. We have about 20% more sellers who are selling into our business category and our group's business. And so those are the things that I would point to as opportunities that Choice is leaning into where the TAM is getting larger.

因此，當我們審視中小企業的整體可用市場時，每年的旅遊市場規模約為 130 億美元。我認為我們能夠不斷擴大市場佔有率是另一個值得期待的正面因素。除此之外，我還要補充一點，我們集團的營業收入今年也成長了 35%。這是因為我們增加了賣家的數量。向我們的業務類別和我們集團的業務銷售商品的賣家數量增加了約 20%。因此，我認為這些是 Choice 正在努力抓住的機遇，因為 TAM 正在不斷擴大。

And David, what I'd add to that is when you step back and look at the broader business for 2026, obviously, we're still working through our planning process. But as we talked about in our remarks, our international business, we feel really strong about continued growth there and believe we're on pace to double that EBITDA contribution with the base year of 2024. So we do expect strong growth from international next year.

大衛，我想補充的是，當你退後一步，從更宏觀的角度來看待 2026 年的業務時，顯然，我們仍在進行規劃。但正如我們在演講中提到的，對於我們的國際業務，我們非常有信心繼續成長，並相信我們能夠以 2024 年為基準年，使 EBITDA 貢獻翻倍。因此，我們預計明年國際業務將實現強勁成長。

In addition from both our partnerships and services business and our platform and ancillary revenues, as we've talked in the past, we do think we have a very good base to grow off in that mid- to high single-digit growth on those. And we also believe that we can continue to keep our cost relatively contained, especially with all the new tools and AI tools that are really driving cost efficiency throughout the business. So we're very optimistic on 2026.

此外，正如我們過去所討論過的，無論是我們的合作夥伴關係和服務業務，還是我們的平台和輔助收入，我們都認為我們有非常好的基礎，可以實現中高個位數的成長。我們也相信，我們可以繼續將成本控制在相對較低的水平，尤其是藉助所有新的工具和人工智慧工具，這些工具正在真正提高整個業務的成本效益。因此，我們對2026年非常樂觀。

Understood. And if I can just ask one follow up. So much of the industry has evolved in terms of growth on ancillary fees, non-RevPAR fees, particularly around cards. And I know that you have some. Can you just elaborate on what the strategy or the vision for that is over time?

明白了。我還能問一個後續問題嗎？就輔助費用和非RevPAR費用而言，整個行業已經發生了巨大的變化，尤其是在信用卡方面。我知道你有一些。您能否詳細說明這項策略或願景的長期發展方向？

Yes. I mean when you look at the scale of our business, David, so you look at 7,500 hotels. We probably have somewhere 36 million room nights every year, and you've got multiple people staying in those room nights. So we have a significant opportunity to provide more services to our customers, to our guests in our hotels. And that is everything from co-brand to what we do on the timeshare side and the gaming side as well. And so that's a real opportunity for us.

是的。我的意思是，大衛，當你看看我們業務的規模時，你就會明白，我們有 7500 家酒店。我們每年大約有 3600 萬個房間晚數，而且這些房間晚數是由多人入住的。因此，我們有很大的機會為我們的客戶，也就是我們飯店的客人，提供更多服務。這涵蓋了從聯合品牌到我們在分時度假和遊戲領域所做的一切。所以這對我們來說是一個真正的機會。

We do see those trends growing and that's reflected in our numbers. I would say on the franchisee side of the house, we are offering more services to our franchisees and the adoption rate of those services is increasing. So those are the drivers that are impacting the owner side of the house, the franchisee side of the house. So both of those trends, the consumer growth and the franchisee growth and our ability to sell more services into both of those customer bases are what we -- from a strategy perspective, those are things that we're leaning into and have been pretty earnings accretive over the last several years, and we would expect them to be so in the future.

我們確實看到這些趨勢正在成長，這一點也反映在我們的數據中。就加盟商而言，我們正在向加盟商提供更多服務，而這些服務的採用率也不斷提高。所以，這些因素正在影響到房屋所有者和加盟主雙方。因此，消費者成長和加盟商成長這兩個趨勢，以及我們向這兩個客戶群銷售更多服務的能力，正是我們——從戰略角度來看——所著重發展的，並且在過去幾年中都帶來了相當可觀的收益增長，我們預計未來也會如此。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

I know it's early to be putting 10 to paper for 2026 expectations. But with all the moving parts on expenses, and I know you talked about AI opportunities. How should we be thinking about the run rate or baseline for SG&A this year and then what the growth rate might look like next year, particularly if RevPAR does start recovering?

我知道現在就對 2026 年的預期做出 10 項預測還為時過早。但是考慮到費用方面有很多變數，而且我知道您也談到了人工智慧帶來的機會。我們應該如何看待今年的銷售、一般及行政費用 (SG&A) 的運行率或基準線，以及明年的增長率可能會是什麼樣子，特別是如果每個可供出租客房收入 (RevPAR) 開始復甦的話？

Yes. As I mentioned, we continue to believe we can maintain SG&A at a low single-digit growth rate. If you look at our results so far through this year, year to date, SG&A is up about 3%. And when you take out the acquisition of our Canadian joint venture, it's about 2.5%. As we mentioned, we're finding a lot of labor saving tools and efficiencies with the AI tools that we've already brought into the system.

是的。正如我之前提到的，我們仍然相信我們可以將銷售、一般及行政費用保持在個位數的低成長率。從今年迄今的業績來看，銷售、一般及行政費用增長了約 3%。如果扣除對我們加拿大合資企業的收購，大約是 2.5%。正如我們所提到的，我們發現，我們已經引入到系統中的人工智慧工具可以節省大量勞動力並提高效率。

And so I would say going forward, we would be able to model something around that low to mid-single-digit SG&A going forward.

因此，我認為展望未來，我們可以將銷售、管理及行政費用控制在個位數低至中等水平。

Yes, Stephen, it's pretty exciting that the tools we've already deployed across our workforce and the things that we are working on today, we implemented a new ERP system that went live a couple of months ago. But the intelligence in that system is reducing a huge amount of manual processes and helping our folks in the finance group, for instance, they don't have to do as much exception reporting that type of stuff because the system is providing that information to them. We're seeing it in our software development group.

是的，史蒂芬，我們已經在員工中部署了各種工具，而且我們目前正在努力，這確實令人興奮。幾個月前，我們實施了一個新的 ERP 系統並已上線。但該系統的智慧化功能正在減少大量的人工流程，例如，它可以幫助財務部門的人員，他們不必再做那麼多異常報告之類的工作，因為系統會向他們提供這些資訊。我們在軟體開發團隊中就看到了這種情況。

We're seeing significant productivity gains for our folks who build these tools that we deploy to our franchisees. And so it's a pretty exciting time for workforce productivity. And you're going to see that number reflected in lower SG&A growth, I would expect as we move forward in the coming years.

我們看到，負責開發我們部署給加盟商的這些工具的員工，其生產力得到了顯著提高。因此，對於勞動生產力而言，這是一個相當令人振奮的時期。我相信，隨著未來幾年的發展，這個數字將會反映在較低的銷售、一般及行政費用成長。

That's helpful. And maybe one follow up on AI. Are you currently providing any inventory to AI partners or large language models such as Gemini, ChatGPT or others. And maybe how do you think about the opportunity to partner from some of these channels and what maybe the cost of that channel looks like versus things like Google Ads or OTA or other?

那很有幫助。或許還可以追問一下人工智慧方面的問題。您目前是否向人工智慧合作夥伴或大型語言模型（例如 Gemini、ChatGPT 等）提供任何庫存資訊？那麼，您如何看待透過這些管道開展合作的機會？與Google廣告、OTA 或其他管道相比，這些管道的成本如何？

Yes, Stephen, it's a great question. And I think at this point, when we look at the distribution landscape and AI's impact on it, the players are still taking the field right now. And so there's a lot of testing and learning, and we are doing some of that with some of these partners behind the scenes really to kind of say, is this going to work for us?

是的，史蒂芬，這是一個很好的問題。我認為，就目前而言，當我們審視分銷格局以及人工智慧對其的影響時，各方仍在激烈競爭。因此，我們需要進行大量的測試和學習，我們正在與一些合作夥伴在幕後進行一些測試和學習，以確定這是否對我們有效。

To be successful in this new world, you've got to have two things, and we have both of them. The first is all your systems need to be in the cloud. And the second is you need to have control of and a high-quality level of your data. And most companies don't have that. Choice Hotels does. It's an area that we've invested in significantly. All of our systems are in the cloud now.

要想在這個新世界獲得成功，你必須具備兩樣東西，而我們兩者兼具。首先，您的所有系統都需要遷移到雲端。第二點是，你需要掌控你的數據，並確保數據的品質達到很高水準。而大多數公司都沒有這種條件。精選酒店集團也提供這項服務。我們在這個領域投入了大量資金。我們所有的系統現在都遷移到雲端了。

We don't have any data centers anymore that are company owned. And all of our data is accessible through the cloud as well. And so those are the two things that these LLMs are looking for. If you build the right scaffolding around your data, which we have done, you then have the ability to communicate with these LLMs and work through the ways that consumers who are starting their search for hotels if that's where they're going to start, we want to be able to provide our inventory rates and availability through those models as well. And so I would say at this point, the answer is we are exploring, as I'm sure many others are.

我們公司已經沒有任何自有資料中心了。而且我們所有的資料都可以透過雲端存取。所以，這就是這些法學碩士課程所追求的兩點。如果你圍繞著你的數據建立了正確的框架（我們已經做到了），那麼你就能夠與這些LLM（生命週期管理）進行溝通，並了解消費者如何開始搜尋酒店（如果他們打算從這裡開始的話），我們也希望能夠透過這些模型提供我們的庫存價格和可用性。因此，我認為目前答案是我們正在探索，我相信許多其他人也是如此。

But I feel like it's a pretty exciting opportunity for us because of the investments we've made over the last three or four years, in particular, to make ourselves AI ready. And we've actually been using AI in our tools for our franchisees for about 10 years. It used to be called robotic process automation and that was called machine learning. We're using it in a number of our franchisee-facing tools already. But this next step function change that we're working on, I think, is going to be really exciting because the tools that they have today effectively help them record what they're doing.

但我覺得這對我們來說是一個非常令人興奮的機會，因為我們在過去三、四年裡進行了大量投資，特別是為了讓自己做好迎接人工智慧的準備。事實上，我們已經在為加盟商提供的工具中使用人工智慧大約 10 年了。它以前被稱為機器人流程自動化，而那又被稱為機器學習。我們已經在多個面向加盟商的工具中使用它了。但我認為，我們正在研究的下一個階躍函數變化將會非常令人興奮，因為他們現在擁有的工具可以有效地幫助他們記錄自己正在做的事情。

Where we're moving to is a world where the tools that they will be using are going to help them understand what's the recommended next best action I should take with regard to my rate, with regard to my channel management, whatever it might be, and we're really excited about the future for that because that Choice, we've always kept the sort of franchisee-facing systems in-house. So we're able to sort of take the benefits of AI, the productivity gains and the tools that are available and really bring them to our owners in a meaningful way.

我們正在邁向的世界是，他們將使用的工具將幫助他們了解在費率、通路管理等方面，我應該採取的下一步最佳行動建議是什麼。我們對此的未來感到非常興奮，因為 Choice 一直以來都將面向加盟商的系統保留在內部。因此，我們能夠利用人工智慧帶來的好處、生產力的提升以及可用的工具，並以有意義的方式真正將它們帶給我們的所有者。

And so we've got some interesting things we're going to be launching with them in the coming months. And so from an excitement perspective, we really feel like the AI boom is going to help our owners make more money, and it's going to help our shareholders do so as well.

因此，在接下來的幾個月裡，我們將與他們一起推出一些有趣的產品。因此，從令人興奮的角度來看，我們真的覺得人工智慧的繁榮將幫助我們的所有者賺更多的錢，也將幫助我們的股東賺更多的錢。

Dan Politzer, JPMorgan.

丹‧波利策，摩根大通。

Pat, Scott, I was wondering if you could talk about the key money environment. It sounds like you're taking the expectations there for 2025 to be a little bit lower year over year. But maybe puts and takes into 2026, as it seems like other competitors are still looking to increasingly grow their presence in that mid-scale segment in particular?

Pat、Scott，我想請你們談談關鍵的貨幣環境。聽起來你對 2025 年的預期會比前一年略低。但或許到 2026 年情況會有所不同，因為其他競爭對手似乎仍在尋求不斷擴大在中階市場的份額？

Yes. As we mentioned on the call, we do expect our key money to be lower than where we were in 2024. Really, I think that's a reflection of just the quality of our brands in terms of the competition. So we believe that we're driving top line revenue to our franchisees and our brands are very valuable.

是的。正如我們在電話會議中提到的，我們預計我們的關鍵資金將低於 2024 年的水準。我覺得這正好反映了我們品牌在競爭中的品質優勢。因此，我們相信我們正在為加盟商帶來可觀的收入，而我們的品牌也極具價值。

So when people are looking to convert, we're seeing that we don't need to use as much key money as some of our competitors to win those contracts. In fact, average key money per deal was down about 11% for the first nine months of the year. So yes, it is a competitive environment, but we do believe that our brands, especially in that mid-scale and upper mid-scale space where really Choice has been a leader for many years.

因此，當人們尋求轉換時，我們發現我們不需要像一些競爭對手那樣投入大量資金來贏得這些合約。事實上，今年前九個月，每筆交易的平均關鍵金額下降了約 11%。所以，是的，這是一個競爭激烈的環境，但我們相信我們的品牌，尤其是在中階和中高端市場，Choice 多年來一直是該領域的領導者。

We do understand what our franchisees need, what it takes to run a very successful business and capture those customers that Pat talked about a little bit earlier. So we're optimistic that the key money environment should be kind of hitting a peak here as interest rates come down, and hopefully, we'll see a turnaround on the RevPAR front where that will be needed less to win deals.

我們確實了解我們的加盟商需要什麼，如何才能成功經營一家企業並贏得帕特之前提到的那些客戶。因此，我們樂觀地認為，隨著利率下降，關鍵的資金環境應該已經達到頂峰，希望我們能看到RevPAR方面出現好轉，屆時贏得交易將不再那麼需要RevPAR。

Yes. And I would just add, since Labor Day, I've been out at five franchisee events that's collectively probably about represent about 1,500 hotels. So these are all owner meetings that we do for a couple of days. And without fail, our owners are telling us that they value our brands and some of them who moved to try these other brands have come back and said. We made a mistake, our performance is down.

是的。我還要補充一點，自勞動節以來，我已經參加了五場加盟商活動，這些活動加起來可能代表了大約 1500 家酒店。所以這些都是我們為期幾天的業主會議。毫無例外，我們的顧客都告訴我們，他們很重視我們的品牌，一些嘗試過其他品牌的顧客後來又回來了，並表示他們很滿意。我們犯了個錯誤，我們的表現下降了。

When you look at the value of a brand that has the awareness of a quality in or comfort in, those things are driving guests and we own those guests. We own those mid-scale travelers. So the need for key money in the ability to win these contracts is not as necessary when you have strong powerful brands, particularly in the mid-scale segment.

當你檢視一個品牌的價值時，你會發現它體現了品質或舒適度，而這些正是吸引顧客的關鍵，而我們擁有這些顧客。我們擁有那些中等消費水準的旅行者。因此，對於擁有強大品牌的企業來說，尤其是在中端市場，贏得這些合約的關鍵資金需求就沒那麼必要了。

Got it. And then in terms of the free cash flow conversion, was there anything kind of nuanced in the quarter as it relates to that? And then can we think about what's the best way to think about full year '25 at that level that you might be able to convert.

知道了。那麼，就自由現金流轉換率而言，本季在這方面是否有任何細微差別？然後我們可以思考一下，對於你可能能夠轉換的那個層面來說，2025 年全年的最佳想像是什麼。

Yes, there was some temporary timing differences in the quarter that drove the free cash flow a little bit lower, particularly as you'll see in our 10-Q, we did purchase some investment tax credits during the quarter that will have a reduction of our federal tax rates going forward. But the timing of the payment of those versus the realization of the taxes will be between the third and the fourth quarter.

是的，本季度存在一些暫時的時差，導致自由現金流略有下降，特別是正如您將在我們的 10-Q 報告中看到的那樣，我們在本季度購買了一些投資稅收抵免，這將降低我們未來的聯邦稅率。但這些款項的支付時間與稅款的實現時間將在第三季和第四季之間。

So as I mentioned in my remarks, our third quarter rate was a little bit higher than where it will be for the full year, but that caused a little volatility. So we would generally believe that we'll be in a free cash flow conversion more similar to where our percentages were last year in that 60% to 65% range.

正如我在演講中提到的，我們第三季的利率比全年的利率略高，但這造成了一些波動。因此，我們總體上認為，我們的自由現金流轉換率將更接近去年的水平，在 60% 到 65% 的範圍內。

Dany Asad, Bank of America. .

Dany Asad，美國銀行。。

Look, your international growth strategy seems to be picking up steam. So my question is just can you give us a sense for how much rooms growth we could expect in the coming year on the international front? And then any color you can give us on key regions that would be driving that growth would be super helpful.

你看，你的國際成長策略似乎正在加速推進。所以我的問題是，您能否大致預測一下，在國際市場，未來一年客房數量可能會成長多少？如果您能提供一些關於推動成長的關鍵區域的信息，那將非常有幫助。

Yes. So let me just start with -- I mean, when you look at our current business as we sit here today, it's about $3 billion in annual gross room revenue outside of the US. And so we have a real significant opportunity to capture more of the fees from that from improving our value proposition. And so that's really the upside that we've been experiencing.

是的。那麼，讓我先從——我的意思是，看看我們今天在這裡的業務，我們在美國以外的年度客房總收入約為 30 億美元。因此，我們有機會透過提高我們的價值主張來獲得更多費用。所以，這就是我們所經歷的正面方面。

And if you look at the supplemental materials, that we put on the website, we've really transformed that business over the last couple of years, moving to now a 40% direct franchising business, which is up 20%, moving about 1,400 hotels, which is about up 200 hotels from 2022 and then getting our EBITDA margin up over 70%. So those are all really positive healthy metrics.

如果您查看我們在網站上提供的補充資料，您會發現我們在過去幾年中確實改變了這項業務，現在直接特許經營業務佔比達到 40%，增長了 20%，酒店數量達到約 1400 家，比 2022 年增加了約 200 家，並且我們的 EBITDA 利潤率也超過了 70%。這些都是非常正面的健康指標。

And we now have the talent and the brands and the business model to be successful in all three regions of the world. So just looking to your question, looking at the Americas, bringing the other half of Canada onto our platform and being owned by us now is a real huge opportunity for us. We have 355 hotels up there. And we now have the opportunity to unlock more value there. And it's important to recognize that the quality of the product up there and this is true throughout the world.

我們現在擁有在世界三大區域取得成功所需的人才、品牌和商業模式。所以，就你的問題而言，放眼美洲，將加拿大另一半納入我們的平台，並使其成為我們所有，這對我們來說是一個真正的巨大機會。我們在那裡有355家酒店。現在我們有機會在那裡挖掘更多價值。重要的是要認識到，那裡的產品品質非常好，這一點在世界各地都是如此。

But when you look at Clarion and Quality Inn, for instance, you're talking about three- and four-star hotels outside of the US. So the RevPAR that those hotels are able to generate is significantly higher. I was just down in Mexico a couple of weeks ago with our Caribbean and Latin American teams. We had about 110 franchisees down there who came to the event. And we've grown our rooms portfolio down there by 60% over the last four years.

但例如，如果你看看 Clarion 和 Quality Inn，你會發現它們是美國以外的三星級和四星級飯店。因此，這些飯店能夠產生的每間可供出租客房收入（RevPAR）要高得多。幾週前，我剛和我們的加勒比海和拉丁美洲團隊一起去了墨西哥。大約有 110 位加盟商前來參加了這項活動。過去四年，我們在那裡的客房數量增加了 60%。

We're now in 21 countries. And the excitement around our brands, particularly the Radisson brand that we have down in that part of the world is pretty significant. When you shift over to EMEA, we've really got to focus on two key markets, it's France and Spain, and the teams out there have done a really remarkable job in bringing more new direct franchise agreements in. We doubled our presence in France this year, which is a really healthy market, and we're continuing to grow in Spain as well. And we've mentioned a few of the new markets that we've entered into in EMEA as well.

我們現在已進入21個國家。我們的品牌，特別是我們在世界那個地區的麗笙品牌，受到了相當熱烈的歡迎。當我們把目光轉向歐洲、中東和非洲地區時，我們必須真正關注兩個關鍵市場，那就是法國和西班牙，那裡的團隊在引進更多新的直接特許經營協議方面做得非常出色。今年我們在法國的業務規模翻了一番，法國是一個非常健康的市場，我們在西班牙的業務也持續成長。我們也提到了一些我們在歐洲、中東和非洲地區進入的新市場。

And then when you shift to Asia Pac, we've always had a strong business in Australia, direct franchising, and we just introduced the Mainstay Suites brand there with seven hotels opening an additional pipeline for more with the developers of the largest extended stay brand in Australia. So we've got a really strong partnership there, but a good opportunity to bring extended stay to Australia and New Zealand.

然後，當我們轉向亞太地區時，我們在澳洲一直擁有強大的業務，採用直接特許經營模式，我們剛剛在那裡推出了 Mainstay Suites 品牌，擁有七家酒店，並與澳洲最大的長住酒店品牌開發商一起開闢了更多酒店項目。因此，我們與澳洲和紐西蘭建立了非常牢固的合作關係，同時也迎來了將長期居留權引入澳洲和紐西蘭的好機會。

And then as we mentioned in China, we now have a really significant growth partner, upscale hotel company. I think they're probably the fifth largest in China. But we've already onboarded about 80% of the 9,800 rooms there with a long-term agreement to grow some of our mid-scale brands in China. So we really feel good about this sort of across the world. We've laid the foundation.

正如我們在中國提到的，我們現在有了一個非常重要的成長夥伴，一家高檔飯店公司。我認為他們可能是中國第五大公司。但我們已經與當地 9800 間客房中的約 80% 達成了長期合作協議，以在中國發展我們的一些中檔品牌。所以我們對這種全球趨勢感到非常滿意。我們已經打好了基礎。

All we need to do now is execute. And I feel like with the talent we have, the new business model that we have in some of these markets, and the brand strength that we have, that's a very achievable goal for us going forward.

現在我們只需要執行即可。我覺得憑藉我們擁有的人才、我們在某些​​市場上的新商業模式以及我們擁有的品牌實力，這對我們未來來說是一個非常可以實現的目標。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

My question is on the growth in international units. And what should we expect for fee revenue in 2026, so you have a full year of them? I know China's master franchise, a lot of the other countries are direct franchise. So are the franchise fee percentages the same. And when you give the royalty rate increase, I think that's only for your domestic properties.

我的問題是關於國際單位的成長。那麼，我們應該對 2026 年的費用收入抱持什麼樣的預期呢？這樣你們就能有整整一年的費用收入了。我知道中國的特許經營模式是總特許經營，其他很多國家都是直接特許經營。那麼，加盟費的比例是否相同呢？而當你提高版稅率時，我認為這只適用於你的國內房產。

So will you start including international or giving us international separately just so we can think about the franchise fees program from the international and whether that will look different in kind of fee per room than US?

那麼，你們會開始把國際特許經營費也算進去，還是會單獨列出國際特許經營費，以便我們考慮國際特許經營費的計算方式，以及國際特許經營費在每間客房的費用方面是否會與美國有所不同？

Yes, Rob, we will, going forward. Probably we get to February, we'll be giving you more of a kind of a global RevPAR number to look at. The growth we've seen this year is not like an anomaly. The growth is something that has been present in our business. And so what we're seeing with the kind of lack of international inbound is a lot of those travelers are staying home and traveling in their domestic markets. And our presence in a lot of those markets has always been focused on the domestic traveler, whether it be Canada or Mexico or France or Spain.

是的，羅布，我們以後會這樣做。可能到了二月份，我們會提供更全面的全球RevPAR數據供大家參考。今年我們看到的成長並非異常現象。成長一直是我們業務中存在的現象。因此，由於國際入境旅客數量不足，我們看到許多遊客選擇待在家中，在國內市場旅行。我們在許多這些市場的業務一直以國內遊客為中心，無論是加拿大、墨西哥、法國或西班牙。

So we feel like we're well set up for the trends that we would expect to see on a go-forward basis. I think when you look at the royalty fee, that's the opportunity for us as the value proposition gets better. In the US, we have that sort of effective royalty rate north of 5%. We have in our direct franchise markets, something less than that. And then in the MFA market, it's even smaller.

因此，我們感覺我們已經為未來可能出現的各種趨勢做好了充分的準備。我認為，從版稅的角度來看，隨著價值主張的改善，這就是我們的機會所在。在美國，我們的實際版稅率超過 5%。在我們的直營加盟市場，這個比例較低。而在 MFA 市場，這個數字甚至更小。

So as we shifted from MFA to direct, we're picking up that effective royalty rate gain. And we would expect that to grow as we invest more in the value proposition. I talked in our remarks, about this $60 million investment that we have, we're almost through the end of it, a lot of that capability is global in nature.

因此，隨著我們從多方融資轉向直接融資，我們獲得了實際的版稅率收益。我們預計，隨著我們對價值主張的投入增加，這個數字還會成長。我在演講中談到了我們這項 6000 萬美元的投資，我們幾乎已經完成了這項投資，其中許多能力都具有全球性。

So whether it's rate management or revenue management tools or these platforms we have for capturing small and medium business travelers. These are tools not just for the US market. They were built to be global in nature. And we do expect, as we deploy those in these regions, we're going to improve the value prop, which will then be constructive towards moving the franchise fees higher.

所以，無論是價格管理工具、收益管理工具，或是我們為吸引中小型商務旅客而開發的這些平台。這些工具並非僅面向美國市場。它們從設計之初就具有全球性。我們預計，隨著這些產品在這些地區的部署，我們將提高其價值主張，這將有助於提高特許經營費。

And just to add to that, Robin, I look at our direct franchising business internationally, the effective royalty rates there are around 2.7% for direct franchising. And that's really where we've been focused, as we talked about, we've seen a 21-percentage-point increase in the percentage of our business that's direct versus master franchise agreements. So certainly an area that we're focused on.

羅賓，我還要補充一點，我觀察了我們在國際上的直接特許經營業務，那裡的有效特許經營費率約為 2.7%。正如我們之前討論過的，這正是我們一直關注的重點，我們發現，與透過特許經營協議實現的業務相比，直接業務的比例增加了 21 個百分點。所以這無疑是我們關注的領域。

And really what I look at, as Pat mentioned, really focusing on continue to improve our value proposition in Canada, which we recently acquired, it's probably where we're the most advanced in terms of our capabilities in terms of delivering business and that royalty rate is closer to 4%. So we have a lot of opportunity across the other markets as we continue to increase our business delivery to be able to raise the effective royalty rates on those contracts.

正如 Pat 所提到的，我真正關注的是繼續提高我們在加拿大的價值主張，我們最近收購了加拿大，那裡可能是我們在業務交付能力方面最先進的地方，而且特許權使用費率接近 4%。因此，隨著我們不斷擴大業務規模，我們在其他市場中有很多機會提高這些合約的有效特許權使用費率。

Okay, great. That's super helpful. Maybe just as a follow-up, you gave some pretty big increases for US economy pipeline.

好的，太好了。這太有幫助了。或許可以補充一點，您對美國經濟管道的增幅相當大。

And it doesn't seem like broadly, there's a lot of new construction going on in the US economy segment. Is there something -- is it just that it's a small base is making a large percent change? Or what is it that you're seeing with new construction for US economy rooms that we're kind of not seeing broadly?

而且從整體來看，美國經濟領域似乎沒有很多新的建設項目正在進行中。是不是因為樣本量小，所以變化幅度才這麼大？或者說，你們在美國新建經濟型客房方面看到了哪些我們普遍看不到的特點？

Yes. The economy segment has been a conversion market for a number of years. And so what you're seeing there is the value prop as it has gotten better for the entire system. The value prop within the economy segment has benefited as well. And so I think a lot of people have interpreted our revenue intent strategy means we're not focused on the economy segment far from -- that's very far from the truth.

是的。經濟型轎車市場多年來一直是改裝市場。因此，你現在看到的是整個系統的價值主張得到了改善。經濟型產品線中的價值主張也從中受益。因此，我認為很多人誤解了我們的收入意圖策略，認為我們並不專注於經濟型市場——這與事實相去甚遠。

What we've been doing in the economy segment is improving the product quality. And so as owners see that we are exiting hotels that no longer stick up or stick to the brand standards or unable to, they're seeing that we're not letting our economy brands deteriorate that we're actually improving the likelihood to recommend scores, the product quality. And that's important for the types of guests that we serve, that we keep that product quality moving in the right direction. And that's what's increasing the owner interest, and that's what's increasing the franchise agreements being awarded and the pipeline being higher.

我們在經濟型產品領域所做的，就是提高產品品質。因此，當業主看到我們正在退出那些不再符合或無法符合品牌標準的酒店時，他們也看到我們不會讓我們的經濟型品牌衰落，我們實際上正在提高推薦評分和產品品質的可能性。對於我們所服務的這類顧客來說，維持產品品質朝著正確的方向發展非常重要。正是這一點提高了業主的興趣，也正是這一點增加了特許經營協議的授予數量，並提高了專案儲備。

And that's really illustrated by the RevPAR performance we saw both in the quarter for the economy segment as well as the full year. We outpaced the STR economy segment by 180 basis points in the quarter and were up 310 basis points year to date. It really speaks to the quality of that segment for us.

這一點從經濟型客房季度和全年的每間可供出租客房收入 (RevPAR) 表現中就能明顯看出。本季我們比 STR 經濟型板塊高出 180 個基點，今年迄今高出 310 個基點。這充分體現了該細分市場對我們而言的品質。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

So just a quick question on some of the accounting and on the revenue side. You guys talked about ancillary and credit card being helpful. And I was just hoping you could help us with some of the geography because the partnership line grew 20%. I think that I thought that was with credit card, but the other revenue line sort of doubled year over year on a restated basis. And I just wanted to understand what was in that, if there's anything onetime that we need to think about on that other line.

所以，關於會計和收入方面，我有個簡單的問題。你們之前討論過附屬卡和信用卡會很有幫助。我希望您能幫我們解決一些地理上的問題，因為合作夥伴的表現成長了 20%。我當時以為那是信用卡方面的成長，但其他收入項目以重新調整後的數據來看，比去年同期成長了一半。我只是想了解其中的內容，看看另一條線上是否有我們需要考慮的事項。

Brandt, to your point, our co-branded credit card as well as our procurement businesses and our timeshare business, those are all on the partnership line item on our financial statement. So that's where you're seeing the significant growth in those revenues.

Brandt，你說得對，我們的聯名信用卡、採購業務和分時度假業務，這些都列在我們的財務報表中的合作項目中。所以，這就是你看到這些收入顯著成長的原因。

Our other revenues include more kind of event-driven onetime items at times. So there was some timing of recognition during the quarter. In addition, there were some items that really were gross up pass-through type expenses and revenue. So you'll see about $3.5 million of that other revenue line item was offset by the increase in SG&A in the quarter.

我們的其他收入有時還包括一些由特定事件驅動的一次性收入。因此，本季中存在一些確認確認的時間節點。此外，還有一些項目實際上是轉嫁類型的支出和收入。因此，你會看到，該季度其他收入項目中約 350 萬美元被銷售、一般及行政費用 (SG&A) 的增加所抵消。

If you took a look at our SG&A in the quarter, it was a little more elevated mainly due to those pass-through items. So I'd say the other revenue is up due to some pass-through items and some onetime event-driven revenues. But overall, we're still on track to hit the full-year forecast.

如果你看一下我們本季的銷售、一般及行政費用，你會發現它略有上升，這主要是由於那些轉嫁項目造成的。所以我認為其他收入的成長是由於一些轉嫁項目和一些一次性事件驅動的收入。但總體而言，我們仍有望實現全年預測目標。

Okay. That's really helpful. And then another question on business travel, you guys gave some helpful stats, business travel 40%. I think that's a global basis of mix. And SMB grew 18%, which is obviously a huge number for revenue.

好的。這真的很有幫助。然後還有一個關於商務旅行的問題，你們給了一些有用的統計數據，商務旅行佔 40%。我認為這是全球混合的基礎。中小企業成長了 18%，這顯然是收入的一個巨大數字。

Could you just square those data points with RevPAR overall in the US being down 2%-plus. The only way I can really do it is if SMB is a really small piece of business travel overall. But maybe you can just sort of help us square that.

能否將這些數據點與美國整體RevPAR下降2%以上的情況進行比較？我唯一能做到的辦法是，中小企業在整體商務旅行中所佔的比例非常小。但或許你能幫我們解決這個問題。

Yes. I think part of this is the business or the product mix that we are shifting towards. So we are shifting towards more products that is appealing to business travelers. So it's not just we're attracting more of them, but the product mix has shifted, particularly with this extended stay segment growth that we have here in the US, there's a lot of business travelers that are in those hotels for weeks. And so that's a key driver of that.

是的。我認為這部分原因在於我們正在轉向業務或產品組合方向。因此，我們正在轉向開發更多吸引商務旅客的產品。所以，不僅是我們吸引了更多的客人，而且產品組合也發生了變化，尤其是在美國，隨著長期住宿市場的增長，許多商務旅客會在這些酒店住上好幾個星期。所以這是其中一個關鍵驅動因素。

Overall, our business travel was up about 2.5%. And within SMB, that, in particular, has grown pretty significantly by 18%. So we're really leaning in on those types of travelers because of the product that we now have and the locations we now have, and that's where they're going. They're going to the secondary and tertiary markets where they have to travel.

總體而言，我們的商務旅行增加了約 2.5%。尤其是在中小企業中，這一比例增長了相當顯著的 18%。因此，由於我們現在的產品和地點，我們正在大力吸引這類旅行者，而他們也正朝著這些方向發展。他們將前往二級和三級市場，在那裡他們需要出差。

So when I look at the mix of that and if the significantly higher total available market being $13 billion, we are not yet at our fair share of that, and we expect that to grow as we get better in our sales tools and we get better in our RFP responses that our owners are doing. And so I would expect to see that percentage growth continue into the future.

所以，當我審視這些因素，以及高達 130 億美元的龐大市場規模時，我們還沒有獲得應有的份額，我們預計隨著銷售工具的改進和業主對 RFP 回應的改進，這一份額將會增長。因此，我預計未來這一成長百分比將繼續保持。

And the other thing I would just add to that is when you think about the headwinds, the two areas that are offsetting that are really government travel which was down about 20% for us during the quarter. And then inbound travel from the Canadian travel continued to be down since the first quarter. So that was down about 30%. So those two things have brought down RevPAR even though we've seen tremendous success in growing our business travel.

我還要補充一點，考慮到不利因素，有兩個方面可以抵消這些不利因素，其中之一是政府出行，我們本季的政府出行量下降了約 20%。而且，自第一季以來，來自加拿大的入境旅遊人數持續下降。所以下降了大約30%。儘管我們在商務旅行方面取得了巨大的成功，但這兩項因素還是拉低了每間可供出租客房收入（RevPAR）。

Meredith Jensen, HSBC.

Meredith Jensen，匯豐銀行。

I was hoping you might speak a little bit more on the international growth side. I know you've spoken a lot about it. But in terms of building sort of the support infrastructure for this really strong growth that we expect. Could you help us walk through some of the associated investments that might be necessary or how to view that expense ramp?

我希望您能多談談國際成長方面的問題。我知道你已經多次談到這件事了。但就建構我們預期中的這種強勁成長所需的支撐基礎設施而言，情況就不同了。您能否幫助我們了解可能需要的相關投資，或如何看待這種費用成長趨勢？

And relatedly, as you weigh those kind of investment that needs to be made in certain complex regions, again, I know you've discussed direct versus master franchise metrics before. But given the investments you may need to make, just sort of how that may evolve over time.

與此相關的是，當您權衡在某些複雜地區需要進行的此類投資時，我知道您之前已經討論過直接特許經營與總特許經營的指標。但考慮到你可能需要進行的投資，這種情況可能會隨著時間的推移而發生怎樣的變化。

Yes, Meredith, I think what we want to emphasize here is most of those investments are things we've done in the last four years. If you look at the exhibit we put on our investor website today, you can see the margin growth that we've had over that time frame. So the investments are not in adding people or in adding systems.

是的，梅雷迪思，我認為我們想強調的是，這些投資大部分都是我們在過去四年裡進行的。如果您查看我們今天在投資者網站上發布的圖表，您就可以看到我們在此期間的利潤率成長。所以投資不在於增加人員或增加系統。

A lot of the systems that we have put in place are already there and the investment I talked about that's going to effectively start deploying in early '26 and throughout next year. Those investments are in the rearview mirror for the most part. So what we have to do international is execute. And so there is a real opportunity here to do that, bringing the other half of Canada into the full company was really an opportunity for us to bring all that we do here in the US to our hotels that are in Canada. And so it's not a new market for us.

我們已經建立的許多系統已經到位，我提到的投資將在 2026 年初開始有效部署，並持續到明年。那些投資大多已經成為過去。所以，我們必須在國際上執行。因此，這裡確實存在一個實現這一目標的真正機會，將加拿大另一半納入整個公司，對我們來說確實是一個機會，可以將我們在美國所做的一切帶到我們在加拿大的酒店中。所以這對我們來說並不是一個新市場。

We've been in Canada for 70 years. We operated as part of those 70 years with a very good joint venture partner for 30 of those years. So we know these markets very well. And whether it's Canada or Australia, New Zealand, Mexico, Korea, and Latin America, EMEA, we've got people who've been in those markets for a significant period of time.

我們在加拿大已經生活了70年。在過去的70年裡，我們與一家非常優秀的合資企業合作了30年。所以我們對這些市場非常了解。無論是加拿大、澳洲、紐西蘭、墨西哥、韓國、拉丁美洲或歐洲、中東和非洲地區，我們都有在這些市場工作了相當長一段時間的人員。

Our development teams are based in those markets. We run the markets effectively as domestic markets, so they're not relying on US inbound for their growth. And so the autonomy that, that has allowed them to have has given them the opportunity to build the talent and really protect the brands.

我們的研發團隊就駐紮在這些市場。我們有效地將這些市場作為國內市場運營，因此它們的成長並不依賴美國入境消費。因此，這種自主權賦予了他們培養人才和真正保護品牌的機會。

I think the other thing that's really important for shareholders to understand is outside of the US, the business traveler mix is 60% and 40% leisure in many of our markets. So we have a much more resilient and higher-paying customer base. And our brands, the Quality Inn brand, and the Clarion brand, in particular, are of higher quality. They are usually three- and four-star hotels. So it's a very different business outside of the US.

我認為股東們需要了解的另一件非常重要的事情是，在美國以外，我們許多市場的商務旅客組成是 60% 商務旅客和 40% 休閒旅客。因此，我們擁有更具韌性且付費更高的客戶群。我們的品牌，特別是 Quality Inn 品牌和 Clarion 品牌，品質更高。它們通常是三星或四星級酒店。所以，在美國以外，這完全是另一回事。

And so the opportunity for us to continue to grow there is significant, but we just have to execute. It's an opportunity for us to grow our value prop and therefore, grow the effective royalty rate, we're able to drive in those markets.

因此，我們在那裡繼續發展的機會很大，但我們只需要執行到位。這是一個提升我們價值主張的機會，從而提高我們在這些市場中所能獲得的有效版稅率。

That's super helpful. And one other quick addition to sort of follow on to what Lizzie asked about. We've been following the cost pressures on the franchisees. And I have noticed that some of the brands, notably Hyatt, I think, are working to sort of evolve brand standards so that they have more flexibility to take on limited service brands with sort of less ability to invest at this point.

這太有幫助了。還有一點補充，算是對莉齊剛才問的問題的回應。我們一直在關注加盟商面臨的成本壓力。我注意到一些品牌，尤其是凱悅酒店，正在努力提升品牌標準，以便更靈活地接納那些目前投資能力較弱的有限服務品牌。

Are you seeing any of that in the market raising the competitive environment, especially as you up-level your franchisee base? Or if you're seeing any of that dynamic or if it's different in terms of PIPs than in the past?

您是否在市場中觀察到任何加劇競爭環境的因素，尤其是在您提升加盟主水準的過程中？或者，您是否觀察到任何此類動態，或者就績效改進計劃 (PIP) 而言，是否與過去有所不同？

Yes. No, it's a great question. And I think when we talk about the Country and the Suites brand, in particular, we redid that prototype with that franchisee margin compression in mind to make sure that the hallmarks of the brand are being preserved. But as you think about the types of changes that we would need an owner who's converting or a new build to build one of our brands, we are constantly looking at that. It's the reason why Choice has always been the leader in conversion hotels.

是的。不，這是一個很好的問題。我認為，當我們談到 Country 和 Suites 品牌時，尤其是在考慮到加盟商利潤壓縮的情況下，我們重新設計了原型，以確保品牌的標誌性特徵得以保留。但是，當我們思考業主需要哪些類型的改變，例如改造現有物業或新建物業來建立我們的品牌時，我們一直在關注這些問題。這就是 Choice 酒店集團始終處於改造酒店業領導地位的原因。

The flexibility to make sure that a PIP is affordable for the owner makes sense for the market and preserves the brand hallmarks. Those are the three things that we look to do. That's something that we always do as a matter of course. It's not new for Choice. So I think when you look at our ability to continue to grow our business in good times and bad, that's a key factor in driving all of that.

確保車主能夠負擔 PIP 的靈活性，對市場來說是有意義的，並且能夠維護品牌特色。這就是我們想要做的三件事。這是我們一直以來例行公事的做法。對 Choice 來說，這並非新鮮事。所以我認為，當我們審視我們在順境和逆境中持續發展業務的能力時，這是推動這一切的關鍵因素。

There are no further questions at this time. I will now turn the call over to Pat Pacious for closing remarks. Please go ahead, sir.

目前沒有其他問題了。現在我將把電話交給派特·帕西奧斯，請他作總結發言。請繼續，先生。

Well, thank you, operator, and thanks, everyone, for joining us this morning. We look forward to speaking with you again in February when we report our fourth quarter results. Have a great day.

好的，謝謝接線員，也謝謝大家今天早上收看我們的節目。我們期待在二月向您再次溝通，屆時我們將公佈第四季度業績。祝你有美好的一天。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。