Hyatt Hotels Corp (H) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Hyatt Second Quarter 2022 Earnings Call. As a reminder, this conference call is being recorded.

早上好，歡迎參加凱悅 2022 年第二季度財報電話會議。提醒一下，正在錄製此電話會議。

I would now like to turn the call over to Noah Hoppe, Senior Vice President, Investor Relations. Please go ahead.

我現在想把電話轉給投資者關係高級副總裁 Noah Hoppe。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us for Hyatt's Second Quarter 2022 Earnings Conference Call. Joining me on today's call are Mark Hoplamazian, Hyatt's President and Chief Executive Officer; and Joan Bottarini, Hyatt's Chief Financial Officer.

謝謝你，接線員。大家早上好，感謝您參加凱悅 2022 年第二季度收益電話會議。和我一起參加今天電話會議的還有凱悅總裁兼首席執行官 Mark Hoplamazian；凱悅首席財務官瓊·博塔里尼 (Joan Bottarini)。

Before we get started, I would like to remind everyone that our comments today will include forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K, quarterly reports on Form 10-Q and other SEC filings. These risks could cause our actual results to differ materially from those expressed in or implied by our comments.

在開始之前，我想提醒大家，我們今天的評論將包括聯邦證券法下的前瞻性陳述。如我們的 10-K 表格年度報告、10-Q 表格季度報告和其他 SEC 文件中所述，這些陳述受到眾多風險和不確定性的影響。這些風險可能導致我們的實際結果與我們的評論中表達或暗示的結果大不相同。

Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. In addition, you can find a reconciliation of non-GAAP financial measures referred to in today's remarks on our website at hyatt.com under the Financial Reporting section of our Investor Relations link, and in this morning's earnings release. An archive on this call will be available on our website for 90 days.

我們今天發布的收益報告中的前瞻性陳述以及對本次電話會議的評論僅在今天發布，不會隨著實際事件的發展而更新。此外，您可以在我們網站 hyatt.com 的投資者關係鏈接的財務報告部分以及今天上午的收益發布中找到今天評論中提到的非 GAAP 財務指標的對賬。本次電話會議的檔案將在我們的網站上提供 90 天。

And with that I'll turn the call over to Mark.

有了這個，我會把電話轉給馬克。

Thank you, Noah. Good morning and thank you to everyone for joining us today. This morning we reported our second quarter 2022 earnings results, further demonstrating the power of Hyatt's transformation into a fundamentally stronger and uniquely positioned company. The attributes that define our differentiated model include, first; our focus on the high-end traveler, second; our earnings concentration in the Americas; third, a majority of revenues derived from leisure travel; fourth, relatively higher exposure to group business; fifth, strong positive operating leverage, especially in our owned and leased hotel performance; and finally, industry-leading net rooms growth over the past 5 years.

謝謝你，諾亞。早上好，感謝大家今天加入我們。今天上午，我們報告了 2022 年第二季度的收益結果，進一步展示了凱悅轉型為一家從根本上更強大、定位獨特的公司的力量。首先，定義我們差異化模型的屬性包括：我們專注於高端旅行者，其次；我們的收入集中在美洲；第三，大部分收入來自休閒旅遊；四是集團業務佔比較高；第五，強大的積極經營槓桿，尤其是在我們擁有和租賃的酒店業績方面；最後，過去 5 年行業領先的淨客房增長。

In the same time period, Hyatt has been transformed and we believe is well positioned to outperform other multi-brand companies over the years to come. Our second quarter results reflect superior performance across all of our business lines derived entirely from the attributes I just mentioned that define our positioning. We anticipated a strong recovery in the second quarter, and I'm pleased to report results that exceeded our expectations.

在同一時期，凱悅已經轉型，我們相信在未來幾年內，凱悅的表現將超越其他多品牌公司。我們第二季度的業績反映了我們所有業務線的卓越表現，完全來自我剛才提到的定義我們定位的屬性。我們預計第二季度將強勁復甦，我很高興地報告超出我們預期的結果。

We had a record quarter as measured by Adjusted EBITDA plus Net Deferrals and Net Finance Contracts, the strongest in the company's history by a significant margin driven by a record level of leisure demand, along with rapidly recovering group and business transient demand. Comparable system-wide RevPAR in the second quarter exceeded 2019 levels when excluding Greater China. In addition, ALG Net Package RevPAR in our all-inclusive properties in the Americas managed by ALG was ahead of 2019 levels by 17%.

根據調整後的 EBITDA 加上淨延期和淨財務合同衡量，我們創下了創紀錄的季度，這是公司歷史上最強勁的季度，原因是休閒需求創紀錄水平以及快速恢復的團體和業務短暫需求推動了顯著的利潤率。不包括大中華區，第二季度可比的全系統 RevPAR 超過了 2019 年的水平。此外，由 ALG 管理的我們在美洲的全包式物業中的 ALG Net Package RevPAR 比 2019 年的水平高出 17%。

Adjusted EBITDA for legacy Hyatt also set a new record after adjusting for currency and the net impact of transactions. Looking ahead, our outlook remains optimistic for a number of reasons. First, it is notable that our second quarter results were achieved while group and business transient are still in a state of recovery. Demand has yet to normalize with system-wide occupancy still down more than 1,000 basis points to 2019 levels in the second quarter, a gap entirely driven by lower levels of group and business transient demand. Momentum continues to build in these two areas, and conversations with customers, along with strong forward booking data provides confidence that occupancy will recover more fully in the months ahead.

在調整貨幣和交易的淨影響後，傳統凱悅的調整後 EBITDA 也創下了新紀錄。展望未來，出於多種原因，我們的前景仍然樂觀。首先，值得注意的是，我們的第二季度業績是在集團和業務瞬態仍處於復蘇狀態的情況下取得的。需求尚未恢復正常，第二季度全系統的入住率仍下降 1,000 多個基點至 2019 年的水平，這一差距完全是由於集團和企業的短暫需求水平下降所致。這兩個領域的勢頭繼續增強，與客戶的對話以及強勁的預訂數據為未來幾個月入住率將更全面恢復提供了信心。

Second, while we are encouraged by the RevPAR recovery thus far, it's important to highlight the significant gap that exists when comparing RevPAR growth to the broader economic expansion that has occurred over the past 3 years.

其次，雖然迄今為止我們對 RevPAR 的複蘇感到鼓舞，但在將 RevPAR 增長與過去 3 年發生的更廣泛的經濟擴張進行比較時，重要的是要強調存在的巨大差距。

Traditional drivers of our business such as consumer discretionary spend and nonresidential fixed investments have expanded in the mid-teens percentage range or higher, while our RevPAR in the United States only just surpassed 2019 levels in June, and on a system-wide basis in July. The RevPAR recovery still significantly lags these broader economic measures and only with further recovery will travel spend regain its pre-pandemic share of wallet. We expect the gap to narrow as consumers pivot back to prioritizing spending on services and businesses resume travel more fully.

我們業務的傳統驅動因素（如非必需消費品支出和非住宅固定投資）已擴大到 10% 以上或更高，而我們在美國的 RevPAR 僅在 6 月才剛剛超過 2019 年的水平，並且在 7 月在全系統的基礎上. RevPAR 的複蘇仍然大大落後於這些更廣泛的經濟措施，只有進一步復甦，旅行支出才能重新獲得大流行前的錢包份額。我們預計，隨著消費者轉向優先考慮服務支出以及企業更全面地恢復旅行，這一差距將縮小。

Third, we believe our customer base and higher-end chain scale concentration will remain resilient in the face of potential macroeconomic pressures. The variety of data we monitor from forward bookings to consumer sentiment surveys indicate the high-end customers maintaining resilience, and continues to prioritize travel. This is consistent with consumer behavior for higher income groups during other periods of macroeconomic uncertainty.

第三，我們相信，面對潛在的宏觀經濟壓力，我們的客戶群和高端連鎖規模集中度將保持彈性。我們監控的從提前預訂到消費者情緒調查的各種數據表明，高端客戶保持彈性，並繼續優先考慮旅行。這與其他宏觀經濟不確定時期高收入群體的消費者行為一致。

When looking at comparable system-wide RevPAR luxury brands in the Americas and in the EME & Southwest Asia regions, we were up 22% in the second quarter and accelerated up to 28% in July when compared to 2019, respectively. This is clear evidence of a differentiator and value driver for Hyatt as compared with the broader industry, especially during variable macroeconomic conditions.

在查看美洲以及 EME 和西南亞地區可比的全系統 RevPAR 奢侈品牌時，與 2019 年相比，我們在第二季度分別增長了 22% 和 7 月份的 28%。與更廣泛的行業相比，這清楚地證明了凱悅的差異化因素和價值驅動因素，尤其是在多變的宏觀經濟條件下。

Fourth, our industry-leading net rooms growth has yet to be fully reflected in our financial results. Since the start of 2019, nearly 30% of our organic growth has come through openings in Asia Pacific. Even with this strong level of growth, our Asia Pacific segment contributed only $6 million of Adjusted EBITDA in the second quarter of 2022 as compared to $20 million in the second quarter of 2019. And the region has grown by over 13,000 rooms or 35%. We are seeing RevPAR momentum in Asia Pacific, and expect fees from the region to serve as a tailwind as it continues to recover in the months and quarters ahead.

第四，我們行業領先的淨客房增長尚未完全反映在我們的財務業績中。自 2019 年初以來，我們近 30% 的有機增長來自亞太地區的開業。即使有如此強勁的增長水平，我們的亞太分部在 2022 年第二季度僅貢獻了 600 萬美元的調整後 EBITDA，而 2019 年第二季度為 2000 萬美元。該地區的客房數量增長了 13,000 多間或 35%。我們看到亞太地區的 RevPAR 勢頭強勁，並預計該地區的費用將成為順風，因為它在未來幾個月和幾個季度繼續復甦。

Lastly, our loyalty program, World of Hyatt, and overall commercial services engine is a source of tremendous strength. The number of World of Hyatt members has grown by 65% over the past 3 years, which is driving a record level of direct bookings, especially through our digital channels. The performance of our Americas full service properties in the second quarter is a great demonstration of our progress with World of Hyatt members accounting for nearly half of room nights, and revenue booked directly through Hyatt channels reaching nearly 74%, both improving significantly over the same period in 2019.

最後，我們的忠誠度計劃、凱悅天地和整體商業服務引擎是巨大力量的源泉。過去 3 年，凱悅天地會員數量增長了 65%，這推動了創紀錄的直接預訂水平，尤其是通過我們的數字渠道。第二季度我們美洲全方位服務酒店的表現很好地證明了我們的進步，凱悅天地會員佔近一半的房晚，直接通過凱悅渠道預訂的收入達到近 74%，兩者均較上一季度顯著提高2019 年期間。

Our brands are resonating with customers and we're delivering great results through expanded market share and lower distribution costs for our hotel owners. We're now a more agile organization with an accelerating proportion of earnings coming from our fee-based business. We believe the key attributes of Hyatt's business in 2022 and looking forward better positions us than ever before to continue to deliver strong results as we adapt to evolving macro factors we may face in the future.

我們的品牌正在引起客戶的共鳴，我們通過擴大市場份額和降低酒店業主的分銷成本來取得巨大的成果。我們現在是一個更加靈活的組織，來自收費業務的收入比例越來越高。我們相信凱悅在 2022 年的業務的關鍵屬性和展望使我們比以往任何時候都更好地使我們能夠在適應未來可能面臨的不斷變化的宏觀因素時繼續取得強勁的業績。

Now let's dive a bit deeper into the latest trends from the quarter. First, starting with AL, the segment significantly exceeded our expectations once again this quarter. To provide context, through the first 6 months of 2022, ALG has already surpassed its full year 2019 economic performance. Net Package RevPAR for properties managed by ALG in the Americas, in both 2019 and 2022, had a strong recovery improving from down 8% in the first quarter to up 17% in the second quarter relative to 2019. Further, non-package revenue had a significant positive impact on results as well with a 26% increase when compared to 2019, a testament, the compelling programming at ALG's resorts and the value that our high-end customer base places on accessing great additional experiences while on property.

現在讓我們更深入地了解本季度的最新趨勢。首先，從 AL 開始，該細分市場在本季度再次顯著超出了我們的預期。為了提供背景信息，到 2022 年前 6 個月，ALG 已經超過了 2019 年全年的經濟表現。 2019 年和 2022 年，由 ALG 管理的美洲物業的 Net Package RevPAR 強勁復甦，從第一季度的下降 8% 上升至第二季度的 17%，相對於 2019 年。此外，非套餐收入增長與 2019 年相比，增長了 26%，這對結果產生了重大的積極影響，這證明了 ALG 度假村引人注目的節目以及我們的高端客戶群對在酒店獲得額外體驗的重視。

The strong Net Package RevPAR environment also contributed to a record number of new Unlimited Vacation Club contract signings and another terrific quarter for the ALG Vacations distribution business. And it's worth acknowledging these strong results were achieved when travel alternatives such as European destinations and cruise lines had significantly more availability than in prior periods.

強勁的 Net Package RevPAR 環境也促成了創紀錄數量的新 Unlimited Vacation Club 合同簽約，以及 ALG Vacations 分銷業務的另一個出色季度。值得承認的是，當歐洲目的地和郵輪公司等旅行替代品的可用性明顯高於之前的時期時，就取得了這些強勁的成果。

Turning to integration efforts. May 9th marked the official date when guests could start to earn and redeem World of Hyatt points at ALG resort properties in the Americas. It is still early, but we're thrilled with the progress so far. We've enrolled over 41,000 new World of Hyatt members at participating ALG resort properties with a rate of enrollment that is significantly higher than what we typically see from newly opened Hyatt properties. We're also very encouraged by the level of spend of our World of Hyatt members, which is materially outpacing nonmembers. We expect the integration of World of Hyatt with ALG's European properties to be complete by the end of the year, and we'll provide updates of our progress there.

轉向整合工作。 5 月 9 日是賓客開始在美洲 ALG 度假村酒店賺取和兌換凱悅天地積分的正式日期。現在還為時過早，但我們對迄今為止的進展感到興奮。我們已經在參與活動的 ALG 度假村酒店註冊了超過 41,000 名凱悅天地新會員，註冊率明顯高於我們通常在新開業的凱悅酒店看到的註冊率。我們也對凱悅天地會員的消費水平感到非常鼓舞，這大大超過了非會員。我們預計凱悅天地與 ALG 歐洲物業的整合將在今年年底前完成，我們將提供我們在那裡的最新進展。

Turning to the latest trends in our legacy Hyatt business. The pace of recovery also exceeded expectations with comparable system-wide RevPAR improving from down 25% to 2019 levels in the first quarter to down only 5% in the second quarter. Excluding Greater China, system-wide RevPAR finished ahead of 2019 in the second quarter, demonstrating the broadening demand for our hotels globally now that travel restrictions have [been lifted].

轉向我們傳統凱悅業務的最新趨勢。復甦的步伐也超出了預期，可比的全系統 RevPAR 從第一季度的 25% 下降到 2019 年的水平，第二季度僅下降了 5%。不包括大中華區，全系統 RevPAR 於 2019 年第二季度提前結束，這表明由於旅行限制 [已解除]，全球對我們酒店的需求不斷擴大。

From a geographic perspective, RevPAR has continued to recover in many parts of the world. Looking at the Americas, RevPAR was up 3% to 2019 in the second quarter driven by strength in our luxury brands which actualized 20% ahead of 2019 levels driven by rate growth of 27%. This is particularly meaningful given that we have doubled the number of luxury rooms in our system over the past 5 years. Many urban markets improved rapidly as the quarter progressed driven by improved group and business transient demand. In the United States, RevPAR in urban locations was down 8% versus 2019 in the second quarter, and has steadily shown month-to-month improvements being down only 4% in June and down only 2% in July as compared to 2019.

從地理角度來看，RevPAR 在世界許多地區持續復甦。從美洲來看，2019 年第二季度的 RevPAR 增長了 3%，這得益於我們奢侈品牌的實力，在 27% 的增長率推動下，該品牌比 2019 年的水平提前了 20%。鑑於我們在過去 5 年中將系統中的豪華客房數量翻了一番，這一點尤其有意義。在團體和商業短暫需求改善的推動下，隨著季度的進展，許多城市市場迅速改善。在美國，第二季度城市地區的 RevPAR 與 2019 年相比下降了 8%，並且穩步顯示，與 2019 年相比，6 月份的環比改善僅下降了 4%，7 月份僅下降了 2%。

In EME and Southwest Asia, the region saw a travel resurgence with RevPAR growth of 12% to 2019 in the second quarter. Cross-border travel was notably strong in the region with travelers from North America contributing 17% of rooms revenue, consistent with the contribution during the same period of 2019. The overall strength of recovery in the region can be attributed to solid growth in Leisure, an increase in business transient large events, all contributing to stronger rates.

在 EME 和西南亞，該地區的旅遊業復甦，到 2019 年第二季度的 RevPAR 增長了 12%。該地區的跨境旅遊尤為強勁，來自北美的旅客貢獻了 17% 的客房收入，與 2019 年同期的貢獻一致。該地區的整體復甦力度可歸因於休閒、商業短暫性大型事件的增加，所有這些都有助於提高利率。

Meanwhile, RevPAR in Asia Pacific remained at depressed levels, finishing down 48% versus 2019 in the second quarter driven by Greater China, which was down 62% due to lockdowns in certain key markets. Despite the difficulties in Greater China, RevPAR in the Asia Pacific region improved throughout the quarter when compared to 2019, from down 58% in April to down 35% in June.

與此同時，亞太地區的 RevPAR 仍處於低迷水平，在大中華區的推動下，與 2019 年第二季度相比下降了 48%，由於某些主要市場的封鎖，大中華區下降了 62%。儘管大中華區存在困難，但與 2019 年相比，整個季度亞太地區的 RevPAR 有所改善，從 4 月份的下降 58% 下降到 6 月份的下降 35%。

We remain confident in Asia Pacific's path to recovery with the continued ease-of-travel restrictions and improvement in airlines. We're particularly encouraged to see the recovery momentum accelerated in July with RevPAR down less than 20% versus 2019 with a very rapid improvement in Greater China, which was down only 21% in July, a significant improvement from being down 64% just 2 months prior.

我們對亞太地區的複甦之路充滿信心，因為持續的旅行便利限制和航空公司的改善。我們特別高興看到 7 月份復甦勢頭加快，RevPAR 與 2019 年相比下降了不到 20%，大中華區的改善非常迅速，7 月份僅下降了 21%，與僅下降 64% 相比有了顯著改善 2幾個月前。

From a segmentation perspective, we experienced another record quarter of leisure transient revenue, up 19% to 2019 on a comparable system-wide basis with a contribution of 54% of total room revenue for the quarter. While resorts continue to experience strong results, the leisure recovery broadened with notable growth in urban markets as cities more fully reopened across the globe. Group room revenue showed meaningful strength, building on the momentum from the first quarter, finishing down only 11% to 2019 in the second quarter with steady month-to-month improvement from down 14% in April to down only 7% in June. We continue to see significant short-term group demand primarily from corporations with gross group bookings in the second quarter for stays that will occur this year, at 45% above 2019 levels, for our Americas full service managed properties. It was this unprecedented level of short-term group demand that narrowed our case deficit as we progress through the quarter.

從細分的角度來看，我們經歷了另一個創紀錄的季度休閒短暫收入，在可比的全系統基礎上比 2019 年增長 19%，佔該季度總客房收入的 54%。儘管度假村繼續取得強勁業績，但隨著全球城市更全面地重新開放，休閒復甦隨著城市市場的顯著增長而擴大。在第一季度的勢頭的基礎上，團體客房收入表現出顯著的增長勢頭，到 2019 年第二季度僅下降 11%，環比穩步改善，從 4 月份的下降 14% 下降至 6 月份的僅下降 7%。我們繼續看到重要的短期團體需求，主要來自第二季度團體預訂總額的公司，對我們的美洲全方位服務管理物業的今年將發生的住宿將比 2019 年水平高出 45%。隨著我們整個季度的進展，正是這種前所未有的短期團體需求水平縮小了我們的案例赤字。

We entered the second quarter with a group pace deficit of 16% to 2019, but actualized down only 11% as a result of strong short-term booking behavior. This trend is continuing with an acceleration in booking activity in July for 2023.

我們進入第二季度時，到 2019 年的團隊步伐赤字為 16%，但由於短期預訂行為強勁，實際僅下降了 11%。隨著 2023 年 7 月預訂活動的加速，這一趨勢仍在繼續。

As for business transient, we're very encouraged by the recovery momentum as demand continues to broaden. System-wide business transient was down 58% to 2019 in the first quarter, and improved to down 38% in the second quarter, with June down only 31%. We experienced encouraging performance in certain gateway cities such as New York City, up 5% to 2019, with other major cities showing strength driven by the relaxing of company travel restrictions.

至於業務短暫性，隨著需求繼續擴大，我們對複蘇勢頭感到非常鼓舞。到 2019 年第一季度，全系統業務瞬態下降 58%，第二季度改善至下降 38%，6 月份僅下降 31%。我們在紐約市等某些門戶城市的表現令人鼓舞，到 2019 年增長了 5%，其他主要城市在放寬公司旅行限制的推動下表現出強勁勢頭。

The recovery within our large national accounts is particularly encouraging, improving from 54% recovered in April to 71% recovered in June. And our top 10 customers have recovered by more than 80%.

我們龐大的國民賬戶的複蘇尤其令人鼓舞，從 4 月的 54% 提高到 6 月的 71%。我們的前 10 名客戶已經恢復了 80% 以上。

As more employees return to office, restrictions are eased and cross-border travel more fully resumes. We anticipate business transient to continue to strengthen in the months ahead.

隨著越來越多的員工返回辦公室，限制得到放鬆，跨境旅行更加全面地恢復。我們預計未來幾個月業務瞬態將繼續增強。

Turning to growth. We had a strong second quarter of net rooms expansion. We opened over 5,500 rooms, contributing approximately 4,600 net rooms to our system. Over half of the rooms we opened during the quarter were resorts and included incredible additions to the portfolio, such as the Alila Maldives and the Secrets Moxche outside of Playa del Carmen. Additionally, we opened our first Caption by Hyatt on the famed Beale Street in Memphis. We are excited about this innovative lifestyle select service brand, and we are thrilled to have the first one open and operating. We look forward to many more to come.

轉向增長。我們第二季度的淨客房擴張強勁。我們開設了 5,500 多個房間，為我們的系統貢獻了大約 4,600 個淨房間。我們在本季度開設的客房中有一半以上是度假村，其中包括令人難以置信的產品組合，例如阿麗拉馬爾代夫酒店和普拉亞德爾卡門外的 Secrets Moxche。此外，我們在孟菲斯著名的比爾街開設了我們的第一個 Caption by Hyatt。我們對這個創新的生活方式選擇服務品牌感到興奮，我們很高興第一個開放和運營。我們期待著更多的到來。

Our total net rooms growth is 19% over the trailing 12-month period, which represents an increase of 40 basis points as compared to the 18.6% of net rooms growth reported in the first quarter. The accelerated growth in our fee-based business during the second quarter was heavily driven by our ALG resorts. It's notable that ALG has already achieved net rooms growth of 10% since the start of the year, which is well ahead of the approximately 10% growth target we anticipated for the full year.

在過去的 12 個月期間，我們的總客房淨增長率為 19%，與第一季度報告的 18.6% 的淨客房增長率相比增加了 40 個基點。我們的收費業務在第二季度的加速增長很大程度上是由我們的 ALG 度假村推動的。值得注意的是，ALG 自今年年初以來已實現 10% 的淨客房增長，遠超我們預期的全年約 10% 的增長目標。

As for the legacy Hyatt portfolio, net room growth is 4.6% over the trailing 12-month period as opening activity has slowed in part by a lower level of openings in Greater China due to lockdowns impacting the rate of construction. However, we have exciting hotel openings scheduled over the back half of the year and compelling conversion opportunities under negotiation. As a result, we expect net rooms growth for the full year to be greater than 6%.

至於傳統的凱悅酒店組合，過去 12 個月期間的淨客房增長率為 4.6%，部分原因是大中華區的開業活動放緩，原因是封鎖影響了建設速度。但是，我們計劃在今年下半年開設令人興奮的酒店，並正在談判中令人信服的轉換機會。因此，我們預計全年客房淨增長將超過 6%。

Moving to real estate transactions. As previously disclosed, we've had a very active first half of the year which resulted in gross proceeds from asset sales of $812 million. We're currently marketing two owned hotels for sale, and are pleased with the progress we are making. We're also pleased to announce that on August 3, we acquired the Hotel Irvine in Irvine, California, a hotel we know very well, as it was previously the Hyatt Regency Irvine for over 20 years before exiting our system several years ago. We purchased the 541-room hotel for $135 million, securing our brand presence in a highly sought-after location where we are underrepresented.

轉向房地產交易。正如之前披露的那樣，我們今年上半年非常活躍，資產出售的總收益為 8.12 億美元。我們目前正在推銷兩家自有酒店待售，並對我們取得的進展感到滿意。我們也很高興地宣布，在 8 月 3 日，我們收購了位於加利福尼亞州爾灣市的 Hotel Irvine，這是一家我們非常熟悉的酒店，因為在幾年前退出我們的系統之前，它以前是 20 多年前的 Hyatt Regency Irvine。我們以 1.35 億美元的價格購買了這家擁有 541 間客房的酒店，以確保我們的品牌在我們代表性不足的備受追捧的地方存在。

As in the past, when we look at unique opportunities like this one, we remain highly confident in our ability to unlock value through renovating and repositioning the hotel while seeking to identify a strategic third-party buyer to be a long-term owner of the asset.

與過去一樣，當我們看到像這樣的獨特機會時，我們仍然對通過翻新和重新定位酒店來釋放價值的能力充滿信心，同時尋求確定戰略性第三方買家成為酒店的長期所有者資產。

I'm proud to share that we recently announced progress made across our ESG platform, World of Care, released our Diversity Equity and Inclusion Disclosures and shared our Global Reporting Initiative, all of which demonstrated how Hyatt is advancing care from the planet, people and responsible business. We are proud that our World of Care platform was named 2022 ESG Program of the Year by Ragan Communications. I'd like to share a few specific key ESG highlights.

我很自豪地與大家分享，我們最近宣布了我們的 ESG 平台 World of Care 取得的進展，發布了我們的多元化公平和包容性披露，並分享了我們的全球報告計劃，所有這些都展示了凱悅如何從地球、人類和負責任的企業。我們很自豪我們的 World of Care 平台被 Ragan Communications 評為 2022 年度 ESG 計劃。我想分享一些具體的 ESG 重點。

First, Hyatt's Science Based Targets were approved by the Science Based Targets initiative, reflecting our focus on making significant reductions in greenhouse gas emissions. Second, I'm proud to share that we have increased representation across several groups, including people of color and women in leadership positions across our workforce. Lastly, with a focus on improving diverse vendor representation across our supply chain, Hyatt, welcomes 220 new Black owned businesses to participate as suppliers to our hotels in the Americas.

首先，凱悅的基於科學的目標獲得了基於科學的目標倡議的批准，反映了我們對顯著減少溫室氣體排放的關注。其次，我很自豪地分享，我們增加了多個群體的代表性，包括有色人種和在我們員工隊伍中擔任領導職務的女性。最後，凱悅專注於改善我們供應鏈中的多元化供應商代表性，歡迎 220 家新的黑人擁有的企業作為我們在美洲的酒店的供應商參與其中。

I would like to thank all of the members of the Hyatt family who bring World of Care to life every day with creativity and passion. We look forward to continuing to share our progress, challenges and solutions that are advancing us towards our ESG goals.

我要感謝凱悅家族的所有成員，他們每天都以創造力和熱情將 World of Care 帶入生活。我們期待繼續分享推動我們實現 ESG 目標的進展、挑戰和解決方案。

I'll conclude my prepared remarks this morning by saying that we're very pleased with the strong results we delivered this quarter and maintain our optimism as we look toward the remainder of this year and into 2023.

我將在今天早上結束我準備好的講話時說，我們對本季度取得的強勁業績感到非常滿意，並在展望今年剩餘時間和 2023 年時保持樂觀。

I'll now turn it over to Joan to provide additional details on our operating results. Joan, over to you.

我現在將把它交給瓊，以提供有關我們運營結果的更多詳細信息。瓊，交給你了。

Thanks, Mark, and good morning, everyone. My commentary today will cover consolidated financial results, key drivers of our strong performance and expectations I can share for the remainder of 2022. This morning, we reported second quarter net income attributable to Hyatt of $206 million and diluted earnings per share of $1.85, with our results favorably impacted by gains on sale of real estate of $251 million, the acquisition of ALG and significantly improved operating performance. Adjusted EBITDA for the quarter was $255 million. Additionally, Net Deferrals were $25 million and Net Finance Contracts were $15 million.

謝謝，馬克，大家早上好。我今天的評論將涵蓋綜合財務業績、我們強勁業績的關鍵驅動因素以及我可以分享的 2022 年剩餘時間的預期。今天上午，我們報告了第二季度歸屬於凱悅的淨收入為 2.06 億美元，攤薄後每股收益為 1.85 美元，其中我們的業績受到 2.51 億美元房地產銷售收益、收購 ALG 以及顯著改善的經營業績的有利影響。本季度調整後的 EBITDA 為 2.55 億美元。此外，淨延期為 2500 萬美元，淨融資合同為 1500 萬美元。

As Mark mentioned, this was a record quarter. We experienced a record level of leisure demand and a rapid recovery in group and business transient demand. We translated this demand into strong rate realization, fee growth and margin expansion through excellent execution.

正如馬克所說，這是一個創紀錄的季度。我們經歷了創紀錄的休閒需求水平以及團體和商務短暫需求的快速恢復。我們通過出色的執行將這種需求轉化為強勁的費率實現、費用增長和利潤率擴張。

Adjusted EBITDA for Hyatt, excluding ALG, was $201 million for the quarter, which is approximately 13% higher than 2019, adjusted for currency and the net impact of transactions. The improved performance of the legacy Hyatt business reflects strength in our core business and new fees generated from our industry-leading growth.

凱悅（不包括 ALG）本季度的調整後 EBITDA 為 2.01 億美元，比 2019 年高出約 13%，並根據貨幣和交易的淨影響進行了調整。傳統凱悅業務的業績改善反映了我們核心業務的實力以及我們行業領先的增長產生的新費用。

We reported a record level of Total Management, Franchise, and Other Fees, 27% higher than any other quarter in the company's history, and up 30% to 2019 in the second quarter driven by RevPAR expansion and industry-leading net rooms growth. Comparable RevPAR growth was 3% to 2019 in the Americas and 12% to 2019 in EME & Southwest Asia in the second quarter, with our Asia Pacific region trailing. The Americas and EME & Southwest Asia Lodging segment combined resulted in an approximately 11% expansion in fees to 2019.

我們報告了總管理費、特許經營費和其他費用的創紀錄水平，比公司歷史上任何其他季度都高 27%，在 RevPAR 擴張和行業領先的淨客房增長的推動下，第二季度到 2019 年增長了 30%。第二季度，美洲的可比 RevPAR 增長為 3% 至 2019 年，而 EME 和西南亞則為 2019 年的 12%，我們的亞太地區緊隨其後。到 2019 年，美洲和 EME 和西南亞住宿部門的費用合計增長了約 11%。

Turning to our owned and leased portfolio. The segment generated $99 million in Adjusted EBITDA for the quarter, down 14% to 2019 on a reported basis while being up 20% to 2019 when adjusted for currency and the net impact of transactions. Comparable owned and leased margins improved to 31.9% in the quarter, up 800 basis points to 2019 levels for the same set of properties reflecting another quarter of very strong operational execution and an increase in Average Daily Rate of 15% to 2019.

轉向我們擁有和租賃的投資組合。該部門在本季度產生了 9900 萬美元的調整後 EBITDA，在報告的基礎上比 2019 年下降 14%，而在對貨幣和交易的淨影響進行調整後，比 2019 年增長 20%。本季度可比自有和租賃利潤率提高至 31.9%，比 2019 年同組物業的水平提高 800 個基點，反映出又一個季度非常強勁的運營執行以及到 2019 年的平均每日利率增加了 15%。

International comparable owned and leased properties accounted for $9 million of Adjusted EBITDA growth to 2019 driven by strong results in our European properties, namely the Park Hyatt Paris and the Park Hyatt Zurich. Additionally, our Miraval portfolio continued to perform exceptionally well, generating an $8 million increase in Adjusted EBITDA compared to 2019.

受我們歐洲物業（巴黎柏悅酒店和蘇黎世柏悅酒店）強勁業績的推動，截至 2019 年，國際可比自有和租賃物業佔調整後 EBITDA 增長的 900 萬美元。此外，我們的 Miraval 投資組合繼續表現出色，與 2019 年相比，調整後 EBITDA 增加了 800 萬美元。

Looking ahead to the third quarter, the rate of RevPAR recovery strengthened in July, benefiting from strong summer leisure travel and group demand, with system-wide RevPAR in July, finishing 5% ahead of 2019, and ADR growth of 17%, marking the first month in which system-wide RevPAR exceeded 2019 levels. Our comparable owned and leased hotel RevPAR in July was up 12% with ADR growth of 18%. On a system-wide basis, Leisure revenue maintained its strength, and group revenue slightly exceeded 2019 levels in July, a remarkable milestone considering group revenue, was down more than 40% in the first quarter of this year and 11% in the second quarter.

展望三季度，受益於夏季休閒旅遊和團體需求旺盛，7 月 RevPAR 恢復速度加快，7 月全系統 RevPAR 比 2019 年提前 5%，ADR 增長 17%，標誌著全系統 RevPAR 超過 2019 年水平的第一個月。我們在 7 月份的可比自有和租賃酒店 RevPAR 增長了 12%，ADR 增長了 18%。在全系統範圍內，休閒收入保持強勁，7 月份集團收入略高於 2019 年水平，考慮到集團收入，這是一個了不起的里程碑，今年第一季度下降了 40% 以上，第二季度下降了 11% .

Looking into August and onwards, total transient bookings remain strong with comparable transient revenue at approximately 1% higher than 2019 for the remainder of this year and 4% higher, excluding Greater China. We also continue to see strong short-term demand for group with short-term group bookings at approximately 40% above 2019 levels for our Americas full service managed property. Overall, the trends and trajectory are very encouraging and consistent. Demand is broadening, both geographically and by segment. We have confidence that the recovery in demand will continue into the latter half of this year, and we're particularly encouraged by the momentum we're seeing in Asia Pacific.

展望 8 月及以後，總臨時預訂量保持強勁，可比的臨時收入在今年剩餘時間內比 2019 年高出約 1%，不包括大中華區，高出 4%。我們還繼續看到對我們美洲全方位服務託管物業的短期團體預訂的強勁短期需求，比 2019 年的水平高出約 40%。總體而言，趨勢和軌跡非常令人鼓舞和一致。需求正在擴大，無論是在地域上還是在細分市場上。我們有信心需求的複蘇將持續到今年下半年，我們對亞太地區的勢頭感到特別鼓舞。

Turning to ALG. The performance of the segment once again significantly exceeded our expectations. Adjusted EBITDA for the quarter was $54 million, Net Deferrals were $25 million and Net Finance Contracts were $15 million. As a reminder, it's critical to assess performance through the sum of these three items: Adjusted EBITDA, Net Deferrals and Net Finance Contracts. Due to GAAP revenue and expense recognition requirements related to ALG's Unlimited Vacation Club business. We've provided a table on Page 3 of the schedules in the earnings release for reference on Net Deferrals and Net Finance Contracts as well as a supplemental presentation for modeling ALG's contribution to Hyatt.

轉向 ALG。該分部的表現再次大大超出我們的預期。本季度調整後的 EBITDA 為 5400 萬美元，淨遞延為 2500 萬美元，淨財務合同為 1500 萬美元。提醒一下，通過以下三個項目的總和來評估績效至關重要：調整後的 EBITDA、淨遞延和淨財務合同。由於與 ALG 的無限假期俱樂部業務相關的 GAAP 收入和費用確認要求。我們在收益發布的第 3 頁提供了一張表格，以供參考淨延期和淨融資合同，以及模擬 ALG 對凱悅的貢獻的補充演示文稿。

I'll take a moment to cover three areas that drove ALG's financial results. First, Net Package RevPAR for the same set of hotels in the Americas was up 17% to 2019 during the quarter, reflecting strong Net Package ADR, which was up 19% in the second quarter to 2019. New hotels added to the ALG resort portfolio, and significantly improved performance drove $36 million in total fee revenue in the quarter. Incentive Fees were notably strong and record average rates fueled expanding operating margin growth.

我將花點時間介紹推動 ALG 財務業績的三個領域。首先，美洲同組酒店的淨套餐 RevPAR 在本季度至 2019 年增長 17%，反映出強勁的淨套餐 ADR，在截至 2019 年的第二季度增長 19%。新酒店添加到 ALG 度假村組合，顯著改善的業績推動了本季度 3600 萬美元的總費用收入。激勵費用特別強勁，創紀錄的平均費率推動了營業利潤率的增長。

Second, approximately 8,500 membership contracts were signed for ALG's Unlimited Vacation Club in the quarter, the primary driver of performance for Other Revenues, Net Deferrals and Net Finance Contracts. This level of sales exceeds 2019 by 20% driven by sales of memberships at higher tiers. UVC now has 125,000 active members, exceeding 2019 by 30%.

其次，本季度為 ALG 的 Unlimited Vacation Club 簽署了大約 8,500 份會員合同，這是其他收入、淨延期和淨財務合同業績的主要推動力。受更高級別會員銷售的推動，這一銷售額比 2019 年高出 20%。 UVC 現在擁有 125,000 名活躍會員，比 2019 年增長 30%。

Third, the ALG Vacations business realized strong results with strong unit pricing, increased airlift and consumer preference for all-inclusive luxury. In the quarter, ALG Vacations reported 744,000 guest departures, which drove $256 million of Distribution and Destination Management revenue and $206 million of expense in the quarter, reflecting approximately 20% margins on the business, significantly above 2019. The strong margin levels were aided by strong seasonal demand. And on a full year basis, we anticipate margins for the Vacations business to be in the mid- to high teens.

第三，ALG Vacations 業務以強勁的單價、增加的空運和消費者對全包式奢侈品的偏好實現了強勁的業績。在本季度，ALG Vacations 報告了 744,000 名客人離境，這推動了本季度 2.56 億美元的分銷和目的地管理收入和 2.06 億美元的支出，反映了約 20% 的業務利潤率，遠高於 2019 年。強勁的利潤率水平得益於旺盛的季節性需求。在全年的基礎上，我們預計假期業務的利潤率將處於中高水平。

In summary, ALG posted another quarter of very strong financial results. We remain optimistic as we look into the remainder of the year for several reasons, including the strength of demand in which we see no sign of softening, travel restrictions that have been lifted in key ALG markets, improved airlift that is approximately 24% above 2019 levels for key Americas destinations, and a favorable pricing environment.

總之，ALG 公佈了另一個季度非常強勁的財務業績。我們對今年剩餘時間保持樂觀，原因有幾個，包括我們認為沒有疲軟跡象的需求強勁、主要 ALG 市場取消了旅行限制、空運改善，比 2019 年增加了約 24%美洲主要目的地的水平，以及有利的定價環境。

We'd also reiterate that ALG is seasonal. And while we anticipate the growth rate relative to historical periods to remain strong, the EBITDA contribution of the segment is expected to moderate relative to what was generated in the first half of the year as we enter seasonal periods of lower leisure demand, and also make investments in the second half of 2022, targeted towards future growth opportunities.

我們還要重申 ALG 是季節性的。雖然我們預計相對於歷史時期的增長率將保持強勁，但隨著我們進入休閒需求較低的季節性時期，該部門的 EBITDA 貢獻預計將相對於上半年產生的貢獻放緩，並且2022 年下半年的投資，針對未來的增長機會。

I'd also like to provide an update on our strong cash and liquidity position. As of June 30, our total liquidity includes nearly $2 billion of Cash, Cash Equivalents and Short-term Investments, up approximately $650 million from the prior quarter driven by cash flow from operations and net proceeds from asset sales. The increase in our liquidity is net of approximately $180 million of debt reduction, primarily related to the Grand Hyatt San Antonio sale and approximately $100 million in share repurchases during the quarter. In addition to our cash position, we maintained approximately $1.5 billion in borrowing capacity on our revolving credit facility. We entered into a new credit agreement during the second quarter with a maturity of May of 2027.

我還想提供有關我們強勁的現金和流動性狀況的最新信息。截至 6 月 30 日，我們的總流動性包括近 20 億美元的現金、現金等價物和短期投資，在運營現金流和資產出售淨收益的推動下，比上一季度增加了約 6.5 億美元。我們流動性的增加扣除了約 1.8 億美元的債務減免，主要與聖安東尼奧君悅酒店的出售和本季度約 1 億美元的股票回購有關。除了我們的現金頭寸，我們的循環信貸額度維持了大約 15 億美元的借貸能力。我們在第二季度簽訂了一份新的信貸協議，到期日為 2027 年 5 月。

As of June 30, we have no debt maturities in the next 12 months. However, we will have an option beginning in the fourth quarter of 2022 to pay down a portion or all of the notes issued in the fourth quarter of 2021, and we expect to pay down a significant portion of these notes in keeping with our commitment to an investment-grade profile.

截至 6 月 30 日，我們在未來 12 個月內沒有到期債務。但是，我們可以選擇從 2022 年第四季度開始償還 2021 年第四季度發行的部分或全部票據，我們預計將償還這些票據的很大一部分，以履行我們對投資級配置文件。

Finally, I'd like to make a few comments regarding our 2022 outlook. While we acknowledge that long-term visibility remains challenging, especially in certain markets where travel restrictions remain in place, we expect full year 2022 system-wide RevPAR to grow between 55% and 60% to 2021, and to be down between 9% and 4% to 2019. This implies that RevPAR over the latter half of the year will be in the same approximate range as 2019 for the same set of comparable hotels adjusted for currency.

最後，我想就我們的 2022 年展望發表一些評論。儘管我們承認長期可見性仍然具有挑戰性，尤其是在某些旅行限制仍然存在的市場中，但我們預計到 2021 年，2022 年全年全系統 RevPAR 將增長 55% 至 60%，並下降 9% 至4% 到 2019 年。這意味著，對於同組可比酒店進行貨幣調整後，下半年的 RevPAR 將與 2019 年大致相同。

Additionally, we continue to expect Adjusted SG&A to be in the approximate range of $460 million to $465 million, excluding any bad debt expense, and continue to expect capital expenditures to be approximately $210 million.

此外，我們繼續預計調整後的 SG&A 將在 4.6 億美元至 4.65 億美元之間，不包括任何壞賬費用，並繼續預計資本支出約為 2.1 億美元。

Lastly, turning to net rooms growth. While we recognize macro factors such as supply chain issues, and COVID-related restrictions are impacting the timing of opening, as Mark mentioned, we are particularly encouraged by the volume of conversion opportunities in the second half of 2022, and expect net rooms growth for the full year to be greater than 6%.

最後，轉向客房淨增長。正如 Mark 所說，雖然我們認識到供應鏈問題和 COVID 相關限制等宏觀因素正在影響開業時間，但我們對 2022 年下半年轉換機會的數量感到特別鼓舞，並預計客房淨增長全年大於 6%。

I will conclude my prepared remarks by saying that we're very pleased with our second quarter results, which demonstrates the progress we've made on our asset-light transformation and the excellent execution driving core business results by our global property and support teams. Our optimism for the future is fueled by our confidence in our teams as well as the visibility we have to continued momentum in demand.

最後，我將說我們對第二季度的業績感到非常滿意，這表明我們在輕資產轉型方面取得的進展以及我們的全球資產和支持團隊在推動核心業務成果方面的出色執行。我們對團隊的信心以及我們對持續需求勢頭的可見性推動了我們對未來的樂觀情緒。

Thank you. And with that, I'll turn it back to our operator for Q&A.

謝謝你。有了這個，我會把它交給我們的接線員進行問答。

(Operator Instructions)

（操作員說明）

The first question comes from the line of Joe Greff with JPMorgan.

第一個問題來自摩根大通的 Joe Greff。

Nice results. Mark, I was hoping if you could talk a little bit in detail about the environment for divesting hotels right now compared to buyer appetite and pricing versus 6 months ago? How wide is the bid ask? To what extent does the buyer universe tend out or has shifted in buyer characteristics.

不錯的結果。馬克，我希望你能詳細談談現在剝離酒店的環境與 6 個月前相比買家的胃口和價格嗎？出價要多寬？買方領域在多大程度上傾向於或在買方特徵方面發生了變化。

Thanks, Joe. I think the primary difference over that period of time has to do with rates and availability of debt for acquisitions. And that has a greater impact on private equity than it does on other types of buyers. I would say that we have discovered that, that can work in favor of all cash buyers. And I think we took advantage of that in being able to be certain with The Irvine Company about purchasing Hotel Irvine. I think that was the difference maker in being able to secure that hotel at what we think is a very compelling value. But the certainty of closing was 100% because we were a cash buyer.

謝謝，喬。我認為那段時間的主要區別與收購債務的利率和可用性有關。與其他類型的買家相比，這對私募股權的影響更大。我想說的是，我們已經發現，這對所有現金買家都有利。我認為我們利用了這一點，能夠與 The Irvine Company 確定收購 Hotel Irvine。我認為這是能夠以我們認為非常引人注目的價值來確保該酒店的不同之處。但因為我們是現金買家，所以成交的確定性是 100%。

So I think that's actually the key issue. I think the -- it's hard to say that it actually had a direct impact on realized values. Yes, it might -- it's a year from now. We have interest rates at this or higher levels and availability at lower levels. It might -- because you're talking about a chunk of the buyer universe that needs significant leverage to make their numbers work not playing. We have a number of unique assets in our -- remaining in our portfolio of significant value, things like the Hyatt Regency in Orlando, which is really a very uniquely positioned, very high-performing hotel in the midst of the Orange County Convention Center. We have our trophy assets in Europe, and the Miraval portfolio, all of which continue to perform exceedingly well.

所以我認為這實際上是關鍵問題。我認為 - 很難說它實際上對實現的價值產生了直接影響。是的，它可能 - 從現在開始一年。我們有這個或更高水平的利率和更低水平的可用性。它可能——因為你談論的是買方領域的一部分，需要很大的影響力才能使他們的數字發揮作用。我們擁有許多獨特的資產——保留在我們具有重要價值的投資組合中，比如奧蘭多的凱悅酒店，這確實是一家位於奧蘭治縣會議中心中的非常獨特的、非常高效的酒店。我們在歐洲擁有我們的獎杯資產，以及 Miraval 投資組合，所有這些都繼續表現出色。

And the buyer universe for a number of those properties is not really what I would consider the market. So we don't have a particularly -- any particular concerns. We're 1000% confident we will get to and probably exceed the $2 billion goal that we set for the end of '24.

而其中一些房產的買家世界並不是我真正考慮的市場。所以我們沒有特別- 任何特別的擔憂。我們有 1000% 的信心，我們將實現並可能超過我們為 24 年底設定的 20 億美元目標。

Great. And then my second question for you that is with respect to your target for this year to grow net rooms by greater than 6%. Obviously, ALG is experiencing stronger-than-expected room growth as you guys talked about. How do you think about Hyatt legacy management franchise footprint growth within that greater than 6% target. Can it accelerate from the 4.6% that you guys achieved in the second quarter? And that's all for me.

偉大的。然後我要問的第二個問題是關於今年的目標，即淨客房增長超過 6%。顯然，正如你們所說，ALG 的房間增長強於預期。您如何看待凱悅遺留管理特許經營足跡增長超過 6% 的目標。它可以從你們在第二季度實現的 4.6% 加速嗎？這就是我的全部。

Yes. Yes, and that is our expectation. I would say that the proportion of our growth year-to-date -- and prospectively, that is coming from conversions is higher than our historical levels. Historically, we were in the mid-20s. And I think we're more than 1,000 basis points above that now year-to-date, and that's a gift that's going to keep on giving. So our outlook does include significant conversion activity that's underway. The big issues with respect to Hyatt legacy growth -- rather legacy Hyatt growth has to do with China, which really took a full 3- to 4-month break. It was a hard break like construction shutdown and completion rates stopped up until the lockdowns, we -- 51% or thereabouts of all of the hotels that we set out at the beginning of the year that we felt was open on time. And of the remainder, a significant portion of the gap that opened up in the second quarter has come from China, and to a certain extent, from COVID and supply chain.

是的。是的，這是我們的期望。我想說的是，我們年初至今的增長比例——以及未來來自轉換的比例高於我們的歷史水平。從歷史上看，我們處於 20 年代中期。而且我認為我們比年初至今高出 1,000 多個基點，這是一份將繼續給予的禮物。因此，我們的展望確實包括正在進行的重大轉換活動。關於凱悅傳統增長的大問題——而不是傳統的凱悅增長與中國有關，這確實需要整整 3 到 4 個月的休息時間。這是一個艱難的休息，就像施工停工和完工率停止，直到封鎖，我們 - 我們在年初出發的所有酒店中，有 51% 左右是我們認為準時營業的。而在其餘部分中，第二季度出現的缺口很大一部分來自中國，在一定程度上來自疫情和供應鏈。

So those are the key issues, but they're temporal. When we see the kind of recovery that we talked about in China in terms of the actual RevPAR recovery into July, down -- basically 80% recovered in July, up from 40% -- or 35% recovered in April. That's a huge a huge change that happened very rapidly. So we know that there's going to be continued ups and downs in China because there are other markets that will likely go through constraints and restrictions. But overall, whether we open our full measure -- scheduled to open hotels in China this year or into the first quarter of next year. it's less important to us than knowing that we got that backlog, which we do. But we're really confident about our greater than 6% outlook for the year, primarily based on other substitution that we've been able to get the rest of.

所以這些是關鍵問題，但它們是暫時的。當我們看到我們在中國談到的那種恢復時，就 7 月份的實際 RevPAR 恢復而言，下降了——基本上 7 月份恢復了 80%，高於 40%——或 4 月份恢復了 35%。這是一個巨大的巨大變化，發生得非常迅速。因此，我們知道中國將繼續起起落落，因為還有其他市場可能會受到約束和限制。但總體而言，無論我們是否開放我們的全部措施——計劃在今年或明年第一季度在中國開設酒店。對我們來說，知道我們得到了積壓的工作並不重要，我們確實做到了。但我們對今年超過 6% 的前景非常有信心，這主要是基於我們能夠獲得其餘部分的其他替代品。

Our next question comes from the line of Shaun Kelley with Bank of America.

我們的下一個問題來自美國銀行的 Shaun Kelley。

I just wanted to dig into ALG a little bit more. We're obviously starting to get a lot of questions about the Leisure business, and wondering not just how strong it is but how we're going to be able to sort of repeat the levels of demand that we've experienced so far. So I was wondering if you could just help us think about this business line -- kind of structural versus cyclical. So how much of the growth are we experiencing is due to new rooms to add to that system since 2019, growth in the Vacation kind of -- the Unlimited Vacation Club offering versus just the RevPAR piece? I know it's maybe a little bit detailed, but help us think about kind of those 2 areas of the business, so we can get a better sense of how much of that growth we can keep if demand does normalize a little bit.

我只是想再深入一點 ALG。我們顯然開始收到很多關於休閒業務的問題，不僅想知道它有多強大，而且想知道我們將如何能夠重複我們迄今為止所經歷的需求水平。所以我想知道你是否可以幫助我們考慮這條業務線——結構性與週期性。那麼，我們所經歷的增長有多少是由於自 2019 年以來向該系統添加了新房間，假期類型的增長——無限度假俱樂部產品與僅 RevPAR 部分的增長？我知道這可能有點詳細，但請幫助我們考慮這兩個業務領域，這樣我們就可以更好地了解如果需求確實稍微正常化，我們可以保持多少增長。

Yes. Maybe, Shaun, I'll start with a couple of comments about the seasonality question that you raised. Clearly, we saw exceptional demand across all of the Leisure-oriented businesses within ALG in the first half of the year. And traditionally, you would find that -- the latter half of the third quarter and the beginning of the fourth quarter, you see some seasonality just flowing in leisure demand. But we're, frankly, still learning about the business. And we do see that there's been some tailwinds with respect to the reduction in -- or the limitations being reduced on travel to the Caribbean and Latin America back into the U.S. So that provides a tailwind.

是的。也許，肖恩，我先談談你提出的季節性問題。顯然，我們在今年上半年看到 ALG 內所有以休閒為導向的業務的異常需求。傳統上，你會發現——第三季度後半期和第四季度初，你會看到一些季節性的休閒需求。但坦率地說，我們仍在了解這項業務。而且我們確實看到，在減少或減少前往加勒比和拉丁美洲返回美國的旅行限制方面存在一些順風，因此提供了順風。

And we're seeing that the growth that you just mentioned, the new unit growth is actually helping to also fill in some of the areas that may have been a little bit slower. So it's a learning process for us. The momentum is exceptionally strong. As we look forward into the holiday period, we are up significantly into the festive period, and even we're seeing some strong momentum into the first quarter of 2023.

我們看到你剛才提到的增長，新單位的增長實際上也有助於填補一些可能有點慢的領域。所以這對我們來說是一個學習的過程。勢頭異常強勁。在我們展望假期期間，我們已經進入了節日期間，甚至在 2023 年第一季度我們也看到了一些強勁的勢頭。

And then just maybe a comment before I turn it to Mark is that on the record levels of fees that we generated in the quarter, ALG contributed about 20% of those fees. And about 50% of that is coming from incentive fees. So ALG contributes a significant portion of incentive fees. And as you mentioned, that with new unit growth -- new unit growth will continue to provide a tailwind for us as those hotels that are opening -- are ramping into the future.

然後，在我轉向馬克之前，也許有一個評論是，在我們本季度產生的創紀錄費用水平上，ALG 貢獻了大約 20% 的費用。其中約 50% 來自激勵費。因此，ALG 貢獻了很大一部分激勵費用。正如你所提到的，隨著新單位的增長——隨著那些正在開業的酒店——新單位的增長將繼續為我們提供順風——正在向未來發展。

Yes. So there are a couple of other things that I'd just add to that. First gross package revenue in July was something like 74% above the same period in 2019, which is a staggering number. A lot of that is the growth, the actual organic growth in the portfolio. We are more than 50% bigger as an enterprise as a network than we were 3 years ago. The pacing that Joan referenced is quite remarkable. I mean we're seeing Q3 business on the books up over 35%. And pacing in July, for the remainder of the year, close to 40% or a bit above that actually relative to 2019.

是的。因此，我還想補充一些其他的東西。 7 月份的首包總收入比 2019 年同期高出 74%，這是一個驚人的數字。其中很大一部分是增長，投資組合中的實際有機增長。作為一個網絡企業，我們比 3 年前擴大了 50% 以上。瓊提到的節奏非常出色。我的意思是，我們看到賬面上的第三季度業務增長了 35% 以上。而在今年剩餘時間裡，7 月份的步伐與 2019 年相比接近 40% 或略高於實際水平。

So we're getting both the benefit of the growth of the system and the pacing, those data for all comparable ALG resorts. Part of that is being driven also by Europe. Europe was very disruptive last year because the Omicron scare sort of persisted into late in the summer -- or sorry, the Delta impacted. So we really didn't get a full season in Europe, and this year, we will get really the bulk of the season. But also in the next -- into the first quarter of next year, Joan mentioned, we're tracking mid-teens increases in ADR year-over-year with about 25% of the business on the books already for the quarter.

因此，我們從系統的發展和節奏中獲得了好處，這些數據適用於所有可比的 ALG 度假村。其中一部分也是由歐洲推動的。去年歐洲非常具有破壞性，因為 Omicron 的恐慌一直持續到夏末——或者抱歉，三角洲受到了影響。所以我們在歐洲真的沒有得到一個完整的賽季，而今年，我們將得到這個賽季的大部分時間。但同樣在下一個 - 到明年第一季度，瓊提到，我們正在跟踪 ADR 的同比增長，該季度已經有大約 25% 的業務在賬面上。

So this is not something that's a flash in the pan. And I think there's a misconception that it's all a bunch of volatility, and that's just incorrect. We're seeing actual trend lines that are very clear. And I would say with the increase in lift, which is significant into the key markets in the Americas, we're able to actually get passengers to where we have resource, which is really important.

所以這不是曇花一現的事情。我認為這是一種誤解，認為這都是一堆波動，這是不正確的。我們看到了非常清晰的實際趨勢線。我想說的是，隨著電梯的增加，這對美洲的主要市場來說意義重大，我們實際上能夠將乘客帶到我們擁有資源的地方，這非常重要。

On the UVC question, our growth model when we purchased the company, the underwriting was to maintain all of the metrics that UVC had historically, meaning the number of guests that we introduced to the UVC product, and also the conversion rates of those who come to investigate and to those who buying. We haven't assumed any major changes in those rates in our projections. So a lot of it is being driven by net rooms growth. The other thing I would say though is that the entirety of our UVC member base only represents 13% of our total room revenue at ALG. So there's a massive amount of room to grow.

關於 UVC 問題，我們收購公司時的增長模式，承保是維持 UVC 歷史上的所有指標，這意味著我們介紹給 UVC 產品的客人數量，以及來訪者的轉化率調查和購買的人。在我們的預測中，我們沒有假設這些利率有任何重大變化。因此，其中很大一部分是由淨客房增長推動的。我要說的另一件事是，我們整個 UVC 會員群僅佔 ALG 客房總收入的 13%。所以有很大的發展空間。

And the last thing is on Vacations. Vacations is fundamentally a completely different business than it was in 2019. They have fundamentally changed the cost model. A lot of machine learning and AI has been applied in the processes that they have. The software platform it runs on is a business that actually enjoys software margins. The ground -- the destination management company, Amstar, enjoys very healthy margins and very solid attachment rates of like 75% of all vacation business that's booked.

最後一件事是在假期。假期從根本上與 2019 年完全不同。他們從根本上改變了成本模型。許多機器學習和人工智能已經應用到他們擁有的流程中。它運行的軟件平台是一個真正享有軟件利潤的企業。地面 - 目的地管理公司 Amstar 享有非常健康的利潤率和非常穩定的附加率，佔所有已預訂度假業務的 75%。

So while we are tracking lower in terms of the total number of passengers that were moving through vacations, they are to higher-margin markets. And the margins of the business have -- they bear no resemblance to where they were before. As a consequence of that, as we look into the latter half of the year, we do plan to make significant investments behind our B2C platform. So some measure of the SG&A that we will spend in the latter half of the year, we'll be going to building and strengthening our B2C activities and promotional activities with respect to all of our resorts in Europe and in the Americas because we feel we're selling into strength at this point.

因此，雖然我們在假期中移動的乘客總數方面跟踪較低，但他們將前往利潤率更高的市場。而且業務的利潤 - 它們與以前的情況沒有任何相似之處。因此，隨著我們展望下半年，我們確實計劃在我們的 B2C 平台背後進行重大投資。因此，我們將在下半年花費一些 SG&A，我們將建立和加強我們在歐洲和美洲所有度假村的 B2C 活動和促銷活動，因為我們覺得我們'在這一點上賣力。

Maybe just as a follow-up and just really sticking with the same theme. Obviously, the business has changed pretty dramatically when we factor in ALG. And when we just think about the enterprise-wide, let's call it EBITDA or operating income. Can you help us just think about how typical seasonality should progress, maybe a little bit for modeling purposes, just so we can not get too far out over our skis or over our umbrellas?

也許只是作為後續行動，並真正堅持相同的主題。顯然，當我們考慮 ALG 時，業務發生了巨大變化。當我們只考慮企業範圍時，我們稱之為 EBITDA 或營業收入。你能幫我們想想典型的季節性應該如何發展嗎，也許是為了建模目的，這樣我們就不會在滑雪板或雨傘上走得太遠？

Yes, it's a little tough to answer with specificity only because, look, the first half of the year is much stronger than the second half in terms of earnings generation for a business like ALG. Having said that, July, all of the trends that we saw in July have continued -- sorry, in the second quarter continued into July. I just gave you the pacing numbers for the third quarter and the remainder of the year. So I would say that there is seasonality. We -- remember -- remind ourselves that we live in a seasonal business, and we -- and the second rule is never forget that rule.

是的，要具體回答有點困難，只是因為看起來，對於像 ALG 這樣的企業來說，上半年的盈利能力要比下半年強得多。話雖如此，7 月，我們在 7 月看到的所有趨勢都在繼續——抱歉，第二季度一直持續到 7 月。我剛剛給了你第三季度和今年剩餘時間的節奏數字。所以我會說有季節性。我們 - 記住 - 提醒自己，我們生活在季節性業務中，而且我們 - 第二條規則是永遠不要忘記這條規則。

So we don't think we'll see the same persistent level of earnings through the remainder of the year. However, I would say we are confident about the back pressure of demand that will persist. And I think our job right now is to optimize what we're doing, and to pull World of Hyatt through in a more aggressive way. The beginning of that has been fantastic. And I think the result of that is going to be more direct channel more group because we're starting to sell group into the ALG portfolio and vice versa. We've gotten good references from ALG to the legacy high portfolio.

因此，我們認為我們不會在今年剩餘時間內看到相同的持續收益水平。但是，我想說，我們對將持續存在的需求背壓充滿信心。我認為我們現在的工作是優化我們正在做的事情，並以更積極的方式推動凱悅天地。這一切的開始真是太棒了。而且我認為這樣做的結果將是更直接的渠道更多組，因為我們開始將組銷售到 ALG 投資組合中，反之亦然。我們已經從 ALG 獲得了對傳統高端產品組合的良好參考。

So I would say, yes, the second half will be a lower earnings level in part also because of some of the investments that I just mentioned. We're going to be -- these are not persistent investments that will be every year forever more. These are very targeted to building out some strength in some certain areas that we believe will accelerate our ability to generate more direct channel across the whole system.

所以我會說，是的，下半年的收益水平會降低，部分原因是我剛才提到的一些投資。我們將成為——這些不是持續性的投資，每年都將永遠如此。這些非常有針對性地在某些特定領域建立一些實力，我們認為這將加速我們在整個系統中產生更直接渠道的能力。

Our next question comes from Michael Bellisario with Baird.

我們的下一個問題來自 Michael Bellisario 和 Baird。

Mark, big-picture question before I talk about next steps for the company, ALG is performing well. You just explained that asset sales are progressing. So kind of how do you think about the next drivers if it's not premature to do so? And maybe how do you think about the white space within the portfolio today as it sits?

馬克，在我談論公司的下一步行動之前，我提出了一個大問題，ALG 表現良好。您剛剛解釋了資產出售正在進行中。如果現在還為時過早，那麼您如何看待下一個驅動程序？也許您如何看待今天投資組合中的空白空間？

Well, I think we are really optimally positioned. We've got -- we produced remarkable results in the second quarter with a 1,000 basis point gap to 2019 occupancy levels, really all of which is group and transient related. While we're getting back to 2019 levels just now, we're ahead of 2019 in July. Our group is back to 2019 levels in July. So we're recovering in those areas back to 2019 levels. That sounds great, but the fact is that the backdrop for that is that GDP is up 17% over the last 3 years. Personal consumption is up 19%. Nonresidential fixed investments are up in the high teens. And RevPAR is now just recovered. So if you look at total share of wallet of the consumer, it's not even close to where it was pre-pandemic for travel.

好吧，我認為我們確實處於最佳位置。我們已經得到了——我們在第二季度取得了顯著的成果，與 2019 年的入住率水平相差 1,000 個基點，實際上所有這些都與團體和臨時相關。雖然我們剛剛回到 2019 年的水平，但我們在 7 月領先於 2019 年。我們的團隊在 7 月恢復到 2019 年的水平。因此，我們正在這些領域恢復到 2019 年的水平。這聽起來不錯，但事實是，其背景是 GDP 在過去 3 年中增長了 17%。個人消費增長19%。非住宅固定投資處於高位。 RevPAR 現在剛剛恢復。因此，如果您查看消費者錢包的總份額，它甚至還沒有接近大流行前的旅行水平。

And I would say that in times of economic uncertainty, we don't have a crystal ball. And I don't know if there's going to be any significant pressure in the overall economy. There are a lot of counter veiling forces -- I can tell you that our customer base is rock solid, and all of the forward-looking data that we shared, including the fact that our top 10 customers are 80% recovered in business transient and growing is really great evidence that across our portfolio we expect to continue to execute, to continue to drive higher loyalty penetration, which is now approaching 50% of our total room count -- room revenue. Direct channel, which is approaching 75% of our total high channel that is, of total production with a concurrent reduction in OTA penetration.

我想說的是，在經濟不確定的時期，我們沒有水晶球。而且我不知道整體經濟是否會有任何重大壓力。有很多反面紗力量——我可以告訴你，我們的客戶群堅如磐石，我們共享的所有前瞻性數據，包括我們的前 10 名客戶在業務瞬態中恢復了 80% 和增長確實是很好的證據，表明我們希望在我們的投資組合中繼續執行，繼續推動更高的忠誠度滲透率，現在接近我們總客房數量的 50% - 客房收入。直接渠道，接近我們總高渠道的 75%，即總產量的 75%，同時 OTA 滲透率下降。

And all of that spells great news for our owners. So I would say the coming year and 2 is about continuing to execute against our plan. And we are going to meet our sell-down requirements. And I do want to take a minute on that. So from the beginning of our affirmative sell-down commitment that is 2017, we had sold $3.7 billion worth of real estate at over 17x earnings. During that period of time, we also acquired -- spent about $3.5 billion on platforms that is Miraval, Two Roads and ALG, which have yielded platforms that have significant prospective growth that we created at high single-digit to very low double-digit multiples.

所有這些對我們的業主來說都是好消息。所以我想說來年和第二年將繼續執行我們的計劃。我們將滿足我們的銷售要求。我確實想花一點時間談一談。因此，從 2017 年我們的肯定性拋售承諾開始，我們以超過 17 倍的收益出售了價值 37 億美元的房地產。在那段時間裡，我們還收購了——在 Miraval、Two Roads 和 ALG 平台上花費了大約 35 億美元，這些平台產生了具有顯著預期增長的平台，我們以高個位數到非常低的兩位數倍數創造了這些平台.

So the value creation in that trade is somehow maybe misconfused. I just wanted to remind everybody that this is -- there's a method to how we went about doing this because we wanted to have the capacity to be able to spend $3.5 billion on transformative acquisitions. And by rapidly disposing of the entire portfolio of our real estate, and distributing the cash to shareholders puts us in a position in which we are needing to issue new stock at uncertain times. So from my perspective, I think our plan has actually been executed extraordinarily well.

因此，該交易中的價值創造在某種程度上可能被混淆了。我只是想提醒大家，這是——我們有一種方法可以做到這一點，因為我們希望有能力花費 35 億美元進行變革性收購。通過迅速處置我們的整個房地產投資組合，並將現金分配給股東，我們處於需要在不確定時期發行新股的境地。所以從我的角度來看，我認為我們的計劃實際上執行得非常好。

As it relates to Irvine, we have demonstrated through Mexico City and the Hyatt Regency Indian Wells and Ventana, the capacity to acquire, renovate, reposition and sell in some cases, in very short order assets. And that's precisely what we plan to do. So if you look back, this hotel went independent in 2014. It was shut down from 2020 to 2022. So our multiple of acquisition, if you look at an independent hotel unaffiliated in many ways, from 2019 levels is about 15x. But we think we're creating an asset here in the high single digits after a significant renovation program, which could be in the range of $40 million. We haven't finalized the exact budget.

由於與歐文有關，我們通過墨西哥城和印第安維爾斯凱悅酒店和文塔納展示了在某些情況下以非常短的訂單購買、翻新、重新定位和出售資產的能力。這正是我們計劃做的。所以如果你回頭看，這家酒店在 2014 年獨立。它從 2020 年到 2022 年被關閉。所以我們的收購倍數，如果你從很多方面看一家獨立的酒店，從 2019 年的水平大約是 15 倍。但我們認為，在一項重大的翻新計劃之後，我們在這裡創造了高個位數的資產，可能在 4000 萬美元的範圍內。我們還沒有最終確定確切的預算。

But even if you add $40 million to the $135 million purchase price. That only gets you to $323,000 a key, which in a market like Irvine has an extraordinary result for a full-service hotel. By the way, over that period of time, all of the office space around the hotel has been filled by companies that show up in our top 10. So this is a market that's dead center for us. It's the center of the bull's eye in terms of people that we want to serve more.

但即使你在 1.35 億美元的購買價格上加上 4000 萬美元。這只能讓您獲得 323,000 美元的鑰匙，這在歐文這樣的市場中對於提供全方位服務的酒店來說是一個非凡的結果。順便說一句，在那段時間裡，酒店周圍的所有辦公空間都被我們排名前十的公司佔據了。所以這是一個對我們來說是死角的市場。就我們想為更多人服務的人而言，它是靶心的中心。

So I think that the evolution of the company is -- I think people are catching up to realizing the earnings power of this, the fact that we have moved affirmatively and very significantly into an asset lighter model and that's going to continue. The fee generation coming out of ALG is additive to that and an accelerant, and the growth that we're going to see remains the highest in the industry. And ALG is accelerating. So I just -- I see a lot of things that we put into place that we will continue to execute against. We are looking at other potential acquisitions that fall into the same category.

所以我認為公司的發展是——我認為人們正在趕上實現盈利能力的事實，我們已經積極且非常顯著地轉向資產輕量化模式，並且這種情況將繼續下去。 ALG 產生的費用是對此的補充和促進，我們將看到的增長仍然是業內最高的。 ALG 正在加速。所以我只是 - 我看到了很多我們將繼續執行的事情。我們正在尋找屬於同一類別的其他潛在收購。

But growth platforms that we can execute on that would fit into our portfolio that strengthen our position in the high-end traveler. We are, by far, the company that has the highest concentration of luxury and lifestyle, and resort now. And with over 50% of our revenues coming from leisure travelers, we're exceedingly well positioned as we head into next year.

但我們可以在其上執行的增長平台將適合我們的投資組合，從而加強我們在高端旅行者中的地位。到目前為止，我們是奢侈品和生活方式最集中的公司，也是現在的度假勝地。我們超過 50% 的收入來自休閒旅行者，我們在進入明年時處於非常有利的位置。

Got it. Very helpful. And just one very quick follow-up on net unit growth. You mentioned delays with openings and starts any impact on signings and where our signings at today versus '19 levels?

知道了。非常有幫助。並且只是對淨單位增長的快速跟進。你提到了開場和開始的延遲對簽約有什麼影響，以及我們今天的簽約與 19 年的水平在哪裡？

We maintained our pipeline and signing has slowed in China, for sure. People have basically put pens down for the time being. And I would say that the signing rate for upscale and mid-scale hotels in the U.S. has also slowed because of financing primarily. I should say -- I'll correct that. Signings haven't necessarily flowed. The inclusion in our pipeline includes, in our opinion -- they have to be fully financed deals in order to make it into our pipeline stack. So our signing activity and the LOI activity remains at a very healthy level but they're not showing up in the pipeline yet because they're not fully financed. So we are maybe very conservative when it comes to including what's in pipeline and what is out.

當然，我們維持了我們的管道，並且在中國的簽約已經放緩。人們暫時基本放下了筆。我想說的是，美國高檔和中檔酒店的簽約率也有所放緩，主要是因為融資。我應該說——我會糾正的。簽約不一定會流動。在我們看來，包含在我們的管道中包括——它們必須是完全融資的交易才能進入我們的管道堆棧。因此，我們的簽約活動和意向書活動保持在非常健康的水平，但它們還沒有出現在管道中，因為它們沒有得到充分的資金。因此，在包括即將推出的產品和即將推出的產品方面，我們可能非常保守。

Our next question comes from the line of Patrick Scholes with Truist Securities.

我們的下一個問題來自於 Truist Securities 的 Patrick Scholes。

I believe you talked previously about low double-digit unit growth for your ALG pipeline. I'm wondering how does that compare versus the market. What is the overall competitive supply growth in those markets right now?

我相信您之前曾談到您的 ALG 管道的低兩位數單位增長。我想知道這與市場相比如何。目前這些市場的整體競爭供應增長是多少？

Thanks for the question. First of all, we had said that we would -- we expected low double-digit growth for the year. We've already met that in the first half of the year with a lot of activity underway. So I think once again, ALG is proving to be really effective at translating their integrated platform into a differentiated position when it comes to competing for new properties, including conversions by the way.

謝謝你的問題。首先，我們曾說過我們會 - 我們預計今年會有兩位數的低增長。我們已經在今年上半年遇到了這一點，正在進行大量活動。因此，我再次認為，在競爭新物業（包括轉換）時，ALG 在將其集成平台轉化為差異化定位方面非常有效。

More than 50% of the total conversions we've had year-to-date are in the ALG portfolio. With respect to the marketplace, the market, frankly, is if you look at just rooms, it's dominated exclusively by owner operators, the Spanish companies and some others that primarily operate with building, and then operating their own hotels. And the pace of growth there is necessarily limited by the capacity and -- both the financial capacity and the organizational capacity to continue to build hotels, and to find sites that are attractive. ALG, on the other hand, is really the only scaled, brand management company, which is strictly management in its business model in the world.

年初至今，超過 50% 的總轉化次數來自 ALG 產品組合。至於市場，坦率地說，如果你只看房間，它完全由業主運營商、西班牙公司和其他一些主要經營建築，然後經營自己的酒店的公司主導。並且那裡的增長速度必然受到能力的限制，以及繼續建造酒店和尋找有吸引力的地點的財務能力和組織能力。另一方面，ALG是世界上唯一一家規模化經營、經營模式嚴格的品牌管理公司。

So we feel like we've got the opportunity to do innovative deals for conversions of either single or collections of properties where families invested in resorts but are not prepared to continue to invest behind the platform that's required to continue to be a great operator. So that's really where the opportunity set lies. We have a global footprint with a growing level of activity across our other regions, that is the Middle East and in Asia Pacific where our teams are now spending more time together.

因此，我們覺得我們有機會為家庭投資度假村但不准備繼續投資於繼續成為優秀運營商所需的平台的單一或集合物業轉換進行創新交易。所以這確實是機會所在。我們的足跡遍布全球，在我們其他地區的活動水平不斷提高，即中東和亞太地區，我們的團隊現在花更多時間在一起。

One interesting development since we were last on the phone with you all is that we announced that an ALG executive, Javier Aguila, who was the founder of the Alua brand and ran, ALG's European operations will become the new Group President for our EME & Southwest Asia region, and that will take effect in a couple of months' time. And there's a lot there. Javier is an extraordinary leader but he also understands the deal market in Europe extraordinarily well, having worked in private equity before he got into the hotel business and he knows the all-inclusive market extraordinarily well. So we have a remarkable benefit of having 2 organizations that are working really well together. And I think that's just going to continue to support further growth, not just in Europe and in the Americas, but really globally.

自從我們上次與大家通電話以來，一個有趣的發展是，我們宣布 ALG 高管 Javier Aguila 是 Alua 品牌的創始人並負責 ALG 的歐洲業務，他將成為我們 EME 和西南地區的新集團總裁亞洲地區，這將在幾個月後生效。那裡有很多。 Javier 是一位非凡的領導者，但他對歐洲的交易市場也非常了解，在進入酒店業務之前曾在私募股權公司工作過，他對包羅萬象的市場非常了解。因此，我們有 2 個組織合作得非常好，這讓我們受益匪淺。而且我認為這將繼續支持進一步的增長，不僅在歐洲和美洲，而且在全球範圍內。

Our last question comes from Dori Kesten with Wells Fargo.

我們的最後一個問題來自富國銀行的 Dori Kesten。

Just 2 follow-up questions on ALG. Can you give the relationship between gross booking pace heading into a month or quarter versus the actual net package RevPAR that you achieved? I'm just trying to translate 44% pace into RevPAR.

只有 2 個關於 ALG 的後續問題。您能否給出一個月或季度的總預訂速度與您實現的實際淨套餐 RevPAR 之間的關係？我只是想將 44% 的速度轉化為 RevPAR。

It would be roughly the same. However, we did mention that non-package revenue is actually growing at a higher rate than package revenue was, and package RevPAR. So I would say that it's roughly the same with some upside from non-package revenue that's not embedded in the net package revenue ADR -- or sorry, RevPAR that we report on.

這將大致相同。但是，我們確實提到了非套餐收入的增長速度實際上高於套餐收入和套餐 RevPAR。所以我想說的是，與未包含在淨套餐收入 ADR 中的非套餐收入的一些上行空間大致相同 - 或者抱歉，我們報告的 RevPAR。

Similar to the total RevPAR pace that we provide and -- on group, for example, and the translation to total revenue, which includes all of the (inaudible) the legacy Hyatt portfolio.

類似於我們提供的總 RevPAR 速度和 - 例如，在團體中，以及轉換為總收入，其中包括所有（聽不清）傳統凱悅酒店組合。

Yes. This is -- that's a really important reminder. So let me just take a minute on that. So in the second quarter, when we look at banquet spend, talking about legacy Hyatt now. Banquet in U.S. managed hotels represented 46% of our total revenue base in the second quarter, 46%. So we spend a lot of time talking about RevPAR progression and rooms, but there's this entire other business, which, by the way, has been operating at a revenue level -- banquet spend per occupied guest room level, 4% above 2019 levels and driving margins that are now in excess of 50%. So our total revenue base, and therefore, by the way, our fee-based is being driven -- fully, half of it now is being driven by banquet spend. And when you look at pace for banquets, and group events pace, July through December, we're at 98% of 2019 levels.

是的。這是 - 這是一個非常重要的提醒。所以讓我花一點時間談一談。所以在第二季度，當我們看宴會支出時，現在談論的是傳統凱悅。美國管理酒店的宴會占我們第二季度總收入基數的 46%，即 46%。所以我們花了很多時間談論 RevPAR 進展和房間，但還有整個其他業務，順便說一下，它一直在收入水平上運營——每間客房的宴會支出，比 2019 年的水平高出 4%，推動現在超過 50% 的利潤率。因此，我們的總收入基礎，因此，順便說一下，我們的收費是被驅動的——完全，現在有一半是由宴會支出驅動的。當您查看 7 月至 12 月的宴會節奏和團體活動節奏時，我們處於 2019 年水平的 98%。

And just by way of reminder, our pace into the remainder of the year at the end of July, it's 93%. Local events is at 70%, but the group events case is at 98%. So the overall is about 90%. That's a remarkable achievement in the same way that you would need to remember that banqueting and F&B is a really important part of our business. And by the way, a differentiator for us and for ALG. You would need to remember that for ALG.

提醒一下，我們在 7 月底進入今年剩餘時間的步伐是 93%。本地事件為 70%，但團體事件為 98%。所以總體來說是90%左右。這是一項了不起的成就，就像您需要記住宴會和餐飲是我們業務中非常重要的一部分一樣。順便說一句，這對我們和 ALG 來說是一個差異化因素。對於 ALG，您需要記住這一點。

That's just groups -- that's just for group. The banqueting, dining revenue base that I mentioned is just for groups. So it doesn't include outlets and other F&B revenue. So I would say it's got the same relationship. The non-package revenue success that ALG resorts have demonstrated is something that we're actually tapping into. We are putting together a team to pull some of their F&B and programming across the Hyatt properties. And at the same time, we're taking Hyatt well-being programming that we are now expanding across our portfolio and pulling it into ALG. So we think that the opportunity set for non-RevPAR-driven revenue growth is higher probably than our RevPAR outlook in any period because we continue to provide really compelling experiences that our guests are paying a lot for.

那隻是小組——那隻是為了小組。我提到的宴會、餐飲收入基礎僅適用於團體。所以它不包括門店和其他餐飲收入。所以我會說它有同樣的關係。 ALG 度假村所展示的非套餐收入成功是我們實際上正在利用的東西。我們正在組建一個團隊，將他們的一些餐飲和節目整合到凱悅酒店。與此同時，我們正在採用凱悅福利計劃，我們現在正在將其擴展到我們的產品組合中，並將其納入 ALG。因此，我們認為，非 RevPAR 驅動的收入增長機會在任何時期都可能高於我們的 RevPAR 前景，因為我們繼續提供真正引人注目的體驗，我們的客人為此付出了很多。

Got you. And then my last one is now that you now that you've owned the business for about 10 months, do you have any different views on whether distribution needs to remain part of team UVC to achieve the best results across the 3 businesses?

得到你。然後我的最後一個問題是，您現在已經擁有該業務大約 10 個月，您對分銷是否需要繼續作為 UVC 團隊的一部分以在 3 個業務中實現最佳結果有什麼不同的看法？

I would say that, to date, we are -- we remain in learning mode with respect to Vacations, learning and admiration. I think that the plan that they set out 3 years ago to transform that business has been executed excellently. The margin progression is running ahead of anything that I think they expected or we did. A lot of the choices that they made -- delivered choices they made have paid off. So I sit in great admiration for that team and also a key awareness that the integrated approach that we take does actually matter to our owner base.

我想說，到目前為止，我們仍然處於關於假期、學習和欽佩的學習模式。我認為他們三年前製定的轉型該業務的計劃得到了很好的執行。保證金進展超出了我認為他們預期或我們所做的任何事情。他們做出的許多選擇——他們做出的交付選擇都得到了回報。因此，我非常欽佩該團隊，並且意識到我們採取的綜合方法確實對我們的所有者基礎很重要。

Having said all of that, it is a business that has different attributes than our core business. But as we sit here right now, I would say we have benefited both at legacy Hyatt Hotels as well as the ALG portfolio from learning and from continuing to uncover ways in which we can leverage the Vacations platform in different ways. So right now, our outlook is to continue to go down that learning path and make sure that we're maximizing the opportunity set that we can identify for maximizing value with no plans at this point with respect to any nonorganic transactional activity.

說了這麼多，這是一項與我們的核心業務具有不同屬性的業務。但是，當我們坐在這裡時，我想說的是，我們在傳統的凱悅酒店和 ALG 產品組合中都受益於學習和繼續發現我們可以以不同方式利用假期平台的方式。因此，現在，我們的前景是繼續沿著這條學習路徑走下去，並確保我們正在最大限度地利用我們可以識別的機會集，以實現價值最大化，此時沒有任何關於任何非有機交易活動的計劃。

All right. Well, thank you to everyone for taking the time to join us today. Take care. We look forward to speaking with you again soon.

好的。好吧，感謝大家今天抽出時間加入我們。小心。我們期待很快再次與您交談。

This concludes today's conference call. Thank you for participating, and have a wonderful day. You may now disconnect.

今天的電話會議到此結束。感謝您的參與，祝您有美好的一天。您現在可以斷開連接。