Hyatt Hotels Corp (H) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Hyatt Fourth Quarter and Full Year 2022 Earnings Call. (Operator Instructions). As a reminder, this conference call is being recorded. I would now like to turn the call over to Noah Hoppe, Senior Vice President, Investor Relations. Thank you. Please go ahead.

早上好，歡迎來到凱悅 2022 年第四季度和全年收益電話會議。 （操作員說明）。提醒一下，正在錄製此電話會議。我現在想把電話轉給投資者關係高級副總裁 Noah Hoppe。謝謝。請繼續。

Thank you, and good morning, everyone. Thank you for joining us for Hyatt's Fourth Quarter and Full Year 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. 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 files.

謝謝大家，早上好。感謝您加入我們參加凱悅 2022 年第四季度和全年收益電話會議。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；和凱悅首席財務官 Joan Bottarini。在我們開始之前，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。正如我們關於 Form 10-K 的年度報告、關於 Form 10-Q 的季度報告和其他 SEC 文件中所述，這些聲明受到許多風險和不確定性的影響。

These risks could cause our actual results to differ materially from those expressed in or implied by our comments. Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold.

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存在重大差異。我們今天發布的收益報告中的前瞻性陳述以及對此次電話會議的評論僅在今天發表，不會隨著實際事件的展開而更新。

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 of this call will be available on our website for 90 days. And with that, I'll turn the call over to Mark.

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”部分下以及今天上午的收益發布中找到今天評論中提到的非 GAAP 財務措施的對賬。此通話的存檔將在我們的網站上提供 90 天。有了這個，我會把電話轉給馬克。

Thank you, Noah. Good morning, everyone, and welcome to Hyatt's Fourth Quarter and Full Year 2022 Earnings Call. I'd like to begin today by thanking all 189,000 members of our Hyatt family for their remarkable contributions to a truly transformative year. We successfully navigated a rapid RevPAR recovery that was unlike anything we've previously experienced. We've successfully integrated Apple Leisure Group and made meaningful progress toward our asset disposition commitment.

謝謝你，諾亞。各位早上好，歡迎來到凱悅 2022 年第四季度和全年收益電話會議。今天開始，我要感謝我們凱悅大家庭的所有 189,000 名成員，感謝他們為真正變革的一年做出的卓越貢獻。我們成功地實現了 RevPAR 的快速恢復，這與我們以前經歷過的任何事情都不一樣。我們已經成功整合了 Apple Leisure Group，並在我們的資產處置承諾方面取得了有意義的進展。

We also led the industry in organic growth for the sixth consecutive year. These achievements are a direct result of the extraordinary efforts and thoughtful execution by our Hyatt family members, and I'm honored to lead such an outstanding team who is guided by our purpose to care for people so they can be their best.

我們還連續第六年在有機增長方面領先於行業。這些成就是我們凱悅大家庭成員的非凡努力和周到執行的直接結果，我很榮幸能夠領導這樣一支以我們的宗旨為指導的傑出團隊，即關心他人，使他們成為最好的自己。

Our financial results also reflect the considerable achievements of our team. We concluded the year with another record-breaking quarter, bringing our full year adjusted EBITDA to $908 million plus $94 million of net deferrals and $63 million of net finance contracts, with the sum of these 3 numbers more than 40% above the adjusted EBITDA we generated in 2019.

我們的財務業績也反映了我們團隊取得的巨大成就。我們以另一個創紀錄的季度結束了這一年，使我們全年調整後的 EBITDA 達到 9.08 億美元，加上 9400 萬美元的淨遞延和 6300 萬美元的淨融資合同，這三個數字的總和比我們調整後的 EBITDA 高出 40% 以上2019年產生。

The record level of earnings and free cash flow that we achieved in 2022 is primarily the result of successfully executing on 2 key elements of our strategy, optimizing capital deployment, and investing in new growth platforms. This strategy was first outlined approximately 5 years ago and included a commitment to realize proceeds from the sale of owned real estate assets and prioritize the reinvestment of those proceeds into asset-light growth platforms to accelerate our fee-based earnings, broaden our portfolio and enhance guest connectivity to Hyatt.

我們在 2022 年實現的創紀錄水平的收益和自由現金流主要是成功執行我們戰略的兩個關鍵要素、優化資本配置和投資新增長平台的結果。大約 5 年前首次概述了該戰略，其中包括承諾變現出售自有房地產資產的收益，並將這些收益優先再投資到輕資產增長平台，以加速我們的收費收益，擴大我們的投資組合併增強來賓連接到凱悅。

The execution of this strategy has been nothing short of remarkable. Over the past 5 years, we realized proceeds of approximately $3.8 billion from the sale of owned hotel real estate, net of hotel acquisitions, and we invested approximately $3.6 billion to acquire 3 platforms: Miraval, Two Roads Hospitality and Apple Leisure Group. And during this 5-year period, we also returned $2 billion to our shareholders through common stock share repurchases and dividends.

這一戰略的執行非常出色。在過去 5 年中，我們通過出售自有酒店房地產（扣除酒店收購）實現了約 38 億美元的收益，我們投資了約 36 億美元收購了 3 個平台：Miraval、Two Roads Hospitality 和 Apple Leisure Group。在這 5 年期間，我們還通過普通股回購和股息向股東返還了 20 億美元。

The comparison of the assets that we sold versus the platforms that we acquired is notable for a few reasons. First, the earnings contribution in 2022 from our acquisitions was nearly double the earnings that we lost from our asset dispositions. More specifically, the implied adjusted EBITDA multiple from the $3.8 billion of real estate that was sold was over 16x, while the earnings multiple applicable to the $3.6 billion in platforms that we acquired was approximately 8x.

我們出售的資產與我們收購的平台的比較值得注意，原因有幾個。首先，我們在 2022 年的收購收益貢獻幾乎是我們因資產處置而損失的收益的兩倍。更具體地說，已售出的 38 億美元房地產的隱含調整後 EBITDA 倍數超過 16 倍，而適用於我們收購的 36 億美元平台的收益倍數約為 8 倍。

Second, the capital investment needed to maintain the assets that we sold compared to the platforms that we acquired is significantly different. The owned real estate that we sold was estimated to need on a run rate basis approximately $130 million in capital expenditures per year while by comparison, the 3 platforms that we acquired, which are predominantly asset-light, collectively needed only $40 million of capital expenditures in 2022.

其次，與我們收購的平台相比，維持我們出售的資產所需的資本投資有很大不同。我們出售的自有房地產估計每年需要大約 1.3 億美元的資本支出，而相比之下，我們收購的 3 個主要是輕資產的平台總共只需要 4000 萬美元的資本支出2022年。

So not only do we nearly double the earnings profile, but we also reduced the run rate of our capital expenditures by approximately $90 million per year. The success of this strategy is reflected in both the transformation of our cash flow from operations and our capital expenditures, which resulted in free cash flow of $473 million, a number that is nearly 50% higher than any previous year in Hyatt's history.

因此，我們不僅將盈利狀況幾乎翻了一番，而且我們還每年將資本支出的運行率降低了約 9000 萬美元。這一戰略的成功體現在我們對運營現金流和資本支出的轉變上，由此產生了 4.73 億美元的自由現金流，這一數字比凱悅歷史上任何一年都高出近 50%。

It's important to also note that this record free cash flow was achieved in 2022, while RevPAR was below 2019 levels and includes approximately $55 million in cash taxes paid related to our real estate dispositions. Beyond the impressive transformation and free cash flow, our strategy is also greatly accelerated both our fee-based earnings and our growth. Let me walk you through a few areas to highlight this.

還需要注意的是，這一創紀錄的自由現金流是在 2022 年實現的，而 RevPAR 低於 2019 年的水平，其中包括與我們的房地產處置相關的大約 5500 萬美元的現金稅。除了令人印象深刻的轉型和自由現金流之外，我們的戰略還大大加快了我們的收費收入和增長。讓我帶您通過幾個方面來強調這一點。

First, for each of the 19 hotels that we've sold in the past 5 years, we've maintained a long-term management or franchise agreement. As a result, we've retained approximately $40 million in run rate fees per year, representing a durable future fee stream, and this amount is not included in the asset sale multiple valuation.

首先，對於我們在過去 5 年出售的 19 家酒店中的每一家，我們都保持著長期管理或特許經營協議。因此，我們每年保留大約 4000 萬美元的運行率費用，這代表著未來的持久費用流，並且這一數額不包括在資產出售倍數估值中。

Second, we've been successful in integrating and scaling the platforms we acquired. As a result, these platforms are 17% larger today as compared to when we acquired them and have a significant pipeline of 18,000 rooms to fuel further growth for years to come.

其次，我們已經成功地整合和擴展了我們收購的平台。因此，與我們收購它們時相比，這些平台如今擴大了 17%，並擁有 18,000 間客房的重要管道，以推動未來幾年的進一步增長。

Third, these platforms have significantly elevated the quality of our portfolio, helping us to better super serve the high-end customer. In only 5 years, we doubled the number of luxury rooms, tripled the number of resorts and quadrupled the number of lifestyle rooms in our portfolio. And we now have more luxury branded hotels in resort locations than any other hospitality company in the world.

第三，這些平台顯著提升了我們產品組合的質量，幫助我們更好地服務高端客戶。在短短 5 年內，我們的豪華客房數量翻了一番，度假村的數量翻了三倍，生活方式客房的數量翻了兩番。現在，我們在度假勝地擁有的豪華品牌酒店比世界上任何其他酒店公司都多。

As a result of our transformed portfolio, which is largely due to the platforms we acquired, we've been able to drive increased loyalty from our guests as evidenced by World of Hyatt membership increasing from 10 million members to 36 million members during the past 5 years. Looking ahead, I'm excited about our continued momentum, we have $1.3 billion remaining under our current real estate disposition commitment, and we are intent on fulfilling this commitment by the end of 2024.

由於我們轉變了產品組合，這主要歸功於我們收購的平台，我們已經能夠提高客人的忠誠度，凱悅天地會員在過去 5 年從 1000 萬增加到 3600 萬就是證明年。展望未來，我對我們的持續發展勢頭感到興奮，我們目前的房地產處置承諾還剩 13 億美元，我們打算在 2024 年底前履行這一承諾。

Additionally, we will continue to seek out compelling asset-light platforms that expand our portfolio and have embedded growth while providing unique experiences for our guests. A prime illustration of our strategy in action is our recent acquisition of Dream Hotel Group, a leading lifestyle portfolio focused on vibrant dining and nightlife experiences that we closed on February 2. This deal builds upon Hyatt's industry-leading portfolio of higher-end lifestyle brands, adding 12 hotels and more than 1,700 rooms and 24 signed long-term management agreements that we ultimately expect will grow Hyatt's lifestyle room count by more than 10%.

此外，我們將繼續尋找引人注目的輕資產平台，以擴展我們的產品組合併實現嵌入式增長，同時為我們的客人提供獨特的體驗。我們戰略實施的一個主要例證是我們最近收購了 Dream Hotel Group，這是我們於 2 月 2 日完成的專注於充滿活力的餐飲和夜生活體驗的領先生活方式組合。這項交易建立在凱悅行業領先的高端生活方式品牌組合之上，增加 12 家酒店和 1,700 多間客房以及 24 份簽署的長期管理協議，我們最終預計這將使凱悅的生活方式客房數量增加 10% 以上。

This asset-light acquisition broadens our reach into a younger demographic, provides a differentiated experience for our guests and expands our presence in New York City by 30%. In summary, I'm incredibly proud of how we've executed on our strategy over the past 5 years and look forward to continuing this momentum into the future.

這項輕資產收購擴大了我們對年輕人群的影響力，為我們的客人提供了差異化的體驗，並將我們在紐約市的影響力擴大了 30%。總之，我為過去 5 年我們如何執行我們的戰略感到無比自豪，並期待在未來繼續保持這種勢頭。

Turning to our growth. I'm thrilled to report full year net rooms growth of 6.7%, which was driven by a record level of organic hotel openings. Despite a challenging supply chain and labor environment, we were able to add 120 hotels to our portfolio, 20% more than our previous record year in 2021. With luxury, lifestyle, or resort properties composing 66% of the rooms that we added.

談到我們的成長。我很高興地報告全年淨客房增長 6.7%，這是由創紀錄水平的有機酒店開業推動的。儘管供應鍊和勞動力環境充滿挑戰，我們仍然能夠在我們的投資組合中增加 120 家酒店，比我們上一個創紀錄的 2021 年多 20%。豪華、生活方式或度假酒店占我們新增客房的 66%。

We've been expanding in these areas at an impressive rate, as I mentioned a moment ago, with nearly 135,000 luxury lifestyle and resort rooms now part of our portfolio, a number that is larger than the entirety of our portfolio just a decade ago. We also feel great about our prospects for our future growth.

正如我剛才提到的，我們一直在以驚人的速度在這些領域擴張，現在我們的投資組合中有近 135,000 間豪華生活方式和度假客房，這個數字比十年前我們的全部投資組合還要多。我們也對我們未來增長的前景感到樂觀。

Our pipeline ended the year at an all-time high of 117,000 rooms, bolstered by a robust year of signings that more than offset the impressive pace of openings. Moving to our latest business trends. Comparable system-wide RevPAR was up 2.4% compared to 2019 levels in the fourth quarter or up 6.6% when excluding Greater China.

我們在今年年底的客房數量創下了 117,000 間的歷史新高，這得益於強勁的一年簽約，這大大抵消了令人印象深刻的開業速度。轉向我們最新的業務趨勢。第四季度可比全系統 RevPAR 與 2019 年水平相比增長 2.4%，如果不包括大中華區，則增長 6.6%。

Rates remained strong, up 14% above 2019 levels during the quarter, while occupancy continued to recover. From a segmentation perspective, we reached another milestone in our recovery, with system-wide group revenue fully recovered to 2019 levels in the quarter, a testament to our association and corporate customers prioritizing in-person interaction and connection.

本季度房價保持強勁，比 2019 年水平高出 14%，而入住率繼續回升。從細分的角度來看，我們實現了復甦的另一個里程碑，本季度全系統集團收入完全恢復到 2019 年的水平，這證明我們的協會和企業客戶優先考慮面對面的互動和聯繫。

Leisure transient revenue continued to sustain strong momentum with a durable guest base that continues to place a high importance on travel which resulted in being 14% ahead of 2019 levels in the fourth quarter, while business transient was 18% below 2019 levels, but showed incremental improvement from the previous quarter.

休閒短暫收入繼續保持強勁勢頭，持久的客戶群繼續高度重視旅行，導致第四季度比 2019 年水平高出 14%，而商務短暫收入比 2019 年水平低 18%，但顯示出增量較上一季度有所改善。

From a geographic perspective, the recovery continued to be broad with all key geographies outside of Asia Pacific trending nicely ahead of 2019 levels. Results in our EMEA and Southwest Asia region were notably strong with RevPAR 20% ahead of 2019 levels driven in part by the World Cup in Qatar and strong leisure demand across Europe.

從地理角度來看，復甦繼續廣泛，亞太地區以外的所有主要地區的趨勢都很好地超過了 2019 年的水平。我們在 EMEA 和西南亞地區的業績非常強勁，RevPAR 比 2019 年水平高出 20%，部分原因是卡塔爾世界杯和整個歐洲的休閒需求強勁。

In the Americas, RevPAR was 6% ahead of 2019 levels driven by our luxury brands, which were 23% ahead of 2019. Lastly, Asia Pacific finished the quarter at 22% below 2019 levels, driven by a decline in performance from Greater China. Our ALG resorts had another exceptional quarter with net package RevPAR up 24% compared to 2019 levels for the same set of properties managed by ALG in the Americas.

在美洲，在我們的奢侈品牌推動下，RevPAR 比 2019 年水平高出 6%，而後者比 2019 年高出 23%。最後，受大中華區業績下滑的推動，亞太地區在本季度結束時比 2019 年水平低 22%。我們的 ALG 度假村又迎來了另一個出色的季度，與 2019 年相比，ALG 在美洲管理的同一系列物業的淨包 RevPAR 增長了 24%。

We also reached a notable integration milestone during the quarter with more than 20 ALG resorts across Europe, now bookable through Hyatt channels. World of Hyatt members can now earn and redeem points at the majority of ALG resorts worldwide.

我們在本季度還達到了一個顯著的整合里程碑，在歐洲擁有 20 多家 ALG 度假村，現在可以通過凱悅渠道進行預訂。 World of Hyatt 會員現在可以在全球大多數 ALG 度假村賺取和兌換積分。

As we look to 2023, both our legacy Hyatt business and ALG resorts continue to perform exceptionally well. We have yet to see signs of slowing. In fact, it's quite the contrary. In January, system-wide RevPAR increased 65% compared to last year, with the growth aided by easier comparisons due to Omicron last year.

展望 2023 年，我們傳統的凱悅業務和 ALG 度假村都將繼續表現出色。我們還沒有看到放緩的跡象。事實上，情況恰恰相反。 1 月份，全系統 RevPAR 與去年相比增長了 65%，這一增長得益於去年 Omicron 的更容易比較。

Additionally, net package RevPAR at our ALG resorts was up 42%. As we look at future bookings, group revenue for the full year is pacing 21% ahead of last year at our Americas full service managed properties and gross package revenue at our comparable ALG resorts for the full year is pacing 30% ahead of last year.

此外，我們的 ALG 度假村的淨包價 RevPAR 增長了 42%。當我們展望未來的預訂時，我們美洲全方位服務管理物業的全年集團收入比去年增長 21%，我們可比的 ALG 度假村全年的總包收入比去年增長 30%。

Lastly, we are encouraged by the significant increase in actualized RevPAR and future bookings in January from our Asia Pacific region. As a reminder, in 2022, the adjusted EBITDA contribution from Asia Pacific was down more than 50% relative to 2019 despite being 30% larger in room count. As RevPAR rapidly recovers in the region, we anticipate it will serve as a significant tailwind.

最後，我們對 1 月份亞太地區實際 RevPAR 和未來預訂量的顯著增長感到鼓舞。提醒一下，2022 年亞太地區調整後的 EBITDA 貢獻比 2019 年下降了 50% 以上，儘管客房數量增加了 30%。隨著該地區的 RevPAR 迅速恢復，我們預計它將成為一個重要的推動因素。

In summary, as we assess overall business trends, we maintain our optimistic outlook. Future bookings remain strong and performance continues to exceed expectations. Conversations with corporate customers continue to suggest further recovery is ahead for group and business transient travel and leisure transient shows no signs of slowing as evidenced by the strong bookings at our resorts.

總而言之，在我們評估整體業務趨勢時，我們對前景保持樂觀。未來的預訂量依然強勁，業績繼續超出預期。與企業客戶的對話繼續表明團體和商務短暫旅行和休閒短暫的進一步復甦沒有放緩的跡象，我們度假村的強勁預訂證明了這一點。

Finally, a quick update on our real estate transactions before turning it over to Joan. We are pleased with investor interest and engagement on the asset we have been marketing since last quarter and are happy to share that we launched the marketing process for an additional luxury asset this week.

最後，在將其移交給 Joan 之前快速更新我們的房地產交易。我們很高興投資者對我們自上個季度以來一直在營銷的資產產生興趣和參與，並很高興與大家分享我們本周啟動了一項額外奢侈品資產的營銷流程。

We remain focused on realizing the most attractive valuations and securing durable long-term management or franchise agreements, and we remain highly confident in achieving our $2 billion sell-down commitment by the end of 2024.

我們仍然專注於實現最具吸引力的估值並確保持久的長期管理或特許經營協議，我們仍然對在 2024 年底之前實現 20 億美元的出售承諾充滿信心。

In closing, I would like to again express my gratitude to the Hyatt family for their hard work and contributions to a transformative year. Our strong free cash flow and asset-light earnings mix are evidence of consistent execution of our strategy. Looking ahead, I am confident in our ability to continue to drive success and deliver value to our shareholders. Joan will now provide more details on our operating results. Joan, over to you.

最後，我想再次感謝凱悅家族的辛勤工作和為變革性的一年做出的貢獻。我們強大的自由現金流和輕資產收益組合證明了我們始終如一地執行我們的戰略。展望未來，我對我們繼續推動成功並為股東創造價值的能力充滿信心。瓊現在將提供有關我們經營業績的更多細節。瓊，交給你了。

Thanks, Mark, and good morning, everyone. My commentary today will cover key drivers of our performance, including our strong cash flow, a review of 2022 capital allocation highlights and expectations I can share for 2023.

謝謝，馬克，大家早上好。我今天的評論將涵蓋我們業績的主要驅動因素，包括我們強勁的現金流、對 2022 年資本配置亮點的回顧以及我可以分享的 2023 年預期。

This morning, we reported fourth quarter net income attributable to Hyatt of $294 million and diluted earnings per share of $2.69. I will review the nature of the tax adjustment we recorded in the quarter, which significantly benefited our net income shortly. But first, I'd like to cover our performance this quarter.

今天上午，我們報告第四季度歸屬於凱悅的淨收入為 2.94 億美元，攤薄後每股收益為 2.69 美元。我將回顧我們在本季度記錄的稅收調整的性質，這很快使我們的淨收入受益匪淺。但首先，我想介紹一下我們本季度的表現。

As Mark mentioned, this was a record fourth quarter with adjusted EBITDA of $232 million, net deferrals of $28 million, and net finance contracts of $15 million. The fourth quarter completed a transformative year for Hyatt, and as a result, we generated a record level of fees in the quarter with total management franchise, license and other fees of $226 million, an increase of 40% from the fourth quarter of 2019, driven by the continued success of our asset-light transformation.

正如馬克所提到的，這是創紀錄的第四季度，調整後的 EBITDA 為 2.32 億美元，淨遞延 2800 萬美元，淨融資合同為 1500 萬美元。第四季度完成了凱悅轉型的一年，因此，我們在本季度產生了創紀錄的費用水平，管理特許權、許可和其他費用總額為 2.26 億美元，比 2019 年第四季度增長 40%，受我們輕資產轉型持續成功的推動。

It's notable that properties that have joined our system in the last 5 years, including Two Roads and ALG contributed 34% of our total fees in the quarter. Turning to our legacy Hyatt results. Adjusted EBITDA was $189 million for the quarter, which is approximately 12% higher than 2019, adjusted for currency and the net impact of transactions.

值得注意的是，在過去 5 年中加入我們系統的物業，包括 Two Roads 和 ALG 在本季度貢獻了我們總費用的 34%。轉向我們遺留的凱悅結果。本季度調整後的 EBITDA 為 1.89 億美元，比 2019 年高出約 12%，並根據貨幣和交易的淨影響進行了調整。

Our management and franchising business has benefited from our larger system size and more fully recovered RevPAR environment. As Mark mentioned, system-wide RevPAR was 2.4% above 2019, or up 6.6% when excluding Greater China, powered by strong rates with leisure transient average rate up 19% and group average rate up 15% compared to 2019 levels. Additionally, our owned and leased segment generated $88 million in adjusted EBITDA for the quarter, down 11% to 2019 on a reported basis, while up 10% to 2019 when adjusted for the net impact of transactions.

我們的管理和特許經營業務受益於我們更大的系統規模和更充分恢復的 RevPAR 環境。正如 Mark 所提到的，全系統的 RevPAR 比 2019 年高出 2.4%，如果不包括大中華區，則增長 6.6%，這得益於強勁的利率，與 2019 年的水平相比，休閒短暫平均房價上漲了 19%，團體平均房價上漲了 15%。此外，我們的自有和租賃部門在本季度產生了 8800 萬美元的調整後 EBITDA，按報告計算，較 2019 年下降 11%，而根據交易的淨影響調整後，較 2019 年增長 10%。

Comparable owned and leased margins were 27.9% in the quarter, up 330 basis points to 2019 levels for the same set of properties, reflecting growth in average rate of 11% compared to 2019, and another quarter of strong operational execution.

本季度可比自有和租賃利潤率為 27.9%，與 2019 年同組物業的水平相比增長 330 個基點，反映出與 2019 年相比平均增長率為 11%，以及另一個季度強勁的運營執行力。

Turning to ALG. The performance of the segment once again exceeded our expectations. Adjusted EBITDA was $43 million, net deferrals were $28 million, and net finance contracts were $15 million. ALG adjusted EBITDA included a noncash benefit in the quarter of $23 million related to expired travel credits. Free cash flow generated by ALG continues to be strong and 3 key areas drive financial results.

轉向 ALG。該分部的表現再次超出我們的預期。調整後的 EBITDA 為 4300 萬美元，淨遞延費用為 2800 萬美元，淨融資合同為 1500 萬美元。 ALG 調整後的 EBITDA 包括本季度與過期旅行積分相關的 2300 萬美元的非現金收益。 ALG 產生的自由現金流繼續強勁，3 個關鍵領域推動財務業績。

First, net package RevPAR for the same set of ALG properties in the Americas was up 24% compared to 2019, reflecting strong net package ADR growth of 30%. Total fees were $40 million in the quarter, reflecting the strong RevPAR environment. Second, approximately 8,300 membership contracts were signed for ALG's Unlimited Vacation Club in the quarter, exceeding 2019 levels by 29%. UVC now has 131,000 active members, marking another year of impressive expansion.

首先，與 2019 年相比，美洲同一套 ALG 物業的淨包 RevPAR 增長了 24%，反映出 30% 的強勁淨包 ADR 增長。本季度總費用為 4000 萬美元，反映出強勁的 RevPAR 環境。其次，本季度 ALG 的 Unlimited Vacation Club 簽訂了約 8,300 份會員合同，超過 2019 年水平 29%。 UVC 現在擁有 131,000 名活躍會員，標誌著又一年的發展令人矚目。

Third, ALG Vacations continues to generate solid results driven by a transformed business model and strong unit pricing. In the quarter, there were approximately 563,000 guest departures and the business realized a margin of 13% when excluding the impact from the expired travel credits. As expected, the adjusted EBITDA contribution from ALG vacations was lower in the fourth quarter as compared to prior quarters due to typical seasonality.

第三，ALG Vacations 在轉型後的商業模式和強勁的單價的推動下繼續取得可觀的業績。本季度約有 563,000 名客人離開，剔除過期旅行積分的影響後，公司實現了 13% 的利潤率。正如預期的那樣，由於典型的季節性因素，第四季度 ALG 假期調整後的 EBITDA 貢獻低於前幾個季度。

As we look to 2023, we are optimistic about the first quarter given the trends in January, the expected continued strength of leisure travel demand, favorable pricing environment, and the airlift that remains above 2019 levels for key Americas destinations. I'd also like to provide an update on our strong cash and liquidity position. As of December 31, our total liquidity of $2.6 billion included $1.1 billion of cash, cash equivalents, and short-term investments, and approximately $1.5 billion in borrowing capacity on our resolving credit facility.

展望 2023 年，鑑於 1 月份的趨勢、休閒旅遊需求的預期持續強勁、有利的定價環境以及美洲主要目的地的空運量仍高於 2019 年水平，我們對第一季度持樂觀態度。我還想提供有關我們強大的現金和流動性狀況的最新信息。截至 12 月 31 日，我們的總流動資金為 26 億美元，包括 11 億美元的現金、現金等價物和短期投資，以及約 15 億美元的解決信貸額度借貸能力。

It's notable that our liquidity remains similar to what we reported a year ago, even while reducing our debt by approximately $880 million and repurchasing Class A shares of $369 million during the year. These actions are clear evidence of our commitment to our investment-grade profile and a testament to the strong free cash flow generation of our business in addition to the successful execution of our asset sales.

值得注意的是，我們的流動性與一年前的報告相似，即使我們在年內減少了約 8.8 億美元的債務並回購了 3.69 億美元的 A 類股票。這些行動清楚地證明了我們對投資級形象的承諾，並證明了我們的業務除了成功執行資產出售外，還產生了強勁的自由現金流。

Our balance sheet is strong, and we returned to a full investment-grade rating with all 3 agencies. I want to take a moment to provide additional details on our cash flow. The success of our strategy is reflected in both the transformation of our cash flow from operations, which was $674 million in 2022, approximately 70% higher than 2019. And our capital expenditures, which were $201 million, approximately 46% lower than 2019. This resulted in an impressive free cash flow of $473 million for the year.

我們的資產負債表強勁，我們對所有 3 家機構的評級都恢復到完全投資級。我想花點時間提供有關我們現金流量的更多詳細信息。我們戰略的成功體現在我們的運營現金流轉換上，2022 年為 6.74 億美元，比 2019 年高出約 70%。我們的資本支出為 2.01 億美元，比 2019 年低約 46%。這全年產生了令人印象深刻的 4.73 億美元自由現金流。

Before I move to guidance, I'd like to provide an important tax update. As a reminder, in 2021, we entered into a 3-year cumulative loss position for our U.S. operations, which required us to record a $250 million noncash valuation allowance against our deferred tax assets. In the fourth quarter of 2022, the net tax benefit for income taxes in the consolidated statement of income included a $250 million adjustment representing the reversal of this previous expense now that both recent and future expected pretax U.S. income level provide sufficient evidence that our U.S. deferred tax assets are likely to be realized.

在我轉向指導之前，我想提供一個重要的稅務更新。提醒一下，在 2021 年，我們的美國業務出現了 3 年的累計虧損頭寸，這要求我們為我們的遞延稅資產記錄 2.5 億美元的非現金估值備抵。 2022 年第四季度，綜合收益表中所得稅的淨稅收優惠包括一項 2.5 億美元的調整，代表先前費用的逆轉，因為近期和未來預期的美國稅前收入水平都提供了足夠的證據表明我們的美國推遲了稅收資產很可能變現。

Lastly, and most importantly, both of these adjustments had 0 cash impact. Finally, I'd like to provide a few comments on our current outlook for 2023. We expect full year 2023 system-wide RevPAR growth in the range of 10% to 15%, compared to 2022 on a constant currency basis. We expect larger growth rates over the first half of the year in the mid-20% range, and while visibility into the back half of the year is limited, we expect RevPAR growth in the second half of the year to be in the mid-single digits.

最後，也是最重要的是，這兩項調整的現金影響為零。最後，我想就我們目前對 2023 年的展望發表一些評論。我們預計 2023 年全年全系統 RevPAR 增長 10% 至 15%，與 2022 年相比（按固定匯率計算）。我們預計上半年的增長率將在 20% 左右，雖然下半年的可見度有限，但我們預計下半年的 RevPAR 增長將在 20% 左右。個位數。

Continued recovery in Asia Pacific and ongoing improvements in group and business transient demand serve as key contributors to our RevPAR growth expectations over the back half of the year. We're confident that we'll see another robust year of net rooms growth, driven by a strong pipeline and our ability to execute on conversion opportunities. Our full year net rooms growth outlook for 2023 is approximately 6%. We expect adjusted SG&A to be in the approximate range of $480 million to $490 million in 2023, inclusive of approximately $15 million of onetime integration expenses associated with carryover projects from 2022 for ALG, and the acquisition of Dream Hotel Group.

亞太地區的持續復甦以及集團和企業瞬態需求的持續改善是我們今年下半年 RevPAR 增長預期的主要貢獻者。我們有信心，在強大的管道和我們執行轉換機會的能力的推動下，我們將看到又一個強勁的淨客房增長年。我們對 2023 年的全年淨客房增長前景約為 6%。我們預計 2023 年調整後的 SG&A 約為 4.8 億美元至 4.9 億美元，其中包括與 ALG 2022 年結轉項目相關的約 1500 萬美元的一次性整合費用，以及收購 Dream Hotel Group。

Our SG&A guidance is inclusive of incremental run rate SG&A related to the Dream Hotel acquisition as well as other strategic investments to strengthen our competitive positioning. We expect capital expenditures to be approximately $200 million. This is inclusive of ALG as well as the transformative investment into the Hyatt Regency Irvine which accounts for nearly 1/4 of 2023 capital expenditures.

我們的 SG&A 指南包括與 Dream Hotel 收購相關的增量運行率 SG&A 以及其他戰略投資，以加強我們的競爭地位。我們預計資本支出約為 2 億美元。這包括 ALG 以及對 Hyatt Regency Irvine 的轉型投資，後者佔 2023 年資本支出的近 1/4。

As a reminder, the Hyatt Regency Irvine acquisition last year and the planned capital investment provides us strategic distribution in an important market. We look forward to welcoming guests for a spectacular reopening this fall.

提醒一下，去年收購歐文凱悅酒店和計劃中的資本投資為我們提供了一個重要市場的戰略佈局。我們期待著在今年秋天盛大的重新開放中迎接客人。

Lastly, by way of reminder, I want to highlight a couple of onetime items we commented on during the course of 2022 that will not reoccur in 2023. First, the adjusted EBITDA contribution of approximately $34 million from owned hotels and approximately $4 million from joint ventures sold in 2022 will not reoccur in 2023. Further details on this can be found on Schedule A-11 in the earnings release, including a breakdown of the adjusted EBITDA contribution for sold hotels by quarter in 2022.

最後，提醒一下，我想強調一些我們在 2022 年期間評論過的一次性項目，這些項目將不會在 2023 年再次出現。首先，調整後的 EBITDA 貢獻來自自有酒店約 3400 萬美元和來自聯合酒店的約 400 萬美元2022 年出售的酒店將不會在 2023 年再次出現。有關這方面的更多詳細信息，請參見收益發布的附表 A-11，包括 2022 年按季度分列的已出售酒店的調整後 EBITDA 貢獻明細。

Second, ALG revenue and adjusted EBITDA benefited in 2022 by approximately $4 million in the third quarter and approximately $23 million in the fourth quarter, primarily from the expiration of unredeemed pandemic-related travel credits.

其次，ALG 收入和調整後的 EBITDA 在 2022 年第三季度和第四季度分別受益約 400 萬美元和約 2300 萬美元，這主要是由於未兌現的大流行病相關旅行積分到期。

I will conclude my prepared remarks by saying we are very pleased with our 2022 operating and free cash flow results. We delivered RevPAR growth exceeding 2019 levels over the back half of the year, drove a record level of fees and free cash flow, expanded our development pipeline, and delivered industry-leading organic net rooms growth for the sixth consecutive year.

在結束我準備好的發言時，我會說我們對 2022 年的運營和自由現金流結果非常滿意。我們在下半年實現了超過 2019 年水平的 RevPAR 增長，推動了創紀錄的費用和自由現金流，擴大了我們的開發渠道，並連續第六年實現了行業領先的有機客房淨增長。

We're proud of the execution of our long-term strategy that has enabled us to accelerate our asset-light growth while at the same time reducing leverage and returning capital to shareholders. As our guidance for 2023 implies, we believe our momentum is set to continue this year. Early results are off to a great start.

我們為執行我們的長期戰略感到自豪，該戰略使我們能夠加速輕資產增長，同時降低杠桿率並向股東返還資本。正如我們對 2023 年的指引所暗示的那樣，我們相信我們的勢頭將在今年繼續。早期結果是一個良好的開端。

Our Asia Pacific region is recovering quickly, and we expect it will serve as a tailwind throughout the year. Our differentiated model positions us uniquely to continue to take advantage of the recovery in travel in addition to providing a compelling value proposition for owners looking to join the Hyatt family of brands.

我們的亞太地區正在迅速復蘇，我們預計它將在全年起到推動作用。除了為希望加入凱悅品牌家族的業主提供令人信服的價值主張外，我們差異化的模式使我們具有獨特的優勢，可以繼續利用旅遊業的複蘇。

And 1 final update to share we will be hosting our Investor Day on May 11 of this year, at Secret Moshe and Secrets Impressions Moshe, 2 fantastic luxury, all-inclusive properties in Playa del Carmen in Mexico, where we plan to expand on many of these important topics. Further details will be shared in the coming weeks.

我們將在今年 5 月 11 日舉辦投資者日，在 Secret Moshe 和 Secrets Impressions Moshe 舉辦 1 次最後更新，這是墨西哥普拉亞德爾卡曼的 2 家夢幻般的豪華全包酒店，我們計劃在那裡擴展許多這些重要的話題。更多細節將在未來幾週內分享。

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

謝謝。有了這個，我會把它轉回給我們的接線員進行問答。

(Operator Instructions) Our first question comes from Patrick Scholes from Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Patrick Scholes。

Getting a number of questions from investors about -- and again, I don't mean to sound accusatory here. A number of your peers have given either EPS and/or EBITDA guidance. Curious as to what's holding you folks back from providing similar.

從投資者那裡得到一些問題——再說一遍，我並不是要在這裡指責。您的許多同行都給出了 EPS 和/或 EBITDA 指導。想知道是什麼阻礙了你們提供類似的服務。

Well, Patrick, I'll start by giving you a sense of how the RevPAR guidance that we provided will track human expectation for 2023.

好吧，帕特里克，我將首先讓您了解我們提供的 RevPAR 指南將如何追踪人類對 2023 年的預期。

So if you think about the $1.65 billion that we generated in adjusted EBITDA, net deferrals and net finance contracts. And then you remove from that the onetime items that I noted in my prepared remarks, you land at a baseline of about $1 billion. And we continue to find that the EBITDA sensitivity that we've been -- that we shared with you in 2019 have continued to hold true at a point of RevPAR growth will lead to about $10 million to $15 million in EBITDA on the legacy Hyatt business.

因此，如果您考慮一下我們在調整後的 EBITDA、淨遞延和淨財務合同中產生的 16.5 億美元。然後你從中刪除我在準備好的評論中提到的一次性項目，你的基線約為 10 億美元。我們繼續發現，我們在 2019 年與您分享的 EBITDA 敏感性在 RevPAR 增長點上繼續適用，這將導致傳統凱悅業務的 EBITDA 達到約 1000 萬至 1500 萬美元.

So if you take the midpoint of our RevPAR range and apply that sensitivity, you'll get -- you'll be able to model what to expect for 2023. I just want to make a couple of comments with respect to ALG.

因此，如果你採用我們的 RevPAR 範圍的中點並應用該靈敏度，你將得到——你將能夠模擬 2023 年的預期。我只想就 ALG 發表一些評論。

So as you think about that business and how well, exceptionally well it performed in 2022, on all cylinders. We said all-time highs in that package RevPAR and the pricing associated with our membership club sales and also our package prices for ALG V.

因此，當您考慮該業務以及它在 2022 年在所有汽缸上的表現時，表現得非常出色。我們說該套餐 RevPAR 和與我們的會員俱樂部銷售相關的定價以及我們的 ALG V 套餐價格均創下歷史新高。

As we look at this year, we look at net package RevPAR, we expect a directionally similar dynamic between the first half and the second half. And a lot of that is driven by the business and the easier comps, if you will, in the first quarter and going into the second quarter. And that the second half of the year will also have a moderated RevPAR -- net package RevPAR growth rate.

當我們看今年時，我們看一下淨包 RevPAR，我們預計上半年和下半年的方向類似。其中很多是由業務驅動的，如果你願意的話，在第一季度和進入第二季度時更容易。而且今年下半年也將有一個緩和的 RevPAR——淨包 RevPAR 增長率。

Finally, for vacations, vacations business. You might recall that in our second quarter earnings release last year, we noted that there's a seasonally adjusted activity levels for vacations, typically in the third quarter and the fourth quarter. And what we saw in the third quarter really, really exceeded expectations. So this is what we call a shoulder period where demand is typically lower, and we have fewer departures on the vacations business. And it really just exceeded the pent-up demand coming from the first half of 2022 into the third quarter was exceptionally above our expectations.

最後，對於假期，假期業務。您可能還記得，在我們去年第二季度的收益發布中，我們注意到假期的活動水平經過季節性調整，通常是在第三季度和第四季度。我們在第三季度看到的情況確實非常超出預期。所以這就是我們所說的需求通常較低的肩期，並且我們在假期業務中的出發次數較少。它確實剛剛超過了從 2022 年上半年到第三季度的被壓抑的需求，超出了我們的預期。

And so you'll see in the fourth quarter of 2022, we saw a seasonally lower contribution from that part of the business. So as we think about vacations this year, we expect to return to more normal seasonal levels in the second half of the year. So that hopefully gives you an idea about how we're thinking about the dynamic first half, second half.

所以你會在 2022 年第四季度看到，我們看到這部分業務的季節性貢獻較低。因此，當我們考慮今年的假期時，我們預計會在下半年恢復到更正常的季節性水平。因此，希望這能讓您了解我們如何考慮充滿活力的上半場和下半場。

And my final note is that in the fourth quarter on the vacations business, the other seasonal impact that we experience is the need to invest into the business going into the high season. So those are a couple of dynamics, ins and outs that we can provide both on the sensitivity to the Hyatt legacy business, the onetime items you need to take into consideration and what we expect for ALG going into 2023.

我最後要指出的是，在第四季度的假期業務中，我們遇到的另一個季節性影響是需要對進入旺季的業務進行投資。因此，我們可以提供一些動態、細節，包括對凱悅傳統業務的敏感性、您需要考慮的一次性項目以及我們對 ALG 進入 2023 年的期望。

I would just add 2 quick things, Patrick. It's Mark. First, given booking windows, which are extending, but still relatively short, we felt like we would gain a lot more visibility as we pass through first quarter and that's going to be by comparison to last year, a massive quarter, we're seeing really solid pace, both for resorts, ALG, up 30 -- U.S. -- I mean legacy Hyatt resorts bookings in January were plus 20%.

帕特里克，我只想添加 2 個快速的東西。是馬克。首先，鑑於預訂窗口正在延長，但仍然相對較短，我們覺得隨著第一季度的過去，我們將獲得更多的知名度，與去年相比，這是一個巨大的季度，我們看到非常穩健的步伐，無論是度假村，ALG，都上升了 30 - 美國 - 我的意思是 1 月份傳統凱悅度假村的預訂量增加了 20％。

So leisure is showing no signs of slowdown once so ever. Group, I mentioned plus 21% pace into the year. We feel really strongly about that. We had pickup last year with in excess of booked rooms on a consistent basis. None of that is included in that pace number. And that includes some real weakness later in the year that we are currently observing and seeing what we can do to ameliorate really in 3 key cities: Chicago, Atlanta and New Orleans, they just have really weak citywide patterns, but even with that, we're showing really good pace because it's inclusive of that.

因此，休閒從未有過放緩的跡象。集團，我提到了今年 21% 的步伐。我們對此感覺非常強烈。去年我們接客時，預訂房間的數量一直都超過。這些都不包括在該步數中。這包括今年晚些時候我們正在觀察的一些真正的弱點，看看我們可以做些什麼來真正改善 3 個主要城市：芝加哥、亞特蘭大和新奧爾良，它們在全市範圍內的模式確實很弱，但即便如此，我們'顯示出非常好的速度，因為它包含了這一點。

The final thing is, we are embedded the backdrop to all of this is a slowing in the second half with respect to relative macroeconomic conditions. So I think our sentiment is we see spreads, credit spreads compressing, but rates remaining relatively higher for the time being. We have these dynamics, which are showing great signs of strength across our business lines, including business transient, by the way, but we feel like we'll have dramatically better visibility post Q1 into Q2.

最後一件事是，我們認為所有這一切的背景是下半年相對宏觀經濟狀況放緩。所以我認為我們的情緒是我們看到利差，信用利差正在壓縮，但利率暫時仍然相對較高。我們有這些動態，順便說一下，這些動態顯示出我們業務線的強大跡象，包括業務瞬態，但我們覺得我們在第一季度到第二季度的可見性會大大提高。

Okay. That's a great color there. A lot to digest. Just a quick follow-up question on the Hyatt Irvine, would you consider that hotel sort of a temporary ownership until it's sort of up and running and stabilized and that would be something you'd consider selling with a long-term franchise or management contract?

好的。那裡的顏色很棒。很多東西要消化。關於 Hyatt Irvine 的一個快速跟進問題，您是否認為該酒店是一種臨時所有權，直到它開始運行並穩定下來，並且您會考慮通過長期特許經營或管理合同出售它？

Yes, that's the intention. That's when we underwrote the acquisition itself. First of all, we took full account of the renovation program that we're now executing against. And our intention is that as soon as we demonstrate what we think is going to be extraordinary demand that we can pull into that hotel, we will take it to market.

是的，這就是意圖。那是我們承銷收購本身的時候。首先，我們充分考慮了我們現在正在執行的改造計劃。我們的意圖是，一旦我們展示了我們認為可以拉入該酒店的非凡需求，我們就會將其推向市場。

Our next question comes from Stephen Grambling from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Stephen Grambling。

From a strategic standpoint, you completed a number of acquisitions, moving asset-light. Are we in digestion mode at this point? Are there still other areas that you would say you want to fill and given some of your peers have made a bigger push down chain scales and really even doubled down, in some cases, on limited service and more franchise agreements. How are you thinking about franchise mix and limited service as a potential area of growth in longer term?

從戰略的角度來看，您完成了多項收購，實現了輕資產化。我們此時處於消化模式嗎？還有其他領域你會說你想填補並且考慮到你的一些同行已經做出更大的推動鏈規模，甚至在某些情況下甚至翻倍，在有限的服務和更多的特許經營協議上。您如何看待特許經營組合和有限服務作為長期潛在增長領域？

Thank you. Appreciate it, Steve. A couple of things. First, our integration process with ALG has gone extraordinarily well. The cultural alignment of the 2 companies has allowed us to move very quickly. There are only a couple of areas -- we largely accomplished everything that we set out to accomplish in 2022, there's some carryover items, mostly in the area of finalizing some cyber and control environment topics.

謝謝。欣賞它，史蒂夫。幾件事。首先，我們與 ALG 的整合過程非常順利。兩家公司的文化一致性使我們能夠迅速行動。只有幾個領域——我們基本上完成了我們計劃在 2022 年完成的所有事情，還有一些遺留項目，主要是在完成一些網絡和控制環境主題方面。

We feel really good about where we stand, but we want to do some additional work in those areas, plus a lot of what we are spending in 2023 is actually enhancements of capabilities, specifically in digital. So the #1 investment in the integration spend in 2023, has to do with digital investment in improving the World of Hyatt experience for those World of Hyatt members staying at ALG properties, which is highly relevant because we launched World of Hyatt in May, we ended the year at a 17% room penetration for World of Hyatt members, which is extraordinary in a short space of time, and we signed up over 315,000 new World of Hyatt members at ALG properties.

我們對自己的立場感覺非常好，但我們想在這些領域做一些額外的工作，加上我們在 2023 年花費的很多實際上是增強能力，特別是在數字方面。因此，2023 年整合支出的第一筆投資與為入住 ALG 物業的凱悅天地會員改善凱悅天地體驗的數字投資有關，這是高度相關的，因為我們於 5 月推出了凱悅天地，我們截至年底，凱悅天地會員的客房滲透率達到 17%，這在短時間內非常出色，我們在 ALG 旗下酒店簽約了超過 315,000 名新的凱悅天地會員。

So the World of Hyatt production for ALG properties is on a great ascendancy and just -- we're just getting going. So enhancing that and actually leaning into that further will allow us to improve distribution mix and lower distribution costs. So I'm just giving you some color on kind of where we stand on that integration process.

因此，ALG 物業的 Hyatt 世界生產正在蓬勃發展，而且我們才剛剛開始。因此，加強這一點並進一步深入研究將使我們能夠改善分銷組合併降低分銷成本。所以我只是給你一些顏色，說明我們在整合過程中的立場。

Dream is brand new to us. We brought over a significant measure of resources, meaning people and capabilities, they have an extraordinary team, especially in food and beverage planning and programming and nightlife and entertainment. And those are areas that we have existing -- well, we don't have any resources in the entertainment and nightlife piece, they do, and we're bringing that in. And that's really an investment in the total lifestyle portfolio that we've got, which, as you know, is big and growing. But we believe that all of that integration work will be done this year.

夢想對我們來說是全新的。我們帶來了大量資源，這意味著人員和能力，他們擁有一支非凡的團隊，尤其是在餐飲規劃和節目以及夜生活和娛樂方面。這些是我們現有的領域——好吧，我們在娛樂和夜生活方面沒有任何資源，他們有，我們正在引入。這真的是對我們整體生活方式組合的投資正如你所知，我們已經有了，而且規模很大，而且還在不斷增長。但我們相信，所有這些整合工作都將在今年完成。

So we feel really good about where we stand on the integration front. We don't feel like we are dragged down by further integration efforts that are going to really consume a lot of our time and mind share. So we will continue to look for platforms. The key stream that we use is, first, does it fit in with respect to our overall strategy and our portfolio. Second, Dream does perfectly for the reasons that we cited. Secondly, does it actually enhance -- strategically enhance the network effect. So if you look at Lindner, 1 of the key drivers of that deal was that we were adding significant representation in Germany, Germany is the #1 feeder market into Balearic Islands and the #2 feeder market is into the Canary Islands. So we're actually creating a much bigger guest base to help actually create powerful network effect for all of our resorts that we brought on to ALG. That's an example of the network effect that we think is really important.

因此，我們對我們在整合方面的立場感到非常滿意。我們不覺得我們被進一步的整合工作拖累了，這將真正消耗我們大量的時間和精力。所以我們會繼續尋找平台。我們使用的關鍵流首先是它是否符合我們的整體戰略和我們的投資組合。其次，由於我們引用的原因，Dream 表現完美。其次，它是否真的增強了——從戰略上增強了網絡效應。因此，如果你看看林德納，那筆交易的主要驅動因素之一是我們在德國增加了重要的代表，德國是進入巴利阿里群島的第一大支線市場，而第二大支線市場是進入加那利群島。因此，我們實際上正在創建一個更大的客人群，以幫助我們為我們帶到 ALG 的所有度假村真正創造強大的網絡效應。這是我們認為非常重要的網絡效應的一個例子。

And third, in every single case, the platforms that we acquired had growth, embedded growth. In all cases, we've actually enhanced that relative to our original underwriting, which is why we've got a lot of momentum in those areas. So we will continue to look for those sorts of opportunities, but there are also portfolio deals that we will continue to work on, I would consider Lindner a portfolio deal, not a brand acquisition, and we will continue to focus on that.

第三，在每一個案例中，我們收購的平台都有增長，嵌入式增長。在所有情況下，相對於我們最初的承保，我們實際上已經增強了它，這就是為什麼我們在這些領域有很大的動力。因此，我們將繼續尋找此類機會，但我們也將繼續致力於投資組合交易，我認為 Lindner 是一項投資組合交易，而不是品牌收購，我們將繼續關注這一點。

Our strategy, as you know, has been to focus on the high-end customer and serve and operate at the high end of every segment that we serve. And right now, we continue to focus on filling out our portfolio to be able to add a number of experiences and the critical mass that we have to that high-end traveler.

如您所知，我們的戰略一直是專注於高端客戶，並在我們服務的每個細分市場的高端服務和運營。現在，我們繼續專注於完善我們的產品組合，以便能夠為高端旅行者增加我們擁有的大量體驗和臨界質量。

I'm a believer in never saying never about extension into other segments. But that has been our clear very deliberate strategy over the last 5 years, which I feel like we've done -- we've made tremendous progress against. So that's where we stand at the moment.

我堅信永遠不要說永遠不要擴展到其他領域。但在過去的 5 年裡，這一直是我們明確的、非常深思熟慮的戰略，我覺得我們已經做到了——我們已經取得了巨大的進步。這就是我們目前的立場。

That all is super helpful. Maybe as a quick follow-up. The puts and takes that were outlined on the guidance seemed to get to, call it, a $1.2 billion EBITDA range, which would mean that you're closer to 2 turns of net debt-to-EBITDA versus peers more like 3 turns or above. Is that the right math? And how are you thinking about the right leverage level in this rate environment and as you move asset light down the line?

這一切都非常有幫助。也許作為快速跟進。指南中概述的賣出和賣出似乎達到了 12 億美元的 EBITDA 範圍，這意味著您的淨債務與 EBITDA 比接近 2 倍，而同行更接近 3 倍或以上.那是正確的數學嗎？您如何考慮在這種利率環境下的正確槓桿水平以及您將輕資產轉移到線下？

Yes. I would say, Steve, that we are making great progress and in part due to the great performance, our great EBITDA performance and we've said on a growth basis that we're targeting about 3% to 3.5%. So there's different measurements for that leverage ratios that we're managing with our investment-grade profile. So that is our commitment. And as we generate more cash flow, we'll have more investments to be able to make decisions about how to invest back into the business and return capital to shareholders when appropriate.

是的。我會說，史蒂夫，我們正在取得巨大進步，部分原因是我們的出色表現，我們出色的 EBITDA 表現，我們已經說過，我們的目標是在增長的基礎上達到 3% 到 3.5% 左右。因此，我們使用投資級概況管理的槓桿率有不同的衡量標準。這就是我們的承諾。隨著我們產生更多的現金流，我們將有更多的投資來決定如何投資回業務並在適當的時候將資本返還給股東。

I would just add, we talk about mix, earnings mix, and we talk about free cash flow. Just pay attention to the fact that 100% of reported adjusted EBITDA plus net deferrals plus finance contracts from ALG converts to cash. So the cash conversion effectively is 100%, there may be timing differences to working capital that carries over, but working capital is net 0 over the course of any 12-month period.

我只想補充一點，我們談論混合，收益組合，我們談論自由現金流。請注意，100% 的報告調整後 EBITDA 加上淨遞延加上 ALG 的融資合同轉換為現金。因此，現金轉換實際上是 100%，結轉的營運資金可能存在時間差異，但在任何 12 個月期間，營運資金淨值為 0。

Secondly, our cash conversion is a net cash flow from legacy Hyatt is rising. Our franchise proportion is increasing. We're increasing our franchise base in Europe, in particular, and finding more and more opportunities on franchising in some other markets, notably South America. So I believe that you'll see a growth in our franchise percentage over time.

其次，我們的現金轉換是來自傳統凱悅的淨現金流量正在增加。我們的特許經營比例正在增加。我們正在增加我們在歐洲的特許經營基礎，尤其是在其他一些市場，尤其是南美，尋找越來越多的特許經營機會。所以我相信你會看到我們的特許經營百分比隨著時間的推移而增長。

We still are dominantly a managed business, but I think franchise will be a grower. And secondly -- and thirdly, rather, the CapEx carry for the portfolio is coming down and will continue to come down. So I think those are the key drivers to having great confidence that our cash position and cash generation is -- has really been transformed already.

我們仍然主要是一家託管企業，但我認為特許經營將成為一個種植者。其次 - 第三，更確切地說，投資組合的資本支出正在下降並將繼續下降。因此，我認為這些是對我們的現金狀況和現金產生充滿信心的關鍵驅動因素 - 已經真正發生了轉變。

Our next question comes from Joe Greff from JP JPMorgan.

我們的下一個問題來自 JP JPMorgan 的 Joe Greff。

Two comments on how you're thinking about 2023. One, would you expect ALG to grow adjusted economic EBITDA year-over-year, given the onetime benefit of $27 million from the travel credit expiration?

關於您對 2023 年的看法有兩點評論。第一，考慮到旅行信貸到期一次性帶來 2700 萬美元的收益，您是否期望 ALG 的調整後經濟 EBITDA 同比增長？

I think the short answer is no, because there is -- that was a release of a liability, while they didn't have a cash impact, it was a reduction in our -- in the liabilities that we took on when we bought the company. So from a valuation perspective, it is relevant that got released because they lapsed. A lot of the "settlement" with travelers who had books holidays that were not able to be taken because of COVID were settled in travel credit.

我認為簡短的回答是否定的，因為有 - 那是負債的釋放，雖然它們沒有現金影響，但它減少了我們 - 在我們購買時承擔的負債公司。因此，從估值的角度來看，因為它們失效而被釋放是相關的。與因 COVID 而無法休假的旅行者進行的許多“結算”都是通過旅行積分結算的。

These travel credits actually expired. So that's actually what gave rise to that. But when we bought the company, we were not just familiar with it, we took into account in the liabilities that we assumed, so effectively, we took on the liability that turned out to be -- have no costs associated with it. So while it wasn't a cash benefit in the reported earnings, this is a GAAP geography issue, it was a pickup in sort of valuation, so to speak. But no, that's a one-timer.

這些旅行積分實際上已過期。所以這實際上是導致這一點的原因。但是當我們買下這家公司時，我們不僅熟悉它，我們還考慮到了我們承擔的責任，所以我們有效地承擔了責任，結果證明是——沒有與之相關的成本。因此，雖然這不是報告收益中的現金收益，但這是一個 GAAP 地理問題，可以這麼說，這是一種估值的回升。但不，那是一次性的。

Secondly, right now, we are assuming that the seasonality issues that Joan mentioned earlier will revert -- will not look like they did in '22 because it was exceptional that we filled in. And so we are basically expecting that we will return to a more normal seasonality effect. So for those reasons, I would say, no, we wouldn't expect growth from the 22% level.

其次，現在，我們假設 Joan 之前提到的季節性問題將會恢復——看起來不會像 22 年那樣，因為我們填寫的情況非常特殊。所以我們基本上期望我們會回到更正常的季節性影響。因此，出於這些原因，我會說，不，我們不會期望從 22% 的水平增長。

Having said that, 3 things are true. First, that package RevPAR in January was up 42%, well ahead of our expectations, pacing for ALG is plus 30% for the year. Again, ahead of our expectations. And third, we're growing. We're adding properties. So I think that there are offsets to some of the structural things that we're expecting to impact ALG's business.

話雖如此，但有 3 件事是正確的。首先，1 月份的套餐 RevPAR 增長了 42%，遠超我們的預期，ALG 的步伐今年增長了 30%。再次超出我們的預期。第三，我們正在成長。我們正在添加屬性。因此，我認為我們預期會影響 ALG 業務的一些結構性因素存在抵消。

So I would say stay tuned right now, if things remain as robust as they started, we will be wrong about being able to grow from where we were in '22. But it's really too early to say. The booking window is less than 60 days or it's about 60 days, I should say. So I would just say stay tuned, we're going to be tracking this extremely closely.

所以我想說，現在請繼續關注，如果事情仍然像開始時一樣強勁，那麼我們能夠從 22 世紀的水平發展壯大將是錯誤的。但現在說真的還為時過早。預訂窗口少於 60 天或大約 60 天，我應該說。所以我只想說敬請期待，我們將非常密切地跟踪這一點。

Great Mark, that's helpful. And then finally, could you break down the rooms growth between ALG and Hyatt's non ALG portfolio for '23, much of the delta in '23?

偉大的馬克，這很有幫助。最後，你能否分解 ALG 和凱悅 23 年非 ALG 投資組合之間的客房增長，其中大部分是 23 年的三角洲？

In '23, I think the growth -- ALG is up 12%. Is that right? Okay. So I think ALG will outpace legacy Hyatt growth. The reason why we were debating that here is because we do have assumptions with respect to conversions.

在 23 年，我認為 ALG 增長了 12%。是對的嗎？好的。所以我認為 ALG 的增長速度將超過傳統的凱悅酒店。我們在這裡爭論的原因是因為我們確實有關於轉換的假設。

Conversions last year represented about 35% of our total growth. I think that the key thing to note Joe is that the entirety of the construction profile across the hotels that have been under construction, we have close to 40% of our pipeline under construction has shifted right.

去年的轉化率約占我們總增長的 35%。我認為喬要注意的關鍵是，正在建設的酒店的整個建設概況，我們有近 40% 的在建管道已經向右移動。

We had over 8,400 rooms that we thought we were going to open. This year, they got pushed into '23. But concurrently, we are taking the view that we will have a significant number that gets pushed into '24 as well. So it's almost like the entirety of the construction profile has shifted right. And what's making up the difference right now is, first of all, ALG properties are not subject to the same dynamics because of the markets in which they're being constructed. So we have more durable and visit more higher visibility to the openings actually and construction being completed on time. So the biggest area where that dynamic is true is China. Things got shifted out to the right significantly, and we'll stay shifted to the right until probably sometime in '24 because it's going to take the real estate sector time to catch up.

我們有超過 8,400 個房間，我們認為我們將要開放。今年，他們被推到了 23 年。但與此同時，我們認為我們也將有相當數量的人被推入 24 年。所以這幾乎就像整個建築輪廓都向右移動了。現在造成差異的是，首先，ALG 屬性不受相同動態的影響，因為它們正在構建它們的市場。因此，我們對實際開口和按時完成的施工具有更持久和更高的可見度。因此，這種動態最大的地區是中國。事情向右移動了很多，我們將一直向右移動，直到 24 年的某個時候，因為房地產行業需要時間來趕上。

So that's been a dynamic that's just a reality that we're living with. That's not a long-term brand health or growth issue. It's a short-term dynamic with respect to the construction profile of what we're dealing with. But we did have significant conversions in '22. We expect to have a fair number of conversions in '23 as well, higher than our historic 20% to 25% levels, maybe not as high as the 35% we posted in '22, but significant.

所以這是一種動態，這只是我們生活的現實。這不是一個長期的品牌健康或增長問題。就我們正在處理的建築概況而言，這是一個短期動態。但我們在 22 年確實取得了重大轉變。我們預計 23 年也會有相當數量的轉化，高於我們歷史上 20% 到 25% 的水平，可能不如我們在 22 年公佈的 35% 高，但很重要。

And so -- meanwhile, I think the number of opportunities that we're seeing with respect to ALG growth do include some portfolio transactions on which we're working. So therein lies the relatively higher growth rate for ALG relative to legacy Hyatt. That responsive to you?

因此——與此同時，我認為我們在 ALG 增長方面看到的機會數量確實包括我們正在處理的一些投資組合交易。因此，與傳統凱悅相比，ALG 的增長率相對較高。那個回應你？

Our next question comes from Shaun Kelley from Bank of America.

我們的下一個問題來自美國銀行的 Shaun Kelley。

I was hoping we could get a little bit more color maybe on the owned and leased margins. You've done a great job of helping us kind of bridge with some of the asset sales. I believe you mentioned in the fourth quarter, margins on a comp basis, still up about 330 basis points year over -- sorry, versus 2019.

我希望我們可以在自有和租賃的利潤上獲得更多顏色。您在幫助我們完成一些資產出售方面做得很好。我相信你在第四季度提到過，基於補償的利潤率仍然比去年同期高出約 330 個基點——抱歉，與 2019 年相比。

As we start to get into a much more normalized environment, inflation having been a real cost over a 4- or 5-year cumulative period, we're starting to hear hotel owners out there talking a little bit more about those pressures. So kind of what's the expectation for holding on to some of those margin gains for '23 and beyond?

隨著我們開始進入一個更加正常化的環境，通貨膨脹已成為 4 或 5 年累計期間的實際成本，我們開始聽到酒店業主更多地談論這些壓力。那麼，對於 23 歲及以後的部分利潤率收益保持不變的期望是什麼？

So Shaun, I'd be happy to answer that. The expectation that we have shared consistently is that we expect to be 100 to 300 basis points above pre-COVID levels. And that's really driven by permanent improvements that our teams in the field have made with respect to digital capabilities and a very, very disciplined focus on productivity.

肖恩，我很樂意回答這個問題。我們一直以來的預期是，我們預計會比 COVID 之前的水平高出 100 到 300 個基點。這實際上是由我們在該領域的團隊在數字能力方面所做的永久改進以及對生產力的非常非常嚴格的關注所推動的。

So some of that is helping to minimize the wage inflation, wage rate growth that we've seen in the quarter. In the fourth quarter, we had an excellent result of 330 basis points. That's on a comparable basis. You mentioned a change in the portfolio. So that is the same set of properties to 2019. That is helped by rate right now being up about 11%. And we also have a lower mix of F&B as a proportion of total revenue, which is a bit lower on the margin side. But I would just reiterate that we continue to expect that range of 100 to 300 basis points into the future.

因此，其中一些有助於最大限度地減少我們在本季度看到的工資通脹和工資率增長。第四季度，我們取得了330個基點的優異成績。那是在可比的基礎上。你提到了投資組合的變化。所以這是與 2019 年相同的一組屬性。這得益於目前利率上漲約 11%。而且我們的餐飲組合佔總收入的比例也較低，這在利潤率方面略低。但我只想重申，我們繼續預計未來 100 到 300 個基點的範圍。

That's great. And then as my follow-up, maybe a little bit more strategic. Mark, you just talked a lot about some of your expectations for net unit growth about some of the different segments for '23. Just help us think about returning to maybe a little bit of your longer term -- longer term, you've been able to deliver on an organic basis as much as 5% to 7% and pretty much lead the broader kind of high-level industry.

那太棒了。然後作為我的後續行動，也許更具戰略意義。馬克，你剛剛談到了你對 23 年一些不同細分市場的淨單位增長的一些期望。請幫助我們考慮恢復到您的長期目標中的一點點——從長遠來看，您已經能夠在有機基礎上交付多達 5% 到 7%，並且幾乎領先於更廣泛的高水平行業。

Any reason you see that we can't get back to those types of levels once the development environment sort of stabilized and improved a little bit, appreciating some of the delays around China today, and then probably some in the U.S. as well. But as we get to a little bit more of a more normalized kind of world out there, is there a reason base effect or any other that we can't get back to, let's call it, 5% to 7% in the medium to long term?

一旦發展環境穩定下來並有所改善，你就會看到我們無法回到那種水平的任何原因，感謝今天中國周圍的一些延誤，然後可能還有美國的一些延誤。但是當我們進入一個更加規範化的世界時，有沒有什麼原因導致基礎效應或任何其他我們無法回到的，我們稱之為，中間 5% 到 7%長期？

There's absolutely no reason why we can't get back there and we expect to. There are a couple of drivers to that. The first is our brand performance continues to grow, and improve. We've experienced wonderful market share gains. Urban has been an upside surprise. We're gaining significant share in group -- Urban Group, surprisingly strong and transient.

我們絕對沒有理由不能回到那裡，我們期待著。有幾個驅動因素。首先是我們的品牌業績不斷增長、提升。我們經歷了驚人的市場份額增長。城市一直是一個驚喜。我們在集團中獲得了很大的份額——Urban Group，出人意料的強大和短暫。

So the transient profile that we realized we ended the fourth quarter -- the fourth quarter was 18% off of 2019 levels. January started off much higher than that, but ended at 17% of the first 2 weeks of February or 12% of, so we see an improvement in that domain. And concurrent with that, we have volume account activity that will yield high single-digit ADR increases.

因此，我們意識到我們在第四季度結束時的瞬態情況——第四季度比 2019 年的水平低 18%。 1 月開始時比這高得多，但在 2 月的前兩週結束時佔 17% 或 12%，因此我們看到該領域有所改善。與此同時，我們的大量賬戶活動將產生高個位數的 ADR 增長。

So we are seeing that the mix of our business and the significant expansion of our leisure and lifestyle portfolio is enhancing the value of the World of Hyatt proposition and really driving a much higher penetration. Just for reference point, our Americas full service hotels ended 2022 for the full year at about 50% World of Hyatt penetration. And for the total system wide, we were in excess of 42%. These are really strong numbers, up significantly, so the World of Hyatt program is gaining a lot of traction.

因此，我們看到我們的業務組合以及休閒和生活方式組合的顯著擴展正在提升凱悅世界的價值，並真正推動更高的滲透率。僅供參考，截至 2022 年全年，我們在美洲的全方位服務酒店的凱悅天地滲透率約為 50%。對於整個系統範圍，我們超過了 42%。這些數字非常強勁，增長顯著，因此凱悅天地計劃獲得了很大的關注。

We had -- I think I mentioned in the script that we were up to over 36 million members now. Our credit card holder base has increased significantly, and the spend rate on that card has increased significantly. So I would tell you that the network effect that we're seeing is going to continue to drive performance, which will continue to drive demand for our brands. So I feel really strongly about all of that, not to mention the fact that we ended the year with an all-time high pipeline of 117,000 rooms. So I not only don't see any reason why we won't get back to those organic growth levels. I'd be shocked if we did.

我們有——我想我在劇本中提到我們現在有超過 3600 萬會員。我們的信用卡持卡人數量顯著增加，該卡的消費率也顯著增加。所以我會告訴你，我們看到的網絡效應將繼續推動業績，這將繼續推動對我們品牌的需求。所以我對所有這些都有強烈的感覺，更不用說我們在今年年底以 117,000 間客房的歷史最高管道結束了這一事實。所以我不僅看不出有任何理由我們不能回到那些有機增長水平。如果我們這樣做，我會感到震驚。

Our next question comes from Dori Kesten from Wells Fargo.

我們的下一個問題來自富國銀行的 Dori Kesten。

How do you see the unit growth of AMR over the next few years change your regional exposure? I guess what I'm trying to figure out is that there's greater exposure in Europe, does that increase your likelihood of more brand acquisitions over there?

您如何看待未來幾年 AMR 的單位增長會改變您的區域風險？我想我想弄清楚的是歐洲的曝光率更高，這是否會增加您在那裡進行更多品牌收購的可能性？

So the growth for AMR is pretty balanced right now. The resorts in Europe tend to be somewhat smaller in room count than the ones in the Americas. We have a larger pipeline and rooms in the Americas than we do in Europe. We would like to extend and expand in Europe further, so we are focusing on that. But I don't think it's going to materially shift the mix.

因此，目前 AMR 的增長非常平衡。歐洲度假村的客房數量往往比美洲度假村少一些。與歐洲相比，我們在美洲擁有更大的管道和房間。我們希望在歐洲進一步擴展和擴張，所以我們正專注於此。但我認為這不會實質性地改變組合。

Okay. And within your legacy system, can you remind us what the typical differences in spend for a World of Hyatt guests versus nonloyalty guests and just how that's changed over time?

好的。在您的遺留系統中，您能否提醒我們凱悅天地的客人與非忠誠客人的典型消費差異是什麼，以及隨著時間的推移這種差異是如何變化的？

Yes. So first of all, World of Hyatt members are, in general, paying higher ADRs. And the total spend for World of Hyatt members tends to run mid-teens to 20% higher than non-World of Hyatt members. And that's been consistent. We're seeing that same dynamic, by the way, for World of Hyatt members staying as [RL] inclusive resource as well. We're just starting. I mean I'm actually extraordinarily encouraged to see the 17% [roommate] penetration by the end of the year for World of Hyatt members. This is a significant expansion of the number of all-inclusive resorts that we've got. And the World of Hyatt members are discovering those -- that resort experience at a pace, which is remarkable. And so I have increased enthusiasm and confidence that we're going to see a growing level of World of Hyatt engagement and penetration over time.

是的。因此，首先，World of Hyatt 會員通常支付更高的 ADR。凱悅天地會員的總支出往往比非凱悅天地會員高出十幾到 20%。這一直是一致的。順便說一句，對於凱悅天地會員來說，我們也看到了同樣的動態，作為 [RL] 包容性資源。我們才剛剛開始。我的意思是，到年底看到 World of Hyatt 會員的 [室友] 滲透率達到 17%，我真的非常受鼓舞。這是我們擁有的全包式度假村數量的顯著擴展。凱悅天地成員正在以驚人的速度探索這些度假村體驗。因此，隨著時間的推移，我們將看到 World of Hyatt 的參與度和滲透率不斷提高，我對此充滿了熱情和信心。

I may have missed this, but have you said what percentage do you think it could grow to over time?

我可能錯過了這一點，但你有沒有說過你認為它會隨著時間的推移增長到多少百分比？

Well, right now, if you look at our Ziva and Zilara hotels, which don't have the benefit of a captive wholesale platform to our operating platform, which we have called ALG Vacations, and they don't have the benefit of a membership program at this point. UVC in our case. We've gotten to over 50% penetration from Hyatt channels into those hotels. That is Hyatt.com, but direct digital, [but that's] mobile web or app second, World of Hyatt and third group business.

好吧，現在，如果你看看我們的 Ziva 和 Zilara 酒店，它們沒有我們稱為 ALG Vacations 的運營平台的專屬批發平台的好處，也沒有會員的好處程序在此時。在我們的例子中是 UVC。我們已經從凱悅渠道向這些酒店滲透了 50% 以上。那是 Hyatt.com，但直接數字化，[但那是]移動網絡或應用程序其次，凱悅世界和第三集團業務。

We had a conversation yesterday with our Head of National sales -- Global Sales rather. And I asked about his outlook with respect to selling group business into the AMR portfolio this year, and he's very enthusiastic about that. So I think the direct channel is going to continue to grow. And our reference point, frankly, is that Ziva and Zilara experience that we've had, where Hyatt represents more than 50% of the traffic into those hotels.

昨天我們與我們的全國銷售主管——全球銷售主管進行了交談。我詢問了他對今年將集團業務出售到 AMR 投資組合的看法，他對此非常熱心。所以我認為直接渠道將繼續增長。坦率地說，我們的參考點是 Ziva 和 Zilara 的經驗，凱悅代表了這些酒店 50% 以上的客流量。

Our last question will come from Smedes Rose from Citigroup.

我們的最後一個問題將來自花旗集團的 Smedes Rose。

I just wanted to ask you a little bit more about China. If you could just remind us what percent of your pipeline is now in China and maybe just on the development side, kind of what you're seeing in terms of -- is that starting to kind of rev back up as well as operations overall.

我只是想多問你一些關於中國的事情。如果你能提醒我們你的管道現在有多少百分比在中國，也許只是在開發方面，那麼你所看到的就是 - 開始有點加速備份以及整體運營。

Yes. China is performing in a manner that we would have hoped it would, which is to see a significant step back once restrictions were lifted. January was a stunning month of performance. And we started -- just to give you a reference point for how extraordinary the volume, instantaneous volume of traffic is, the first weeks of February, we were at higher occupancies in our system in China than we did in the United States.

是的。中國的表現正如我們所希望的那樣，一旦解除限制就會看到重大倒退。一月是表現驚人的一個月。我們開始 - 只是為了給你一個參考點，說明 2 月的前幾週，我們的系統在中國的系統佔用率高於美國。

So it has been just an amazing recovery that happened instantaneously. So our outlook for the year was probably quite conservative coming into the year. But because we expected a slower ramp over the first half. Now it's true that January was benefited tremendously by a massive amount of the new travel and Lunar New Year was in January, which was just over the holiday period, I think we ran 15% above our prior peak.

所以這只是瞬間發生的驚人恢復。因此，我們對今年的展望可能相當保守。但是因為我們預計上半年的增長速度會放緩。現在，1 月份確實從大量新旅行中受益匪淺，農曆新年是在 1 月份，剛剛結束假期，我認為我們比之前的峰值高出 15%。

So there's a lot of demand that would leisure to focused. And that's typical in what we would expect and that's what we've seen in elsewhere. But business travel is coming back. We see that, first and foremost, in our UrCove by Hyatt, which is our upper midscale in dense urban locations where it's mostly business travel, and we're seeing great performance in those brands.

因此，有很多需求會從休閒到專注。這是我們所期望的典型情況，也是我們在其他地方看到的情況。但商務旅行正在捲土重來。我們首先在我們的 UrCove by Hyatt 看到了這一點，這是我們在密集城市地區的中高檔酒店，主要是商務旅行，我們看到這些品牌的出色表現。

In terms of the pipeline, about 40% of the total pipeline is in China. So we have a significant measure of growth ahead of us. We expect to open 24 hotels in China this year. That's even with the construction lags that I referenced earlier, and about 2/3 of that -- of the room count that's opening, maybe even higher than that, maybe 3 quarters is what I would describe as legacy Hyatt brands and the remainder is UrCove by Hyatt. So it's still dominated within our portfolio, not in the upper midscale brand that we launched, but growing.

在管道方面，大約40%的管道在中國。因此，我們面前有一個重要的增長指標。我們預計今年將在中國開設 24 家酒店。即使考慮到我之前提到的施工滯後，也有大約 2/3 的房間數量，甚至可能更高，我可能將 3 個季度描述為傳統的凱悅品牌，其餘的是 UrCove凱悅酒店。所以它仍然在我們的產品組合中占主導地位，而不是在我們推出的中高端品牌中，但在增長。

I think that the outlook for construction this year is mixed, yes, the restrictions have been lifted, but some of the private developers, not government control or own are digesting 2 things. One, they're digesting still the aftermath of [Ever] brand and some of the debt formation challenges that exist in China.

我認為今年的建築前景喜憂參半，是的，限制已經取消，但一些非政府控製或自己的私人開發商正在消化兩件事。第一，他們仍在消化 [Ever] 品牌的後果和中國存在的一些債務形成挑戰。

But secondly, they have been targeted subsidies or targeted investments made by the government especially in residential development in China to complete projects that are underway. And the reason is because the government wants to stand behind actually a soft landing for residential real estate, which is a big investment for many Chinese citizens. So that's going to get digested and the government will have some backstop with respect to that segment, that asset class.

但其次，它們是政府為完成正在進行的項目而進行的定向補貼或定向投資，尤其是在中國的住宅開發領域。原因是因為政府實際上想支持住宅房地產的軟著陸，這對許多中國公民來說是一筆巨大的投資。因此，這將得到消化，政府將對該部分、該資產類別提供一些支持。

And I think by the end of this year, our expectation is by the end of this year, the normal cadence of construction of hotels into the first quarter of next year will return. So we think that this year is going to be a bit sloppy as we work our way through some of those dynamics that I just described. But I feel really good about, first of all, secular growth in the marketplace. And secondly, the quality of our core partners, development partners in China is very, very strong, very high quality level. So we feel good about the medium to long-term prospects.

我認為到今年年底，我們的預期是到今年年底，明年第一季度酒店建設的正常節奏將恢復。因此，我們認為今年會有點草率，因為我們正在努力解決我剛才描述的一些動態問題。但首先，我對市場的長期增長感到非常滿意。其次，我們在中國的核心合作夥伴、發展合作夥伴的質量非常非常強，質量水平非常高。因此，我們對中長期前景感到樂觀。

This will conclude today's conference call. Thank you for your participation, and have a wonderful day. You may all disconnect.

這將結束今天的電話會議。感謝您的參與，祝您有美好的一天。你們都可以斷開連接。