Hyatt Hotels Corp (H) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Hyatt First Quarter 2023 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 2023 年第一季度財報電話會議。 （操作員說明）作為提醒，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. Good morning, everyone, and thank you for joining us for Hyatt's First Quarter 2023 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。大家早上好，感謝您加入我們參加凱悅 2023 年第一季度收益電話會議。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；和凱悅首席財務官 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。正如我們的 10-K 表格年度報告、10-Q 表格季度報告和其他美國證券交易委員會備案文件中所述，這些聲明受到許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存在重大差異。

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 of 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。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。

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, everyone, and welcome to Hyatt's First Quarter 2023 Earnings Call. I'm pleased to share financial results this quarter that, once again, highlight the transformation of Hyatt as resilient, predominantly fee-based and asset light. It was another record-breaking quarter as measured by adjusted EBITDA, plus net deferrals and net finance contracts. With the sum of these 3 numbers up 58% above the first quarter of 2022 and 69% above the first quarter of 2019, a notable achievement when you consider we sold $2.3 billion in real estate, net of acquisitions since 2019.

謝謝你，諾亞。各位早上好，歡迎來到凱悅 2023 年第一季度財報電話會議。我很高興與大家分享本季度的財務業績，這再次凸顯了凱悅的轉型為富有彈性、主要以收費為基礎的輕資產。根據調整後的 EBITDA 加上淨遞延和淨融資合同來衡量，這是另一個破紀錄的季度。這三個數字的總和比 2022 年第一季度增長了 58%，比 2019 年第一季度增長了 69%，如果您認為我們出售了 23 億美元的房地產（扣除 2019 年以來的收購），這是一個了不起的成就。

We have now achieved 4 consecutive quarters of record results, driven by our successful asset-light acquisitions and more recently, a RevPAR environment that is trending meaningfully above 2019 levels. Our agility, leadership and unwavering commitment to our purpose, to care for people so they can be their best, are key factors behind our success. We are proud to have been named to Fortune's 100 Best Companies to Work For List for the 10th consecutive year, a testament to the dedication of our colleagues worldwide.

在我們成功的輕資產收購以及最近 RevPAR 環境明顯高於 2019 年水平的推動下，我們現已連續 4 個季度取得創紀錄的業績。我們的敏捷性、領導力和對我們目標的堅定承諾，即關心人們，使他們成為最好的人，是我們成功的關鍵因素。我們很自豪能夠連續 10 年入選《財富》雜誌 100 家最適合工作的公司名單，這證明了我們全球同事的奉獻精神。

I'm grateful to the Hyatt family for bringing our culture to life every day and caring for all our stakeholders, including our loyal guests. And I want to express my appreciation for all our colleagues who make Hyatt a unique and special place to work and to stay.

我感謝凱悅家族每天都將我們的文化帶入生活，並關心我們所有的利益相關者，包括我們的忠實客人。我想對所有讓凱悅成為工作和住宿的獨特場所的同事表示感謝。

Our results demonstrate our momentum, which was also the focus of our recent owners conference at the beautiful Moxche Resort in Playa Del Carmen in Mexico 2 weeks ago, the same location where we will host our Investor Day on May 11. Our Owner Conference provides a unique opportunity to deepen our engagement and illustrate the differentiation of our personal relationship-based approach with owners.

我們的業績證明了我們的勢頭，這也是我們最近兩週前在墨西哥普拉亞德爾卡曼美麗的 Moxche 度假村舉行的業主大會的焦點，我們將在同一地點舉辦 5 月 11 日的投資者日。我們的業主大會提供了一個加深我們的參與並說明我們與所有者基於個人關係的方法的差異化的獨特機會。

A record number of owners were in attendance, and I was very encouraged by the enthusiasm and support we heard regarding the multiple ways we are driving value for owners, including commercial capabilities, financial performance and growth.

出席會議的業主人數創歷史新高，我們聽到的熱情和支持讓我深受鼓舞，因為我們以多種方式為業主創造價值，包括商業能力、財務業績和增長。

During the Owner's Conference, we announced the launch of our first upper mid-scale brand in the Americas, Hyatt Studios, tailored to meet the needs of extended-stay travelers. Our research indicates strong demand for this product amongst our guest base, presenting a unique growth opportunity to expand our footprint and strengthen our overall network effect.

在業主大會期間，我們宣布推出我們在美洲的首個中高端品牌 Hyatt Studios，該品牌專為滿足長住旅客的需求而量身定制。我們的研究表明，我們的賓客群對該產品的需求強勁，這為擴大我們的足跡和加強我們的整體網絡效應提供了獨特的增長機會。

Through close collaboration with developers, we designed the Hyatt Studios brand with flexibility, so construction and operating costs can adapt to a wide variety of markets. And I'm thrilled to share that we received an overwhelmingly positive response to the launch of the Hyatt Studios brand from our ownership community, with letters of interest representing over 100 hotels. We expect construction to begin later this year and the first Hyatt Studios hotel to open in 2024.

通過與開發商的密切合作，我們設計了具有靈活性的 Hyatt Studios 品牌，因此建設和運營成本可以適應廣泛的市場。我很高興與大家分享，我們的業主社區對 Hyatt Studios 品牌的推出給予了壓倒性的積極回應，其中有 100 多家酒店發出了意向書。我們預計將於今年晚些時候開工建設，首家 Hyatt Studios 酒店將於 2024 年開業。

Our expectation and optimism on reaching broad scale is grounded in the brand's attractive economics, a supportive and well-capitalized developer base and the thoughtful design that was conceived through listening closely to guests and developers. Leading this brand is industry veteran, Dan Hansen, who joins Hyatt as Global Head of the Hyatt Studios brand. Dan brings a wealth of experience, having previously served as President and CEO of Summit Hotels.

我們對擴大規模的期望和樂觀基於該品牌具有吸引力的經濟效益、一個支持和資本充足的開發商基礎，以及通過密切傾聽客人和開發商的意見而構思出的周到設計。領導該品牌的是行業資深人士 Dan Hansen，他加入凱悅擔任 Hyatt Studios 品牌的全球負責人。 Dan 帶來了豐富的經驗，之前曾擔任 Summit Hotels 的總裁兼首席執行官。

He was instrumental in the concept and launch phases of the brand and is now focused on successfully scaling it. Dan has a proven track record of delivering results. And under his leadership, I'm confident the Hyatt Studio's brand will deliver a great hotel experience for our guests, while driving compelling returns for our owners.

他在品牌的概念和發布階段發揮了重要作用，現在專注於成功擴大品牌規模。丹在交付成果方面有著良好的記錄。在他的領導下，我相信 Hyatt Studio 的品牌將為我們的客人提供卓越的酒店體驗，同時為我們的業主帶來可觀的回報。

The launch of Hyatt Studios is part of our broader strategy of creating a portfolio that drives deepening loyalty, stronger connectivity and more frequent engagement with our members. Our success in executing on this strategy can be seen in our World of Hyatt program, which added approximately 2 million members during the quarter. And we continue to see strong enrollments at our ALG properties, who have signed up over 500,000 loyalty members since the launch in May of 2022.

Hyatt Studios 的推出是我們更廣泛的戰略的一部分，該戰略旨在創建一個組合，以推動加深忠誠度、增強聯繫並更頻繁地與我們的會員互動。我們在執行這一戰略方面取得的成功可以從我們的“凱悅天地”計劃中看出，該計劃在本季度增加了大約 200 萬會員。我們繼續看到我們的 ALG 物業的註冊人數眾多，自 2022 年 5 月推出以來，他們已經註冊了超過 500,000 名忠誠會員。

Building further on our momentum, we recently announced the planned acquisition of Mr & Mrs Smith, a global travel platform that will further strengthen our position in luxury. This planned acquisition opens new opportunities for the World of Hyatt program to expand and bring in even more members with access to over 1,500 carefully selected boutique and luxury properties and desirable locations worldwide. This planned acquisition will further drive asset-light growth and enrich the breadth of experiences for our guests.

為了進一步鞏固我們的發展勢頭，我們最近宣布了對全球旅遊平台 Mr & Mrs Smith 的收購計劃，這將進一步加強我們在奢侈品領域的地位。此次計劃中的收購為凱悅天地計劃帶來了新的機遇，可以擴大並吸引更多會員進入全球 1,500 多家精心挑選的精品和豪華酒店以及理想地點。這項計劃中的收購將進一步推動輕資產增長並豐富我們客人的體驗範圍。

Turning to growth. We achieved significant net rooms expansion with over 5,000 rooms added on a gross basis during the quarter, contributing to 7% net rooms growth over the trailing 12-month period.

轉向增長。我們實現了顯著的淨客房擴張，本季度客房總數增加了 5,000 多間，在過去 12 個月內實現了 7% 的淨客房增長。

On February 2, we completed our Dream Hotel Group acquisition, which contributed approximately 1,900 rooms. Additionally, our growth during the quarter included 3 luxury resorts and new openings in several high barrier-to-entry locations, such as Bordeaux France, Davos Switzerland.

2 月 2 日，我們完成了對 Dream Hotel Group 的收購，貢獻了約 1,900 間客房。此外，我們在本季度的增長包括 3 個豪華度假村和在幾個高准入門檻地區的新開業，例如法國波爾多、瑞士達沃斯。

We also expanded our locations in other important cities such as London, Mexico City and Austin, Texas. Notably, one exciting new opening, the Andaz Condesa Mexico City, was a conversion to the Andaz brand through an ALG resort owner, which underscores how our strategic acquisitions are driving value across multiple dimensions and positioning Hyatt for long-term growth and success.

我們還擴大了在倫敦、墨西哥城和得克薩斯州奧斯汀等其他重要城市的辦公地點。值得注意的是，墨西哥城安達仕康迪薩酒店是一個令人興奮的新開業酒店，是通過 ALG 度假村所有者轉換為安達仕品牌，這突顯了我們的戰略收購如何在多個方面推動價值，並使凱悅定位於長期增長和成功。

We're confident in our ability to drive future net rooms growth through our strong pipeline and conversion opportunities. We maintained our record level of pipeline of 117,000 rooms in the first quarter with new signings offsetting our openings. Additionally, we maintained the percentage of rooms under construction relative to our pipeline across a diverse number of countries and markets. And despite a more difficult lending environment, we continue to see developers start construction for their properties in the U.S. and around the globe.

我們有信心通過我們強大的管道和轉換機會來推動未來淨客房的增長。我們在第一季度保持了 117,000 間客房的創紀錄水平，新簽約抵消了我們的開放。此外，我們保持了在建房間相對於我們在多個國家和市場的管道的百分比。儘管貸款環境更加困難，但我們繼續看到開發商開始在美國和全球範圍內建設他們的房產。

It's also great to see conversion opportunities continuing to represent a material percentage of our net rooms growth, at approximately 30% of our first quarter openings, excluding the acquisition of Dream Hotel Group. This reflects strong demand for our brands. Overall, we remain confident in our growth trajectory as we look ahead.

很高興看到轉換機會繼續占我們淨客房增長的重要百分比，約占我們第一季度開業的 30%，不包括收購 Dream Hotel Group。這反映了對我們品牌的強勁需求。總的來說，展望未來，我們對我們的增長軌跡充滿信心。

Moving on to the latest business trends. I'm pleased to report another quarter of positive momentum. We continue to benefit from our optimal positioning at this stage of the recovery. In the first quarter, comparable system-wide RevPAR was up 43% compared to the same period last year or 6% compared to the same period in 2019 of the same set of comparable properties. The growth compared to last year was partly aided by easier comparisons due to the impact from Omicron in 2022.

繼續關注最新的商業趨勢。我很高興地報告另一個季度的積極勢頭。在復甦的現階段，我們繼續受益於我們的最佳定位。第一季度，可比全系統 RevPAR 與去年同期相比增長了 43%，與同組可比酒店的 2019 年同期相比增長了 6%。由於 2022 年 Omicron 的影響，與去年相比的增長在一定程度上得益於更容易的比較。

Rates remained strong, up 12% on a constant currency basis, while occupancy jumped 1,400 basis points. We continue to see extraordinary pricing for our comparable system-wide luxury brands, which increased 7% over the first quarter of last year, with an average daily rate just shy of $300 for the quarter. This is particularly impressive given the strong rate realization we are lapping from last year.

房價保持強勁，按固定匯率計算上漲 12%，而入住率躍升 1,400 個基點。我們繼續看到我們可比的全系統奢侈品牌的非凡定價，比去年第一季度增長 7%，本季度平均每日價格略低於 300 美元。考慮到我們從去年開始的強勁利率實現，這尤其令人印象深刻。

From a segmentation perspective, leisure transient showed durability and strength, with revenue increasing by 20% compared to the first quarter last year or 24% compared to the first quarter of 2019. Leisure demand in urban markets broadened, with weekend and shoulder periods well ahead of the first quarter of 2019. And resorts achieved another record RevPAR level, driven by strong levels of rate realization and increased occupancy. We experienced robust revenue growth in the group segment with an increase of approximately 70% compared to the first quarter last year and surpassing the first quarter of 2019.

從細分市場來看，休閒短途表現出持久力和實力，收入較去年第一季度增長20%，較2019年第一季度增長24%。城市市場休閒需求擴大，週末和平日明顯提前2019 年第一季度。在強勁的房價實現水平和入住率增加的推動下，度假村的 RevPAR 再次創下歷史新高。我們在集團部門的收入增長強勁，與去年第一季度相比增長了約 70%，超過了 2019 年第一季度。

Business transient had the strongest relative recovery, more than doubling last year's first quarter revenue and reaching approximately 85% of first quarter 2019 levels with March, especially encouraging, reaching 92% of March 2019 levels. Large corporate accounts had the most recovery momentum in the quarter while small and medium enterprises improved slightly, and we're in the same approximate range as 2019 levels.

Business transient 的相對複蘇最為強勁，去年第一季度的收入增加了一倍多，達到 2019 年第一季度水平的約 85%，3 月份達到 2019 年 3 月水平的 92%，尤其令人鼓舞。大型企業賬戶在本季度的複蘇勢頭最強，而中小企業略有改善，我們與 2019 年的水平大致相同。

From a geographic perspective, our Asia Pacific region contributed significantly to our first quarter growth and was 3% ahead of first quarter 2019 levels. Notably, RevPAR performance in Greater China quickly ramped up following the easing of travel restrictions, a pattern similar to other areas of the world.

從地理角度來看，我們的亞太地區對我們第一季度的增長做出了重大貢獻，比 2019 年第一季度的水平高出 3%。值得注意的是，隨著旅行限制的放寬，大中華區的 RevPAR 表現迅速上升，這種模式與世界其他地區相似。

In the first quarter, RevPAR in Greater China was only 4% below first quarter 2019 levels, a significant improvement compared to 3 months prior when it was 44% below 2019 levels. In addition, RevPAR in Mainland China in the first quarter surpassed the comparable period in 2019 by 10%. However, performance varied across markets. Markets more traditionally dependent on international inbound travel, like Shanghai and Shenzhen, remained meaningfully below 2019 levels, while markets more traditionally dependent on domestic travelers were significantly above 2019 levels.

第一季度，大中華區的 RevPAR 僅比 2019 年第一季度水平低 4%，與 3 個月前比 2019 年水平低 44% 相比有了顯著改善。此外，中國大陸第一季度的 RevPAR 較 2019 年同期增長 10%。然而，不同市場的表現各不相同。傳統上更依賴國際入境旅遊的市場，如上海和深圳，仍明顯低於 2019 年的水平，而傳統上更依賴國內游客的市場則顯著高於 2019 年的水平。

In total, rooms revenue from domestic Mainland China travelers in the first quarter was up 30% compared to 2019 levels, while international inbound was down more than 60% compared to the first quarter of 2019.

總體而言，第一季度來自中國大陸國內游客的客房收入與 2019 年相比增長了 30%，而與 2019 年第一季度相比，國際入境游客下降了 60% 以上。

We remain optimistic that growth in the Asia Pacific region will continue to strengthen as flight capacity is restored and the backlog of issuing new visas to Chinese travelers is reduced. We're confident this increased access to travel will serve as a strong tailwind for Hyatt as the year progresses. Our ALG resorts had another exceptional quarter with comparable net package RevPAR up 30% in the Americas and up 36% in Europe compared to last year. Additionally, I'm pleased to report a strong rate of adoption from our loyal World of Hyatt customer base.

我們仍然樂觀地認為，隨著航班運力的恢復和向中國遊客發放新簽證的積壓案件減少，亞太地區的增長將繼續加強。我們相信隨著時間的推移，這種增加的旅行機會將成為凱悅的強大推動力。我們的 ALG 度假村又迎來了一個非凡的季度，與去年相比，美洲的可比淨套餐 RevPAR 增長了 30%，歐洲增長了 36%。此外，我很高興地報告我們忠實的 World of Hyatt 客戶群的採用率很高。

In the Americas, we have seen more than 20% of room nights at ALG resorts from World of Hyatt members in the first quarter. This is particularly impressive, given that World of Hyatt was introduced at ALG resorts only 10 months ago, a clear indication of the successful ongoing integration of ALG properties into Hyatt's expanding set of offerings.

在美洲，第一季度我們看到 World of Hyatt 會員在 ALG 度假村的間夜量超過 20%。這尤其令人印象深刻，因為 World of Hyatt 僅在 10 個月前才在 ALG 度假村推出，這清楚地表明 ALG 物業正在成功地持續整合到凱悅不斷擴大的產品組合中。

As we look to the second quarter of 2023, both legacy Hyatt and ALG Resorts continue to perform exceptionally well. Based on preliminary results, system-wide RevPAR in April increased by approximately 20% compared to last year. We expect the second quarter growth rates to moderate relative to the first quarter, driven in part by the strong recovery we began to see in the second quarter of last year.

展望 2023 年第二季度，傳統凱悅酒店和 ALG Resorts 的表現都非常出色。根據初步結果，4 月份全系統 RevPAR 較去年同期增長約 20%。我們預計第二季度的增長率將相對於第一季度放緩，部分原因是我們從去年第二季度開始看到的強勁復甦。

Looking ahead to the back half of the year, we expect RevPAR and net package RevPAR to grow in the mid- to high single digits.

展望下半年，我們預計 RevPAR 和淨包 RevPAR 將以中高個位數增長。

For the full year of 2023, group revenue is pacing 24% ahead of last year for our Americas full-service managed properties. This represents an increase of 300 basis points from the update we provided a quarter ago. Separately, gross package revenue at our comparable ALG resorts in both the Americas and Europe for the full year is pacing 17% ahead of last year.

到 2023 年全年，我們美洲全方位服務託管物業的集團收入比去年增長 24%。這比我們一個季度前提供的更新增加了 300 個基點。另外，我們在美洲和歐洲的可比 ALG 度假村的全年總套餐收入比去年增長了 17%。

In summary, overall business trends are positive, and we maintain our optimistic outlook. Future bookings remain strong, and our hotel teams continue to drive strong top line growth and flow through to the bottom line.

總而言之，整體業務趨勢是積極的，我們對前景保持樂觀。未來的預訂量依然強勁，我們的酒店團隊繼續推動強勁的收入增長，並影響到利潤。

Finally, a quick update on our real estate transactions before turning it over to Joan. We continue to make progress on the 2 assets we're actively marketing with a signed letter of intent for 1 asset, and we are advancing the marketing process for our other assets. 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.

最後，在將其移交給 Joan 之前快速更新我們的房地產交易。我們繼續在積極營銷的 2 項資產上取得進展，簽署了 1 項資產的意向書，並且我們正在推進其他資產的營銷過程。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。我們仍然非常有信心在 2024 年底之前實現 20 億美元的減持承諾。

In closing, I'm very pleased with the start of the year, which actualized well ahead of our expectations. Our strong free cash flow profile and asset-light earnings mix are a result of the strong execution from our team. Looking ahead, I'm confident in our ability to continue to drive results and deliver value to our shareholders.

最後，我對今年的開始感到非常滿意，它的實現遠遠超出了我們的預期。我們強大的自由現金流狀況和輕資產收益組合是我們團隊強大執行力的結果。展望未來，我對我們繼續推動業績並為股東創造價值的能力充滿信心。

Joan will now provide details on our operating results. Joan, over to you.

瓊現在將提供有關我們經營業績的詳細信息。瓊，交給你了。

Thank you, Mark, and good morning, everyone. My commentary today will cover consolidated financial results, key drivers of performance and expectations I can share for the remainder of 2023.

謝謝馬克，大家早上好。我今天的評論將涵蓋綜合財務業績、業績的主要驅動因素以及我可以分享的 2023 年剩餘時間的預期。

This morning, we reported first quarter net income attributable to Hyatt of $58 million and diluted earnings per share of $0.53 and another record earnings for the quarter with adjusted EBITDA of $268 million, Net Deferrals of $31 million and Net Finance Contracts of $17 million. We also generated a record level of fees in the quarter with total management, franchise, license and other fees of $231 million, an increase of 50% from the first quarter of 2022, driven by the continued success of our asset-light transformation and strong recovery across the globe.

今天上午，我們報告了歸屬於凱悅的第一季度淨收入為 5800 萬美元，攤薄後每股收益為 0.53 美元，本季度的收益再創新高，調整後的 EBITDA 為 2.68 億美元，淨遞延費用為 3100 萬美元，淨財務合同為 1700 萬美元。我們在本季度的費用也創下了歷史新高，總管理費、特許經營費、許可費和其他費用為 2.31 億美元，比 2022 年第一季度增長 50%，這得益於我們輕資產轉型的持續成功和強大的推動力全球復甦。

It's notable that properties that have joined our system in the last 5 years, including the brand's acquirers who are Two Roads Hospitality and Apple Leisure Group acquisition, contributed 35% of our total fees in the quarter. The performance of these properties is benefiting from significant contribution from World of Hyatt members, enhancing our network effect as we expand our portfolio with additional opportunities for our members to experience more stay occasions with us.

值得注意的是，在過去 5 年中加入我們系統的物業，包括該品牌的收購方 Two Roads Hospitality 和 Apple Leisure Group 的收購，在本季度貢獻了我們總費用的 35%。這些酒店的業績得益於 World of Hyatt 會員的重大貢獻，隨著我們擴展我們的產品組合，為我們的會員提供更多機會體驗更多入住機會，增強了我們的網絡效應。

Turning to our legacy Hyatt results. Adjusted EBITDA was $189 million for the quarter, which is approximately 108% higher than the first quarter of 2022, adjusted for currency and the net impact of transactions. Our management in franchising business has benefited from our larger system size and more fully recovered RevPAR environment. As Mark mentioned, our first quarter system-wide RevPAR was up 43% compared to first quarter 2022 or up 6% compared to first quarter 2019, fueled by strong rates and positive momentum in occupancy.

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 2022 年第一季度高出約 108%，並根據貨幣和交易的淨影響進行了調整。我們在特許經營業務方面的管理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，我們第一季度的全系統 RevPAR 與 2022 年第一季度相比增長了 43%，與 2019 年第一季度相比增長了 6%，這得益於強勁的利率和入住率的積極勢頭。

RevPAR performance relative to 2019 has strengthened in each month as the year has progressed, with the month of March at 8% ahead of 2019 levels and setting a new record for our highest RevPAR month ever recorded on a constant currency basis. We are thrilled to see a rapid RevPAR recovery in Greater China, driven by fully recovered occupancy levels relative to first quarter 2019 with rates that are quickly strengthening quarter-over-quarter.

隨著時間的推移，與 2019 年相比，每個月的 RevPAR 表現都在加強，3 月份比 2019 年水平高出 8%，並創下了按固定匯率計算的最高 RevPAR 月份記錄。我們很高興看到大中華區的 RevPAR 快速復蘇，這得益於相對於 2019 年第一季度的完全恢復的入住率水平，並且房價環比迅速走強。

This has contributed to a swift recovery in fees within the Asia Pacific region with fees of $38 million in the first quarter compared to $16 million in the first quarter of last year. We're encouraged by the momentum in the region and believe it will continue to serve as a tailwind for us throughout the year.

這有助於亞太地區的費用迅速恢復，第一季度費用為 3800 萬美元，而去年第一季度為 1600 萬美元。我們對該地區的勢頭感到鼓舞，並相信它將繼續為我們全年提供順風。

Additionally, in the quarter, our owned and leased segment generated adjusted EBITDA of $74 million, up 37% to first quarter 2022 on a reported basis. And when adjusted for the net impact of transactions, up $44 million or 151% in the first quarter of 2022. Comparable owned and leased margins were 25.9% in the quarter, up 900 basis points to first quarter 2022 levels or up 300 basis points relative to the first quarter of 2019 for the same set of properties.

此外，在本季度，我們自有和租賃部門的調整後 EBITDA 為 7400 萬美元，據報告比 2022 年第一季度增長 37%。根據交易的淨影響進行調整後，2022 年第一季度增長 4400 萬美元或 151%。本季度可比自有和租賃利潤率為 25.9%，較 2022 年第一季度水平增長 900 個基點或相對增長 300 個基點到 2019 年第一季度同一套物業。

While results were supported by a strong recovery in business transient and group revenue, our operational and commercial teams are doing an excellent job, both driving strong top line growth with rates over 11% and maintaining a laser focus on controllable operating expenses to expand margins.

雖然業績受到業務瞬時和集團收入強勁復甦的支持，但我們的運營和商業團隊做得非常出色，既推動了強勁的收入增長，增長率超過 11%，又保持了對可控運營支出的高度關注，以擴大利潤率。

Turning to ALG. The performance of this segment, once again, exceeded our expectations. Adjusted EBITDA was $79 million, Net Deferrals were $31 million and Net Finance Contracts were $17 million. Free cash flow generated by ALG continues to be strong, and 3 key areas drove 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 7900 萬美元，淨遞延費用為 3100 萬美元，淨財務合同為 1700 萬美元。 ALG 產生的自由現金流繼續強勁，3 個關鍵領域推動了財務業績。

First, net package RevPAR for the same set of ALG properties in the Americas was up 30% compared to the first quarter of 2022, reflecting strong net package ADR growth of 14%. Total fees were $39 million in the quarter, reflecting the strong RevPAR environment.

首先，與 2022 年第一季度相比，美洲同一套 ALG 物業的淨包 RevPAR 增長了 30%，反映出 14% 的強勁淨包 ADR 增長。本季度總費用為 3900 萬美元，反映出強勁的 RevPAR 環境。

Second, approximately 8,800 membership contracts were signed for ALG's Unlimited Vacation Club in the quarter, exceeding first quarter 2022 levels by 13%. UVC now has 134,000 active members as they continue to expand at an impressive pace.

其次，本季度為 ALG 的 Unlimited Vacation Club 簽訂了約 8,800 份會員合同，比 2022 年第一季度的水平高出 13%。 UVC 現在擁有 134,000 名活躍成員，他們繼續以驚人的速度擴張。

And third, ALG vacations continues to generate solid results, driven by a transformed business model and strong unit pricing.

第三，在轉變後的商業模式和強勁的單位定價的推動下，ALG 假期繼續產生可觀的業績。

In the quarter, there were approximately 689,000 guest departures, and the business realized a margin of approximately 20%. As we look further into 2023, we are optimistic about the second quarter, given the trends in April, the expected continued strength of leisure travel demand, favorable pricing environment and airlift that remains above 2019 levels for key Americas leisure destinations.

本季度約有 689,000 名客人離開，業務實現約 20% 的利潤率。展望 2023 年，我們對第二季度持樂觀態度，因為 4 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休閒目的地的空運量仍高於 2019 年的水平。

I'd also like to provide an update on our strong cash and liquidity position. As of March 31, our total liquidity of approximately $2.5 billion included $1.1 billion of cash, cash equivalents and short-term investments and approximately $1.5 billion in borrowing capacity on our revolving credit facility.

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 3 月 31 日，我們的流動資金總額約為 25 億美元，其中包括 11 億美元的現金、現金等價物和短期投資，以及約 15 億美元的循環信貸額度借貸能力。

At the end of the quarter, we reported approximately $3.1 billion of debt outstanding. As of March 31, we have $648 million maturing in the fourth quarter of this year and expect to make this obligation through a combination of paydown and potential refinancing.

在本季度末，我們報告了大約 31 億美元的未償債務。截至 3 月 31 日，我們有 6.48 億美元在今年第四季度到期，預計將通過還款和可能的再融資相結合的方式履行這一義務。

Record operating performance and asset-light growth are contributing to our strong free cash flow. Through the first 4 months of the year, we have repurchased $114 million of Class A common shares, and we have approximately $445 million remaining under our share repurchase authorization. We remain committed to our investment-grade profile, and our balance sheet is strong.

創紀錄的經營業績和輕資產增長為我們強勁的自由現金流做出了貢獻。今年前 4 個月，我們回購了 1.14 億美元的 A 類普通股，根據我們的股票回購授權，我們還剩下大約 4.45 億美元。我們仍然致力於我們的投資級形象，我們的資產負債表很強勁。

Finally, I'd like to make a few additional comments regarding our 2023 outlook. We are increasing our full year 2023 system-wide RevPAR growth expectations to a range of 12% to 16% compared to 2022 on a constant currency basis. We continue to expect larger growth rates over the first half of the year in the mid- to high-20% range. And as we have a bit more visibility into the second half of the year, we now expect RevPAR growth will be in the mid- to high single digits. The continued recovery in Asia Pacific and ongoing improvements in group and business transient demand serve as key contributors to our improving RevPAR growth expectations over the back half of the year.

最後，我想就我們的 2023 年展望發表一些額外的評論。與 2022 年相比，在固定匯率基礎上，我們將 2023 年全年全系統 RevPAR 增長預期提高到 12% 至 16%。我們繼續預計今年上半年的增長率會在 20% 的中高區間。隨著我們對今年下半年有了更多的了解，我們現在預計 RevPAR 增長將處於中高個位數。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提高下半年 RevPAR 增長預期的關鍵因素。

Turning to net rooms growth and consistent with our estimates provided on our fourth quarter earnings call in February, we are reaffirming our expectations of net rooms growth of approximately 6% for the full year of 2023, driven by a strong pipeline and our ability to execute on conversion opportunities. We continue to 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.

談到淨客房增長，並與我們在 2 月份第四季度財報電話會議上提供的估計一致，我們重申我們對 2023 年全年淨客房增長約 6% 的預期，這得益於強大的管道和我們的執行能力關於轉換機會。我們繼續預計 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 年結轉項目和收購 Dream Hotel Group 相關的一次性整合費用約 1500 萬美元。

Our SG&A guidance is inclusive of incremental run rate SG&A related to the Dream Hotel Group acquisition as well as strategic investments to launch our newly announced Hyatt Studios brand. We continue to expect capital expenditures to be approximately $200 million, inclusive of ALG as well as the transformative investment into the Hyatt Regency Irvine, which accounts for nearly 1/4 of 2023 capital expenditures. I'm excited to report that this newly renovated property in a highly desirable market and scheduled to reopen later this summer, an accelerated time line from what we previously disclosed and anticipated.

我們的 SG&A 指南包括與 Dream Hotel Group 收購相關的增量運行率 SG&A，以及為推出我們新宣布的 Hyatt Studios 品牌而進行的戰略投資。我們繼續預計資本支出約為 2 億美元，其中包括 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。我很高興地向大家報告，這個新裝修的房產位於一個非常受歡迎的市場，併計劃在今年夏天晚些時候重新開放，這比我們之前披露和預期的時間要快。

I will conclude my prepared remarks by saying that looking ahead, we are optimistic as we continue to leverage our unique positioning and strategic focus to unlock the value of our real estate assets while transitioning to an asset-light and predominantly fee-based business model. This strategy has allowed us to increase cash flow, positioning us for long-term growth and creating value for our shareholders.

在結束我準備好的發言時，展望未來，我們很樂觀，因為我們將繼續利用我們獨特的定位和戰略重點來釋放我們房地產資產的價值，同時過渡到輕資產和以收費為主的商業模式。這一戰略使我們能夠增加現金流，使我們能夠實現長期增長並為股東創造價值。

One final reminder to share. We'll be hosting our Investor Day next Thursday, May 11. In addition to hosting investors and analysts in person at our beautiful Moxche Resort in Playa Del Carmen, Mexico, we will also stream the event live. And we invite all those interested in our live stream to register on our Investor Relations website or by going directly to investors.hyatt.com.

最後提醒大家分享一下。我們將於 5 月 11 日下週四舉辦投資者日活動。除了在我們位於墨西哥普拉亞德爾卡曼的美麗 Moxche 度假村親自接待投資者和分析師外，我們還將現場直播此次活動。我們邀請所有對我們的直播感興趣的人在我們的投資者關係網站上註冊或直接訪問 investors.hyatt.com。

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 question comes from Stephen Grambling from Morgan Stanley.

（操作員說明）我們的問題來自摩根士丹利的 Stephen Grambling。

Maybe given all the concerns around the banking system and tightening credit, I would love to just hear what you're seeing from developers. I know how you're higher thinking about the visibility within the current pipeline. And perhaps more specifically, what percentage of the in-construction pipeline is in the U.S. versus international? And what's been financed already?

也許考慮到圍繞銀行系統和收緊信貸的所有擔憂，我很想听聽您對開發商的看法。我知道您如何更好地考慮當前管道中的可見性。也許更具體地說，美國與國際在建管道的百分比是多少？已經資助了什麼？

Thanks, Stephen. First of all, with respect to the pipeline -- composition of the pipeline and the properties that are under construction, it's expanded actually from sequentially year-over-year. About 20% of the hotels that are under construction are U.S.-based hotels. And obviously, they're, therefore, 80% outside the U.S. And so we haven't really seen a significant impact or any impact actually on a sequential basis probably for the last several quarters. It's been in the same range.

謝謝，斯蒂芬。首先，關於管道——管道的組成和在建資產，它實際上是逐年擴大的。在建酒店中約有 20% 是美國酒店。很明顯，因此，他們有 80% 在美國以外。因此，在過去的幾個季度中，我們可能沒有真正看到重大影響或實際連續的任何影響。一直在同一個範圍內。

The capital formation for new starts is very challenging because regional and local banks are -- backed up their provision of credit. Having said that, in discussions with a number of our developers with respect to our new brand, more and more developers are recognizing that while this confidence of crisis -- crisis of confidence, I should say, in banking right now is likely a short-term phenomenon -- almost certainly a short-term phenomenon.

新開工的資本形成非常具有挑戰性，因為區域和地方銀行正在支持他們提供信貸。話雖如此，在與我們的一些開發人員就我們的新品牌進行討論時，越來越多的開發人員認識到，雖然這種信心危機——我應該說，現在銀行業的信心危機可能是短期的——短期現象 -- -- 幾乎肯定是短期現象。

And therefore, when you look at the relatively lower supply growth that the industry has experienced and given the attractiveness of the brand that we just launched, we are hearing from our developers that they're ready to begin construction, even if they have to over-equitize or otherwise get more creative about how to source capital. So we have great confidence that we're going to have our first Hyatt Studios under construction this year and open before the end of next year.

因此，當您查看該行業經歷的相對較低的供應增長並考慮到我們剛剛推出的品牌的吸引力時，我們從我們的開發商那裡得知他們已準備好開始建設，即使他們必須結束- 證券化或以其他方式獲得更多關於如何獲得資金的創意。因此，我們非常有信心，我們將在今年建設我們的第一家凱悅影城，並在明年年底前開業。

So that's encouraging to me because if you look historically, our build and supply growth has been -- it's been sort of pro-cyclical. We start building more and more hotels as the cycle improves and improves, and those hotels start to open, which exacerbate cycles. That's what happened in 2008 and '09. You'll remember that those were 2 high single-digit, low double-digit supply growth years in the teeth of a downturn. And this is the time to start building hotels right now.

所以這對我來說是令人鼓舞的，因為如果你從歷史上看，我們的建設和供應增長一直是 - 它有點順週期。隨著周期的改善和改善，我們開始建造越來越多的酒店，這些酒店開始開業，這加劇了周期。這就是 2008 年和 09 年發生的事情。你會記得那是 2 個高個位數、低兩位數的供應增長年份，處於經濟低迷時期。現在是時候開始建造酒店了。

So I think that more developers with a long -- developers that have a good balance sheet and long-term perspective, are getting more creative about finding capital. And overall, the macro picture is stable with respect to hotels under construction.

因此，我認為更多擁有良好資產負債表和長遠眼光的長期開發商在尋找資金方面變得更有創意。總體而言，在建酒店的宏觀形勢是穩定的。

That's helpful perspective. Maybe one follow-up. It's related in some ways, but on the asset sales side, some of the hotel REITs have been offering seller financing to close deals and excited pressure in closing transactions over $100 million. Are you seeing or expecting anything similar in terms of the outcome that you're looking for from the marketed assets? Or have you even changed what assets you're thinking about potentially putting into the market?

這是有幫助的觀點。也許一個後續行動。這在某些方面是相關的，但在資產銷售方面，一些酒店 REITs 一直在提供賣方融資以完成交易，並激發了完成超過 1 億美元交易的壓力。您是否看到或期望從市場資產中尋找類似的結果？或者您是否甚至改變了您考慮可能投入市場的資產？

It's circumstantial, as you know, by market and by asset type. Yes, we are very aware of what's going on in the marketplace. While we have not provided seller financing to date, we would certainly be open to that to get the right deal done for the right asset. So it's possible that we will turn to that.

如您所知，這是根據市場和資產類型而定的。是的，我們非常了解市場上正在發生的事情。雖然我們迄今為止尚未提供賣方融資，但我們肯定會對此持開放態度，以便為正確的資產完成正確的交易。所以我們可能會轉向那個。

I also think that the activity level has been -- we have slowed our -- we witnessed a slowing in the activity level in general. And therefore, we're being very deliberate about what we bring to market and when. But we still have 100% confidence we're going to complete our sell-down by the end of next year.

我還認為，活動水平已經——我們已經放慢了——我們目睹了總體活動水平的放緩。因此，我們非常慎重考慮將什麼產品推向市場以及何時推出。但我們仍然有 100% 的信心，我們將在明年年底前完成拋售。

Our next question comes from Joe Greff from JPMorgan.

我們的下一個問題來自摩根大通的 Joe Greff。

Mark, Joan, how are you thinking about the cadence of ADR growth in the second quarter and in the second half of this year?

馬克、瓊，你如何看待今年第二季度和下半年的 ADR 增長節奏？

So good news is that we've seen -- as we look at pace in group, let's say, we're up 24% for the year. And new bookings right now are pacing ahead in ADR versus what's on the books already. So as we look at new bookings, as they come through post the first quarter when that calculation was made, we're seeing an increase in ADR booking levels.

好消息是我們已經看到——當我們看集團的步伐時，比方說，我們今年增長了 24%。與賬面上已有的相比，現在的新預訂在 ADR 方面領先。因此，當我們查看新預訂時，當他們在第一季度進行計算時，我們看到 ADR 預訂水平有所增加。

The same is true for the AMR portfolio. So we're seeing increases -- continued increases in rate. So we see a positive progression. In the first quarter, leisure resort ADRs were up 1%, I think, year-over-year, which is quite remarkable given how explosive the ADR growth was a year ago. And so we feel actually like not only our core resort ADRs maintaining and growing, but it comes at a time when non-resort leisure business has gone up significantly. So we're seeing occupancy increases and ADR increases for leisure purposes of visit in non-resorts. And despite that movement and expansion or extension of leisure trips, our resorts continue to maintain and grow ADR.

AMR 產品組合也是如此。所以我們看到了增長——利率持續增長。所以我們看到了積極的進展。第一季度，休閒度假村的 ADR 同比增長了 1%，考慮到一年前 ADR 的爆炸式增長，這是非常了不起的。因此，我們實際上感覺不僅我們的核心度假村 ADR 保持和增長，而且在非度假村休閒業務顯著增長的時候出現。因此，我們看到非度假村休閒旅遊的入住率和 ADR 增加。儘管休閒旅行發生了這種變化和擴展，但我們的度假村繼續保持和增長 ADR。

Yes, I would just add, within the guidance that we've provided, the RevPAR guidance, Joe, that we're anticipating that we continue to sustain these rates within kind of a mid-single-digit levels. And what we see also on the occupancy side is growing demand, which we've also incorporated into -- of what was incorporated into our estimates for full year guidance. And we still anticipate that coming out of the year, we're still going to have a minor gap to 2019 on the occupancy front. So ADR is still sustaining. Group -- or demand is -- continues to grow on the occupancy side, and we still see that we have room to grow beyond 2023 coming out of the year.

是的，我只想在我們提供的指導範圍內補充說，RevPAR 指導，Joe，我們預計我們將繼續將這些利率維持在中位數水平。我們在入住率方面也看到了不斷增長的需求，我們也將其納入了我們對全年指導的估計中。而且我們仍然預計，到今年年底，我們在入住率方面仍將與 2019 年存在微小差距。所以 ADR 仍在持續。集團——或需求——在入住率方面繼續增長，我們仍然看到我們在今年 2023 年之後仍有增長空間。

Great. And then my follow-up question is, looking at ALG managed rooms, that was down on a net basis sequentially and also down sequentially in the fourth quarter. Can you talk about what's driving that? And can you anticipate growing that on a net basis from here?

偉大的。然後我的後續問題是，看看 ALG 管理的房間，它在淨基礎上連續下降，並且在第四季度也連續下降。你能談談是什麼推動了它嗎？你能預計從這裡開始淨增長嗎？

Absolutely. We have an expectation for robust openings here this year within the ALG Resorts portfolio. The attrition that we experienced was actually expected. There was a small portfolio of hotels in Europe that we expected. When we underwrote the deal, we knew -- we had a suspicion that those -- I think it's 5 hotels in Europe that left the system, because the owner had advised us that they were likely going to be selling in those contracts, which date back, I don't know, 5 or 6 years, had a termination-on-sale provision in them.

絕對地。我們預計今年 ALG Resorts 投資組合中將有大量新酒店開業。我們所經歷的損耗實際上是意料之中的。我們預期歐洲有一小部分酒店。當我們承銷這筆交易時，我們知道——我們懷疑那些——我認為是歐洲的 5 家酒店離開了系統，因為業主告訴我們他們可能會在這些合同中出售，日期回來，我不知道，5 或 6 年，其中有終止銷售條款。

So we just assumed that they were going to go, and they did. And that was the primary driver of the attrition in that period of time. But we feel really good about the growth that we will see in the remainder of the year.

所以我們只是假設他們會去，他們確實去了。這是那段時間人員流失的主要驅動因素。但我們對今年餘下時間將看到的增長感到非常滿意。

And attrition is behind us? Or is there still some remaining attrition left to be realized?

消耗已經過去了？或者是否還有一些剩餘的損耗有待實現？

I mean, on a portfolio basis, there's always a chance that you might see some here and there, but in general, we don't -- there's no other structural or contractual risks that we had identified that we expect to see leave the system.

我的意思是，在投資組合的基礎上，您總是有可能在這里和那裡看到一些風險，但總的來說，我們不會 - 我們沒有發現我們期望看到離開系統的其他結構或合同風險.

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。

You addressed this a little bit, but -- so the China are relatively large piece of your pipeline. Can you differentiate the environment between China and the U.S. for signings, your funding availability and just your expectations for construction starts as the year goes on?

你稍微解決了這個問題，但是 - 所以中國是你管道中相對較大的一部分。你能否區分中國和美國之間的簽約環境、你的資金可用性以及你對今年開工建設的預期？

Sure. The projects that in China were, in large measure, put on hold during the course of 2022. The ability to actually get back to being in construction and progressing those has only really opened up in the first quarter of this year. So we are just beginning to sort of ramp back up because that's when all the COVID restrictions were released -- or well, they were brought back significantly at the beginning of the year.

當然。中國的項目在很大程度上在 2022 年期間被擱置。真正恢復建設和推進這些項目的能力直到今年第一季度才真正開放。所以我們才剛剛開始恢復，因為那時所有的 COVID 限制都被釋放了——或者說，它們在年初顯著恢復了。

So we do see it -- we still have quite a few projects on hold. We do not expect them to remain on hold for much longer. And so we -- what we expect to see is a increasing level of properties under construction in China over the course of this year. Signings actually remained robust. We've had a couple of great openings as well of luxury hotels.

所以我們確實看到了——我們仍然有很多項目被擱置。我們預計他們不會擱置太久。因此，我們 - 我們預計今年中國在建物業的數量會增加。簽約實際上保持強勁。我們有幾家很棒的開業酒店以及豪華酒店。

Asia Pacific, overall, just to give you a perspective on this, is in the first quarter of this year, 46% larger in room count than it was in 2019 first quarter. And 60% of that growth, 60% or 70% is luxury and upper upscale hotels, 70%. So we've had a significant expansion, and that continues. We've seen a new Andaz hotel and other full-service hotels opening both in China and Asia Pacific. So the quality and the composition of our openings in the region have continued to maintain at a high level.

總體而言，亞太地區今年第一季度的客房數量比 2019 年第一季度增加了 46%。增長的 60%，60% 或 70% 是豪華和高檔酒店，70%。所以我們有一個顯著的擴張，而且還在繼續。我們看到一家新的安達仕酒店和其他提供全方位服務的酒店在中國和亞太地區開業。因此，我們在該地區開設的職位的質量和構成繼續保持在較高水平。

We're not populating -- the growth is not really concentrated in lower chain scales. It's concentrated in the higher chain scales, which means greater fees per key and higher fee levels, including incentive fees going forward. So we feel like we're really positioned for growing momentum in the fee side of the business. That translates into developers seeing that this is the right time to get their hotels completed and opened.

我們沒有人口增長——增長並沒有真正集中在較低的連鎖規模上。它集中在更高的鏈規模上，這意味著每個密鑰的費用更高，費用水平更高，包括未來的激勵費用。因此，我們覺得我們真的有能力在業務的收費方面取得增長勢頭。這意味著開發商認為現在是完成和開業酒店的最佳時機。

And where is the majority of financing in China where you can talk to like greater Asia, where did that come from?

中國的大部分融資在哪裡，你可以像大亞洲一樣與之交談，這些資金來自哪裡？

Well, it's kind of -- it is true that the credit markets have really been through the ringer given some of the significant dislocations on the private sector -- in the private sector in financing. So for those developers that are highly dependent on leverage like that, it's going to have an impact. The majority of our hotels, we have some private developers that are dependent on that kind of financing, but we have a larger proportion of properties that are in the pipeline with state-owned or state-supported enterprises with very large balance sheets. So they're less dependent on the last dollar of financing -- debt financing.

好吧，鑑於私營部門在融資方面的一些重大錯位，信貸市場確實經歷了危機。因此，對於那些高度依賴槓桿的開發人員來說，它會產生影響。我們的大多數酒店，我們有一些依賴這種融資的私人開發商，但我們有更大比例的物業正在籌備中，這些物業是資產負債表非常龐大的國有或國家支持的企業。因此，他們不太依賴最後一美元的融資——債務融資。

Our next question comes from Duane Pfennigwerth from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

Maybe just one quick one on some of the segment reporting geographical segment reporting changes. Any thoughts on why the changes to some of the geographies?

也許只是一些關於報告地理分部報告變化的分部的快速報告。關於為什麼某些地區發生變化的任何想法？

If you're talking about the change in segments, we moved the Indian subcontinent from EAME to Asia Pacific as of the beginning of this year because the oversight reporting relationship changed. That's the principal segment change. That's probably what you're picking up.

如果你在談論細分市場的變化，我們從今年年初將印度次大陸從 EAME 轉移到亞太地區，因為監督報告關係發生了變化。這是主要部分的變化。那可能就是你要撿的東西。

Okay.

好的。

I'd just give a little bit of color on the magnitude of the change, that Indian subcontinent in the total Asia Pacific region as far as their fees, the contribution to fees is about 15% of the fees that we reported in 2023 in the first quarter. And from an EBITDA perspective, just to help you a little bit with the modeling, we had about $12 million of EBITDA in 2022 coming from the Indian subcontinent.

我只想稍微說明一下變化的幅度，整個亞太地區的印度次大陸就他們的費用而言，對費用的貢獻約為我們在 2023 年報告的費用的 15%第一季度。從 EBITDA 的角度來看，為了幫助您進行建模，我們在 2022 年有大約 1200 萬美元的 EBITDA 來自印度次大陸。

Now the performance of those hotels has been very strong. We've seen RevPAR growth consistent with overall Asia Pacific RevPAR growth, excluding the Indian subcontinent in the first quarter levels of 100%. So really strong growth, and it really isn't an outlier when you look at the overall region relative to the 2 components that were brought together.

現在那些酒店的業績已經很強勁了。我們看到 RevPAR 增長與整個亞太地區 RevPAR 增長一致，不包括第一季度 100% 的印度次大陸。如此強勁的增長，當你相對於兩個組成部分來看整個地區時，它真的不是一個異常值。

That's helpful. And then just for my follow-up, can you talk a little bit about maybe just organizationally new business development and recruitment of new assets for brands that you acquire? So what does the onboarding process look like? Who are the folks involved with sort of growing those portfolios on the brands that you acquire? And maybe you could give some color on ALG. What geographies are you focused on? And maybe some early thoughts on Dream's as well.

這很有幫助。然後就我的後續行動而言，你能談談也許只是組織上的新業務發展和為你收購的品牌招募新資產嗎？那麼入職流程是什麼樣的呢？誰參與了在你收購的品牌上發展這些投資組合？也許你可以給 ALG 一些顏色。您關注哪些地區？也許還有一些關於 Dream 的早期想法。

Great. Thank you very much. First of all, it's important to note that in the acquisitions that we've made, we retain key developers -- development executives in the organization that know the brands intimately. That was true for Two Roads Hospitality. That was true for ALG, and it's true for Dream Hotels as well. We're bringing across the key team members who know those brands the best and know the developers that they've been doing business with and have signed deals for future openings.

偉大的。非常感謝。首先，重要的是要注意，在我們進行的收購中，我們保留了關鍵的開發人員——組織中對品牌非常了解的開發主管。 Two Roads Hospitality 就是如此。 ALG 是如此，Dream Hotels 也是如此。我們正在召集關鍵團隊成員，他們最了解這些品牌，了解與他們有業務往來的開發商，並為未來的開業簽署了協議。

We have enhanced that significantly. So the Two Roads portfolio has grown enormously. We'll be going through a much more detail on these topics a week from today. But it's grown enormously, and that's because we have expanded the development effort behind the Two Roads brands to include all Hyatt developers who have come up the learning curve and can really speak to those brands with authority, and that's on a global basis.

我們已經顯著增強了這一點。因此，Two Roads 投資組合已大幅增長。從今天開始，我們將在一周內詳細討論這些主題。但它的發展非常迅速，這是因為我們已經擴大了 Two Roads 品牌背後的開發工作，以包括所有已經達到學習曲線並且可以真正與這些品牌進行權威對話的凱悅開發人員，這是在全球範圍內進行的。

We're seeing increased interest in some of those brands -- some of the Two Roads brands globally. On the Dream's front, we have 24 signed agreements that I think only 1 or 2 of them or a small number are in the pipeline. We're not counting them in the pipeline yet because we have a pretty high bar when it comes to making it into our pipeline statistics. The pipeline means we have fully executed contracts and we have high confidence and visibility to financing.

我們看到人們對其中一些品牌越來越感興趣——其中一些是全球的 Two Roads 品牌。在 Dream 方面，我們簽署了 24 項協議，我認為其中只有 1 項或 2 項或一小部分正在籌備中。我們還沒有將它們計入管道中，因為在將其納入我們的管道統計數據時，我們有一個相當高的標準。管道意味著我們已經完全執行了合同，我們對融資有很高的信心和可見性。

And many of those projects are signed but not, in our opinion, financed yet. By the way, the Dream Hotel Group actually treated them the same way. So they didn't really count them until financed. So we have confidence that they will get financed because the brand is really performing well and the primary brand being Dream. But stay tuned for when those come into the pipeline as we move forward.

在我們看來，其中許多項目已經簽署，但尚未獲得資金。對了，夢幻酒店集團居然也是這樣對待他們的。所以他們在融資之前並沒有真正計算它們。所以我們有信心他們會獲得融資，因為該品牌確實表現良好，而且主要品牌是 Dream。但是，隨著我們的前進，請繼續關注這些內容何時進入管道。

ALG, we have growth initiatives, both in Europe and in the Americas. Having said that, we have been responding to and pursuing additional regions in the Middle East and in Asia. So I would be surprised if we did not end up with new projects in those 2 regions in short order because the interest level is very high. We're taking a very careful approach to make sure that the core economics and our ability to deliver on a distribution channel basis is that we have confidence in that. Because right now, we don't operate those 2 markets in the all-inclusive space. And in fact, it would be relatively a new format for much of those regions. So we're taking it very carefully.

ALG，我們在歐洲和美洲都有增長計劃。話雖如此，我們一直在響應和尋求中東和亞洲的其他地區。因此，如果我們沒有在短期內在這兩個地區完成新項目，我會感到驚訝，因為興趣水平非常高。我們正在採取非常謹慎的方法來確保核心經濟學和我們在分銷渠道基礎上交付的能力是我們對此有信心的。因為現在，我們不在包羅萬象的空間中經營這兩個市場。事實上，對於其中大部分地區來說，這將是一種相對較新的格式。所以我們非常小心地對待它。

The good news is the model is so powerful from an economic benefit perspective to owners that we have high confidence that we will actually be signing and ultimately opening new hotels in those regions.

好消息是，從經濟利益的角度來看，這種模式對業主來說非常強大，我們非常有信心在這些地區簽約並最終開設新酒店。

Our next question comes from Patrick Scholes from Truist Securities.

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

I wonder if you could give us some high-level thoughts on how you see summer leisure demand shaping up for various regions such as domestic resorts versus Caribbean resorts versus Europe? And how that strength or possible weakness compares versus last year -- last year's summer visitation?

我想知道您是否可以就您如何看待國內度假村、加勒比海度假村和歐洲等不同地區的夏季休閒需求的形成提出一些高層次的想法？與去年相比，這種優勢或可能的劣勢如何 - 去年的夏季訪問？

Yes, I'll start, and Joan can add the additional color. Just looking at the resort demand and using ALG as a proxy, our pace for ALG is up 15% for the year. It's plus [8%] for the second quarter. So we feel really -- and that's lapping a very strong second quarter last year.

是的，我會開始，瓊可以添加額外的顏色。只看度假村需求並使用 ALG 作為代理，我們對 ALG 的步伐今年增長了 15%。第二季度增加 [8%]。所以我們真的覺得——去年第二季度表現非常強勁。

So we feel really good heading into the summer actually. And the business in Europe has been just astonishingly strong. It is tracking ahead of 2019 in the mid- to high single digits in business transient. Leisure is ahead of '19 significantly. So I would say Europe is -- I thought '22 was going to be the breakout year for Europe. I was off by a year. This is really the breakout year for Europe. We're seeing people come back to travel, including business travel in a more pronounced way relative to 2019 than we've even seen in the United States. So I feel really actually quite bullish on Europe and continued strength there.

所以實際上我們感覺進入夏天真的很好。歐洲的業務一直非常強勁。它在 2019 年的業務瞬態中處於中高個位數。休閒明顯領先於'19。所以我想說歐洲是——我認為 22 年將是歐洲的突破年。我離開了一年。今年確實是歐洲取得突破的一年。與 2019 年相比，我們看到人們以比我們在美國看到的更為明顯的方式回歸旅行，包括商務旅行。所以我覺得真的非常看好歐洲並在那裡持續走強。

The only thing I would add is that we've seen, and you all have seen, the flight capacity increases that have been made to those leisure destinations, particularly for us in the ALG markets in the Caribbean. And with that increase, it's really helped to increase demand into those markets.

我唯一要補充的是，我們已經看到，你們都已經看到，飛往這些休閒目的地的航班容量增加了，特別是對我們在加勒比海的 ALG 市場而言。隨著這種增長，它確實有助於增加對這些市場的需求。

One thing I would point out is that last year, what we saw for ALG was we saw an incredible surge coming out of the first quarter into second quarter and third quarter. And that was really filling in for last year into what had traditionally been a -- what we would call a shoulder period for ALG. So this year, as we look at the seasonally adjusted normalization pattern, we anticipate that Q3 will be more moderated as it relates to leisure into the Caribbean and Latin America.

我要指出的一件事是，去年，我們對 ALG 的看法是，我們看到從第一季度到第二季度和第三季度出現了令人難以置信的激增。這真的填補了去年的傳統上 - 我們稱之為 ALG 的肩期。因此，今年，當我們審視經季節性調整的正常化模式時，我們預計第三季度將更加緩和，因為它與加勒比海和拉丁美洲的休閒活動有關。

Yes. I mean just to give you a data point on Joan's point about airlift. Our departures through our ALG vacation's platform were up 19%, 19% in the first quarter of this year. It's a staggering number when you consider that, that represents almost 700,000 travelers. So -- and you can't do that if you don't have lift. And so airlines have cascaded capacity into the markets that are most important to us.

是的。我的意思是只是給你一個關於瓊關於空運的觀點的數據點。我們通過 ALG 假期平台的離境人數增加了 19%，今年第一季度增加了 19%。考慮到這一點，這是一個驚人的數字，代表近 700,000 名旅行者。所以 - 如果你沒有電梯，你就不能這樣做。因此，航空公司已將容量級聯到對我們最重要的市場。

Okay. And then just the other part of the question, how about domestic U.S.? It certainly sounds Caribbean, very, very strong Europe, phenomenal, but how about the traditional U.S. resorts?

好的。然後只是問題的另一部分，美國國內怎麼樣？這聽起來確實是加勒比海地區，非常非常強大的歐洲，非常棒，但是傳統的美國度假勝地呢？

Yes, I feel very good about U.S. resort performance. We saw a couple of individual markets within Hawaii, not the entirety of the state, but that has -- that have some slight airfare issues, in our opinion, that may be impacting demand total bookings. But apart from 1 or 2 individual locations in Hawaii, the rest of the resort portfolio looks very strong. It's a little early for us to be calling Memorial Day and July 4, but we'll have a lot more color on that on our next earnings call.

是的，我對美國度假村的表現感覺很好。我們在夏威夷看到了幾個單獨的市場，而不是整個州，但我們認為這些市場存在一些輕微的機票問題，這可能會影響需求總預訂量。但除了夏威夷的 1 或 2 個獨立地點外，度假村組合的其餘部分看起來非常強大。現在將陣亡將士紀念日和 7 月 4 日稱為陣亡將士紀念日還為時過早，但我們將在下一次財報電話會議上對此進行更多討論。

Our next question comes from Bill Crow from Raymond James.

我們的下一個問題來自 Raymond James 的 Bill Crow。

Two quick questions. The first one on China. The reopening of China seems like it coincided with some of their major holiday periods and spurred demand. I'm wondering how the pace of travel looks outside of those holiday periods?

兩個快速問題。第一個關於中國。中國的重新開放似乎恰逢他們的一些主要假期，刺激了需求。我想知道那些假期之外的旅行節奏如何？

Well, Bill, for the entire quarter, Greater China was only down 4% for the entire quarter. The Lunar New Year holiday certainly helped, but we're seeing very strong demand, especially on a sequential basis because that was down over 40% in the fourth quarter. So really strong results coming out of China.

好吧，比爾，整個季度，大中華區整個季度只下降了 4%。農曆新年假期當然有所幫助，但我們看到需求非常強勁，尤其是在連續的基礎上，因為第四季度下降了 40% 以上。來自中國的結果非常強勁。

And what Mark had commented in his remarks was that we are up in Mainland China, 30% on domestic business, which is exceptionally strong. And we saw a 60% reduction in international inbound. So when you think about the tailwind of when those -- when that flight capacity returns into China, there's a lot of runway for growth into the region.

馬克在他的發言中評論說，我們在中國大陸上升了，國內業務佔 30%，非常強勁。我們看到國際入境減少了 60%。因此，當你考慮那些順風時 - 當航班容量返回中國時，該地區有很多增長的跑道。

With the greater China results being a little bit down and Mainland China being up 10%, we still have room to grow too as it relates to Hong Kong, in particular. Flight capacity into Hong Kong had been really restrained. And what we saw in the last couple of weeks, actually, including the Labor Day holiday, was that Hong Kong had returned back to 2019 levels. Short period of time but again, that surge in demand that we've seen over time and again, restrictions are lifted, and they've been lifted for the entirety of the last 4 months. We've really seen it sustain and continued to be very encouraging as we think about the future growth in that region.

由於大中華區的業績略有下降，而中國大陸增長了 10%，我們仍有增長空間，尤其是在香港。進入香港的航班容量確實受到限制。實際上，包括勞動節假期在內，我們在過去幾週看到的是，香港已經恢復到 2019 年的水平。很短的時間，但我們一次又一次地看到需求激增，限制被取消，並且在過去的整個 4 個月裡都被取消了。當我們考慮該地區未來的增長時，我們確實看到它持續存在並繼續非常令人鼓舞。

That's perfect. The second question was on -- I think you said business travel, and assuming BT travel is 85% recovered. Again, I'm going to assume that's the demand as opposed to RevPAR. But assuming I've got that right, do you think we close that gap through the balance of this year, continue to make progress? Or has the kind of the macro environment here, some of the layoffs and maybe the totality of travel costs, is that going to kind of subdue the growth that we get from this level?

那很完美。第二個問題是——我想你說的是商務旅行，假設 BT 旅行恢復了 85%。同樣，我假設這是需求而不是 RevPAR。但假設我沒猜錯，你認為我們會在今年餘下的時間裡縮小差距，繼續取得進展嗎？或者這裡有那種宏觀環境，一些裁員，也許還有旅行成本的全部，這會抑制我們從這個層面獲得的增長嗎？

Well, it has been improving over the course of the quarter. So we were over 90% recovered from business transient in the month of March.

好吧，它在整個季度中一直在改善。因此，我們在 3 月份從業務瞬變中恢復了 90% 以上。

Yes, I think we were like 93% recovered. So we are really inching up to what -- on a revenue basis, 2019 levels.

是的，我認為我們恢復了 93%。所以我們真的在慢慢達到什麼——在收入的基礎上，2019 年的水平。

Yes. And throughout the quarter, our RevPAR comparisons to 2019 have accelerated across the months in the quarter. And in April, we also saw an 8% RevPAR growth over 2019, which is similar to what we saw in March. And a lot of that is being driven by business transient recovering, particularly in markets in the U.S. but also in markets in Europe have been very strong.

是的。在整個季度中，我們與 2019 年的 RevPAR 比較在本季度的幾個月裡都在加速。在 4 月份，我們還看到 2019 年的 RevPAR 增長了 8%，這與我們在 3 月份看到的情況相似。其中很大一部分是由業務短暫復甦推動的，尤其是在美國市場，但在歐洲市場也非常強勁。

Super strong.

超強。

They're actually over 2019 levels in the first quarter in our European markets. So we're seeing business transient come back on a relative basis and growing in momentum.

在我們的歐洲市場，它們實際上在第一季度超過了 2019 年的水平。因此，我們看到業務瞬態在相對基礎上回歸併且增長勢頭強勁。

So how close is rooms demand or rooms sold? You said it was 93% revenues. I'm just curious about the actual occupancy, if you will, of business travel.

那麼房間需求或房間售出有多接近呢？你說這是 93% 的收入。如果您願意的話，我只是對商務旅行的實際入住率感到好奇。

Yes. So we're tracking well behind 2019 levels in occupancy for the hotels that we would designate as business-focused hotels. I don't know that we've got a quick estimate for Q1 in terms of what the gap is, but we've been tracking well below 2019 levels, obviously, higher rates that makes up the revenue side.

是的。因此，我們將指定為商務型酒店的酒店的入住率遠遠落後於 2019 年的水平。我不知道我們是否對第一季度的差距有一個快速估計，但我們一直追踪到遠低於 2019 年的水平，顯然，更高的利率構成了收入方面。

The only other dynamic I would point out is that small and medium enterprises have basically been over 2019 levels for several quarters. It's the large corporates that are actually representing a lot of the growth. So when we talk about the growth over the course of the quarter, the quarter was 85%. We ended at 93%. 85% of '19 levels, we ended at 93%. A lot of that changed. In fact, virtually all of it came from large corporates. So we're seeing large corporates to get back on the road.

我要指出的唯一另一個動態是，中小企業已經連續幾個季度基本超過 2019 年的水平。實際上代表了很多增長的是大公司。因此，當我們談論本季度的增長時，本季度為 85%。我們以 93% 結束。 19 年水平的 85%，我們以 93% 結束。很多都改變了。事實上，幾乎所有這些都來自大公司。因此，我們看到大型企業重新上路。

And some of the blurring of the line between what used to be called business transient, where I think everyone sort of had in their mind, a bright line between business transient and group, that line is blurred. So some of the purposes of visit and trip drivers from 2019 have looked different today, and some of it shows up as group business instead of business transient.

過去所謂的業務瞬態之間的界限有些模糊，我認為每個人都在他們的腦海中，業務瞬態和群體之間有一條清晰的界限，但這條線是模糊的。因此，從 2019 年開始，一些出差和出行司機的目的在今天看來有所不同，其中一些表現為團體業務，而不是業務短暫性。

All right. Perfect. Look forward to seeing you next week, I guess it is.

好的。完美的。期待下週見到你，我想是的。

Likewise. Thanks.

同樣地。謝謝。

Our next question comes from Richard Clarke from Bernstein.

我們的下一個問題來自伯恩斯坦的理查德克拉克。

I'd just like to start on the topic of the Mr & Mrs Smith acquisition you've done. This company used to have a deal with IHG, and IHG used to talk about having to be quite selective with which one of the hotels they brought into their platform to make sure this wasn't providing a cheaper route to the benefits of being distributed by a major company.

我只想從您完成的史密斯夫婦收購的話題開始。這家公司曾經與 IHG 有過交易，而 IHG 過去常常談論必須非常有選擇性地選擇他們將哪一家酒店帶入他們的平台，以確保這不會提供更便宜的途徑來獲得由一家大公司。

Just wondering how you're going to manage that? Are you going to have some of those Mr & Mrs Smith hotels beat with your hotels? And how will you manage that conflict? And then maybe broadly, why do you see this as an attractive addition to the portfolio?

只是想知道你將如何管理它？您打算讓一些 Mr & Mrs Smith 酒店擊敗您的酒店嗎？您將如何處理這種衝突？然後也許從廣義上講，為什麼您認為這是對投資組合的一個有吸引力的補充？

Thank you, Richard. Just to clarify, we have signed this acquisition deal, but we have not yet closed it. So let me just begin by being clear about where we stand. The way we see this is, first of all, for those of you on the phone who don't know much about Mr & Mrs Smith, it's a travel platform. And there are well over 1,500 hotels on the platform, a highly curated group of boutique and luxury hotels with average daily rates in the mid-400s in dollar terms, just to give you a sense for relative quality level, and they're small. So these are not hotels that would naturally be part of a larger brand company like ours portfolio. And we feel like this is a massive expansion in the World of Hyatt members' access to hotels.

謝謝你，理查德。澄清一下，我們已經簽署了這項收購協議，但尚未完成。因此，讓我首先明確我們的立場。我們的看法是，首先，對於電話中不太了解史密斯夫婦的人來說，這是一個旅遊平台。該平台上有超過 1,500 家酒店，這是一組精心策劃的精品和豪華酒店，平均每日房價在 400 美元左右，只是為了讓您了解相對質量水平，而且它們很小。因此，這些酒店不會像我們的投資組合那樣自然地成為更大品牌公司的一部分。我們認為這是 World of Hyatt 會員入住酒店的一次大規模擴張。

Having said that, we -- in the same vein that we have done other affiliations in the past, we have taken great care to analyze on a market-by-market basis the sort of hotels that might end up being adjacent to or otherwise in the same vein of preexisting Hyatt properties. So we will be very careful in how we integrate the hotels that are part of the system. All the hotels, we expect to stay on the platform but that doesn't mean that they're all integrated. And I think we have examples -- an example of how we manage that with small luxury hotels, where we didn't have 100% of the small luxury hotel group -- hotels themselves on our platform.

話雖如此，我們 - 與我們過去所做的其他附屬機構一樣，我們非常謹慎地逐個市場分析最終可能相鄰或以其他方式出現的酒店類型先前存在的凱悅酒店的相同脈絡。因此，我們將非常謹慎地整合作為系統一部分的酒店。我們希望所有的酒店都留在平台上，但這並不意味著它們都是整合的。我認為我們有例子——一個我們如何管理小型豪華酒店的例子，我們沒有 100% 的小型豪華酒店集團——酒店本身在我們的平台上。

So the enterprise will continue to operate as an independent business and continue to grow, which it's been growing at a pretty healthy pace, and we expect that growth to continue over time because there is -- there are a large number of higher-end boutique luxury hotels that operate independently of any brand affiliation. And so the power of the channel has been proven because of their very strong customer base.

因此，該企業將繼續作為獨立企業運營並繼續增長，它一直以相當健康的速度增長，我們預計這種增長將隨著時間的推移持續下去，因為有大量高端精品店獨立於任何品牌隸屬關係運營的豪華酒店。因此，由於其強大的客戶群，渠道的力量得到了證明。

That customer base looks a lot like ours. And so we're really excited about extending and expanding the customer base, the World of Hyatt membership base.

該客戶群看起來很像我們的客戶群。因此，我們對擴展和擴大客戶群、凱悅天地會員群感到非常興奮。

World of Hyatt has got great momentum, adding 2 million members in the first quarter alone. So we feel like this is going to be really adding to the network effect.

凱悅天地發展勢頭強勁，僅第一季度就增加了 200 萬會員。所以我們覺得這將真正增加網絡效應。

Finally, as an economic matter, the company is profitable. And as in -- as has been the case with other platforms that we've looked at in the past, we do see a relatively clear path to a high single, low double-digit kind of multiple on our purchase of the platform. The power of the platform is something that we have a much better handle on and understanding of having had ALG vacations as a part of our portfolio for the last 1.5 years.

最後，作為一個經濟問題，公司是盈利的。就像我們過去看過的其他平台一樣，我們確實看到了一條相對清晰的路徑，可以在我們購買平台時獲得高單位數、低兩位數的倍數。在過去的 1.5 年裡，我們將 ALG 假期作為我們投資組合的一部分，我們可以更好地處理和理解該平台的力量。

So I think across the board, we're just uniquely positioned to really understand this better, see what the power is, extend the network effect and add value to the hotels that are part of that platform. That's the theory.

所以我認為，從整體上看，我們只是處於獨特的位置，可以真正更好地理解這一點，了解它的力量是什麼，擴展網絡效應並為該平台中的酒店增加價值。這就是理論。

Okay. That's useful color. And as a follow-up, just looking at your last year, the Q3 results you talked about doing 6.5% growth growing. You're thinking about that picture of [not] going forward? Does it come down to 6% and then accelerate? Or could you get it back above 6.5% in the nearer term?

好的。那是有用的顏色。作為後續行動，看看你去年的第三季度結果，你談到了 6.5% 的增長。你在想[不]前進的畫面嗎？它會下降到 6% 然後加速嗎？或者你能否在短期內將其恢復到 6.5% 以上？

Yes, we feel really good about the long-term trajectory in that range. And to just to be clear, there are some of the uncertainties that we actually touched on earlier in this call, namely financing for new projects in the United States, the ramping up of projects coming back online in China and so forth.

是的，我們對該範圍內的長期軌跡感到非常滿意。需要明確的是，我們在本次電話會議的早些時候實際上提到了一些不確定性，即美國新項目的融資、中國重新上線的項目的增加等等。

It's also true that 30% of our adds in the first quarter were conversions. So the conversion -- the durability of the conversion activity base has not only proven itself, but we're seeing even more opportunities in conversions looking forward. So we are piecing together, because of the performance of our network and the system, a picture for net rooms growth that we expect to maintain at that level or higher.

確實，我們在第一季度增加的 30% 是轉化。因此，轉換——轉換活動基礎的持久性不僅證明了自己，而且我們在未來的轉換中看到了更多的機會。因此，由於我們的網絡和系統的性能，我們正在拼湊一張我們希望保持在該水平或更高水平的淨房間增長圖。

The fact is that we, for conservatism, take reserves against what we could execute this year, and that's why we're maintaining our current guidance. I think if we had more visibility to when confidence begins to grow in the banking sector and/or taking note of the Fed's decision yesterday to change the language with respect to future rate increases, these are all factors that could contribute to a revised outlook next quarter. But right now, we have maintained a -- I would describe it as a conservative position, just because there are some uncertainties in the world.

事實是，出於保守主義的考慮，我們對今年可以執行的事情進行了儲備，這就是我們維持當前指導方針的原因。我認為，如果我們對銀行業的信心何時開始增長和/或註意到美聯儲昨天決定改變未來加息的措辭有更多的了解，這些都是可能有助於下一次修訂前景的因素四分之一。但現在，我們一直保持著——我會把它描述為保守的立場，只是因為世界上存在一些不確定性。

Our last question will come from Shaun Kelley from Bank of America.

我們的最後一個問題將來自美國銀行的 Shaun Kelley。

Mark, I apologize if I'm front-running the Analyst Day a little bit, but given all the commentary on international and the different trajectories of recovery, I thought it might be helpful if you can provide, just inclusive of ALG, what's your kind of latest, however you want to do it, revenue, fee, EBITDA mix by region? Is that something you could help us with?

馬克，如果我提前運行分析師日，我深表歉意，但考慮到所有關於國際和不同復甦軌蹟的評論，我認為如果你能提供，包括 ALG，你的是什麼，這可能會有所幫助有點最新，但你想這樣做，按地區劃分的收入、費用、EBITDA 組合？那是你可以幫助我們的事情嗎？

Just I know the portfolio has changed a decent amount, especially with ALG. And so what I'm kind of getting at is how much of Hyatt pro forma run rate is coming from the U.S.? How much coming from Europe, APAC, ex China and China? If you don't have that, and that's a better thing to reserve for a week from now, I totally appreciate it.

我只知道投資組合發生了很大變化，尤其是 ALG。所以我想知道有多少凱悅備考運行率來自美國？有多少來自歐洲、亞太地區、中國以外和中國？如果你沒有，從現在開始保留一周更好，我非常感激。

I think the -- at a macro level, the fact is that something on the order of 80% of our earnings base is coming out of the U.S. That includes our owned hotels portfolio, so there's some measure of influence on that number for that. And I think the -- we really need to break out the non-hotel pieces of ALG, which is really the vacations platform in order to give you a better handle on what our hotel exposures look like around the world, but we don't have the data at this point that I can give you more specificity on. Do you want to add anything to that, Joan?

我認為 - 在宏觀層面上，事實是我們收入基礎的 80% 來自美國，其中包括我們擁有的酒店組合，因此對這個數字有一定的影響。而且我認為 - 我們真的需要打破 ALG 的非酒店部分，這實際上是一個假期平台，以便讓您更好地了解我們在世界各地的酒店曝光情況，但我們沒有在這一點上有數據，我可以給你更具體的信息。你想補充什麼嗎，瓊？

Yes, I would just say of the 80%, it's really -- you mentioned, Mark, from the U.S. So it includes our Latin American and Caribbean business, which is a significant proportion of those travelers are coming from the U.S. So it's U.S.-based actual traffic.

是的，我只想說這 80%，它真的是——你提到過，馬克，來自美國。所以它包括我們的拉丁美洲和加勒比業務，其中很大一部分旅行者來自美國。所以它是美國-以實際流量為準。

Correct.

正確的。

Demand that you're referring to in the 80%.

您所指的需求在 80% 中。

Yes.

是的。

Very helpful. Sorry to put you on the spot, especially late in the call, but I appreciate it.

很有幫助。很抱歉讓你難堪，尤其是在通話後期，但我很感激。

No, that's fine. Thanks, Shaun.

不，沒關係。謝謝，肖恩。

This concludes today's conference call. Thank you for participating, and have a wonderful day. You may all 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。你們都可以斷開連接。