Hyatt Hotels Corp (H) 2023 Q3 法說會逐字稿

Good morning, and welcome to the Hyatt Third Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加凱悅2023年第三季業績電話會議。 （接線生指示）溫馨提示：本次電話會議正在錄音中。

I would now like to turn the call over to Adam Rohman, Senior Vice President of Investor Relations and FP&A. Thank you. Please go ahead.

現在我想把電話轉給投資人關係和財務規劃與分析資深副總裁Adam Rohman。謝謝。請繼續。

Thank you, and welcome to Hyatt's Third Quarter 2023 Earnings Conference Call.

謝謝，歡迎參加凱悅 2023 年第三季財報電話會議。

Joining me on today's call are Mark Hoplamazian, Hyatt's President and Chief Executive Officer; and Joan Bottarini, Hyatt's Chief Financial Officer.

參加今天電話會議的還有凱悅總裁兼執行長馬克‧霍普拉馬齊安 (Mark Hoplamazian) 和凱悅財務長瓊‧博塔里尼 (Joan Bottarini)。

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

在開始之前，我想提醒大家，我們今天的評論將包含聯邦證券法規定的前瞻性陳述。這些陳述受我們10-K表年度報告、10-Q表季度報告以及其他提交給美國證券交易委員會的文件中所述的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評論中明示或暗示的結果有重大差異。

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 the 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本次電話會議的評論僅截至今日有效，不會隨著實際事件的進展而更新。此外，您可以在我們的網站 hyatt.com 的「投資者關係」連結中的「財務報告」部分以及今天早上的收益報告中找到今天評論中提及的非公認會計準則 (non-GAAP) 財務指標的對帳表。本次電話會議的存檔將在我們的網站上保存 90 天。

Please note that unless otherwise stated, references to our occupancy, average daily rate and RevPAR reflects comparable system-wide hotels on a constant currency basis. Additionally, percentage changes disclosed during the call are on a year-over-year basis, unless otherwise noted.

請注意，除非另有說明，我們提及的入住率、平均每日房價和每間可用客房收入 (RevPAR) 均指以固定匯率計算的全系統可比飯店。此外，除非另有說明，電話會議中揭露的百分比變化均為同比變化。

With that, I will turn the call over to Mark.

說完這些，我會把電話轉給馬克。

Thanks, Adam. Good morning, everyone, and thank you for joining us.

謝謝，亞當。大家早安，感謝你們的收看。

First and foremost, I'd like to take a moment to acknowledge the recent global tragedies that have deeply affected communities around the world, including the August wildfires in Maui, September earthquake in Morocco, and October hurricane in Acapulco, Mexico. We've made donations to nonprofits on the ground and our Hyatt family has come together to help our impacted colleagues through our Hyatt Care Fund.

首先，我想藉此機會感謝最近發生的全球性災難，它們深深影響了世界各地的社區，包括八月毛伊島的山火、九月摩洛哥的地震以及十月墨西哥阿卡普爾科的颶風。我們已向當地的非營利組織捐款，凱悅大家庭也齊心協力，透過凱悅關懷基金為受災的同事提供協助。

Additionally, the world is witnessing catastrophic events in Israel and Gaza. While we do not have hotels in the affected region, the Hyatt Hotels Foundation has donated to the International Committee of the Red Cross to support the relief efforts, and help those in Israel, Gaza and the impacted region. Our hearts go out to everyone affected by these events, as well as those impacted by the ongoing war in Ukraine. It is in times like these that our purpose to care for people so they can be their best, increases in significance.

此外，全世界正目睹以色列和加薩走廊的災難性事件。雖然我們在受災地區沒有飯店，但凱悅酒店基金會已向紅十字國際委員會捐款，以支持救援工作，並幫助以色列、加薩和受災地區的人們。我們向所有受這些事件影響的人們以及受烏克蘭持續戰爭影響的人們表示慰問。正是在這樣的時刻，我們關懷人們、幫助他們展現最佳狀態的宗旨顯得格外重要。

Turning to our results. We reported our third quarter 2023 earnings this morning, including another quarter of record fees for Hyatt. The transformation of our business model and expansion of our asset-light earnings mix is leading to record fee contribution and greater conversion of earnings into free cash flow.

回顧我們的業績。我們今天上午公佈了2023年第三季的業績，其中凱悅酒店的費用支出再創歷史新高。我們業務模式的轉型以及輕資產獲利組合的拓展，正帶來創紀錄的費用支出貢獻，並促使更多獲利轉化為自由現金流。

Demand for travel remains strong and was something I personally witnessed during a trip to Asia this past August, my first visit to the region since 2019. Visiting key markets like Shanghai, Suzhou, Hong Kong and Tokyo, proved insightful and inspiring, as I was able to connect with many of our colleagues, owners, partners and guests.

旅行需求仍然強勁，這是我今年 8 月訪問亞洲時親眼目睹的，這是自 2019 年以來我第一次訪問該地區。造訪上海、蘇州、香港和東京等主要市場讓我受益匪淺，並深受啟發，因為我能夠與許多同事、業主、合作夥伴和客人建立聯繫。

There's a clear uptick in travel demand in Asia, and this momentum, combined with the continued growth and excellence of our food and beverage operations in the region are leading to strong margins for owners and fees for Hyatt.

亞洲的旅遊需求明顯上升，這種勢頭加上我們在該地區餐飲業務的持續增長和卓越表現，為凱悅的業主和費用帶來了豐厚的利潤。

In fact, performance around the world remains strong, and I'm pleased to share that RevPAR increased 8.9% in the quarter, as occupancy grew 420 basis points, along with a 2.6% increase in average daily rates. We continue to see occupancy levels recover and the month of September underscores this positive momentum, with occupancy down only 260 basis points compared to 2019.

事實上，全球業績依然強勁。我很高興地告訴大家，本季每間可用客房收入 (RevPAR) 增加了 8.9%，入住率增加了 420 個基點，平均每日房價也上漲了 2.6%。我們持續看到入住率回升，9 月的入住率與 2019 年相比僅下降了 260 個基點，凸顯了這一積極勢頭。

Demand for all customer segments remains solid. Leisure transient revenue increased 4% over an exceptionally strong third quarter last year, as consumers continue to prioritize travel and experiences. Leisure travel remains at elevated levels, 22% above the third quarter of 2019, including a 30% increase over 2019 in the month of September.

所有客戶群的需求依然強勁。由於消費者持續重視旅遊和體驗，休閒短途旅行收入較去年異常強勁的第三季成長了4%。休閒旅遊仍維持高位，較2019年第三季成長22%，其中9月份較去年同期成長30%。

Moving to business transient. Revenue increased 19% and has recovered to approximately 90% compared to the third quarter of 2019. Although most of our corporate negotiated accounts are on a dynamic pricing model, we are about halfway through discussions for our fixed rate accounts and expect rates to increase in the high single-digit range in 2024 compared to 2023.

業務轉型。營收成長19%，與2019年第三季相比已恢復至約90%。雖然我們的大多數企業協議帳戶採用動態定價模式，但關於固定利率帳戶的討論已進行到一半左右，預計2024年的利率將比2023年增長約個位數。

Lastly, group room revenue increased 10% compared to 2022 and was up 5% compared to 2019. Growth in group revenue accelerated during the quarter and finished up 13% in September compared to 2022. We had another excellent quarter of group production for America's full-service managed properties, booking approximately $450 million of business for all periods, a 17% increase. Looking ahead, group pace for the Americas full-service managed properties, is up 7% for the fourth quarter and 8% for the full year of 2024 compared to 2023.

最後，團體客房收入較2022年成長10%，較2019年成長5%。本季團體營收成長加速，截至9月，較2022年成長13%。美洲地區全方位服務管理飯店的團體業績再創佳績，所有期間的預訂業務額約4.5億美元，增幅達17%。展望未來，美洲地區全方位服務管理飯店的團體表現在第四季和2024年全年分別較2023年成長7%和8%。

Turning to World of Hyatt, our loyalty program continues to see impressive growth, adding nearly 8 million new members in the past 12 months. This represents a nearly 24% increase bringing total membership to over $42 million. Additionally, room night penetration increased nearly 100 basis points during the first 9 months of 2023, compared to the same period in 2022 for legacy Hyatt properties.

凱悅天地 (World of Hyatt) 的忠誠度計畫持續取得令人矚目的成長，過去 12 個月新增會員近 800 萬，增幅近 24%，會員總收入超過 4,200 萬美元。此外，2023 年前 9 個月，凱悅旗下飯店的客房間夜滲透率較 2022 年同期成長近 100 個基點。

Enrollments at our ALG properties remained strong. And in October, we passed 1 million loyalty members enrolled on property since the launch last year. And soon, members can look forward to World of Hyatt benefits extending to the Mr & Mrs Smith platform that we acquired in June.

我們ALG酒店的會員註冊量依然強勁。截至10月，自去年推出以來，我們旗下飯店的忠誠會員註冊人數已突破100萬人。很快，會員們就能將凱悅天地的禮遇延伸至我們6月收購的Mr & Mrs Smith平台。

Separately, we're excited about the introduction of Homes & Hideaways by World of Hyatt, our new residential vacation platform, allowing members to enjoy private homes and remote hideaways, ranging from beachfront locations, to mountainside, ski chalets.

另外，我們很高興推出凱悅天地 Homes & Hideaways，這是我們的新住宅度假平台，讓會員可以享受私人住宅和偏遠的度假勝地，從海濱位置到山腰、滑雪小屋。

Overall, we've expanded our portfolio of properties by 70% and over the past 6 years, which has enabled a 300% increase in the World of Hyatt loyalty program members. Adding value to our members' experience with Hyatt, is a key driver of our growth strategy. We expect to maintain industry-leading growth into the future, enabled by an 8% increase in our pipeline, reaching a new record of 123,000 rooms, representing approximately 40% of our current portfolio.

總體而言，我們的飯店組合在過去六年中成長了70%，這使得凱悅天地忠誠計畫的會員數量增加了300%。提升會員在凱悅的體驗價值，是我們成長策略的關鍵驅動力。我們預計未來仍將保持業界領先的成長勢頭，這得益於我們酒店儲備量增長了8%，達到創紀錄的12.3萬間客房，約占我們現有酒店組合的40%。

Developer interest in our brands remains extremely strong, and the engagement around our new Hyatt Studios brand will support continued growth in our pipeline in the fourth quarter and for years to come. We achieved 6.2% net rooms growth and expanded our select service footprint in both the Americas and Asia Pacific regions.

開發商對我們品牌的興趣依然十分濃厚，圍繞全新凱悅優悅酒店品牌的積極參與將助力我們在第四季及未來幾年持續成長。我們的淨客房數量增加了6.2%，並擴大了我們在美洲和亞太地區的精選服務覆蓋範圍。

With respect to UrCove. We opened 7 properties during the quarter, which brings our total open portfolio to 30 properties, and we're very excited that we have reached 100 properties, including our signed pipeline.

關於UrCove，我們在本季度開設了7家酒店，這使我們的酒店組合總數達到30家。我們非常高興，包括已簽約的酒店在內，我們的酒店組合總數已達到100家。

Notably, in September, we opened Andaz Macau, the world's largest Andaz-branded property with 715 rooms.

值得注意的是，9 月份，我們開設了澳門安達仕酒店，這是全球最大的安達仕品牌酒店，擁有 715 間客房。

We expect a very busy fourth quarter of opening activity. As we have said at this time every year, we fully recognize that there are always timing issues that can impact the exact opening dates, but the momentum of our growth remains steadfast. We believe that we will continue to realize industry-leading growth in the future because of our robust expansion of our pipeline and our proven success in converting existing hotels to our brands.

我們預計第四季的開幕活動將非常繁忙。正如我們每年這個時候所說的那樣，我們完全理解總是會有一些時間問題會影響確切的開業日期，但我們的成長勢頭依然強勁。我們相信，憑藉我們強勁的擴張勢頭以及在將現有酒店轉型為我們品牌方面取得的成功，我們未來將繼續實現行業領先的成長。

I'd like to make a few comments regarding the ALG businesses and the related segment results. Since acquiring ALG, 2 years ago, we've realized remarkable growth in the business.

我想就ALG業務及其相關部門的業績發表一些評論。自兩年前收購ALG以來，我們的業務取得了顯著成長。

First, the portfolio has expanded by 12%, and the pipeline has grown by 11%. This growth is particularly impressive, considering it was achieved during post-pandemic recovery and a challenging financing environment.

首先，投資組合規模擴大了12%，專案儲備規模也成長了11%。考慮到這是在疫情後復甦和充滿挑戰的融資環境下實現的，這一增長尤為令人印象深刻。

Second, since our acquisition, Unlimited Vacation Club memberships have grown by 19%, reaching 140,000 members as of the third quarter.

其次，自我們收購以來，無限假期俱樂部的會員數量增加了 19%，截至第三季已達到 14 萬名會員。

Third, ALG Vacations adjusted EBITDA has increased 10-fold since 2019, as a result of changes in market segmentation and through operating leverage, driven by significant investments we have made in automation and digital tools.

第三，由於市場區隔的變化以及我們在自動化和數位工具方面進行了大量投資，ALG Vacations 調整後的 EBITDA 自 2019 年以來成長了 10 倍。

And while the business has shown impressive growth and record results to date, we see many opportunities to expand at an even faster pace over the coming years.

儘管迄今為止業務已顯示出令人矚目的成長和創紀錄的業績，但我們看到未來幾年仍有許多機會以更快的速度擴張。

Looking forward, we see tremendously strong demand. Booking pace for our ALG luxury all-inclusive resorts in Cancun for the festive period is up 8%, and for the first quarter of 2024, is up 12%.

展望未來，我們看到了極其強勁的需求。我們位於坎昆的ALG豪華全包度假村節日期間的預訂量增加了8%，2024年第一季的預訂量增加了12%。

In the very short term, over the past 2 quarters, we experienced challenging year-over-year comparisons, as expected and as described earlier this year. By way of reminder, this had to do with the post-Omicron compression of demand and bookings over the second and third quarters of 2022. And these year-over-year comparison issues are temporary.

短期來看，過去兩個季度，我們的年比業績表現並不理想，正如預期以及今年稍早的描述。需要提醒的是，這與Omicron事件後2022年第二季和第三季需求和訂單量縮減有關。這些同比問題只是暫時的。

It's important to bear in mind the unusually high demand Cancun experienced in the third quarter of last year compared to this year's return to more regular seasonal patterns.

值得注意的是，坎昆去年第三季經歷了異常高的需求，而今年的需求則恢復到了更正常的季節性模式。

To put the magnitude of last year's unusual demand into context, adjusted EBITDA for the ALG segment in the third quarter of 2022 was nearly equal to that of the first quarter of 2023. This is highly unusual as the first quarter is the peak travel season for the majority of ALG destinations.

為了將去年異常需求的規模放在背景中，2022 年第三季 ALG 部門的調整後 EBITDA 幾乎與 2023 年第一季的 EBITDA 相同。這是非常不尋常的，因為第一季是大多數 ALG 目的地的旅遊旺季。

Despite tempered demand in the overall Cancun market this quarter, net package RevPAR for our ALG properties still increased 1%, compared to last year, an extraordinary result given the post-Omicron effect last year. We also gained substantial market share relative to competitors, a testament to the power of ALG's vertically-integrated platform.

儘管本季度坎昆市場整體需求放緩，ALG旗下酒店的淨套餐RevPAR仍較去年增長1%，考慮到去年Omicron事件的影響，這無疑是一個非凡的成績。與競爭對手相比，我們的市佔率也大幅提升，這充分證明了ALG垂直整合平台的強大實力。

We are very optimistic about the outlook for ALG going forward, based on the forward-looking pace data, and these positive trends are a testament to the strength of our ALG team and the durability of leisure demand. ALG continues to perform significantly ahead of our underwriting expectations and has accelerated our asset-light earnings mix.

根據前瞻性的步速數據，我們對ALG的未來前景非常樂觀，這些積極的趨勢證明了我們ALG團隊的實力以及休閒需求的持久性。 ALG的表現持續遠超我們的核保預期，並加速了我們輕資產獲利組合的提升。

Based on the latest full year 2023 forecast, we expect to end this year with an implied multiple of just over 7.5x our acquisition price. And that is not the end of the story. With the growth in our system and continued expansion of our capabilities, the effect of multiple will continue to decline over the coming years.

根據最新的2023年全年預測，我們預計今年年底的隱含本益比將略高於我們收購價的7.5倍。但這遠非最終結果。隨著我們系統的發展和能力的持續提升，未來幾年本益比的影響將持續下降。

Before I conclude, we have updates on several transactions. In September, we announced the sale of our vacation residential management business called Destination Residential Management, to an affiliate of Lowe. We are thrilled to work for the company that has expertise in this area. And as a part of this transaction, and through our Homes & Hideaways platform, our World of Hyatt members will continue to enjoy the benefits of these properties and these destinations.

最後，我想分享幾筆交易的最新進展。 9月，我們宣布將度假住宅管理業務「目的地住宅管理」(Destination Residential Management)出售給Lowe的一家關聯公司。我們很高興能為這家在該領域擁有專業知識的公司效力。作為交易的一部分，透過我們的Homes & Hideaways平台，凱悅天地會員將繼續享受這些房產和目的地的各項福利。

Turning to asset sales. With respect to the 2 properties we've been updating you on throughout the year, we've made significant progress.

談到資產出售。就我們全年不斷更新的兩處房產而言，我們取得了重大進展。

For the first asset that we previously disclosed as being under a letter of intent, we have now signed a definitive purchase and sale agreement. This transaction is expected to close in the fourth quarter.

對於我們先前揭露的首項已簽署意向書的資產，我們現已簽署最終買賣協議。該交易預計將於第四季完成。

For the second asset that we previously disclosed as being marketed for sale, we now have a signed letter of intent. Assuming this results in the property being sold, the transaction should close in the first half of 2024.

對於我們先前揭露的第二項待售資產，我們目前已簽署意向書。假設該資產最終售出，交易預計將於2024年上半年完成。

The completed sale of these 2 assets would bring our gross proceeds from asset sales, net of acquisitions, to approximately 2/3 of our $2 billion commitment.

這兩項資產出售完成後，我們的資產出售總收益（扣除收購）將達到我們 20 億美元承諾金額的約 2/3。

The activity level has increased around other asset sales. We have a letter of intent signed for one additional asset, with this transaction expected to close in the first half of 2024. While this is a relatively small transaction, the disposition would reduce near-term CapEx spending.

其他資產出售的活躍程度有所提升。我們已就另一項資產簽署意向書，預計交易將於2024年上半年完成。雖然這筆交易規模相對較小，但此次處置將減少短期資本支出。

We have also launched the marketing process for an additional asset, and separately, we are advancing discussions for off-market transactions relating to other properties in our portfolio.

我們也啟動了另一個資產的行銷流程，另外，我們正在就我們投資組合中其他資產的場外交易進行討論。

As a reminder, we have realized $721 million of proceeds from the net disposition of real estate as of the end of the third quarter of 2023. We remain highly confident that we will reach our disposition commitment by the end of 2024, while realizing attractive valuations and securing durable long-term management or franchise agreements.

提醒一下，截至 2023 年第三季末，我們已從房地產淨處置中獲得了 7.21 億美元的收益。我們仍然非常有信心，我們將在 2024 年底之前實現處置承諾，同時實現有吸引力的估值並確保持久的長期管理或特許經營協議。

In closing, I'm very pleased with another quarter of record results and I want to emphasize my confidence in the long-term outlook of our business going forward, underscored by a few important points.

最後，我對本季再創紀錄的業績感到非常高興，我想強調我對我們未來業務長期前景的信心，並強調幾點重要事項。

First, our core management and franchise business is firing on all cylinders, and we feel great about the future. Specifically, demand for travel remains strong, particularly among leisure and group customers, resulting in another quarter of record fees.

首先，我們的核心管理和特許經營業務正全速發展，我們對未來充滿信心。具體來說，旅行需求依然強勁，尤其是休閒和團體客戶，這導致本季的費用再創歷史新高。

Greater China's recovery has been remarkable, and we expect this will be a continued tailwind for our management fees, net rooms growth and pipeline expansion. We're excited about the prospects for ALG's festive and high season, and expect another strong year in 2024 for that business.

大中華區復甦勢頭強勁，我們預計這將繼續幫助我們的管理費收入、淨客房增長和酒店預訂擴張。我們對ALG節慶和旺季的前景充滿期待，並預計2024年該業務將再創佳績。

Second, our owned and leased earnings despite tough year-over-year comparisons are very strong. Comparable margins were 500 basis points higher compared to the third quarter of 2019, and we are confident that as we exit this year, we will be able to continue to deliver margin growth.

其次，儘管年比情況嚴峻，但我們的自有和租賃獲利仍然非常強勁。可比利潤率較2019年第三季高出500個基點，我們有信心，在年底前，我們能夠繼續實現利潤率成長。

Third, we made great progress on asset sales and have strong momentum towards meeting our $2 billion commitment by the end of 2024 at the latest.

第三，我們在資產出售方面取得了巨大進展，並預計最遲在 2024 年底前實現 20 億美元的承諾。

Fourth, our future growth, driven by our record pipeline and new openings is very promising. Even with certain financing challenges primarily in the U.S., our best-in-class brands continue to attract owners for both new build and conversion opportunities underscoring our unique positioning. We remain highly confident in our ability to achieve the long-term growth outlook that we provided at our Investor Day this past May.

第四，在創紀錄的在建項目和新開幕酒店的推動下，我們未來的成長前景十分光明。即使面臨一些融資挑戰（主要在美國），我們一流的品牌仍然吸引業主尋求新建和改建項目，這凸顯了我們獨特的定位。我們仍然對實現今年五月投資者日上提出的長期成長前景充滿信心。

I want to extend my gratitude to the entire Hyatt family. Your unwavering commitment and dedication in executing our strategy has positioned Hyatt as the preferred brand for colleagues, guests, customers and owners. Joan will now provide more details on our operating results.

我要向整個凱悅大家庭致以誠摯的謝意。你們在執行我們策略過程中所展現出的堅定承諾和奉獻精神，使凱悅成為同事、賓客、客戶和業主的首選品牌。瓊現在將詳細介紹我們的營運表現。

Joan, over to you.

瓊，交給你了。

Thank you, Mark. For the third quarter, Hyatt reported net income of $68 million and diluted earnings per share of $0.63. Adjusted EBITDA was $247 million, and net deferrals plus net finance contracts totaled $35 million. Excluding the impact of real estate transactions, a significant termination fee in last year's third quarter, and ALG Vacation travel credits, earnings were up 2% this quarter.

謝謝你，馬克。凱悅第三季淨利為6,800萬美元，每股攤薄收益為0.63美元。調整後息稅折舊攤提前利潤（EBITDA）為2.47億美元，淨遞延款項加上淨融資合約總額為3,500萬美元。剔除房地產交易、去年第三季一筆巨額終止合約費以及ALG Vacation旅行積分的影響，本季收益增加了2%。

Adjusted EBITDA and net deferrals fell short of internal expectations, in part due to increased costs in our owned and leased portfolio, and our Unlimited Vacation Club operations, which I'll review in a minute.

調整後的 EBITDA 和淨遞延未達到內部預期，部分原因是我們自有和租賃投資組合以及無限度假俱樂部營運的成本增加，我將在稍後進行回顧。

We achieved a historic milestone of $250 million in total management, franchise, license and other fees, a record-breaking quarter. This reflects almost 70% growth from the third quarter of 2019. Properties added to our system over the past 6 years, from our pipeline, conversions and M&A, contributed 38% of this quarter's fees.

本季度，我們的管理、特許經營、許可及其他費用總額創下歷史新高，達到2.5億美元。較2019年第三季成長近70%。過去六年，透過專案儲備、專案轉換和併購等方式新增的物業，貢獻了本季費用總額的38%。

As a result of our expanded fee revenue, our asset-light earnings mix was approximately 80% for the quarter, fueled by exceedingly strong fee growth and industry-leading net rooms growth.

由於我們的費用收入增加，本季我們的輕資產盈利組合約為 80%，這得益於極其強勁的費用增長和行業領先的淨客房增長。

Our legacy Hyatt results had strong growth in the quarter with adjusted EBITDA of $197 million. When adjusted for currency, the net impact of real estate transactions and a significant termination fee last year, results were up 22%.

本季，我們原有的凱悅酒店業績強勁成長，調整後息稅折舊攤提前利潤 (EBITDA) 達 1.97 億美元。扣除匯率因素、房地產交易的淨影響以及去年高額的終止費影響後，業績成長了 22%。

Our management and franchising businesses have benefited from our larger system size and robust RevPAR expansion, fueled by strong rates and meaningful occupancy growth.

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強勁的 RevPAR 擴張，這得益於強勁的房價和有意義的入住率增長。

Compared to the third quarter of 2019, base fees were up nearly 30%. Franchise fees increased by 67%, and the number of hotels earning incentive fees this quarter increased by 23%. This notable growth across all fee revenue streams reinforces the breadth and depth of our successful growth strategy, and the global strength of our brands.

與2019年第三季相比，基本費用上漲了近30%。特許經營費用增加了67%，本季獲得獎勵費用的飯店數量增加了23%。所有費用收入來源的顯著成長鞏固了我們成功成長策略的廣度和深度，並增強了我們品牌的全球實力。

Our legacy managed and franchise businesses produced an impressive 45% increase in fees compared to 2019, underscoring the strength and recovery of travel demand.

與 2019 年相比，我們傳統的管理和特許經營業務的費用增長了 45%，凸顯了旅遊需求的強勁和復甦。

The Asia Pacific region produced impressive growth this quarter, contributing $42 million in fees, up 40% year-over-year. Greater China led the recovery with RevPAR up 56% compared to last year, and up 20% compared to 2019.

本季亞太地區業績顯著成長，貢獻了4,200萬美元的費用收入，較去年同期成長40%。大中華區引領復甦，每間可用客房收入（RevPAR）較去年同期成長56%，較2019年成長20%。

The positive momentum we are witnessing in this region fortifies our confidence that Greater China will continue to serve as a strong tailwind into next year.

我們在該地區看到的積極勢頭增強了我們的信心，大中華區將繼續成為明年強勁的順風。

Meanwhile, the Americas region contributed solid fee growth, up 7%, specifically in the United States, RevPAR demonstrated resilience, increasing 3% in the quarter.

同時，美洲地區貢獻了穩健的費用成長，成長了 7%，特別是在美國，RevPAR 表現出韌性，本季成長了 3%。

And finally, the EAME region had fee growth of 16% compared to last year, excluding a significant termination fee from a pipeline hotel in the third quarter of 2022. Europe continued its strong momentum, with RevPAR up 5%.

最後，EAME 地區的費用與去年相比增加了 16%，這還不包括 2022 年第三季一家在建飯店的巨額終止費用。歐洲繼續保持強勁勢頭，RevPAR 成長了 5%。

Moving to our owned and leased segments. When adjusted for the net impact of transactions, adjusted EBITDA for the third quarter increased approximately 6% from the third quarter of 2022, and increased 42% from the third quarter of 2019. Recovery of group, combined with sustained leisure demand, resulted in RevPAR growth of 6%.

轉向我們的自有及租賃業務。經交易淨影響調整後，第三季調整後EBITDA較2022年第三季成長約6%，較2019年第三季成長42%。集團業績復甦，加上持續的休閒需求，帶動每間可用客房收入（RevPAR）成長6%。

While we anticipated more challenging year-over-year comparisons in the third quarter, labor costs were higher than expected. However, we believe we continue to manage costs exceptionally well. And to put this in perspective, our owned and leased forecast for 2023 estimates hotel expenses to increase 1.2% compounded annually, compared to full year 2019 actuals, which is impressive given core inflation has grown more than 4% over that same time period.

雖然我們預計第三季的年比數據更具挑戰性，但勞動成本高於預期。不過，我們相信我們仍然能夠出色地控製成本。為了更好地理解這一點，我們對2023年自有和租賃酒店的預測顯示，與2019年全年實際數據相比，酒店支出的年複合增長率將達到1.2%。考慮到同期核心通膨率已超過4%，這一增長令人印象深刻。

The excellent cost controls are evident when looking at our third quarter comparable owned and leased margins, which increased 500 basis points compared to 2019. We expect margins will continue to remain at the higher end of our previously disclosed range of 100 to 300 basis points above 2019 levels.

從我們第三季的可比較自有和租賃利潤率來看，其出色的成本控制顯而易見，與 2019 年相比增加了 500 個基點。我們預計利潤率將繼續保持在我們先前揭露的較高水平，即比 2019 年水準高出 100 至 300 個基點。

Turning to ALG. Adjusted EBITDA was $50 million, and net deferrals plus net finance contracts totaled $35 million. Total fees for ALG were up 2%, excluding the impact from the Mexican peso on incentive fees. UVC membership contracts increased 2.4%, bringing the total membership base to 140,000.

再來看看ALG。調整後息稅折舊攤提前利潤（EBITDA）為5000萬美元，淨遞延費用加上淨融資合約總額為3500萬美元。 ALG的總費用上漲了2%，不包括墨西哥比索對激勵費用的影響。 UVC會員合約成長了2.4%，使會員總數達到14萬人。

Meanwhile, ALG Vacations realized an operating margin of approximately 18%, consistent with the full year stabilized margin expectations we previously shared.

同時，ALG Vacations 實現了約 18% 的營業利潤率，與我們先前分享的全年穩定利潤率預期一致。

I'd also like to provide insights into net deferrals activity related to the Unlimited Vacation Club. UVC realized certain incremental costs in 2 areas. One area relates to member acquisition costs, which were higher due to lower demand levels into Cancun in the quarter. A second area relates to member benefit expenses, including higher rates paid to hotels for free nights redeemed. These benefit increases demonstrate continued strong engagement of UVC members, as well as a benefit to our owners, who rely on member room nights to drive more profit for their hotels, leading to incremental incentive fees for Hyatt.

我還想就與無限度假俱樂部 (UVC) 相關的淨遞延活動提供一些見解。 UVC 在兩個方面實現了一定的增量成本。一個方面與會員獲取成本有關，由於本季度坎昆的需求水平較低，該成本有所上升。另一個方面與會員福利支出有關，包括為兌換免費住宿而支付給酒店的更高費用。這些福利的增加表明 UVC 會員的參與度持續強勁，同時也為我們的業主帶來了好處，他們依靠會員間夜來為其酒店帶來更多利潤，從而為凱悅帶來了增量獎勵費用。

I'd now like to provide an update on our strong cash and liquidity position. As of September 30, 2023, our total liquidity of approximately $2.2 billion included $727 million of cash, cash equivalents and short-term investments, and approximately $1.5 billion in borrowing capacity on our revolving credit facility. At the end of the quarter, we reported approximately $3.06 billion of debt outstanding.

現在，我想介紹一下我們強勁的現金和流動性狀況。截至2023年9月30日，我們的總流動性約為22億美元，其中包括7.27億美元的現金、現金等價物和短期投資，以及約15億美元的循環信貸額度。截至本季末，我們報告的未償債務約為30.6億美元。

During the first 10 months of the year, we repurchased approximately $408 million of Class A common shares, and have returned approximately $440 million to shareholders, inclusive of dividends. As of October 31, we have approximately $1.2 billion remaining under our share repurchase authorization. We remain committed to our investment-grade profile and our balance sheet is strong.

今年前10個月，我們回購了約4.08億美元的A類普通股，並已向股東返還約4.4億美元（含股息）。截至10月31日，我們剩餘的股票回購授權金額約為12億美元。我們依然致力於維持投資等級評級，資產負債表強勁。

I'd now like to share some additional insights into our full year 2023 outlook. We are updating our full year 2023 system-wide RevPAR growth expectations to a range of 15% to 16% compared to 2022, with the midpoint improving due to the continued recovery in Asia Pacific and improving group and business transient demand. We are reaffirming our net rooms growth of approximately 6% for the full year of 2023. We remain confident in our growth due to the strength of our record pipeline, and our ability to execute conversion opportunities.

現在，我想就我們2023年全年的展望分享一些額外的見解。我們將2023年全年全系統RevPAR成長預期上調至15%至16%（與2022年相比），由於亞太地區持續復甦以及團體和商務短期需求的改善，中位數有所提升。我們重申2023年全年淨客房成長率約為6%。鑑於我們擁有創紀錄的強勁成長潛力以及我們把握轉型機會的能力，我們對成長仍然充滿信心。

We are updating our guidance for net income to approximately $210 million, and adjusted EBITDA and net deferrals plus net finance contracts, to a range of $1.175 billion to $1.195 billion. The midpoint of the range of $1.185 billion implies over 15% growth compared to the full year of 2022.

我們將淨利潤預期上調至約 2.1 億美元，並將調整後息稅折舊攤銷前利潤 (EBITDA)、淨遞延款項及淨融資合約預期上調至 11.75 億美元至 11.95 億美元之間。該預期中位數為 11.85 億美元，與 2022 年全年相比成長 15% 以上。

This update to our midpoint reflects the estimated impact of the following items on the second half of 2023, which we've all covered in our comments this morning; higher costs within our owned and leased portfolio, incremental expenses for UVC, lower-than-expected levels of demand into Cancun, a temporary market dynamic as pace is picking up into the high season, and the impact of the Mexican peso on ALG.

這次對中點的更新反映了以下項目對 2023 年下半年的預期影響，我們在今天上午的評論中已經討論過這些影響；我們自有和租賃投資組合的成本上升、UVC 的增量費用、坎昆的需求水平低於預期、隨著旺季的到來而出現的暫時性市場動態，以及墨西哥比索對 ALG 的影響。

We are reaffirming free cash flow of approximately $550 million for full year 2023, showing meaningful expected growth compared to 2022. We are lowering our adjusted SG&A to be in the approximate range of $480 million to $490 million in 2023, inclusive of approximately $20 million of onetime integration expenses, associated with carryover projects from 2022 for ALG and the acquisition of Dream Hotel Group and Mr & Mrs Smith.

我們重申 2023 年全年自由現金流約為 5.5 億美元，與 2022 年相比，預期將實現有意義的成長。我們將 2023 年調整後的銷售、一般及行政費用 (SG&A) 降低至約 4.8 億美元至 4.9 億美元，其中包括約 2000 萬美元的一次性整合費用，與 ALG 2022 年的結轉項目以及對 Dream Hotel Group 和 Mr & Mrs Smith 的收購有關。

We are also lowering our expected capital expenditures to be approximately $190 million, including investments in ALG and the transformative investment in the Hyatt Regency Irvine renovation. We're pleased that the Hyatt Regency Irvine reopened in the third quarter earlier than expected and on budget, and with a full grand opening expected in the first quarter of 2024.

我們也將預期資本支出下調至約1.9億美元，其中包括對ALG的投資以及對爾灣凱悅酒店翻新改造的投資。我們很高興爾灣凱悅酒店在第三季提前重新開業，且符合預算，預計將於2024年第一季全面開業。

Finally, our full year outlook for capital returns to shareholders remains the same at approximately $500 million, inclusive of share repurchases and dividends.

最後，我們對股東全年資本回報的預期保持不變，約 5 億美元，其中包括股票回購和股息。

I will conclude my prepared remarks by saying we are very pleased with our third quarter results, which we believe demonstrate our unique positioning and differentiated model. Our recent inclusion in the S&P MidCap 400 Index is a clear indication of the continued successful execution of our transformation and its recognition in the market.

最後，我想說的是，我們對第三季的業績非常滿意，我們相信這反映了我們獨特的定位和差異模式。我們最近被納入標普中型股400指數，這清楚地表明了我們轉型的持續成功實施以及市場對我們的認可。

We delivered strong RevPAR growth and drove a record level of fees, expanded our development pipeline and delivered outsized net rooms growth. We're proud of the execution of our long-term strategy that has enabled us to accelerate our asset-light earnings mix to 80%, unlock value through the sale of our real estate and return capital to shareholders.

我們實現了強勁的每間可用客房收入 (RevPAR) 成長，費用收入創歷史新高，拓展了酒店開發項目，並實現了超乎尋常的淨客房增長。我們為長期策略的實施感到自豪，該策略使我們能夠將輕資產獲利結構提升至 80%，並透過出售房地產釋放價值，並向股東返還資本。

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

謝謝。好了，接下來請我們的接線生進行問答。

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

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

Mark, given all the headlines in various real estate concerns in China and possible economic slowdown. Can you give us your latest views and thoughts on hotel developments for China for you?

馬克，鑑於目前關於中國房地產市場的各種擔憂以及可能的經濟放緩的報道，您能否分享一下您對中國酒店業發展的最新看法和想法？

Sure. Thank you, Patrick. Look, demand in China is extremely strong. And international travel is steadily recovering. I think the first quarter was down 60% to 2019. Second quarter was down 40%. Third quarter was down something like 19% or 15%, something like that, mid to high teens. So we are seeing a steady increase in international inbound, which is really encouraging. A little surprising to me actually because air cover and air schedules are still well below where they were before.

當然。謝謝你，派崔克。你看，中國的需求非常強勁。國際旅行正穩步復甦。我認為第一季比2019年下降了60%。第二季下降了40%。第三季下降了19%或15%左右，大概是15%到19%左右。所以我們看到國際入境人數穩定成長，這真的令人鼓舞。實際上，我有點驚訝，因為航空覆蓋率和航班時刻表仍然遠低於以前。

But -- and the relevance of that is, that the inbound international travelers are spending more. So there's a lot of demand. Performance in the hotels is really good. We're seeing a very strong continuous pipeline growth, but also new openings for UrCove, our upper mid-scale brand, and also other projects being completed and under construction. So I feel really good about the short term.

但是——關鍵在於，入境國際旅客的消費正在增加。因此需求很大。酒店業績非常好。我們看到酒店項目持續強勁成長，我們的中高端品牌UrCove也有新開業，其他項目也正在竣工和在建。所以我對短期前景非常樂觀。

Now there is a dichotomy between more private sector developers and those that have state-owned enterprises, either backing them or controlling them, there's a big dichotomy there because those who are private and depend on the debt markets are having a very tough time. The debt contraction, the availability contraction is still with us, and will remain with us for some time. It's going to take the Chinese government a while to work through the bad bank issue that they've got, with Country Garden and Evergrande.

現在，私人開發商和那些由國有企業（無論是支持還是控制）支持的開發商之間存在著巨大的差異，因為那些依賴債務市場的私人開發商處境非常艱難。債務緊縮和房源供應的萎縮仍然存在，而且還會持續一段時間。中國政府需要一段時間來解決碧桂園和恆大等公司面臨的壞帳銀行問題。

But in the foreseeable future, I'm actually optimistic that we're going to be able to maintain both net rooms growth, but also pipeline growth.

但在可預見的未來，我實際上樂觀地認為，我們將能夠保持淨客房成長和管道成長。

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史蒂芬‧格蘭布林。

You gave a lot of puts and takes to the 2024 kind of outlook here. But I think one of the big concerns is just how quickly it seems like some things changed around UVC and to a degree, other parts of the business.

您在這裡對2024年的前景給了許多預測。但我認為最大的擔憂之一是UVC以及某種程度上其他業務領域的情況變化太快了。

I'm just wondering if you could, one, talk to how to think about UVC specifically into the next year? Any puts and takes there? And then just more broadly, maybe trying to help level set where you think EBITDA and free cash flow should be growing next year relative to the longer-term outlook you provided?

我想知道，首先，您能否具體談談您如何看待明年的 UVC？有什麼預期和預期嗎？然後，更廣泛地說，您是否能根據您提供的長期前景，確定明年 EBITDA 和自由現金流應該會成長到什麼水平？

Sure, Stephen. I'll start. Some of those as you say, puts and takes that we provided relative to 2023, and as they relate to the ALG business are -- we believe, are temporary. The tempering that we've seen into Cancun had some impact on the ALGV business, as well as UVC, and we believe that's temporary based on what we're seeing -- forward-looking into festive period and into the first quarter of next year.

當然，史蒂芬。我先說。正如你所說，我們提供的與2023年相關的一些利弊，以及與ALG業務相關的利弊，我們認為都是暫時的。坎昆會議的緩和對ALGV​​業務以及UVC業務產生了一些影響，根據我們對節日期間和明年第一季的展望，我們認為這只是暫時的。

And as far as UVC is concerned, we have -- I related in my prepared remarks, some of the increased costs that we were experiencing. Some of those costs are related to the tempered demand in Cancun, which again, we believe is temporary and will pick up. And the member benefit expenses, these are actually, as I noted, a really great sign because as members use their benefits, and they're using them at higher rates because we're generating higher rates, those are a bit more incremental costs that the club is paying to owners, and owners are seeing more profit and Hyatt is seeing more fees as a result of that.

就UVC而言，我在準備好的發言中提到了我們面臨的一些成本增加。其中一些成本與坎昆會議期間的需求放緩有關，我們認為這只是暫時的，未來將逐漸回升。至於會員福利支出，正如我之前提到的，這實際上是一個非常好的信號，因為隨著會員使用他們的福利，而且由於我們創造了更高的費率，他們的使用率也會更高，這些是俱樂部支付給業主的增量成本，業主因此獲得了更多利潤，凱悅也因此獲得了更多費用。

But what I would say is that we have the ability and the flexibility to adjust our pricing, and so, as we consider what those benefits cost and the rates that some of those need to be paid at because of current strength and demand into our hotels, that allows us to be able to adjust pricing. So as we look forward, we see these items as temporary and have a lot of confidence into next year.

但我想說的是，我們有能力和彈性來調整價格。因此，當我們考慮到這些福利的成本，以及由於當前酒店業的強勁需求而需要支付的部分費用時，我們能夠調整價格。因此，展望未來，我們認為這些項目只是暫時的，並且對明年充滿信心。

One thing I would mention, too, is if you look at the overall ALG performance last year, we generated EBITDA plus net deferrals plus net finance contracts of $388 million, and that included a $27 million adjustment for travel credits, which we've gone through before that was primarily in the fourth quarter of last year and a little bit in the third quarter, a little bit of a headwind in the third quarter.

我還想提的一件事是，如果你看一下去年 ALG 的整體表現，我們產生的 EBITDA 加上淨遞延加上淨融資合約為 3.88 億美元，其中包括 2700 萬美元的旅行積分調整，我們之前經歷過這種情況，主要是在去年第四季度，第三季度也有一點，第三季度有點逆風。

As we -- what our guidance suggests for 2023, that if you exclude those travel credits, we expect the ALG business to be flat to last year overall, which is just a great outcome considering the very strong demand that we saw in 2022, and the health of the business remains strong. As Mark mentioned, the multiple that we expect to achieve this year is 7.5x and that is reflective of the flat to last year, excluding the credits that I just reviewed.

正如我們對2023年的指引所示，如果不包括這些旅行積分，我們預計ALG業務整體將與去年持平。考慮到我們在2022年看到的非常強勁的需求，這是一個很好的結果，而且業務的健康狀況仍然強勁。正如馬克所提到的，我們預計今年的乘數是7.5倍，這反映了與去年持平的業績（不包括我剛才審查的積分）。

Yes. The only other thing I would add, Stephen, is that the departures basis business for ALGV, which is a much broader, our vacations business, a much broader set of hotels covered and so forth, was off -- was actually up 20% in -- close to 20% in the first quarter, down 1% in the second quarter, down 10% in the third quarter, not unexpected, exactly what we expected to see.

是的。史蒂芬，我唯一想補充的是，ALGV的出發地基礎業務（也就是我們度假業務，涵蓋範圍更廣，酒店種類更豐富等等）出現了下滑——第一季度實際增長了近20%，第二季度下降了1%，第三季度下降了10%。這並不意外，完全符合我們的預期。

Now, what we didn't know and didn't really appreciate that a disproportionate number of those departures that were affected are for 4-star hotels, not 5-star hotels. And that's -- so that actually explains why our ALG, our HIC, Hyatt Inclusive Collection hotels have gained significant market share, because we've been able to maintain and grow our overall results. ALGVs departures have been off more -- dominated more by 4-star weakness, year-over-year, than 5-star.

現在，我們不知道，也沒有真正意識到，受影響的離店客人中，有相當一部分是四星級酒店，而不是五星級酒店。這實際上解釋了為什麼我們的ALG、HIC、凱悅全包系列酒店獲得了顯著的市場份額，因為我們能夠維持並提高整體業績。 ALGV的離店客人數比下降幅度更大——其中四星級酒店的疲軟比五星級酒店的下降更為明顯。

And I just want to reiterate what Joan said between -- everyone was speculating that last year was a blow off period and an all-time peak high for leisure travel, especially into Caribbean and Mexico and so forth. Just not true. To be flat year-over-year is phenomenal, with some of the rotation out of Cancun and with a huge FX headwind, it's quite remarkable actually.

我只想重申瓊之前說過的話——大家都在猜測去年是休閒旅遊的低谷期，同時也是歷史最高點，尤其是加勒比海地區和墨西哥等地。但事實並非如此。同比持平已經很驚人了，考慮到坎昆會議的部分輪換，以及外匯市場的巨大逆風，這其實相當了不起。

And I think that with travel patterns more normalizing and I think that our first quarter pace demonstrates that they are -- that Cancun remains a very attractive destination, we're going to -- our expectation is we're going to continue to grow from here and remain very, very strong. So I think we have a lot to point to that's fact-based, that really gives us tremendous confidence heading into next year.

我認為，隨著旅行模式逐漸正常化，而且我們第一季的成長速度也表明了這一點——坎昆仍然是一個非常有吸引力的目的地，我們預計，我們將繼續保持成長，並保持非常非常強勁的勢頭。所以，我認為我們有很多基於事實的證據，這確實給了我們極大的信心，讓我們能夠迎接明年。

That's helpful. And if I could sneak one more in. You did call out some higher expenses, I think, in the Americas segment. It look like the allocated expense there jumped up a little bit. Is there anything that you can provide, in terms of quantifying what happened there, and how we should think about flow through in some of the C segments going forward?

這很有幫助。如果我可以再補充一點的話。您確實提到了美洲業務的一些費用增加。看起來那裡的分攤費用略有上升。您能否提供一些信息，例如量化美洲業務發生的情況，以及我們應該如何考慮未來C業務的分攤費用？

Stephen, about half of those were onetime and timing related. So that's not an ongoing expense base. We also had some incremental resources for Dream Hotel Group acquisition that are embedded within the Americas.

史蒂芬，其中大約一半是一次性的，與時間有關。所以這不是持續性支出。我們也為收購Dream Hotel Group投入了一些增量資源，這些資源都集中在美洲地區。

Our next question comes from Joe Greff from JPMorgan.

下一個問題來自摩根大通的喬·格雷夫。

Just maybe a quick clarification or maybe you can expand on your comments on ALG. Obviously, Mark, your comments about ending this year with a purchase price multiple of a little bit more than 7.5 implies, $350 million to $360 million of adjusted economic EBITDA. When you look at that run rate this year, do you think that is a relatively normalized level? Or do you think the first half of this year that's embedded in that $350 million to $360 million range includes some, I don't know, things that might be onetime, or the benefits of really robust growth? Or do you think the $350 million to $360 million had to be cut down to think of a normalized year from which you can grow over the next 2 to 3 years?

也許只是簡單澄清一下，或者您可以詳細談談您對 ALG 的評論。馬克，您提到今年年底收購價格倍數略高於 7.5 倍，這意味著調整後的經濟 EBITDA 為 3.5 億到 3.6 億美元。您看今年的運行率，您認為這是一個相對正常的水平嗎？或者，您認為今年上半年 3.5 億到 3.6 億美元的收入包含一些（我不知道）一次性因素，或者是真正強勁增長帶來的收益？或者，您認為為了在未來 2 到 3 年內實現成長，需要將 3.5 億到 3.6 億美元的收入削減，才能形成一個正常的年度？

I think of it as a great baseline from which we can grow. And there are a couple of reasons. One, yes, it's possible that the first quarter "blow off period," if you will, huge increase year-over-year was more to do with the 2022 volumes than it had to do with massively outsized 2023 volumes. By the way, our pace of plus 12 into Cancun is just absolutely proof positive that that's true.

我認為這是我們實現成長的絕佳基點。原因有幾個。首先，是的，第一季的「爆發期」（如果你願意這麼說的話）年比大幅成長，可能更多是因為2022年的客流量，而不是2023年的超大客流量。順便說一句，我們坎昆航空展的客流量增加了12%，這絕對證明了這一點。

Second, we have already experienced tremendous headwinds of the rotation away from Cancun, which really took hold in the second half of the year. And that's going to be, I think that's going to be returning and adjusting back to a more normalized sort of total demand level and departures into the Cancun market.

其次，我們已經經歷了坎昆航程中航權轉移的巨大阻力，這種阻力在下半年尤其明顯。我認為，這種情況將會逐漸恢復，並調整到更正常的整體需求水平，以及前往坎昆市場的航程。

By the way, my confidence in that is buttressed by a further increase in airline schedules, which we just learned about 2 days ago, into Cancun. We were already up, I think, in the mid-teens and they pushed it further. So they're more scheduled carrier flights into Cancun into the first quarter of next year than we previously expected. That's proved positive, because their airlines get to move their aircraft around wherever there's demand. So that tells you something about the demand level.

順便說一句，我對此的信心得到了進一步增強，這得益於我們兩天前剛剛獲悉的飛往坎昆的航班時刻表的增加。我認為，我們之前的航班數量已經增加了十幾倍，而他們又進一步增加了。因此，到明年第一季度，飛往坎昆的定期航班數量將超出我們先前的預期。這證明是積極的，因為他們的航空公司可以根據需求調配飛機。這在一定程度上反映了需求水準。

Third, 2023 is the massive ramp year for Europe. We struggled in 2022 to catch up to what turned out to be a very compressed level of demand. Our results in 2023 are fantastic. I think our third quarter was up 20% in RevPAR over -- year-over-year in Europe. Our 5-star properties, which were really lagging badly in '22 have really caught on, and we are seeing continuous demand.

第三，2023年是歐洲業務的快速成長年。 2022年，我們努力追趕需求，但需求卻非常低迷。 2023年的業績非常出色。我認為我們第三季在歐洲的每間可用客房收入年增了20%。我們的五星級飯店在2022年表現非常糟糕，但現在卻真正迎來了成長，我們看到了持續的需求。

Now yes, Europe is much smaller as an earnings contributor but we're just getting started here. We're nowhere near run rate in Europe for our 5-star properties, our 4-star properties have held up very well, and we're expanding in Europe.

是的，歐洲市場對獲利的貢獻確實小得多，但我們才剛起步。我們在歐洲的五星級飯店營運率還遠未達到預期，而四星級飯店的表現卻非常出色，而且我們正在歐洲擴張。

So I think that when you put all those things together, our confidence is extremely high because we've got facts, data and pace, not to mention a trend line with respect to Europe, that all point in one direction. So I think you can rest assured that this level of earnings is baseline from which we intend to grow next year and the year after.

所以我認為，把所有這些因素綜合起來，我們的信心就會非常高漲，因為我們掌握的事實、數據和發展速度，更不用說歐洲的趨勢線，都指向同一個方向。所以，我認為大家可以放心，這個獲利水準是我們計劃明年和後年實現成長的基準。

Our next question comes from Chad Beynon from Macquarie.

我們的下一個問題來自麥格理的 Chad Beynon。

Wanted to zone in on the luxury portfolio. It looks like a lot of the RevPAR growth in the quarter continues to come from occupancy. ADRs, it looks like it's becoming a little bit harder to push higher, maybe save kind of what you did at Park Hyatt.

我想專注於豪華酒店組合。本季RevPAR的成長似乎很大程度上仍來自入住率。平均每日房價(ADR)似乎越來越難提高，或許可以像柏悅酒店一樣，節省開支。

But I just wanted to ask about some elasticity on pricing, in the mature markets, maybe absent China, if you're starting to see some pushback? Or do you still have the ability to raise pricing given the wealth effect and how strong that leisure traveler is towards your luxury properties?

但我只是想問一下，在成熟市場（可能不包括中國市場）中，如果你們開始看到一些阻力，你們的定價是否會有一定的彈性？或者，考慮到財富效應以及休閒旅客對你們豪華酒店的強烈需求，你們是否仍然有能力提高價格？

Thank you, Chad. I would say we do feel very good about the pricing capacity that we have and that remains. I think that when we think about the progression, Asia has had a disproportionate effect on our reported results for -- when you look at it by brand, leisure demand remains very high.

謝謝查德。我想說的是，我們對現有的和持續的定價能力感到非常滿意。我認為，考慮到這一進展，亞洲市場對我們的業績產生了不成比例的影響——從品牌來看，休閒需求仍然很高。

So I think what we're going to see is a tailwind from increased international travel into China. We're going to see continued leisure demand. I know the -- I think rumors of the decline of leisure have been greatly exaggerated, and we are seeing strength across the board. And we are also -- we have a sharper focus on how we go to market for our luxury hotels. And we're seeing through our consortia partners, a lot of high-end travel advisers, some very encouraging signs with respect to level of travel next year, which implies demand, which implies pricing power.

所以我認為，我們將看到中國國際旅遊成長帶來的順風效應。我們將看到持續的休閒旅遊需求。我知道——我認為關於休閒旅遊衰落的傳言被大大誇大了，而我們看到的是全方位的強勁增長。我們也更重視如何開拓豪華飯店的市場。我們從聯盟合作夥伴和許多高端旅遊顧問那裡看到了一些關於明年旅遊水平的非常令人鼓舞的跡象，這意味著需求，也意味著定價權。

So we feel very good about it. Luxury ADR right now is running at about 25%, 26% above 2019 levels. And so that is quite strong. And I think it's not only going to be maintained but will improve. And of that, it's plus 30% in the Americas. So I think what we're going to start to see is that -- the -- enhanced over 2019. So I think what we're going to start to see is an enhancement of those ADR comparisons to 2019 as we go into '24.

所以我們對此感到非常滿意。目前，豪華飯店的ADR比2019年的水準高出約25%到26%。這相當強勁。我認為它不僅會保持下去，還會有所提升。其中，美洲地區的ADR成長了30%。所以我認為，我們將開始看到，ADR比2019年有所提升。因此，我認為，隨著2024年的到來，我們將開始看到ADR與2019年相比有所提升。

Okay. Great. In terms of group, you said it's pacing 8%, up 8% for '24. What percentage of '24 is kind of on the books right now? And then just in terms of the mix between group, BT and leisure, should this look drastically different in '24 versus '23? Or should it be similar?

好的。太好了。就團體而言，您說它的步調是8%，比2024年上漲了8%。那麼，2024年目前有多少比例已經完成？然後，就團體、BT和休閒娛樂的混合而言，2024年和2023年應該會大不相同嗎？還是應該差不多？

So on the first question, I think we've got a bit over 70% of the business booked into next year, so -- which is about where we would typically be at this time.

關於第一個問題，我認為我們已經有超過 70% 的業務預訂到了明年，這大約是我們目前通常的狀況。

Notably, the bookings -- what's on the books right now is reflecting equal measures of improvement of growth in corporate. Actually, corporate is the highest, then association, then regional and specialty groups, but they're all strong and it's balanced. So we're not sort of riding a single customer base to have confidence in our group pacing into next year. It's quite well spread. Associations, as we've been predicting, are building in date ranges and stay patterns that guarantee them what they need, that's compressing inventory.

值得注意的是，目前的預訂量反映了企業集團的成長速度均有提升。實際上，企業集團的預訂量最高，其次是協會集團，然後是區域集團和專業集團，但它們的勢頭都很強勁，而且比較均衡。因此，我們不會依賴單一的客戶群來對集團明年的業績保持信心。本集團的客戶分佈相當廣泛。正如我們預測的那樣，協會集團正在建立預訂日期範圍和入住模式，以確保他們的需求，這正在壓縮庫存。

At the same time, the -- what we've got looking forward with respect to business transient and group is a continued blurring of the line between what means group and what means business transient. Some of the use cases have continued to move from what we used to call business transient into what we would call group, which is 10 or more rooms in a room block.

同時，我們對商務臨時房和團體房的期待是，團體房和商務臨時房之間的界線會越來越模糊。一些用例已經從我們過去所說的商務臨時房轉變為我們所說的團體房，即一個房間區塊中有10個或更多房間。

So I would say the fact that we are now recovered on the business transient side by 90%. I think we just built from here but also continue -- my own take is that group will continue to lead this from a corporate travel perspective.

所以我想說的是，我們現在的商務旅客流量已經恢復了90%。我認為我們只是在此基礎上有所進步，但還會繼續發展——我個人認為，集團將繼續從商務旅行的角度引領這一趨勢。

I think, I've been saying this for a long time, but if I look at the total commercial base, commercial base of customers, that's whether you want to call it business transient or group in corporate, that total demand level is going to be higher and grow over time from 2019 levels. And I think all of the data that we've seen year-to-date prove that to be true.

我想，我已經說了很久了，但如果我看一下整個商業客戶群，商業客戶群，無論你稱之為商務旅客還是企業團體，總體需求水平將會更高，並且會從2019年的水平開始持續增長。我認為我們今年迄今為止看到的所有數據都證明了這一點。

Yes. The only thing I would add to that is, Mark mentioned the strong, really strong production we saw in Q3, which was over an excellent Q2. And as we look out beyond these bookings, out beyond 2024, are in the over 7% range, pace range. And a lot of that, about half of that is driven by rate. So we're still yielding really strong rates on the group side and really strong demand even further out. So as the windows look further out, we have even more enhanced ability to yield rates on that group, and then also the more near-term business as we get into future quarters. So it's all really, really great sign for group business into the future.

是的。我唯一想補充的是，馬克提到了我們第三季的強勁生產，這超過了我們第二季的出色表現。展望未來，展望2024年以後，訂單量的成長速度將超過7%。其中很大一部分，大約一半是由利率驅動的。因此，我們仍然在集團層級保持著非常強勁的利率，未來的需求也依然強勁。因此，展望未來，我們在該集團層級以及未來幾季的短期業務中，擁有更強的利率收益率。所以，這對集團未來的業務發展來說是一個非常非常好的跡象。

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 just wanted to ask a couple of questions about the property disposals. Given you signed the purchase and sale agreement, are you in a position to tell us any more about what that property is, maybe what the multiple might be? And you haven't changed the capital return guidance. Could it happen early enough this quarter to increase the capital return guidance?

我只是想問幾個關於房產處置的問題。鑑於您簽署了買賣協議，您能否告訴我們更多關於該房產的信息，例如估值倍數是多少？而且您還沒有調整資本回報指引。您能否在本季稍早調整，以便提高資本回報指引？

And then if I can think about a follow-up, I just want to -- how are you thinking about future disposals? You've said you're confident in this program. Will you announce further tranches at some point? Or will it move to more of an ad hoc disposal program beyond this 2 million tranche?

然後，如果我可以考慮後續問題，我只想問—您如何考慮未來的處置？您說過您對這個計劃很有信心。您會在某個時候宣布進一步的處置嗎？還是說，除了這200萬股之外，它會轉向更臨時的處置計畫？

Thank you, Richard. We're not going to really go into the details of individual property transactions until we've closed. That's our practice. And -- that is by virtue of the fact that, to quote a famous Yankee, Yogi Berra, "It ain't over till it's over."

謝謝你，理查。在交易完成之前，我們不會深入探討特定房產交易的細節。這是我們的慣例。而且——這是因為，用著名洋基人尤吉·貝拉的話來說，“不到最後，一切都不算結束。”

So but we have high confidence given that we have a definitive purchase and sale agreement signed with a very known and credible counterparty. And we also have the LOI for the other asset, again, with a very known and capable counterparty with whom we've done many deals in the past. So we have, by virtue of the sort of qualitative aspects of who we're dealing with and how the deal processes have gone. We feel really good about those.

所以，我們非常有信心，因為我們與一個非常知名且可靠的交易對手簽署了最終的買賣協議。此外，我們也與一家非常知名且能力強的交易對手簽署了另一項資產的意向書 (LOI)，我們過去曾與其進行過多次交易。因此，憑藉我們與交易對手的定性分析以及交易流程的進展，我們對此感到非常滿意。我們對此感到非常滿意。

And as to your question about whether that could affect return of capital to shareholders. Our priorities remain the same, which is, first and foremost, we want to invest in the business. I think we've proven that we've created tremendous shareholder value through a number of investments that we have made in the past. And we will continue to look for those. But absent a predictable or a foreseeable need for cash, we will continue to return capital to shareholders.

至於您關於這是否會影響股東資本回報的問題。我們的優先事項保持不變，那就是，首先，我們希望投資於業務。我認為我們已經證明，透過過去一系列的投資，我們為股東創造了巨大的價值。我們將繼續尋求這樣的投資。但如果沒有可預測或可預見的現金需求，我們將繼續向股東返還資本。

In terms of the programmatic aspect of our disposition program, our practice in the past has been to complete our commitments, and then provide some glide path with respect to the next phase, and we expect to do the same after we complete the current commitment.

就我們的處置計劃的程序方面而言，我們過去的做法是完成我們的承諾，然後為下一階段提供一些滑行路徑，我們希望在完成當前承諾後也這樣做。

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。

Not to harp on the LOIs. But can you just speak just high level to the capital structure change and the EBITDA loss you would expect from these transactions? And relatedly, how much of a tailwind on lower CapEx would this represent into next year?

我不想糾結於意向書（LOI）。您能否從高層角度談談這些交易預計帶來的資本結構變動和EBITDA損失？此外，這對降低資本支出到明年會有多大幫助？

Yes. Again, I think we will do 2 things. One, reiterate what we said before, which is that we expect to complete the program with a multiple range of somewhere between 13x and 15x, and that is where we remain. We're confident in that.

是的。我再說一遍，我認為我們會做兩件事。第一，重申我們之前說過的，我們預計完成這個專案後，乘數會在13倍到15倍之間，而且我們目前仍維持在這個水準。我們對此充滿信心。

And secondly, we will provide, obviously, specific data on individual transactions with respect to both EBITDA impact and CapEx when we announce -- when we have fully closed transaction. So yes, we will provide that. We're just not going to provide it today.

其次，當我們宣布交易完全完成時，我們顯然會提供關於每筆交易的具體數據，包括EBITDA影響和資本支出。是的，我們會提供這些數據。只是我們今天不會提供。

Yes. Sorry to make you repeat that. And then I guess just, would love your perspective high level, this idea that like high-end leisure travelers tilted all their spend to international after having had limited options to travel long haul since pre-COVID, pent-up demand for Europe, a pent-up demand for international. How do you think that evolves into 2024? Do you see that trend continuing more of the same? Or does domestic leisure battle back next year in your view?

是的。很抱歉讓您重複一遍。然後，我想，我想聽聽您高層的觀點，例如像高端休閒旅行者一樣，由於疫情之前長期旅行的選擇有限，他們把所有的支出都轉向了國際旅行，而歐洲和國際旅行的需求都被壓抑了。您認為這種情況到2024年會如何發展？您認為這種趨勢會持續下去嗎？或者，您認為明年國內休閒旅遊會捲土重來嗎？

Yes, I think the fact is that part of what we -- the reason we had such great confidence through COVID that we were going to fully recover is that travel is an essential human need, human connectivity and so forth. So is discovery.

是的，我認為我們之所以對疫情期間的復甦如此充滿信心，部分原因在於旅行是人類的基本需求，是人與人之間聯繫的紐帶，等等。探索也是如此。

So I think it's not surprising at all that when able to, people decided to branch out and go and either visit again or visit for the first time, other destinations. Cancun was the go-to market during COVID. So it was not surprising that we saw a broadening of destinations.

所以我認為，當人們有能力的時候，他們會決定拓展旅遊範圍，要嘛再次造訪，要嘛首次造訪其他目的地，這並不奇怪。坎昆是疫情期間的熱門旅遊市場。因此，我們看到目的地選擇範圍的擴大也就不足為奇了。

Cancun remains a remarkable and the Caribbean remains a remarkable and great destination. And so our confidence that it's going to remain a really, really attractive place to be is extremely high. The quality level of the experiences continues to rise, I would say, thanks in large part to what we're doing with our luxury and 5-star properties. The bar has gone up a lot. And I think as more and more of our members, our World of Hyatt members are experiencing that, they're coming back and looking into the future. So we're really encouraged by all of that.

坎昆依然令人矚目，加勒比海地區依然是個令人難忘的絕佳目的地。因此，我們非常有信心，它將繼續成為一個極具吸引力的目的地。我想說，體驗的品質水準持續提升，這在很大程度上要歸功於我們對豪華和五星級飯店的投入。標準已經大幅提升。而且我認為，隨著越來越多的會員，包括我們的凱悅天地會員體驗到這種體驗，他們會再次光臨，並展望未來。這一切真的讓我們備受鼓舞。

It has also benefited our European hotels. I think ALGV, which books across many brands, but their departures to Europe are up over 100% year-over-year. Now, Europe is not a particularly large base of business for them, but it's notable that it's doubled year-over-year. It's just another signal that there's more activity outbound.

這也使我們的歐洲酒店受益。我想是ALGV，他們預訂了多個品牌，但他們前往歐洲的離境人數比去年同期增加了100%以上。目前，歐洲對他們來說並不是一個特別大的業務基地，但值得注意的是，歐洲的離境人數比去年同期增加了一倍。這只是另一個訊號，顯示出境遊活動增加。

So I think that the domestic destinations, U.S. destinations and Mexico and the Caribbean are going to actually benefit from the same desire to branch out and expand breadth from places like Europe. Our European base last year was down significantly and -- or this year, and it's improved over the course of this year. It was down last year, but I think it's going to improve over the course of this coming year. So there's a balance across the globe. And I think leisure demand in total remains really strong.

因此，我認為國內目的地、美國目的地以及墨西哥和加勒比地區實際上都將受益於同樣的擴張意願，即從歐洲等地拓展業務範圍。去年，我們的歐洲客源大幅下降，今年也一樣，但今年有所改善。去年有所下降，但我認為明年會有所改善。因此，全球範圍內保持平衡。我認為整體休閒需求仍然非常強勁。

Yes, I would just add a couple of data points. We went through the pace that we're seeing into Cancun, for festive in the first quarter.

是的，我只想補充幾個數據點。我們在第一季經歷了坎昆節慶季的節奏。

As far as our legacy properties, and that is in the U.S., and primarily the U.S. consumer, our legacy non-resort leisure properties are looking at a festive pace of about 20%. And our resort hotels into the first quarter are also looking at a pace of about 20%. So the health of the U.S. consumer into our U.S. leisure and resort destinations is extremely strong. So we continue to see that strength, as Mark mentioned. And customers really -- our customer base really prioritizing leisure travel.

就我們在美國的傳統酒店而言，主要面向美國消費者。我們傳統的非度假休閒飯店在節慶期間的客流量預計約為20%。我們度假酒店第一季的客流量也預計約為20%。因此，美國消費者對我們美國休閒和度假目的地的消費狀況非常強勁。正如馬克所說，我們將繼續看到這種強勁勢頭。而且我們的客戶群確實非常重視休閒旅行。

Our next question comes from Conor Cunningham from Melius Research.

我們的下一個問題來自 Melius Research 的 Conor Cunningham。

Just on distribution, you've talked about significant growth in the loyalty program. I'm just curious on how that's translated to direct distribution. We've heard a lot of travel companies talk about loyalty program growth, but there hasn't been a material change in just distribution in general. Is there a maturation period as you sign up new people before they start to book more direct than they have in the past? Just curious there.

就分銷而言，您提到了忠誠度計劃的顯著增長。我很好奇這如何轉化為直接分銷。我們聽到很多旅遊公司談論忠誠度計畫的成長，但整體而言，分銷並沒有發生實質的變化。在新客戶開始比過去更多地直接預訂之前​​，你們是否有一個成熟期？我很好奇。

Yes. I think there are 2 -- thank you for the question, Conor. There are 2 dimensions to this. The first is loyalty program. And yes, there is a ramping period, if you will, of maturation, as you described it, that will occur. Our penetration -- World of Hyatt penetration has grown 100 basis points year-over-year. I think we're well above 40 at this point into the low to mid-40s in terms of total penetration, which is up something like 800 or 1000 basis points over the last several years. So we've continued to see that growth.

是的。我認為有兩個面向——謝謝你的提問，Conor。這涉及兩個方面。首先是忠誠度計劃。是的，如你所描述的，它會有一個逐漸成熟的階段。我們的滲透率－凱悅天地的滲透率年增了100個基點。我認為，就總滲透率而言，我們現在的滲透率遠高於40%，已經達到了40%左右，在過去幾年裡增長了大約800到1000個基點。所以我們一直在看到這種成長。

And the second dimension is the improvement of the other digital resources. The -- we have reskinned, if you will, and reenabled our hyatt.com presence for all of our functionality -- website functionality, site functionality for all of our hotel brands. The program is rolling out by brand at this point, and our app and our web page, our brand.com page. One, a lot of accolade and recognition recently as being best-in-class with respect to travel and leisure businesses.

第二個維度是其他數位資源的改進。我們已經重新設計了 hyatt.com 的介面，並將其重新啟用，以支援我們所有酒店品牌的所有功能——網站功能、網站功能。目前，該計劃正在按品牌逐步推廣，包括我們的應用程式、網頁以及 brand.com 頁面。首先，我們最近獲得了許多讚譽和認可，被評為旅遊和休閒業務領域的佼佼者。

So we've invested a lot, we're not done with the application of the rollout of the capabilities, but that's actually improving things like conversion our drop rates have declined, we actually have hard data to show that the changes that we made are having a commercial impact.

因此，我們投入了大量資金，我們還沒有完成功能的應用推廣，但這實際上改善了轉換率等，我們的流失率已經下降，我們實際上有確鑿的數據表明，我們所做的改變正在產生商業影響。

Our total direct is in the range of 70%. And if you look at the -- accepted with them, if you will, is size was everything. But one of our biggest competitors is at 75%. So if we could be at 70%, if we're within 500 basis points of one of the biggest, if not the biggest leisure company -- or sorry, hospitality company in the world, it just proves that you can do it differently and be equally effective. And so we have every expectation that we're going to see growth in penetration and growth in direct channel over time.

我們的直銷總額在70%左右。如果你看一下——如果你願意接受的話，他們承認規模就是一切。但我們最大的競爭對手之一的直銷額達到了75%。所以，如果我們能達到70%，如果我們與全球最大的休閒公司之一——或者說，酒店公司——的差距在500個基點以內，那就證明我們可以採取不同的做法，並取得同樣的效果。因此，我們完全有信心，隨著時間的推移，我們的滲透率和直銷管道都會有所成長。

And I think one of the other dynamics is that we have continued to pay special attention to our travel advisers. We are using them differentially in our luxury division to make sure that we have real focus on the very highest rated guests. So those are a few data points for you to go on.

我認為另一個動力是我們持續特別關注我們的旅行顧問。我們在豪華酒店部門採用差異化的方式使用他們的服務，以確保我們真正關注那些評價最高的客人。以上是一些數據點，供大家參考。

Our last question today will come from Smedes Rose from Citi.

我們今天的最後一個問題來自花旗銀行的 Smedes Rose。

I just wanted to ask you, you mentioned higher than expected labor costs in the third quarter. I think it's your owned portfolio. And I'm just wondering how you're thinking about the pace of wage and benefit increases into next year.

我只是想問一下，您提到第三季勞動成本高於預期。我想這是您持有的投資組合。我想知道您如何看待明年薪資和福利的成長速度。

And then, Mark, you mentioned the loyalty penetration increased 100 bps year-over-year. And I'm just wondering, so where did that stand in the quarter as a percent of occupancy?

然後，馬克，您提到忠誠度計劃滲透率同比增長了100個基點。我想知道，本季忠誠度計畫滲透率佔入住率的百分比是多少？

So Smedes, maybe I'll just take on the owned labor cost. Yes, we have seen incremental labor costs over the past, really the past 18 months, varying by market. And the impact to the owned portfolio that I reviewed and went through as far as what our compounded growth rate has been, we are really proud of how our teams have been managing those costs and productivity at strong levels in relation to what we're seeing on the wage inflation side.

所以，Smedes，也許我會只討論自有勞動成本。是的，過去18個月，我們看到勞動成本增加，具體情況因市場而異。至於自有投資組合的影響，我回顧並分析了我們的複合成長率。我們非常自豪，我們的團隊在管理這些成本的同時，也確保了生產力，並使其在薪資通膨方面保持強勁水平。

Just to add a little bit more color as far as the labor cost. What we saw in the owned portfolio is we saw a very high increase in volume. So if you look at the total revenue base compared to RevPAR, our non-room revenue, our food and beverage revenue grew by twice as much as RevPAR. So that's a lot of incremental volume into our outlets and into our banquet services.

稍微補充一下勞動成本。我們在自有飯店組合中看到，客流量成長非常快。所以，如果將總收入基數與每間可用客房收入 (RevPAR) 進行比較，我們的非客房收入、餐飲收入的增幅是每間可用客房收入的兩倍。這意味著我們的門市和宴會服務客流量大幅增加。

And also, our occupancy as a percentage of our RevPAR growth in the owned portfolio was significant as well. So that incremental volume leads to incremental labor needs. And frankly, it gives us an opportunity as we look forward to manage the productivity as we have been doing. So we will continue to focus our efforts there, continue to be doing a great job. But as we return to 2019 demand levels in those hotels, we have opportunities to continue to focus on the productivity side.

此外，我們的入住率佔自有飯店組合中每間可用客房收入 (RevPAR) 成長的百分比也相當可觀。因此，客流量的增加也帶來了勞動力需求的增加。坦白說，這給了我們一個機會，讓我們能夠像以往一樣管理生產力。因此，我們將繼續專注於此，並繼續出色地完成工作。但隨著這些飯店的需求恢復到2019年的水平，我們有機會繼續專注於生產力方面。

And I would just reiterate that our 100 to 300 basis point expectation relative to 2019 stands. We're up over 500 basis points in the quarter, and we expect to end up in the full year, well at the high end of the range of our expectation to 2019.

我想重申的是，我們相對於2019年100到300個基點的預期保持不變。本季我們已上漲超過500個基點，預計全年的預期將遠高於我們對2019年預期範圍的上限。

And with respect to the World of Hyatt penetration, we're in the mid-40s, about 45% penetration at this point.

就凱悅天地的滲透率而言，我們目前處於 45% 左右。

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。感謝各位的參與，祝福大家有美好的一天。各位可以斷開連接了。