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 年第三季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

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.

我現在想將電話轉給投資者關係和 FP&A 高級副總裁 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酒店總裁兼執行長馬克‧霍普拉馬齊安 (Mark Hoplamazian)；和凱悅財務長 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括聯邦證券法規定的前瞻性陳述。這些聲明面臨眾多風險和不確定性，如我們的 10-K 表年度報告、10-Q 表季度報告和其他 SEC 文件中所述。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對本次電話會議的評論僅在今天做出，不會隨著實際事件的發生而更新。此外，您還可以在我們的網站 hyatt.com、投資者關係連結的財務報告部分以及今天早上的收益發布中找到今天的評論中提到的非公認會計準則財務指標的調節表。通話檔案將在我們的網站上保留 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，否則我們所提及的入住率、平均每日房價和每間可出租客房收入均反映按固定匯率計算的全系統可比酒店。此外，除非另有說明，電話會議期間揭露的百分比變化均為同比變化。

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

這樣，我會將電話轉給馬克。

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

謝謝，亞當。大家早安，感謝您加入我們。

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，我想花點時間承認最近發生的嚴重影響世界各地社區的全球悲劇，包括毛伊島八月的野火、摩洛哥九月的地震和墨西哥阿卡普爾科十月的颶風。我們向當地的非營利組織捐款，我們的凱悅家族齊心協力，透過凱悅關懷基金幫助受影響的同事。

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，世界正在目睹以色列和加薩的災難性事件。雖然我們在受影響地區沒有飯店，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、加薩和受影響地區的人們。我們的心與所有受這些事件影響的人以及受烏克蘭持續戰爭影響的人同在。在這樣的時代，我們關心他人、讓他們做到最好的目的就變得更重要。

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.

轉向我們的結果。今天早上，我們公佈了 2023 年第三季的收益，其中凱悅酒店的費用又創下了季度記錄。我們業務模式的轉型和輕資產盈利組合的擴張正在導致創紀錄的費用貢獻和更多的利潤轉化為自由現金流。

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.

旅遊需求仍然強勁，這是我在今年8 月的亞洲之行中親眼所見，這是我自2019 年以來首次訪問該地區。訪問上海、蘇州、香港和東京等主要市場，事實證明，我的洞察力和啟發性很高。能夠與我們的許多同事、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.

亞洲的旅行需求明顯上升，這種勢頭，加上我們在該地區食品和飲料業務的持續增長和卓越表現，為凱悅業主和費用帶來了強勁的利潤。

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，世界各地的表現仍然強勁，我很高興地告訴大家，本季的 RevPAR 成長了 8.9%，入住率成長了 420 個基點，平均每日房價成長了 2.6%。我們繼續看到入住率水準回升，9 月凸顯了這一積極勢頭，入住率與 2019 年相比僅下降了 260 個基點。

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。由於消費者繼續優先考慮旅行和體驗，休閒短暫收入比去年異常強勁的第三季度增長了 4%。休閒旅遊仍維持在較高水平，比 2019 年第三季成長 22%，其中 9 月較 2019 年成長 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.

轉向業務瞬息萬變。與2019 年第三季相比，營收成長了19%，已恢復至約90%。儘管我們的大多數企業協議帳戶採用動態定價模型，但我們對固定利率帳戶的討論已進行到一半，預計利率將在2019 年第三季增加。與 2023 年相比，2024 年的高個位數範圍。

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 年增長 10%，較 2019 年增長 5%。本季度團體收入增長加速，與 2022 年相比，9 月份增長 13%。- 服務管理物業，所有時期的預訂業務約為4.5 億美元，成長17%。展望未來，與 2023 年相比，美洲全方位服務管理物業的集團第四季成長 7%，2024 年全年成長 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.

至於凱悅天地，我們的忠誠度計劃繼續取得令人矚目的成長，在過去 12 個月內增加了近 800 萬新會員。這意味著會員總數增加了近 24%，達到 4,200 萬美元以上。此外，與 2022 年同期相比，凱悅傳統飯店的間夜滲透率在 2023 年前 9 個月增加了近 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 物業的入學人數依然強勁。自去年推出以來，我們在 10 月註冊的忠誠會員數量已超過 100 萬。很快，會員就可以將凱悅天地的福利擴展到我們 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，我們很高興凱悅天地推出新的住宅度假平台 Homes & Hideaways，讓會員可以享受私人住宅和偏遠的世外桃源，從海濱地點到山腰、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.

整體而言，在過去 6 年裡，我們的飯店組合擴大了 70%，凱悅天地忠誠度計畫會員數量增加了 300%。為會員在凱悅的體驗增值是我們發展策略的關鍵驅動力。我們預計未來將保持行業領先的成長，我們的客房數量將增加 8%，達到 123,000 間客房的新紀錄，約占我們目前投資組合的 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仍然非常濃厚，圍繞我們新的凱悅開放式公寓品牌的參與將支持我們在第四季度和未來幾年的管道持續增長。我們實現了 6.2% 的客房淨增長，並擴大了我們在美洲和亞太地區的精選服務足跡。

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 處房產，這使我們的開放投資組合總數達到 30 處，我們非常高興我們的房產數量已達到 100 處，其中包括我們已簽署的管道。

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

值得注意的是，我們在 9 月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，我們充分認識到總是會有一些時間問題會影響確切的開業日期，但我們的成長勢頭仍然堅定。我們相信，由於我們的通路的強勁擴張以及我們在將現有酒店轉變為我們的品牌方面所取得的成功，我們將在未來繼續實現領先業界的成長。

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 業務和相關部門業績發表一些評論。自兩年前收購 ALG 以來，我們的業務取得了顯著的成長。

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，產品組合擴大了 12%，產品線增加了 11%。考慮到這一增長是在大流行後復甦和充滿挑戰的融資環境中實現的，這一增長尤其令人印象深刻。

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，Unlimited Vacation Club 會員數量增加了 19%，截至第三季達到 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，自 2019 年以來，ALG Vacations 調整後的 EBITDA 成長了 10 倍，這是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的重大投資推動的營運槓桿的結果。

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.

儘管該業務迄今已顯示出令人印象深刻的成長和創紀錄的業績，但我們看到了未來幾年以更快的速度擴張的許多機會。

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，我們看到需求非常強勁。在節日期間，我們位於坎昆的 ALG 豪華全包式度假村的預訂量增加了 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.

從短期來看，在過去的兩個季度中，我們經歷了具有挑戰性的同比比較，正如預期和今年早些時候所描述的那樣。提醒一下，這與 Omicron 後 2022 年第二季和第三季的需求和預訂壓縮有關。這些同比問題是暫時的。

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.

重要的是要記住，與今年恢復更正常的季節性模式相比，去年第三季坎昆的需求異常高。

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.

考慮到去年異常需求的規模，2022 年第三季 ALG 部門的調整後 EBITDA 幾乎與 2023 年第一季持平。這是非常不尋常的，因為第一季是旅遊旺季。大多數 ALG 目的地。

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.

儘管本季度坎昆整體市場需求有所放緩，但與去年相比，我們ALG 物業的淨可售可售房收入(RevPAR) 仍增長了1%，考慮到去年的後Omicron 效應，這是一個非凡的結果。相對於競爭對手，我們也獲得了可觀的市場份額，這證明了 ALG 垂直整合平台的力量。

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.

根據前瞻性的節奏數據，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 團隊的實力和休閒需求的持久性。 ALG 的表現持續大幅超出我們的核保預期，並加速了我們的輕資產獲利組合。

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倍數將略高於我們收購價格的 7.5 倍。故事還沒結束。隨著我們系統的發展和能力的不斷擴展，未來幾年倍數效應將持續下降。

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.

在結束之前，我們有幾筆交易的最新情況。 9 月，我們宣布將名為 Destination Residential Management 的度假住宅管理業務出售給 Lowe 的附屬公司。我們很高興能為在該領域擁有專業知識的公司工作。作為此交易的一部分，透過我們的 Homes & Hideaways 平台，我們的凱悅天地會員將繼續享受這些酒店和目的地的優惠。

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

轉向資產出售。對於我們全年向您更新的 2 個屬性，我們已經取得了重大進展。

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.

對於我們先前根據意向書披露的第一項資產，我們現在已經簽署了最終的買賣協議。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待售資產，我們現在已經簽署了一份意向書。假設這導致該房產被出售，交易應該會在 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.

這兩項資產的出售完成後，我們的資產出售總收益（扣除收購）將達到我們承諾的 20 億美元的約 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.

其他資產出售的活動水準增加。我們已簽署了一份額外資產的意向書，該交易預計將於 2024 年上半年完成。雖然這是一項相對較小的交易，但該處置將減少近期資本支出。

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.

我們還啟動了一項額外資產的行銷流程，並且我們正在單獨推進與我們投資組合中其他房產相關的場外交易的討論。

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在 2024 年底之前實現我們的處置承諾，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，我對又一個季度創紀錄的業績感到非常滿意，我想強調我對我們業務未來的長期前景充滿信心，其中有幾個要點強調了這一點。

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在全速運轉，我們對未來充滿信心。具體而言，旅遊需求依然強勁，尤其是休閒和團體客戶，導致費用又創歷史新高。

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.

大中華區的復甦非常顯著，我們預計這將持續推動我們的管理費、淨客房成長和通路擴張。我們對 ALG 的節日和旺季前景感到興奮，並預計 2024 年該業務將再次表現強勁。

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，儘管年比比較困難，但我們的自有和租賃收益仍然非常強勁。與 2019 年第三季相比，可比利潤率高出 500 個基點，我們相信，隨著今年的退出，我們將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，並有強勁勢頭最遲在 2024 年底實現 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，在我們創紀錄的管道和新開張的推動下，我們的未來成長非常有希望。即使主要在美國面臨某些融資挑戰，我們一流的品牌仍繼續吸引業主的新建和改造機會，凸顯了我們獨特的定位。我們對實現我們在今年五月的投資者日上提供的長期成長前景的能力仍然充滿信心。

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表示感謝。您在執行我們的策略時堅定不移的承諾和奉獻精神使凱悅成為同事、客人、客戶和業主的首選品牌。瓊現在將提供有關我們經營業績的更多詳細資訊。

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，稀釋後每股收益為 0.63 美元。調整後 EBITDA 為 2.47 億美元，淨遞延加上淨融資合約總計 3,500 萬美元。排除房地產交易、去年第三季巨額終止費以及 ALG 假期旅行積分的影響，本季收益將成長 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，部分原因是我們擁有和租賃的投資組合以及我們的無限度假俱樂部運營的成本增加，我將在稍後回顧。

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.

我們的管理費、特許經營費、許可費和其他費用總額達到了 2.5 億美元的歷史性里程碑，這是一個破紀錄的季度。這反映了較 2019 年第三季近 70% 的成長。過去 6 年透過我們的管道、轉換和併購添加到我們系統的資產佔本季費用的 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.

由於我們擴大了費用收入，在極其強勁的費用增長和行業領先的淨客房增長的推動下，本季度我們的輕資產盈利組合約為 80%。

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%.

我們的凱悅傳統業績在本季強勁成長，調整後 EBITDA 達到 1.97 億美元。根據貨幣、房地產交易的淨影響以及去年的大量終止費進行調整後，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每間可用房收入擴張，而強勁的利率和顯著的入住率增長推動了這一增長。

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，基本費用上漲近 30%。特許經營費增加了 67%，本季賺取獎勵費的飯店數量增加了 23%。所有費用收入來源的顯著成長增強了我們成功成長策略的廣度和深度，以及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，我們的傳統管理和特許經營業務的費用增長了 45%，令人印象深刻，凸顯了旅行需求的強勁和復甦。

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.

亞太地區本季實現了令人矚目的成長，貢獻了 4,200 萬美元的費用，年增 40%。大中華區引領復甦，每間可用客房營收較去年成長 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，並相信大中華區將繼續成為明年的強勁推動力。

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

與此同時，美洲地區的費用穩步增長，增長了 7%，特別是在美國，RevPAR 表現出了韌性，本季度增長了 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，歐洲、中東和非洲地區的費用較去年增長了 16%，不包括 2022 年第三季管道酒店的巨額終止費用。歐洲繼續保持強勁勢頭，每間可用客房增長了 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%.

轉向我們擁有和租賃的部分。根據交易的淨影響進行調整後，第三季調整後的EBITDA 較2022 年第三季成長約6%，較2019 年第三季成長42%。集團的復甦，加上持續的休閒需求，導致每間可用房收入(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.

雖然我們預期第三季的年比比較更具挑戰性，但勞動成本高於預期。然而，我們相信我們將繼續出色地管理成本。從長遠來看，我們對2023 年自有和租賃的預測估計，與2019 年全年實際情況相比，酒店費用每年複合增長1.2%，考慮到同期核心通脹率增長超過4%，這一數字令人印象深刻。

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自有和租賃利潤率來看，出色的成本控制是顯而易見的，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之前披露的範圍的高端，即高出100 至300 個基點2019 年水準。

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.

轉向 ALG。調整後 EBITDA 為 5,000 萬美元，淨遞延加上淨融資合約總計 3,500 萬美元。 ALG 的總費用上漲了 2%，不包括墨西哥比索對獎勵費用的影響。 UVC 會員合約增加了 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.

我還想提供有關與無限假期俱樂部相關的淨延期活動的見解。 UVC 在 2 個領域實現了一定的增量成本。其中一個領域與會員獲取成本有關，由於本季度坎昆的需求水準較低，會員獲取成本較高。第二個面向涉及會員福利費用，包括為兌換免費住宿而向飯店支付更高的費用。這些福利的增加表明了 UVC 會員的持續強勁參與，也為我們的業主帶來了好處，他們依靠會員間夜為酒店帶來更多利潤，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.

我現在想提供有關我們強勁的現金和流動性狀況的最新資訊。截至 2023 年 9 月 30 日，我們的總流動資金約為 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，以及我們的循環信貸額度的約 15 億美元的借款能力。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，並向股東返還了約 4.4 億美元（包括股息）。截至 10 月 31 日，我們的股票回購授權剩餘約 12 億美元。我們仍然致力於我們的投資等級形象，並且我們的資產負債表強勁。

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.

現在我想分享一些關於 2023 年全年展望的額外見解。與 2022 年相比，我們將 2023 年全年全系統 RevPAR 成長預期更新為 15% 至 16%，其中中點因亞太地區的持續復甦以及集團和業務瞬態需求的改善而有所改善。我們重申 2023 年全年的淨客房成長率約為 6%。由於我們創紀錄的通路實力以及執行轉換機會的能力，我們對我們的成長仍然充滿信心。

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.

我們將淨利指引更新為約 2.1 億美元，並將 EBITDA 和淨遞延加上淨融資合約調整為 11.75 億美元至 11.95 億美元的範圍。 11.85 億美元的中點意味著與 2022 年全年相比增長超過 15%。

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.

中點的更新反映了以下項目對 2023 年下半年的估計影響，我們在今天早上的評論中都涵蓋了這些項目；我們自有和租賃投資組合中的成本上升、UVC 的增量費用、坎昆的需求水準低於預期、旺季加快步伐所帶來的暫時市場動態，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 年全年的自由現金流約為5.5 億美元，與2022 年相比顯示出有意義的預期增長。我們將2023 年調整後的SG&A 降低至4.8 億美元至4.9 億美元左右，其中包括約2,000 萬美元的一次性整合費用，與 ALG 2022 年結轉專案以及收購 Dream Hotel Group 和 Mr & Mrs Smith 相關。

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.

我們還將預期資本支出降低至約 1.9 億美元，包括對 ALG 的投資以及對爾灣凱悅酒店翻修的轉型投資。我們很高興爾灣凱悅酒店在第三季度比預期提前且按預算重新開業，並預計於 2024 年第一季全面盛大開業。

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，我們對股東的全年資本回報預期保持在約 5 億美元，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.

在結束我準備好的發言時，我們對第三季的業績感到非常滿意，我們相信這體現了我們獨特的定位和差異化的模式。我們最近被納入 S&P MidCap 400 指數，這清楚地表明我們轉型的持續成功執行及其在市場上的認可。

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客房收入成長，並推動了創紀錄的費用水平，擴大了我們的開發管道，並實現了超大規模的淨客房增長。我們為長期策略的執行感到自豪，該策略使我們能夠將輕資產收益組合加速至 80%，透過出售房地產釋放價值並將資本返還給股東。

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

謝謝。然後，我會將其轉回給我們的運營商進行問答。

(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，考慮到中國各種房地產問題和可能的經濟放緩的所有頭條新聞。您能為我們介紹一下您對中國酒店發展的最新看法和想法嗎？

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。看來，中國的需求是極為旺盛的。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%。第三季下降了大約 19% 或 15% 左右，大約是中到十幾歲。因此，我們看到國際入境人數穩定增加，這確實令人鼓舞。實際上，這讓我有點驚訝，因為空中掩護和航班時刻表仍然遠低於以前的水平。

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，與此相關的是，入境國際遊客的消費正在增加。所以需求很大。酒店的表現真的很好。我們看到了非常強勁的持續成長，而且我們的中高檔品牌 UrCove 也有新的開業，還有其他正在竣工和正在建造的項目。所以我對短期感覺非常好。

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，更多的私營部門開發商和那些擁有國有企業的開發商之間存在分歧，要么支持它們，要么控制它們，這是一個很大的分歧，因為那些依賴債務市場的私人開發商正經歷著非常艱難的時期。債務收縮、可用性收縮仍然存在，並將持續一段時間。中國政府需要一段時間才能解決碧桂園和恆大的壞帳銀行問題。

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 年的前景提出了許多看法。但我認為，最大的擔憂之一是 UVC 以及在某種程度上，業務的其他部分的一些事情似乎發生得有多快。

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?

我只是想知道您是否可以談談如何具體考慮明年的 UVC？那裡有任何看跌期權和看跌期權嗎？然後更廣泛地說，也許試圖幫助設定您認為明年 EBITDA 和自由現金流相對於您提供的長期前景應該增長的水平？

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。我開始吧。正如您所說，我們提供的與 2023 年相關的看跌期權和看跌期權中的一些內容，以及與 ALG 業務相關的內容，我們認為是暫時的。我們在坎昆看到的調整對 ALGV 業務以及 UVC 產生了一些影響，我們認為，根據我們所看到的情況，這只是暫時的——展望節日期間和明年第一季。

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，我在準備好的演講中提到了我們正在經歷的一些成本增加。其中一些成本與坎昆的需求減弱有關，我們再次認為這種需求是暫時的，並且將會回升。正如我所指出的，會員福利費用實際上是一個非常好的跡象，因為當會員使用他們的福利時，他們以更高的費率使用它們，因為我們產生了更高的費率，這些是更多的增量成本，俱樂部向業主付款，業主獲得更多利潤，凱悅酒店因此收取更多費用。

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，我們有能力和靈活性來調整我們的定價，因此，當我們考慮這些福利的成本以及由於我們酒店當前的實力和需求而需要支付其中一些福利的費率時，這使我們能夠調整定價。因此，展望未來，我們認為這些項目是暫時的，並對明年充滿信心。

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.

我還要提到的一件事是，如果你看看去年ALG 的整體表現，我們產生了EBITDA 加上淨遞延加上淨財務合約3.88 億美元，其中包括2700 萬美元的旅行積分調整，我們已經取消了之前主要是在去年第四季度，第三季度有一點，第三季度有一點逆風。

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 年的指導意見所建議的那樣，如果排除這些旅行積分，我們預計ALG 業務將總體上與去年持平，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，且業務健康發展依然強勁。正如馬克所提到的，我們預計今年實現的倍數是 7.5 倍，這反映了與去年持平的情況，不包括我剛剛審查的積分。

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，我唯一要補充的另一件事是，ALGV 的出發基礎業務（這是一個更廣泛的假期業務、覆蓋範圍更廣的酒店等等）出現了下滑——實際上在2019 年增長了20 %。— 第一季接近20%，第二季下降1%，第三季下降10%，並不意外，正是我們預期看到的。

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，我們不知道也沒有意識到，受影響的航班中大部分是四星級酒店，而不是五星級酒店。這實際上解釋了為什麼我們的 ALG、我們的 HIC、凱悅全包系列酒店獲得了顯著的市場份額，因為我們能夠保持和增長我們的整體業績。 ALGV 的離職情況更糟——與去年同期相比，4 星級飯店的弱點比 5 星級飯店更多。

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.

我只想重申瓊所說的話——每個人都在猜測去年是休閒旅遊的淡季和歷史高峰，尤其是加勒比海和墨西哥等地。只是不真實。同比持平是驚人的，由於坎昆的一些輪換以及巨大的外匯逆風，這實際上是相當了不起的。

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，隨著旅行模式更加正常化，我認為我們第一季的步伐表明，坎昆仍然是一個非常有吸引力的目的地，我們的期望是，我們將繼續成長在這裡並保持非常非常強大。所以我認為我們有很多基於事實的證據，這確實給了我們進入明年巨大的信心。

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。如果我能再偷偷溜進去一次的話。我想，你確實提到了美洲部分的一些更高的費用。看起來那裡的分配費用增加了一點。在量化那裡發生的事情以及我們應該如何考慮未來一些 C 細分市場的流程方面，您能提供什麼嗎？

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，其中大約一半與一次性和時間有關。所以這不是一個持續的支出基礎。我們也為收購 Dream Hotel Group 提供了一些嵌入美洲的增量資源。

Our next question comes from Joe Greff from JPMorgan.

我們的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?

也許只是快速澄清一下，或者您可以擴展您對 ALG 的評論。顯然，馬克，你關於今年結束時購買價格倍數略高於 7.5 的評論意味著，調整後的經濟 EBITDA 為 3.5 億至 3.6 億美元。當你看看今年的運行率時，你認為這是一個相對正常的水平嗎？或者你認為今年上半年 3.5 億至 3.6 億美元範圍內的資金是否包括一些（我不知道）可能一次性的事情，或者真正強勁增長的好處？或者您認為必須削減 3.5 億至 3.6 億美元才能考慮正常化的一年，以便在未來 2 至 3 年內實現成長？

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.

我認為這是我們成長的一個很好的基準。有幾個原因。是的，如果你願意的話，第一季的「爆發期」可能是同比大幅增長更多地與 2022 年的銷量有關，而不是與 2023 年的銷量大幅增加有關。順便說一句，我們進入坎昆的速度加 12 絕對證明了這是真的。

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，我們已經經歷了遠離坎昆的輪換帶來的巨大阻力，這種阻力在今年下半年才真正出現。我認為這將回歸並調整回更正常化的總需求水平，並離開坎昆市場。

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加的支撐，我們兩天前剛剛了解到飛往坎昆的航班時刻表。我想，我們在十幾歲的時候就已經開始了，他們把它推得更遠了。因此，明年第一季飛往坎昆的定期航班數量比我們之前的預期要多。事實證明這是積極的，因為他們的航空公司可以將飛機調到有需求的地方。這可以告訴您有關需求水平的一些資訊。

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 年是歐洲的大規模成長年。 2022 年，我們努力追趕需求水平，結果發現需求非常有限。我們 2023 年的成績非常出色。我認為歐洲第三季的 RevPAR 年增了 20%。我們的五星級飯店在 22 年確實嚴重滯後，但現在卻真正流行起來，而且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，歐洲作為收入貢獻者要小得多，但我們才剛開始。我們的五星級飯店在歐洲的運行率還遠未達到預期，但我們的四星級飯店的表現一直很好，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，當你把所有這些事情放在一起時，我們的信心非常高，因為我們有事實、數據和步伐，更不用說關於歐洲的趨勢線，所有這些都指向一個方向。因此，我認為您可以放心，這個收入水平是我們打算在明年和後年實現成長的基線。

Our next question comes from Chad Beynon from Macquarie.

我們的下一個問題來自麥格理的查德·貝農。

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.

想專注於奢侈品投資組合。看起來本季的 RevPAR 成長率大部分仍來自入住率。美國存託憑證（ADR），看起來要推高變得有點困難，也許可以節省一下你在柏悅酒店所做的事情。

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（也許沒有中國）的定價彈性方面，您是否開始看到一些阻力？或者考慮到財富效應以及休閒旅行者對您的豪華房產的支持程度，您是否仍然有能力提高定價？

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.

謝謝你，查德。我想說，我們確實對我們現有的和仍然存在的定價能力感到非常滿意。我認為，當我們考慮這項進展時，亞洲對我們報告的結果產生了不成比例的影響——當你按品牌來看時，休閒需求仍然非常高。

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.

因此，我認為我們將看到中國國際旅行增加帶來的順風車。我們將看到持續的休閒需求。我知道——我認為有關休閒衰落的傳言被過度誇大了，但我們看到了全面的成長。我們也更加關注如何將豪華酒店推向市場。我們透過我們的財團合作夥伴、許多高端旅遊顧問看到了明年旅行水平的一些非常令人鼓舞的跡象，這意味著需求，這意味著定價能力。

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.

所以我們對此感覺非常好。目前奢侈品的 ADR 約為 25%，比 2019 年的水準高出 26%。所以這是相當強大的。我認為它不僅會得到維護，而且還會得到改進。其中，美洲增加了 30%。所以我認為我們將開始看到的是 - 比 2019 年有所增強。因此，我認為隨著我們進入 24 年，我們將開始看到這些 ADR 與 2019 年相比有所增強。

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。偉大的。就群體而言，你說它的節奏是 8%，比 24 年增長了 8%。現在 '24' 的百分比是多少？那麼就團體、BT 和休閒之間的組合而言，這在 24 世紀與 23 世紀是否應該有很大不同？還是應該是類似的？

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.

所以關於第一個問題，我認為我們已經有超過 70% 的業務預訂到了明年，所以——這就是我們目前通常會達到的情況。

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成長改善的同等衡量標準。事實上，企業是最高的，然後是協會，然後是地區和專業團體，但它們都很強大，而且很平衡。因此，我們並不是依靠單一的客戶群來對我們集團明年的步伐充滿信心。傳播得相當好。正如我們一直預測的那樣，協會正在建立日期範圍和停留模式，以確保他們所需的東西，這就是壓縮庫存。

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，我們對業務瞬態和群體的期待是群體和業務瞬態之間的界線不斷模糊。一些用例繼續從我們過去所說的業務瞬態轉變為我們所說的群組，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，我們現在的業務瞬態方面已經恢復了 90%。我認為我們只是從這裡開始，但仍在繼續——我自己的看法是，該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，我已經這麼說了很長時間了，但是如果我看看總的商業基礎、客戶的商業基礎，那就是無論你想稱之為業務瞬態還是企業群體，總需求水平都會比2019 年的水平更高並隨著時間的推移而增長。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。我唯一要補充的是，馬克提到了我們在第三季看到的強勁、非常強勁的生產，這超過了出色的第二季。當我們超越這些預訂量時，2024 年後的成長速度將在 7% 以上。其中很多，大約一半是由利率驅動的。因此，我們仍然在集團方面產生非常強勁的利率，並且在更遠的將來需求也非常強勁。因此，隨著時間的推移，我們對該組的收益率的能力將進一步增強，隨著我們進入未來幾個季度，我們的近期業務也將更加強大。因此，這對於集團業務的未來來說是非常非常好的跡象。

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財產處置的問題。鑑於您簽署了買賣協議，您是否可以進一步告訴我們該房產是什麼，也許倍數是多少？而且您還沒有改變資本回報指導。能否在本季儘早提高資本回報指引？

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行動，我只想——您如何考慮未來的處置？您說過您對這個計劃充滿信心。您會在某個時候宣布進一步的付款嗎？或者，除了這 200 萬部分之外，它還會轉向更多的臨時處置計劃嗎？

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。在交易結束之前，我們不會真正討論個別房產交易的細節。這就是我們的做法。而且——這是因為，引用一位著名的北方佬尤吉·貝拉的話，“一切都還沒有結束，直到結束。”

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.

因此，鑑於我們與知名且可信的交易對手簽署了明確的買賣協議，我們對此充滿信心。我們也與一位非常知名且有能力的交易對手簽訂了另一項資產的意向書，我們過去曾與該交易對手進行過許多交易。因此，根據我們正在與誰打交道以及交易流程如何進行的定性方面，我們已經做到了。我們對此感覺非常好。

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.

至於你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，首先也是最重要的是，我們希望投資於業務。我認為我們已經證明，我們透過過去進行的大量投資創造了巨大的股東價值。我們將繼續尋找這些。但如果沒有可預見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.

從我們處置計劃的綱領性方面來看，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，我們預計在完成當前的承諾後也會這樣做。

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?

不要對意向書喋喋不休。但您能否簡單地談談您對這些交易的預期資本結構變化和 EBITDA 損失？與此相關的是，這對明年的資本支出下降有多大的推動作用？

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。再說一次，我認為我們會做兩件事。第一，重申我們之前所說的，即我們期望以 13 倍到 15 倍之間的倍數範圍來完成該程序，這就是我們的目標。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，顯然，當我們宣布交易完全結束時，我們將提供有關 EBITDA 影響和資本支出的個別交易的具體數據。所以是的，我們會提供這一點。我們今天不打算提供它。

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。很抱歉讓你重複一遍。然後我想，我會喜歡你的高水平觀點，這個想法就像高端休閒旅行者在自新冠疫情爆發以來長途旅行的選擇有限後，將所有支出都轉向國際旅行一樣，對歐洲的壓抑需求，被壓抑的國際需求。您認為 2024 年會如何演變？您認為這種趨勢是否會持續持續下去？或者您認為明年國內休閒大戰會捲土重來嗎？

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，我認為事實是，我們透過新冠病毒對我們將完全康復充滿信心的部分原因是，旅行是人類的基本需求、人類的連結性等等。發現也是如此。

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.

因此，我認為，在可能的情況下，人們決定走出去，再次訪問或首次訪問其他目的地，這並不奇怪。坎昆是新冠疫情期間的首選市場。因此，我們看到目的地不斷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.

坎昆仍然是一個非凡的目的地，加勒比海仍然是一個非凡而偉大的目的地。因此，我們非常有信心它仍將是一個非常非常有吸引力的地方。我想說，體驗的品質水準不斷提高，這在很大程度上要歸功於我們對豪華五星級飯店所做的努力。酒吧已經漲很多了。我認為，隨著越來越多的會員，我們的凱悅天地會員正在經歷這一點，他們正在回來並展望未來。所以我們對這一切感到非常鼓舞。

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。我認為 ALGV 預訂了許多品牌的機票，但飛往歐洲的航班數量比去年同期成長超過 100%。現在，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，它的業務量比去年同期成長了一倍。這只是另一個信號，表明出境活動增加。

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海地區實際上將受益於從歐洲等地拓展業務和擴大業務範圍的同樣願望。去年我們的歐洲基地大幅下降，今年也有所改善。去年有所下降，但我認為明年會有所改善。因此，全球範圍內存在平衡。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，我只想添加幾個數據點。我們按照坎昆的節奏，在第一季慶祝節日。

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.

就我們的傳統酒店而言，即在美國，主要是美國消費者，我們的傳統非度假村休閒酒店正以約 20% 的節日速度增長。我們的度假酒店進入第一季的成長率也約為 20%。因此，美國消費者對美國休閒和度假目的地的健康狀況非常強勁。因此，正如馬克所提到的那樣，我們繼續看到這種力量。客戶確實－我們的客戶群確實優先考慮休閒旅行。

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，您談到了忠誠度計劃的顯著增長。我只是好奇如何將其轉化為直接發行。我們聽說很多旅遊公司都在談論忠誠度計畫的成長，但總體而言，分銷方面並沒有發生重大變化。當你簽約新人時，他們是否會經歷一個成熟期，然後他們才會開始比過去更直接地預訂？只是好奇那裡。

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 2 個——謝謝你的提問，康納。這有兩個維度。第一個是忠誠度計劃。是的，如果你願意的話，正如你所描述的那樣，將會出現一個成熟期。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，我們目前遠高於 40，進入 40 左右，在過去幾年中上升了 800 或 1000 個基點。所以我們繼續看到這種成長。

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完善。如果你願意的話，我們已經重新設計了 hyatt.com，並重新啟用了 hyatt.com 的所有功能——網站功能、我們所有飯店品牌的網站功能。該計劃目前正在按品牌、我們的應用程式、我們的網頁、我們的brand.com 頁面推出。第一，最近獲得了許多榮譽和認可，成為旅遊和休閒業務領域的一流企業。

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，我們還沒有完成這些功能的應用，但這實際上正在改善諸如轉換率之類的事情，我們的下降率已經下降，我們實際上有確鑿的數據表明我們所做的改變是具有商業影響力。

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.

我們的直接總比例在 70% 左右。如果你看看他們所接受的，如果你願意的話，尺寸就是一切。但我們最大的競爭對手之一是 75%。因此，如果我們能夠達到 70%，如果我們與世界上最大的休閒公司（如果不是最大的休閒公司，或者對不起，酒店公司）的差距在 500 個基點以內，那就證明你可以採取不同的方式，同樣有效。因此，我們完全期望隨著時間的推移，我們將看到滲透率和直接管道的成長。

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繼續特別關注我們的旅行顧問。我們在奢侈品部門以不同的方式使用它們，以確保我們真正專注於評分最高的客人。這些是您可以繼續了解的一些數據點。

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

今天我們的最後一個問題將來自花旗銀行的 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.

我只是想問你，你提到第三季的勞動成本高於預期。我認為這是你擁有的投資組合。我只是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，您提到忠誠度滲透率同比增長了 100 個基點。我只是想知道，本季的入住率百分比是多少？

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.

所以斯梅德斯，也許我會承擔自有勞動成本。是的，我們在過去（實際上是在過去 18 個月）看到了勞動力成本的增加，具體情況因市場而異。我審查並經歷了對自有投資組合的影響，就我們的複合增長率而言，我們對我們的團隊如何在與我們所看到的相關的強大水平上管理這些成本和生產力感到自豪在工資通脹方面。

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.

只是為了增加一點勞動成本。我們在自有投資組合中看到的是交易量的大幅成長。因此，如果你看看總收入基礎與 RevPAR 相比，我們的非客房收入、食品和飲料收入的成長是 RevPAR 的兩倍。因此，我們的門市和宴會服務的銷售量大幅增加。

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，我們的入住率在自有投資組合中的 RevPAR 成長中所佔的百分比也很高。因此，數量的增加會導致勞動力需求的增加。坦白說，這給了我們一個機會，因為我們期待像我們一直在做的那樣管理生產力。因此，我們將繼續集中精力，繼續做好工作。但當我們回到 2019 年這些飯店的需求水準時，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.

我只想重申，我們對 2019 年的預期為 100 至 300 個基點。本季我們的利率上漲了 500 多個基點，我們預計全年的利率將達到我們對 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，我們處於 40 多歲左右，目前的滲透率約為 45%。

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。你們都可以斷開連線。