Hyatt Hotels Corp (H) 2023 Q4 法說會逐字稿

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

早安，歡迎參加凱悅 2023 年第四季和全年財報電話會議。 （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 Fourth Quarter and Full Year 2023 Earnings Conference Call. Joining me on today's call are Mark Hoplamazian, Hyatt's President and Chief Executive Officer; and Joan Bottarini, Hyatt's Chief Financial Officer.

謝謝，歡迎參加凱悅 2023 年第四季和全年財報電話會議。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 on 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 this call will be available on our website for 90 days.

我們今天發布的收益報告中的前瞻性陳述以及對本次電話會議的評論僅在今天做出，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評論中提到的非公認會計準則財務指標的調節表。本次通話的存檔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 now turn the call over to Mark.

現在，我將把電話轉給馬克。

Thanks, Adam. Good morning, everyone, and thank you for joining Hyatt's Fourth Quarter and Full Year 2023 Earnings Call.

謝謝，亞當。大家早安，感謝您參加凱悅 2023 年第四季和全年財報電話會議。

Before we begin, I want to express our appreciation for your patience and understanding regarding the delay in our full earnings release and conference call. While we released several metrics on February 14 that highlight our strong performance, I want to note, the fourth quarter marks the completion of an exceptional year highlighted by several accomplishments, including the highest free cash flow in the company's history, a record pipeline and the fastest-growing loyalty program in the industry.

在我們開始之前，我想對您對我們延遲發布完整財報和電話會議的耐心和理解表示感謝。雖然我們在2 月14 日發布了多項指標來強調我們的強勁業績，但我想指出的是，第四季度標誌著非凡的一年的結束，其中包括多項成就，包括公司歷史上最高的自由現金流、創紀錄的管道和業內成長最快的忠誠度計劃。

Now let's turn to our commercial trends. Demand for all customer segments remains very healthy. Leisure transient revenue increased 6% in the fourth quarter lapping a strong quarter in 2022. As we entered high season for most resort markets in the Americas, revenue for the month of December was 21% higher than the same month in 2019.

現在讓我們轉向我們的商業趨勢。所有客戶群的需求仍然非常健康。休閒短期收入在第四季度增長了 6%，成為 2022 年強勁的季度。隨著美洲大多數度假村市場進入旺季，12 月的收入比 2019 年同月增長了 21%。

Looking at the first quarter of 2024, leisure transient pace in the Americas for resort hotels is up 1%, reflecting lower demand in Maui due to last year's wildfires. When considering the 2023 actual results increased 22% compared to 2019, we're pleased to see demand for leisure travel remains elevated, even with the headwind from Maui. Additionally, pace for our ALG all-inclusive properties in the Americas is up 11% to the first quarter of 2023.

展望 2024 年第一季度，美洲度假酒店的休閒短暫性成長了 1%，反映出毛伊島因去年的山火而導致的需求下降。考慮到 2023 年的實際結果比 2019 年增長了 22%，我們很高興看到休閒旅行的需求仍然很高，儘管來自毛伊島的逆風。此外，到 2023 年第一季度，我們在美洲的 ALG 全包式飯店的成長速度為 11%。

Group room revenue experienced impressive growth during the fourth quarter, up 11% compared to 2022. The Hyatt sales force delivered another excellent quarter of group production booking approximately $500 million of business for all future periods for our Americas full service managed hotels, a 32% increase compared to 2022. We set a record for total group production in 2023, booking nearly $2 billion of business for all future periods, reflecting very strong demand for gatherings at our hotels. We anticipate another solid year of demand for group meetings and events with group pace for America's full-service managed properties currently up 8% compared to 2023.

集團客房收入在第四季度經歷了令人印象深刻的增長，與2022 年相比增長了11%。凱悅銷售團隊又交付了出色的季度集團生產預訂業務，為我們的美洲全方位服務管理酒店在未來的所有時期提供了約5 億美元的業務，成長了32%與2022 年相比有所增加。我們在2023 年創造了團體總產量記錄，為未來所有時期預訂了近20 億美元的業務，反映出對我們酒店聚會的強勁需求。我們預計，團體會議和活動的需求將迎來另一個強勁的一年，與 2023 年相比，美國全方位服務管理酒店的團體步伐目前將增長 8%。

Finally, business transient revenue continues to gain momentum, up 14% from the fourth quarter of 2022 and reaching 93% of 2019 levels on a global basis. As we've discussed previously, business transient has fully recovered to 2019 levels in many parts of the world, while the United States continues to improve.

最後，業務瞬態收入持續保持成長勢頭，較 2022 年第四季成長 14%，全球達到 2019 年水準的 93%。正如我們之前討論的，世界許多地區的業務瞬態已完全恢復至 2019 年的水平，而美國則繼續改善。

Looking ahead, we remain confident that business transient will continue to recover with 2024 corporate negotiated rates in the United States, up in the high single digits compared to 2023.

展望未來，我們仍相信，2024 年美國企業協議利率將持續復甦，與 2023 年相比將出現高個位數成長。

Turning to our loyalty program. [Royal Hyatt] membership grew approximately 22% compared to 2022, reaching a new high of nearly 44 million members.

轉向我們的忠誠度計劃。 【皇家凱悅】會員人數較 2022 年成長約 22%，達到近 4,400 萬會員的新高。

We also achieved record levels of spending within our co-branded credit card portfolio in 2023. World of Hyatt program benefits are clearly differentiated from any other program in the industry and most importantly, are deeply valued by our members.

2023 年，我們的聯名信用卡組合支出也達到了創紀錄的水平。凱悅天地計劃的福利與業內任何其他計劃都有明顯的區別，最重要的是，它受到我們會員的高度重視。

While many other loyalty programs have taken steps to reduce member benefits, World of Hyatt is doing the opposite. We are redefining loyalty by adding more experiences, milestones and opportunities for members to share benefits with loved ones through our expanded guest of honor benefit.

雖然許多其他忠誠度計劃已採取措施減少會員福利，但凱悅天地卻反其道而行。我們正在重新定義忠誠度，為會員提供更多體驗、里程碑和機會，讓他們透過擴大的貴賓福利與親人分享福利。

During the quarter, World of Hyatt received several accolades including Best Website and Mobile App from J.D. Power and Best Loyalty Program and Best Hotel Elite Status from The Points Guy. The growth of our loyalty program, in turn, drives higher room night penetration making our brands even more attractive to owners, which allows us to grow our footprint and pipeline.

本季度，凱悅天地榮獲多項榮譽，包括 J.D. Power 頒發的最佳網站和行動應用程式以及 The Points Guy 頒發的最佳忠誠度計劃和最佳酒店精英地位。我們忠誠度計畫的發展反過來又推動了更高的客房滲透率，使我們的品牌對業主更具吸引力，這使我們能夠擴大我們的足跡和管道。

Our world-class global development team had the best year in our history, signing the most rooms ever in a single year. Our record pipeline of 127,000 rooms grew 9% compared to 2022 and represents approximately 40% of our existing rooms. The momentum around Hyatt Studios are new, upper mid-scale extended stay brand has significantly exceeded our expectations. We have approximately 200 deals in various stages of negotiation, including 17 fully executed franchise agreements as of the year-end 2023. The first Hyatt Studios hotel broke ground in November and is expected to open in early 2025.

我們世界一流的全球開發團隊度過了歷史上最好的一年，在一年內簽下了最多的房間。與 2022 年相比，我們的創紀錄的 127,000 間客房增長了 9%，約占我們現有客房的 40%。凱悅開放式公寓是新的中高檔長住品牌，其發展勢頭明顯超出了我們的預期。截至 2023 年底，我們有大約 200 項交易處於不同談判階段，其中包括 17 項完全執行的特許經營協議。第一家凱悅酒店於 11 月破土動工，預計於 2025 年初開業。

We also announced the strategic cooperation agreement with the Hangzhou Trade and Tourism Group and the Dragon Group, to develop more than 60 hotels in China over the coming years under our select service and independent collection brands.

我們也宣布與杭州商旅集團和龍騰集團達成策略合作協議，未來幾年以我們的精選服務和獨立系列品牌在中國開發60多家飯店。

We added nearly 10,000 rooms to our portfolio during the fourth quarter, including the 2,500 room Rio Hotel & Casino in Las Vegas, which is undergoing a transformative renovation and we expect it will contribute significant franchise fees.

第四季度，我們在投資組合中增加了近10,000 間客房，其中包括位於拉斯維加斯、擁有2,500 間客房的Rio Hotel & Casino，該酒店正在進行變革性裝修，我們預計它將貢獻大量特許經營費。

Our inclusive collection portfolio also continues to attract new owners who benefit from our powerful operational and commercial delivery capabilities. For example, we converted 2 hotels with nearly 2,000 rooms in total in the Dominican Republic in the fourth quarter, further expanding our Hyatt inclusive collection portfolio in the Americas.

我們的包容性系列產品組合也繼續吸引新業主，他們受益於我們強大的營運和商業交付能力。例如，我們在第四季度改造了多明尼加共和國的 2 家酒店，總計近 2,000 間客房，進一步擴大了我們在美洲的凱悅普惠系列產品組合。

In China, we entered into a strategic alliance with Mumian Hotels that includes 6 hotels joining our brand portfolio in the fourth quarter.

在中國，我們與木棉飯店結成策略聯盟，第四季有 6 家飯店加入我們的品牌組合。

We continue to focus our attention on growth that creates greater network effect by providing our guests and customers with offerings in new markets and across more price points. This drives our loyalty membership and is compelling for prospective hotel developers and owners as we continue to lower our overall distribution costs. This benefits our shareholders because of our commitment to increasing fees per room and not just increasing our room count as this is the key driver of high-quality earnings.

我們繼續將注意力集中在成長上，透過為我們的賓客和客戶提供新市場和更多價位的產品，創造更大的網路效應。隨著我們不斷降低整體分銷成本，這提高了我們的忠誠度會員資格，並對潛在的酒店開發商和業主有吸引力。這對我們的股東有利，因為我們承諾增加每間客房的費用，而不僅僅是增加房間數量，因為這是高品質收益的關鍵驅動力。

We have several updates to share on asset sales. But first, I would like to start with the Unlimited Vacation Club transaction that was included in the earnings release posted this morning. On February 14, we completed the transaction to sell 80% of our Unlimited Vacation Club business to an investor unaffiliated with Hyatt for $80 million. We've been working on this transaction for more than 6 months and we are very pleased to continue to manage UVC under a long-term management agreement. This will ensure a seamless transition for colleagues, UVC members and hotel owners.

我們有一些關於資產出售的最新消息要分享。但首先，我想從今天早上發布的收益報告中包含的 Unlimited Vacation Club 交易開始。 2 月 14 日，我們完成了交易，以 8000 萬美元的價格將 Unlimited Vacation Club 業務的 80% 出售給與凱悅無關的投資者。我們已經為這項交易工作了 6 個多月，我們很高興能夠根據長期管理協議繼續管理 UVC。這將確保同事、UVC 成員和酒店業主的無縫過渡。

Going forward, we will receive management and royalty fees in relation to the exclusive arrangement between Hyatt inclusive collection brands and UVC. We expect management and royalty fees to exceed $60 million for the remainder of 2024. We are very pleased with the outcome of this transaction as our new joint venture partner shares our commitment to the growth of UVC. Additionally, the transaction simplifies our external reporting and generates what we expect will be a growing level of fees going forward.

展望未來，我們將收取與凱悅全包系列品牌與 UVC 之間的獨家安排相關的管理費和特許權使用費。我們預計 2024 年剩餘時間內的管理費和特許權使用費將超過 6000 萬美元。我們對此次交易的結果感到非常滿意，因為我們的新合資夥伴與我們一樣致力於 UVC 的發展。此外，該交易簡化了我們的外部報告，並產生了我們預計未來將不斷增長的費用水準。

Turning to asset sales. We closed the sale of Hyatt Regency Aruba on February 9 for gross proceeds of $240 million, while retaining a long-term management agreement. In connection with the transaction, we provided $41 million of seller financing. As of today, we realized $961 million of gross proceeds from the net disposition of real estate inclusive of Hyatt Regency Aruba at a total blended multiple of 13x. We've made meaningful progress towards our $2 billion disposition commitment and have 5 asset sales to update you on.

轉向資產出售。我們於 2 月 9 日完成了阿魯巴凱悅酒店的出售，總收益為 2.4 億美元，同時保留了長期管理協議。在此次交易中，我們提供了 4,100 萬美元的賣方融資。截至今天，我們從包括阿魯巴凱悅酒店在內的房地產淨處置中實現了 9.61 億美元的總收益，總混合倍數為 13 倍。我們在實現 20 億美元處置承諾方面取得了有意義的進展，並有 5 項資產出售情況需要向您通報最新情況。

We signed definitive purchase and sale agreements for 2 assets that aggregate to approximately $310 million of expected gross proceeds. We expect to close both transactions by the middle of the year.

我們簽署了兩項資產的最終購買和銷售協議，預計總收益總計約 3.1 億美元。我們預計將在今年年中完成這兩筆交易。

We expect to select a buyer in the coming weeks for the asset that we noted was being marketed for sale during our last earnings call. And finally, we are also engaged in off-market discussions for the sale of 2 other assets. We expect to generate total proceeds that exceed $2 billion before the end of this year if we complete each of the 5 asset sales combined with the already realized $961 million of gross proceeds. We are confident we will achieve our disposition commitment at attractive valuations, while securing durable long-term management and franchise agreements.

我們預計在未來幾週內為我們上次財報電話會議期間正在出售的資產選擇買家。最後，我們也參與了出售另外兩項資產的場外討論。如果我們完成 5 項資產出售中的每一項，再加上已實現的 9.61 億美元的總收益，我們預計在今年年底前將產生超過 20 億美元的總收益。我們有信心以有吸引力的估值實現我們的處置承諾，同時獲得持久的長期管理和特許經營協議。

In closing, beyond achieving another year of record results, I would like to highlight the consistent and successful execution of our strategy since we began our asset-light evolution 6 years ago. We have made irrefutable progress toward our strategic vision and earnings evolution, underscored by 3 important proof points. First, our asset-light earnings mix increased to 76% for the full year in 2023 from 47% in 2017 and we are on path to reaching a run rate of approximately 85%. Over the past 6 years, we've realized significant proceeds from the sale of our owned hotels and reinvested these proceeds in strategic asset-light acquisitions. The earnings contribution in 2023 from our acquisitions was nearly double the earnings lost from our asset dispositions while also reducing the run rate of our capital expenditures.

最後，除了再創一年的創紀錄業績之外，我還想強調自 6 年前開始輕資產發展以來我們策略的一致性和成功執行。我們在策略願景和獲利發展方面取得了無可辯駁的進展，有 3 個重要的證據證明了這一點。首先，我們的輕資產獲利組合從 2017 年的 47% 增加到 2023 年全年的 76%，我們的營運率預計將達到約 85%。在過去的六年裡，我們透過出售自有酒店獲得了大量收益，並將這些收益重新投資於策略性輕資產收購。 2023 年，我們的收購帶來的獲利貢獻幾乎是資產處置帶來的獲利損失的兩倍，同時也降低了我們的資本支出運作率。

Second, we are outpacing the industry in a meaningful way, growing our system-wide rooms, fee revenue, pipeline and loyalty program membership at faster rates than our largest hotel competitors. We've achieved much greater size but not just for the sake of size. By growing with intent, we've enhanced the quality of our portfolio, expanded our brand presence in many new markets and increased our average fees per room.

其次，我們正在以有意義的方式超越行業，以比我們最大的酒店競爭對手更快的速度增加我們系統範圍的客房、費用收入、渠道和忠誠度計劃會員資格。我們已經實現了更大的規模，但不僅僅是為了規模。透過有目的地發展，我們提高了產品組合的質量，擴大了我們在許多新市場的品牌影響力，並提高了每間客房的平均成本。

The number of World of Hyatt loyalty members per hotel is 30% higher than our larger hotel competitors because we have deepened the loyalty amongst our existing members while also attracting new members. While net rooms growth may grab headlines, leading the industry in growth for 7 straight years, while growing fees per room is what differentiates Hyatt and creates value for shareholders. We don't need to be the biggest in the industry to be the best because we have, and we will continue to play the game differently.

每家飯店的凱悅天地忠誠度會員數量比我們較大的飯店競爭對手高出 30%，因為我們加深了現有會員的忠誠度，同時也吸引了新會員。雖然客房淨成長可能會成為頭條新聞，連續 7 年引領產業成長，但每間客房費用的成長才是凱悅脫穎而出並為股東創造價值的原因。我們不需要成為業內最大的公司才能成為最好的公司，因為我們已經做到了，而且我們將繼續以不同的方式玩遊戲。

Third, free cash flow has more than doubled from $289 million in 2017 to $602 million in 2023 because we are a fundamentally different company. We've delivered on the commitment that we made 6 years ago to evolve our earnings profile and unlock value for shareholders. Our capital allocation framework has led to exceptional returns on our investments while maintaining our investment-grade profile and returning $2.5 billion of capital to shareholders.

第三，自由現金流從 2017 年的 2.89 億美元增加到 2023 年的 6.02 億美元，增加了一倍多，因為我們是一家根本不同的公司。我們兌現了 6 年前做出的承諾，即發展我們的獲利狀況並為股東釋放價值。我們的資本配置框架為我們帶來了卓越的投資回報，同時保持了我們的投資等級形象，並向股東返還了 25 億美元的資本。

We are progressing ahead of the time line that we laid out during our Investor Day last year, and I'm excited about the year ahead.

我們正在比去年投資者日制定的時間表提前取得進展，我對未來的一年感到興奮。

The combination of greater asset-light earnings, growth across multiple dimensions and significantly higher free cash flow is proof that our earnings evolution has been nothing short of remarkable. All stakeholders benefit from a much larger Hyatt that generates greater asset-light earnings and free cash flow.

更大的輕資產盈利、多維度的增長以及顯著更高的自由現金流的結合證明了我們的盈利演變是令人矚目的。所有利害關係人受益於規模大得多的凱悅酒店，它能產生更大的輕資產收益和自由現金流。

To all members of the Hyatt family, I want to extend my gratitude for your remarkable contribution this past year. The record milestones achieved in 2023 are a testament to your unwavering commitment and dedication to the execution of our strategy. I am truly honored to be a member of the Hyatt family guided by our purpose to care for people so they can be their best.

我謹向凱悅大家庭的所有成員表示感謝，感謝你們在過去一年中所做的卓越貢獻。 2023 年實現的創紀錄里程碑證明了您對執行我們策略的堅定承諾和奉獻精神。我非常榮幸能成為凱悅大家庭的一員，我們的宗旨是關懷他人，讓他們成為最好的自己。

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

瓊現在將提供有關我們經營業績的更多詳細資訊。瓊，交給你了。

Thanks, Mark. For the fourth quarter, Hyatt reported net income of $26 million and diluted earnings per share of $0.25. Adjusted EBITDA was $241 million, and net deferrals plus net finance contracts totaled $33 million. Excluding the impact of travel credits recorded in 2022, earnings were up 9% this quarter.

謝謝，馬克。凱悅第四季淨利為 2,600 萬美元，稀釋後每股收益為 0.25 美元。調整後 EBITDA 為 2.41 億美元，淨遞延加上淨融資合約總計 3,300 萬美元。排除 2022 年旅行積分的影響，本季收益成長 9%。

We achieved a record level of total management franchise license and other fees, up 14% in the quarter compared to the fourth quarter of 2022 and up an impressive 22% for the full year compared to 2022. This record-breaking performance is a direct result of the continued success of our asset-light transformation.

我們的管理特許經營許可和其他費用總額達到了創紀錄的水平，與2022 年第四季度相比，本季度增長了14%，與2022 年相比，全年增長了令人印象深刻的22% 。這項破紀錄的表現是直接結果我們輕資產轉型的持續成功。

Our legacy Hyatt management and franchise business once again had another strong quarter of growth. We had adjusted EBITDA of $220 million and significant overall growth in fees, up 39% compared to 2019 in constant currency, highlighting the recovery in travel demand. Compared to the fourth quarter of 2022, legacy Hyatt base fees and incentive fees both increased by 13%. Additionally, legacy Hyatt franchise fees this quarter increased by 17% compared to 2022. Our growth across all fee revenue streams reinforces the breadth and depth of our successful growth strategy and the quality of our asset-light earnings.

我們的傳統凱悅管理和特許經營業務再次實現了另一個強勁的季度成長。我們調整後的 EBITDA 為 2.2 億美元，費用整體顯著成長，以固定匯率計算，與 2019 年相比成長了 39%，凸顯了旅遊需求的復甦。與 2022 年第四季相比，凱悅原有的基本費用和獎勵費用均增加了 13%。此外，本季凱悅的傳統特許經營費與 2022 年相比增加了 17%。我們所有費用收入來源的成長增強了我們成功成長策略的廣度和深度以及輕資產收益的品質。

Results around the world were strong, led by the Asia Pacific region that contributed $48 million in fees, up 51% year-over-year. Greater China RevPAR was up 84% from last year and up 10% from 2019.

全球範圍內的業績表現強勁，其中亞太地區貢獻了 4800 萬美元的費用，年增 51%。大中華區的 RevPAR 較去年成長 84%，較 2019 年成長 10%。

In the Americas region, fees increased 6% with RevPAR in the United States, growing 3% in the quarter, driven by strong group rate.

在美洲地區，在強勁的團體費率推動下，美國每間可用客房收入 (RevPAR) 的費用增加了 6%，本季增加了 3%。

Fees in the EAME region declined 3% compared to 2022 due to difficult comparisons in the Middle East from the '22 FIFA World Cup in Doha. RevPAR in Europe increased 9% due to the strength of group and business transient demand.

與 2022 年相比，歐洲、中東和非洲地區的費用下降了 3%，原因是中東地區與 22 年多哈 FIFA 世界盃的比較困難。由於團體和企業瞬間需求強勁，歐洲的每間可用客房收入 (RevPAR) 成長了 9%。

Moving to our owned and leased segment. Adjusted for the net impact of transactions, adjusted EBITDA in the fourth quarter was up 3% compared to the fourth quarter of 2022 and increased 15% compared to the fourth quarter of 2019. Improved group revenue and sustained transient demand contributed to 5.9% RevPAR growth over the fourth quarter of 2022. Owned and leased margins in the fourth quarter remained at elevated levels to 2019, up 240 basis points due to a combination of higher rate growth and productivity gains. For the full year, these margins expanded by 310 basis points compared to 2019, exceeding the high end of our previously disclosed expectations.

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，第四季調整後EBITDA 較2022 年第四季成長3%，較2019 年第四季成長15%。集團營收的改善和持續的瞬態需求推動每間可用房成長5.9% 2022 年第四季。由於較高的成長率和生產力的提高，第四季的自有和租賃利潤率仍維持在 2019 年的較高水平，成長了 240 個基點。全年來看，這些利潤率比 2019 年擴大了 310 個基點，超出了我們先前揭露的預期的上限。

Looking ahead to 2024, we expect comparable owned and leased margins will deliver moderate expansion over 2023 for the full year, allowing us to maintain a higher run rate margin compared to pre-pandemic levels.

展望 2024 年，我們預計自有和租賃利潤率將在 2023 年全年實現適度擴張，使我們能夠保持比大流行前水平更高的運轉率利潤率。

Turning to ALG. Adjusted EBITDA was $21 million and net deferrals plus net finance contracts totaled $33 million in the fourth quarter. ALG segment adjusted EBITDA results increased 33% compared to the fourth quarter of 2022 when adjusted for onetime travel credits totaling $23 million in the fourth quarter of 2022 that did not repeat in 2023 and a $5 million impact due to a stronger Mexican peso. Comparable net package RevPAR for ALG properties increased 9.2% in the fourth quarter and increased 13.6% for the full year of 2023 compared to the same periods in 2022.

轉向 ALG。第四季調整後 EBITDA 為 2,100 萬美元，淨遞延加上淨融資合約總計 3,300 萬美元。與2022 年第四季相比，ALG 部門調整後的EBITDA 業績成長了33%，其中對2022 年第四季總計2300 萬美元的一次性旅行積分進行了調整，該積分在2023 年沒有重複，並且由於墨西哥比索走強而產生了500 萬美元的影響。與 2022 年同期相比，ALG 物業的可比淨套餐 RevPAR 在第四季度增長了 9.2%，2023 年全年增長了 13.6%。

The fourth quarter benefited from improved results in Cancun with comparable net package RevPAR increasing approximately 10% compared to the same period in 2022. ALG continued to deliver exceptional results during the second full year post acquisition, resulting in an effective purchase multiple of 7.5x.

第四季受惠於坎昆業績的改善，與2022 年同期相比，可比淨套餐RevPAR 成長了約10%。ALG 在收購後的第二個全年繼續交付出色的業績，有效購買倍數達到7.5 倍。

Before I move on to our liquidity and outlook, I want to share the reason behind the delay of our earnings release and conference call. We simply needed additional time to complete our year-end procedures around UVC deferred costs and net deferrals. Those procedures are now complete, and we expect to file our 10-K this afternoon. Our year-end procedures were unrelated to the UVC transaction that Mark mentioned earlier.

在討論我們的流動性和前景之前，我想分享一下我們推遲發布收益和電話會議背後的原因。我們只是需要額外的時間來完成有關 UVC 遞延成本和淨遞延的年終程序。這些程序現已完成，我們預計今天下午提交 10-K。我們的年終程序與 Mark 之前提到的 UVC 交易無關。

Now moving to liquidity. As of December 31, 2023, our total liquidity remains strong at $2.4 billion, including approximately $1.5 billion in borrowing capacity on our revolving credit facility. At the end of the quarter, we reported approximately $3 billion of debt outstanding.

現在轉向流動性。截至 2023 年 12 月 31 日，我們的總流動性仍然強勁，達到 24 億美元，其中循環信貸額度的借款能力約為 15 億美元。截至本季末，我們報告的未償債務約為 30 億美元。

For the full year of 2023, we returned approximately $500 million to shareholders inclusive of dividends and share repurchases. From January 1 through February 15, we've repurchased shares of Class A common stock for approximately $30 million. As of February 15, we had approximately $1.1 billion remaining under our share repurchase authorization. We remain committed to our investment-grade profile and our balance sheet is strong.

2023 年全年，我們向股東返還約 5 億美元，包括股利和股票回購。從 1 月 1 日到 2 月 15 日，我們回購了約 3,000 萬美元的 A 類普通股。截至 2 月 15 日，我們的股票回購授權剩餘約 11 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。

Before turning to our outlook, I'd like to call attention to the announcement this morning regarding our reportable segment realignment changes, detailed on Page 4 of our earnings release. As a result of this realignment, we will have 3 reportable segments: management and franchising, owned and leased, and distribution, starting our first quarter 2024 results in May. As part of the UVC transaction mentioned earlier, we will recognize UVC management and royalty fees in our management and franchising segment, and we will no longer report net deferrals or net finance contracts.

在談到我們的前景之前，我想提請大家注意今天早上關於我們的可報告部門調整變化的公告，詳細信息請參見我們的收益報告第 4 頁。此次重組後，我們將擁有 3 個可報告部門：管理和特許經營、自有和租賃以及分銷部門，我們將於 5 月開始公佈 2024 年第一季的業績。作為前面提到的 UVC 交易的一部分，我們將在管理和特許經營部門確認 UVC 管理費和特許權使用費，並且我們將不再報告淨遞延或淨融資合約。

In connection with the realignment, we will now report the results of Mr. & Mrs. Smith in the Distribution segment and commission fees and SG&A will now be reported within distribution revenues and distribution expenses.

關於重組，我們現在將報告史密斯夫婦在分銷部門的業績，佣金和銷售、一般管理費用現在將在分銷收入和分銷費用中報告。

We intend to publish historical financial information that reflects our new segment structure, along with a revised growth model before our first quarter earnings call. We will also host a public webcast to address any questions that you may have.

我們打算在第一季財報電話會議之前發布反映我們新部門結構的歷史財務資訊以及修訂後的成長模型。我們還將舉辦公共網路廣播來解決您可能遇到的任何問題。

Now I'd like to discuss our full year 2024 outlook. The full details can be found on Page 4 of our earnings release. And I would also like to direct to you to schedule A-22 in our earnings release, which provides a bridge from 2023 full year reported actual results to illustrative 2023 results that adjusts for the sale of Hyatt Regency Aruba, the UVC traction and the change to Mr. & Mrs. Smith revenue and expenses that I just mentioned. We believe this schedule simplifies comparisons between our 2024 outlook and 2023 historical results.

現在我想討論一下我們對 2024 年全年的展望。完整的詳細資訊可以在我們的收益發布的第 4 頁上找到。我還想指示您在我們的收益發布中安排A-22，它提供了從2023 年全年報告的實際結果到說明性2023 年結果的橋樑，該結果根據阿魯巴凱悅酒店的銷售、UVC牽引力和變化進行了調整我剛才提到的史密斯夫婦的收入和支出。我們相信該時間表簡化了我們 2024 年展望與 2023 年歷史結果之間的比較。

We expect full year global system-wide RevPAR growth between 3% and 5% compared to 2023, informed by our visibility into group bookings and our confidence that business transient will continue to recover while leisure transient demand levels sustain.

與2023 年相比，我們預計全年全球系統範圍內的RevPAR 將增長3% 至5%，這得益於我們對團體預訂的了解，以及我們對商務瞬態將繼續復甦而休閒瞬態需求水平維持的信心。

We anticipate higher RevPAR growth from international markets, notably Greater China, with the U.S. near the lower end of our global outlook range. We expect net rooms growth between 5.5% and 6%, and we are confident that we will see another healthy year of portfolio growth, driven by both organic growth and conversions.

我們預期國際市場（尤其是大中華區）的 RevPAR 成長將會更高，而美國則接近我們全球展望範圍的下限。我們預計淨客房成長率在 5.5% 至 6% 之間，並且我們有信心在有機成長和轉換的推動下，我們將看到另一個健康的投資組合成長年。

We have added management franchise license and other fees to our 2024 outlook, which are expected in the range of $1.1 billion to $1.13 billion. Adjusted SG&A is expected to be in the range of $425 million to $435 million, excluding integration costs.

我們在 2024 年展望中增加了管理特許經營許可證和其他費用，預計在 11 億美元至 11.3 億美元之間。調整後的 SG&A 預計在 4.25 億至 4.35 億美元之間，不包括整合成本。

Adjusted EBITDA is expected to be in the range of $1.175 billion to $1.225 billion. When considering the illustrative 2023 historical results outlined on schedule A-22, our growth model is intact for all elements of our business, except for ALG Vacations, as we are lapping a record first quarter due to unusually high demand in 2023. We expect ALG vacation profits to decline approximately $20 million compared to 2023 all in the first quarter and this has been incorporated into our full year outlook.

調整後 EBITDA 預計在 11.75 億美元至 12.25 億美元之間。在考慮附表A-22 中概述的說明性2023 年歷史業績時，我們的成長模型對於我們業務的所有要素來說都是完整的，除了ALG 假期，因為由於2023 年需求異常高，我們第一季度的業績創下了紀錄。我們預計ALG與 2023 年相比，第一季的假期利潤將減少約 2000 萬美元，這已納入我們的全年展望中。

For the full year 2024, we expect free cash flow in the range of $625 million to $675 million and capital returns to shareholders, including share repurchases and dividends between $550 million to $600 million. The 5 asset sales that Mark mentioned are not contemplated in our full year outlook, and we will update our outlook as additional asset sale transactions close.

2024 年全年，我們預計自由現金流將在 6.25 億至 6.75 億美元之間，股東資本回報將在 5.5 億至 6 億美元之間，包括股票回購和股息。馬克提到的 5 項資產出售並未在我們的全年展望中考慮，我們將在其他資產出售交易結束時更新我們的展望。

I'll conclude my prepared remarks by saying we're very pleased with our fourth quarter results, which we believe demonstrates our unique positioning and differentiated model. Our teams have delivered exceptional results this past year and we're all looking forward to an exciting year ahead as we continue executing our strategic vision.

在結束我準備好的發言時，我們對第四季度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。我們的團隊在過去的一年中取得了卓越的成果，我們都期待著激動人心的未來一年，繼續執行我們的策略願景。

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 Richard Clarke from Bernstein.

（操作員說明）我們的第一個問題來自伯恩斯坦的理查德·克拉克。

Just want to start on the UVC disposal. Just wondering whether you could tell us how much free cash flow UVC generated in 2023? And how much it's expected to generate under the new structure? And then maybe how that kind of gets us to the $100 million valuation? I guess on EBITDA it looks like it's only 2.5x EBITDA. So why you are happy with that valuation of UVC?

只是想開始 UVC 處理。只是想知道您能否告訴我們 UVC 在 2023 年產生了多少自由現金流？在新的結構下預計會產生多少？那麼也許這如何讓我們達到 1 億美元的估值呢？我猜 EBITDA 看起來只有 2.5 倍 EBITDA。那麼，您為什麼對 UVC 的估值感到滿意呢？

Thank you, Richard. First of all, I think the key elements of the transaction begin with our JV and the structure of the JV. We have a JV partner and we who are both focused on and committed to and benefit from the growth in the UVC program. And so we have a great deal of alignment with our new partner.

謝謝你，理查。首先，我認為交易的關鍵要素始於我們的合資企業和合資企業的結構。我們有一個合資夥伴，而我們都專注於 UVC 專案的發展並致力於該專案的發展並從中受益。因此，我們與新合作夥伴有許多共識。

Secondly, we have received upfront proceeds, as you noted. Third, there's an ongoing fee stream driven by net contract -- net cash contract revenue, both management fees and royalty fees, which by way of reminder, in our Investor Day, we laid out the extraordinarily high correlation. It's over 99% correlation between the growth in the program and net rooms growth for our HIC hotels, our own inclusive hotels.

其次，正如您所指出的，我們已經收到了預付款。第三，淨合約驅動著持續的費用流——淨現金合約收入，包括管理費和特許權使用費，提醒一下，在我們的投資者日，我們列出了極高的相關性。該計劃的成長與我們的 HIC 酒店（我們自己的包容性酒店）的客房淨增長之間存在超過 99% 的相關性。

And we've been growing and expect to continue to grow in the low double digits per annum. And so that gives you a sense for, I think, our outlook for how the fee stream might grow over time. Finally, it simplifies our reporting with increased clarity and focus on fees, cash fees actually received by Hyatt.

我們一直在成長，並預計每年繼續以低兩位數的速度成長。因此，我認為，這讓您了解我們對費用流如何隨著時間的推移而增長的前景。最後，它簡化了我們的報告，更加清晰，並專注於凱悅實際收到的費用和現金費用。

In terms of cash flow, generally speaking, the elements of the UVC business include 3 key drivers. One is adjusted EBITDA, which tends to be either modest or negative. The deferred -- net deferrals and net finance contracts. The net finance contracts reflects changes in net finance contracts, which is not cash, and the net deferrals represent cash. So if you go back and take a look at Schedule A-2 or A-3, I can't remember, I think it's A-2 on the earnings release, you'll be able to decipher that for yourself in 2023.

在現金流方面，一般來說，UVC業務的要素包括3個關鍵驅動因素。其中之一是調整後的 EBITDA，其往往要么適度，要么為負。遞延－淨遞延和淨融資合約。淨融資合約反映了淨融資合約的變化，並非現金，淨遞延代表現金。因此，如果您回去看附表 A-2 或 A-3，我不記得了，我認為收益發布中是 A-2，您將能夠在 2023 年自己破解它。

Was there a second part of your question that I missed?

我是否錯過了你問題的第二部分？

No, I guess just -- I guess the only other part was really like how -- on the basis of that, $80 million for the 80% stake or $100 million, so how did you get to that being the right value of this business.

不，我想只是 - 我想唯一的其他部分真的就像 - 在此基礎上，8000 萬美元購買 80% 的股權或 1 億美元，那麼你是如何得到這個業務的正確價值的。

Yes. So I think the simplest way for me to help you is, first, we did receive upfront proceeds. In addition to that, we have an ongoing fee stream. I noted what our expectation is for the remainder of the year this year. And these are fees that are all cash and are in like fashion and manner to the other fees that we report as a company. And I don't know what the current -- if we look at those sell-side analysts who cover Hyatt and apply the multiples that they have applied in the past to our fees, I think you end up somewhere in the mid-teens range. You can do the math yourself in terms of how we thought about the value received or retained through the transaction.

是的。所以我認為對我來說幫助你的最簡單的方法是，首先，我們確實收到了預付款。除此之外，我們還有持續的費用流。我指出了我們對今年剩餘時間的期望。這些費用都是現金，與我們作為公司報告的其他費用類似。我不知道目前的情況如何——如果我們看看那些研究凱悅酒店的賣方分析師，並將他們過去應用的倍數應用於我們的費用，我認為你最終會在十幾歲的範圍內。您可以自己計算一下我們如何看待透過交易收到或保留的價值。

Okay. And maybe if I can just ask a quick follow-up. The partner you're working with, is UVC getting merged into a bigger loyalty program or an entity in this JV that Hyatt will somehow benefit from? Or is UVC basically saying exactly the same, but now just kind of sitting off your books?

好的。也許我可以要求快速跟進。與您合作的合作夥伴，UVC 是否會併入更大的忠誠度計劃或凱悅將從中受益的合資企業中的一個實體？或者 UVC 基本上說的是完全一樣的，但現在只是坐在你的書上？

It's the latter.

是後者。

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。

Mark, I think I can piece it together, but I'm not sure if you actually said it as explicitly as how I'm going to ask it. But can you talk about the motivation and the strategic rationale for selling a majority interest in UVC? I mean I see the subsequent benefits from it that you talked about. And obviously, we agree and the market agrees today, obviously. But that would be helpful to kind of just hear that from you.

馬克，我想我可以把它拼湊起來，但我不確定你是否真的像我要問的那樣明確地說出來。但您能談談出售 UVC 多數股權的動機和策略理由嗎？我的意思是我看到了你提到的後續好處。顯然，我們同意，市場今天也同意。但如果只是聽聽你的說法，會很有幫助。

Yes, I think first and foremost, we -- thank you for the question, Joe. We wanted to -- we have tried tremendously and I think achieved a lot in helping to explain the mechanics of the business and how you can think about the value of the business.

是的，我認為首先也是最重要的，我們——謝謝你提出這個問題，喬。我們想——我們已經做了巨大的嘗試，我認為在幫助解釋業務機制以及如何思考業務價值方面取得了很多成果。

I think what's missed in the conversation constantly is the integration and the vertical integration of our model versus how other companies are operating all-inclusive resorts or resorts. It is an integrated model, and that's why a long-term management arrangement where we continue to manage the platform and where it's exclusive to our all-inclusive brands are key elements of the structure of the deal.

我認為對話中經常忽略的是我們的模式與其他公司經營全包式度假村或度假村的方式的整合和垂直整合。這是一個整合的模式，這就是為什麼長期管理安排是交易結構的關鍵要素，我們將繼續管理該平台，並將其獨家提供給我們的全包品牌。

With that, being able to secure that and being able to render the actual cash generated for Hyatt every year in a very simplified way through fees, we believe, has the benefit of simplifying this tremendously and really eliminating any potential confusions. No matter how much progress, I think we made with a lot of people and understanding it, they really remained some measure of confusion and, frankly, extra work, and we're trying to simplify your lives too as well as our shareholders' lives.

有了這個，我們相信，能夠確保這一點，並能夠通過費用以非常簡單的方式為凱悅每年提供實際產生的現金，有利於極大簡化這一過程，並真正消除任何潛在的混亂。我認為，無論我們與許多人取得了多大的進展並理解了這一點，他們確實仍然存在一定程度的困惑，坦率地說，還有額外的工作，我們也在努力簡化您以及我們股東的生活。

And I think finally, we created a deal where our partner and we are 100% aligned on the growth of the program. We have great visibility to what that growth is likely to be because we have a pipeline, which has a several year run rate associated with it. So -- and we showed there's a great chart in the Investor Day deck that shows the correlation between new members and new rooms added to the HIC portfolio. And so we think we're set up for success going forward with a simplified structure with continued control over the management and vertical integration in relation to the business. So those are all compelling reasons.

我認為最終，我們達成了一項協議，我們的合作夥伴和我們在該計劃的發展方面達成了 100% 的一致。我們非常清楚這種增長可能是什麼，因為我們有一條管道，它有與之相關的幾年運行率。因此，我們在投資者日平台上展示了​​一張很棒的圖表，顯示了新會員與 HIC 投資組合中添加的新房間之間的相關性。因此，我們認為，我們已經準備好透過簡化的結構以及對與業務相關的管理和垂直整合的持續控制來取得成功。所以這些都是令人信服的理由。

Great. And moving on to asset dispositions. You laid out these additional assets that could net you whatever another $750 million gross proceeds. How at this point are you thinking about the use of those proceeds and whether that's just -- it allows you to do more capital return? Or are there things out there that are more fee generative and brand related that you can purchase?

偉大的。並繼續進行資產處置。您配置了這些額外資產，可以為您帶來另外 7.5 億美元的總收益。此時此刻，您如何考慮這些收益的用途？這是否只是—它能讓您獲得更多資本回報？或者是否有一些可以產生更多費用且與品牌相關的東西可供您購買？

Yes. I think, Joe, we're continuing to pursue many different flavors of expansion. Our ability to convert properties and even groups of properties this past year was at an all-time high for us, represented over 50% of our total gross room openings in the year. And it was across our brand portfolio. Interestingly, our destination by Hyatt brand represented at the Rio, the JdV brand represented in the Mumian deal. And so our collection brands are continuing to attract and garner a lot of attention.

是的。我認為，喬，我們將繼續追求許多不同風格的擴張。去年，我們轉換房產甚至房產組的能力達到了歷史最高水平，占我們當年總開房總數的 50% 以上。它貫穿我們的品牌組合。有趣的是，我們的目的地是由凱悅品牌代表的里約酒店，JdV 品牌代表的木棉交易。因此，我們的系列品牌繼續吸引並獲得大量關注。

I would also add that Hyatt brand conversions have also occurred over the course of the year. And so we are looking at and experiencing an increase in opportunities that don't look like traditional acquisitions. They look like portfolio transactions in which we are affiliating either through management or franchising a group of hotels. And so we will make investments in some of those, but they will not look like very large ticket, big scale acquisitions of large platforms, they will look like relatively smaller investments in either smaller brands or management platforms or other kinds of capital deployment to secure and facilitate some of these portfolio transactions in many cases, they require capital expenditures in order to bring them up to Hyatt standards. And that's typically where the application of capital is applied.

我還想補充一點，凱悅品牌在這一年也發生了轉變。因此，我們正在尋找並體驗與傳統收購不同的機會的增加。它們看起來像是投資組合交易，我們透過管理或特許經營一組酒店來加入其中。因此，我們將對其中一些進行投資，但它們看起來不會像大型平台的大規模收購，它們看起來像是對較小品牌或管理平台或其他類型的資本部署的相對較小的投資，以確保在許多情況下，並促進其中一些投資組合交易，它們需要資本支出才能達到凱悅酒店的標準。這通常是資本應用的地方。

Therefore, we find it inconceivable that if we do execute against all of the dispositions that we talked about that we would not increase our return of capital through share repurchases, especially given how undervalued the company has been for an extended period of time.

因此，我們發現，如果我們真的執行我們所討論的所有處置，我們將無法透過股票回購來增加資本回報，特別是考慮到該公司在很長一段時間內被低估的程度。

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

我們的下一個問題來自美國銀行的肖恩凱利。

I just wanted to, yes, say from the accounting perspective, at least, thank you for finding the solution for UVC. I do think it simplifies everybody's lives a little bit. So my first question would be then to kind of go back to some of the Analyst Day targets a little bit, Mark. And if we just look at a couple of the KPIs you gave both your RevPAR outlook and your net unit growth outlook, they're both a little below the ranges provided back then. And probably the investor group is a little bit more focused on the rooms growth side, but maybe call out what some of the differentials are or what could move you back to within the ranges you provided back then just so we can get a sense of what's changed at the margin?

我只是想說，是的，至少從會計的角度來看，感謝你們找到了 UVC 的解決方案。我確實認為它稍微簡化了每個人的生活。所以我的第一個問題是稍微回顧一下分析師日的一些目標，馬克。如果我們只看一下您給出的 RevPAR 前景和淨單位成長前景中的幾個 KPI，它們都略低於當時提供的範圍。也許投資人群體更關注房間成長方面，但也許會指出一些差異是什麼，或者什麼可以讓你回到你當時提供的範圍內，這樣我們就可以了解什麼是邊際變化？

Sure, Sean. I'll start with the RevPAR target, and maybe Mark will comment on the net rooms growth. At Investor Day, when we had provided the 3% to 7%, our current expectation at the time for 2023 was 12% to 16% for 2023. We ended up in 2023 at 17%. So that was a full 300 basis points above the midpoint of our range. So the acceleration that we saw over the course of last year certainly factors into our 2024 outlook.

當然，肖恩。我將從 RevPAR 目標開始，也許馬克會評論淨房間增長。在投資者日，當我們提供了 3% 到 7% 的利率時，我們當時對 2023 年的預期是 12% 到 16%。我們最終在 2023 年達到了 17%。因此，這比我們範圍的中點高出整整 300 個基點。因此，我們去年看到的加速肯定會影響我們對 2024 年的展望。

Now visibility that we have now, we mentioned the pace going into 2024, which is healthy for group. We also mentioned that the shorter-term visibility into leisure is also very strong and encouraging into our resorts. Mark mentioned the one exception we have with Maui, which is short term. So we feel like the 3% to 5% is a very solid outlook for this year, and there's -- there could be some room to improve, and we'll update you as the year progresses.

現在我們已經看到了，我們提到了進入 2024 年的步伐，這對團隊來說是健康的。我們也提到，休閒的短期可見性也非常強，對我們的度假村來說是令人鼓舞的。馬克提到了毛伊島的例外，那就是短期的。因此，我們認為 3% 到 5% 是今年非常穩健的前景，並且可能還有一些改進的空間，我們將隨著今年的進展向您通報最新情況。

And on the net rooms growth side, as I mentioned, in '23, we had a very outsized amount of conversions. We do think that 2024 will include an elevated level of conversions, not at the level that we experienced in 2023. We are -- our outlook really represents things that we have some visibility to as opposed to a plug number with respect to a, a guess. If '24 unfolds the way that we experienced the marketplace in '23, any incremental, both portfolio deals and/or conversions would be incremental to our current outlook.

在淨房間增長方面，正如我所提到的，在 23 年，我們的轉換量非常大。我們確實認為 2024 年的轉換水平將有所提高，而不是達到我們在 2023 年經歷的水平。我們的前景確實代表了我們有一定可見性的事物，而不是關於一個、一個的插頭數量猜測。如果 24 年以我們在 23 年經歷市場的方式展開，任何增量，無論是投資組合交易和/或轉換都將是我們當前前景的增量。

And so -- I guess what I would tell you is we are trying to stick to things that we have high confidence in, in providing our outlook. But if you ask my overlay on my judgment, I would say the marketplace feels the same, and I think we will likely see the same at least for the first half of the year, and we do have a number of things that we are working on that could actually pan out into incremental rooms growth.

因此，我想我要告訴你們的是，在提供我們的前景時，我們正在努力堅持我們充滿信心的事情。但如果你問我對我的判斷的疊加，我會說市場感覺是一樣的，我認為至少在今年上半年我們可能會看到同樣的情況，而且我們確實有很多正在努力的事情這實際上可能會帶來客房數量的增量成長。

So I guess what I would say, it's a matter of confidence interval rather than a belief in -- sorry, confidence interval in visibility as opposed to a change in our fundamental belief about what our run rate growth rate will be going forward. And this is at a time when our new starts remain much lower than they were prior to the time that -- well, pre-pandemic, I guess, in prior to the time that interest rates increased.

所以我想我想說的是，這是一個置信區間的問題，而不是一個信念——抱歉，可見性的置信區間，而不是我們對未來運行率增長率的基本信念的變化。而此時我們的新開工率仍遠低於之前的水平——我想是大流行前的水平，即利率上升之前的水平。

You're seeing, I think, very limited upper upscale when luxury starts or construction underway, you're seeing also limited -- more limited start -- construction starts in upscale and upper mid-scale.

我認為，當奢侈品開工或建設正在進行時，你會看到非常有限的高檔高檔建築，你也會看到高檔和中高檔建築的開工也很有限——更有限。

The one caveat to that and the one counterbalance to that is the CMBS market is alive and well. Availability is high, spreads are narrow. And so we're seeing CMBS deals get done both large single-asset deals, but also portfolios. So that's really one thing that's sort of bridging us to a point where the banks actually start to get back involved.

對此的一個警告和一個平衡是 CMBS 市場仍然活躍且良好。供應量高，價差窄。因此，我們看到 CMBS 交易既包括大型單一資產交易，也包括投資組合交易。因此，這確實是一件事，它在某種程度上幫助我們達到了銀行真正開始重新參與的程度。

The only place that we see banks actively involved right now has to do with relatively smaller deals, our Hyatt Studios developments. Those developers are leaning on community and local bank and sometimes small regional bank relationships in order to get deals financed. So we think that, that access to capital, that form of access to capital and the quality of our developers for Hyatt Studios will allow us to see more and more Hyatt Studio starts relative to upscale or upper upscale.

目前我們看到銀行積極參與的唯一領域是相對較小的交易，也就是我們的凱悅影城開發案。這些開發商依靠社區和當地銀行，有時甚至是小型區域銀行關係來獲得交易融資。因此，我們認為，獲得資本的管道、獲得資本的形式以及凱悅開放式公寓開發商的品質將使我們能夠看到越來越多的凱悅開放式公寓相對於高檔或超高檔而言。

Our next question comes from Dan Politzer from Wells Fargo.

我們的下一個問題來自富國銀行的 Dan Politzer。

I wanted to touch on the asset sales a little bit. On the slide that you need to get done, should we expect further seller financing? And maybe could you talk about the puts and takes of the interest rate environment as it relates to that?

我想談談資產出售。在您需要完成的投影片上，我們是否應該期待進一步的賣方融資？也許您能談談與此相關的利率環境的看漲期權和看跌期權嗎？

Sure. First of all, I just want to briefly state that we have a very long experience in providing seller financing. It dates back in my tenure to 2008 when we provided senior financing for the recapitalization and sale of the Hyatt Regency Waikiki, which turned out to be a fantastic outcome because we save that property as part of our chain but also secured a very long-term management agreement. Got repaid in full. I went to sleep every night knowing that I would be thrilled not just okay with, but thrilled to own the property at the loan-to-value at which we had made that loan. And that's really the way we think about seller financing. We are structuring our -- any seller financings that we've done to be at a loan-to-value level that we are 100% prepared to own the whole property and would be happy to do so if it ever came to that.

當然。首先，我想簡單說明一下，我們在提供賣家融資方面擁有非常悠久的經驗。這可以追溯到2008 年我任職期間，當時我們為威基基凱悅酒店的資本重組和出售提供了高級融資，結果證明這是一個非常棒的結果，因為我們將該酒店保留為我們連鎖酒店的一部分，同時也獲得了非常長期的利益。管理協議。已全額還款。我每天晚上睡覺時都知道，我不僅會感到興奮，而且會興奮地以我們發放貸款的貸款價值比擁有這處房產。這確實是我們思考賣家融資的方式。我們正在建立我們所做的任何賣方融資，使其達到貸款價值比水平，我們100%準備擁有整個房產，如果真的達到了這一點，我們將很樂意這樣做。

And with respect to the environment, there's no question that capital availability is an issue. And so we have, obviously, in this case, and we will likely find ourselves in a situation in which we are providing additional seller financing as we move through this year.

就環境而言，毫無疑問，資本的可用性是一個問題。顯然，在這種情況下，我們可能會發現自己處於這樣一種情況：在今年，我們將提供額外的賣方融資。

What is also true is if you go back and study deals, not -- there are not that many deals in asset -- single asset transactions that have occurred in truly distressed environments. But those that were able to get done or at a time when capital availability was low, not necessarily distressed operating-wise, but maybe in the capital markets, they've all proven to be fantastic investments. We have some personal experience with us at Hyatt, but also if you look across the industry, those deals tend to have great results.

同樣正確的是，如果你回去研究交易，你會發現，在真正陷入困境的環境中發生的單一資產交易並不多——資產交易並不多。但那些能夠完成的或在資本可用率較低的時候完成的，不一定是經營方面的困境，但也許在資本市場上，它們都被證明是很棒的投資。我們在凱悅酒店有一些個人經驗，但如果你放眼整個產業，這些交易往往會產生很好的結果。

And yes, interest rates are cyclical. Of course, we can't tell what the interest rate cuts will yield in terms of where in the cycle we happen to be. But we do expect refinancings to be very attractive well before maturity dates for the kinds of financings that we're providing. So we don't expect to have this capital out for very long. And I think it just provides the right kind of bridge, if you will.

是的，利率是週期性的。當然，我們無法根據我們所處的周期來判斷降息會產生什麼結果。但我們確實預計，對於我們提供的此類融資，再融資在到期日之前會非常有吸引力。因此，我們預計這筆資金不會持續很長時間。如果你願意的話，我認為它只是提供了正確的橋樑。

The other thing is it's a small portion of the capital stack. We're not advancing 60% of the purchase price or anything like that, they tend to be a small proportion maybe in the teens or 20% of the total purchase price.

另一件事是它只佔資本的一小部分。我們不會預付購買價格的 60% 或類似的費用，它們往往只佔總購買價格的一小部分，可能是十幾歲或 20%。

Got it. And just for my follow-up, I want to make sure I'm kind of understanding the UVC pieces just to be clear, right? So you're going to -- I mean the $60 million in fees that you talked about getting for 2024, that will come in the form of EBITDA, and that would be a fee stream, right? And then it's basically just the [160] more or less of deferrals that you had in 2023 are coming out, we're not going to see those. Is that kind of the easiest way to think about it?

知道了。為了我的後續行動，我想確保我理解 UVC 部分只是為了清楚，對吧？所以你會 - 我的意思是你談到的 2024 年 6000 萬美元的費用將以 EBITDA 的形式出現，這將是一個費用流，對嗎？然後基本上就是 2023 年的 [160] 或多或少的延期即將到來，我們不會看到這些。這是最簡單的思考方式嗎？

Dan, I would -- in my prepared remarks, I referenced a table and a schedule in our earnings release. It's A-22. It's super helpful to reference that schedule as a baseline for 2023 because what we've done there is we have illustrated the transaction, both UVC and Aruba and then also this reclass that we undertook for Mr. & Mrs. Smith. So that baseline there that is reported in our earnings release this morning is a great reference to understand the line items that are impacted by those 3 things.

丹，我會——在我準備好的發言中，我引用了我們收益發布中的表格和時間表。是A-22。參考該時間表作為 2023 年的基線非常有幫助，因為我們在那裡所做的是我們已經說明了 UVC 和阿魯巴島的交易，然後還有我們為史密斯夫婦進行的重新分類。因此，今天早上我們的收益報告中報告的基準對於了解受這三件事影響的行項目來說是一個很好的參考。

Our next question comes from Patrick Scholes from Truist Securities.

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

Mark, Joan, regarding the Aruba sale, is that 2023 EBITDA sort of a fair comparison to think about what a multiple would be, was there anything unusual in that? And then any large requirements for CapEx on that property? Also, help us to think about sort of the like a all-in multiple in that sale?

馬克、瓊，關於阿魯巴島的出售，2023 年的 EBITDA 是否是一個公平的比較，可以考慮倍數是多少，其中有什麼不尋常的地方嗎？那麼對該資產的資本支出有什麼大的要求嗎？另外，請幫我們思考一下該銷售的全部倍數？

Yes. So first thing I'm going to do is do what Joan just did, which is refer you to A-22. And in that schedule, there are expensive footnotes from which you will be able to pretty clearly see what the property level earnings were in 2023 because we have created a pro forma -- illustrative pro forma for -- in that schedule. Yes, it is -- the property sold at a multiple significantly below where we have been selling properties. There are 2 key factors. The first is it's a leasehold, not a freehold. And the second is that there are some local market factors that we have -- we and the buyer have very high visibility to that will create a headwind with respect to earnings prospectively that will apply a couple of years from now. And that is fully accounted for in the valuation. Taking those factors into account, we're thrilled with the outcome of this transaction and feel like it was a very good value.

是的。所以我要做的第一件事就是做瓊剛才做的事情，也就是向您推薦 A-22。在該時間表中，有一些昂貴的腳註，您可以從中非常清楚地看到 2023 年的房地產水平收入是多少，因為我們在該時間表中創建了一個備考表——說明性的備考表。是的，確實如此——該房產的出售價格遠低於我們一直在出售房產的價格。有兩個關鍵因素。首先，它是租賃權，而不是永久業權。其次，我們擁有一些當地市場因素——我們和買家都非常清楚，這將在幾年後對未來的獲利產生不利影響。這在估值中已得到充分考慮。考慮到這些因素，我們對這筆交易的結果感到非常興奮，並認為這是一個非常有價值的交易。

The final thing I'll say is I made a comment probably 1.5 years ago that the thing that a lot of people were focusing on was the elevation of cap rates. And what I explained at that time was the other thing that's going up that people don't add to that sound bite is earnings. So as cap rates rise and earnings rise, the total proceeds that one receives upon disposition stay the same or increase depending on the growth rate of earnings.

我要說的最後一件事是，我大概在 1.5 年前發表過評論，很多人關注的是資本化率的提升。我當時解釋的是，人們沒有添加到這一要點中的另一件正在上漲的事情是收入。因此，隨著資本化率上升和收益上升，處置時獲得的總收益保持不變或根據收益成長率而增加。

So if you ask me, going all the way back to 2017 or even prior to that, how we have been looking at the valuation of Aruba, we've received proceeds equivalent to what we thought the asset was worth. And that's the result of much higher earnings at a lower multiple but in terms of cash value to the company, we've absolutely achieved what we believe is a very fair value for the asset.

因此，如果你問我，追溯到 2017 年甚至更早，我們如何看待阿魯巴的估值，我們收到的收益相當於我們認為該資產的價值。這是以較低倍數獲得更高收益的結果，但就公司的現金價值而言，我們絕對實現了我們認為非常公平的資產價值。

One of the things we've consistently disclosed too, Patrick, is that when we have disclosed the multiples, it does not include the fee-based, the long-term fee base that we retain as a result of all of these sales. So that is in addition to the asset sale itself, is the retention of those contracts. And in every single asset that we've sold, we have retained a long-term management or franchise contracts.

派崔克，我們一直在揭露的一件事是，當我們揭露倍數時，它不包括我們因所有這些銷售而保留的基於費用的長期費用基礎。因此，除了資產出售本身之外，還包括這些合約的保留。在我們出​​售的每一項資產中，我們都保留了長期管理或特許經營合約。

And those have significant run rate value.

這些具有顯著的運行率價值。

And then a follow-up question. Mark, I apologize, perhaps you mentioned this in the prepared remarks. Last quarter, you gave some statistics on booking pace for the ALG resorts. I'm wondering if you can give us some fresh color on how booking pace looks for 2Q? And then any initial indications on that leisure travel for the summer?

然後是後續問題。馬克，我很抱歉，也許你在準備好的發言中提到了這一點。上個季度，您提供了有關 ALG 度假村預訂速度的一些統計數據。我想知道您能否給我們一些關於第二季預訂速度的新資訊？那麼關於夏季休閒旅行有什麼初步跡象嗎？

Yes. So I think we mentioned that the pace for ALG properties in the first quarter is up [11%] and the second quarter is developing well. I will be reluctant to give you a number at this point. It's a little early because the base is still building at this point. But definitely positive. Where exactly we end up, I can't say at this point, but I'm encouraged by what I've seen so far.

是的。所以我認為我們提到 ALG 房地產第一季的成長速度是[11%]，第二季發展良好。此時我不願意給你一個數字。現在還為時過早，因為此時基地仍在建設中。但絕對是正面的。目前我還不能說我們最終會走向何方，但迄今為止所看到的一切讓我深受鼓舞。

A couple of things that I would just provide as context. The first is there's significantly more lift into Cancun this year than there was last year. And secondly, airfares are down. So the total package costs are maintaining. There's just a relatively higher proportion of that, that's going to hotels than it is to airlines, let's say. So that's by virtue of airlines really trying to maintain market share into one of the hottest destinations for leisure travel.

我僅提供一些內容作為背景。首先，今年前往坎昆的航班量比去年明顯增加。其次，機票價格下降。因此總包裝成本不變。比方說，其中流向飯店的比例相對較高。因此，航空公司確實在努力保持在最熱門的休閒旅行目的地之一的市場份額。

And -- so -- and by the way, they're down from levels last year that were unusually high. They were -- there was a bubble, I would say. One reference point that we looked up and had referenced to in the third quarter of last year was the rates on average from Houston to Cancun went from just under $400 to over $750 and that's now readjusted back to a more normalized level.

順便說一句，它們比去年異常高的水平有所下降。我想說，它們存在著泡沫。我們在去年第三季查閱並提到的一個參考點是，從休士頓到坎昆的平均費率從略低於 400 美元升至超過 750 美元，現在已重新調整回更正常的水平。

So the extra lift is positive. It is still true, though, that we are lapping a very unusual demand period last year in the first quarter, and that's why we've got this $20 million headwind that Joan referenced in ALG vacations.

所以額外的升力是正的。不過，去年第一季我們確實經歷了一個非常不尋常的需求時期，這就是為什麼我們會遇到瓊在 ALG 假期中提到的 2000 萬美元的逆風。

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。

I could ask you more UVC accounting questions, but we'll take that off-line. Just on this journey to simplification which, I guess, the sale of UVC now fits. What are the other 1, 2, 3 initiatives that you're working on to further simplify your financial reporting?

我可以向您詢問更多 UVC 會計問題，但我們會將其離線。我想，就在這個簡化的旅程中，UVC 的銷售現在正合適。您正在採取哪些其他 1、2、3 措施來進一步簡化您的財務報告？

Sure. So Duane, yes, simplification is absolutely what we believe we will be demonstrating here in 2024. A couple of things. So you mentioned UVC and the capture of those economics now in fees, no more disclosures around net deferrals and net finance contracts. We've also realigned our segments, which I went through in some detail in my prepared remarks, and there is also more detail in our release this morning. And importantly, that realignment is really how strategically we're looking at the business. We have a much greater fee-based results, and that's demonstrated by our mix that we disclosed this morning of 76%. And so now we'll have the managed and franchise business in one segment, and we're also providing an outlook for our managed and franchised fee growth into 2024.

當然。所以杜安，是的，我們相信我們將在 2024 年在這裡展示簡化。有幾件事。所以你提到了 UVC 以及現在在費用中捕獲這些經濟因素，不再披露有關淨延期和淨融資合約的資訊。我們還重新調整了我們的部分，我在準備好的演講中詳細介紹了這些部分，今天早上的發布中也有更多細節。重要的是，這種調整實際上是我們如何從策略角度看待業務。我們的收費業績要高得多，今天早上我們披露的 76% 的組合就證明了這一點。因此，現在我們將在一個細分市場中擁有管理和特許經營業務，並且我們還提供了 2024 年管理和特許經營費用增長的前景。

So adding all of those elements up really simplifying the results this year and the outlook this year and the ability to model Hyatt. We mentioned now the schedule A-22. I think it's -- it will be super helpful to model this year. And I'll just add on, when you compare that to the midpoints that we've provided in our outlook, that we are still following our growth model for fees, net rooms growth, our owned performance. The only exception this year will be the vacations business and that headwind that we described.

因此，將所有這些元素加起來確實簡化了今年的結果和今年的前景以及凱悅建模的能力。我們現在提到了時間表 A-22。我認為今年當模特兒將會非常有幫助。我還要補充一點，當你將其與我們在展望中提供的中點進行比較時，我們仍然遵循我們的費用增長模型、淨客房增長和我們擁有的業績。今年唯一的例外是假期業務和我們描述的逆風。

So when you apply the growth model to the baseline that we've provided on A-22, you'll see that we're growing core growth on our adjusted EBITDA by 11% this year.

因此，當您將成長模型應用到我們在 A-22 上提供的基準時，您會發現今年調整後 EBITDA 的核心成長成長了 11%。

We will be -- as I mentioned, we will be sharing with you the segment realignment prior to the first quarter earnings release, and we will include a few simplifications to the growth model as well as you can now look at the different segments with a different view of clarity. So we're excited for that and look forward to seeing that release when we actually have that call with all of you.

正如我所提到的，我們將在第一季收益發布之前與您分享細分市場的調整，我們將對成長模型進行一些簡化，您現在可以透過以下方式查看不同的細分市場：不同觀點的清晰度。因此，我們對此感到興奮，並期待在我們真正與大家進行電話會議時看到該版本。

Okay. And then just for my follow-up, you did provide some good pipeline detail in the release. Can you expand on ALG specifically -- ALGs versus new build? And any comment on the typical time frame from signing to opening with ALG resorts versus a kind of conversion?

好的。然後，為了我的後續行動，您確實在版本中提供了一些很好的管道細節。您能否具體詳細介紹 ALG——ALG 與新建專案？對於與 ALG 度假村簽約到開業的典型時間框架與某種轉換有何評論？

Sure. We -- with these openings that I mentioned in the fourth quarter, the actual total net rooms growth for ALG is running something like in the high teens at the moment. But that does include some conversions that I mentioned, the 2,000 rooms [in Dominican Republic]. The core pipeline is all new build. We are working on additional deals like we experienced in the Dominican Republic, both in Europe and in the Americas. So I would say -- we have said in the past, and I would continue to maintain that I think the core growth for the ALG portfolio will likely be in the 10% range, plus or minus a small amount. But generally speaking, I think that's a fair way to think about it.

當然。我們——隨著我在第四季度提到的這些空缺，ALG 的實際總淨房間增長目前約為十幾歲。但這確實包括我提到的一些改造，即[多明尼加共和國]的 2,000 個房間。核心管道全部都是新建的。我們正在歐洲和美洲開展其他交易，就像我們在多明尼加共和國經歷的那樣。所以我想說——我們過去說過，而且我將繼續堅持 ALG 投資組合的核心成長可能會在 10% 的範圍內，加上或減去少量。但總的來說，我認為這是一個公平的思考方式。

And there are -- it's punctuated by episodic portfolio deals and other conversions. I didn't expect -- when we bought ALG, I did not expect that we would see so much conversion activity as a possibility, but we are now starting to see that for various reasons that I've covered in prior earnings calls, but we remain encouraged about that.

而且其中不時有間歇性的投資組合交易和其他轉換。我沒想到——當我們購買 ALG 時，我沒想到我們會看到如此多的轉換活動，但我們現在開始看到，由於我在之前的財報電話會議中提到過的各種原因，但我們對此仍然感到鼓舞。

Our last question today will come from Michael Bellisario from Baird.

今天我們的最後一個問題將來自貝爾德 (Baird) 的邁克爾貝利薩裡奧 (Michael Bellisario)。

Two more ALG questions for you. First, now that you've sold UVC, is there any opportunity or thought around monetizing the vacations business? And then, Joan, now you mentioned that $20 million headwind in 1Q, but how do you see the full year or the rest of the year playing out for ALG EBITDA, especially relative to the comments last quarter that 2023 should be a good base year to grow from?

還有兩個 ALG 問題想問您。首先，既然您已經出售了 UVC，是否有任何機會或想法可以透過假期業務獲利？然後，瓊，現在您提到第一季面臨2000 萬美元的逆風，但您如何看待全年或今年剩餘時間對ALG EBITDA 的影響，特別是相對於上個季度的評論，即2023 年應該是一個良好的基準年成長自？

Sure, Michael. The ALG Vacations headwind in the first quarter, we had an exceptional year first quarter in 2023. And so that is -- it's really out of the ordinary growth that we saw in the first quarter. As you look across the full year, we expect that the remaining 3 quarters of the year will be consistent with 2023.

當然，邁克爾。第一季 ALG 假期的逆風，我們在 2023 年第一季經歷了非凡的一年。所以，這確實是我們在第一季看到的不同尋常的增長。縱觀全年，我們預計今年剩餘 3 個季度將與 2023 年保持一致。

And with respect to ALG Vacations, the business has grown in strength and grown overall in its capabilities. We've invested heavily in technology. The market share it maintains is high but is -- it continues to grow. And the discovery that we're now in the midst of to unlock additional value-add opportunities for legacy Hyatt properties is incremental value that we think we can extract from this amazing platform. So we have no plans at this point to do anything different with ALGV.

就 ALG Vacations 而言，該業務的實力不斷增強，整體能力也不斷增強。我們在技術方面投入了大量資金。它保持的市場份額很高，而且還在繼續增長。我們現在正在為凱悅遺留酒店釋放額外的增值機會，我們發現我們可以從這個令人驚嘆的平台中獲得增量價值。因此，我們目前沒有計劃對 ALGV 做任何不同的事情。

Just one quick clarification, Joan, your comments about 2Q to 4Q, is that for the vacations business or ALG EBITDA overall?

瓊，請簡單澄清一下，您對第二季至第四季的評論是針對度假業務還是針對 ALG 整體 EBITDA？

It's for the vacations business. We've given some insight into the transaction change for UVC and the model will hold true for fees within -- the guidance for fees includes the UVC and also the (inaudible) management business.

這是為了假期生意。我們已經對 UVC 的交易變更進行了一些深入了解，該模型也適用於其中的費用——費用指南包括 UVC 以及（聽不清楚）管理業務。

This concludes today's conference call. Thank you for your participation, 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。