Hyatt Hotels Corp (H) 2024 Q1 法說會逐字稿

Good morning, and welcome to Hyatt's First Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference call is being recorded. 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.

早安，歡迎參加凱悅 2024 年第一季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。我現在想把電話轉給亞當·羅曼。投資者關係和 FP&A 高級副總裁。謝謝。請繼續。

Thank you, and welcome to Hyatt's First Quarter 2024 Earnings Conference Call. Joining me today are Mark Hoplamazian, Hyatt's President and Chief Executive Officer; and Joan Bottarini, Hyatt's Chief Financial Officer. 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.

謝謝，歡迎參加凱悅 2024 年第一季財報電話會議。今天與我一起出席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。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截至今天，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 reflect 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，否則我們提到的入住率、平均每日房價和每間可出租客房收入均反映以固定匯率計算的全系統可比飯店。此外，除非另有說明，電話會議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。

Thank you, Adam. Good morning, everyone, and thank you for joining us today. We are pleased to report that the year is off to a great start, demonstrating high-quality growth across multiple dimensions and expanding fees from all areas of our asset-light business.

謝謝你，亞當。大家早安，感謝您今天加入我們。我們很高興地向大家報告，今年有了一個良好的開端，在多個維度展現了高品質成長，並在我們的輕資產業務的各個領域擴大了收費。

Let's start with the latest trends that we're seeing. System-wide RevPAR increased 5.5% in the first quarter and travel across all customer segments remains very healthy. As anticipated, the timing of Easter compared to 2023 positively impacted leisure travel in March and negatively impacted group and business travel. Leisure transient revenue increased 7% in the first quarter due to strong demand over spring break and the week leading into Easter. As expected, leisure transient revenue was negatively impacted in April due to the timing of Easter.

讓我們從我們看到的最新趨勢開始。第一季全系統的 RevPAR 成長了 5.5%，所有客戶群的旅行仍然非常健康。正如預期的那樣，與 2023 年相比，復活節的時間對 3 月的休閒旅行產生了積極影響，並對團體旅行和商務旅行產生了負面影響。由於春假期間和復活節前一周的強勁需求，休閒臨時收入在第一季增長了 7%。正如預期的那樣，由於復活節的時間，四月份的休閒短暫收入受到了負面影響。

While we expect year-over-year growth rates to moderate, we are significantly above pre-pandemic levels and are not seeing signs of consumers reducing their leisure travel. For example, pace for our all-inclusive resorts of the Americas is up approximately 4% for the second quarter, led by the Cancun market. Meanwhile, group room revenue increased approximately 6% in the quarter with strong performance in January and February. We anticipate solid contribution to RevPAR from group in the second and third quarters of 2024, and the second quarter is off to a good start with April up 14% compared to last year.

雖然我們預計同比增長率將放緩，但仍明顯高於大流行前的水平，並且沒有看到消費者減少休閒旅行的跡象。例如，在坎昆市場的帶動下，我們的美洲全包式度假村第二季成長了約 4%。同時，團體客房營收本季成長約 6%，1 月和 2 月表現強勁。我們預計集團將在 2024 年第二季和第三季對 RevPAR 做出穩健貢獻，第二季開局良好，4 月較去年成長 14%。

We expect another solid year of demand for group meetings and events with group pace for U.S. full service managed properties currently up 7% for May through December of 2024. Finally, business transient revenue increased approximately 6% in the quarter with strength in both January and February. And we saw similar trends in the U.S., a clear sign that business travel continues to recover. April was up 21% globally compared to 2023, and we remain optimistic about business transient's positive contribution to RevPAR growth over the last 3 quarters of 2024.

我們預計，到2024 年5 月至12 月，團體會議和活動的需求將迎來另一個穩定的一年，美國全方位服務管理酒店的整體步伐目前將增長7%。營收成長約6%，一月和二月均強勁。我們在美國也看到了類似的趨勢，這是商務旅行持續復甦的明顯跡象。與 2023 年相比，4 月全球成長了 21%，我們對業務瞬態對 2024 年最後 3 個季度的 RevPAR 成長的正面貢獻保持樂觀。

Turning to our loyalty program, World of Hyatt membership grew 22% over the past year, reaching a new high of approximately 46 million members at quarter end. Loyalty room night penetration increased in the quarter, highlighting the strong engagement of our expanding membership base, which is highly valuable because our members stay longer, they spend more and they book through Hyatt channels. I'm also thrilled to share that more than 700 Mr & Mrs Smith boutique and hotels and villas around the world are now available through Hyatt channels including World of Hyatt. We now have more than twice the number of properties previously available through our alliance with small luxury hotels with offerings in 25 additional countries and hundreds of new markets.

談到我們的忠誠度計劃，凱悅天地會員人數在過去一年中增長了 22%，在季度末達到約 4,600 萬會員的新高。本季忠誠度間夜滲透率有所上升，凸顯了我們不斷擴大的會員基礎的強勁參與度，這非常有價值，因為我們的會員停留時間更長，消費更多，並且透過凱悅管道預訂。我還很高興地告訴大家，世界各地有超過 700 家 Mr & Mrs Smith 精品店以及酒店和別墅現在可透過包括凱悅天地在內的凱悅渠道預訂。透過與小型豪華酒店的聯盟，我們現在擁有的酒店數量是以前的兩倍多，並在另外 25 個國家和數百個新市場提供服務。

We expect to have approximately 1,000 Mr & Mrs Smith properties available through Hyatt Channels and World of Hyatt by the end of this year. We are also establishing relationships with Mr & Mrs Smith, hotel owners, and we expect this will lead to potential opportunities to expand our direct engagement with those owners.

我們預計到今年年底，將有約 1,000 處史密斯夫婦酒店可透過凱悅管道和凱悅天地預訂。我們也與酒店業主史密斯夫婦建立了關係，我們預計這將帶來潛在的機會來擴大我們與這些業主的直接接觸。

Last week, we announced the collaboration with Peloton to reward our members for prioritizing their well-being. This collaboration joins Hyatt's expansive roster of global well-being programming, further differentiating World of Hyatt from other hospitality loyalty programs.

上週，我們宣布與 Peloton 合作，獎勵優先考慮自身福祉的會員。這項合作加入了凱悅廣泛的全球福利計劃，進一步將凱悅天地與其他酒店忠誠度計劃區分開來。

Finally, World of Hyatt received several accolades during the quarter, including being named the Best Loyalty Program for Hotels and Hospitality Rewards by Newsweek, and Best Hotel Rewards Program and Best Credit Card Benefits by NerdWallet. Additionally, 55 Hyatt properties were recognized by Forbes Travel Guide 2024 and 355 Hyatt properties were recognized by U.S. News & World Report's Hotel Rankings. These continued recognitions in addition to the loyalty program's growth is driving higher room night penetration and greater inner preference for our brands.

最後，凱悅天地在本季度獲得了多項榮譽，包括被《新聞周刊》評為“最佳酒店和酒店獎勵忠誠計劃”，以及被NerdWallet 評為“最佳酒店獎勵計劃”和“最佳信用卡優惠」。此外，凱悅有 55 家酒店獲得《2024 年福布斯旅遊指南》認可，另有 355 家凱悅酒店獲得《美國新聞與世界報道》酒店排名認可。這些持續的認可以及忠誠度計劃的成長正在推動更高的間夜滲透率和對我們品牌的更大的內在偏好。

Turning to development. We are realizing the benefit of greater owner preference through the continued expansion of our pipeline. Our pipeline reached a new record of approximately 129,000 rooms, a 10% increase year-over-year and represents approximately 40% of our existing room base. We signed contracts across our brand portfolio, including luxury and lifestyle brands such as Park Hyatt, Andaz and Thompson Hotels, and have further strengthened our upper mid-scale pipeline, including our UrCove and Hyatt Studios brands. There are now 40 UrCove Hotels open in China with approximately 75 in the pipeline. And in the years since we announced Hyatt Studios, we have around 250 hotels in various stages of negotiation.

轉向發展。透過不斷擴大我們的管道，我們正在實現更大的業主偏好的好處。我們的待售客房數量創下新紀錄，約 129,000 間客房，年增 10%，約占我們現有客房數量的 40%。我們在品牌組合中簽署了合同，包括 Park Hyatt、Andaz 和 Thompson Hotels 等豪華和生活方式品牌，並進一步加強了我們的中高端渠道，包括 UrCove 和 Hyatt Studios 品牌。目前，UrCove 酒店已在中國開業 40 家，其中約 75 家正在籌建中。自從我們宣布推出凱悅開放式公寓以來，我們大約有 250 家酒店處於不同的談判階段。

Today marks another milestone for Hyatt Studios as we celebrate the groundbreaking of a second property Hyatt Studios Huntsville, which is expected to open in late 2025. Our record pipeline is translating into an expanded global footprint. And in the quarter, net rooms growth increased 5.5%. Notable openings include Thompson Houston, Secrets Tides Punta Cana, Secrets Playa Blanca Costa Mujeres, multiple UrCove properties in China and Hyatt Regency Nairobi Westlands, our first hotel in Kenya. We remain focused on enhancing our network effect by expanding our offerings in new markets and across more price points for our guests and customers.

今天是凱悅開放式公寓的另一個里程碑，我們慶祝第二家酒店亨茨維爾凱悅開放式公寓破土動工，該酒店預計將於2025 年底開業。 。本季淨客房成長 5.5%。著名的開幕酒店包括 Thompson Houston、Secrets Tides Punta Cana、Secrets Playa Blanca Costa Mujeres、中國的多家 UrCove 酒店以及我們在肯亞的第一家酒店 - 內羅畢韋斯特蘭凱悅酒店。我們仍然致力於透過擴大我們在新市場和為客人和客戶提供更多價位的產品來增強我們的網路效應。

The first quarter demonstrates this with new lifestyle, resort and upper mid-scale hotels added to our portfolio.

第一季我們的投資組合中新增了新的生活風格飯店、度假村和中高檔飯店，證明了這一點。

Turning to transactions. We have several updates to share on asset sales. But first, I want to cover an important transaction that was completed in the quarter with an existing joint venture partner in India. The relationship with our partner dates back 40 years when they developed the first Hyatt Hotel in India. And 20 years ago, we formed a 50-50 joint venture, Juniper Hotels with this partner to develop hotels in India. Today, the Juniper portfolio is made up of 6 Hyatt Hotels, including the iconic Grand Hyatt Mumbai and Andaz Delhi, each of which also has branded residences. In February, Juniper Hotels completed an initial public offering on the BSE Limited and National Stock Exchange of India, successfully raising capital representing approximately 23% of the company. The current equity value of our stake in Juniper Hotels is close to $475 million, and we are confident the current value of our joint venture exceeds any sum of the parts analysis or historical assessments of value of our joint venture interests.

轉向交易。我們有一些關於資產出售的最新消息要分享。但首先，我想介紹本季與印度現有合資夥伴完成的一項重要交易。我們與合作夥伴的關係可以追溯到 40 年前，當時他們在印度開發了第一家凱悅酒店。 20 年前，我們與該合作夥伴組成了一家 50-50 的合資企業 Juniper Hotels，在印度開發酒店。如今，瞻博網路投資組合由 6 家凱悅酒店組成，包括標誌性的孟買君悅酒店和德里安達茲酒店，每家酒店都擁有品牌住宅。 2 月，瞻博酒店在 BSE Limited 和印度國家證券交易所完成首次公開募股，成功籌集了占公司約 23% 的資金。目前我們所持有的瞻博飯店股份的股權價值接近 4.75 億美元，我們相信我們合資企業的當前價值超過了我們合資企業權益價值的任何部分分析或歷史評估的總和。

One other benefit of the IPO is that Juniper Hotels paid down third-party debt relieving Hyatt of a substantial debt repayment guarantee. In addition to creating significant shareholder value, this joint venture relationship has allowed us to enhance our strong brand reputation in India leading over 100 open and pipeline hotels in the country.

此次首次公開募股的另一個好處是，瞻博酒店集團償還了第三方債務，減輕了凱悅酒店的巨額債務償還擔保。除了創造顯著的股東價值外，這種合資關係還使我們能夠增強我們在印度的強大品牌聲譽，在該國擁有 100 多家開業和籌建酒店。

Turning to asset sales. In addition to closing the sale of Hyatt Regency Aruba on February 9, which we announced during our fourth quarter 2023 call, we have several updates to share. We completed 3 separate transactions, selling Park Hyatt Zurich on April 4, Hyatt Regency, San Antonio on April 23, and Hyatt Regency Green Bay on May 1 for combined proceeds of $535 million at a 14.7x multiple. We retained long-term management agreements at both Park Hyatt Zurich and Hyatt Regency, San Antonio, and a long-term franchise agreement at Hyatt Regency Green Bay.

轉向資產出售。除了我們在 2023 年第四季電話會議上宣布的 2 月 9 日完成阿魯巴凱悅酒店的出售之外，我們還有幾項更新要分享。我們完成了3 筆單獨的交易，分別於4 月4 日出售蘇黎世柏悅酒店、4 月23 日出售聖安東尼奧凱悅酒店以及5 月1 日出售綠灣凱悅酒店，總收益為5.35 億美元，市盈率為14.7 倍。我們保留了蘇黎世柏悅酒店和聖安東尼奧凱悅酒店的長期管理協議，以及綠灣凱悅酒店的長期特許經營協議。

In connection with the sale of Park Hyatt Zurich, we provided $45 million in seller financing. In addition to realizing great value for these assets, we will avoid approximately $40 million of capital expenditures over the next few years. Although the transactions environment has been uneven, we have once again proven our ability to transact with a variety of different buyers and in the case of Hyatt Regency San Antonio, complete an all-cash transaction. We also signed a purchase and sale agreement for an asset that upon closing would yield cumulative gross proceeds that exceed the $2 billion asset sell-down commitment.

在出售蘇黎世柏悅酒店時，我們提供了 4,500 萬美元的賣方融資。除了實現這些資產的巨大價值外，我們還將在未來幾年內避免約 4,000 萬美元的資本支出。儘管交易環境參差不齊，但我們再次證明了我們與各種不同買家進行交易的能力，並以聖安東尼奧凱悅酒店為例，完成了全現金交易。我們還簽署了一項資產買賣協議，該協議成交後將產生超過 20 億美元資產出售承諾的累計總收益。

Finally, we remain in the marketing process for another asset we previously mentioned. We have realized $1.5 billion of gross proceeds from the net disposition of real estate since our $2 billion commitment announced in August of 2021, including the 3 asset sales completed during the second quarter, at a total multiple of 13.3x. We remain confident that we will complete the remaining portion of our disposition commitment before the end of this year.

最後，我們仍處於我們之前提到的另一項資產的營銷過程中。自 2021 年 8 月宣布的 20 億美元承諾以來，我們已從房地產淨處置中實現了 15 億美元的總收益，其中包括第二季完成的 3 筆資產出售，總倍數為 13.3 倍。我們仍然有信心在今年年底前完成處置承諾的剩餘部分。

In closing, we are pleased with our operational execution in the quarter, and forward-looking indicators are positive across all customer segments. The significant progress that we have made selling owned assets increases our asset-light earnings mix, which we expect will exceed 80% on a run rate basis once we complete our $2 billion disposition commitment. We remain focused on expanding our network effects and our growth across multiple dimensions, including rooms, fees, pipeline and loyalty membership. This is leading to strong free cash flow and increase shareholder value.

最後，我們對本季的營運執行感到滿意，所有客戶群的前瞻性指標都是正面的。我們出售自有資產的重大進展增加了我們的輕資產收益組合，我們預計一旦我們完成 20 億美元的處置承諾，按運行率計算，該收益組合將超過 80%。我們仍然專注於擴大我們的網路效應和多個維度的成長，包括客房、費用、管道和忠誠度會員資格。這將帶來強大的自由現金流並增加股東價值。

Before I conclude my remarks, I want to say how proud I am that Hyatt was named one of the 100 Best Companies to Work for by Fortune in Great Places to Work. This marks the 11th year in a row that Hyatt has received this recognition, and we are honored to be one of the longest ranked hospitality companies on the list. Our purpose to care for people so they can be their best, guides us every day and gives me confidence in our ability to deliver great results into the future and to continue to create value for our shareholders.

在結束演講之前，我想說的是，凱悅被《財星》雜誌評選為最佳工作場所 100 家最佳雇主之一，對此我感到非常自豪。這標誌著凱悅酒店連續 11 年獲得這項認可，我們很榮幸成為榜單上排名時間最長的酒店公司之一。我們關心員工，讓他們成為最好的人的宗旨每天都在指引我們，讓我相信我們有能力在未來取得偉大的成果，並繼續為股東創造價值。

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

瓊現在將提供有關我們經營業績的更多詳細資訊。喬，交給你了。

Thanks, Mark, and good morning, everyone. Before I begin, I'd like to remind everyone that our first quarter results reflect our 3 new reportable segments: management and franchising, owned and leased and distribution. First quarter 2023 results that we published in our earnings release this morning have been recast to reflect our new reportable segments. Selected recast historical financial information is available on our Investor Relations website.

謝謝，馬克，大家早安。在開始之前，我想提醒大家，我們第一季的業績反映了我們的 3 個新的可報告部門：管理和特許經營、自有和租賃以及分銷。我們今天早上在收益報告中發布的 2023 年第一季業績已經重新調整，以反映我們新的可報告部門。我們的投資者關係網站上提供了精選的重鑄歷史財務資訊。

As Mark mentioned, first quarter system-wide RevPAR increased 5.5% led by growth across multiple international markets. This growth was fueled by 21% RevPAR growth in Asia Pacific, excluding Greater China, which benefited from strong outbound travel from Greater China to markets, including Japan, Thailand and South Korea. In Greater China, RevPAR increased approximately 12% aided by easier comparisons to the first quarter of 2023 during which COVID restrictions were lifted. RevPAR growth in the Americas, excluding the United States, increased approximately 12%, a result of strong leisure demand in Mexico and the Caribbean. We also saw similar results at our all-inclusive properties in the Americas with net package RevPAR growth of 10% for the quarter.

正如 Mark 所提到的，在多個國際市場的成長帶動下，第一季全系統 RevPAR 成長了 5.5%。這一增長得益於亞太地區（不包括大中華區）每間客房收入增長 21%，該地區受益於大中華區前往日本、泰國和韓國等市場的強勁出境旅遊。在大中華區，與 2023 年第一季（疫情限制取消）相比，每間可用客房收入成長了約 12%。由於墨西哥和加勒比海地區休閒需求強勁，美洲地區（不包括美國）的 RevPAR 成長了約 12%。我們在美洲的全包式飯店也看到了類似的結果，本季每間可售房淨值增加了 10%。

And moving to Europe, RevPAR increased 10% due to exceptional performance in Southern and Eastern Europe. Our European all-inclusive properties produced impressive net package RevPAR growth of approximately 25%, driven by high demand for our resorts in the Canary Islands. And finally, in the United States, RevPAR was up approximately 2%, excluding the impact of Easter, reflecting normalized growth.

轉向歐洲，由於南歐和東歐的出色表現，每間可用房收入 (RevPAR) 增加了 10%。在加那利群島度假村的高需求推動下，我們的歐洲全包式酒店的每間可出租客房淨值增長了約 25%，令人印象深刻。最後，在美國，排除復活節的影響，RevPAR 增加了約 2%，反映了正常化的成長。

We reported record gross fees of $262 million, up 13% due to a combination of our RevPAR growth, greater system size and an increase in our non-RevPAR fees. Franchise and other fees increased 21%, driven by the expansion of our franchise footprint and increases in co-brand credit card fees and UVC fees. Incentive fees increased 16%, excluding foreign exchange headwinds in Mexico due to greater contributions from international hotels. Base fees increased 8%, reflecting a combination of increased managed RevPAR and fees from newly opened managed hotels. In total, management and franchising segment adjusted EBITDA increased approximately 10%.

我們報告的總費用達到創紀錄的 2.62 億美元，成長了 13%，這是由於我們的 RevPAR 成長、系統規模擴大以及非 RevPAR 費用的增加。由於我們特許經營範圍的擴大以及聯合品牌信用卡費用和 UVC 費用的增加，特許經營和其他費用增加了 21%。獎勵費用增加了 16%，不包括墨西哥因國際酒店貢獻增加而帶來的外匯阻力。基本費用增加了 8%，反映出管理的 RevPAR 和新開幕的管理飯店費用的增加。總體而言，管理和特許經營部門調整後的 EBITDA 成長了約 10%。

Moving to our owned and leased segment. Adjusted EBITDA for the quarter decreased by 9% when adjusted for asset dispositions. We faced difficult comparisons versus 2023, including lapping the Super Bowl, which benefited Hyatt Regency Phoenix as well as the timing of Easter which negatively impacted group revenues across our U.S. owned portfolio in March 2024.

轉向我們擁有和租賃的部分。根據資產處置調整後，本季調整後 EBITDA 下降 9%。我們面臨著與2023 年相比的艱難比較，包括贏得超級盃比賽，這使鳳凰城凱悅酒店受益，以及復活節的時間安排，這對我們美國擁有的投資組合在2024 年3 月的集團收入產生了負面影響。

Compared to the first quarter of 2023, adjusted EBITDA was also negatively impacted by higher real estate taxes, increased wages in certain markets and transaction costs associated with asset sales that closed after the first quarter. Our expectations continue to be that we will achieve flat to moderate expansion of owned and leased margins for the full year, maintaining ongoing margin expansion relative to 2019. Finally, our distribution segment's adjusted EBITDA reflects Hyatt's ownership of UVC through the sale of our majority interest on February 14, 2024, as well as full year ownership in 2023.

與 2023 年第一季相比，調整後的 EBITDA 也受到房地產稅上漲、某些市場工資上漲以及第一季後結束的資產出售相關交易成本的負面影響。我們仍然期望全年自有和租賃利潤率將實現持平至適度增長，並保持相對於2019 年的持續利潤率擴張。擁有UVC 的所有權於 2024 年 2 月 14 日獲得所有權，並於 2023 年獲得全年所有權。

First quarter 2024 results include $6 million of adjusted EBITDA losses for our period of full ownership of UVC before the transaction closed. The distribution segment's adjusted EBITDA declined $19 million compared to the first quarter of 2023 as ALG Vacations lapped a very strong first quarter last year. These results are consistent with our prior public statements as our expectations relating to year-over-year headwinds for ALG Vacations.

2024 年第一季的業績包括交易結束前我們完全擁有 UVC 期間的 600 萬美元調整後 EBITDA 損失。由於 ALG Vacations 去年第一季表現非常強勁，分銷部門調整後的 EBITDA 與 2023 年第一季相比下降了 1,900 萬美元。這些結果與我們先前的公開聲明一致，即我們對 ALG Vacations 同比逆風的預期。

Overall, total company adjusted EBITDA for the quarter was $252 million. Compared to last year, adjusted EBITDA increased approximately 3% when excluding transactions, the impact of foreign exchange and the headwind from ALG Vacations. Our core management and franchising business delivered outstanding results led by RevPAR and net rooms growth. The owned and leased portfolio lapped challenging comparisons in the first quarter which we do not expect will continue through the remainder of the year.

總體而言，本季公司調整後 EBITDA 總額為 2.52 億美元。與去年相比，排除交易、外匯影響和 ALG Vacations 的不利影響，調整後 EBITDA 成長約 3%。我們的核心管理和特許經營業務在 RevPAR 和淨客房成長的帶動下取得了出色的業績。自有和租賃的投資組合在第一季取得了具有挑戰性的比較，我們預計這種情況不會持續到今年剩餘時間。

Now moving to liquidity. As of March 31, 2024, our total liquidity remains strong at $2.3 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. We remain committed to our investment-grade profile and our balance sheet is strong. During the first quarter, we returned over $400 million to shareholders, inclusive of dividends and share repurchases. We repurchased approximately 2.5 million shares of Class A and Class B common stock for an aggregate purchase price of $388 million. The company's Board of Directors has authorized a $1 billion increase to our share repurchase authorization, and we now have approximately $1.8 billion available.

現在轉向流動性。截至 2024 年 3 月 31 日，我們的總流動性仍然強勁，達到 23 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。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。第一季度，我們向股東返還超過 4 億美元，包括股利和股票回購。我們回購了約 250 萬股 A​​ 類和 B 類普通股，總購買價為 3.88 億美元。公司董事會已授權將我們的股票回購授權增加 10 億美元，目前我們擁有約 18 億美元的可用資金。

Now I'd like to review our 2024 outlook. After adjusting for the impact of transactions, we are reaffirming our outlook for the full year that we provided during our fourth quarter earnings call. We expect full year system-wide RevPAR growth between 3% and 5% compared to 2023. We expect group and business transient customer segments to contribute meaningfully to overall RevPAR growth and leisure transient to grow compared to 2023 at a moderate growth rate. We anticipate U.S. RevPAR growth around the lower end of our global outlook, while RevPAR growth in our key international markets exceeds the high end of our range. We expect net rooms growth between 5.5% and 6%, driven by both organic growth and conversions. Gross fees are expected to be in the range of $1.1 billion to $1.13 billion, and adjusted G&A is expected to be in the range of $425 million to $435 million.

現在我想回顧一下我們的 2024 年展望。在調整交易的影響後，我們重申了我們在第四季度財報電話會議上提供的全年展望。我們預計，與2023 年相比，全年全系統RevPAR 成長在3% 至5% 之間。而休閒瞬態客戶群將以適度的成長率成長。我們預計美國的 RevPAR 成長將在全球前景的下限附近，而我們主要國際市場的 RevPAR 成長將超過我們範圍的上限。我們預計，在有機成長和轉化的推動下，淨客房成長率將在 5.5% 至 6% 之間。總費用預計在 11 億美元至 11.3 億美元之間，調整後的一般管理費用預計在 4.25 億美元至 4.35 億美元之間。

For adjusted EBITDA, our updated outlook of $1.15 billion to $1.19 billion reflects a $30 million reduction at the midpoint due to transactions, including the 3 asset sales in the second quarter that Mark mentioned as well as the adjusted EBITDA losses from UVC prior to closing the transaction. Free cash flow is expected to be in the range from $575 million to $625 million, including the $30 million reduction to adjusted EBITDA and $25 million of cash tax payments relating to the 3 asset sales.

對於調整後的EBITDA，我們更新後的預期為11.5 億美元至11.9 億美元，反映出由於交易而中點減少了3,000 萬美元，其中包括Mark 提到的第二季度的3 項資產出售以及在關閉之前UVC 的調整後EBITDA 損失。自由現金流預計在 5.75 億美元至 6.25 億美元之間，包括調整後 EBITDA 減少 3,000 萬美元以及與 3 項資產出售相關的現金稅款支付 2,500 萬美元。

Finally, we are raising our outlook for capital returns to shareholders to a range of $800 million to $850 million, including share repurchases and dividends. We'll update our outlook as additional asset sale transactions close. The full details of our outlook can be found on Page 3 of our earnings release. Additionally, we published a revised earnings growth model this morning which can be found on our Investor Relations website on Slide 11 of the investor presentation.

最後，我們將股東資本回報的預期提高到 8 億至 8.5 億美元，包括股票回購和股利。隨著其他資產出售交易的結束，我們將更新我們的展望。我們的展望的完整細節可以在我們的收益發布的第 3 頁上找到。此外，我們今天早上發布了修訂後的獲利成長模型，該模型可以在我們的投資者關係網站上投資者簡報幻燈片 11 上找到。

I'll conclude my prepared remarks by saying we are very pleased with our first quarter results. Our teams have delivered outstanding results, which we believe demonstrates our unique positioning and differentiated model. We're excited about the remainder of this year and continuing to execute our strategic vision. Thank you. And with that, I'll turn it back to our operator for Q&A.

我將在結束我準備好的演講時說，我們對第一季的業績感到非常滿意。我們的團隊取得了出色的成果，我們相信這體現了我們獨特的定位和差異化的模式。我們對今年剩餘時間並繼續執行我們的戰略願景感到興奮。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 Daniel Politzer from Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Daniel Politzer。

First, I just want to touch high level how you think about asset sales from here. It seems like you guys are pacing towards that $2 billion target. As you kind of maybe get there or even exceed it, how do you think about going forward? What's your appetite for incremental asset sales? Should we expect another target? Or do you feel like it's going to be kind of ad hoc from here?

首先，我只想從高層次談談您對資產出售的看法。你們似乎正在朝著 20 億美元的目標邁進。當你可能達到甚至超過這個目標時，你如何看待未來的發展？您對增量資產銷售的興趣是什麼？我們應該期待另一個目標嗎？還是你覺得從這裡開始這會是一種臨時安排？

Thanks, Daniel. Yes, we will be at a run rate in excess of 80% fee-based earnings, and assuming that we close everything that we got remaining. And -- but from our perspective, we are fully asset-light. We were 76% last year for the full year. And we do not intend to publish another targeted sell-down program. It is true that we have a number of really phenomenal assets left in the portfolio, and we will continue to look at opportunities to sell those. And the opportunities will likely come in conjunction with other growth opportunities. We have some irreplaceable assets in the form of 3 Park Hyatt's, not excluding JVs. We have a JV in a Park Hyatt Europe We own the Park Hyatt Paris, New York and Chicago and the Miraval portfolio, all of which represent what I would consider to be highly durable from a valuation perspective assets in extremely high barrier markets. And so we're very optimistic about what we're going to be able to do going forward.

謝謝，丹尼爾。是的，假設我們關閉了剩餘的所有資產，我們的運行率將超過收費收入的 80%。而且——但從我們的角度來看，我們完全是輕資產的。去年全年我們是 76%。我們也不打算發布另一個有針對性的拋售計劃。確實，我們的投資組合中還剩下許多非常驚人的資產，我們將繼續尋找出售這些資產的機會。這些機會很可能與其他成長機會同時出現。我們擁有一些不可替代的資產，包括 3 家柏悅酒店（不排除合資企業）。我們在歐洲柏悅酒店擁有一家合資企業，我們擁有巴黎、紐約和芝加哥柏悅酒店以及Miraval 投資組合，從估值角度來看，所有這些資產都代表了我認為在極高壁壘市場中高度耐用的資產。因此，我們對未來能夠做的事情非常樂觀。

So I think you can expect to see us continue to sell down. We like every other company in our industry, we will not get to 0. There is nobody in our industry that has 0, and that's not a target for us. And so the other fact is that we will find other, I think, very value-accretive opportunities to buy hotels from time to time. Irvine is an example. Indian Wells, we proved that out. And so not to mention, if you go back in history, the Hyatt Regency Mexico City and others. So I think we've proven that we can buy add value to and then sell at a profit plus retain long-term management agreements. And if the market is important enough to us and the opportunity is good enough, we'll do that, but that will be opportunistic and not programmatic and modest.

所以我認為你可以預期我們會繼續拋售。我們和我們行業中的所有其他公司一樣，我們不會達到 0。因此，另一個事實是，我認為，我們會不時找到其他非常增值的機會來購買酒店。歐文就是一個例子。印第安維爾斯，我們證明了這一點。更不用說，如果你回顧歷史，墨西哥城凱悅酒店和其他酒店。因此，我認為我們已經證明，我們可以購買增值產品，然後以利潤出售，並保留長期管理協議。如果市場對我們足夠重要並且機會足夠好，我們就會這樣做，但這將是機會主義的，而不是計劃性的和謙虛的。

That's really helpful. And just for my follow-up, you reiterate your 3% to 5% RevPAR guidance. But I guess as we think about now versus a few months ago when you initially introduced it, what are some of the puts and takes? And if you can maybe opine a bit on what you're seeing in China? And if that's changed a little bit versus a few months ago?

這真的很有幫助。對於我的後續行動，您重申了 3% 至 5% RevPAR 的指導。但我想，當我們現在考慮與幾個月前您最初介紹它時相比，有哪些看跌期權和拿取期權？您能否對您在中國所看到的情況發表一些看法？與幾個月前相比，情況是否有改變？

Sure, Daniel. I'll take that question. On the 3% to 5%, we're seeing very strong as we reported in the first quarter, international results. And that is, as we look at pacing into the second quarter and what our operators are telling us around the world is that continues to be strong. So we feel good about the international results. And those I would say, are on the high end or exceeding the high end of our guidance as we think about the full year. The U.S. has been in the low single digits. We reported that we saw in the U.S. 2% growth for outside of Easter. There was a headwind in the first quarter for the U.S., the Easter holiday. But as we noted in our prepared remarks, our group business is very strong with pacing into the last 3 quarters of the year, up 7%. And business transient is also very strong with some very important markets for us like New York up significantly and seeing good short-term transient pacing on the business side. So I would say, all in all, the composition of the RevPAR range is U.S. on the lower end, international markets on the higher to maybe exceeding the higher end.

當然，丹尼爾。我來回答這個問題。正如我們在第一季報告的那樣，在 3% 至 5% 的國際業績中，我們看到了非常強勁的表現。也就是說，當我們觀察第二季度的節奏時，我們的營運商告訴我們世界各地的情況是，這種勢頭繼續強勁。所以我們對國際賽的成績感到滿意。我想說的是，當我們考慮全年時，這些都處於我們指導的高端或超過了我們的指導的高端。美國一直處於低個位數。我們報告稱，美國在復活節以外的時間增加了 2%。美國第一季面臨復活節假期的不利影響。但正如我們在準備好的發言中指出的那樣，我們的集團業務非常強勁，今年最後三個季度增長了 7%。業務瞬態也非常強勁，一些對我們來說非常重要的市場（例如紐約）顯著上漲，並且在業務方面看到了良好的短期瞬態節奏。所以我想說，總而言之，RevPAR 範圍的組成是美國處於較低端，國際市場處於較高端，甚至可能超過高端。

And then with respect to China, China has been, as I mentioned, international markets very strong. China and Asia Pacific, excluding China, no exception, really, really good results coming out in the quarter. And specifically, what we're seeing is actually good news on the international inbound into China. So the mix of that business into China from international has increased. I think our numbers are about 7 to 8 percentage points on the mix. So a material increase in international inbound. Still below pre-COVID levels, but we're seeing that business pick up. And then outbound is a phenomenal story into markets like Japan, South Korea, Thailand that we noted in prepared remarks, we're seeing significant outbound travel from China in those markets, and frankly, all around the world. So really good results coming out of that region.

然後就中國而言，正如我所提到的，中國的國際市場非常強大。中國和亞太地區（不包括中國）也不例外，本季的業績非常非常好。具體來說，我們看到的其實是國際入境中國的好消息。因此，國際業務進入中國的比例增加。我認為我們的數字大約是 7 到 8 個百分點。因此，國際入境人數大幅增加。仍低於新冠疫情前的水平，但我們看到業務有所回升。日本、韓國、泰國等市場的出境旅遊規模驚人，我們在準備好的發言中指出，我們在這些市場以及世界各地看到來自中國的大量出境旅遊。該地區取得了非常好的成果。

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。

Mark or Joan, I just want to dig in on ALG a little bit. So the first part was just kind of exactly helping us understand kind of what is occurring here. So big picture, you had great -- it sound like you had very strong demand on the packaged tour side, both in Europe and in the Caribbean and Latin America. And I'm trying to kind of square that with the distribution headwinds called out in the release and mentioned about sort of the difficult comps. Is there just a timing gap on the way the distribution piece kind of records revenue? Is there something different in that, that we're seeing? So just help us kind of balance the 2 -- those 2 comments or those 2 areas, both one of strength and one of weakness.

馬克或瓊，我只是想深入了解 ALG。所以第一部分只是幫助我們理解這裡正在發生的事情。這麼大的畫面，你有很棒的——聽起來你對歐洲、加勒比海和拉丁美洲的套裝旅遊有非常強烈的需求。我正試圖用發行版中提到的發行逆風來解決這個問題，並提到一些困難的比較。發行部分記錄收入的方式是否只是存在時間差距？我們所看到的有什麼不同嗎？因此，請幫助我們平衡這 2 條評論或這 2 個領域，其中一個是優勢，一個是劣勢。

Yes. We had already indicated previously that there was going to be, I think, we said an approximate $20 million headwind with respect to the ALG Vacations business, and that, that would be -- that would really show up in the first quarter, and that's true. That's what happened. So a lot of that had to do with the comparison to last year, which was extraordinary. Just by way of reminder, there were -- there was an unusual level of air demand, which was not being fully satisfied by scheduled carriers, we were able to backfill that in relation to our efforts. We also drove tremendous traffic to our own all-inclusive resorts both in the Americas -- well, throughout the Americas -- throughout the Caribbean and the West Coast of Mexico and Jamaica and so forth. So -- and this year, the world has changed with respect to the air side. So packaged levels have come down a bit, but -- which we understood and knew that we were facing different dynamics there.

是的。我們之前已經表示，我想，我們說過 ALG Vacations 業務將面臨約 2000 萬美元的逆風，這將在第一季真正顯現出來，那就是真的。這就是發生的事情。所以這很大程度與去年的比較有關，去年的情況非比尋常。提醒一下，航空需求水準異常高，定期航空公司未能完全滿足這項需求，但我們能夠透過我們的努力來滿足這項需求。我們也為我們在美洲的全包式度假村帶來了巨大的客流量——嗯，整個美洲——整個加勒比地區以及墨西哥西海岸和牙買加等地。因此，今年，空氣方面的世界發生了變化。因此，包裝水平有所下降，但是——我們理解並知道我們面臨著不同的動態。

It is still true that the demand for our resorts remains extremely strong. So our pace of plus 11% for the first quarter with very strong pace, if you look at Cancun, for example, in the second quarter pace in the Cancun is plus 6%. So the -- what was it referred to as the Cancun fatigue last year is we predicted it was temporary and sure enough it is. So demand for our hotels remains very, very strong. And I would just point out that there can be a difference between ALGVs business results and our own resorts by virtue of the fact that our resorts represent maybe 25% of ALG Vacations total volume. And ALG Vacations represents about 20% of the total revenue that we book into our resorts. So there's a lot of other hotels and a lot of other markets that are being served by ALG Vacations.

確實，對我們度假村的需求仍然極其強勁。因此，我們第一季的成長非常強勁，成長了 11%，例如，如果以坎昆為例，坎昆第二季的成長速度為 6%。所以去年所謂的坎昆疲勞是我們預測的，而且確實是暫時的。因此，對我們酒店的需求仍然非常非常強勁。我只想指出，ALGV 的業務表現與我們自己的度假村之間可能存在差異，因為我們的度假村可能佔 ALG Vacations 總銷量的 25%。 ALG Vacations 約占我們度假村預訂總收入的 20%。因此，ALG Vacations 也為許多其他酒店和許多其他市場提供服務。

Sean, one thing I would just add to that is recognizing what Mark just said is that there's mix of the packages and mix of business as far as what markets ALG Vacations is serving. And what we plan to do is to provide additional color going forward, just like we did for the first quarter, the headwind that we anticipated. And going forward, we'll continue to provide color on that just because of that correlation that isn't entirely connected with our net package RevPAR results.

肖恩，我想補充的一件事是認識到馬克剛才所說的是，就 ALG Vacations 所服務的市場而言，套餐和業務是混合的。我們計劃要做的是在未來提供更多的色彩，就像我們在第一季所做的那樣，即我們預期的逆風。展望未來，我們將繼續提供相關信息，因為這種相關性與我們的淨包 RevPAR 結果並不完全相關。

Yes. And so one such difference in the first quarter and most likely will show up again in the second quarter and the third quarter, given our pace outlook as Jamaica. Jamaica will be lower, even though we have packages that we sell into Jamaica and Cancun, as I mentioned, is going strong. So those differences also affect ALG Vacations total volumes.

是的。因此，鑑於我們對牙買加的步伐展望，第一季的這種差異很可能會在第二季和第三季再次出現。牙買加的價格將會更低，儘管我們有向牙買加和坎昆銷售的包裹，正如我所提到的，正在走強。因此，這些差異也會影響 ALG Vacations 的總銷量。

Very helpful. And then maybe just to kind of stick with the theme. Can you just give us an update on sort of for the year, your general expectations for this distribution segment or what's embedded in your broader outlook for it? And then you've in general, talked about, I think, mid-teens or mid- to high teens margins as being, I think, normalized in that business, if we look back to pre-COVID times. And I know there was a lot of noise and changes during COVID. But we go back to that as a baseline, I think you're a little bit beneath that. So in this quarter, should we expect that to mean over? Or isn't Q1 a little bit like the best quarter of the year just given seasonality? Just help us understand how to think about margins and sort of the underlying top line assumption from here.

很有幫助。然後也許只是為了堅持主題。您能否向我們介紹今年的最新情況、您對該分銷領域的總體期望，或者您對此分銷領域的更廣泛展望？然後，我認為，如果我們回顧一下新冠疫情之前的時代，我認為，您總體上談到了十幾歲左右或十幾歲左右的利潤率，我認為，該行業的利潤率已經正常化。我知道新冠疫情期間存在著許多噪音和變化。但我們回到這個基準，我認為你有點低於這個基準。那麼，在本季度，我們是否應該預期這種情況會結束呢？或者說，第一季是不是有點像一年中最好的季度，只是考慮到季節性因素？只是幫助我們理解如何考慮利潤率和基本的頂線假設。

Sure. So Sean, in the earnings growth model that you'll see on our Investor Relations website, we do have some indicators here for the distribution margin between 16% to 19%. All of those -- the data that we're sharing is on a full year basis. So you can expect us to be within that range for the distribution margin. And I mentioned we'll give some color on what we expect for the full year. For the last 3 quarters of the year, we anticipate flat to last year for the ALG Vacations business and about $5 million or so down in the second quarter and about $5 million or so down -- or excuse me, $5 million up in the fourth quarter. So flattish for the last 3 quarters of the year, and that's all excluding the $20 million that we reported for the first quarter.

當然。肖恩，在您將在我們的投資者關係網站上看到的獲利成長模型中，我們確實有一些分配利潤率在 16% 到 19% 之間的指標。所有這些——我們共享的數據都是全年的。因此，您可以預期我們的分配利潤將在該範圍內。我提到我們將對全年的預期給出一些顏色。 For the last 3 quarters of the year, we anticipate flat to last year for the ALG Vacations business and about $5 million or so down in the second quarter and about $5 million or so down -- or excuse me, $5 million up in the fourth四分之一.今年最後三個季度的表現非常平淡，這還不包括我們報告的第一季的 2000 萬美元。

Now what you'll have to do is we have UVC reported in the distribution segment in 2023. So we've given you all of that information to strip out ALG Vacations for that segment.

現在您需要做的是，我們在 2023 年的分銷細分市場中報告了 UVC。

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。

So you flagged the lower operating leverage in -- I think it was on Slide 11 of the deck. And also on Slide 14, you noted that even before considering the free cash flow generation, I think you'll be at sub 2 turns of net leverage versus all the asset-light peers closer to 3x and maybe targeting higher. So how are you thinking about the right capital structure as the model shifts. And then what are the factors that you're watching to potentially take advantage of either greater debt capacity or something like that, if that's something that's on the path.

所以你在投影片 11 上標記了較低的營運槓桿。同樣在投影片 14 上，您指出，即使在考慮自由現金流產生之前，我認為您的淨槓桿率也將低於 2 倍，而所有輕資產同行則接近 3 倍，甚至可能目標更高。那麼，隨著模式的轉變，您如何考慮正確的資本結構？然後，您正在關注哪些因素可能會利用更大的債務能力或類似的東西（如果這是正在發生的事情）。

Yes. We are -- our capital allocation strategy hasn't changed. As we look at generating free cash flow and asset sale proceeds, one of our priorities is reinvesting back in the business, maintaining our investment-grade profile and turning excess cash to shareholders. So that's how we've looked at it and balancing it. We have -- we're squarely an investment-grade profile now and our ratios look good. So as we think about opportunities for us to grow, we'll be balancing how we manage those ratios into the future. We've been targeting 3x on a gross debt basis, and we're definitely trending below that at the moment.

是的。我們的資本配置策略沒有改變。當我們考慮產生自由現金流和資產出售收益時，我們的首要任務之一是對業務進行再投資，保持我們的投資等級形象並將多餘的現金轉給股東。這就是我們看待它並平衡它的方式。我們現在完全是投資等級的，而且我們的比率看起來不錯。因此，當我們考慮發展機會時，我們將平衡未來管理這些比率的方式。我們的目標是總債務成長 3 倍，目前我們的趨勢肯定會低於該水準。

Right. And I guess maybe a follow-up would just be, are there generally more or less opportunities that you see out there to reinvest in growth in the business sitting here today than maybe last quarter or even last year?

正確的。我想也許接下來的問題是，與上個季度甚至去年相比，您現在看到的對業務成長進行再投資的機會是否普遍較多或較少？

Yes. I would -- the short answer is more. We are more actively engaged in more transactions now than we were over the course of last year. These kinds of transactions take different forms and shapes. Some of them are portfolio deals. Some of them are brand acquisitions, some of them are management company with brand management. So they take different forms. And again, just to reiterate how we think about it, it's primarily customer base as the first stream, second is geography and third is the way in which any potential acquisition fits to expand network effect for World of Hyatt and also for destinations served. So we are seeing more activity. Much of it is, I would say, off market. In fact, pretty much everything that we're looking at and engaged in right now is not part of an auction process.

是的。我會——簡短的回答是更多。與去年相比，我們現在更加積極地進行了更多交易。這些類型的交易有不同的形式和形式。其中一些是投資組合交易。有的是品牌收購，有的是管理公司進行品牌管理。所以它們採取不同的形式。再次重申我們的想法，首先是客戶群，其次是地理位置，第三是任何潛在收購適合擴大凱悅天地以及所服務目的地的網路效應的方式。所以我們看到了更多的活動。我想說，其中大部分是場外的。事實上，我們現在正在關注和參與的幾乎所有事情都不是拍賣過程的一部分。

One quick clarification as a second follow-up. But on the customer base being the first thing that you think through. Is that just suggesting that you'll stick with servicing a higher end customer? Or are you talking about maybe broadening out the customers that you're looking for?

作為第二個後續行動的一個快速澄清。但客戶群是你首先要考慮的事情。這是否只是表明您將繼續為高端客戶提供服務？或者您正在談論擴大您正在尋找的客戶範圍？

Yes. I think the core of our business, obviously, is serving high-end customers. But what I would say is -- so just to double click on the customer -- what I mean by customer base, it's either growing an existing customer base that we already know and serve. So we have really good predictor value in terms of what their travel patterns might look like and their spending patterns, or it's looking at a demographic profile that's similar, but expands our existing customer base, either by age cohort or by geography. So in the case of Dream Hotels, for example, the demographic profile is actually quite similar to our core. But the average age of their guest base was 20 years younger than the average age of our guest base. So we feel that, that's a great extension and an expansion of our customer base, still financially capable but similar to our core customers, but at a younger age.

是的。我認為我們業務的核心顯然是服務高端客戶。但我想說的是——雙擊客戶——我所說的客戶群是指擴大我們已經了解並服務的現有客戶群。因此，就他們的旅行模式和消費模式而言，我們具有非常好的預測價值，或者它正在研究類似的人口統計資料，但擴大了我們現有的客戶群，無論是按年齡組還是按地理位置。以夢想酒店為例，其人口統計特徵實際上與我們的核心非常相似。但他們的客群的平均年齡比我們的客群的平均年齡年輕 20 歲。因此，我們認為，這是對我們客戶群的巨大延伸和擴大，他們仍然有經濟能力，但與我們的核心客戶相似，但年齡更年輕。

If you look at Lindner Hotels, Lindner is very similar in terms of the demographic profile. But a significant proportion of their total business are Germans traveling within Germany. So the -- those are 2 different deals done for different really strategic reasons, but it's all designed to build network effect and grow our customer base and grow World of Hyatt, which as I mentioned in my prepared remarks, is on a very significant growth rate, up 22% over the last year. That's a key benefit of doing this in a very deliberate way.

如果你看看林德納酒店，林德納的人口統計非常相似。但他們總業務的很大一部分是在德國境內旅行的德國人。因此，這些是出於不同的真正戰略原因而進行的兩筆不同交易，但它們都是為了建立網絡效應、擴大我們的客戶群並發展凱悅天地，正如我在準備好的發言中提到的那樣，凱悅天地正在實現非常顯著的成長率，比去年成長22%。這是以非常深思熟慮的方式做到這一點的關鍵好處。

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, Joan, I think you touched on this a little bit, maybe I'll ask it differently in terms of maybe how your capital allocations evolved post additional asset sales from here? And then is there much in the way of M&A in terms of brands or tuck-in acquisitions? And then the Juniper Hotel stake, which is like $5 per share for Hyatt, not insignificant, are your plans to hold that or plans to monetize that over time? And then I have a follow-up.

馬克、瓊，我想你們稍微談到了這一點，也許我會以不同的方式問這個問題，也許你們的資本配置在額外資產出售後是如何演變的？那麼，在品牌併購或收購方面，併購的方式有很多嗎？然後，Juniper Hotel 的股份，對凱悅來說相當於每股 5 美元，並非微不足道，您是否計劃持有該股份或計劃隨著時間的推移將其貨幣化？然後我有一個後續行動。

Maybe I'll just start. And Joan, I mean, Joan already stated that our capital allocation strategy has not changed. We're still prioritizing investing in the business. We're being very disciplined about it. I think our track record sort of speaks for itself without trying to sound arrogant about it. Sorry about that. But I think we've done a good job of the deals that we have executed against and we've executed well post-acquisition. So I think we've done well there. That's why we think it's reasonable for us to allocate capital where it makes sense. We're not biased, I would say, we're very disciplined. We won't do deals that are too thin or net negative, just for the sake of, I don't know, posting higher net rooms growth or something like that. That's not what we're doing. We're trying to create more -- much more shareholder value. We -- and we have a significant pipeline, and our pipeline growth continues to grow.

也許我會開始。瓊，我的意思是，瓊已經表示我們的資本配置策略沒有改變。我們仍然優先考慮對業務的投資。我們對此非常嚴格。我認為我們的業績記錄本身就說明了一切，但並沒有試圖顯得傲慢。對於那個很抱歉。但我認為我們已經執行了很好的交易，並且在收購後也執行得很好。所以我認為我們在那裡做得很好。這就是為什麼我們認為在有意義的地方配置資本是合理的。我想說，我們沒有偏見，我們非常自律。我們不會做太薄弱或淨負數的交易，只是為了，我不知道，發布更高的淨房間增長或類似的東西。那不是我們正在做的事情。我們正在努力創造更多——更多的股東價值。我們－我們擁有重要的管道，我們的管道成長持續成長。

And our first quarter net rooms growth for the quarter was almost everything, was pipeline -- was openings out of our pipeline, we had a tiny conversion percentage in the first quarter. So the pipeline is not to be forgotten.

我們第一季的淨房間成長幾乎是一切，是管道中的空缺，我們在第一季的轉換百分比很小。所以管道是不可忘記的。

With respect to what's out there, yes, there are some brand opportunities. They tend to be more narrow. And -- so we are seeing some activity in that regard. And -- but they're not -- they're going to be fewer and further between. It's just not a very large universe of things that would make sense for us. Having said that, we're not -- we're aware of everything that's going on around the world because we make it our business to know it. And we continue to pursue things that do include brand platform and management opportunities. I can tell you that 100% of the things that we're looking at right now are either fully asset-light. The vast majority, if you look at it proportionally is 100% asset-light, or in the 1 or 2 cases where there may be assets involved, we have a very good line of sight for what we would do with the assets. So we do not plan to end up being -- going backwards in terms of our asset intensity for any extended period of time whatsoever.

就現有的情況而言，是的，存在一些品牌機會。它們往往更狹窄。而且——所以我們看到了這方面的一些活動。而且——但事實並非如此——它們的數量將會越來越少，而且間隔也會越來越遠。這並不是一個對我們有意義的龐大宇宙。話雖如此，我們並不是——我們了解世界各地正在發生的一切，因為我們把了解它作為我們的職責。我們持續追求包括品牌平台和管理機會在內的事物。我可以告訴你，我們現在關注的事情100%都是輕資產的。如果你按比例來看，絕大多數都是 100% 輕資產，或者在可能涉及資產的 1 到 2 種情況下，我們對如何處理這些資產有很好的視野。因此，我們不打算在任何延長的時間內，我們的資產強度會出現倒退。

Okay. And then -- with respect to your outlook for this year, I guess, maybe from an EBITDA perspective, how do you see it by quarter just so that estimates are sort of in a position or a spot that's consistent with how you're viewing quarterly results. Obviously, I know that the full year has been maintained, which is great, but that would probably be helpful for everybody on this call.

好的。然後，關於您對今年的展望，我想，也許從 EBITDA 的角度來看，您如何按季度看待它，以便估計處於與您的看法一致的位置或位置季度業績。顯然，我知道全年都得到了維持，這很好，但這可能對這次電話會議的每個人都有幫助。

Yes. So by the way, Joe, I forgot to answer your -- or comment on your question about Juniper. So let me just quickly cover that. We're obviously thrilled with the IPO. The company itself has done remarkable -- has done us some remarkable service over the years by helping us grow in India in a very good way with high-quality assets. And by the way, that business and the management team there see more opportunities to grow. So it's sort of an opportunity to have a stake in a company that is going to continue to look for opportunities to help us continue to grow in India, and that's our expectation. India is at a very interesting time. First quarter results across the country were staggering, over 20% RevPAR growth. It is on fire. And the supply growth has been muted. So the outlook is really strong. And the -- I would say our management team and the leadership of our partners' organization, they are extremely well placed in terms of identifying and getting abreast of opportunities in the marketplace for potential acquisitions of other hotels.

是的。順便說一句，喬，我忘記回答您的問題，或評論您關於瞻博網路的問題。讓我快速介紹一下。我們顯然對首次公開募股感到興奮。該公司本身已經取得了非凡的成就——多年來為我們提供了一些卓越的服務，幫助我們利用優質資產以非常好的方式在印度發展。順便說一句，該公司和管理團隊看到了更多的發展機會。因此，這是一個獲得一家公司股份的機會，該公司將繼續尋找機會幫助我們繼續在印度發展，這就是我們的期望。印度正處於一個非常有趣的時刻。全國第一季的業績令人震驚，RevPAR 成長超過 20%。它著火了。而且供應成長已經放緩。所以前景非常強勁。我想說的是，我們的管理團隊和合作夥伴組織的領導層在識別和了解市場上潛在收購其他酒店的機會方面處於非常有利的位置。

Now as to our intentions with respect to our stake, 75% of our stake is locked up for 1 year, and the remaining 25% is locked up for 3. So what I will tell you is that over time, we do expect that we will lighten up our -- and sell down our stake. But I can't comment on exactly what the timing of that would be. I think we're going to keep track of it and look into this and stay closer to it as we get past these lockup dates. But it's a very strong business. It's now delevered and has lots of acquisition capacity and a superb management team. So we're really happy with where we stand at the moment.

現在就我們對股權的意圖而言，我們75%的股權被鎖定1年，剩下的25%被鎖定3年。持我們的股票並減持我們的股份。但我無法準確評論具體時間。我認為我們將跟踪它並調查這一點，並在超過這些禁售日期後更加接近它。但這是一項非常強大的業務。它現在已經去槓桿化，擁有大量的收購能力和優秀的管理團隊。所以我們對目前的處境非常滿意。

With respect to the outlook for the remainder of the year, there's some incredible things that I think are just continuing to fire on all cylinders. Business transient, frankly, in the first quarter into the second quarter is extraordinarily encouraging. Our business transient hotels were up 15% -- almost 16% in the first quarter. Convention hotels were up about 11%, just as a hotel type. New York City was up 19%; San Jose and Seattle really going strong. Why? Because technology transient, business transient was up 30% in the first quarter. These numbers are staggering. And we just see continued strength in business transient. And I would make a special note of the fact that 100% of those reference points I just gave you was in the U.S. -- were in the U.S.

就今年剩餘時間的前景而言，我認為一些令人難以置信的事情正在繼續全速運轉。坦白說，業務瞬息萬變，從第一季到第二季是格外令人鼓舞的。我們的商務短期飯店成長了 15%，第一季幾乎成長了 16%。就酒店類型而言，會議酒店上漲了約 11%。紐約市上漲 19%；聖荷西和西雅圖確實表現強勁。為什麼？由於技術瞬態，第一季業務瞬態成長了 30%。這些數字是驚人的。我們只是看到業務暫時持續強勁。我要特別指出的是，我剛才給你們的參考點 100% 都在美國——都在美國。

On the group side, this is a multiyear the gift that we'll keep on giving. We -- our pace is up 7% for the remainder of this year, but we're up double digits for each of '25 and '26, something in the 11% to 12% range for each of those 2 years with 50% of our business in '25 on the books already, and 30% of our business expected business on the books in '26 already. Both numbers are higher than where we would expect it to be on a normalized basis. So the demand is very strong, and into '27 even we're up in the mid-single-digits with something like 17% of our business on the books. This is -- these are numbers that are quite remarkable. And I think we are extremely well positioned to continue to benefit from very strong group.

在團體方面，這是我們將繼續贈送的多年禮物。今年剩下的時間裡，我們的步伐增長了7%，但我們在25 年和26 年每年都實現了兩位數的增長，這2 年每年都在11% 到12% 的範圍內，增長了50%我們 25 年的業務已入賬，30% 的業務預計已在 26 年入賬。這兩個數字都高於我們在標準化基礎上的預期。因此，需求非常強勁，進入 27 年，我們的帳面業務量甚至達到了中個位數，約為 17%。這是——這些數字非常引人注目。我認為我們處於非常有利的位置，可以繼續從非常強大的團隊中受益。

And then finally, leisure has been consistently strong, yet, there are certain markets like Maui, which is still affected given the storm in Lahaina, and we have 2 major hotels, 2 large hotels rather that are under extensive renovation. Both actually being rebranded to Grand Hyatt at this time. So big investments being made by our partners, our owners in those hotels. So you have to adjust out those properties to really get a sense for what the market is. And the U.S. resort base in the first quarter was up 6%. And we already mentioned that our all-inclusive's were up 11% with good pace into the second quarter. So I look across the board, I look at across the geographies, and I see many, many click points of proof that this is going to be a solid year. Yes, the elections will negatively impact the D.C. area and travel in November in the fourth quarter. It's also true that the Olympics will positively affect the second quarter -- third quarter rather, sorry, and in Europe, -- so -- but leave those outliers aside for a second.

最後，休閒活動一直很強勁，然而，毛伊島等某些市場仍然受到拉海納風暴的影響，我們有 2 家主要酒店，2 家大型酒店，而不是正在進行大規模翻修。兩家公司此時其實都已更名為君悅酒店。我們的合作夥伴、我們的業主對這些酒店進行瞭如此大的投資。因此，您必須調整這些屬性才能真正了解市場狀況。第一季美國度假村基數成長了 6%。我們已經提到，我們的全包費用在第二季度以良好的速度增長了 11%。因此，我全面審視，審視各個地區，我看到了很多很多點擊點證明這將是堅實的一年。是的，選舉將對華盛頓地區和第四季 11 月的旅行產生負面影響。奧運會確實會對第二季度產生積極影響——對不起，更確切地說是第三季度，而且在歐洲——所以——但先把這些異常值放在一邊。

And of course, we have to mention Taylor Swift, who continues to grow GDP for the world now. So she is having an effect on every market in which she shows up. So I just see -- I see a lot of data and a lot of data points, and I can't remember when we've seen all 3 segments -- business segments going so well. Now inflation is higher, yes, it's going to negatively impact people's ability to spend, we're very sensitive to that and not particularly happy about that. And it's -- the fact is -- but the reality is for us, we're serving a higher-end customer and the impact of interest rates that seem sticky down and somewhat higher inflation are just not -- they're not having an impact on our customer base. Nothing that we can see at this point. So that's maybe a tour around our customer base and a little bit around the world.

當然，我們不得不提到泰勒絲，她現在仍在繼續為世界成長GDP。因此，她對她所在的每個市場都產生了影響。所以我只是看到 - 我看到很多數據和很多數據點，我不記得我們什麼時候看到所有 3 個部門 - 業務部門進展順利。現在通膨更高，是的，這將對人們的消費能力產生負面影響，我們對此非常敏感，對此也不是特別高興。事實是，但對我們來說，現實是，我們正在為高端客戶提供服務，而看似黏性下降的利率和略高的通膨的影響卻並非如此，他們沒有對我們的客戶群的影響。此時我們看不到任何東西。這可能是對我們的客戶群以及世界各地的巡視。

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。

Maybe just first on the Easter impact on Q1. You gave us the U.S. impact. Just wondering maybe you can comment on what you think the global impact would be? And if you sort of unpick that into Q2, maybe all else being equal, would you expect RevPAR to accelerate into Q2 from Q1 as Easter reverses?

也許首先是復活節對第一季的影響。你為我們帶來了美國的影響。只是想知道您是否可以評論一下您認為全球影響會是什麼？如果您將其取消到第二季度，也許其他條件相同，您是否會期望隨著復活節的到來，RevPAR 從第一季度加速進入第二季度？

Richard, the global impact is not a material number. We don't see a material impact on the holiday on a global basis, certainly in the U.S. there is because of different travel patterns that people take around spring break and the Easter holiday. April will benefit on the reverse side for group and business transient in the month of April, which we've seen and quoted in our prepared remarks. So we certainly see the reverse, particularly in the U.S.

理查德，全球影響力並不是一個重大數字。我們認為，在全球範圍內，假期不會受到實質影響，尤其是在美國，這是因為人們在春假和復活節假期期間採取的旅行方式不同。對於四月份的團體和商業短暫而言，四月將受益於相反的一面，我們已經在準備好的評論中看到並引用了這一點。所以我們肯定會看到相反的情況，特別是在美國。

Okay. That makes sense. And I know you've taken a couple of questions on buybacks already. But just wondering about the sizing of the increase that you've done up to the $800 million. It feels like it (inaudible) Q1. Is this the limit -- how have you got to that number? Is that just the disposals done in Q1, and as you actually get the cash in for Zurich et cetera, and we look forward to a bigger buyback increase later this year?

好的。這就說得通了。我知道您已經回答了幾個有關回購的問題。但只是想知道您增加的 8 億美元的規模是多少。感覺就像（聽不清楚）Q1。這是極限嗎──你是如何達到這個數字的？這只是第一季完成的處置嗎？

Sure. As we provide outlook each quarterly earnings call, we're doing that without incorporating future transactions. So as we looked at the increase that we would -- that we would undertake in our buyback outlook, our shareholder return outlook, we saw the increased proceeds and evaluated about 50% of those would be excess cash that we could clearly return and increase our outlook. As we proceed throughout the year, we'll continue to update you. We have some transactions in process. And as opportunities are evaluated and whether we execute on those, if we generate additional excess cash flow, we'll update you on any new shareholder return outlook that we have.

當然。當我們在每季的財報電話會議上提供展望時，我們這樣做時並沒有考慮未來的交易。因此，當我們考慮我們將在回購前景、股東回報前景中進行的增加時，我們看到了收益的增加，並評估其中約50% 將是多餘的現金，我們可以明確地歸還這些現金並增加我們的收益。隨著全年的進展，我們將繼續為您提供最新資訊。我們有一些交易正在進行中。隨著機會的評估以及我們是否執行這些機會，如果我們產生額外的超額現金流，我們將向您通報我們擁有的任何新的股東回報前景。

Our next question comes from Meredith Jensen from HSBC.

我們的下一個問題來自匯豐銀行的 Meredith Jensen。

I noticed the -- or you had in the press release, 22% increase in the loyalty program, which is huge. I was wondering if there's any particular sort of driver of that high increase? And would that be something that we should sort of expect as a trend increase? And related to that, what may we see sort of that trend increase show in the financials, I guess, it would just be co-brand or engagement?

我注意到——或者你在新聞稿中提到，忠誠度計劃增加了 22%，這是巨大的。我想知道這種高成長是否有任何特定的驅動因素？隨著趨勢的增加，我們應該期待這種情況嗎？與此相關的是，我們可能會在財務方面看到什麼趨勢成長，我想，這只是聯合品牌或參與？

And secondly, just very quickly, if on Mr & Mrs Smith, you mentioned building the deeper relationship directly as time goes on. So I was wondering, has that evolved over time? How we might track that sort of -- what kind of metrics could be used? And how would those show up in the financials over time in terms of profitability of that relationship?

其次，很快，如果在史密斯夫婦中，您提到隨著時間的推移直接建立更深的關係。所以我想知道，這種情況是否隨著時間的推移而演變？我們如何追蹤這種情況——可以使用什麼樣的指標？隨著時間的推移，這些關係的獲利能力將如何體現在財務數據中？

Sure. A couple of comments on the World of Hyatt. We have continuously tuned and refined the program to be very attractive to the core customer base that we serve. And I think that when you cumulate all of those moves that we've made over a number of years, including our portfolio shifts, we've doubled our luxury hotels over the last 5 years, 7 years now, tripled the number of resorts and quintupled the number of lifestyle resorts all at the high end. The choice that's available through Hyatt, even though we are the smallest of the major players. When you talk about the relevant base of hotels that members really want to be able to travel to, we've grown disproportionately in those which are in the highest demand. And so when you look at it at a total corporate strategy, this was all very deliberate to continue to build what we call network effect. The result of network effect is higher direct bookings from our members through Hyatt channels, which are the cheapest channels available.

當然。關於凱悅天地的一些評論。我們不斷調整和完善該計劃，以對我們服務的核心客戶群非常有吸引力。我認為，當你把我們多年來採取的所有舉措（包括我們的投資組合轉變）累加起來時，我們在過去5 年、現在7 年裡將豪華酒店數量增加了一倍，將度假村數量增加了兩倍，高級生活風格度假村的數量增加了五倍。儘管我們是主要參與者中規模最小的，但凱悅仍提供多種選擇。當您談論會員真正希望能夠前往的相關酒店基地時，我們在需求最高的酒店中的增長不成比例。因此，當你審視整個公司策略時，你會發現這一切都是經過深思熟慮的，以繼續建立我們所謂的網路效應。網路效應的結果是我們的會員透過凱悅管道的直接預訂量增加，這是最便宜的管道。

And therefore, our relative performance in terms of delivering margins to our hotel owners will continue to improve with that as the tailwind. That, in turn, drives growth because the better that we can do at hotel level performance, the more capital that we will attract to our platform from diverse owners around the world. I think the fact is that if you look at our pipeline expansion over the last couple of quarters, that's just proof that we've got momentum in that area. On the portfolio front, we also launched an upper mid-scale hotel -- extended stay hotel brand last year called Hyatt Studios. Again, a very deliberate move to increase the network effect for markets in which we saw our members traveling to, but not staying at a Hyatt property because there's no Hyatt -- there was no Hyatt property there.

因此，我們在為酒店業主提供利潤方面的相對錶現將繼續改善，以此作為順風車。這反過來又推動了成長，因為我們在飯店層級的業績做得越好，我們就能從世界各地不同的業主那裡吸引更多的資本到我們的平台上。我認為事實是，如果你看看我們過去幾季的管道擴張，那就證明我們在該領域擁有動力。在投資組合方面，我們去年也推出了一個中高檔飯店——長期住宿飯店品牌，名為凱悅飯店公寓。同樣，這是一個非常有意的舉措，旨在增加市場的網絡效應，我們看到我們的會員前往這些市場，但沒有入住凱悅酒店，因為那裡沒有凱悅酒店 - 那裡沒有凱悅酒店。

Turning to Mr & Mrs Smith, we are just elated. I saw the statistics 2 days ago, thousands of room nights booked in -- at the -- upon opening of the channels at very high rates and actually quite diverse. Yes, the vast majority are in Europe because that's where the critical mass is for Mr & Mrs Smith, but I was surprised to see a number of U.S. markets in which there were very, very unique hotels in markets in which we are underrepresented or not represented. So I am surprised, frankly, to see that much traction this quickly. And I think it's very clear based on the owner feedback -- the hotel owner feedback in the Mr & Mrs Smith network that they are likewise very happy and maybe a bit surprised at the traction that we've gained already. I think over time, what that will likely lead to is a subset of the hotel owners recognizing that a more fulsome connection with Hyatt, the Hyatt network through a franchise arrangement will make sense for them. And we have every expectation that we will be segmenting that hotel portfolio to pursue just that.

談到史密斯先生和夫人，我們很高興。我兩天前看到了統計數據，頻道開放後，數千間夜的預訂量非常高，而且實際上非常多樣化。是的，絕大多數都在歐洲，因為那是史密斯夫婦的關鍵群體，但我很驚訝地看到許多美國市場上有非常非常獨特的酒店，而我們在這些市場中的代表性不足或沒有代表。因此，坦白說，我很驚訝地看到這麼快就有這麼大的吸引力。我認為，根據業主回饋（史密斯夫婦網路中的飯店業主回饋），他們同樣非常高興，也許對我們已經獲得的吸引力感到有點驚訝。我認為隨著時間的推移，這可能會導致部分酒店業主認識到透過特許經營安排與凱悅酒店、凱悅酒店網絡建立更充實的聯繫對他們來說是有意義的。我們完全期望我們能夠對酒店組合進行細分，以實現這一目標。

So we're really excited about that. And our measure is driving performance for those hotel owners. That's our key measure. Of course, that will help to build more direct connectivity and a more, I guess, known and durable network over time.

所以我們對此感到非常興奮。我們的衡量標準是提高這些飯店業主的表現。這是我們的關鍵措施。當然，隨著時間的推移，這將有助於建立更直接的連接，以及更知名、更持久的網路。

Next question comes from Patrick Scholes from Truist Securities.

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

Could you talk a little bit about expectations for the other fees within the revenues, I believe a significant portion of that is credit card fees. What are your expectations for the rest of the year and perhaps beyond for that?

您能否談談對收入中其他費用的預期，我相信其中很大一部分是信用卡費用。您對今年剩餘時間甚至更遠的時間有何期望？

Sure, Patrick. In the quarter, we had a significant increase in franchise and other fees combined over 20% in the quarter. For the full year, we are giving guidance now on fees. As a reminder, our total fee guidance for the full year is up 15% at the midpoint. So we're not going to give the specific components within other fees. But what I will tell you is that in the quarter, all of the different categories grew significantly within our non-RevPAR fees. We did get an increase from the UVC transaction, which boosted the percentage point on overall fees by a couple of points, but very, very strong results on our fee growth, driven by strong RevPAR, our 5.5% RevPAR growth, which is very strong, mostly international markets, and that package RevPAR. So across the board, our fee growth is really strong and the other fees we expect will continue to grow at a healthy pace as well.

當然，派崔克。本季度，我們的特許經營費和其他費用大幅增加，合計增幅超過 20%。對於全年，我們現在就費用提供指導。提醒一下，我們全年的總費用指導中點上漲了 15%。因此，我們不會在其他費用中提供具體的組成部分。但我要告訴您的是，在本季度，所有不同類別的非 RevPAR 費用均大幅增加。我們確實從 UVC 交易中獲得了成長，這將整體費用提高了幾個百分點，但在強勁的 RevPAR 推動下，我們的費用成長非常非常強勁，我們的 RevPAR 成長了 5.5%，非常強勁，主要是國際市場，以及RevPAR 套裝行程。因此，總的來說，我們的費用成長非常強勁，我們預計其他費用也將繼續以健康的速度成長。

Okay. And just a follow-up on that. Is there -- when is your next major credit card contract renegotiation coming up?

好的。這只是後續行動。您的下一次主要信用卡合約重新談判什麼時候進行？

Sure. We're going to start having discussions later this year into early next year on that -- on the renewal of that contract.

當然。我們將在今年稍晚到明年初開始討論續約的問題。

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)。

Just a quick follow-up on the model, just those 3 hotels that you've sold. Could you quantify how much EBITDA that they contributed during your 4-month ownership period, trying to figure out the run rate earnings impact going forward?

只是對模型進行快速跟進，即您已出售的 3 家酒店。您能否量化他們在您的 4 個月所有權期間貢獻了多少 EBITDA，試圖計算出未來運行率收益的影響？

Yes. We have those, Michael, on the schedule in the earnings release. We're going to continue on any asset sale transactions to report those on schedule, I think the number is A8.

是的。邁克爾，我們已經將這些列入了收益發布的時間表中。我們將繼續進行任何資產出售交易，並按計劃報告這些交易，我認為數字是 A8。

Michael, it's on A8, and we can chat about that separately if you have additional questions.

Michael，它在 A8 上，如果您還有其他問題，我們可以單獨討論。

By quarter, and the assets are listed there in the table. It actually includes the one post quarter. We actually put those into the table to help with modeling.

按季度，資產列在表中。它實際上包括後季度。我們實際上將這些放入表中以幫助建模。

Thank you all for your time this morning. We appreciate your interest in Hyatt and look forward to extending our purpose of care by welcoming you to our hotels and resorts during your travels. We wish you a great rest of your day. Thanks so much for joining.

感謝大家今天早上抽出寶貴的時間。感謝您對凱悅的關注，並期待在您旅行期間歡迎您光臨我們的酒店和度假村，以延續我們的服務宗旨。我們祝福您有個愉快的一天。非常感謝您的加入。

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。