Hyatt Hotels Corp (H) 2024 Q2 法說會逐字稿

Good morning and welcome to the Hyatt second-quarter 2024 earnings.

早安，歡迎關注凱悅 2024 年第二季財報。

(Operator Instructions) Thank you.

（操作員指示）謝謝。

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

現在，我想將電話轉給投資者關係和 FP&A 高級副總裁 Adam Rohman。

Thank you, please go ahead.

謝謝，請繼續。

Thank you, and welcome to Hyatt's second-quarter 2024 earnings conference call.

謝謝，歡迎參加凱悅 2024 年第二季財報電話會議。

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

參加今天電話會議的還有凱悅酒店總裁兼執行長馬克‧霍普拉馬齊安 (Mark Hoplamazian)；以及凱悅財務長 Joan Bottarini。

Before we start, I would like to remind everyone that our comments today will include forward-looking statements under federal securities laws.

在我們開始之前，我想提醒大家，我們今天的評論將包括聯邦證券法下的前瞻性陳述。

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.

這些聲明受到我們 10-K 表年度報告、10-Q 表季度報告和其他 SEC 文件中所述的眾多風險和不確定性的影響。

These risks could cause our actual results to be materially different from those expressed in or implied by our comments.

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 and earnings release that we issued today, along with the comments on this call are made only as of today, and we'll not be updated as actual events unfold.

我們今天發布的收益報告和收益發布中的前瞻性陳述以及對本次電話會議的評論均僅截至今天為止，我們不會隨著實際事件的進展而更新。

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.

此外，您可以在我們的網站 hyatt.com 上的「投資者關係」連結的「財務報告」部分中找到今天的評論中提到的非 GAAP 財務指標的對帳表，在今天上午的收益報告中，本次電話會議的存檔將在我們的網站上提供 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.

請注意，除非另有說明，我們對入住率平均每日房價和 RevPAR 的引用反映了以固定匯率計算的全系統可比飯店。

Additionally, percentage changes disclosed during the call are on a year-over-year basis, unless otherwise noted.

此外，除非另有說明，電話會議中揭露的百分比變化均以年比計算。

With that I'll now turn the call over to Mark.

現在我將把電話轉給馬克。

Thank you, Adam.

謝謝你，亞當。

Good morning, everyone, and thank you for joining us today.

大家早安，感謝大家今天的參與。

I want to start by sharing my appreciation for our colleagues around the world who live our purpose every day to care for our guests, our colleagues, owners and each other.

首先，我要對我們遍佈全球的同事表示感謝，他們每天都實踐我們的宗旨，關心我們的客人、同事、業主和彼此。

I've been very fortunate to visit with many of you over the last quarter, and I'm continually inspired by the power of care and what differentiates Hyatt from others.

在過去的一個季度裡，我非常榮幸地拜訪了你們中的許多人，我不斷感受到關懷的力量以及凱悅與其他酒店的不同之處。

Our people, our purpose and execution of our strategy are evident in our operating results which reflect record levels of fees, roll of Hyatt members and rooms in our pipeline.

我們的員工、我們的目標和我們的策略執行在我們的經營業績中得到了充分體現，這反映了創紀錄的費用水平、凱悅會員數量和我們正在籌備的客房數量。

This morning, we reported system-wide RevPAR growth of 4.7% and as anticipated group and business transient were our strongest customer segments in the quarter.

今天上午，我們報告全系統 RevPAR 成長了 4.7%，並且如預期的那樣，團體和商務臨時客戶是我們本季最強勁的客戶群。

Easter taking place in the first quarter of 2024 with a tailwind for group and business travel in April and a headwind for leisure travel.

復活節將在 2024 年第一季舉行，4 月團體和商務旅行將順風順水，而休閒旅行則將逆風逆行。

Leisure transient revenue decreased approximately 2% in the quarter, but was up 2% when excluding the impact of Easter, significant renovations at several key US resorts and our hotels in Maui, which were negatively impacted by the wildfires in Q3 of last year.

本季休閒短期收入下降約 2%，但如果排除復活節、美國幾家主要度假村的大規模翻修以及我們位於毛伊島的酒店（這些酒店受到去年第三季度野火的負面影響）的影響，則增長了 2%。

Through the first six months of 2024, leisure transient revenue was up 2% compared to 2023 despite these temporary headwinds, and we remain significantly above pre-pandemic levels.

到 2024 年上半年，儘管存在這些暫時的不利因素，但休閒短期收入仍比 2023 年增長了 2%，並且仍遠高於疫情前的水平。

Looking ahead, transient pace for resource in the Americas, it's flat in the third quarter, excluding resorts under significant renovation, while pace for all-inclusive resorts is down slightly as demand in Mexico and the Caribbean reflects a return to pre-pandemic seasonality.

展望未來，美洲地區的資源瞬時成長步伐在第三季持平（不包括正在進行重大翻修的度假村），而全包式度假村的成長步伐略有下降，因為墨西哥和加勒比地區的需求反映了疫情前的季節性回歸。

Group revenue increased approximately 8% in the quarter with strong results in most U.S. major urban markets.

本季集團營收成長約 8%，在美國大多數主要城市市場表現強勁。

During the months of May and June, group pace for US full-service managed properties was up 7% for the second half of 2024, and we anticipate higher growth rates in the third quarter compared to the fourth quarter.

5 月和 6 月，美國全方位服務管理物業的集團步伐在 2024 年下半年成長了 7%，我們預計第三季的成長率將高於第四季。

This is due to Rosh HaShanah and Yom Kippur falling in October this year compared to September of last year and the US elections in November.

這是因為，今年的猶太新年和贖罪日都在十月，而去年則是在九月，而美國大選則在十一月。

Looking beyond 2024 pace continued to be very strong across all group customer segments.

展望 2024 年以後，所有集團客戶群的成長速度仍將保持強勁。

Our business transient customer segment had the largest growth rate during the quarter with revenue up approximately 14%.

我們的業務臨時客戶部門在本季成長率最高，營收成長約 14%。

In the United States, revenue increased 12% and New York Seattle San Diego and Washington DC with the top performing markets.

在美國，收入成長了 12%，其中紐約、西雅圖、聖地牙哥和華盛頓特區是表現最好的市場。

Bookings for business travel over the next two months, look, very strong led by corporate negotiated accounts.

未來兩個月的商務旅行預訂量看起來將非常強勁，主要由企業協商帳戶主導。

While there are signs of slowing demand in lower chain scales.

而下游連鎖企業的需求則出現放緩跡象。

We saw strength among the high end consumer as luxury RevPAR increased 6.9%, driven by hotels in Europe and Asia Pacific excluding China, the solid quarter of group and business travel as reflected in our upper upscale brands, which produced RevPAR growth of 4.2%.

我們看到高端消費者的強勁成長，因為豪華飯店的 RevPAR 成長了 6.9%，這得益於歐洲和亞太地區（不包括中國）的飯店，團體和商務旅遊的強勁成長反映在我們的高端品牌上，其 RevPAR 成長了 4.2%。

Our solid operating performance reflects the strength of our growing loyalty program.

我們穩健的營運表現反映了我們不斷成長的忠誠度計畫的實力。

World of Hyatt membership reached a new record of approximately 48 million members at quarter end, the 21% increase over the past year.

截至本季末，凱悅天地會員數創下新高，約 4,800 萬名，較去年同期成長 21%。

Loyalty room night penetration also increased highlighting the strong engagement of our expanding membership base, our growth strategy and expansion into many new markets.

忠誠度客房夜數的滲透率也有所提高，突顯了我們不斷擴大的會員基礎、我們的成長策略以及向許多新市場的擴張的強勁參與度。

In addition to delivering authentic and personalized experiences, it led to member growth and increased loyalty penetration.

除了提供真實和個人化的體驗之外，它還促進了會員數量的成長並提高了忠誠度。

Our expansion, of course, includes Mr & Mrs Smith, which realized significant engagement from our members actually added over 700 properties to World of Hyatt in April.

當然，我們的擴張也包括 Mr & Mrs Smith，它實現了我們會員的顯著參與，實際上在 4 月為凱悅天地增加了 700 多家房產。

80% of these properties have received bookings from World of Hyatt members since going live with nearly two-thirds of those bookings for paid reservations as opposed to the redemption of points.

其中 80% 的飯店自上線以來都收到了凱悅天地會員的預訂，其中近三分之二的預訂是付費預訂，而非積分兌換。

Our most active members are global lists have been very engaged with Mr and Mrs Smith accounting for over 20% of the bookings.

我們最活躍的會員是全球名單上的人，其中史密斯先生和史密斯夫人的預訂量佔比超過 20%。

By end of this year.

到今年底。

We expect to have over 1,000 Mr and Mrs Smith properties available through World of Hyatt, offering our members even more opportunities to earn and redeem points in these uniquely curated hotels.

我們預計將透過凱悅天地提供超過 1,000 家史密斯夫婦酒店，為我們的會員提供更多在這些獨特酒店賺取和兌換積分的機會。

We also recently announced an exclusive alliance with under canvas for we are experiencing outdoor hospitality with 13 locations and premier destinations such as the Grand Canyon, Moab, Yellowstone and Zion.

我們最近也宣布與 under canvas 建立獨家聯盟，在 13 個地點和主要目的地（例如大峽谷、摩押、黃石和錫安）體驗戶外招待服務。

World of Hyatt members will be able to earn and redeem points at our campus locations, further expanding our offerings and adding unique experiences for our members and guests.

凱悅天地會員將能夠在我們的校園地點賺取和兌換積分，進一步擴大我們的服務範圍並為我們的會員和客人增添獨特的體驗。

We have already seen great interest from qualified members with 60% of total bookings made it under campus locations seeing for paid reservations since the partnership went live nearly two weeks ago, a few months ago, I visited the under canvas schooling resort in Moab, named the best resort hotel in Utah by Travel and Leisure.

自從合作關係在近兩週前開始以來，我們已經看到合格會員的極大興趣，其中 60% 的總預訂都是在校園內付費預訂的，幾個月前，我參觀了摩押的帆布學校度假村，它被《旅遊與休閒》評為猶他州最佳度假酒店。

And I love my overnight stay the under Kansas North Yellowstone Paradise Valley in Montana.

我喜歡在堪薩斯州北部黃石天堂谷和蒙大拿州的夜晚住宿。

Both destinations offer exceptional quality and immersive activities, which I'm really excited for a World of Hyatt members to experience first-hand.

這兩個目的地都提供了卓越品質和身臨其境的活動，我非常高興凱悅天地的會員能夠親身體驗。

We're also proud of the recognition that will have a higher continues to receive Hyatt hub recognized worldwide as the best hotel rewards program and will have higher credit card as the best overall hotel credit cards continued recognition of World of Hyatt is a testament to the value that our loyalty program provides to members and hotel owners are focused on expanding our network effect as we grow allows us to offer more options to our members, increasing their loyalty to Hyatt and making Hyatt more attractive to prospective developers.

我們也為獲得更高的認可而感到自豪，凱悅中心將繼續獲得全球認可，成為最佳酒店獎勵計劃，並將更高的信用卡作為最佳整體酒店信用卡，凱悅天地的持續認可證明了我們的忠誠度計劃為會員和酒店業主提供的價值，我們專注於隨著我們的發展擴大我們的網絡效應，使我們能夠為會員提供更多對開發

Turning to development, we continue to see strong demand for our brands as our pipeline reached a record of approximately 130,000 rooms.

談到發展，我們繼續看到對我們品牌的強勁需求，因為我們的籌備客房數量已達到創紀錄的約 130,000 間。

This represents a 9% increase year over year, and our pipeline accounts for 40% of our existing room base signings in the quarter were healthy across the world, led by the United States and Greater China.

這比去年同期成長了 9%，我們的待建飯店佔本季現有客房簽約量的 40%，全球簽約的情況良好，以美國和大中華區為首。

And we continue to see increasing interest in high CDOs with the first two properties under construction are great.

我們繼續看到人們對高 CDO 的興趣日益濃厚，其中正在建設中的前兩個房產非常受歡迎。

Pipeline continues to drive expansion of our portfolio worldwide.

管道繼續推動我們在全球範圍內的投資組合擴張。

And in the quarter, we achieved net rooms growth of 4.6%.

本季度，我們實現了 4.6% 的淨客房成長率。

Notable openings include the Park Hyatt Zurich, [the test portfolio] in Greater China and the Hyatt, the Grand Island in Cancun through our first site visit all-inclusive property behind Vivid brand introduces a younger generation to a vibrant adult only all-inclusive experience with a focus on meaningful connections through experiential offerings.

值得關注的開幕酒店包括大中華區的蘇黎世柏悅酒店（測試酒店組合）和坎昆大島凱悅酒店，透過我們的首次實地考察，Vivid 品牌背後的全包式酒店為年輕一代帶來了充滿活力的成人全包式體驗，並專注於透過體驗式服務建立有意義的聯繫。

We opened our first caption by high properties outside of the US in Shanghai and Osaka.

我們在上海和大阪開設了第一家美國以外高級飯店品牌店。

Finally, the legend resort podcasts opened in the quarter, a stunning resort on produced southern coast and our first destination by Hyatt property improved our openings this quarter, strengthen the equity of our brands and open new markets for our guests and members.

最後，傳奇度假村播客在本季度開業，這是位於南部海岸的一家令人驚嘆的度假村，也是我們第一家凱悅酒店目的地，改善了我們本季度的開業情況，增強了我們品牌的資產，並為我們的客人和會員開闢了新的市場。

And we are confident that our pipeline will continue to fuel growth well into the future.

我們有信心，我們的產品線將在未來繼續推動成長。

The pipeline will continue to expand as we strategically enhance our brand portfolio.

隨著我們策略性地加強我們的品牌組合，產品線將繼續擴大。

On June 28th, we announced the acquisition of the mean all Hotels brand from Minor Hotels Group, allowing us to accelerate growth of the brand.

6月28日，我們宣布收購美諾酒店集團旗下的Mean All Hotels品牌，這將使我們能夠加速品牌的發展。

We're really excited about the growth trajectory and great potential for me in all hotels over the decades to come for three key reasons.

我們對未來幾十年所有飯店的成長軌跡和巨大潛力感到非常興奮，主要有三個原因。

First, Minor Hotels is a highly attractive lifestyle brand in the fast-growing upscale segment.

首先，美諾酒店是快速成長的高端酒店市場中極具吸引力的生活品牌。

In Europe, the brand is well suited for adaptive reuse and conversions, facilitating growth in great locations to fill significant whitespace that Hyatt has across Europe.

在歐洲，凱悅品牌非常適合適應性再利用和改造，促進其在優質地段的成長，從而填補凱悅在歐洲各地的大量空白。

Second, Minor Hotels deliver high margins, allowing developers to realize attractive returns that are required for lease structures, which are common in Europe.

其次，Minor Hotels 的利潤率很高，可以讓開發商獲得歐洲常見的租賃結構所需的豐厚回報。

This lead friendly brand enhances operational flexibility and greatly expands our access to capital sources across Europe.

這個友善的品牌增強了營運靈活性，並大大擴展了我們在歐洲各地獲取資本來源的管道。

And third, it is important to note that our strategic positioning and brand mapping are designed to aggressively expand and capture market share across Europe.

第三，值得注意的是，我們的策略定位和品牌規劃旨在積極擴大和佔領整個歐洲的市場份額。

While we expect the brand to gain scale in Europe, initially, we believe there are opportunities to grow the brand globally, providing more destinations for our members and guests to enjoy a curated lifestyle experience.

雖然我們預計品牌將在歐洲擴大規模，但最初，我們相信有機會在全球範圍內發展該品牌，為我們的會員和客人提供更多目的地，享受精心策劃的生活方式體驗。

We have been and will continue to be very intentional with our organic and inorganic growth, ensuring that our brand and property portfolio expansion creates opportunities for new guests to find us and join World of Hyatt while providing existing members and guests new and exciting places to enjoy great experiences.

我們一直並將繼續非常注重我們的有機和無機增長，確保我們的品牌和酒店組合擴張為新客人創造機會找到我們並加入凱悅天地，同時為現有會員和客人提供新的和令人興奮的地方享受美妙的體驗。

Turning to asset sales.

轉向資產出售。

We completed the sales of Park Hyatt, Zurich, Hyatt Regency San Antonio, and Hyatt Regency Green Bay.

我們完成了蘇黎世柏悅酒店、聖安東尼奧凱悅酒店和綠灣凱悅酒店的銷售。

During the second quarter, as previously announced with the sales, we have realized $1.5 billion in gross proceeds from asset sales towards our $2 billion commitment.

在第二季度，正如先前宣布的銷售情況一樣，我們已從資產銷售中獲得了 15 億美元的總收益，距離我們 20 億美元的承諾目標僅一步之遙。

We expect to close the sale of the property that is currently under a purchase and sale agreement by the end of August, which will put us above our $2 billion disposition commitment.

我們預計將在 8 月底之前完成目前正在簽訂的買賣協議中的房產銷售，這將使我們的處置承諾超過 20 億美元。

We will provide more details on that transaction when the deal closes.

交易完成後，我們將提供有關該交易的更多細節。

Before I conclude my remarks, I'm pleased to report that we recently published our annual world of care highlights, demonstrating progress towards our change starts here goals and environmental sustainability goals, including our science-based targets, while we have more work ahead of us.

在結束我的演講之前，我很高興地報告，我們最近發布了年度護理世界亮點，展示了我們在實現「改變從這裡開始」目標和環境可持續性目標（包括我們的基於科學的目標）方面取得的進展，但我們還有更多的工作要做。

I'm exceptionally proud of the progress that we made led by our Hyatt colleagues worldwide.

我對我們在全球凱悅同事的帶領下所取得的進步感到無比自豪。

In closing, we are pleased with the execution of our long-term strategy, which we highlighted at our Investor Day last year, maximizing our core business, integrating new growth platforms and optimizing capital and resource deployment.

最後，我們對我們長期策略的執行感到滿意，我們在去年的投資者日強調了這項策略，即最大化我們的核心業務，整合新的成長平台，優化資本和資源配置。

Our growth across multiple dimensions, including rooms fees, pipeline and loyalty membership fuels, our asset-light business model, leading to strong free cash flow and greater value for our shareholders.

我們的成長涵蓋多個方面，包括客房費用、通路和忠誠會員燃料、我們的輕資產業務模式，從而帶來強勁的自由現金流並為股東帶來更大的價值。

I want to thank my colleagues around the world who live our purpose every day to care for people so they can be their best which extends to each of our stakeholders.

我要感謝世界各地的同事們，他們每天都實踐我們的宗旨，關懷人們，使他們能夠做到最好，並將這份關懷延伸到我們每一個利害關係人。

Joan will now provide more details on our operating results.

瓊現在將提供有關我們經營業績的更多詳細資訊。

Joan, over to you.

瓊，交給你了。

Thanks, Mark, and good morning, everyone.

謝謝，馬克，大家早安。

Systemwide RevPAR increased 4.7% led by increased business group travel in the United States.

由於美國商務團體旅遊的增加，全系統 RevPAR 成長了 4.7%。

RevPAR increased over 2% reflecting the timing of Easter and strong results from group and business transient travel.

由於復活節的到來以及團體和商務短期旅行的強勁增長，每間可用客房收入 (RevPAR) 增長了 2% 以上。

Large corporate accounts contributed to both group and business transient travel, benefiting hotels in major urban markets as Mark noted, we are lapping challenging comparisons in value due to the wildfires in the third quarter last year, and we have several resorts undergoing exciting transformational renovations.

大型企業客戶為團體和商務短期旅行做出了貢獻，使主要城市市場的酒店受益，正如馬克所說，由於去年第三季度的野火，我們的價值對比具有挑戰性，而且我們有幾家度假村正在進行令人興奮的轉型翻新。

Confidence is being rebranded as Andaz Miami Beach, Hyatt Regency Scottsdale and Hyatt Regency Indian Wells, 40 rebranded under the Grand Hyatt brand later this year.

Confidence 酒店將更名為邁阿密海灘安達仕酒店 (Andaz Miami Beach)、斯科茨代爾凱悅酒店 (Hyatt Regency Scottsdale) 和印第安維爾斯凱悅酒店 (Hyatt Regency Indian Wells)，其中 40 家將在今年稍後更名為君悅酒店 (Grand Hyatt) 品牌。

After extensive renovations, RevPAR growth in the Americas, excluding the United States increased approximately 9% with notable strength in Canada and South America, while our all-inclusive properties in the Americas had net package RevPAR growth of 2% for the quarter.

經過大規模翻修後，美洲地區（美國除外）的 RevPAR 增幅約為 9%，其中加拿大和南美洲的增長尤為強勁，而我們位於美洲的全包式酒店的淨套餐 RevPAR 本季增長了 2%。

In Greater China, RevPAR decreased by approximately 3%.

在大中華區，RevPAR 下降了約 3%。

As a reminder, the second quarter of last year saw a dramatic recovery for domestic travel and RevPAR surpassed pre-pandemic levels for the first time, we expected growth rates to normalize starting in the second quarter this year.

提醒一下，去年第二季國內旅遊業急劇復甦，RevPAR 首次超過疫情前的水平，我們預計今年第二季開始成長率將正常化。

However, unfavorable macro conditions and greater outbound Chinese travel negatively impacted results in the quarter.

然而，不利的宏觀條件和中國出境旅遊的增加對本季的業績產生了負面影響。

Domestic travel were down 9% in the quarter compared to last year with a notable impact on hotels in secondary and tertiary markets.

本季國內旅遊人數與去年同期相比下降了 9%，對二級和三級市場的酒店產生了明顯影響。

While we saw positive RevPAR growth in most major markets, this could not offset weaker demand in secondary and tertiary markets.

雖然我們看到大多數主要市場的 RevPAR 都出現了正增長，但這無法抵消二三級市場需求的疲軟。

Despite these pressures, we increased our RevPAR index by approximately 3% during the quarter, which is a testament to our strong brand recognition in China.

儘管面臨這些壓力，我們在本季仍將 RevPAR 指數提高了約 3%，這證明了我們在中國強大的品牌知名度。

Although domestic travel declined, we're seeing demand for travel from affluent customers increased.

儘管國內旅遊人數下降，但我們看到富裕客戶的旅遊需求增加。

However, they are prioritizing international travel, and we expect outbound travel from China to remain at elevated levels in the near term.

然而，他們優先考慮國際旅行，我們預計中國出境旅遊人數短期內仍將保持在較高水準。

Asia Pacific, excluding Greater China, once again produced remarkable results, with RevPAR up approximately 18% due to strong international inbound travel with notable demand coming from Greater China and the United States.

大中華區以外的亞太地區再次取得了令人矚目的成績，由於國際入境旅遊強勁，尤其是來自大中華區和美國的需求顯著，RevPAR 增長了約 18%。

RevPAR in Japan increased 35% and RevPAR in South Korea increased 20%.

日本的 RevPAR 成長了 35%，韓國的 RevPAR 成長了 20%。

In Europe, RevPAR increased approximately 11%, driven by outbound travel from the United States with notable strength in Germany and Spain.

在歐洲，每間可用客房收入 (RevPAR) 成長了約 11%，這得益於美國出境旅遊的推動，其中德國和西班牙的強勁成長。

Our European all-inclusive properties produced impressive net package RevPAR growth of approximately 12%, driven by high demand for our resorts in the Balearic and Canary Islands.

由於巴利阿里群島和加那利群島度假村的高需求，我們位於歐洲的全包式度假村實現了令人印象深刻的淨套餐 RevPAR 成長，增幅約為 12%。

We reported record gross fees in the quarter of $275 million, up 12% due to a combination of our RevPAR growth, greater system size and an increase in our non-RevPAR fees.

我們報告本季的總費用達到創紀錄的 2.75 億美元，成長 12%，這得益於 RevPAR 的成長、系統規模的擴大以及非 RevPAR 費用的增加。

Franchise and other fees increased 32% due to the growth of our franchise footprint.

由於我們的特許經營範圍擴大，特許經營和其他費用增加了 32%。

The growth in our co-branded credit card fees and the contribution from UVCCs, bases increased 4%, reflecting the combination of increased managed RevPAR and fees from newly-opened managed hotels offset by hotels in Greater China incentive fees decreased approximately 7% due to lower contribution from hotels in Greater China hotels under renovation and hotels in Maui.

我們的聯名信用卡費用和 UVCC 貢獻的增長，基礎增長了 4%，反映了管理的 RevPAR 和新開業管理酒店費用的增加，但大中華區的酒店激勵費用減少了約 7%，原因是大中華區正在裝修的酒店和毛伊島酒店的貢獻較低。

Turning to our segment results.

談到我們的分部表現。

Management and franchising segment adjusted EBITDA increased approximately 11%, driven by the increase in our gross fees owned and leased segment.

管理和特許經營部門調整後的 EBITDA 成長約 11%，這主要得益於我們自有和租賃部門的總費用成長。

Adjusted EBITDA increased by 9% when adjusted for the net impact of transactions.

經交易淨影響調整後，調整後 EBITDA 成長了 9%。

Business transient revenue for the portfolio increased by double digits during the quarter and the contribution from group and related food and beverage revenue was strong in the quarter, margins for comparable hotels increased 110 basis points.

本季度，投資組合的業務臨時收入實現了兩位數成長，集團及相關餐飲收入的貢獻強勁，可比飯店的利潤率增加了 110 個基點。

We expect that we'll achieve flat to moderate expansion of owned and leased margins for the full year compared to 2023.

我們預計，與 2023 年相比，全年自有和租賃利潤率將實現持平至適度擴大。

And finally, for distribution segment, adjusted EBITDA increased $9 million compared to the second quarter of 2023.

最後，就分銷部門而言，調整後的 EBITDA 與 2023 年第二季相比增加了 900 萬美元。

Excluding UVC, adjusted EBITDA declined by approximately $5 million.

不包括 UVC，調整後的 EBITDA 下降了約 500 萬美元。

Consistent with the expectations we communicated during our first quarter earnings call.

與我們在第一季財報電話會議上表達的預期一致。

We expect third quarter adjusted EBITDA for ALG Vacations to decline approximately $5 million to last year due to a combination of cancellations related to hurricane barrel and weaker bookings over the last few weeks due to the temporary system disruptions impact on airline bookings.

我們預計，ALG Vacations 第三季調整後息稅折舊攤提前利潤將較去年同期下降約 500 萬美元，原因是颶風巴倫造成預訂取消，以及過去幾週系統暫時中斷對航空公司預訂造成影響導致預訂量下降。

However, we anticipate fourth quarter adjusted EBITDA for ALG Vacations to grow by approximately $10 million compared to last year because of improved airlift.

然而，由於空運狀況改善，我們預計 ALG Vacations 第四季調整後 EBITDA 將比去年同期成長約 1,000 萬美元。

I'd like to now provide an update on our strong cash and liquidity position.

現在我想提供有關我們強勁的現金和流動性狀況的最新情況。

As of June 30, 2024, our total liquidity of approximately $3.5 billion included $2 billion of cash, cash equivalents and short-term investments and approximately $1.5 billion in borrowing capacity on our revolving credit facility.

截至 2024 年 6 月 30 日，我們的總流動資金約為 35 億美元，其中包括 20 億美元的現金、現金等價物和短期投資，以及約 15 億美元的循環信貸額度的借貸能力。

At the end of the quarter, our total debt outstanding was approximately $3.9 billion.

截至本季末，我們的未償還債務總額約為 39 億美元。

The increased levels of debt and short term investments this quarter result from the notes we issued in June.

本季債務和短期投資水準的增加源自於我們六月發行的票據。

We invested the proceeds from these notes in marketable securities and are planning to fully repay our notes maturing on October 1, 2024, at or prior to maturity.

我們將這些票據的收益投資於有價證券，並計劃在到期時或之前全額償還將於 2024 年 10 月 1 日到期的票據。

In the second quarter, we repurchased $134 million of Class A common shares and we have approximately $1.6 billion remaining under our share repurchase authorization.

在第二季度，我們回購了 1.34 億美元的 A 類普通股，我們的股票回購授權剩餘金額約為 16 億美元。

We remain committed to our investment-grade profile and our balance sheet is strong.

我們仍然致力於維持我們的投資等級形象，我們的資產負債表也很強勁。

Before I turn to our 2024 outlook, I'd like to note a change that we made to our financial reporting.

在談到我們的 2024 年展望之前，我想指出我們對財務報告所做的更改。

We've added a new financial line item to the income statement called transaction and integration costs which includes integration costs for recently acquired businesses and transaction costs for certain pending and completed transactions.

我們在損益表中新增了一個名為交易和整合成本的新財務項目，其中包括最近收購的業務的整合成本以及某些待處理和已完成交易的交易成本。

We now exclude transactions and integration costs from adjusted EBITDA as we believe this better represents our core operations and provides information consistent with how our management evaluates operating performance.

我們現在將交易和整合成本排除在調整後的 EBITDA 之外，因為我們認為這更好地代表了我們的核心業務，並提供了與我們的管理層評估營運績效的方式一致的資訊。

Now I will cover our outlook for 2024, the full details can be found on page 3 of our earnings release, we expect full year system-wide RevPAR growth between 3% and 4% compared to 2023 and expect group and business transient revenue growth to outpace leisure transient for the second half of the year.

現在我將介紹我們對 2024 年的展望，完整詳情可在我們的收益報告第 3 頁找到，我們預計全年全系統 RevPAR 將比 2023 年增長 3% 至 4%，並且預計團體和商務臨時收入增長將超過休閒臨時收入。

We anticipate United States RevPAR growth for the full year of approximately 2% compared to 2023, led by group and business travel in the third quarter.

我們預計，美國全年 RevPAR 將比 2023 年成長約 2%，主要受第三季團體和商務旅遊的推動。

Our outlook assumes RevPAR growth in Greater China is negative for the last two quarters of this year compared to last year, as domestic travel laps tougher comparisons to 2023 and outbound international travel increases.

我們的展望認為，今年最後兩季大中華區的 RevPAR 成長與去年相比為負，因為與 2023 年相比，國內旅遊業的發展更為艱難，而出境國際旅遊業則有所增加。

Finally, we expect RevPAR growth in other international markets exceed the high end of our range, led by Europe and Asia Pacific excluding Greater China, we expect net rooms growth between 5.5% and 6%, driven by organic growth conversions and potential portfolio transactions that may close by year end.

最後，我們預計其他國際市場的 RevPAR 成長將超過我們預期的高端，其中歐洲和亞太地區（大中華區除外）將領銜，我們預計淨客房成長率在 5.5% 至 6% 之間，這得益於有機成長轉換和可能在年底前完成的潛在投資組合交易。

Gross fees are expected to be in the range of 1.085 to $1.085 billion to $1.115 billion.

預計總費用將在 10.85 億美元至 11.15 億美元之間。

It's 13% increase at the midpoint of our range compared to last year.

與去年相比，我們的範圍中間值成長了 13%。

Our revised outlook accounts for lower incentive fee contribution in the second quarter from hotels in Greater China, weaker than expected demand in Maui and hotels under renovation.

我們修改後的預期考慮了第二季度大中華區酒店的激勵費貢獻降低、毛伊島的需求低於預期以及正在裝修的酒店。

Our outlook also assumes lower fee contribution from hotels in Greater China during the second-half of 2024 and a lower fee contribution from hotels in the United States during the fourth quarter.

我們的展望也假設 2024 年下半年大中華區飯店的費用貢獻將會下降，第四季美國飯店的費用貢獻將會下降。

Adjusted G&A is expected to be in the range of $425 million to $435 million.

調整後的一般及行政開支預計在 4.25 億美元至 4.35 億美元之間。

Adjusted EBITDA is expected to be in the range of $1.135 billion to $1.175 billion, a 10% increase at the midpoint of our range compared to last year.

調整後的 EBITDA 預計在 11.35 億美元至 11.75 億美元之間，與去年相比，按區間中間值成長 10%。

Our outlook accounts for the removal of about $10 million of integration costs related to the change to adjusted EBITDA I just mentioned and reflects the reduction that we have made to our RevPAR range and gross fees, free cash flows expected to range from $560 million to $610 million.

我們的展望考慮了與我剛才提到的調整後 EBITDA 變化相關的約 1000 萬美元的整合成本的消除，並反映了我們對 RevPAR 範圍和總費用的減少，預計自由現金流將在 5.6 億美元至 6.1 億美元之間。

And finally, we expect capital returns to shareholders in the range of $800 million to $850 million, including share repurchases and dividends.

最後，我們預期股東的資本回報在 8 億至 8.5 億美元之間，包括股票回購和股利。

In closing, our second quarter results highlight the strength of our asset-light business model and our mix of asset-light earnings will increase further as we complete our asset disposition program and realize our net rooms growth expectations.

最後，我們的第二季業績凸顯了我們的輕資產業務模式的實力，隨著我們完成資產處置計劃並實現淨客房成長預期，我們的輕資產收益組合將進一步增加。

We remain committed to our capital allocation strategy, which has delivered and will continue to deliver exceptional shareholder value by investing in growth, maintaining an investment grade profile and returning capital to shareholders.

我們將繼續致力於我們的資本配置策略，透過投資成長、維持投資等級狀況和向股東返還資本，實現並將繼續為股東帶來卓越的價值。

This concludes our prepared remarks, and we're now happy to answer your questions.

我們的準備好的演講到此結束，現在我們很樂意回答大家的問題。

(Operator Instructions)

（操作員指令）

Shaun Kelley, Bank of America.

美國銀行的肖恩·凱利（Shaun Kelley）。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hi, good morning, everyone.

大家早安。

Thanks for taking my question on.

感謝您回答我的問題。

I had sort of a two-parter on just what's going on in the leisure transient area.

我對休閒臨時區的情況進行了兩部分闡述。

So Mark, Joan, both I think you mentioned this kind of throughout the script around kind of what you're seeing there.

所以馬克、瓊，我想你們兩個都在整個劇本中提到了這一點，就像你們在那裡看到的那樣。

But could you can you just elaborate a little bit across the US specifically in terms of patterns and how let's call it de-risked, you think your outlook is from here specifically on the leisure side?

但是，您能否具體闡述美國的情況，特別是模式方面，以及如何稱之為去風險化，您認為您的觀點是從這裡開始的，特別是在休閒方面？

And then secondarily on that, could you comment specifically on I think some comment around the Caribbean and Mexico in the prepared remarks, Mark, I think you said something about return to pre-pandemic seasonality.

其次，關於這一點，您能否具體評論一下準備好的評論中有關加勒比地區和墨西哥的一些評論，馬克，我認為您提到了一些關於恢復到大流行前的季節性的事情。

And if we take a barrel out of it just what are we seeing kind of on the ground in the across ALG and the Caribbean and Mexico?

如果我們拿出一桶，我們在 ALG 和加勒比地區以及墨西哥的地面上會看到什麼呢？

Great.

偉大的。

Thanks, Shaun.

謝謝，肖恩。

I'll start and I think Joan will add some additional color.

我先開始，我想瓊會添加一些額外的顏色。

I would say that we are lapping some unusual periods last year.

我想說，去年我們經歷了一些不尋常的時期。

And so the results that we're reporting are when I say unusual results last year, I mean, both calendar changes and also significant demand in certain parts of the year.

因此，我們報告的結果是我所說的去年不尋常的結果，我的意思是，日曆變化和一年中某些時期的巨大需求。

So what we're seeing is sort of an evening out of and demand over time the disruption in airline traffic due to the systems outages was a bit unfortunate shock to the system and some but that was relatively short-lived.

因此，我們看到的是，隨著時間的推移，需求逐漸平穩，由於系統中斷而導致的航空交通中斷對系統造成了一些不幸的衝擊，但這種衝擊相對短暫。

Nonetheless, it did cause a lot of disruption in terms of bookings.

儘管如此，它確實對預訂造成了很大的干擾。

And secondly, we have a few issues with respect to not issues, but just headwinds with respect to the two major resorts under complete renovation at this point plus on the Maui issues that everyone knows about.

其次，我們遇到了一些問題，這些問題並不是問題，而是與目前正在進行全面翻修的兩個主要度假村以及眾所周知的毛伊島問題有關的阻力。

Overall, I would say that the general level of demand has been maintained and at a very high level, significantly above sort of levels that we experienced in pre-pandemic times and rate continues to be on holding up continues to hold up and expand slightly.

總體而言，我認為整體需求水準一直維持在非常高的水平，明顯高於疫情之前的水平，而且需求率繼續保持並略有擴大。

So I feel like we are maintaining at a high level of demand at this point.

所以我覺得我們目前的需求保持在高水準。

And I think our outlook is informed by, what we think is going to be a somewhat tougher third quarter, but a more robust fourth quarter.

我認為，我們的展望是基於這樣的預測：第三季將會有些艱難，但第四季將會更加強勁。

And that's based on the visibility that we have two schedules airline schedules heading into the fourth quarter and also overall demand that we're seeing in terms of bookings, the booking curve, though, really it's like the wave curve for cruises.

這是基於我們對第四季度兩份航班時刻表的了解，以及我們看到的預訂方面的整體需求，預訂曲線實際上就像遊輪的波浪曲線。

We really see and a significant increase in October and November in terms of bookings into festive and the following year.

我們確實看到，10 月和 11 月的節日和隔年的預訂量顯著增加。

So I think that we'll have a lot more information on the next quarterly conference call as to what those bookings are starting to look like and shape up to be.

因此，我認為，我們將在下次季度電話會議上獲得更多關於這些預訂情況和進展的資訊。

Yeah.

是的。

And what I would add to that with respect to your question, Shaun, on what's happening in all-inclusive in the Caribbean, we had a really strong first quarter at double digit growth in net package RevPAR.

關於肖恩，關於你提出的問題，我想補充一點，關於加勒比地區全包酒店業的情況，我們第一季表現非常強勁，淨套餐 RevPAR 實現了兩位數的增長。

And in the second quarter we had about a 2% increase.

第二季我們的成長約為2%。

And if you look at over the first half year that averages to about 7%.

如果你看一下上半年的情況，平均成長率約為 7%。

So really strong and the first quarter second quarter dynamic was impacted by the Easter holiday.

因此第一季和第二季的動態確實強勁，受到復活節假期的影響。

As we look forward, Mark mentioned that in the third quarter.

展望未來，馬克在第三季提到了這一點。

We certainly had those temporary disruptions in the early hurricane and the system disruptions.

我們確實在早期的颶風和系統中斷中遇到了一些暫時的中斷。

But as we look forward into the fourth quarter, we're seeing pacing up into the festive season in the mid-single digits.

但展望第四季度，我們預期節慶季的銷售額將以個位數中段的速度成長。

So as we put that all together, we've got sustaining momentum on the leisure front in the Caribbean in our net package RevPAR.

因此，當我們把所有這些結合起來時，我們的淨套餐 RevPAR 在加勒比地區的休閒方面就獲得了持續的勢頭。

And we think the full year will be about in that mid-single digit in that mid-single digit range.

我們認為全年銷售額將維持在個位數中段左右。

Just a quick add on its 2% growth in the second quarter in the Americas, but if you look at the HIC portfolio, our all-inclusive portfolio globally, it was up three because Europe continues to we're lapping strong results last year, but it has strengthened from there.

這只是美洲第二季度 2% 成長的一個快速補充，但如果您看看 HIC 投資組合，即我們全球的全包投資組合，它增長了 3%，因為歐洲去年繼續取得強勁的業績，但從那時起它就開始增強。

So we're really encouraged to see that as well.

因此我們也非常高興看到這一點。

Thanks so much.

非常感謝。

Joseph Greff, J.P. Morgan.

約瑟夫·格雷夫，J.P. 摩根。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Good morning, everybody.

大家早安。

Thanks for taking my questions.

感謝您回答我的問題。

I have a multipart question for you Mark.

我有一個由多個部分組成的問題要問你，馬克。

Can you talk about what the recent trend lines are in China development and pipeline signing construction starts?

您能談談中國開發和管道簽約建設開工的近期趨勢嗎？

you know, how to start with the differences there between full-service and select-service.

你知道如何開始了解全方位服務和精選服務之間的差異嗎？

We tell activity there and maybe to kind of put things in perspective, how much dependency on the 5.5% to 6% rooms growth, is China related?

我們講述那裡的活動，也許可以讓我們更全面地了解情況，5.5% 至 6% 的客房增長與中國有多大關係？

Sure.

當然。

So first of all, China has been greater.

首先，中國變得更強大了。

China and Asia Pacific, generally speaking, have been the highest producers of open rooms and also growth in pipeline.

整體而言，中國和亞太地區是開放客房數量和客房數量成長最多的地區。

So the Americas and China.

所以是美洲和中國。

It together represent the majority of the pipeline change that we've seen and also the openings.

它共同代表了我們所看到的大部分管道變化以及開口。

So we are continuing to grow faster than we're opening, but the what we are seeing is not just openings.

因此，我們的成長速度一直快於開業速度，但我們看到的不僅僅是開業。

We're seeing great openings.

我們看到了極好的機會。

We're seeing openings of high quality.

我們看到了高品質的空缺。

We mentioned the Parker Changsha.

我們提到了長沙帕克。

We also just opened the Grand Hyatt coming the E2 Grand Hyatt Hotel and in Greater China I'm sorry, in Mainland China.

我們還剛在大中華區，對不起，是在中國大陸開設了君悅酒店，即將推出 E2 君悅酒店。

And so we've really got some we've got some remarkable, we've got some remarkable network effect going on amongst the highest and brands that we have in the country.

因此，我們確實取得了一些卓越的成就，我們在國內最頂級的品牌中形成了卓越的網路效應。

So I've been actually super encouraged to see completions.

因此，我實際上非常高興看到完成。

Part of that is, frankly, not surprising to us because a majority of the owners that we're dealing with are state-owned enterprises.

坦白說，這對我們來說並不奇怪，因為我們打交道的大多數業主都是國有企業。

And I'm also I would just quickly point out that the openings that we're talking about, we always say rooms not a room is not a room.

而且我還要快速指出，我們在談論開口時，我們總是說房間不是房間，而是房間。

These are at very high revenue hotels.

這些都是收入非常高的飯店。

It's not dominated by your code, even though your [code] is really healthy and continue to open at a good pace, you could being our upper mid-scale and on the upper mid-scale segment in China.

它並不是由你的程式碼主導的，儘管你的[代碼]真的很健康，並且繼續以良好的速度開放，但你可以成為我們的中高檔酒店，並且在中國處於中高檔酒店市場。

With respect to the impact of China over kind of growth overall on the annual energy.

關於中國整體成長對年度能源的影響。

We'll have to get back to you on that.

我們會就此事回覆您。

I don't have that off the top of my head.

我還沒想起來這個。

By the way, the signings also spells for, I would say continued strength and a good platform heading into the future for Chinese growth.

順便說一句，我想說這些簽約也意味著中國經濟將持續強勁發展，並為未來的發展提供一個好的平台。

So overall, I'm pretty encouraged.

總的來說，我感到非常鼓舞。

There are a lot of there's a lot of headlines to sort through and there's a lot of disruptions that you can you can see actually going on it is relatively more impactful at lower chain scales.

有很多頭條新聞需要整理，而且你可以看到實際上正在發生的許多混亂，這些混亂在較低的連鎖規模上影響相對較大。

That's what we're seeing in China, although some of our luxury hotels have also see in China have also seen some impact from the highest and Chinese consumers got increasing their outbound travel.

這就是我們在中國看到的情況，儘管我們在中國的一些豪華酒店也受到了最高層的影響，但中國消費者的出境旅遊數量有所增加。

Great.

偉大的。

Thank you.

謝謝。

And then just a quick follow up, Joan, how do you plan to use the $500 million plus the proceeds from closed later this month, that asset sale, you have enough liquidity and cash to take care of debt maturities and of this year to the end of '26.

然後快速跟進一下，瓊，你打算如何使用這 5 億美元加上本月晚些時候完成的資產出售所得，你有足夠的流動資金和現金來償還今年到 26 年底的債務。

So Joe, as Mark mentioned, we will announce any transactions when we close and when we do that we will update all components of our outlook that are impacted by the transaction, including shareholder returns.

所以喬，正如馬克所提到的，我們將在交易完成時宣布任何交易，並且在交易完成後，我們將更新受交易影響的所有前景組成部分，包括股東回報。

So stay tuned for that announcement when we're ready to do it.

因此，當我們準備好時，請繼續關注該公告。

Thank you.

謝謝。

Daniel Politzer, Wells Fargo.

富國銀行的丹尼爾‧波利策 (Daniel Politzer)。

Please go ahead.

請繼續。

Your line is up open.

您的線路已開通。

Good morning, everyone.

大家早安。

Mark, I believe you mentioned that group was pacing, I think, up 7% in the second half this year.

馬克，我記得你提到過，我認為該集團今年下半年的業績成長了 7%。

Can you maybe talk about how it's pacing for 2025 and in terms of this year, and next year, how much is on the books at this point and maybe give some historical context without compared in the past?

您能否談談 2025 年的進度如何，以及今年和明年的計劃，目前已完成多少，是否可以提供一些歷史背景，但不與過去進行比較？

Absolutely.

絕對地。

I think really taken with how strong group has been overall at both short term and long term.

我認為，我們確實對集團在短期和長期內的整體實力感到滿意。

In the short term facility, July was extraordinarily strong in terms of total bookings for and full cycle net production in the month was up 16% a third of that was in the month for the year.

在短期設施方面，7月份的總預訂量異常強勁，當月全週期淨產量增加了16％，相當於去年同期的三分之一。

So we saw third quarter actually impacted by a very strong July booking activity base from August through December paces up 6% on ADRs, up 5% in the year for the year bookings.

因此，我們看到第三季實際上受到 7 月非常強勁的預訂活動基數的影響，8 月至 12 月的 ADR 成長了 6%，全年預訂量成長了 5%。

So the bookings that we're getting are not just and filling rooms at a compromise rates, we are realizing great ADRs.

因此，我們所獲得的預訂不僅僅是以折衷的價格填滿房間，我們還實現了很高的 ADR。

For '25.

對於'25。

Equally strong on ADR represents the vast majority of the plus 7.5% pace increase tentative are running way ahead of anything we've ever seen at this time of the year ahead of '25.

ADR 同樣強勁，代表著絕大多數的 7.5% 以上的增幅預期遠遠超過我們在 25 年前今年這個時候所見過的任何增幅。

So we not only have great pace heading into next year, but we also have a swelling of tentative business that is really striking the distance versus it's really taken with it.

因此，我們不僅在邁入明年時邁出了堅實的步伐，而且我們的試探性業務也在不斷增長，這些業務的進展速度與實際取得的進展相比確實令人印象深刻。

And right now, we have about 60% of our total business on the books for next year.

目前，我們已經確定了明年總業務量的約 60%。

So that sort of addresses your other question by the way, just as a quick note, pharma and tech, are leading the way with respect to the July swelled with dominated by pharma and tech and from all of our categories and in terms of both association and corporate and across a number of different segments, I would add financial services to the pharma and tech comment on are all pacing well, so we don't this is not like Association has taken over and is pulling up an average this is very, very well balanced, been widespread.

順便說一下，這也回答了你的另一個問題，簡單來說，製藥和科技行業在 7 月份處於領先地位，製藥和科技行業佔據主導地位，從我們所有的類別來看，無論是協會和企業，還是在多個不同的領域，我都會補充一點，金融服務在製藥和科技領域的評論都已經非常順利，所以我們不認為協會已經接管並拉高了平均水平，這已經非常順利的並且已經拉高了平均水平並拉高了平均水平。

Got it.

知道了。

Thanks for the detail.

謝謝你的詳細說明。

And then in terms of the incentive management fees, Joan, I think you called out China renovation malaise certainly headwinds in, yes, in the back half of the year.

然後就激勵管理費而言，瓊，我想您曾指出，中國裝修業的低迷肯定會在下半年帶來阻力。

But she as we think about 3Q versus 4Q, should we see it start to grow again in the fourth quarter?

但是當我們思考第三季與第四季的對比時，我們是否應該看到它在第四季再次開始成長？

You kind of get through some of those?

你已經克服了其中的一些困難嗎？

Or what should we expect this to be down for the remainder of the year?

或者我們預計今年剩餘時間內這數字將會下降多少？

Yeah.

是的。

So with respect to fees overall and the change in our outlook that we provided reflects a 13% growth year over year.

因此，就整體費用而言，我們提供的前景變化反映出年增 13%。

So I just wanted to add reinforce that point at it at the outset and the change that we made to our outlook at the midpoint of $15 million, that the breakdown between that is about 50% driven by our IMF and about 50% driven by base incentive fee and then also about 50% in China.

因此，我只是想在一開始就強調這一點，以及我們對 1500 萬美元中點前景所做的改變，其中約 50% 由我們的 IMF 驅動，約 50% 由基本激勵費驅動，然後約 50% 在中國。

And what we're seeing there, the dynamic there in demand and the remaining by the US and a little bit of FX that we're seeing.

我們看到的是那裡的需求動態、美國的剩餘以及我們看到的一點外匯。

So it's concentrated in those two areas, and you saw the and the performance in the second quarter.

因此，它集中在這兩個領域，並且您在第二季度看到了它們的表現。

So as you look at that and think about the rest of the year, we anticipate that we'll be performing better relative to last year in the second half as it relates to incentive fees.

因此，當您回顧這一點並思考今年剩餘時間的情況時，我們預計，就激勵費用而言，我們下半年的表現將優於去年。

And just to clarify, sorry, Joan, you said base and incentive human base and franchise.

只是為了澄清一下，抱歉，瓊，你說的是基礎和激勵人力基礎和特許經營權。

So you said 50% incentive and the other 50% is the base and franchise fee base.

所以你說 50% 是激勵，另外 50% 是基礎和特許經營費用基礎。

Understood.

明白了。

Thank you so much.

太感謝了。

Michael Bellisario, Baird.

邁克爾·貝裡薩裡奧，貝爾德。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

Two-parter on net unit growth.

關於淨單位成長的兩部分。

You did about 1% net in the first half of the year.

你們上半年的淨利大概是1%。

Were openings below your expectations or did you see any outsized deletions in the quarter?

開業數量是否低於您的預期，或者您是否看到本季度有任何超額的刪除？

And then second part on the back half, because just help us understand the puts and takes to get to the low end and high end.

然後是後半部的第二部分，因為它只是幫助我們了解達到低端和高端所需的投入和產出。

And then could you also provide some more details on the I think you said potential portfolio transactions.

然後，您能否提供一些關於潛在投資組合交易的更多細節？

Is that organic strategic deals?

這是有機戰略交易嗎？

Are you referring to potential brand M&A?

您指的是潛在的品牌併購嗎？

Thanks.

謝謝。

Great, thanks.

非常好，謝謝。

First of all, there were some terminations and they were not particularly outsized, but they did affect the first half on.

首先，有一些人被終止合同，雖然規模不是特別大，但確實影響了上半年。

And as we look forward, we've got a pretty robust opening schedule for Q3 and Q4.

展望未來，我們為第三季和第四季制定了非常緊湊的開業計劃。

But I would quickly add in Q2, for example, our room openings were about a third conversions, and we actually believe that we will end the year at closer to 50% of the total net rooms growth being conversions.

但我想補充一點，例如，在第二季度，我們的客房開業量約有三分之一是透過轉化實現的，我們實際上相信，到今年年底，總淨客房增長中將有接近 50% 是透過轉化實現的。

And those are conversions that are known to us, but also some that are subject to completing some other transactions that we're working on right now since the first quarter of this year, I've been talking about the fact that we see a robust opportunity and real opportunities, not just theoretical to do portfolio deals and sometimes that and that means doing a strategic partnership like a portfolio deal like the winner hotels deal where we signed franchise agreements for all of their all of those hotels.

這些都是我們已知的轉換，但有些轉換需要完成我們自今年第一季以來一直在進行的一些其他交易，我一直在談論這樣一個事實，我們看到了一個強大的機會和真正的機會，不僅僅是理論上的投資組合交易，有時這意味著建立一個戰略合作夥伴關係，比如投資組合交易，比如贏家酒店交易，我們為他們所有的酒店簽署了特許經營協議。

Sometimes they come in the form of an acquisition of a brand or a young management platform like we did dream hotels just as one example.

有時，它們以收購品牌或年輕管理平台的形式出現，就像我們收購夢幻酒店一樣，這只是一個例子。

We have in the in sort of a hopper at this point and we've been working on several we feel really good about now.

目前，我們處於一種狀態，並且一直在研究一些現在感覺非常好的事情。

It's now August 6, and done, whether we actually have everything closed and those hotels in the system to count as energy at December 31 or sometime in January.

現在是 8 月 6 日，不管我們是否真的關閉了所有設施，並且系統中的那些酒店是否在 12 月 31 日或 1 月的某個時候計入能源消耗。

I can't tell you that, but I don't either neither do I care because the point is not to make a particular date.

我無法告訴你這一點，但我也不會，也不關心，因為重點不是確定一個特定的日期。

It's that the overall rate of growth and our momentum is actually maintained.

我們的整體成長率和發展勢頭實際上得到了維持。

And so I've always said whether we have slippage into January or not is sort of irrelevant to me.

因此我一直說，我們是否會出現延遲至一月份的情況對我來說並不重要。

You have to look at it on a smooth basis over time.

您必須隨著時間的推移而平穩地看待它。

And that's where we are.

這就是我們現在的狀況。

So we do expect more conversion activity.

因此我們確實期待有更多的轉換活動。

I would just add one thing.

我只想補充一點。

I don't want to imply that this is a hope and a prayer.

我不想暗示這是一種希望或祈禱。

We've actually applied a tremendous level of data analytics to the markets that we believe would provide the biggest network effect.

事實上，我們已經在市場中應用了大量的數據分析，我們相信這將帶來最大的網路效應。

We've done it by price point and by brand segment.

我們已經按照價格點和品牌細分進行了此項工作。

And we have then a cross match that with a huge number of portfolios that we've identified and qualified across the globe.

然後，我們與在全球範圍內已確定並認可的大量投資組合進行交叉匹配。

And we did all that work on in the fourth, third and fourth quarter of last year.

我們在去年第四、第三和第四季完成了所有這些工作。

That's actually proven to be extraordinarily helpful in focusing our resources and our time and attention.

事實證明，這對於集中我們的資源、時間和注意力非常有幫助。

And of course, we are also very focused on making sure that we understand the customer base like we always do.

當然，我們也一如既往地專注於確保我們了解客戶群。

That's what we start with and that each of these acquisitions or partnerships that we do have embedded growth already identified embedded growth and that they are asset-light.

這就是我們的出發點，我們進行的每一次收購或合作都已經確定了內含成長，而且都是輕資產的。

So this business, the principle that we continue to follow.

因此，對於這項業務，我們會繼續遵循這個原則。

That's helpful.

這很有幫助。

That was going to be my follow-up.

那將是我的後續行動。

Thank you.

謝謝。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林 (Stephen Grambling)。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hi, thanks.

嗨，謝謝。

You called out the lease structure in Europe is allowing for rapid expansion in the region.

您指出歐洲的租賃結構允許該地區快速擴張。

How should investors think about the cyclicality of the fees associated with that growth versus the US?

與美國相比，投資者應該如何看待與該成長相關的費用的周期性？

And does the structure alter how we may need to think through how that market could scale or its sensitivity to things like interest rates.

這種結構是否會改變我們需要思考的市場如何擴大規模或其對利率等因素的敏感度？

So Stephen, I'm sorry, I missed the gist of the question was at the beginning.

所以史蒂芬，很抱歉，我錯過了問題一開始的主旨。

Just to repeat the beginning part of your question I apologize.

我很抱歉，只是重複一下您問題的開頭部分。

Just understanding the cyclicality of these lease oriented management rates in Europe and how to think about the scaling in that region?

僅僅了解歐洲這些租賃導向的管理利率的周期性以及如何考慮該地區的規模？

Okay.

好的。

I don't look at it as cyclical, of course, it's dependent on then prevailing rates.

當然，我不認為它是週期性的，它取決於當時的現行利率。

But if you look at the form of ownership in the form of transactions that are done in Europe, a significant proportion of them are done through leases.

但如果你看看歐洲交易中的所有權形式，你會發現其中很大一部分是透過租賃完成的。

We have, I think, one or two leases in our portfolio in Europe.

我認為，我們在歐洲的投資組合中有一兩份租約。

We've not we have not stepped into being a lessee on pretty much anywhere in the world.

我們還沒有在世界任何地方成為承租人。

And I think we have a grand total certainly less than 10 or is it five.

我認為我們的總數肯定少於 10 個，或 5 個。

Now we have five leased hotels and we just don't leases are not.

現在我們有五家租賃酒店，但我們只是不租賃。

And really it easily managed a sort of class of ownership for us.

事實上，它很容易就為我們管理了某種所有權類別。

Having said that, there are a large number of developers in Europe.

話雖如此，歐洲仍有大量的開發商。

So and owners who are both very experienced in leases, but also won't do a deal in any of the four.

因此，業主們既在租賃方面經驗豐富，又不會在這四個方面達成交易。

And that's a capital base that we have historically not actually focused our time and attention on.

而這正是我們歷史上實際上並沒有投入時間和精力的資本基礎。

And we are now able to do that through them in all hotels acquisition.

現在我們可以透過他們在所有酒店收購中實現這一目標。

But also now as we develop those relationships, we can extend that to some of our other brands, mostly in the Select and upscale carrier, upscale and upper mid-scale.

但是現在，隨著我們發展這些關係，我們可以將其擴展到我們的其他一些品牌，主要是精選和高檔運營商、高檔和中高檔。

So for that purpose, I am excited about it, and I'm excited that we have a very large capital base on some of the institutions are huge and have even come to the United States with deals to be the less store for hotels.

因此，出於這個目的，我對此感到很興奮，我很高興我們擁有非常龐大的資本基礎，其中一些機構規模龐大，甚至已經來到美國，與酒店達成協議。

Again, this is not a form and format that we prefer.

再說一遍，這不是我們喜歡的形式和格式。

And therefore, we do we do really we're not underwriting anything that I can think of across the globe right now in which we would be a lessee.

因此，據我所知，我們目前確實沒有承保全球範圍內任何我們作為承租人承保的業務。

So it's just not something we do, but working with the lessee to become the manager of the hotel for the franchise or that is something that is got a significant new chapter of growth opportunity for us in Europe, especially.

所以這不僅僅是我們所做的事情，而是與承租人合作成為特許經營酒店的管理者，或者這對我們在歐洲來說是一個重要的新增長機會。

So that makes sense.

所以這是有道理的。

I guess as a clarification, are these management fee structures or franchise fee structures unique or different relative to the US or other markets, just given the unique ownership structure being leased?

我想澄清一下，考慮到租賃的獨特所有權結構，這些管理費結構或特許經營費結構相對於美國或其他市場是否獨一無二或有所不同？

No, there are quite typical actually on.

不，實際上這是相當典型的。

So I mean, rates might vary royalty rates might vary or the rent might look different or whatever.

所以我的意思是，稅率可能會有所不同，特許權使用費率可能會有所不同，或者租金可能會有所不同，等等。

There are certain bespoke issues.

存在一些客製化問題。

But generally speaking, and we have the vast majority of the winter portfolio actually is leased by Linear Group, some so they are the lessee and we are the franchise or to the less they are the lessee and manager, by the way and our deal with them as arrangement.

但一般來說，我們的冬季投資組合絕大多數實際上都是由 Linear Group 租賃的，有些是承租人，我們是特許經營者，或者較少的是，他們是承租人和管理者，順便說一下，我們按照安排與他們打交道。

So and those franchise deal terms are not different than what you would see in a normal franchise deal that you would do with an owner as opposed to a lessee.

因此，這些特許經營協議條款與您在與業主而非承租人簽訂的正常特許經營協議中看到的條款沒有什麼不同。

Great.

偉大的。

That's helpful.

這很有幫助。

Thanks a lot.

多謝。

I'll jump back in the queue.

我將重新回到隊列中。

Richard Clarke, Bernstein.

理查克拉克、伯恩斯坦。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hi, good morning.

嗨，早安。

Thanks for taking my questions.

感謝您回答我的問題。

I just wanted to me know we've got in our revised full year guidance.

我只是想知道我們已經修改了全年預期。

I just wanted to call that to the analyst day you did last year.

我只是想把這稱為你去年舉辦的分析師日。

If I do the math correctly, it looks like in 2025 to hit those targets, you'll have to grow EBITDA about 14% free cash flow, about 28% and overall taking CapEx down by about 41%.

如果我算得沒錯的話，到 2025 年，為了實現這些目標，EBITDA 必須成長約 14% 的自由現金流，約 28%，整體資本支出必須下降約 41%。

So just your confidence in hitting those 2025 targets based on where we are now in 2024.

因此，根據我們目前在 2024 年所處的狀況，您對實現 2025 年的目標充滿信心。

Thank you and good afternoon, Richard.

謝謝你，下午好，理查。

I would say our outlook really is dependent a bit on what the overall economy and how macro factors impact.

我想說，我們的前景確實在某種程度上取決於整體經濟狀況以及宏觀因素的影響。

Having said that, there are certain dynamics, and I don't want to I don't want to kill too far into interpreting and extrapolating macro indicators from a very short term to highly disruptive period, which is what we're living through right now into the future.

話雖如此，但仍存在某些動態，我不想過度解釋和推斷從短期到高度破壞性時期的宏觀指標，這就是我們現在所經歷的未來。

The underlying issue that we focus on is the general economic health and growth rate for the key markets that we are participating in.

我們關注的根本問題是我們所參與的關鍵市場的總體經濟健康狀況和成長率。

Yes, it is true that the public markets have been extraordinarily disrupted.

是的，公共市場確實受到了極大的干擾。

It is not true that that is reflective of a massive disruption in the US economic outlook or otherwise.

這並不意味著美國經濟前景或其他方面受到了嚴重干擾。

Secondly, on the risk that rates have come down, fixed rates have come down on variously between 40 basis points and 50 basis points, excuse me, over the last five or six days on the floating rate market is actually quite stable at this point spreads.

其次，關於利率下降的風險，固定利率在過去五、六天裡下降了 40 個基點到 50 個基點之間，浮動利率市場在這個點上的利差實際上是相當穩定的。

It have widened out a bit, but not materially on the fixed rate side on not so much on the floating rate side.

雖然差距擴大，但固定利率方面差距不大，浮動利率方面差距也不大。

So I'm looking at a situation in which we do expect that the backdrop for openings and our net rooms growth.

因此，我正在觀察這樣一種情況，即我們確實預期開業和淨客房增長的背景。

It is set up to be able to expand, assuming that we see rate adjustments in the future.

假設未來我們看到利率調整，它的設定是可以擴展的。

And we see the overall economic sorry, your market environment, the capital market environment improving.

我們看到整體經濟、市場環境、資本市場環境正在改善。

Secondly, CapEx has been dropping.

其次，資本支出一直在下降。

I was thrilled to see the outlook that we've got currently and it's going to be lower than that next year.

我很高興看到我們目前的前景，明年的前景將會更低。

So we are on path with respect to the drop in CapEx and the further expansion of conversion from EBITDA to free cash flow by virtue of our asset-light trajectory.

因此，憑藉輕資產的發展軌跡，我們正朝著資本支出下降和 EBITDA 向自由現金流轉化進一步擴大的方向前進。

So if you put all that together, I feel pretty good about our outlook at this point.

所以，如果把所有這些放在一起，我對我們的前景感到十分滿意。

And we are obviously tracking below the 6% to 7% energy that we had put out at Investor Day.

而且我們顯然沒有達到投資者日所投入的 6% 至 7% 的水平。

I do think that that's temporal and whether we get fully recovered to what we know we can sustain over the long term by next year or whether that takes a year and a half I can't really predict at this point.

我確實認為這只是暫時的，至於我們是否會在明年完全恢復到我們知道可以長期維持的狀態，或者是否需要一年半的時間，我現在還無法預測。

But I would say the general direction of travel is consistent with what we set out in the Investor Day.

但我想說，整體發展方向與我們在投資者日所製定的方向一致。

Okay.

好的。

It makes sense.

這是有道理的。

But, maybe just as a follow up, you've changed the definition of EBITDA.

但是，也許只是作為後續，您改變了 EBITDA 的定義。

You've moved the transactional cost out of that.

您已將交易成本從其中移除。

I guess in my experience, companies often do that when they know they've got a big cost coming up.

我想，根據我的經驗，當公司知道即將產生巨額成本時，他們通常會這樣做。

So maybe what's what was the fee behind making that definitional change to adjusted EBITDA?

那麼，對調整後 EBITDA 的定義進行更改背後的費用是多少？

Sure.

當然。

Richard, the rationale is pretty simple.

理查德，原因很簡單。

These are one-time costs that we experienced in relation to our integration activity and also our transaction activity.

這些是我們在整合活動和交易活動中產生的一次性成本。

And so as we consider to core earnings and EBITDA, we felt as though it was a better representation to remove these and also provide the visibility to all of you with respect to what those costs are outside of adjusted EBITDA and integration costs, you will have seen that we've put on a separate line and you'll see all of that through 2023.

因此，當我們考慮核心收益和 EBITDA 時，我們覺得最好將它們刪除，同時也讓大家了解調整後的 EBITDA 和整合成本之外的成本，您會看到我們將其放在了單獨的一行中，您將在 2023 年之前看到所有這些。

We recast that we did in the first quarter and then transaction costs for last year, we assumed about $10 million within the 2023 annual year.

我們重新計算了第一季的交易成本，然後計算了去年的交易成本，我們假設 2023 年的交易成本約為 1000 萬美元。

And what I would say is with transaction costs, they can be up variable very variable from quarter to quarter, and we have very few call it dealer abandoned costs.

我想說的是，交易成本每季都會有很大的變動，我們很少稱之為經銷商放棄成本。

So when we closed on asset sales, they are as we're working on transactions and asset sale transactions, they run through our G&A and then they get reported into gain and loss on the sale of an asset.

因此，當我們完成資產銷售時，正如我們正在進行交易和資產銷售交易一樣，它們會貫穿我們的一般及行政事務，然後將其報告為資產出售的損益。

And when we acquire a company or undertake a transaction like we did with UBC big recorded into the asset base.

當我們收購一家公司或進行一筆交易時，就像我們與 UBC 所做的那樣，它會被記錄到資產基礎中。

So this is why I made the change and the one-time nature and the variable nature.

這就是我做出改變的原因，具有一次性和可變性。

We are looking at our operating core performance without these two items to another on a separate line item going forward.

我們正在審視核心營運業績，不再將這兩項納入單獨的專案中。

I would also just point out, Richard, you know, our culture of implications of all this might have to do with and outlook that includes some disruption because of this line item.

我還要指出的是，理查德，你知道，我們文化中所有這一切的影響可能與前景有關，其中包括因為這一項而導致的一些混亂。

That's not the case.

事實並非如此。

If we if we were able to predict with precision, what the transactional activity and exactly how that fell over a given quarter, which we would probably be making on a lot of other prognostications and be magical in some fashion.

如果我們能夠精確地預測交易活動是什麼以及在特定季度內交易活動的具體變化情況，我們可能會對許多其他預測做出準確的預測，並且在某種程度上產生神奇的效果。

So it's sufficiently uncertain that we could never plan around something like that, just to be clear.

所以，需要明確的是，這具有足夠的不確定性，我們永遠無法圍繞這樣的事情制定計劃。

Okay, makes sense.

好的，有道理。

Thank you.

謝謝。

Patrick Scholes, Truist.

帕特里克·斯科爾斯，Truist。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Hi, good morning.

嗨，早安。

Just a couple of questions on China and incentive management fees are currently right now, what percentage of your incentive management fees?

關於中國和激勵管理費的幾個問題目前是這樣的，你們的激勵管理費佔多少百分比？

I do come from China and how does that historically compare?

我確實來自中國，與歷史相比，中國的情況如何？

And then my follow-up question is, what is your visibility into RevPAR or bookings in China?

我的後續問題是，您對中國的 RevPAR 或預訂量有何看法？

Basically, what is the booking window for your Chinese business?

基本上，你們中國業務的預訂窗口是什麼時候？

Thank you.

謝謝。

Let me make sure I have all of those elements.

讓我確保我擁有所有這些元素。

Sure, Patrick.

當然，派崔克。

As far as the composition of China, the China incentive fees as a percent of total, what I can where I have off the top of my head is total fees for Greater China relative to our overall base is about high single digit composition.

就中國區的組成而言，中國區的激勵費用佔總數的百分比，我能想到的是，大中華區的總費用相對於我們整體基數的比例約為高個位數。

So that's Greater China as a percentage of our total, we are earning incentive fees in our Greater China hotels on over 90% of our hotels are earning incentive fees.

這是大中華區占我們總數的百分比，我們在大中華區酒店中賺取的獎勵費超過 90％ 。

It's the structure there where we're earning fees on the first dollar of GOP that we earn.

這是我們共和黨所賺到的第一美元的費用。

And that has actually remained pretty consistent period-over-period because of the nature of the structure, it was maybe a point or two lower than we were last year, as we as we consider what's happening in the operating environment, yes, RevPAR was negative in the quarter and the demand expectations that we have going forward given what we're seeing around travel outside the outbound China, other regions in Asia Pacific, the decline in domestic travel, and we expect that that will continue in the second half of the year.

由於結構的性質，這一數字實際上一直保持相當穩定的增長，可能比去年低了一到兩個百分點，考慮到運營環境的變化，是的，本季度的 RevPAR 為負，考慮到我們看到的中國出境遊、亞太其他地區和國內遊的下滑情況，我們對未來的需求預期，我們預計這種情況將在今年下半年持續。

That's so that's impacting top line risk.

這會對營業風險產生影響。

It's also impacting total revenue.

這也影響總收入。

As you look at on China, total Greater China total revenue.

正如你所看到的，大中華區的總收入。

So that dynamic is certainly impacting a negative growth rate at RevPAR.

所以這種動態一定會對 RevPAR 的負成長率產生影響。

And then an impact on total revenue is impacting GOP margins.

對總收入的影響將影響共和黨的利潤率。

So it's just lesser fees that we're earning.

因此，我們賺取的費用就較少了。

And in Greater China in the quarter, certainly more than we had expected, and that's what's captured into our full year outlook.

本季大中華區的業績肯定超出我們的預期，這也反映在我們的全年展望中。

The impact of some of those into the Redoubt, the revised RevPAR outlook of (multiple speaker) it is about 3% of our gross fees on a global basis.

其中一些對 Redoubt 的影響，修訂後的 RevPAR 前景（多位發言者）約占我們全球總費用的 3%。

You also asked about booking curve?

您還詢問了預訂曲線嗎？

The booking curve.

預訂曲線。

Yeah, you know or the window is we've always been very short in Greater China relative to other regions of the world is that one of the primary drivers of that is the group business.

是的，您知道，與世界其他地區相比，我們在大中華區的業務窗口一直很短，其中一個主要驅動因素是集團業務。

So in the US, our group businesses 30%-plus.

在美國，我們集團的業務佔30％以上。

And so we obviously have more visibility to group Groupon for a hub for longer periods into the future in China, it's closer to 10%.

因此，我們顯然對 Groupon 在中國未來較長時期內的中心地位有了更多的了解，這個數字接近 10%。

So that's part of the visibility.

這是可見性的一部分。

But, you know, in China, it can be days in many markets where the booking windows it's set and right now we're seeing very short windows and consistent with what we what we typically experience.

但您知道，在中國，許多市場的預訂窗口可能需要幾天的時間，而現在我們看到的窗口非常短，與我們通常的經歷一致。

I would also just add quickly that the level of outbound travel is significant, probably higher than we would have otherwise thought.

我還要快速補充一點，出境旅遊的水平相當高，可能比我們想像的還要高。

And we had said for a couple of quarters now, but we do have we embedded in our outlook.

我們已經說過幾個季度了，但我們的展望確實已經根深蒂固。

We believe that inbound traffic sorry, inbound lift airline lift into China will improve in the fourth quarter towards the end of the year.

我們相信，到今年年底，第四季進入中國的入境客流量（對不起，入境航空客運量）將會改善。

We have not had that offset in China to date.

到目前為止，我們在中國還沒有實現這種抵消。

So if you go to pre pandemic levels.

因此，如果你回到大流行前的水平。

There was plenty of outbound travel, everyone talking about the outbound travel from China being a major driver world global travel demand.

出境旅遊人數眾多，每個人都在談論中國出境旅遊是全球旅遊需求的主要動力。

And if that was true then and it's beginning to be true again.

如果那是真的，那麼現在再次成為事實了。

But it was balanced then is an equal measure of high rated business coming into China.

但當時的平衡是，大量高評級企業進入中國。

That's not present currently.

目前還不存在這種情況。

Okay.

好的。

Thank you for the color on all of that.

感謝你為這一切增添了色彩。

Chad Beynon, Macquarie.

麥格理的查德貝農 (Chad Beynon)。

Please go ahead.

請繼續。

Your line is open.

您的線路已開通。

Good morning.

早安.

Thanks for taking my question.

感謝您回答我的問題。

With respect to the RevPAR guidance has anything or could you just kind of talk about what changed and regarding the two components, ADR or occupancy?

關於 RevPAR 指導有什麼內容嗎？

And yes, I guess just kind of broadly as you look out beyond '24, if you think the gains are going to be more from ADR or if there's to occupancy opportunities?

是的，我想從廣義上講，當您展望 24 年以後時，您是否認為收益將更多來自 ADR 還是來自入住機會？

Thanks.

謝謝。

Yeah, the composition, Chad, is about split the way we're looking at our forecast for the remainder of the year.

是的，查德，我們的構圖是根據我們對今年剩餘時間的預測進行劃分的。

We do have strong group in the second half and group on the books.

我們下半場確實有強大的團隊，而且成績也不錯。

You heard our pacing numbers of 7% a healthy portion of that is rate growth.

您聽到了我們的 7% 的步調數字，其中健康的一部分是利率成長。

So maybe a little bit more skewed towards rate and on.

因此，可能更偏向利率等等。

We definitely still have opportunity on the occupancy front, we've had we realized a greater demand in the first half from business transient, which has been lagging for us.

我們在入住率方面肯定還有機會，我們已經意識到上半年商務臨時客流需求較大，而這對我們來說一直比較滯後。

And those occupancy rates in our convention and business hotels are much closer to kind of pre-pandemic levels.

我們的會議和商務飯店的入住率更接近疫情前的水平。

So but there's still some there's still some room to grow in the occupancy side as we as we look forward, our group bookings are nicely split between occupancy and rate.

因此，但我們期待，入住率方面仍有一些增長空間，我們的團體預訂將很好地分配在入住率和房價之間。

So we have we have opportunity on both fronts.

因此，我們在兩個方面都有機會。

Thank you, Joan.

謝謝你，瓊。

And then with regard to rooms under construction, how is that pacing against the pipeline?

那麼，關於正在建設的房間，與管道建設相比進度如何？

And what do you think the biggest catalyst would be to get more of these pipeline rooms kind of shovel ready?

您認為促使更多管道室準備就緒的最大催化劑是什麼？

Thanks.

謝謝。

Yeah.

是的。

Thank you so much because over the course of the last several years, we've moved from our percentage of our pipeline under construction from the high 30s to the low 30s, which is where we are now on so we have we have roughly 40,000 rooms under construction at the moment.

非常感謝，因為在過去幾年中，我們在建酒店的比例從 30% 多下降到了 30% 出頭，也就是我們現在的比例，目前我們正在建造的客房數量約為 40,000 間。

That's about a 2% to 2.5% decline year over year in terms of rooms under construction, not surprising given the environment that everyone's talking about.

就正在建造的客房數量而言，這比去年同期下降了約 2% 至 2.5%，考慮到大家都在談論的環境，這並不奇怪。

But that's the that's those are the facts that are associated with that.

但這就是與此相關的事實。

China overall is a bit lower than that in terms of the proportion of the pipeline that's under construction.

中國在建管道比例整體略低。

Part of that has to do with the fact that we've actually executed quite a few on score we've entered into agreements to execute some conversions in China.

部分原因是我們實際上已經執行了相當多的協議，我們已經達成協議在中國執行一些轉換。

And that actually also inflates the pipeline that ends up in production earlier.

這其實也加速了投入生產的管道的擴張。

But so it's not under construction.

但它尚未正在建設中。

It may be under renovation or something else, but not technically under construction.

它可能正在進行翻新或其他操作，但從技術上講並未處於施工狀態。

The pipeline itself, I think the dynamics that would significantly change the what we're seeing currently is availability of capital for new starts in the United States.

就管道本身而言，我認為其動態將顯著改變我們目前所見的美國新項目資本的可用性。

That's probably the number one.

這或許是第一。

And number two would is a more favorable lending environment in China.

第二是中國更有利的貸款環境。

We haven't been significantly hurt by that because most of our hotels are signed with state-owned enterprises, but it still has a marginal impact with respect to private developers who do depend on the debt markets in China to fund their projects.

我們並沒有受到太大的影響，因為我們的大多數酒店都是與國有企業簽約的，但對於依賴中國債務市場為其項目提供資金的私人開發商來說，這仍然產生了邊際影響。

Great.

偉大的。

Thank you very much.

非常感謝。

We are just out of time for questions.

我們的提問時間已經不夠了。

I'll turn it back over to Mark Hoplamazian for closing remarks.

我將把發言權交還給馬克‧霍普拉馬齊安 (Mark Hoplamazian)，請他作最後發言。

So I just want to thank all of you for your time this morning, and we continue to appreciate your continued interest in Hyatt and look forward to welcome you to our hotels so that you can help our RevPAR outlook and otherwise, but mostly to experience the power of care as delivered by the Hyatt family.

因此，我只想感謝大家今天早上抽出時間，我們將繼續感謝您對凱悅的持續關注，並期待著歡迎您下榻我們的酒店，這樣您就能幫助我們提高每間可用客房收入 (RevPAR) 的前景，但更重要的是，讓您感受到凱悅大家庭所提供的關懷的力量。

So we wish you all have a great day.

我們祝福大家有個愉快的一天。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating and have a wonderful day.

感謝您的參與並祝您有美好的一天。

You may all disconnect.

你們都可以斷開連線。