Hyatt Hotels Corp (H) 2024 Q2 法說會逐字稿

Good morning and welcome to the Hyatt second-quarter 2024 earnings. (Operator Instructions) Thank you.

早安，歡迎閱讀凱悅 2024 年第二季財報。 （操作員說明）謝謝。

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

我現在想將電話轉給投資者關係和 FP&A 高級副總裁 Adam Rohman。謝謝，請繼續。

Thank you, and welcome to Hyatt's second-quarter 2024 earnings conference call. Joining me on today's call are Mark Hoplamazian, Hyatt's President and Chief Executive Officer; and Joan Bottarini, Hyatt's Chief Financial Officer.

謝謝，歡迎參加凱悅 2024 年第二季財報電話會議。參加今天電話會議的還有凱悅酒店總裁兼執行長馬克‧霍普拉馬齊安 (Mark Hoplamazian)；和凱悅財務長 Joan Bottarini。

Before we start, I would like to remind everyone that our comments today will include forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described 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 be materially different from those expressed in or implied by our comments.

在開始之前，我想提醒大家，我們今天的評論將包括聯邦證券法規定的前瞻性陳述。這些聲明受到許多風險和不確定性的影響，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 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. 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和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，我們不會隨著實際事件的進展而更新。此外，您可以在我們網站 hyatt.com 投資者關係連結的財務報告部分找到今天評論中提到的非 GAAP 財務指標的調整表，並且在今天早上的收益報告中，本次電話會議的存檔將在在我們的網站上可用90 天。

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

請注意，除非另有說明，否則我們提到的平均每日入住率和每間可出租客房收入反映的是按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。現在我將把電話轉給馬克。

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

謝謝你，亞當。大家早安，感謝您今天加入我們。首先，我想向世界各地的同事表達我的謝意，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. 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.

我很幸運在上個季度拜訪了你們中的許多人，關懷的力量以及凱悅與其他酒店的區別不斷地激勵著我。我們的員工、我們的目標和策略的執行在我們的經營業績中得到了體現，這些業績反映了創紀錄的費用水平、凱悅會員人數和我們正在籌建的客房數量。

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. 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.

今天早上，我們報告整個系統的 RevPAR 成長了 4.7%，正如預期的，集團和業務瞬態是我們本季最強勁的客戶群。 2024 年第一季將迎來復活節，這對 4 月的團體和商務旅行有利，但對休閒旅行不利。

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.

本季休閒短暫收入下降約 2%，但排除復活節、美國幾個主要度假村和毛伊島酒店重大翻修的影響（去年第三季度野火對其造成的負面影響），收入增長了 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.

儘管存在這些暫時的不利因素，2024 年前六個月，休閒短暫收入仍比 2023 年增長了 2%，並且仍顯著高於大流行前的水平。

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，美洲資源的暫時成長速度在第三季持平，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速度略有下降，因為墨西哥和加勒比地區的需求反映了疫情前季節性的回歸。

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

本季集團營收成長約 8%，在美國大多數主要城市市場取得強勁業績。 5 月和 6 月期間，美國全方位服務管理物業的集團增速在 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。這是由於與去年 9 月相比，今年 10 月的猶太新年和贖罪日以及 11 月的美國大選所致。

Looking beyond 2024 pace continued to be very strong across all group customer segments. Our business transient customer segment had the largest growth rate during the quarter with revenue up approximately 14%. In the United States, revenue increased 12% and New York Seattle San Diego and Washington DC with the top performing markets. Bookings for business travel over the next two months, look, very strong led by corporate negotiated accounts.

展望 2024 年後，所有集團客戶群的成長速度仍然非常強勁。我們的業務瞬態客戶群在本季實現了最大的成長率，營收成長了約 14%。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表現最佳。看起來，未來兩個月的商務旅行預訂在企業談判帳戶的帶動下非常強勁。

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

儘管有跡象顯示下游連鎖規模的需求正在放緩。在歐洲和亞太地區（不包括中國）酒店的推動下，高端消費者表現強勁，豪華每間可用房收入增長了6.9%，團體和商務旅行的季度表現強勁，這在我們的高端品牌中得到了體現，每間可用房收入成長了4.2%。

Our solid operating performance reflects the strength of our growing loyalty program. World of Hyatt membership reached a new record of approximately 48 million members at quarter end, the 21% increase over the past year.

我們穩健的經營業績反映了我們不斷發展的忠誠度計劃的實力。截至季末，凱悅天地會員數達到約 4,800 萬名會員，創下新紀錄，較去年增長 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. In addition to delivering authentic and personalized experiences, it led to member growth and increased loyalty penetration.

忠誠度間夜滲透率也有所增加，凸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大參與。除了提供真實和個人化的體驗外，它還促進了會員成長並提高了忠誠度滲透率。

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，他們實現了會員的積極參與，實際上在 4 月份為凱悅天地添加了 700 多家酒店。

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

自上線以來，其中 80% 的酒店已收到凱悅天地會員的預訂，其中近三分之二的預訂為付費預訂，而不是積分兌換。我們最活躍的會員是來自全球的會員，其中史密斯先生和夫人的參與度很高，佔預訂量的 20% 以上。

By end of this year. 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.

到今年底。我們預計將有超過 1,000 家史密斯夫婦的酒店可透過凱悅天地預訂，為我們的會員提供更多在這些獨特策劃的酒店中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（如大峽谷、摩押、黃石和錫安）體驗戶外熱情好客。

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. 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.

凱悅天地會員將能夠在我們的園區內賺取和兌換積分，進一步擴大我們的服務範圍，並為我們的會員和賓客增添獨特的體驗。自從合作夥伴關係在近兩週前上線以來，我們已經看到合格會員的極大興趣，總預訂量的60％ 是在校園地點進行付費預訂的，幾個月前，我參觀了摩押的帆布下學校度假村，名為《旅遊與休閒》雜誌評選的猶他州最佳度假飯店。

And I love my overnight stay the under Kansas North Yellowstone Paradise Valley in Montana. Both destinations offer exceptional quality and immersive activities, which I'm really excited for a World of Hyatt members to experience first-hand.

我喜歡在蒙大拿州堪薩斯州北黃石天堂谷下過夜。這兩個目的地都提供卓越的品質和身臨其境的活動，我非常高興凱悅天地會員能夠親身體驗這些活動。

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最佳酒店獎勵計劃的認可，並將擁有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是，隨著我們的發展，我們的重點是擴大我們的網絡效應，使我們能夠為會員提供更多選擇，提高他們對凱悅的忠誠度，並使凱悅對潛在開發商更具吸引力。

Turning to development, we continue to see strong demand for our brands as our pipeline reached a record of approximately 130,000 rooms. 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. And we continue to see increasing interest in high CDOs with the first two properties under construction are great. Pipeline continues to drive expansion of our portfolio worldwide.

談到發展，我們繼續看到對我們品牌的強勁需求，我們的客房數量達到創紀錄的約 130,000 間客房。這意味著年增 9%，本季我們的新簽約客房數量佔現有客房簽約量的 40%，在全球範圍內都表現良好，其中以美國和大中華區為首。我們繼續看到人們對高 CDO 的興趣不斷增加，前兩處正在建造的房產非常好。管道繼續推動我們的產品組合在全球範圍內的擴張。

And in the quarter, we achieved net rooms growth of 4.6%. 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. We opened our first caption by high properties outside of the US in Shanghai and Osaka.

本季度，我們實現了 4.6% 的客房淨增長。值得注意的新開幕酒店包括大中華區的蘇黎世柏悅酒店（測試組合）和坎昆格蘭德島凱悅酒店（透過我們的首次實地考察）Vivid 品牌背後的全包式酒店向年輕一代介紹了僅限成人的充滿活力的全包式體驗專注於透過體驗式產品建立有意義的聯繫。我們在上海和大阪開設了美國以外的高級飯店的第一個標題。

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

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個令人驚嘆的度假村，也是凱悅酒店集團的第一個目的地，改善了本季度的開業情況，增強了我們品牌的資產，並為我們的客人和會員開闢了新市場。我們相信，我們的管道將繼續推動未來的成長。

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

隨著我們策略性地增強我們的品牌組合，管道將繼續擴大。 6月28日，我們宣布從美諾酒店集團收購Mean All Hotels品牌，加速品牌的發展。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，原因有三。

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

首先，美諾酒店是快速成長的高端市場中極具吸引力的生活品牌。在歐洲，該品牌非常適合適應性再利用和轉換，促進在重要地點的成長，以填補凱悅在歐洲的重要空白。

Second, Minor Hotels deliver high margins, allowing developers to realize attractive returns that are required for lease structures, which are common in Europe. This lead friendly brand enhances operational flexibility and greatly expands our access to capital sources across Europe.

其次，美諾酒店提供高利潤，使開發商能夠實現歐洲常見的租賃結構所需的有吸引力的回報。這個對領導者友善的品牌增強了營運靈活性，並大大擴大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. 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.

第三，值得注意的是，我們的策略定位和品牌映射旨在積極擴大和佔領整個歐洲的市場份額。雖然我們預計品牌將在歐洲擴大規模，但最初我們相信品牌有機會在全球範圍內發展，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.

我們一直並將繼續致力於有機和無機增長，確保我們的品牌和酒店組合擴張為新客人找到我們並加入凱悅天地創造機會，同時為現有會員和客人提供新的、令人興奮的享受場所很棒的經驗。

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

轉向資產出售。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。正如先前宣布的銷售那樣，第二季我們已從資產銷售中實現了 15 億美元的總收益，兌現了 20 億美元的承諾。

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

我們預計在 8 月底之前完成目前根據買賣協議出售的房產，這將使我們超過 20 億美元的處置承諾。交易完成後，我們將提供有關該交易的更多詳細資訊。

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

在我結束演講之前，我很高興地向大家報告，我們最近發布了年度護理世界亮點，展示了我們在實現變革從這裡開始的目標和環境可持續性目標方面取得的進展，包括我們基於科學的目標，同時我們還有更多工作要做我們。我對我們在全球凱悅同事的帶領下所取得的進步感到非常自豪。

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，我們對長期策略的執行感到滿意，我們在去年的投資者日上強調了這項策略，即最大化我們的核心業務，整合新的成長平台並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.

我們在多個方面的成長，包括客房費用、管道和忠誠度會員資格，推動了我們的輕資產商業模式，為我們的股東帶來強勁的自由現金流和更大的價值。

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，他們每天都實踐我們的宗旨，關心人們，使他們能夠做到最好，這也惠及我們的每個利害關係人。

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

瓊現在將提供有關我們經營業績的更多詳細資訊。瓊，交給你了。

Thanks, Mark, and good morning, everyone. Systemwide RevPAR increased 4.7% led by increased business group travel in the United States. RevPAR increased over 2% reflecting the timing of Easter and strong results from group and business transient travel.

謝謝，馬克，大家早安。由於美國商務團體旅遊的增加，整個系統的 RevPAR 增加了 4.7%。 RevPAR 成長了 2% 以上，反映出復活節的時機以及團體和商務短暫旅行的強勁業績。

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.

正如馬克指出的那樣，大型企業客戶對團體和商務短暫旅行做出了貢獻，使主要城市市場的酒店受益，由於去年第三季度的野火，我們正在進行具有挑戰性的價值比較，並且我們有幾個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. 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.

Confidence 正在更名為 Andaz Miami Beach、Hyatt Regency Scottsdale 和 Hyatt Regency Indian Wells，40 今年稍後將更名為 Grand Hyatt 品牌。經過大規模翻新後，美洲（不包括美國）的 RevPAR 增長了約 9%，其中加拿大和南美的增長勢頭顯著，而我們在美洲的全包式酒店本季度的 RevPAR 淨值增長了 2%。

In Greater China, RevPAR decreased by approximately 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. However, unfavorable macro conditions and greater outbound Chinese travel negatively impacted results in the quarter.

在大中華區，RevPAR下降了約3%。提醒一下，去年第二季國內旅遊大幅復甦，每間可用客房收入首次超過疫情前的水平，我們預計成長率將從今年第二季開始正常化。然而，不利的宏觀環境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. While we saw positive RevPAR growth in most major markets, this could not offset weaker demand in secondary and tertiary markets.

本季國內旅遊較去年下降 9%，對二三級市場的飯店影響顯著。雖然我們看到大多數主要市場的每間可用客房收入均出現正增長，但這無法抵消二級和三級市場需求疲軟的影響。

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

儘管面臨這些壓力，本季我們的 RevPAR 指數仍提高了約 3%，證明了我們在中國的強大品牌認知度。儘管國內旅行有所下降，但我們看到富裕客戶的旅行需求增加。

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

然而，他們優先考慮國際旅行，我們預計中國的出境旅行在短期內將保持在較高水準。除大中華區外的亞太地區再次取得了驕人的業績，由於國際入境旅遊強勁以及大中華區和美國的需求顯著，每間可用客房收入增長了約 18%。

RevPAR in Japan increased 35% and RevPAR in South Korea increased 20%. In Europe, RevPAR increased approximately 11%, driven by outbound travel from the United States with notable strength in Germany and Spain.

日本的 RevPAR 成長了 35%，韓國的 RevPAR 成長了 20%。在歐洲，受美國出境旅遊的推動，每間可用客房收入成長了約 11%，其中德國和西班牙的出境旅遊表現特別強勁。

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

在巴利阿里群島和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 12%，令人印象深刻。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。由於我們特許經營規模的擴大，特許經營費和其他費用增加了 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增長以及來自 UVCC、基地的貢獻增加了 4%，反映了管理 RevPAR 的增加以及新開管理酒店費用的增加，被大中華區酒店獎勵費用減少了約 7%。裝修的酒店和毛伊島酒店的貢獻較低。

Turning to our segment results. Management and franchising segment adjusted EBITDA increased approximately 11%, driven by the increase in our gross fees owned and leased segment. Adjusted EBITDA increased by 9% when adjusted for the net impact of transactions.

轉向我們的部門業績。受自有和租賃部門總費用增加的推動，管理和特許經營部門調整後 EBITDA 成長約 11%。根據交易的淨影響進行調整後，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. We expect that we'll achieve flat to moderate expansion of owned and leased margins for the full year compared to 2023.

該投資組合的業務瞬時收入在本季度增長了兩位數，集團及相關餐飲收入在本季度的貢獻強勁，可比酒店的利潤率增長了 110 個基點。我們預計，與 2023 年相比，全年自有利潤和租賃利潤將實現持平至適度擴張。

And finally, for distribution segment, adjusted EBITDA increased $9 million compared to the second quarter of 2023. Excluding UVC, adjusted EBITDA declined by approximately $5 million. Consistent with the expectations we communicated during our first quarter earnings call.

最後，對於分銷部門，調整後的 EBITDA 與 2023 年第二季相比增加了 900 萬美元。與我們在第一季財報電話會議上傳達的預期一致。

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

我們預計 ALG Vacations 第三季調整後 EBITDA 將比去年同期下降約 500 萬美元，原因是與颶風相關的航班取消以及過去幾週由於臨時系統中斷對航空公司預訂的影響而導致預訂量下降。然而，由於空運的改善，我們預計 ALG Vacations 第四季調整後 EBITDA 將比去年成長約 1,000 萬美元。

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

我現在想提供有關我們強勁的現金和流動性狀況的最新資訊。截至 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，以及循環信貸額度約 15 億美元的借款能力。

At the end of the quarter, our total debt outstanding was approximately $3.9 billion. The increased levels of debt and short term investments this quarter result from the notes we issued in June. 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.

截至本季末，我們的未償債務總額約為 39 億美元。本季債務和短期投資水準的增加是我們六月發行的票據造成的。我們將這些票據的收益投資於有價證券，並計劃在到期日或到期前全額償還將於 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. We remain committed to our investment-grade profile and our balance sheet is strong.

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約 16 億美元。我們仍然致力於我們的投資等級形象，並且我們的資產負債表強勁。

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

在談到 2024 年展望之前，我想先介紹一下我們對財務報告所做的更改。我們在損益表中新增了一個新的財務項目，稱為交易和整合成本，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.

我們現在從調整後的 EBITDA 中排除交易和整合成本，因為我們相信這更好地代表了我們的核心業務，並提供了與我們管理層評估經營業績的方式一致的資訊。

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，完整的詳細資訊可以在我們的收益發布的第3 頁上找到，我們預計與2023 年相比，全年全系統RevPAR 增長在3% 到4% 之間，並預期集團和業務瞬時收入成長今年下半年的成長速度超過了休閒旅遊。

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. 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.

我們預計，與 2023 年相比，美國全年的 RevPAR 成長約 2%，其中第三季的團體旅遊和商務旅行將帶動成長。我們的前景假設，與去年相比，今年最後兩季大中華區的 RevPAR 成長為負，因為國內旅遊與 2023 年相比更加嚴峻，而出境國際旅遊有所增加。

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每間客房收入將增長超過我們範圍的高端，以歐洲和亞太地區（不包括大中華區）為首，我們預計淨客房增長在5.5% 至6% 之間，這是由有機成長轉換和潛在投資組合交易推動的。

Gross fees are expected to be in the range of 1.085 to $1.085 billion to $1.115 billion. It's 13% increase at the midpoint of our range compared to last year.

總費用預計在 1.085 至 10.85 億美元至 11.15 億美元之間。與去年相比，我們範圍的中點增加了 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. 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.

我們修訂後的前景是由於大中華區酒店第二季度的獎勵費貢獻較低、毛伊島和正在裝修的酒店的需求弱於預期。我們的展望也假設 2024 年下半年大中華區飯店的費用貢獻較低，第四季美國飯店的費用貢獻較低。

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

調整後的一般管理費用預計在 4.25 億美元至 4.35 億美元之間。調整後 EBITDA 預計在 11.35 億美元至 11.75 億美元之間，與去年相比，該範圍的中位數成長 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. And finally, we expect capital returns to shareholders in the range of $800 million to $850 million, including share repurchases and dividends.

我們的前景考慮到了與我剛才提到的調整後EBITDA 的變化相關的約1000 萬美元的整合成本，並反映了我們對RevPAR 範圍和總費用的減少，自由現金流預計在5.6 億美元到610 美元之間百萬。最後，我們預期股東的資本回報將在 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，我們第二季的業績凸顯了我們輕資產業務模式的優勢，隨著我們完成資產處置計劃並實現淨客房成長預期，我們的輕資產獲利組合將進一步增加。

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.

我們仍然致力於我們的資本配置策略，該策略已經並將繼續透過投資於成長、維持投資等級和向股東返還資本來創造卓越的股東價值。

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

我們準備好的演講到此結束，現在我們很高興回答您的問題。

(Operator Instructions)

（操作員說明）

Shaun Kelley, Bank of America. Please go ahead. Your line is open.

肖恩凱利，美國銀行。請繼續。您的線路已開通。

Hi, good morning, everyone. Thanks for taking my question on. I had sort of a two-parter on just what's going on in the leisure transient area. So Mark, Joan, both I think you mentioned this kind of throughout the script around kind of what you're seeing there. 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?

嗨，大家早安。感謝您回答我的問題。我對休閒臨時區域正在發生的事情進行了兩方討論。馬克、瓊，我認為你們在整個劇本中都提到了這一點，圍繞著你們在那裡看到的內容。但是，您能否詳細說明美國各地的模式，以及如何稱之為去風險，您認為您的前景是從這裡開始的，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. 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?

其次，您能否具體評論一下我認為在準備好的演講中有關加勒比海和墨西哥的一些評論，馬克，我認為您說了一些關於恢復大流行前季節性的言論。如果我們從其中取出一桶，那麼我們在 ALG、加勒比海和墨西哥的地面上看到了什麼？

Great. Thanks, Shaun. I'll start and I think Joan will add some additional color. I would say that we are lapping some unusual periods last year. 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.

偉大的。謝謝，肖恩。我會開始，我想瓊會添加一些額外的色彩。我想說，去年我們經歷了一些不尋常的時期。因此，我們報告的結果是當我說去年的不尋常結果時，我的意思是，日曆的變化以及一年中某些時候的巨大需求。

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

因此，我們看到的是，隨著時間的推移，由於系統中斷而造成的航空運輸中斷，對系統和某些系統造成了一些不幸的衝擊，但這種衝擊相對短暫。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. 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.

其次，我們遇到了一些問題，這些問題並不是問題，而是目前正在全面翻修的兩個主要度假村的逆風，加上每個人都知道的毛伊島問題。總體而言，我想說的是，整體需求水平一直保持在非常高的水平，明顯高於我們在大流行前時期經歷的水平，並且需求繼續保持堅挺並略有擴大。

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

所以我覺得我們目前仍保持較高的需求水準。我認為我們的前景是基於我們認為第三季會更加艱難，但第四季會更加強勁。這是基於我們有兩個進入第四季度的航班時刻表的可見性，以及我們在預訂方面看到的整體需求，但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. 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.

我們確實看到 10 月和 11 月節日及隔年的預訂量顯著增加。因此，我認為我們將在下一次季度電話會議上獲得更多信息，以了解這些預訂的情況和發展。

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

是的。關於你的問題，肖恩，我想補充一點，關於加勒比地區全包服務的情況，我們第一季的淨可出租客房收入增長了兩位數，非常強勁。第二季我們的增幅約為 2%。

And if you look at over the first half year that averages to about 7%. So really strong and the first quarter second quarter dynamic was impacted by the Easter holiday. As we look forward, Mark mentioned that in the third quarter. We certainly had those temporary disruptions in the early hurricane and the system disruptions.

如果你看看上半年，平均約 7%。非常強勁，第一季和第二季的動態受到了復活節假期的影響。當我們展望未來時，馬克在第三季度提到了這一點。我們確實在早期颶風和系統中斷中遇到了暫時的中斷。

But as we look forward into the fourth quarter, we're seeing pacing up into the festive season in the mid-single digits. So as we put that all together, we've got sustaining momentum on the leisure front in the Caribbean in our net package RevPAR. And we think the full year will be about in that mid-single digit in that mid-single digit range.

但當我們展望第四季時，我們看到節日季的成長速度為個位數左右。因此，當我們把所有這些放在一起時，我們在加勒比地區的休閒方面在我們的淨可出租客房收入中獲得了持續的動力。我們認為全年的成長率將在中個位數範圍內。

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

這只是美洲第二季度 2% 成長的一個快速補充，但如果你看一下 HIC 投資組合，即我們在全球範圍內的全方位投資組合，它增長了 3%，因為歐洲去年繼續取得強勁業績，但從那時起它已經加強了。所以我們也很高興看到這一點。

Thanks so much.

非常感謝。

Joseph Greff, J.P. Morgan. Please go ahead. Your line is open.

約瑟夫‧格雷夫，摩根大通。請繼續。您的線路已開通。

Good morning, everybody. Thanks for taking my questions. I have a multipart question for you Mark. Can you talk about what the recent trend lines are in China development and pipeline signing construction starts?

大家早安。感謝您回答我的問題。馬克，我有一個由多個部分組成的問題要問你。您能談談近期中國發展趨勢和管道簽約建設啟動情況嗎？

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

您知道，如何從全方位服務和精選服務之間的差異開始。我們講述那裡的活動，也許是為了正確地看待問題，對 5.5% 至 6% 客房增長的依賴程度與中國有關嗎？

Sure. So first of all, China has been greater. China and Asia Pacific, generally speaking, have been the highest producers of open rooms and also growth in pipeline. So the Americas and China. It together represent the majority of the pipeline change that we've seen and also the openings.

當然。首先，中國更加偉大。整體而言，中國和亞太地區是開放式房間的最大生產國，也是待建房間的成長最快的地區。所以美洲和中國。它們共同代表了我們所看到的大部分管道變化以及空缺。

So we are continuing to grow faster than we're opening, but the what we are seeing is not just openings. We're seeing great openings. We're seeing openings of high quality. We mentioned the Parker Changsha. We also just opened the Grand Hyatt coming the E2 Grand Hyatt Hotel and in Greater China I'm sorry, in Mainland China.

因此，我們的成長速度繼續快於開業速度，但我們看到的不僅僅是開業機會。我們看到了巨大的空缺。我們看到了高品質的空缺職位。我們提到了長沙派克。我們也剛在大中華區開設了君悅酒店E2君悅酒店，對不起，在中國大陸。

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. So I've been actually super encouraged to see completions. Part of that is, frankly, not surprising to us because a majority of the owners that we're dealing with are state-owned enterprises.

因此，我們確實擁有一些卓越的產品，我們在國內最高品牌中產生了一些顯著的網路效應。所以，看到完工，我真的非常受鼓舞。坦白說，其中一部分對我們來說並不奇怪，因為與我們打交道的大多數所有者都是國有企業。

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. These are at very high revenue hotels. 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.

我也想快速指出，我們正在談論的職位空缺，我們總是說房間不是房間不是房間。這些都是收入非常高的飯店。它不是由您的程式碼主導的，即使您的[程式碼]非常健康並且繼續以良好的速度開放，您也可以成為我們的中上規模以及中國的中上規模細分市場。

With respect to the impact of China over kind of growth overall on the annual energy. We'll have to get back to you on that. I don't have that off the top of my head. By the way, the signings also spells for, I would say continued strength and a good platform heading into the future for Chinese growth. So overall, I'm pretty encouraged.

關於中國整體成長對年度能源的影響。我們必須就此回覆您。我腦子裡並沒有這個想法。順便說一句，我想說，這些簽約也意味著持續的實力和進入中國未來成長的良好平台。總的來說，我很受鼓舞。

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. 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.

有很多頭條新聞需要整理，還有很多幹擾，你可以看到實際上正在發生的事情在較低的連鎖規模上相對更具影響力。這就是我們在中國看到的情況，儘管我們的一些豪華酒店在中國也看到了來自最高層的一些影響，中國消費者的出境旅行有所增加。

Great. Thank you. 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.

偉大的。謝謝。然後快速跟進，瓊，您打算如何使用這 5 億美元加上本月晚些時候完成的資產出售所得收益，您有足夠的流動性和現金來處理債務到期以及今年的債務到期26 年底。

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

因此，喬，正如馬克所提到的，我們將在關閉時宣布任何交易，當我們這樣做時，我們將更新受交易影響的前景的所有組成部分，包括股東回報。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. Please go ahead. Your line is up open.

丹尼爾‧波利策，富國銀行。請繼續。您的線路已開通。

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

大家，早安。馬克，我相信你提到該集團今年下半年成長了 7%。您能否談談 2025 年的進展情況以及今年和明年的情況，目前帳面上有多少內容，也許可以提供一些未與過去進行比較的歷史背景？

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

絕對地。我認為，我們真的很關心團隊在短期和長期的整體實力。就短期設施而言，7 月的總預訂量異常強勁，當月全週期淨產量增加了 16%，佔當年當月的三分之一。

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

因此，我們看到第三季實際上受到 7 月非常強勁的預訂活動基礎的影響，從 8 月到 12 月，ADR 成長了 6%，全年預訂量成長了 5%。因此，我們收到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平均每日平均房價。

For '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. 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.

對於'25。 ADR 同樣強勁，這表明 7.5% 的初步增長速度中的絕大多數都遠遠領先於我們在 25 年前的這個時候所看到的任何情況。因此，我們不僅在進入明年方面取得了巨大的進展，而且我們的試探性業務也不斷膨脹，與實際情況相比，這些業務確實令人震驚。

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

目前，我們明年的帳面上約有 60% 的業務。因此，順便說一下，這解決了您的其他問題，就像快速說明一樣，製藥和科技在 7 月份處於領先地位，以製藥和科技為主導，從我們所有的類別以及兩者的關聯來看企業和許多不同的領域，我想補充一下，製藥和科技評論的金融服務都進展順利，所以我們不認為這不像協會已經接管並拉高了平均水平，這是非常，非常平衡，被廣泛使用。

Got it. Thanks for the detail. 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. But she as we think about 3Q versus 4Q, should we see it start to grow again in the fourth quarter? You kind of get through some of those? Or what should we expect this to be down for the remainder of the year?

知道了。謝謝你的詳細資料。然後就激勵管理費而言，瓊，我認為您指出了中國裝修業的萎靡不振，是的，在今年下半年。但當我們考慮第三季和第四季時，我們是否應該看到它在第四季再次開始成長？你能經歷其中的一些嗎？或者說我們預計今年剩餘時間這數字會下降多少？

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

是的。因此，就整體費用而言，我們提供的前景變化反映出 13% 的年成長。因此，我只是想在一開始就補充強調這一點，以及我們在1500 萬美元中點對前景所做的改變，其中大約50% 是由我們的國際貨幣基金組織驅動的，大約50% 是由基數驅動的獎勵費在中國也就50%左右。

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

我們在那裡看到的，需求的動態以及美國的剩餘和我們所看到的一點外匯。所以它集中在這兩個領域，你看到了第二季的表現。

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，當您考慮這一點並考慮今年剩餘時間時，我們預計下半年我們的表現將比去年更好，因為這與激勵費用有關。

And just to clarify, sorry, Joan, you said base and incentive human base and franchise. So you said 50% incentive and the other 50% is the base and franchise fee base.

只是為了澄清，對不起，瓊，你說的是基礎和激勵人類基礎和特許經營權。所以你說50%是激勵，另外50%是基礎費和特許經營費基礎。

Understood. Thank you so much.

明白了。太感謝了。

Michael Bellisario, Baird. Please go ahead. Your line is open.

邁克爾貝利薩裡奧，貝爾德。請繼續。您的線路已開通。

Thanks. Good morning, everyone. Two-parter on net unit growth. You did about 1% net in the first half of the year. Were openings below your expectations or did you see any outsized deletions in the quarter? 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.

謝謝。大家，早安。兩方淨單位增長。今年上半年你的淨利潤約為 1%。職缺是否低於您的預期，或者您是否發現本季出現大幅裁員？然後是後半部分的第二部分，因為這只是幫助我們理解達到低端和高端的看跌期權和拿跌期權。

And then could you also provide some more details on the I think you said potential portfolio transactions. Is that organic strategic deals? Are you referring to potential brand M&A? Thanks.

然後您能否提供有關我認為您所說的潛在投資組合交易的更多詳細資訊。這是有機戰略交易嗎？您指的是潛在的品牌併購嗎？謝謝。

Great, thanks. First of all, there were some terminations and they were not particularly outsized, but they did affect the first half on. And as we look forward, we've got a pretty robust opening schedule for Q3 and Q4. 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.

萬分感謝。首先，有一些終止，雖然不是特別大，但確實影響了上半場。正如我們所期待的，我們為第三季和第四季制定了相當穩健的開幕時間表。但我會在第二季快速補充一下，例如，我們的客房開放量大約有三分之一是轉換，而且我們實際上相信，到今年年底，轉換將佔房間總淨增長的近 50%。

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.

這些是我們已知的轉換，但也有一些需要完成我們自今年第一季以來正在進行的其他一些交易，我一直在談論這樣一個事實，即我們看到了強勁的增長機會和真正的機會，不僅僅是理論上的投資組合交易，有時這意味著建立戰略合作夥伴關係，就像投資組合交易一樣，就像獲勝者酒店的交易一樣，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. 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. 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. 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.

有時它們以收購品牌或年輕管理平台的形式出現，就像我們對夢想酒店所做的那樣。目前我們已經進入了一個階段，我們一直在研究一些我們現在感覺非常好的項目。現在已經是 8 月 6 日了，無論我們是否真的關閉了所有設施，並將系統中的酒店在 12 月 31 日或 1 月的某個時間算作能源。我不能告訴你這一點，但我也不關心，因為重點不是要決定一個特定的日期。

It's that the overall rate of growth and our momentum is actually maintained. And so I've always said whether we have slippage into January or not is sort of irrelevant to me. You have to look at it on a smooth basis over time. And that's where we are. So we do expect more conversion activity.

而是整體的成長率和我們的勢頭實際上得到了保持。所以我總是說我們是否會推遲到一月與我無關。隨著時間的推移，你必須平穩地看待它。這就是我們現在的情況。因此，我們確實預期會有更多的轉換活動。

I would just add one thing. I don't want to imply that this is a hope and a prayer. We've actually applied a tremendous level of data analytics to the markets that we believe would provide the biggest network effect. We've done it by price point and by brand segment.

我只想補充一件事。我不想暗示這是一個希望和祈禱。實際上，我們已經對市場應用了大量的數據分析，我們相信這將提供最大的網路效應。我們透過價格點和品牌細分來做到這一點。

And we have then a cross match that with a huge number of portfolios that we've identified and qualified across the globe. And we did all that work on in the fourth, third and fourth quarter of last year. That's actually proven to be extraordinarily helpful in focusing our resources and our time and attention.

然後，我們與我們在全球範圍內確定並合格的大量投資組合進行交叉配對。我們在去年第四、第三和第四季完成了所有這些工作。事實上，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. 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. So this business, the principle that we continue to follow.

當然，我們也非常注重確保我們像往常一樣了解客戶群。這就是我們的出發點，我們確實擁有嵌入式成長的每項收購或合作夥伴關係都已經確定了嵌入式成長，而且它們都是輕資產的。所以這個生意，我們繼續遵循的原則。

That's helpful. That was going to be my follow-up. Thank you.

這很有幫助。這將是我的後續行動。謝謝。

Stephen Grambling, Morgan Stanley. Please go ahead. Your line is open.

史蒂芬‧格蘭布林，摩根士丹利。請繼續。您的線路已開通。

Hi, thanks. You called out the lease structure in Europe is allowing for rapid expansion in the region. How should investors think about the cyclicality of the fees associated with that growth versus the US? 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.

你好謝謝。您指出歐洲的租賃結構允許該地區快速擴張。與美國相比，投資者應如何考慮與成長相關的費用的周期性？這種結構是否會改變我們思考市場如何擴展或其對利率等因素的敏感度的方式。

So Stephen, I'm sorry, I missed the gist of the question was at the beginning. Just to repeat the beginning part of your question I apologize.

史蒂芬，對不起，我一開始就錯過了問題的要點。只是為了重複你問題的開頭部分，我深感抱歉。

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

只需了解歐洲這些以租賃為導向的管理費率的周期性以及如何考慮該地區的擴展？

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

好的。當然，我不認為它是週期性的，它取決於當時的現行利率。但如果你看看在歐洲進行的交易形式的所有權形式，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. We've not we have not stepped into being a lessee on pretty much anywhere in the world. And I think we have a grand total certainly less than 10 or is it five.

我認為，我們在歐洲的投資組合中有一兩處租賃。我們還沒有成為世界上幾乎任何地方的承租人。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. And really it easily managed a sort of class of ownership for us. Having said that, there are a large number of developers in Europe. So and owners who are both very experienced in leases, but also won't do a deal in any of the four.

現在我們有五家租賃酒店，但我們只是不租賃。事實上，它很容易為我們管理一種所有權類別。話雖如此，歐洲有大量的開發商。因此，業主在租賃方面都非常有經驗，但也不會在這四個方面中的任何一個方面進行交易。

And that's a capital base that we have historically not actually focused our time and attention on. And we are now able to do that through them in all hotels acquisition. 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.

這是我們歷來沒有真正投入時間和注意力的資本基礎。現在我們可以透過他們在所有酒店收購中做到這一點。但現在，隨著我們發展這些關係，我們可以將其擴展到我們的一些其他品牌，主要是精選和高檔航空公司、高檔和中高檔品牌。

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，我對此感到興奮，我很高興我們擁有非常龐大的資本基礎，一些機構規模巨大，甚至已經來到美國，與酒店達成了較少的商店協議。

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

再次強調，這不是我們喜歡的形式和格式。因此，我們確實確實這樣做了，我們不會承保我現在能想到的全球範圍內任何我們將成為承租人的東西。因此，這不是我們做的事情，而是與承租人合作成為特許經營酒店的經理，或者這為我們特別是在歐洲帶來了重要的新的成長機會。

So that makes sense. 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?

所以這是有道理的。我想澄清一下，鑑於所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特或不同？

No, there are quite typical actually on. So I mean, rates might vary royalty rates might vary or the rent might look different or whatever. There are certain bespoke issues. 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. 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.

不，實際上有相當典型的。所以我的意思是，費率可能會有所不同，特許權使用費可能會有所不同，或者租金可能會有所不同等等。存在某些定制問題。但總的來說，我們絕大多數的冬季投資組合實際上是由線性集團租賃的，其中一些是他們是承租人，我們是特許經營權，或者至少他們是承租人和管理者，順便說一句，我們的交易他們作為安排。因此，這些特許經營交易條款與您在正常特許經營交易中看到的條款沒有什麼不同，即您與所有者而不是承租人進行的特許經營交易。

Great. That's helpful. Thanks a lot. I'll jump back in the queue.

偉大的。這很有幫助。多謝。我會跳回到隊列中。

Richard Clarke, Bernstein. Please go ahead. Your line is open.

理查克拉克，伯恩斯坦。請繼續。您的線路已開通。

Hi, good morning. Thanks for taking my questions. I just wanted to me know we've got in our revised full year guidance. I just wanted to call that to the analyst day you did last year. 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%. So just your confidence in hitting those 2025 targets based on where we are now in 2024.

早安.感謝您回答我的問題。我只是想讓我知道我們已經有了修訂後的全年指導。我只是想把它稱為你去年的分析師日。如果我計算正確的話，看起來要在 2025 年實現這些目標，你的 EBITDA 自由現金流必須增加約 14%，約 28%，整體資本支出下降約 41%。因此，根據我們目前在 2024 年的情況，您對實現 2025 年目標的信心。

Thank you and good afternoon, Richard. I would say our outlook really is dependent a bit on what the overall economy and how macro factors impact. 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.

謝謝你，下午好，理查。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。話雖如此，還是有一定的動態，我不想花太多時間來解釋和推斷宏觀指標，從非常短期到高度破壞性的時期，這就是我們正在經歷的正確時期現在到未來。

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

是的，公開市場確實受到了極大的干擾。這並不反映美國經濟前景或其他方面的嚴重破壞。

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

其次，關於利率下降的風險，固定利率在40個基點到50個基點之間都有不同程度的下降，請問過去五到六天浮動利率市場在這一點上的利差實際上相當穩定。它已經擴大了一點，但在固定利率方面沒有實質擴大，在浮動利率方面也沒有那麼大。

So I'm looking at a situation in which we do expect that the backdrop for openings and our net rooms growth. It is set up to be able to expand, assuming that we see rate adjustments in the future. And we see the overall economic sorry, your market environment, the capital market environment improving.

因此，我正在考慮一種情況，在這種情況下，我們確實期望空缺職位和淨房間增長的背景。假設我們未來會進行利率調整，它的設定是能夠擴展的。而我們看到整體經濟不好，你們的市場環境、資本市場環境正在改善。

Secondly, CapEx has been dropping. I was thrilled to see the outlook that we've got currently and it's going to be lower than that next year. 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.

其次，資本支出一直在下降。我很高興看到我們目前的前景，而且明年的前景將會更低。因此，憑藉我們的輕資產軌跡，我們正走在資本支出下降和從 EBITDA 到自由現金流轉換進一步擴大的道路上。

So if you put all that together, I feel pretty good about our outlook at this point. And we are obviously tracking below the 6% to 7% energy that we had put out at Investor Day. 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. But I would say the general direction of travel is consistent with what we set out in the Investor Day.

因此，如果將所有這些放在一起，我對我們目前的前景感到非常滿意。我們顯然正在追蹤低於我們在投資者日所投入的 6% 至 7% 的能量。我確實認為這是暫時的，我們是否能在明年之前完全恢復到我們知道可以長期維持的水平，或者是否需要一年半的時間，我目前無法真正預測。但我想說，整體發展方向與我們在投資者日所設定的一致。

Okay. It makes sense. But, maybe just as a follow up, you've changed the definition of EBITDA. You've moved the transactional cost out of that. I guess in my experience, companies often do that when they know they've got a big cost coming up. So maybe what's what was the fee behind making that definitional change to adjusted EBITDA?

好的。這說得通。但是，也許只是作為後續行動，您更改了 EBITDA 的定義。您已將交易成本從中剔除。我想根據我的經驗，當公司知道自己將面臨巨大的成本時，他們通常會這樣做。那麼調整後 EBITDA 的定義變更背後的費用是多少？

Sure. Richard, the rationale is pretty simple. These are one-time costs that we experienced in relation to our integration activity and also our transaction activity. 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.

當然。理查德，理由很簡單。這些是我們在整合活動和交易活動中經歷的一次性成本。因此，當我們考慮核心收益和 EBITDA 時，我們認為刪除這些內容是更好的表示，並且還可以讓大家了解這些成本在調整後的 EBITDA 和整合成本之外，您將擁有我們已經建立了一條單獨的線路，您將在2023 年之前看到所有這些內容。

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. 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.

我們重新計算了第一季的交易成本和去年的交易成本，假設 2023 年的交易成本約為 1,000 萬美元。我想說的是交易成本，它們可能會隨著季度的變化而變化很大，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. And when we acquire a company or undertake a transaction like we did with UBC big recorded into the asset base. So this is why I made the change and the one-time nature and the variable nature.

因此，當我們結束資產銷售時，它們就像我們正在進行的交易和資產銷售交易一樣，它們貫穿我們的一般管理費用，然後報告到資產銷售的損益中。當我們收購一家公司或進行交易時，就像我們對 UBC 所做的那樣，大筆記錄到資產基礎中。所以這就是我做出改變的原因以及一次性性和可變性。

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

我們正在研究我們的營運核心績效，將這兩項排除在單獨的行項目中。

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. That's not the case. 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. So it's sufficiently uncertain that we could never plan around something like that, just to be clear.

我還想指出，理查德，你知道，我們所有這一切的文化影響可能與前景有關，其中包括由於該行項目而造成的一些破壞。事實並非如此。如果我們能夠準確預測特定季度的交易活動以及交易活動的具體情況，那麼我們可能會根據許多其他預測做出預測，並以某種方式變得神奇。因此，需要明確的是，我們永遠無法圍繞這樣的事情進行計劃，這是非常不確定的。

Okay, makes sense. Thank you.

好吧，有道理。謝謝。

Patrick Scholes, Truist. Please go ahead. Your line is open.

派崔克‧斯科爾斯，真理主義者。請繼續。您的線路已開通。

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

早安.目前只有幾個關於中國和激勵管理費的問題，你們的激勵管理費佔多少比例？

I do come from China and how does that historically compare? And then my follow-up question is, what is your visibility into RevPAR or bookings in China? Basically, what is the booking window for your Chinese business? Thank you.

我確實來自中國，與歷史相比如何？我的後續問題是，您對中國的 RevPAR 或預訂情況的了解程度如何？基本上，您的中國業務的預訂窗口是什麼？謝謝。

Let me make sure I have all of those elements. Sure, Patrick. 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.

讓我確保我擁有所有這些元素。當然，派崔克。就中國的組成而言，中國獎勵費用佔總費用的百分比，我能想到的是，大中華區的總費用相對於我們的整體基數大約是高個位數的組成。

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

這就是大中華區占我們總數的百分比，我們在大中華區的酒店賺取獎勵費，超過 90% 的酒店都賺取獎勵費。這就是我們從共和黨賺到的第一美元中賺取費用的結構。

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，這一數字實際上在各個時期都保持相當一致，可能比去年低了一兩點，因為我們考慮到運營環境中發生的情況，是的，RevPAR 是考慮到中國以外的出境遊、亞太地區其他地區以及國內遊的下降，我們對未來的需求預期是負面的，我們預計這種情況將在下半年持續下去。

That's so that's impacting top line risk. It's also impacting total revenue. As you look at on China, total Greater China total revenue. So that dynamic is certainly impacting a negative growth rate at RevPAR. And then an impact on total revenue is impacting GOP margins.

這會影響頂線風險。這也影響了總收入。當你看看中國時，大中華區的總收入。因此，這種動態肯定會影響 RevPAR 的負成長率。然後，對總收入的影響也會影響共和黨的利潤率。

So it's just lesser fees that we're earning. And in Greater China in the quarter, certainly more than we had expected, and that's what's captured into our full year outlook. 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.

所以我們賺的只是較少的費用。本季大中華區的業績肯定超出了我們的預期，這也是我們全年展望中所體現的。其中一些對 Redoubt 的影響，修訂後的 RevPAR 前景（多位發言者）大約占我們全球總費用的 3%。

You also asked about booking curve?

您還問過預訂曲線嗎？

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

預訂曲線。是的，你知道，相對於世界其他地區，我們在大中華區的時間一直很短，這是集團業務的主要驅動力之一。所以在美國，我們集團的業務佔 30% 以上。因此，我們顯然對 Groupon 集團在中國未來較長時期內作為中心的知名度更高，接近 10%。

So that's part of the visibility. 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.

這就是可見性的一部分。但是，你知道，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，並且與我們通常經歷的情況一致。

I would also just add quickly that the level of outbound travel is significant, probably higher than we would have otherwise thought. And we had said for a couple of quarters now, but we do have we embedded in our outlook.

我還要快速補充一點，出境旅行的水準很高，可能比我們想像的還要高。我們已經說過幾個季度了，但我們確實已經融入了我們的前景。

We believe that inbound traffic sorry, inbound lift airline lift into China will improve in the fourth quarter towards the end of the year. We have not had that offset in China to date. So if you go to pre pandemic levels. There was plenty of outbound travel, everyone talking about the outbound travel from China being a major driver world global travel demand. And if that was true then and it's beginning to be true again. But it was balanced then is an equal measure of high rated business coming into China. That's not present currently.

我們認為，入境旅客量，航空公司的入境旅客量將在第四季接近年底時有所改善。迄今為止，我們在中國尚未實現這種抵消。因此，如果你達到大流行前的水平。出境旅遊數量充足，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。如果當時這是真的，現在又開始變成真的了。但當時平衡的是進入中國的高評價企業的同等衡量標準。目前尚不存在。

Okay. Thank you for the color on all of that.

好的。感謝您為這一切提供的顏色。

Chad Beynon, Macquarie. Please go ahead. Your line is open.

查德貝農，麥格理。請繼續。您的線路已開通。

Good morning. Thanks for taking my question. 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?

早安.感謝您提出我的問題。關於 RevPAR 指南有什麼內容嗎？

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? Thanks.

是的，我想，當你展望 24 年後，你是否認為 ADR 會帶來更多收益，或者是否有入住機會？謝謝。

Yeah, the composition, Chad, is about split the way we're looking at our forecast for the remainder of the year. We do have strong group in the second half and group on the books. You heard our pacing numbers of 7% a healthy portion of that is rate growth.

是的，查德，這個組合是關於我們對今年剩餘時間的預測的分裂方式。我們在下半場確實有很強的小組，並且在帳本上也有小組。您聽說過我們 7% 的成長速度，其中一個健康的部分是成長率。

So maybe a little bit more skewed towards rate and on. 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. And those occupancy rates in our convention and business hotels are much closer to kind of pre-pandemic levels.

所以可能更偏向利率等。我們在入住方面肯定仍然有機會，我們已經意識到上半年業務瞬態帶來了更大的需求，而這對我們來說一直落後。我們的會議飯店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. So we have we have opportunity on both fronts.

因此，但在入住率方面仍有一些增長空間，正如我們所期望的那樣，我們的團體預訂在入住率和價格之間很好地分配了。所以我們在兩方面都有機會。

Thank you, Joan. And then with regard to rooms under construction, how is that pacing against the pipeline? And what do you think the biggest catalyst would be to get more of these pipeline rooms kind of shovel ready? Thanks.

謝謝你，瓊。那麼，關於正在建造的房間，其進度與管道的進度如何？您認為最大的催化劑是什麼？謝謝。

Yeah. 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.

是的。非常感謝你們，因為在過去的幾年裡，我們正在建造的管道百分比已經從 30 左右左右下降到了 30 左右左右，這就是我們現在所處的位置，所以我們擁有大約 40,000 個房間目前正在建設中。

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

就在建造客房而言，年減約 2% 至 2.5%，考慮到每個人都在談論的環境，這並不奇怪。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. 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. And that actually also inflates the pipeline that ends up in production earlier.

中國在建管道比例整體略低於中國。部分原因在於我們實際上已經執行了相當多的計劃，我們已經簽署了在中國執行一些轉換的協議。這實際上也增加了較早投入生產的管道。

But so it's not under construction. It may be under renovation or something else, but not technically under construction. 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. That's probably the number one.

但所以它還沒有在建設中。它可能正在裝修或其他什麼，但從技術上講並不是在建設中。我認為管道本身將顯著改變我們目前所看到的動態，即美國新項目的可用資金。這可能是第一名。

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

第二是中國的貸款環境比較有利。我們並沒有因此受到重大傷害，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. Thank you very much.

偉大的。非常感謝。

We are just out of time for questions. I'll turn it back over to Mark Hoplamazian for closing remarks.

我們已經沒有時間提問了。我會將其轉回給馬克·霍普拉馬齊安 (Mark Hoplamazian) 作結束語。

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. So we wish you all have a great day. Thank you.

因此，我只想感謝大家今天早上抽出寶貴的時間，我們繼續感謝您對凱悅酒店的持續關注，並期待您光臨我們的酒店，以便您可以幫助我們對每間客房收入(RevPAR) 進行展望，但主要是為了體驗凱悅家族提供的護理力量。因此，我們祝福大家有個愉快的一天。謝謝。

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。感謝您的參與並祝您有個愉快的一天。你們都可以斷開連線。