Hyatt Hotels Corp (H) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Hyatt third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Adam Rohman, Senior Vice President of Investor Relations and Global FP&A. Thank you. Please go ahead.

早安，歡迎參加凱悅 2024 年第三季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。我現在想將電話轉給投資者關係和全球 FP&A 高級副總裁 Adam Rohman。謝謝。請繼續。

Thank you, and welcome to Hyatt's third-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. 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.

謝謝，歡迎參加凱悅 2024 年第三季財報電話會議。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。在開始之前，我想提醒大家，我們今天的評論將包括聯邦證券法規定的前瞻性陳述。這些聲明面臨眾多風險和不確定性，如我們的 10-K 表年度報告、10-Q 表季度報告以及其他 SEC 文件中所述。這些風險可能導致我們的實際結果與我們的評論中表達或暗示的結果有重大差異。

Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. In addition, you can find a reconciliation of non-GAAP financial measures referred to in today's remarks on our website at hyatt.com under the Financial Reporting section of our Investor Relations link and in this morning's earnings release. An archive of this call will be available on our website for 90 days. Please note that unless otherwise stated, references to occupancy, average daily rate and revPAR reflects comparable system-wide hotels on a constant currency basis. Percentage changes disclosed during the call are on a year-over-year basis unless otherwise noted.

我們今天發布的收益報告中的前瞻性陳述以及對本次電話會議的評論僅在今天做出，不會隨著實際事件的發生而更新。此外，您還可以在我們網站 hyatt.com 投資者關係連結的財務報告部分以及今天早上的收益發布中找到今天評論中提到的非公認會計準則財務指標的調節表。本次通話的存檔將在我們的網站上保留 90 天。請注意，除非另有說明，否則提及的入住率、平均每日房價和每間客房收入均反映以固定匯率計算的全系統可比飯店。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。

Additionally, we have updated our inventory schedule on page A-4 of the earnings release to now include hotels and rooms associated with Mr. and Mrs. Smith and other strategic alliances. And with that, I'll now turn the call over to Mark.

此外，我們還更新了財報 A-4 頁上的庫存表，現在包括與史密斯夫婦以及其他策略聯盟相關的飯店和房間。現在，我將把電話轉給馬克。

Thanks, Adam. Good morning, everyone, and thank you for joining us today. Before I turn to the quarter, I would like to acknowledge the damage caused by recent hurricanes in the Southeast United States. In response, Hyatt colleagues have come together through our Hyatt Care Fund to provide financial support to those in need. Our purpose to care for people so they can be their best, resonates in times like these and we are thankful that our colleagues are safe.

謝謝，亞當。大家早安，感謝您今天加入我們。在討論本季之前，我想承認美國東南部最近的颶風造成的損失。作為回應，凱悅同事透過我們的凱悅關懷基金齊心協力，為有需要的人提供財務支持。我們關心人們，讓他們能夠做到最好的宗旨，在這樣的時刻引起了共鳴，我們很慶幸我們的同事都很安全。

I recently spent time in Europe and Asia, where I met with many of our teams and owners, including a visit to the newly opened and stunning Park Hyatt London. The hotel is a flagship representation of the Park Hyatt brand in one of the most vibrant cities in the world. I also had the opportunity to visit with our new standard international colleagues in Bangkok, who are preparing for several exciting openings of standard branded hotels across Asia over the coming months. The trip left me filled with excitement for Hyatt's future as we continue to grow across many markets globally, while delivering differentiated guest experiences for the high-end travelers in each segment that we serve. Now turning to the quarter.

我最近在歐洲和亞洲待了一段時間，在那裡我會見了我們的許多團隊和業主，包括參觀了新開業的令人驚嘆的倫敦柏悅酒店。該酒店是柏悅品牌在世界上最具活力的城市之一的旗艦代表。我還有機會拜訪了我們在曼谷的新標準國際同事，他們正在為未來幾個月在亞洲各地開設幾家令人興奮的標準品牌酒店做準備。這次旅行讓我對凱悅的未來充滿了興奮，因為我們在全球許多市場上不斷發展，同時為我們所服務的每個細分市場的高端旅行者提供差異化的賓客體驗。現在轉向季度。

Our third quarter results reflect the strength of our asset-light business model including double-digit growth in gross fees, record number of rooms in our pipeline and a record number of World of Hyatt members. This morning, we reported system-wide revPAR growth of 3% and we continue to see high-end consumers prioritizing travel as revPAR growth is the strongest amongst our luxury brands. Leisure transient revenue decreased approximately 4% in the quarter, driven by the United States and Greater China. Through the first nine months of 2024, revenue was flat compared to 2023 despite headwinds from renovations at certain resort properties and weaker demand in Maui. Transient pace for resorts in the Americas is up over 9% over the festive period and up slightly in the first quarter of 2025.

我們第三季的業績反映了我們輕資產業務模式的實力，包括總費用的兩位數增長、我們的管道中的客房數量創紀錄以及凱悅天地會員數量創紀錄。今天早上，我們報告了整個系統的 revPAR 成長了 3%，我們繼續看到高端消費者優先考慮旅行，因為 revPAR 成長是我們奢侈品牌中最強勁的。在美國和大中華區的推動下，本季休閒短暫收入下降了約 4%。 2024 年前 9 個月，儘管某些度假村物業的翻修帶來阻力以及毛伊島的需求疲軟，但收入與 2023 年持平。美洲度假村在節日期間的短暫成長超過 9%，2025 年第一季略有成長。

Americas all-inclusive resorts pace is up 10% over the festive period and up over 20% in the first quarter of 2025. Group rooms revenue increased approximately 6% in the quarter with strong results in both the US and Europe. Group pace for US full service managed properties is up over 5% in the fourth quarter, excluding the timing shift of the Jewish holidays in October and the US election next week and is otherwise flat when accounting for the holidays and election week.

美洲全包式度假村的成長速度在節日期間成長 10%，2025 年第一季成長超過 20%。不包括 10 月猶太假期和下周美國大選的時間變化，第四季度美國全方位服務管理物業的集團增長超過 5%，在考慮假期和選舉週時則持平。

As we look to 2025, group pace is up approximately 6% compared to 2024 with average rate accounting for over half of that increase. Business transient customers continue to deliver the largest year-over-year growth with revenue up approximately 16%. In the United States, revenue increased at a similar growth rate and major urban markets continue to benefit from the recovery of business travel. We continue to see exceptional engagement from our World of Hyatt members, which is reflected in our third quarter results.

展望 2025 年，集團成長率較 2024 年成長約 6%，其中平均成長率佔成長的一半以上。商務瞬態客戶持續實現最大的年成長，營收成長約 16%。在美國，收入以類似的成長率成長，主要城市市場繼續受益於商務旅行的復甦。我們繼續看到凱悅天地會員的出色參與，這反映在我們第三季的業績中。

World of Hyatt membership passed the 50 million milestone and reached a new record of approximately 51 million members at quarter end, a 22% increase over the prior year. Loyalty room night penetration also increased as we realize the direct benefit of our growing membership base. And spending on our co-branded credit cards has increased 16% through the first nine months of 2024 compared to the same period in 2023. Finally, World of Hyatt was recognized as one of the top hotel loyalty programs by US News and World Report.

凱悅天地會員數已突破 5,000 萬大關，並於季末達到約 5,100 萬會員的新紀錄，較上年增長 22%。隨著我們意識到不斷增長的會員基礎所帶來的直接好處，忠誠度間夜滲透率也有所增加。與 2023 年同期相比，2024 年前 9 個月我們的聯名信用卡支出增加了 16%。

Our members continue to benefit from our greater system size and expanding collection of world-class brands, while our membership growth and increased room night penetration reduces customer acquisition costs, which we believe makes us even more attractive to owners and developers. We see evidence of owner and developer preference reflected in our pipeline, which expanded to 135,000 rooms, a new record. This represents an increase of approximately 10% compared to the third quarter of 2023, and our pipeline represents 41% of our existing room base. The United States and Greater China continue to account for significant signing activity, especially among our upper mid-scale brands, Hyatt Studios and UrCove by Hyatt. We also saw healthy signings among our all-inclusive brands in the Americas, and I'm thrilled that we signed our first all-inclusive resorts in Asia Pacific, the Hyatt Zilara and Hyatt Ziva, Phang Nga in Thailand.

我們的會員繼續受益於我們更大的系統規模和不斷擴大的世界級品牌系列，而我們的會員成長和間夜滲透率的提高降低了客戶獲取成本，我們相信這使我們對業主和開發商更具吸引力。我們在我們的管道中看到了業主和開發商偏好的證據，該管道已擴大到 135,000 間客房，創下了新紀錄。與 2023 年第三季相比，這一數字成長了約 10%，我們的待售客房數量占我們現有客房數量的 41%。美國和大中華區的簽約活動繼續佔據重要地位，尤其是我們的中高端品牌凱悅開放式公寓 (Hyatt Studios) 和凱悅優閣 (UrCove by Hyatt)。我們在美洲的全包式品牌中也看到了健康的簽約，我很高興我們在亞太地區簽約了首個全包式度假村，即泰國攀牙灣的 Hyatt Zilara 和 Hyatt Ziva。

We also recently announced the formation of a joint venture and strategic collaboration agreement with China Resources Land to expand the Hyatt's brand presence across China. This includes six existing hotels that have joined the Unbound Collection by Hyatt and JdV by Hyatt Collection brands. Additionally, and separate from the JV, Hyatt and CR Land have signed agreements for two new projects, including Park Hyatt Xi'an and Andaz Dongguan, which deepens our relationship with CR Land who own seven existing luxury Hyatt-branded properties in China. During the third quarter, we achieved net rooms growth of 4.3%. There were several notable luxury openings in the quarter, including the Park Hyatt Marrakech, our first Park Hyatt in Northern Africa and the Alila Shanghai, a flagship for future development of this luxury brand in urban markets.

我們最近也宣布與華潤置地建立合資企業和策略合作協議，以擴大凱悅在中國的品牌影響力。其中包括六家已加入 Unbound Collection by Hyatt 和 JdV by Hyatt Collection 品牌的現有酒店。此外，除了合資公司外，凱悅和華潤置地還簽署了兩個新項目的協議，包括西安柏悅酒店和東莞安達仕酒店，這加深了我們與華潤置地的關係，華潤置地在中國現有七家豪華凱悅品牌酒店。第三季度，我們實現了 4.3% 的客房淨成長。本季有幾家著名的豪華酒店開業，包括馬拉喀什柏悅酒店（我們在北非的第一家柏悅酒店）和上海阿麗拉酒店（該奢侈品牌在城市市場未來發展的旗艦店）。

We also opened the Grand Hyatt Kunming, the 18th Grand Hyatt in Greater China. Our openings provide more opportunities for our guests and members to engage with us while our growing pipeline allows us to expand into new markets into the future. Turning to transactions. On August 16, we hit a significant milestone with the sale of Hyatt Regency Orlando and the adjacent land for gross proceeds of $1.07 billion. This marked the completion of our third asset disposition commitment, which we announced in 2021.

我們還開設了昆明君悅酒店，這是大中華區的第 18 家君悅酒店。我們的空缺為我們的客人和會員提供了更多與我們互動的機會，而我們不斷增長的管道使我們能夠在未來擴展到新市場。轉向交易。 8 月 16 日，我們以 10.7 億美元的總收益出售了奧蘭多凱悅酒店及鄰近土地，實現了一個重要的里程碑。這標誌著我們在 2021 年宣布的第三項資產處置承諾的完成。

Over the three-year period, we realized gross proceeds of $2.6 billion net of acquisitions at a multiple of 13.3 times. While we successfully completed our third disposition commitment, we expect to continue to reduce our hotel ownership. Hyatt Grand Central New York and Andaz Liverpool Street, both remain under contract for redevelopment. Upon closing, we will receive significant proceeds from these sales and upon the completion of the redevelopments, we will have magnificent new hotels in each highly desirable location. Additionally, we are actively engaged in other discussions and expect to sell more hotels in 2025 and beyond.

三年期間，扣除收購後的淨收益，我們實現了 26 億美元的總收益，成長了 13.3 倍。雖然我們成功完成了第三次處置承諾，但我們預計將繼續減少我們的酒店所有權。紐約中央凱悅大酒店和利物浦街安達仕酒店均仍簽訂重建合約。交易完成後，我們將從這些銷售中獲得大量收益，而重建完成後，我們將在每個非常理想的地點擁有宏偉的新酒店。此外，我們正在積極參與其他討論，預計在 2025 年及以後出售更多酒店。

First, we completed the acquisition of Standard International, which includes the Standard, StandardX, and Bunkhouse brands, further enhancing our position in the lifestyle segment. At closing, 22 hotels with approximately 2,000 rooms joined Hyatt and the acquisition will add 10 executed agreements to the pipeline in the fourth quarter totaling approximately 1,300 rooms. In addition, there are more than 20 additional projects, including branded residences, with a signed agreement or letter of intent. I'm also pleased to share that we've already engaged in conversations resulting from inbound calls for new projects since we announced the acquisition.

首先，我們完成了對Standard International的收購，其中包括Standard、StandardX和Bunkhouse品牌，進一步增強了我們在生活風格領域的地位。交易完成時，凱悅酒店共有 22 家酒店（約 2,000 間客房）加入，此次收購將在第四季度增加 10 份已執行協議，總計約 1,300 間客房。此外，還有20多個項目已簽署協議或意向書，其中包括品牌住宅。我還很高興地告訴大家，自從我們宣布收購以來，我們已經就新專案的來電進行了對話。

On October 28, we announced the signing of an agreement to enter into a long-term strategic joint venture with Grupo Pinero to manage Bahia Principe Hotels and Resorts. 23 open and operating resorts totaling over 12,000 rooms will be added to Hyatt's inclusive collection upon closing, expanding Hyatt's all-inclusive room portfolio by approximately 30%. This is a unique opportunity to expand our all-inclusive offerings in the 4.5 star category, which fills white space in our brand portfolio. Presently, over 85% of Hyatt's all-inclusive resorts in the Americas are 5-star properties, and this transaction enhances our network effect by expanding our own inclusive offerings to members and guests at multiple price points. The transaction is anticipated to close in the coming months, and we will provide more details once the transaction closes.

10 月 28 日，我們宣布與 Grupo Pinero 簽署協議，成立長期策略合資企業，管理巴伊亞普林西比酒店及度假村。關閉後，凱悅全包式客房組合中將新增 23 個開放和營運的度假村，總計超過 12,000 間客房，從而將凱悅全包式客房組合擴大約 30%。這是一個獨特的機會，可以擴展我們 4.5 星級類別的全包產品，填補我們品牌組合中的空白。目前，凱悅在美洲的全包式度假村中有超過 85% 是五星級酒店，此次交易透過以多個價位向會員和客人擴展我們自己的全包式服務，增強了我們的網路效應。該交易預計將在未來幾個月內完成，交易完成後我們將提供更多詳細資訊。

Seven years ago, we committed to permanently reducing our earnings from owned hotels while investing in asset-light growth. The results of our transformation into an asset-light business have been highly accretive to shareholder value. We've realized $5.6 billion of gross proceeds net of acquisitions from asset sales at a multiple of 15x, which exceeds the overall multiple at which Hyatt has historically traded. We've reduced our owned and leased adjusted EBITDA by approximately $390 million and annual capital expenditures by over $100 million. while adding approximately $50 million of durable management and franchise fees from the sold hotels. At the same time, we have acquired asset-light platforms, including Two Roads Hospitality, Apple Leisure Group, Dream Hotels Group, and Standard International for a total of $3.6 billion at a blended multiple of approximately 9.5 times.

七年前，我們承諾永久減少自有飯店的收入，同時投資於輕資產成長。我們轉型為輕資產業務的結果大大增加了股東價值。扣除資產出售收購後的淨收益，我們實現了 56 億美元的總收益，其倍數為 15 倍，超過了凱悅歷史上交易的整體倍數。我們將自有和租賃的調整後 EBITDA 減少了約 3.9 億美元，年度資本支出減少了超過 1 億美元。同時從所售酒店增加約 5,000 萬美元的持久管理費和特許經營費。同時，我們也以總計36億美元的價格收購了輕資產平台，包括Two Roads Hospitality、Apple Leisure Group、Dream Hotels Group和Standard International，混合倍數約為9.5倍。

We have exceeded our underwriting expectations for both Two Roads and ALG, and we expect to do the same for Dream and Standard when those acquisitions mature. Not only have we replaced EBITDA from asset sales, but we have and will continue to do so in a much more capital-efficient manner that drives greater free cash flow. Additionally, during this time, we have returned $4.4 billion to shareholders, including $4.2 billion of share buybacks at a weighted price of $87.74 per share. Our capital allocation strategy has fueled our growth while creating significant value for shareholders. While we celebrate the successful execution of our earnings transformation, we recognize continued evolution, and innovation is essential to benefit all our stakeholders into the future.

我們對 Two Roads 和 ALG 的承保預期都超出了我們的預期，當這些收購成熟時，我們預計對 Dream 和 Standard 也能做到同樣的事情。我們不僅從資產銷售中取代了 EBITDA，而且我們已經並將繼續以更資本效率更高的方式這樣做，從而推動更大的自由現金流。此外，在此期間，我們也向股東返還了 44 億美元，其中包括以每股 87.74 美元的加權價格回購了 42 億美元的股票。我們的資本配置策略推動了我們的成長，同時為股東創造了巨大的價值。在我們慶祝獲利轉型成功的同時，我們認識到持續的發展和創新對於使我們所有利害關係人在未來受益至關重要。

In the coming months, we will debut a new lifestyle group, led by Amar Lalvani, former Executive Chairman of Standard International. Amar brings his expertise designing world-class lifestyle brands and delivering exceptional experiences, and I'm excited to welcome him and all the Standard International colleagues to Hyatt. We will also be forming a dedicated luxury group with distinct leadership across key functions and services focused on caring for guests and customers at the pinnacle of luxury. We will continue to leverage the significant capabilities that we've been building while welcoming new colleagues with unique talents. We believe this alignment will allow us to care more deeply for guests, customers and especially hotel owners across each of our brands, further deepening preference for Hyatt while creating even more value for shareholders.

在接下來的幾個月裡，我們將推出一個新的生活方式集團，由標準國際前執行主席 Amar Lalvani 領導。阿瑪爾帶來了他在設計世界一流生活方式品牌和提供卓越體驗方面的專業知識，我很高興歡迎他和標準國際集團的所有同事來到凱悅酒店。我們還將組成一個專門的奢侈品集團，在關鍵職能和服務方面具有獨特的領導力，專注於為賓客和客戶提供頂級的奢華服務。我們將繼續利用我們一直在建立的重要能力，同時歡迎具有獨特才能的新同事。我們相信，這種調整將使我們能夠更深入地關心我們每個品牌的賓客、客戶，特別是飯店業主，進一步加深對凱悅的偏好，同時為股東創造更多價值。

I would like to close by expressing my gratitude for all Hyatt colleagues who live our purpose every day by caring for each other and for all of our stakeholders. Joan will now provide more details on our operating results. Joan, over to you.

最後，我謹向所有凱悅同事表示感謝，他們每天透過互相關心和所有利害關係人來實現我們的目標。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. During the third quarter, system-wide revPAR increased 3%, led by increased business and group travel. In the United States, revPAR increased over 1%. Group was strong in the quarter, reflecting continued momentum for corporate meetings and social events. Associations drove the growth in group rooms revenue and business transient was led by large corporate accounts, benefiting hotels in major (technical difficulty).

謝謝，馬克，大家早安。第三季度，在商務旅行和團體旅行增加的帶動下，全系統的 revPAR 增加了 3%。在美國，revPAR 成長超過 1%。本季集團表現強勁，反映出公司會議和社交活動的持續勢頭。協會推動了團體客房收入的成長，業務瞬態由大型企業客戶帶動，使主要（技術難度）的飯店受益。

On the leisure front, we continue to lap challenging comparisons in Maui due to the wildfires last year, the quarter was also negatively impacted by hurricane activity and an increase in international outbound travel. revPAR in the Americas, excluding the United States, increased approximately 4% and all-inclusive properties in the Americas reported net package revPAR 5% below last year, driven by the impact of hurricanes. Despite some of the headwinds and challenging comparisons for leisure travel, the forward booking activity that Mark mentioned earlier supports our continued confidence that the strong demand levels we have experienced are sustainable. In Greater China, revPAR decreased approximately 7% as we lapped unusually high levels of domestic travel last year, especially from higher income travelers. While domestic travel was down 9%, we did experience a moderate increase among international inbound travelers.

在休閒方面，由於去年的野火，我們繼續對毛伊島進行具有挑戰性的比較，該季度也受到颶風活動和國際旅遊增加的負面影響。美洲地區（不包括美國）的每間可出租客房收入增長了約 4%，而受颶風影響，美洲全包式房地產的淨整套每間客房每間客房收入比去年下降了 5%。儘管休閒旅行存在一些阻力和挑戰性的比較，但馬克之前提到的提前預訂活動支持了我們對我們所經歷的強勁需求水平是可持續的持續信心。在大中華區，由於去年國內旅行（尤其是來自高收入旅行者）的國內旅行數量異常高，每間可用客房收入下降了約 7%。雖然國內遊客數量下降了 9%，但國際入境遊客人數確實出現了適度增長。

The stimulus measures enacted by the government in late September are targeted at boosting domestic spending and while still early, we're seeing improved revPAR results from our hotels in the month of October compared with the third quarter. Asia Pacific, excluding Greater China, once again produced great results with revPAR up approximately 10% due to strong inbound travel with notable demand coming from Greater China and the United States. revPAR increased by double digits compared to last year in South Korea, Japan, and India. In Europe, revPAR increased 15% driven by the Summer Olympics in Paris and Euro 2024 in Germany. These events were large drivers of international inbound travel, and we saw significant growth of international travel throughout the rest of the quarter as well.

政府於 9 月下旬頒布的刺激措施旨在促進國內支出，雖然還為時過早，但我們看到 10 月份酒店的每間客房收入 (revPAR) 業績較第三季度有所改善。由於入境旅遊強勁以及大中華區和美國的需求顯著，亞太地區（不包括大中華區）再次取得了良好的業績，每間可用客房收入增長了約 10%。與去年相比，韓國、日本和印度的每間可用收入成長了兩位數。在歐洲，受巴黎夏季奧運會和德國 2024 年歐洲盃的推動，每間可用收入增加了 15%。這些活動是國際入境旅遊的重要推動力，我們在本季剩餘時間也看到了國際旅遊的顯著成長。

Our European all-inclusive properties produced impressive net package revPAR growth of approximately 13%, driven by high demand for our resorts in the Balearic and Canary Islands. We reported growth fees in the quarter of $268 million, up 11% due to a combination of our greater system size, revPAR growth and an increase in our non-revPAR fees. Franchise and other fees increased 23% due to the growth in our co-branded credit card, the contribution from UVC and fees from newly opened franchise properties. Growth in base fees reflect increased managed revPAR, most notably in Europe and fees from newly opened managed hotels. Incentive fees were flat with impacts from weather events, renovations and results from hotels in Greater China, offset by strong contribution from hotels in Europe and Asia Pacific, excluding Greater China.

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收益淨值增長了約 13%，令人印象深刻。我們報告本季的成長費用為 2.68 億美元，成長了 11%，這是由於我們更大的系統規模、每間客房收入的成長以及非每間客房客房費用的增加。由於我們的聯名信用卡的成長、UVC 的貢獻以及新開業特許經營物業的費用，特許經營費和其他費用增加了 23%。基本費用的成長反映了管理的每間客房收入的增加（尤其是在歐洲）以及新開業的管理酒店的費用。受到天氣事件、大中華區酒店裝修和業績的影響，獎勵費用持平，但被歐洲和亞太地區（不包括大中華區）酒店的強勁貢獻所抵消。

Turning to our segment results. Management and franchising segment adjusted EBITDA increased approximately 9% driven by the increase in our gross fees. Owned and leased segment adjusted EBITDA increased by 13% when adjusted for the net impact of transactions. Group rooms revenue for the portfolio increased 30%, strong demand in the United States and the Olympics in Paris. Margins for comparable hotels increased 210 basis points and we continue to expect to achieve flat to moderate expansion of owned and leased margins for the full year compared to 2023.

轉向我們的部門業績。由於總費用的增加，管理和特許經營部門調整後的 EBITDA 增加了約 9%。根據交易的淨影響進行調整後，自有和租賃部門調整後 EBITDA 成長了 13%。由於美國和巴黎奧運會的強勁需求，該組合的集團客房收入增長了 30%。可比飯店的利潤率成長了 210 個基點，我們繼續預計，與 2023 年相比，全年自有和租賃利潤率將實現持平至適度成長。

Finally, our distribution segment's adjusted EBITDA declined by approximately $5 million when excluding the UVC transaction, consistent with the expectations we communicated during our second quarter earnings call. Looking ahead, we anticipate fourth quarter adjusted EBITDA, excluding UVC, to grow by approximately $5 million compared to last year. In total, adjusted EBITDA was $275 million in the third quarter, an increase of 9% compared to last year. In the third quarter, we repurchased $407 million of Class A common stock and $250 million of Class B common stock, returning excess proceeds from asset sales to shareholders. We have approximately $1 billion remaining under our share repurchase authorization.

最後，如果排除 UVC 交易，我們分銷部門的調整後 EBITDA 下降了約 500 萬美元，這與我們在第二季財報電話會議上傳達的預期一致。展望未來，我們預計第四季調整後 EBITDA（不包括 UVC）將比去年成長約 500 萬美元。第三季調整後的 EBITDA 總計為 2.75 億美元，比去年成長 9%。第三季度，我們回購了4.07億美元的A類普通股和2.5億美元的B類普通股，將資產出售的超額盈餘回饋給股東。我們的股票回購授權剩餘約 10 億美元。

And during the quarter, we repaid the 2024 notes for approximately $750 million inclusive of accrued interest, reducing our total debt outstanding to approximately $3.1 billion. As of September 30, 2024, our total liquidity of approximately $2.6 billion included $1.1 billion of cash, cash equivalents, and short-term investments and approximately $1.5 billion in borrowing capacity on our revolving credit facility. We remain committed to our investment-grade profile and our balance sheet is strong. Now I'll cover our outlook for 2024. The full details can be found on page 3 of our earnings release.

在本季度，我們償還了約 7.5 億美元的 2024 年票據（包括應計利息），將我們的未償債務總額減少至約 31 億美元。截至 2024 年 9 月 30 日，我們的總流動性約為 26 億美元，其中包括 11 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。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。現在我將介紹我們對 2024 年的展望。

We have tightened our ranges as a result of lower-than-expected results in the third quarter. October-to-date results and PACE data for November and December reflects encouraging revPAR trends in the United States and Greater China for the fourth quarter. This is due to solid group pace excluding the timing of the Jewish holidays and US election, sustained business transient activity and improved leisure pace over the festive period. In Greater China, preliminary revPAR for the month of October is flat to last year, a meaningful improvement to the third quarter.

由於第三季業績低於預期，我們收緊了範圍。 10 月至今的業績以及 11 月和 12 月的 PACE 數據反映了美國和大中華區第四季度令人鼓舞的每間客房收入趨勢。這是由於不包括猶太節日和美國大選的時間，穩定的團體節奏、持續的商業短暫活動以及節日期間休閒節奏的改善。在大中華區，10 月的初步 RevPAR 與去年同期持平，較第三季有了顯著改善。

And I want to be clear that a continuation of these trends is assumed in our current outlook ranges for fees and adjusted EBITDA. Global full year system-wide revPAR growth is expected to be in the range of 3% to 4% compared to 2023. We anticipate United States revPAR growth for the full year of approximately 1% to 1.5%, and we anticipate fourth quarter revPAR growth will be similar to the third quarter, even with the timing of the Jewish holidays and US elections. revPAR growth in Greater China is expected to improve in the fourth quarter relative to the third quarter as the stimulus measures take effect leading to full year revPAR growth that is flat to 2023.

我想澄清的是，在我們目前的費用和調整後 EBITDA 展望範圍內，假設這些趨勢將持續下去。與 2023 年相比，全球全年全系統 revPAR 成長率預計在 3% 至 4% 範圍內。和美國大選的時間，情況也將與第三季類似。隨著刺激措施的生效，預計大中華區的每間客房出租收入增長將在第四季度較第三季度有所改善，導致全年每間客房出租平均增長與 2023 年持平。

And finally, we expect revPAR growth in other international markets to exceed the high end of our range led by Europe and Asia Pacific, excluding Greater China. We expect net rooms growth in the range of 7.75% to 8.25%. The joint venture with Grupo Pinero closes in early 2025, we would expect to be in the range of 4% to 4.5%. Gross fees are expected to be in the range of $1.085 billion to $1.11 billion, a 13% increase at the midpoint of our range compared to last year. As I just mentioned, our updated outlook accounts for lower-than-expected incentive fee contribution in the third quarter and also accounts for Standard International closing later than our prior expectations. Adjusted G&A is expected to be in the range of $425 million to $435 million, consistent with our prior outlook.

最後，我們預計其他國際市場的每間客房收入成長將超過我們以歐洲和亞太地區（不包括大中華區）為首的區間上限。我們預計淨客房成長率在 7.75% 至 8.25% 之間。與 Grupo Pinero 的合資企業將於 2025 年初關閉，我們預計該比例將在 4% 至 4.5% 之間。總費用預計在 10.85 億美元至 11.1 億美元之間，與去年相比，中間值成長 13%。正如我剛才提到的，我們更新的前景考慮到第三季度的激勵費用貢獻低於預期，而且標準國際的交割時間晚於我們先前的預期。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，與我們先前的預期一致。

Adjusted EBITDA is expected to be in the range of $1.1 million to $1.12 billion, a 5% increase at the midpoint of our range compared to last year. Free cash flow is expected to range from $380 million to $410 million, which includes the payment of approximately $150 million of cash taxes related to asset sales. Finally, we expect capital return to shareholders of approximately $1.25 billion, including share repurchases and dividends. In closing, our third quarter results highlight the strength of our asset-light business model and the successful completion of our asset disposition program. As Mark mentioned, we will continue to strategically sell owned assets next year and beyond. And importantly, we are focused on operational excellence to continue to grow our core business and enhance our network effect through strategic net rooms growth to benefit all stakeholders well into the future.

調整後 EBITDA 預計在 110 萬美元至 11.2 億美元之間，與去年相比，該範圍的中位數成長 5%。自由現金流預計在 3.8 億美元至 4.1 億美元之間，其中包括支付約 1.5 億美元與資產銷售相關的現金稅。最後，我們預期股東資本回報約為 12.5 億美元，包括股票回購和股利。最後，我們第三季的業績凸顯了我們輕資產業務模式的優勢以及我們資產處置計畫的成功完成。正如馬克所提到的，我們將在明年及以後繼續策略性地出售自有資產。重要的是，我們專注於卓越運營，以繼續發展我們的核心業務，並透過策略性淨室成長增強我們的網路效應，使所有利害關係人在未來受益。

This concludes our prepared remarks. Now we would like to turn to Q&A, and we would like to speak with as many of you as time permits and would ask that you limit yourself to one question.

我們準備好的演講到此結束。現在我們想進入問答環節，我們希望在時間允許的情況下與你們中盡可能多的人交談，並要求你們只回答一個問題。

(Operator Instructions) Joe Greff, JPMorgan.

（操作員指示）Joe Greff，摩根大通。

Good morning, everybody. Thanks for taking my question. Kind of a two-parter on the updated guidance. Net rooms growth organically, looks like it's down relative to a quarter ago. Can you help us reconcile the drivers of that shift? And then with respect to this most recent pending acquisition, the joint venture, can you talk about sort of -- I don't know, maybe you can frame it on a trailing 12-month EBITDA basis? I know you gave out your fee contribution. But if you can maybe talk about what the run rate might be presently? And then maybe how you're thinking about it for next year as we kind of think about incorporating not just the rooms but also sort of years one through three contribution? Thank you.

大家早安。感謝您提出我的問題。更新後的指南有點像兩方。客房淨成長有機成長，看起來較上季下降。您能幫助我們協調這項轉變的驅動因素嗎？然後，關於最近即將進行的收購，即合資企業，您能否談談——我不知道，也許您可以將其建立在過去 12 個月的 EBITDA 基礎上？我知道你已經捐出了你的費用。但您能否談談目前的運行率？然後也許你會如何考慮明年的問題，因為我們不僅考慮合併房間，還考慮第一年到第三年的貢獻？謝謝。

Great. Thank you very much, Joe. On the outlook for net rooms growth, a few things that I want to note. The first is our gross openings this year are expected to be over 6%, lower than our expectations because of slippage of over 2,000 rooms into 2025, part of that is hotels that are under construction that slipped for openings or that we expect to slip, I should say, we're not at the end of the year yet. So who knows, they may be pulled forward and some conversion deals that we've been working on that aggregate up to a significant number of rooms.

偉大的。非常感謝你，喬。關於淨客房成長的前景，我想指出一些事情。首先是我們今年的總開業數量預計將超過 6%，低於我們的預期，因為到 2025 年將有超過 2,000 間客房下滑，其中一部分是在建酒店因開業數量下滑或我們預計將下滑，我應該說，我們還沒到年底。所以誰知道呢，他們可能會被提前，我們一直在進行的一些轉換交易總計達到大量房間。

So that's the first development, I would say, from our last update. The second is the attrition of rooms came in higher than we expected. It's approaching something like 1.5% this year, which is significantly higher than our typical run rate, which has been between 0.5% and 1%. And some of that difference -- about 40% of that difference has to do with brand standard and market-specific issues that affected our renewal or agreement to move forward with certain hotels in our portfolio. Some of it is markets that have become, I would say, more challenging or where the central business district has moved, and we are looking for new representation.

我想說，這是我們上次更新以來的第一個進展。第二個是房間的流失量比我們預期的還要高。今年接近 1.5%，這明顯高於我們通常在 0.5% 到 1% 之間的運行率。其中一些差異——大約 40% 的差異與品牌標準和市場特定問題有關，這些問題影響了我們與投資組合中某些酒店的續約或協議。我想說，其中一些市場已經變得更具挑戰性，或者中央商務區已經轉移，我們正在尋找新的代表。

In a couple of cases, owners that we didn't come to agreement with on bringing hotels to brand standards. So part of that has to do with just discipline in maintaining standards and elevating the quality of our portfolio and a few hotels with larger room counts that were conversion hotels expected to open this year that came out. The overall momentum though, remains intact, and we're looking into a first quarter of '25, where gross openings are tracking to a year-over-year net rooms growth of over 6%. And while, of course, we might experience slippage out of the first quarter, there's no systemic or structural gap to our outlook for organic growth in the range of 6% going forward. There are three other things that I thought I'd just mention quickly.

在一些情況下，我們未能與業主就酒店達到品牌標準達成協議。因此，部分原因與維持標準和提高我們的投資組合品質以及一些客房數量較多的酒店的紀律有關，這些酒店預計將在今年開業。不過，整體動能依然完好，我們正在展望 25 年第一季度，新開張總額較去年同期淨客房成長率將超過 6%。當然，雖然我們可能會經歷第一季的下滑，但我們對未來 6% 範圍內有機成長的展望不存在系統性或結構性差距。我想我應該很快就會提到另外三件事。

First, this is supported by significant ongoing growth of our pipeline and increasing construction starts and improving conditions for hotel development generally. Second, we've had a significant level of conversions that have benefited us over time, especially in the last several years, and we expect to engage in conversions, portfolio deals and the like in the future, that activity is not included in this organic growth outlook I just gave you. And third, we are not including affiliation arrangements or rooms that are associated with affiliations or other so-called, quote-unquote, units, whether they be residential affiliations or loyalty partnerships or whatever the form may be, our net rooms growth is purely managed or franchised rooms and in rare cases, those homes or townhomes that are also covered under either a management or franchise agreement period.

首先，這得到了我們管道的持續顯著增長、開工建設的增加以及酒店開發條件整體改善的支持。其次，我們已經進行了大量的轉換，隨著時間的推移，特別是在過去幾年中，我們受益匪淺，我們預計將來會進行轉換、投資組合交易等，但該活動不包含在本有機計劃中。第三，我們不包括與附屬機構或其他所謂的單位相關的附屬安排或房間，無論它們是住宅附屬機構還是忠誠合作夥伴關係或任何形式，我們的淨房間增長純粹是管理的或特許經營房間，在極少數情況下，也包括在管理或特許經營協議期限內的那些房屋或聯排別墅。

As Adam already mentioned, we have included additional information on the hotels and rooms that are part of arrangements that we have through Mr. and Mrs. Smith on which we earn booking fees, by the way, and under Canvas. These have been hugely successful partnerships, but do not count as rooms for purposes of our net rooms' growth calculation. That's on A-4. Is that correct? Schedule A-4, we just included those for your reference, you could see that.

正如亞當已經提到的，我們已經包含了有關酒店和房間的附加信息，這些信息是我們通過史密斯夫婦進行的安排的一部分，順便說一句，我們通過這些安排賺取預訂費，並在Canvas 下進行。這些都是非常成功的合作夥伴關係，但在我們的淨客房成長計算中不計入客房。那是在 A-4 上。這是正確的嗎？附表A-4，我們只是提供給您參考，您可以看到。

So that's the story on the update. Basically, my confidence and outlook is quite positive. I feel really good about the momentum that we've got. And as I've said in the past, whether at a specific measurement (technical difficulty) of any given year happens to fall -- openings happen to fall on one side or the other of that is not what I focus on. I focus on ongoing momentum, which I think is very good.

這就是更新的故事。基本上，我的信心和前景是相當正面的。我對我們所擁有的勢頭感到非常滿意。正如我過去所說，無論在任何一年的特定衡量標準（技術難度）上，空缺恰好落在一側還是另一側，都不是我關注的重點。我專注於持續的勢頭，我認為這非常好。

On the Bahia Principe deal, we have provided the information that I think we're going to provide until we close. We have -- we do have an outlook for what the next three years will look like. And I would just say that in a number of cases in which we have gone into platform and in this case, its ownership of a platform. In many of those cases, we had things that we had built into our underwriting and also into the plans with respect to either renovations or plugging into Hyatt systems that will apply in this case as well. So we will provide you more information when we close the transaction.

關於巴伊亞普林西比交易，我們已經提供了我認為我們將在交易完成之前提供的資訊。我們確實對未來三年的情況有展望。我只想說，在許多情況下，我們已經進入了平台，在這種情況下，它擁有平台。在許多這樣的情況下，我們已經將一些東西納入了我們的承保以及有關翻新或插入凱悅系統的計劃中，這些計劃也適用於這種情況。因此，當我們完成交易時，我們將向您提供更多資訊。

Yeah. I would just add that we did disclose our expectations for gross management fees from the joint venture. And then incremental to that is the Hyatt platforms that Mark just described.

是的。我想補充一點，我們確實揭露了對合資企業總管理費的預期。然後增量是馬克剛才描述的凱悅平台。

Yeah. So separate and apart from those fees, those are strictly fees that we're counting from management. These are all managed hotels. There's no franchises in these -- in the 12,000 rooms that we're bringing on. In addition to those management fees, there are other fees and revenues that we -- that Hyatt will realize through Hyatt owned platforms in the distribution space that will be incremental to that number. So we'll provide you more details when we get to closing.

是的。因此，除了這些費用之外，這些費用嚴格來說是我們從管理階層計算的費用。這些都是管理型飯店。我們提供的 12,000 間客房中沒有特許經營權。除了這些管理費之外，我們凱悅酒店還將透過凱悅酒店在分銷領域擁有的平台實現其他費用和收入，這些費用和收入將增加到該數字。因此，我們將在結束時向您提供更多詳細資訊。

Thank you.

謝謝。

Daniel Politzer, Wells Fargo.

丹尼爾‧波利策，富國銀行。

Hey. Good morning, everyone and thanks for taking my question. You guys mentioned a couple of times the credit card fees adding -- being additive in the quarter. And certainly, that's been a trend among your peers. Can you maybe talk about the order of magnitude or upcoming timing of the renewal and maybe how we should think about that non-revPAR fee component of your growth going forward?

嘿。大家早安，感謝您提出我的問題。你們多次提到信用卡費用增加——本季是累加的。當然，這已經成為同行中的趨勢。您能否談談續訂的數量級或即將到來的時間，以及我們應該如何考慮您未來成長的非每間客房收入費用組成部分？

Well, I think we're -- we haven't gone into breaking out the details of what's in non-revPAR fees. What I would say is the average spend per card -- the data that we have that I think will be reflective of the strength of our customer base is the spend per card holder is higher than many, many other -- I wouldn't say all because I don't -- I can't say that conclusively, but it's at the very high end of affiliated or co-branded credit cards. Second, the volumes have been growing partly because we continue to expand our World of Hyatt membership base that have the card. And also, they are -- they kind of fit a profile where their spending is not directly linked to a specific state of the economy because they have relatively higher net worth and household income. So we think that (technical difficulty) will continue to grow.

嗯，我認為我們——我們還沒有詳細說明非 RevPAR 費用的細節。我想說的是每張卡的平均支出——我認為我們擁有的數據將反映我們客戶群的實力，每個持卡人的支出高於許多其他人——我不會說這一切都是因為我不——我不能肯定地說，但它是附屬或聯合品牌信用卡的高端。其次，銷售量不斷成長的部分原因是我們不斷擴大擁有該卡的凱悅天地會員基礎。而且，他們的支出與特定的經濟狀況沒有直接關係，因為他們擁有相對較高的淨資產和家庭收入。所以我們認為（技術難度）將會繼續成長。

For those of you who are tracking multiyear, we've been compounding growth of World of Hyatt membership by over 20% for the last couple of years in a row. We don't see that actually -- we see -- we're confident that it's going to continue to grow. I can't say that it's going to continue to compound at 20% forever. That would be kind of fantastic, but very high, but it is in excess of actually the total rooms that we're adding. And I think part of that is that we are gaining some traction with respect to other experiences that we're offering and different price points that we're offering.

對於那些關注多年的人來說，過去幾年我們凱悅天地會員的複合成長率已超過 20%。我們實際上沒有看到這一點——我們看到——我們有信心它會繼續增長。我不能說它會永遠以 20% 的速度複合成長。這有點太棒了，但非常高，但實際上超出了我們添加的房間總數。我認為部分原因是我們在提供的其他體驗和不同的價位方面獲得了一些吸引力。

So we're excited about all of that. In terms of the contract itself, I think we've made this comment before, but this is an arrangement that had a life through '25 or towards the end of '25. And so we are actively engaged in looking at how our next phase of our credit card will be structured. And of course, no one waits until the deadline to get these deals done. So we're working on it now.

所以我們對這一切感到興奮。就合約本身而言，我想我們之前已經發表過這樣的評論，但這是一項貫穿 25 年或 25 年末的安排。因此，我們正在積極研究下一階段的信用卡結構。當然，沒有人會等到最後期限才完成這些交易。所以我們現在正在努力。

Got it. Thanks so much.

知道了。非常感謝。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey. Thanks for taking my question. Within distribution and destination, I think you said EBITDA in 4Q, up $5 million. Has the trajectory in this business changed at all? Was hurricane an impact? Just would love any color on what you're seeing from a demand perspective? And then one quick follow-up. Thanks.

嘿。感謝您提出我的問題。在分銷和目的地方面，我想您提到了第四季度的 EBITDA，增加了 500 萬美元。這個產業的發展軌跡有沒有改變？颶風有影響嗎？只是想從需求的角度來看您所看到的任何顏色嗎？然後是快速跟進。謝謝。

Yeah, sure. In the third quarter, we definitely had some impact from the hurricanes definitely in the Caribbean and Southeastern United States. So bookings were a bit slower. And just frankly, a little bit less than what we had noted on our second quarter earnings call. And in the fourth quarter, as we noted in our prepared remarks, there is a lot of reason to be encouraged by our leisure booking trends.

是的，當然。在第三季度，我們確實受到了加勒比海和美國東南部颶風的一些影響。所以預訂的速度有點慢。坦白說，這比我們在第二季財報電話會議上指出的要少一些。正如我們在準備好的演講中指出的那樣，第四季度我們的休閒預訂趨勢有很多理由令人鼓舞。

So through the end of -- coming out of September and into October, our leisure booking pace has really accelerated. So as we look at the segments and the markets that our distribution business is managing, those markets, in particular, are really accelerating. So into the fourth quarter, we expect an increase, as I said, about $5 million in excess of last year. And into the first quarter, we have a very strong booking pace there for our resorts and the distribution business actually also serves those resorts and other markets there. So we believe that booking pace will continue into the future -- into the near future.

因此，從九月末到十月，我們的休閒預訂速度確實加快了。因此，當我們審視我們的分銷業務所管理的細分市場和市場時，會發現這些市場確實正在加速發展。因此，正如我所說，進入第四季度，我們預計將比去年增加約 500 萬美元。進入第一季度，我們的度假村預訂速度非常強勁，分銷業務實際上也為這些度假村和其他市場提供服務。因此，我們相信預訂速度將持續到未來——在不久的將來。

Got it. And then -- that's very helpful. I appreciate it. And then on room growth, the color on the 1.5% attrition was very helpful. Would you expect that attrition to leak into '25 as well? Or is this more so concentrated to a few examples and thus more of a 2024 dynamic? Just how you're thinking about it as we stand today. Thanks.

知道了。然後——這非常有幫助。我很感激。然後，對於房間增長，1.5% 損耗的顏色非常有幫助。您是否預期這種流失也會滲透到 25 年？或者這更集中於幾個例子，因此更多的是 2024 年的動態？正如我們今天的立場，你是如何看待這個問題的。謝謝。

Thank you. Yeah, I think there was a relatively higher number of hotels that were coming to end of life and PIP requirements that were not met. So maybe we had a bit of a blip here heading into the fourth quarter. I will say that if you look at the structure of our brand portfolio, we do not at this point, have a brand into which we would encourage owners who want to downgrade their hotels to something that's at a lower level just to maintain those rooms in our portfolio. That's different than our competitors. And so some of this is just maintaining brand integrity across our brands as they stand today.

謝謝。是的，我認為有相對較多的酒店即將報廢，並且未滿足 PIP 要求。所以也許我們在進入第四季時遇到了一些小問題。我想說的是，如果你看看我們品牌組合的結構，我們目前還沒有一個品牌，我們會鼓勵那些想要將酒店降級到較低水平只是為了維持這些房間的業主進入這個品牌。組合。這與我們的競爭對手不同。因此，其中一些只是為了維持我們品牌目前的品牌完整性。

Thanks.

謝謝。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Hi. Good morning, everyone and thanks for taking my question. Mark, maybe just to fill in from that last question about a couple of points. So first of all, for next year, if I caught you correctly, I think you said you feel comfortable at 6%, but that would be kind of closer to a gross basis. So even if attrition normalized a little bit -- still a little bit below, I think your kind of longer-term algo you laid out last year at the Investor Day. So maybe if you could just walk us through pros, cons on that piece? And then specifically on that last thing you said about the ability to kind of trade down on sort of the brand standard side.

你好。大家早安，感謝您提出我的問題。馬克，也許只是為了補充最後一個問題中的幾點。首先，對於明年，如果我沒聽錯的話，我想你說你對 6% 感到滿意，但這更接近總量。因此，即使流失率正常化了一點——仍然低於一點點，我認為你去年在投資者日提出的長期演算法。那麼也許您可以向我們介紹一下該作品的優點和缺點嗎？然後特別是關於您所說的關於在品牌標準方面進行降級交易的能力的最後一件事。

Is that an opportunity for Hyatt? Maybe you could just talk about that as you think about that and conversions because I think you're absolutely right, that is the activity that we see. But other brand families have opportunities there? Is that something that Hyatt could explore? Thanks.

這對凱悅來說是一個機會嗎？也許你可以在考慮這個問題和轉換時談論這個問題，因為我認為你是絕對正確的，這就是我們看到的活動。但其他品牌家族還有機會嗎？這是凱悅可以探索的事嗎？謝謝。

Yeah. Thank you, Shaun. First of all, that's correct. That's how you read my commentary correctly about 6% gross. I think that excludes any conversion activity.

是的。謝謝你，肖恩。首先，這是正確的。這就是你正確閱讀我的評論的方式，大約是 6%。我認為這排除了任何轉換活動。

So I'm talking about pure organic in that number. And the fact is that we do have conversions that we continue to work on. They've been a material part of our total. So I think we've talked about a longer-term outlook of 5% to 6% or 6% plus or minus, maybe 6% to 7%. And I think those numbers, if you put 6% at the midpoint of that, net of attrition still remains our outlook.

所以我說的是這個數字裡的純有機食品。事實上，我們確實有一些正在繼續努力的轉變。他們是我們整體的重要組成部分。所以我認為我們已經討論了 5% 至 6% 或 6% 加減，也許 6% 至 7% 的長期前景。我認為，如果將 6% 定為中間值，那麼扣除人員流失後的數字仍然是我們的預期。

So I think the level of conversions have continued to represent a pretty significant proportion of our total during this lull in new construction starts, especially in the US and a rebound, which we have seen in construction starts and construction activity in China. So we have seen increases in construction starts in China in the last two quarters. That represents -- so China -- rooms in China represent about 37%, 38% of our total pipeline. And in terms of rooms under construction, they represent 31%, which is up from last quarter percent of rooms under construction.

因此，我認為，在新建築開工的平靜期，尤其是在美國，轉換水平繼續在我們的總數中佔據相當大的比例，而在中國的建築開工和建築活動中，我們看到了反彈。因此，我們看到過去兩季中國的建築開工量增加。這意味著中國的客房數量約占我們總客房數的 37% 至 38%。就建客房而言，它們佔 31%，高於上季在建客房的百分比。

So we're seeing positive signs there that undergird organic. I think the number of portfolio deals and conversions, pure conversions, not acquisitions of platforms remains high, and we are continuously pursuing those, especially in markets in which we have particularly low relative penetration. Was there a second part of your question?

因此，我們看到了鞏固有機的正面跡象。我認為投資組合交易和轉換、純粹轉換（而不是收購平台）的數量仍然很高，我們不斷追求這些目標，特別是在我們相對滲透率特別低的市場。你的問題還有第二部分嗎？

Yeah. With respect to the brand standards, we have said that --

是的。關於品牌標準，我們說過—

There is potential opportunity for that.

這是有潛在機會的。

There is opportunity. It's something we've been looking at ever since the beginning of time actually and we constantly listen to our owners and take their feedback and consider that into how we think about brand standards. It's also true that serving the high end of each segment that we serve requires investment into the properties that we have. So our owners recognize that. They're well capitalized.

有機會。事實上，這是我們從一開始就一直在關注的事情，我們不斷傾聽我們的所有者的意見，接受他們的回饋，並將其納入我們對品牌標準的考慮中。確實，為我們所服務的每個細分市場的高端服務需要對我們擁有的房產進行投資。所以我們的業主認識到這一點。他們資本雄厚。

And that's why our attrition has historically been so low. It's because owners have invested in the properties, and they've been performing. So I think this is a bit of an anomaly that Mark described this year, and we don't expect those levels to continue going forward.

這就是為什麼我們的人員流失率歷來如此之低。這是因為業主已經投資了這些房產，而且他們一直在表現。所以我認為這有點反常，馬克今年描述的，我們預計這些水平不會繼續下去。

I would say, Shaun, just to paint a broader picture of this. If you think about where that kind of attrition has come from and where these other brands have been launched with respect to capturing those that are coming out of those other brands in the midscale or upper mid-scale or upscale categories. Those brands are materially older than Hyatt Place and Hyatt House. When we launched Hyatt Place, it was on the back of over 100 AmeriSuites hotels. If you just look at total life post opening of our portfolio, we're only now getting to the very beginning of seeing hotels that are past the 20-year mark of being open.

我想說，肖恩，只是為了描繪一個更廣闊的前景。如果你想想這種消耗是從哪裡來的，以及這些其他品牌是在哪裡推出的，以捕捉那些從中檔、中高檔或高檔類別的其他品牌中脫穎而出的品牌。這些品牌比凱悅嘉軒酒店和凱悅嘉寓的歷史要悠久得多。當我們推出 Hyatt Place 時，它是在 100 多家 AmeriSuites 酒店的支持下進行的。如果你只看我們投資組合開業後的總生命週期，我們現在才剛開始看到開業超過 20 年的酒店。

It sounds crazy to say that given how much growth we've had in Hyatt Place and Hyatt House, you might forget, but that really -- we launched Hyatt Place, for example, 17 years ago. So -- but AmeriSuites were built prior to that time. So yeah, we're now starting to see that. Our competitors are in version something high, I don't know, four, five, six of the prototype that they're using for their current brands and so forth. So you've got many, many generations that stretched back into the 1980s.

考慮到我們凱悅嘉軒酒店和凱悅嘉寓酒店的成長速度，您可能會忘記，這聽起來很瘋狂，但事實上，我們在 17 年前推出了凱悅嘉軒酒店。所以——但 AmeriSuites 是在那之前建造的。是的，我們現在開始看到這一點。我們的競爭對手的版本很高，我不知道，他們目前品牌使用的原型有四、五、六，等等。所以你可以追溯到 20 世紀 80 年代，有很多很多世代。

And I think that the incidence of those hotels reaching obsolescence or maybe they are in anachronism in their current marketplace (technical difficulty) we have this level of product aging. By the way, I'm not criticizing those brands. It's just the nature of the business and also the evolution and the movement of CBD's, central business districts across many cities and towns in the United States. So we've got our eyes wide open. We're very committed to brand quality and consistency, our owners, especially in the Hyatt Place and Hyatt House category are coming to us and saying, hey, you need to hold everyone's feet to the fire because we're investing, we want everyone to invest because it's our brand equity.

我認為這些酒店已經過時，或者可能在當前市場上不合時宜（技術困難），我們的產品已經達到了這種程度的老化。順便說一句，我並不是批評這些品牌。這只是商業的本質，也是美國許多城鎮的 CBD、中央商務區的演變和移動。所以我們要睜大眼睛。我們非常致力於品牌品質和一致性，我們的業主，尤其是凱悅嘉軒酒店和凱悅嘉寓酒店類別的業主來找我們說，嘿，你需要讓每個人都努力，因為我們正在投資，我們希望每個人都投資，因為這是我們的品牌資產。

And so we're very aligned with our owner advisory group on this topic. But it is -- we're experiencing something new that we really haven't had an issue with or had to consider as much as we do today prior to this time. I hope that's helpful.

因此，我們在這個主題上與我們的業主諮詢小組非常一致。但事實是——我們正在經歷一些新的事情，在這之前我們確實沒有遇到過問題，也沒有像今天一樣需要考慮那麼多。我希望這有幫助。

Yeah. Thank you very much.

是的。非常感謝。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone. Thank you. Maybe on the inorganic side, you've obviously been very active from an M&A standpoint post your transformation. Can you just talk about the opportunity that you see there now? And maybe what the multiples that you're kind of seeing in the market? Are they still relatively depressed. Do you see deals, all that stuff? Thank you.

大家好。謝謝。也許在無機方面，從轉型後的併購角度來看，您顯然非常活躍。您能談談您現在看到的機會嗎？也許您在市場上看到的本益比是多少？他們是否還比較沮喪。你看到優惠之類的東西了嗎？謝謝。

Sure. I think the way that platform acquisitions tend to be valued, they look like a very high multiple at the inception. I think if you looked at Two Roads or at ALG -- well, ALG was also -- we bought it in the middle of COVID. So the trailing multiple was stratospheric. So you don't -- we don't underwrite on the basis of trailing as much as understanding what's ahead for each portfolio.

當然。我認為，從平台收購的估值方式來看，它們一開始的本益比看起來非常高。我想如果你看看兩條路或 ALG——嗯，ALG 也是——我們在新冠疫情期間買了它。因此，尾隨倍數非常高。所以你不會——我們不會根據追蹤和了解每個投資組合的未來進行承保。

Every portfolio has got its own dimensions and different tenor and quality of the contracts that underlie the management agreements and the franchise agreements. All of that -- excuse me, all of that is taken into account for deals that we do and deals that we don't do. And so I would say that typically, you would see a going in multiple that's significantly higher, probably double or more what you would expect to see on a run rate basis. Why? Because it takes some time to plug into loyalty programs, into other distribution channels and also to complete to the extent that it's relevant renovation programs.

每個投資組合都有自己的規模以及作為管理協議和特許經營協議基礎的合約的不同期限和品質。所有這些 - 對不起，所有這些都被考慮到我們所做的交易和我們不做的交易。因此，我想說，通常情況下，您會看到倍數明顯更高，可能是您期望在運行率基礎上看到的兩倍或更多。為什麼？因為它需要一些時間來融入忠誠度計劃、其他分銷管道以及完成相關的改造計劃。

So I would say going in multiples will look high. You really have to be careful and underwrite correctly for the growth in fee revenue and therefore EBITDA associated with these platforms to buy them down to something that's in the low double digits. Our general belief is that if we can have confidence that we end up on a glide path to a low double-digit multiple of earnings on a asset-light platform that is value accretive every day. And that -- and we currently are -- if you look at the last four acquisitions that we made, we're tracking below 10. So we're in high single digits.

所以我想說，倍數看起來會很高。您確實必須小心並正確承保費用收入的成長以及與這些平台相關的 EBITDA，才能將它們購買到低兩位數的水平。我們的普遍信念是，如果我們有信心，我們最終會在一個每天增值的輕資產平台上實現低兩位數市盈率的下滑。如果你看看我們最近進行的四次收購，我們目前的情況是，我們的收購數量低於 10 家。

So that's particularly good. And that's our design. That's what we're going to continue to focus on. We have so much white space that the other dimension that we have that others might not have as in as much capacity is to fill in a number of market tracks that we just don't have any representation in. So a lot of this that we see are places where we are way underpenetrated relative to our larger competitors.

所以說這是特別好的。這就是我們的設計。這就是我們將繼續關注的重點。我們有如此多的空白空間，以至於我們擁有其他人可能沒有那麼多容量的另一個維度，那就是填補許多我們沒有任何代表性的市場軌道。領域的滲透率還不夠。

Therefore, the idea of adding new existing properties. This is not adding necessarily new capacity in different markets or adding new capacity in markets where we have very little representation is easily absorbed and also very welcome by our loyalty members.

因此，有添加新的現有屬性的想法。這不一定是在不同市場增加新容量，也不一定是在我們代表性很少的市場增加新容量，很容易吸收，也很受我們的忠誠會員歡迎。

Helpful. Thank you.

有幫助。謝謝。

Sure.

當然。

Smedes Rose, Citi.

斯梅德斯·羅斯，花旗銀行。

Hi. Thank you. I just I wanted to ask you pro forma from your JV with Grupo Pinero. Where do you see leisure as a percent of overall demand now in the Hyatt system?

你好。謝謝。我只是想向您詢問您與 Grupo Pinero 合資企業的準備情況。您認為休閒在凱悅酒店系統中目前的整體需求中所佔的比例是多少？

I think right now, we're tracking between 50% and 55% leisure, and this will take it up a little bit. It's a 30% increase in rooms and all-inclusive. But relative to the totality, it's, let's see, about a 4% increase in our leisure rooms overall. These are hotels that trade at a lower net package revenue rate because they're 4.5 star hotels in the main. And therefore, it won't have as much as a 4% impact on our total mix.

我認為現在我們正在追蹤 50% 到 55% 的休閒時間，這會佔用一點時間。客房和全包費用增加了 30%。但相對於總數而言，我們的休閒室整體增加了 4% 左右。這些飯店的淨套餐收入率較低，因為它們主要是 4.5 星級飯店。因此，它不會對我們的整體組合產生 4% 的影響。

Thanks. And can I just ask you one more quick one. You mentioned markets in tracks where you don't have a lot of representation. Do you feel like you could potentially be an acquirer of real estate in some of those markets to get sort of jump started, if you will? Or is the system sort of big enough now that you feel like it can kind of just sort of organically grow through conversions and people coming to you and developers coming to you, et cetera?

謝謝。我可以再問你一個問題嗎？您提到了您沒有太多代表的賽道中的市場。如果您願意的話，您是否覺得您有可能成為其中一些市場的房地產收購者，以實現快速起步？或者現在這個系統是否足夠大，以至於你覺得它可以透過轉換、人們來找你、開發人員來找你等等來有機成長？

Yeah. I mean if I look back at our history, we've executed a few different acquisitions of specific hotels or groups of hotels where we felt that we had a clear pathway to reselling those hotels, but they were specifically because they were exemplary in their location. The two biggest examples I could give you -- well, the two off the top of my head that I can think of right away are the Hyatt Regency Orlando, which we purchased for over $700 million. The only convention hotel in Orlando connected to both sides of the Orange County Convention Center right in the middle of that complex. And of a quality, it was a Peabody before we bought it of a quality and a team ethos and culture that was amazing.

是的。我的意思是，如果我回顧我們的歷史，我們已經對特定酒店或酒店集團進行了幾次不同的收購，我們認為我們有明確的途徑來轉售這些酒店，但它們是特別的，因為它們在其位置上堪稱典範。我可以給你舉的兩個最大的例子——嗯，我立刻就能想到的兩個例子是奧蘭多凱悅酒店，我們以超過 7 億美元的價格購買了它。奧蘭多唯一一家與橘郡會議中心兩側相連的會議飯店，位於建築群的中間。在我們購買之前，它的品質、團隊精神和文化都令人驚嘆。

It is a family owned and run business, and the culture of the team just match beautifully with ours and the quality of the asset was really high. So we ended up having a unique opportunity. We wanted to control it. We negotiated a deal, and it was all cash. We completed due diligence in a very short period of time because we knew the hotel in the market very well.

這是一家家族擁有和經營的企業，團隊的文化與我們的文化非常匹配，而且資產的品質非常高。所以我們最終獲得了一個獨特的機會。我們想控制它。我們談妥了一筆交易，而且都是現金。我們在很短的時間內完成了盡職調查，因為我們非常了解市場上的酒店。

And as you know, we owned it for a number of years and earned a very good return on it while we owned it and then just sold it for over $1 billion. So that's one example. The second example is the Hyatt Regency in Mexico City. We have been absent, completely absent in that market. It's a top 5 MSMA in the globe -- around the globe.

如您所知，我們擁有它很多年，並在擁有它期間獲得了非常好的回報，然後以超過 10 億美元的價格出售了它。這就是一個例子。第二個例子是墨西哥城的凱悅酒店。我們一直缺席，完全缺席那個市場。它是全球排名前 5 名的 MSMA。

And we've not been present there for over 25 years. This is a hotel that's right on the Chapultepec Park in the middle of Polanco. It's like main in main. And it was a Nikko Hotel, they wanted to deal with someone that didn't need a financing contingency or anything else. We came in, completed diligence and all cash, bought the hotel for about $190 million.

我們已經 25 年沒有去過那裡了。這家飯店位於波蘭科（Polanco）中部的查普爾特佩克公園（Chapultepec Park）。這就像是主中的主。這是一家日航酒店，他們想與不需要融資或其他任何事情的人打交道。我們進來後，完成了盡職調查和所有現金，以大約 1.9 億美元的價格買下了這家酒店。

And we recently sold it a couple of -- I guess, 1.5 years ago, 2 years ago, 3 years ago, pre-COVID for like $400 million, something like that. But that's because we were able to first unlock some additional value on vacant lots that were a part of that. So that's really -- those are two examples. So the answer is yeah, if it's a unique opportunity that gets us an amazing location in a market in which we are underpenetrated, all day, we will do that as long as we have a clear path to sell. So -- and we will remain open to those ideas.

我們最近以大約 4 億美元的價格出售了一些——我猜是 1.5 年前、2 年前、3 年前，在新冠疫情之前。但那是因為我們能夠首先釋放其中一部分的空地的一些額外價值。這確實是——這只是兩個例子。所以答案是肯定的，如果這是一個獨特的機會，可以讓我們在一個我們滲透不足的市場中佔據一個令人驚嘆的位置，只要我們有明確的銷售路徑，我們就會這樣做。因此，我們將對這些想法保持開放態度。

It's not exactly what we're rushing around looking for, frankly, but they do arise from time to time, and we just have -- we're not running into ourselves in any market in the world. So we have a lot of space to grow.

坦白說，這並不完全是我們四處奔波尋找的東西，但它們確實會時不時地出現，而我們只是——我們沒有在世界上的任何市場上遇到自己。所以我們有很大的成長空間。

Great. Thank you so much.

偉大的。太感謝了。

Sure.

當然。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi. Good morning, everyone. Congrats on your quarter. I wanted to -- I'm looking at the page in your deck, where you've added quite a few brands and channels, et cetera, over the past couple of years. And I wanted to just get a sense from you, are these entirely kind of asset-free or when we say asset light, that can be -- mean a range of different things, meaning, are these entirely incremental to revenues and profits? Is there some sort of key money or other kinds of investment expectation that comes along with them? I'm just trying to sort of calibrate your earnings business as it grows going forward.

你好。大家早安。恭喜您的季度。我想——我正在查看你的平台中的頁面，在過去的幾年裡，你在其中添加了相當多的品牌和頻道等等。我想從您那裡得到一個感覺，這些是完全無資產的嗎？ 或者當我們說輕資產時，這可能意味著一系列不同的事情，意思是，這些完全是收入和利潤的增量嗎？是否有某種關鍵資金或其他類型的投資預期隨之而來？我只是想在你的獲利業務未來成長時對其進行調整。

Yeah. So yeah, there's key money that we deploy that is covered in the CapEx figures that you see in our reported figures. And so we do make investments from time to time, and we also invest sometimes in the capital stack of hotels. What you will not see, or experience is guarantees. We do have some, but they are quite small.

是的。所以，是的，我們部署的關鍵資金包含在您在我們報告的數據中看到的資本支出數據中。所以我們確實會不時進行投資，有時也會投資飯店的資本堆疊。你不會看到或體驗到的東西是保證。我們確實有一些，但它們很小。

So we don't have synthetic real estate exposure through leases. We're sort of allergic leases actually. And we don't have -- well, that's -- leases are actual real estate exposure. We don't have synthetic real estate exposure through guarantees. It's not -- I'm not saying we have zero guarantees.

因此，我們沒有透過租賃獲得綜合房地產風險。實際上，我們是一種過敏性租賃。我們沒有——好吧，就是——租賃是實際的房地產風險敞口。我們沒有透過擔保進行綜合房地產投資。這不是——我並不是說我們的保證為零。

I'm saying that they are small and they're infrequent because we have a version to operating guarantees as well. So we don't pretend that we are now asset-light while we are running around signing operating guarantees or synthetic leases to hide real estate exposure. And with respect to the investments that we have made, whether it's key money or actually helping to fund a given a hotel through a preferred interest or sometimes an equity interest, although that's very rare or occasionally some guarantees on debt repayment. They're all disclosed. So they're already in our numbers.

我是說它們很小而且很少見，因為我們也有一個運行保證的版本。因此，我們不會假裝我們現在是輕資產，而我們卻四處簽署經營擔保或合成租賃來隱藏房地產風險。就我們所做的投資而言，無論是禮金還是透過優先權益或有時是股權實際上幫助為特定酒店提供資金，儘管這種情況非常罕見或偶爾會提供一些債務償還保證。都被公開了。所以他們已經在我們的名單中了。

Got it. Okay. Thank you very much.

知道了。好的。非常感謝。

Sure.

當然。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯 (Patrick Scholes)，Truist 證券公司。

Patrick, you're speaking. You might be on mute because we can't hear you.

派崔克，你在說話。您可能處於靜音狀態，因為我們聽不到您的聲音。

Sorry. There we go. Okay. Thank you. Good morning, everyone. Going back a few questions concerning some older hotels aging out of the system. What I heard from that is that you folks could really use a sort of an upscale conversion brand perhaps equivalent to something like Hilton's DoubleTree. Is that completely out of the question? Or might it be something that you would be contemplating introducing. Thank you.

對不起。我們開始吧。好的。謝謝。大家早安。回到一些關於一些老酒店老化退出系統的問題。我從中聽到的是，你們真的可以使用高檔轉換品牌，也許相當於希爾頓逸林之類的品牌。這完全不可能嗎？或者它可能是您正在考慮引入的東西。謝謝。

Look, I learned a long time ago that you never say never. It's not something that we have chosen to pursue to date. As we look forward, of course, we're looking at the total state of our real estate -- the real estate that underlies our portfolio. So it is something that I think because of our relative penetration or distribution and because of the growth and the strength of our channels and direct channel, it's possible that we could craft something that would work for existing owners. What we don't want to do is do something that is going to be a detriment to either our brand reputation and serving the higher-end guests in each segment.

聽著，我很久以前就知道你永遠不會說永遠不會。這不是我們迄今為止選擇追求的目標。當然，當我們展望未來時，我們正在關注我們房地產的整體狀況——構成我們投資組合基礎的房地產。因此，我認為，由於我們的相對滲透或分銷，以及我們通路和直接通路的成長和實力，我們有可能打造出適合現有所有者的東西。我們不想做的事情會損害我們的品牌聲譽和為每個細分市場的高端客人提供服務。

And we also don't want to end up in a situation in which you've got something that is so -- that has (technical difficulty) kind of portfolio that you can't tell what you're going to get. So I think those are the sort of guardrails. So I would say stay tuned. We will continue to monitor and discuss this. But there's nothing that we have done to date, at least that would be in that category.

我們也不希望最終陷入這樣一種情況：你擁有這樣的東西——具有（技術難度）的投資組合，你無法告訴你會得到什麼。所以我認為這些就是護欄。所以我想說請繼續關注。我們將持續關注並討論此事。但迄今為止我們還沒有做任何事情，至少在這一類別中沒有做任何事情。

And I would say converting former Hyatt Regencies into Hyatt Places is not trivial in terms of capital to actually conform it to the brand standards of a Hyatt Place. So it's not that we haven't done any of those, but it's more typical for us to convert hotels from other brands that are closer in area programming and size and shape of rooms into Hyatt Places, which we have done. Again, not trivial, but definitely possible. So yeah, we're -- our eyes are wide open. Those other brands -- our other brand competitors have very large collections in those other brands that they convert into, including some in the upscale or lower upscale -- I'm sorry, in the mid-scale or lower mid-scale arena, I don't see us going there because it's not a market that we currently plan in.

我想說，將前凱悅酒店轉變為凱悅嘉軒酒店，從資本角度來看，要使其真正符合凱悅嘉軒酒店的品牌標準，並非易事。因此，我們並不是沒有做過任何這些事情，但對我們來說，更典型的做法是將區域規劃、房間大小和形狀更接近的其他品牌的酒店轉換為凱悅嘉軒酒店，我們已經這樣做了。再說一次，這不是微不足道的，但絕對是可能的。所以，是的，我們──我們睜大眼睛。那些其他品牌——我們的其他品牌競爭對手在他們轉換成的其他品牌中擁有非常大的系列，包括一些高檔或中低檔品牌——對不起，在中檔或中檔以下領域，我看不到我們去那裡，因為這不是我們目前計劃進入的市場。

Okay. And then a follow-up question is for you, Joan. And I apologize if you did quantify this earlier, but it sounds like there were some earnings impact from -- in the Caribbean for you folks from hurricanes. Can you give us what the EBITDA hit was and that will be something to help us going forward for 2025 when we're thinking about modeling what we're up against or what the tailwind might be? Thank you.

好的。瓊，接下來有個問題想問你。如果您之前對此進行了量化，我很抱歉，但聽起來颶風對加勒比海地區的人們的收入產生了一些影響。您能否告訴我們 EBITDA 的影響是什麼？謝謝。

Sure. In the third quarter, what I had mentioned is that we were down in the Americas for net package revPAR about 4% and that was primarily related to the hurricane activity, and that equates to for the quarter about $46 million of EBITDA.

當然。在第三季度，我提到的是，我們在美洲的淨套餐 RevPAR 下降了約 4%，這主要與颶風活動有關，這相當於該季度約 4,600 萬美元的 EBITDA。

Okay. Thank you.

好的。謝謝。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Hey, good morning. I wanted to ask you about your view of the optimal number of brands in your portfolio longer term. Do you envision keeping everything that you currently have now? Or is there a streamlining opportunity within the existing portfolio and maybe the groups you referenced, the new groups you referenced, the lifestyle and the luxury groups relate to those decisions? And then I guess just lastly, if you do see an opportunity to streamline, what are the criteria you think about to determine which of your brands wins? Thanks.

嘿，早安。我想問您對長期投資組合中最佳品牌數量的看法。您打算保留目前擁有的一切嗎？或者現有的投資組合中是否存在精簡機會，也許您提到的群體、您提到的新群體、生活方式和奢侈品群體與這些決策相關？我想最後，如果您確實看到了精簡的機會，那麼您認為確定哪個品牌獲勝的標準是什麼？謝謝。

Sure. First of all, I hope -- our goal has been to add brands that have brand equity and brand rationale unto themselves that are distinctly identifiable and can be described as offering a different type of experience than other brands that we already own. So far, knock wood. I don't think we've overlapped in terms of buying a brand that is the substantive equivalent of an existing brand. Having said that, some are small and still growing.

當然。首先，我希望——我們的目標是增加具有品牌資產和品牌基本原理的品牌，這些品牌本身俱有明顯的可識別性，並且可以描述為提供與我們已經擁有的其他品牌不同類型的體驗。到目前為止，敲敲木頭。我認為我們在購買與現有品牌實質相當的品牌方面沒有重疊。話雖如此，有些規模很小，而且仍在成長。

So we have a lot of room to grow just within our current brand portfolio. Second, we have collection brands. JdV by Hyatt is one example, destination by Hyatt is another example, Unbound Collection is another example where we have brought some third-party brands into those collections. There's a magnificent small boutique hotel brand in Scandinavia called Story -- the Story Hotels that are JdV by Hyatt. There's a magnificent small collection of very high-end resorts in Europe called 7Pines that are part of the Destination brand.

因此，僅在我們目前的品牌組合內，我們就有很大的成長空間。第二，我們有收藏品牌。 JdV by Hyatt 是一個例子，destination by Hyatt 是另一個例子，Unbound Collection 是另一個例子，我們將一些第三方品牌引入這些系列。斯堪的納維亞半島有一個宏偉的小型精品酒店品牌，名為 Story——JdV by Hyatt 的 Story Hotels。歐洲有一個非常高端的度假村，名為 7Pines，是 Destination 品牌的一部分。

So we have examples of other brands that we have brought into our collection brands, and that is neither atypical nor something that we will stop doing. So there's -- there are opportunities when we're working with mostly family or individual founders who want to continue to grow their brand equity but be affiliated. So I think that's where the primary consolidation might look like. But right now, in our business, because we have third-party owners going to them and saying, yes, you bought this brand from us and because you believed in it, and now it's going to be converted into some other brand of ours, doesn't typically work well. So that's that.

因此，我們有其他品牌的例子，我們已將其納入我們的系列品牌中，這既不是典型的，也不是我們將停止做的事情。因此，當我們與大多數希望繼續增加品牌資產但又想維持附屬關係的家族或個人創辦人合作時，就會有機會。所以我認為這就是主要整合可能的樣子。但現在，在我們的業務中，因為我們有第三方所有者去找他們說，是的，你從我們這裡購買了這個品牌，因為你相信它，現在它將被轉換成我們的其他品牌，通常效果不佳。就是這樣。

In terms of our brand evolution organizationally, yes, your point is well taken and the purpose of forming a lifestyle group and separately a luxury group is to hyperfocus on distinct customer groups that we're serving and to more with higher fidelity and more breadth and depth, personalize the experiences of those guests to our brands and have much sharper definition of each brand won by each. So that's really the goal, but it's going to be broken down so that you don't have -- when you approach Hyatt, you're not going to have a cacophony of a laundry list of brands, you're going to see collections or groups that have logic for distinct customers and guests. And that's really of doing the evolution that we're doing in our organization.

就我們的品牌組織演變而言，是的，您的觀點得到了很好的理解，形成生活方式集團和奢侈品集團的目的是高度關注我們所服務的不同客戶群體，並以更高的保真度和更廣度和範圍來提供更多服務。所以這確實是我們的目標，但它會被分解，這樣你就不會擁有——當你接近凱悅酒店時，你不會看到一大堆品牌的雜音，你會看到一系列的產品或對不同的客戶和客人有邏輯的團體。這確實是我們在組織中所進行的變革。

It's really interesting. Thank you.

這真的很有趣。謝謝。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Good morning, everybody. Thanks for squeezing me in here. I just -- Mark, just a clarification on the commentary on gross net unit growth. I think you said specifically that 6% growth excludes any conversion activity. But we know that conversions are a big part of your growth. So I kind of took that 6% growth ex sort of like big portfolio deal -- conversion deals --?

大家早安。謝謝你把我擠在這裡。我只是——馬克，只是對毛淨單位成長的評論進行澄清。我認為您明確表示 6% 的成長不包括任何轉換活動。但我們知道轉化是您成長的重要部分。所以我認為 6% 的成長有點像大型投資組合交易——轉換交易——？

If I've said that, I misspoke. I meant big portfolio deals not conversions. Conversions like run-of-the-mill conversions one by each, they are included in that number. So I apologize if I said that.

如果我這麼說，那我就說錯了。我指的是大型投資組合交易，而不是轉換。像普通轉化一樣的轉化，它們都包含在該數字中。所以，如果我這麼說，我深感抱歉。

No, I'm really happy we cleared it up. And then because other people had a second question, I'm going to throw an extra one in here if you don't mind. The first quarter pace that you gave for transient business looked really strong. I'm just curious -- if that was a revenue number. I was just curious if you could sort of suss out the pricing embedded in that? And then tell us, generally speaking, how much occupancy at this point would even be booked for that period and the visibility implied in there?

不，我真的很高興我們解決了這個問題。然後因為其他人有第二個問題，如果您不介意的話，我將在這裡再提出一個問題。您為臨時業務給出的第一季速度看起來非常強勁。我只是好奇——這是否是一個收入數字。我只是好奇你能否弄清楚其中包含的定價？然後告訴我們，一般來說，該時段的入住率有多少，以及其中隱含的能見度？

I actually don't have a good handle on what the total occupancy that's spoken for, but it's not insignificant. This is not on the basis of 5% of the business booked for leisure, especially in the all-inclusive segment, which I'm more familiar with in terms of how the forward bookings work. And the ADR composition. (technical difficulty) ADRs are flat, so it's to mostly occupancy is what I'm getting from one of my team members here. So that's the answer on that one.

事實上，我不太清楚所說的總入住率是多少，但它並不是微不足道的。這不是基於 5% 的休閒預訂業務，特別是在全包部分，我更熟悉提前預訂的運作方式。以及ADR的構成。 （技術難度）ADR 持平，所以入住率大部分是我從我的一位團隊成員那裡得到的。這就是那個問題的答案。

Great. Thanks, everybody.

偉大的。謝謝大家。

I want to just close, we didn't really talk about two things that I think are critically important. The two businesses that we are now in one case, (technical difficulty) in another case, a 50% JV -- will be a 50% JV owner once we close. Our -- I will tell you that our partners and the colleagues that we are bringing into the Hyatt family are aligned culturally and in values. And I think this was the major win that we had with ALG. I think the culture worked beautifully and my speech to all of those colleagues that became members of the Hyatt family was when culture works, everything works.

我想結束，我們並沒有真正談論我認為至關重要的兩件事。我們現在的兩家企業，在一種情況下（技術困難），在另一種情況下，是 50% 的合資企業——一旦我們關閉，將成為 50% 的合資企業所有者。我們的－我會告訴你，我們引進凱悅大家庭的合作夥伴和同事在文化和價值觀上是一致的。我認為這是我們與 ALG 的重大勝利。我認為這種文化運作得很好，我對所有成為凱悅大家庭成員的同事的演講是，當文化發揮作用時，一切都會發揮作用。

It becomes easy because it's like fluid. And when culture doesn't work, there's a zero-sum game that sneaks in and it becomes a disaster. I'm telling you that I feel as strong, if not stronger, about the standard colleagues that are coming to join the Hyatt family as well as the Bahia Principe Group, which is super professional. They started this business 50 years ago, Pablo Pinero created an amazing business from scratch and his family has carried on that legacy beautifully. And so I feel really strongly that this culture of care and the values that we share are going to position us for a fantastic success going forward.

這變得很容易，因為它就像液體一樣。當文化不起作用時，零和遊戲就會潛入，並成為一場災難。我告訴你，我對即將加入凱悅大家庭以及超級專業的巴伊亞普林西比集團的標準同事感到同樣強烈，甚至更強。他們在 50 年前開始了這項業務，Pablo Pinero 從零開始創建了一家令人驚嘆的企業，他的家族完美地繼承了這一遺產。因此，我強烈感覺到，這種關懷文化和我們共同的價值觀將使我們在未來取得巨大的成功。

So I thank you for your time. Of course, please come and experience care by visiting our properties, please. And lastly, Happy Halloween.

所以我感謝您抽出時間。當然，請您來參觀我們的酒店，體驗護理服務。最後，萬聖節快樂。

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。