Hyatt Hotels Corp (H) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Hyatt fourth-quarter and full year 2024 earnings conference call.

早安，歡迎參加凱悅 2024 年第四季和全年財報電話會議。

(Operator Instructions).

（操作員指令）。

As a reminder, this conference call is being recorded.

提醒一下，本次電話會議正在錄音。

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

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

Thank you.

謝謝。

Please go ahead.

請繼續。

Thank you and welcome to Hyatt's fourth quarter and full year 2024 earnings conference call.

感謝您並歡迎參加凱悅 2024 年第四季和全年財報電話會議。

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

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

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

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

These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K, quarterly reports on Form 10-Q and other SEC filings.

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

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

這些風險可能導致我們的實際結果與我們的評論中表達或暗示的結果有重大差異。

Forward-looking statements in the earnings release 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.

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均僅截至今天為止，不會隨著實際事件的展開而更新。

In addition, you can find a reconciliation of non-GAAP financial measures referred to in today's remarks on our Investor Relations website under the Financial section and in this morning's earnings release.

此外，您可以在我們投資者關係網站的財務部分和今天早上的收益報告中找到今天的評論中提到的非 GAAP 財務指標的對帳表。

An archive of this call will be available on our website for 90 days.

本次通話的存檔將在我們的網站上保留 90 天。

Please note that unless otherwise stated, references to occupancy, average daily rate and RevPAR reflect comparable system-wide hotels on a constant currency basis.

請注意，除非另有說明，對入住率、平均每日房價和 RevPAR 的引用均以固定匯率計算的全系統可比飯店。

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

除非另有說明，電話會議中揭露的百分比變化均以年比計算。

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

說完這些，我現在將電話轉給馬克。

Thank you, Adam.

謝謝你，亞當。

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

大家早安，感謝大家今天的參與。

Recent tragic events around the world include wildfires in the Los Angeles area and the plane crash in Washington, DC and the other in Philadelphia have affected many of our communities.

世界各地最近發生的悲劇包括洛杉磯地區的森林火災、華盛頓特區和費城的飛機失事，影響了我們的許多社區。

Our hearts go out to those affected and I want to thank the Hyatt colleagues who have cared for those in need during these difficult times.

我們向受影響的人們表示深切慰問，並要感謝在困難時期關心有需要的人的凱悅同事。

I'd like to start today's call by touching on recent transaction activity.

我想透過談最近的交易活動來開始今天的電話會議。

On Monday this week, we announced that we entered into an agreement to acquire all outstanding shares of Playa Hotel & Resorts for $13.50 per share or approximately $2.6 billion including approximately $900 million of debt net of cash.

本週一，我們宣布已達成協議，以每股 13.50 美元或約 26 億美元的價格收購 Playa Hotel & Resorts 全部流通股，其中包括約 9 億美元的債務（扣除現金）。

Hyatt is currently the beneficial owner of approximately 9.4% applied as outstanding shares.

凱悅目前持有約 9.4% 已發行股份的實際受益人。

The pending acquisition provides an opportunity for Hyatt to enter long-term management agreements for our luxury all-inclusive Hyatt Ziva and Hyatt Zilara branded properties currently owned by Playa.

此次即將進行的收購為凱悅提供了一個機會，可以對目前由 Playa 擁有的豪華全包式凱悅齊瓦 (Hyatt Ziva) 和凱悅齊拉 (Hyatt Zilara) 品牌酒店簽訂長期管理協議。

And to expand our distribution channels, including ALG vacations and Unlimited Vacation Club.

並擴大我們的分銷管道，包括ALG假期和無限假期俱樂部。

We are well poised to drive value creation through complementary business segments and strengthen our existing all-inclusive infrastructure, in Mexico and the Caribbean.

我們已做好準備，透過互補的業務部門來推動價值創造，並加強我們在墨西哥和加勒比地區現有的全包基礎設施。

We remain committed to our asset-light business model and intend to identify third-party buyers for Playa-owned properties.

我們將繼續致力於輕資產商業模式，並打算為 Playa 所擁有的房產尋找第三方買家。

At closing, we expect to announce a new commitment to realize at least $2 billion of proceeds by the end of 2027.

在交易結束時，我們預計將宣布一項新的承諾，即在 2027 年底實現至少 20 億美元的收益。

This includes existing Hyatt assets and properties currently owned by Playa.

這包括現有的凱悅資產和 Playa 目前擁有的財產。

We expect our asset-light earnings mix to exceed 90% on a pro forma basis in 2027.

我們預計，到 2027 年，我們的輕資產獲利組合將佔比超過 90%。

At closing, we expect to fund 100% of the acquisition with new debt financing and consistent with maintaining our investment-grade profile, expect to pay down over 80% of the new debt financing with anticipated proceeds from the asset sales I just mentioned.

在交易結束時，我們預計將透過新的債務融資為收購提供 100% 的資金，同時保持我們的投資等級形象，預計用我剛才提到的資產出售預期收益償還 80% 以上的新債務融資。

We're very excited about the opportunity ahead of us and look forward to sharing more details once the transaction closes.

我們對眼前的機會感到非常興奮，並期待在交易完成後分享更多細節。

We also closed on the acquisition of Standard International during the fourth quarter, and finalized the 50% long-term strategic joint venture with Hotelero Piñero to manage the Bahia Principe Hotels and Resorts.

我們也在第四季度完成了對標準國際 (Standard International) 的收購，並與 Hotelero Piñero 達成 50% 的長期策略合資協議，以管理巴伊亞普林西比酒店及度假村。

Additionally, we were active on the real estate front, selling Hyatt Regency O'Hare in Chicago, along with our share in two joint ventures, the Park Hyatt Los Cabos hotel and Residences and the Hyatt Centric Downtown Nashville.

此外，我們在房地產領域也表現活躍，出售了位於芝加哥的奧黑爾凱悅酒店，以及我們在兩家合資企業——洛斯卡沃斯柏悅酒店及住宅和納什維爾市中心凱悅尚萃酒店——的股份。

We retained long-term management or franchise agreements for each property.

我們為每個房產保留了長期的管理或特許經營協議。

We're also actively engaged in other discussions and expect to sell additional owned properties in 2025.

我們也積極參與其他討論，並預計在 2025 年出售更多自有房產。

Turning to growth. our pipeline expanded to approximately 138,000 rooms in the quarter, a new record for Hyatt and represents 9% growth when compared to the fourth quarter of 2023.

轉向增長。本季度，我們的客房數量擴大至約 138,000 間，創下了凱悅的新紀錄，與 2023 年第四季度相比增長了 9%。

Our pipeline does not include the 7,100 rooms for the Venetian Resort Las Vegas, which joined the Hyatt system in early January of 2025.

我們的計劃中不包括拉斯維加斯威尼斯人度假村的 7,100 間客房，該度假村於 2025 年 1 月初加入凱悅酒店集團。

We now have nearly 10,000 rooms in Las Vegas that are part of World of Hyatt, including over 2,500 rooms at the Rio Hotel and Casino.

目前，我們在拉斯維加斯擁有近 10,000 間屬於凱悅天地的客房，其中包括裡約酒店和賭場的 2,500 多間客房。

We achieved net rooms growth of 7.8% in 2024 delivering industry-leading growth the eighth consecutive year.

2024 年，我們的淨客房數量成長 7.8%，連續第八年實現業界領先成長。

There were several notable openings in the fourth quarter, enhancing our luxury resort and hotel offerings.

第四季度有幾家值得關注的酒店開業，增強了我們的豪華度假村和酒店產品。

These included Park Hyatt London River Thames, Grand Hyatt Delhi, Thompson Palm Springs and the addition of the standard and Bahia Principe hotels.

其中包括倫敦泰晤士河畔柏悅酒店、德里君悅酒店、棕櫚泉湯普森酒店以及新增的標準酒店和巴伊亞普林西比酒店。

We expect organic net rooms growth to meaningfully accelerate in 2025 and reflected in the outlook that we provided this morning.

我們預計有機淨客房成長將在 2025 年顯著加速，這反映在我們今天早上提供的展望中。

We kicked off the year in a big way with the of the Venetian Resort in January and through the first 45 days of the year, we have already opened 9,000 new rooms.

我們於 1 月隆重開業，開設了威尼斯人度假村，以此拉開了新年的序幕。

Now turning to operating results.

現在來談談經營業績。

Our fourth quarter results reflect the strength of our brand as we achieved several records during the quarter.

我們的第四季業績反映了我們品牌的實力，因為我們在本季創下了多項紀錄。

This morning, we reported system-wide RevPAR growth of 5% for the quarter and 4.6% for the full year.

今天上午，我們報告了本季全系統 RevPAR 成長率為 5%，全年成長率為 4.6%。

We continue to see high-end consumers prioritizing travel as RevPAR growth was strongest among our luxury brands in both the quarter and for the full year.

我們繼續看到高端消費者優先考慮旅行，因為無論是本季還是全年，RevPAR 成長都是我們奢侈品牌中最強勁的。

Leisure transient rooms revenue increased approximately 4% in the quester and for the full year, revenue increased approximately 1%.

休閒臨時客房收入在探索者中成長了約 4%，全年收入成長了約 1%。

Results were strong for resorts in the Americas over the faster period and transient pace for the first quarter of 2025 is up in the high single digits compared to the first quarter of 2024.

美洲度假村在較快時期內的業績表現強勁，與 2024 年第一季相比，2025 年第一季的瞬時速度成長了個位數。

Group rooms revenue was flat in the quarter and up 5% when adjusting for the timing of the Jewish holidays in October and the US elections in November.

本季團體客房收入持平，根據 10 月的猶太假期和 11 月的美國大選時間進行調整後，團體客房收入增加了 5%。

Looking ahead, 2025 group pace for the US full service managed properties is up 7%, compared to 2024, with average rate accounting for over half of the increase.

展望未來，2025 年美國全方位服務管理物業的集團速度將比 2024 年增長 7%，其中平均費率佔增幅的一半以上。

We expect group contribution to be strong in the first quarter, driven by the timing of Easter falling in April 2025 compared to March of 2024 and the presidential inauguration in DC in January.

我們預計第一季集團貢獻將強勁，這得益於復活節的時間在 2025 年 4 月（2024 年 3 月），並且總統就職典禮在 1 月於華盛頓特區舉行。

Business transient customers remained our strongest growth segment, delivering revenue of 10% in the quarter.

商務臨時客戶仍然是我們成長最強勁的部門，本季營收成長了 10%。

We continue to see our large corporate customers back on the road, and we experienced an increase in both demand and average rate in the quarter.

我們繼續看到我們的大型企業客戶重新上路，並且本季我們的需求和平均費率都有所增加。

Overall, business transient revenue was up 12% for the year, and this benefited major urban markets in the United States, including New York, Washington DC and Seattle.

總體而言，今年商業臨時收入成長了 12%，這惠及了紐約、華盛頓特區和西雅圖等美國主要城市市場。

World of Hyatt continues to deliver remarkable results and has fueled our commercial success.

凱悅天地繼續帶來卓越的成果並推動了我們的商業成功。

World of Hyatt membership reached a new record of approximately 54 million members at year-end, a 22% increase over last year.

截至年底，凱悅天地會員數創下新高，約 5,400 萬名，較去年同期成長 22%。

Loyalty room night penetration during the quarter set a record high, highlighting the engagement from our World of Hyatt members.

本季忠誠度客房晚數滲透率創下歷史新高，凸顯了凱悅天地會員的參與。

Spend on our co-branded credit cards increased 18% in 2024 compared to 2023.

2024 年，我們聯名信用卡的支出與 2023 年相比成長了 18%。

Our consumer card was the winner of the Kiplinger's Readers Choice Award for the Best Hotel credit card.

我們的消費卡榮獲《吉普林格》讀者選擇獎「最佳飯店信用卡」。

Our focused effort to deliver more unique experiences for our guests more frequently and in more locations helps to position Hyatt as the brand of choice.

我們致力於在更多地點、更頻繁地為賓客提供更多獨特體驗，從而將凱悅定位為賓客的首選品牌。

Before I turn it over to Joan, I'd like to spend a few minutes reflecting on Hyatt's evolution to a brand-led organization.

在把話題交給瓊之前，我想花幾分鐘時間回顧凱悅向品牌主導型組織的發展歷程。

When we launched World of Hyatt in 2017, we aspire to create a loyalty program that would build community and engage with high-end travelers.

當我們在 2017 年推出凱悅天地時，我們希望創建一個能夠建立社區並吸引高端旅行者的忠誠度計劃。

World of Hyatt was and is the foundation of our brand portfolio, and we've deliberately expanded that portfolio to meet the needs of our existing customers and to attract new members.

凱悅天地曾經是、現在仍然是我們品牌組合的基礎，我們有意擴大該組合以滿足現有客戶的需求並吸引新會員。

While growing an award-winning loyalty platform, we also took intentional steps to add brands that would complement our existing portfolio while accelerating the growth of our existing brands.

在發展屢獲殊榮的忠誠度平台的同時，我們也採取了有意措施來增加可以補充我們現有產品組合的品牌，同時加速現有品牌的成長。

We used customer insights to identify where and why our members wanted to travel and deliberately grow our portfolio of luxury resort and lifestyle hotels, while at the same time, expanding into the upper mid-scale segment.

我們利用客戶洞察來確定我們的會員想要去哪裡旅行以及為什麼想要去旅行，並有意擴大我們的豪華度假村和生活方式酒店組合，同時擴展到中高檔市場。

Since 2017, we've doubled luxury rooms, tripled resort rooms and quintupled lifestyle rooms.

自 2017 年以來，我們的豪華客房數量增加了一倍，度假客房數量增加了三倍，生活方式客房數量增加了五倍。

We also launched UrCove and Hyatt Studios, our upper mid-scale brands.

我們也推出了中高檔品牌 UrCove 和 Hyatt Studios。

At the same time, we embrace the power of a differentiated loyalty program by providing more benefits for members when many loyalty programs were taking benefits away.

同時，當許多忠誠度計劃取消福利時，我們透過為會員提供更多福利來發揮差異化忠誠度計劃的力量。

The relationship with our members is more than a transaction.

我們與會員的關係不只是一種交易。

Because when they stay the Hyatt, they welcome us into their lives, and we have always committed to caring for them so that they can be their best.

因為當他們入住凱悅酒店時，他們歡迎我們進入他們的生活，我們也始終致力於照顧他們，讓他們能夠做到最好。

We also extended care by providing our members with more ways to experience Hyatt, whether on property, or through collaborations that extended the value of their membership.

我們也透過提供會員更多體驗凱悅的方式（無論是在飯店內，或是透過合作來擴大會員價值）來延伸關懷。

While care is hard to measure, we would know we were succeeding if our membership base and engagement of our hotels increased.

儘管服務品質很難衡量，但如果我們的會員基礎和飯店參與度提高，我們就知道我們成功了。

And on these measures, we've been extremely successful.

我們在這些措施上取得了巨大的成功。

Since 2017, we have grown our loyalty membership base on average by 27% per year.

自 2017 年以來，我們的忠誠會員基礎平均每年增長 27%。

And today, our members per hotel is significantly higher than our larger competitors.

如今，我們每家酒店的會員數量明顯高於我們的大型競爭對手。

And the next step of our journey begins with our new brand groupings.

我們的下一步旅程將從新的品牌組合開始。

Luxury, lifestyle, inclusive, classics and essentials.

奢華、生活方式、包容、經典和必需品。

Our brand-led organization allows us to further elevate the focus on our guests and customers that we serve in these brand groups.

我們以品牌為主導的組織使我們能夠進一步提升對這些品牌群體所服務的客人和客戶的關注。

We're using new tools that deliver bespoke insights that will drive greater customer preference for each brand group and more loyalty to Hyatt.

我們正在使用新的工具來提供客製化的見解，從而提高客戶對每個品牌組的偏好以及對凱悅的忠誠度。

Even as we improve these abilities, we have the most white space and opportunities to grow compared to our major competitors.

即使我們提高了這些能力，與主要競爭對手相比，我們仍有最大的空白和成長機會。

We expect to continue to grow at a healthy pace with well-defined brands and organic growth from our record pipeline to serve many more stay occasions for our guests.

我們期望憑藉明確的品牌和來自我們記錄管道的有機成長繼續保持健康的發展速度，為我們的客人提供更多的住宿服務。

Our growth in luxury and lifestyle will continue to be very intentional ensuring we protect the ethos of each brand and to not just grow for the sake of growth.

我們在奢侈品和生活方式領域的成長將繼續有意識地確保我們保護每個品牌的精神，而不僅僅是為了成長而成長。

We will continue to be a leader in the all-inclusive space, with an increasing level of powerful resources driving performance.

我們將繼續成為全包領域的領導者，並透過不斷增加的強大資源來推動業績。

For Hyatt, this means much more than just the pending quote all exclusive quote, to the end of an existing brand.

對凱悅來說，這不僅意味著待定報價，還意味著所有獨家報價，以及現有品牌的終點。

It means providing a differentiated frictions with travel experience through vertically integrated channels like ALG Vacations, and UVC, while delivering the best food and beverage and entertainment offerings in the category.

這意味著透過 ALG Vacations 和 UVC 等垂直整合管道提供差異化的旅行體驗，同時提供該類別中最好的餐飲和娛樂產品。

Our classics, which includes storied brands like Grand Hyatt and Hyatt Regency and our Essentials brand group, which includes our select service brands will drive scale for Hyatt.

我們的經典品牌包括君悅酒店和凱悅酒店等著名品牌，而我們的精選品牌群包括我們的精選服務品牌，這將推動凱悅的規模化發展。

We will focus on expanding our brand footprint as we still have many more markets to serve, especially among our Essentials brands.

我們將專注於擴大我們的品牌足跡，因為我們仍有許多市場需要服務，尤其是我們的Essentials品牌。

This includes our upper midscale brands, which have great momentum with over 55 open UrCove hotels and our first Hyatt Studios hotel opening in the first quarter of this year.

其中包括我們的中高檔品牌，這些品牌發展勢頭強勁，今年第一季已開設超過 55 家 UrCove 酒店，並開設了第一家凱悅工作室酒店。

We have over 120 upper mid-scale hotels in the pipeline will fuel future growth.

我們擁有超過 120 家中高檔飯店正在籌備中，將為未來的成長提供動力。

This is a view to our future.

這是我們對未來的看法。

Differentiated offerings across distinctive brands and a highly focused approach to leveraging our loyalty program and the insights that matter the most as we serve high-end travelers across more and more of their stay occasions.

我們提供不同品牌的差異化產品，高度集中地利用我們的忠誠度計劃和最重要的洞察力，因為我們為越來越多的高端旅客提供他們喜歡的住宿體驗。

We are committed to seeing our guests and customers as individuals and extending our purpose of care, we will not use a lowest common denominator approach in any aspect of our business.

我們致力於將我們的客人和顧客視為個體，並延伸我們關懷的宗旨，我們不會在任何業務方面採用最低公分母方法。

This leads to greater loyalty and share of wallet among our members and customers at a higher average rate and at a lower cost of acquisition, driving better returns for our owners.

這使得我們的會員和客戶以更高的平均費率和更低的獲取成本獲得更高的忠誠度和錢包份額，從而為我們的業主帶來更好的回報。

Our owners realize the benefit of the Hyatt network and want to build more properties with us.

我們的業主意識到凱悅網絡的優勢並希望與我們一起建造更多的酒店。

That increases our brand footprint.

這擴大了我們的品牌影響力。

This provides more opportunities in more places for our membrane guests, driving further loyalty to Hyatt and better performance for our owners.

這為我們的會員客人提供了更多地方的更多機會，進一步提高了他們對凱悅的忠誠度並為我們的業主帶來了更好的業績。

When you put this together, we have the ability to generate significant fees per room, which increases our earnings, margins and cash flow over time serves as a powerful growth engine into the future.

將這些結合起來，我們就有能力從每個房間產生可觀的費用，從而增加我們的收入、利潤和現金流，隨著時間的推移，成為未來強大的成長引擎。

I'd like to close by expressing my gratitude to all Hyatt colleagues, including the 15,000 new colleagues from Standard and Bahia Principe who live our purpose everyday by caring for each of our stakeholders.

最後，我要向全體凱悅同事表示感謝，包括來自標準酒店和巴伊亞普林西比酒店的 15,000 名新同事，他們每天都在實踐我們的目標，關心我們的每一個利益相關者。

Joan will now provide more details on our operating results.

瓊現在將提供有關我們經營業績的更多詳細資訊。

Joan, over to you.

瓊，交給你了。

Thanks, Mark, and good morning, everyone.

謝謝，馬克，大家早安。

During the fourth quarter, system-wide RevPAR increased 5%, led by increased business and leisure transient travel.

第四季度，由於商務和休閒短途旅行的增加，全系統 RevPAR 成長了 5%。

In the United States, RevPAR increased for 3%, our strongest quarter of growth in 2024, driven by business and leisure transient travel.

在美國，RevPAR 成長了 3%，這是我們 2024 年成長最強勁的一個季度，這得益於商務和休閒短暫旅行。

RevPAR in the Americas, excluding the United States, increased approximately 9%, with business travel up over 15% in the quarter, all-inclusive properties in the Americas reported net package RevPAR up 2% to last year and had a strong festive season.

美洲地區（美國除外）的 RevPAR 成長了約 9%，其中本季商務旅遊成長了 15% 以上，美洲全包式飯店的淨套餐 RevPAR 較去年同期成長了 2%，且節慶季的業績表現強勁。

In Greater China, RevPAR was flat to last year, a significant improvement from our third quarter results.

在大中華區，RevPAR 與去年持平，較第三季的業績有顯著改善。

Domestic business transient travel benefited hotels in Mainland China during the fourth quarter, and we experienced similar trends in January 2025.

第四季度，國內商務臨時旅行使中國大陸的飯店受益，2025 年 1 月我們也經歷了類似的趨勢。

Asia Pacific, excluding Greater China, had a net quarter of strong results, with RevPAR up approximately 12%.

大中華區以外的亞太地區本季業績表現強勁，RevPAR 成長約 12%。

RevPAR in South Korea, Japan and India increased by double digits compared to last year, driven by increased international inbound travel into these markets.

受國際入境旅遊人數增加的推動，韓國、日本和印度的 RevPAR 與去年相比均實現了兩位數成長。

Europe finished an exceptionally strong year with RevPAR up 7% in the quarter.

歐洲本季取得了異常強勁的業績，RevPAR 成長了 7%。

Leisure and business transient were the primary drivers as international inbound continues to positively impact operating results in Europe.

休閒和商務瞬態是國際入境旅客持續對歐洲經營業績產生正面影響的主要驅動因素。

We reported gross fees in the quarter of $294 million, up 17%.

我們報告本季的總費用為 2.94 億美元，成長 17%。

We set a record for the highest gross fees in the quarter, driven by franchise and other fees which increased 27% due to the contribution from UVC and RevPAR growth in the United States.

我們創下了本季最高的總費用記錄，其中特許經營費和其他費用由於美國的 UVC 和 RevPAR 增長而增長了 27%。

[States] fees grew by 11%, fueled by managed RevPAR growth and fees from newly open managed hotels.

[美國] 費用增加了 11%，這得益於管理的 RevPAR 成長和新開業的管理飯店的費用。

Incentive fees were up 11% from strong contribution from all-inclusive properties in the Americas and hotels and other international markets.

由於美洲、酒店和其他國際市場的全包式物業的強勁貢獻，激勵費用上漲了 11%。

Owned and leased segment adjusted EBITDA increased by 5% when adjusted for the net impact of transactions.

經交易淨影響調整後，自有和租賃部門的調整後 EBITDA 增加了 5%。

Margins for comparable hotels increased 70 basis points in the quarter and on a full year basis, improved by 20 basis points compared to 2023.

本季可比飯店的利潤率增加了 70 個基點，全年利潤率較 2023 年增加了 20 個基點。

Our hotel teams have demonstrated strong cost discipline and a focus on productivity improvements, which has led to expanded margins despite increases in non-controllable costs.

我們的飯店團隊展現了嚴格的成本紀律並專注於提高生產力，儘管不可控成本增加，但利潤率仍有所提高。

And finally, our Distribution segment adjusted EBITDA declined by approximately $4 million when excluding the UVC transaction, lower-than-anticipated booking volumes and Hurricane Milton contributed to the decline.

最後，如果不包括 UVC 交易，我們的分銷部門調整後 EBITDA 下降了約 400 萬美元，低於預期的預訂量和颶風米爾頓導致了下降。

In total, adjusted EBITDA was $255 million in the fourth quarter, an increase of approximately 20%, excluding the net impact of asset sales compared to last year.

整體而言，第四季調整後的 EBITDA 為 2.55 億美元，不包括資產出售的淨影響，與去年相比成長約 20%。

For the full year 2024, we repurchased approximately $1.2 billion in shares as we returned excess proceeds from asset sales to shareholders.

2024 年全年，我們回購了約 12 億美元的股票，將資產出售的超額收益回饋給股東。

We have approximately $1 billion remaining under our share repurchase authorization.

我們的股票回購授權餘額還剩下約 10 億美元。

As of December 31, 2024, our balance sheet remains strong with total liquidity of approximately $2.9 billion including approximately $1.5 billion in capacity on our revolving credit facility and approximately $1.4 billion of cash, cash equivalents and short-term investments.

截至 2024 年 12 月 31 日，我們的資產負債表依然強勁，總流動性約為 29 億美元，其中包括約 15 億美元的循環信貸額度以及約 14 億美元的現金、現金等價物和短期投資。

During the quarter, we issued $600 million of senior notes, and we intend to use a portion of those proceeds to repay our notes due in April 2025 on or before their maturity.

在本季度，我們發行了 6 億美元的優先票據，我們打算使用部分收益在到期日或之前償還 2025 年 4 月到期的票據。

Now I'd like to cover our outlook for 2025.

現在我想談談我們對 2025 年的展望。

The full details can be found on page 3 of our earnings release.

完整詳情請參閱我們的收益報告第 3 頁。

As a reminder, our outlook does not include projections for acquisition or disposition connectivity beyond what has been completed as of today.

提醒一下，我們的展望不包括截至今天已完成的收購或處置連接的預測。

For the full year 2025, we expect full year system-wide RevPAR growth to be in the range of 2% to 4% compared to 2024.

就 2025 年全年而言，我們預計全系統 RevPAR 成長率將與 2024 年相比介於 2% 至 4% 之間。

We expect RevPAR in the United States to grow near the midpoint of our system-wide outlook range, driven by strong group and business transient demand.

我們預計，在強勁的團體和企業瞬時需求的推動下，美國的 RevPAR 將成長至我們全系統展望範圍的中點附近。

But expect to see a continuation of elevated levels of outbound international travel.

但預計出境國際旅遊人數將持續增加。

For Greater China, visibility remains very short term, but as we have previously noted, trends have begun to improve.

對於大中華區而言，可見性仍然非常短暫，但正如我們之前所指出的，趨勢已經開始改善。

At this point, we expect to see international outbound travel trends in 2025 that look like 2024.

目前，我們預期 2025 年的國際出境旅遊趨勢將與 2024 年類似。

However, we expect domestic travel to improve throughout the year driven by business transient.

不過，我們預計，受商務瞬息萬變的影響，全年國內旅遊業將有所改善。

We anticipate our properties in Asia Pacific, excluding Greater China, will have the strongest growth in RevPAR of any of our geographic regions as they benefit of significant international inbound travel and favorable foreign exchange rates, especially compared with the US dollar.

我們預計，亞太地區（大中華區除外）的飯店將實現所有地區中最高水準的 RevPAR 增幅，因為這些地區受益於大量國際入境旅遊和優惠的外匯匯率（尤其是與美元相比）。

While Europe is lapping very strong results in 2024, particularly in the second and third quarters from several large events, including the Olympics in Paris, we expect to see year-over-year RevPAR growth at the lower end of our range.

儘管歐洲在 2024 年的業績非常強勁，尤其是在第二季度和第三季度，包括巴黎奧運會在內的幾場大型活動都取得了不錯的成績，但我們預計 RevPAR 的同比增長將處於預期範圍的低端。

We expect net rooms growth in the range of 6% to 7%, driven by an acceleration in our organic growth.

我們預計淨客房成長率將在 6% 至 7% 之間，這得益於我們有機成長的加速。

Our outlook does not incorporate small portfolio deals, which would be accretive to our current outlook.

我們的展望並不包括小型投資組合交易，因為這將有助於我們當前的展望。

Gross fees are expected to be in the range of $1.2 billion to $1.23 billion, an 11% increase at the midpoint of our range compared to last year.

總費用預計將在 12 億美元至 12.3 億美元之間，與去年相比，以中間值增加 11%。

Our outlook includes the addition of the Standard International and Bahia Principe transactions for the full year, accounting for approximately 1/3 of our fee growth.

我們的展望包括全年增加標準國際和巴伊亞普林西比交易，這約占我們費用成長的三分之一。

Our outlook also incorporates fees from the Venetian Resort Las Vegas, which joined the Hyatt system in January.

我們的展望也考慮了拉斯維加斯威尼斯人度假村的費用，該度假村於一月份加入凱悅集團。

We earn fees based on the business that we deliver through our channel and expect fees to steadily increase over the coming years.

我們根據透過我們的管道開展的業務賺取費用，並預計未來幾年費用將穩定成長。

Adjusted G&A is expected to be in the range of $450 million to $460 million, inclusive of G&A from the Standard International and Bahia Principe transactions.

調整後的一般及行政開支預計在 4.5 億美元至 4.6 億美元之間，其中包括標準國際和巴伊亞普林西比交易的一般及行政開支。

Adjusted EBITDA is expected to be in the range of $1.1 million to $1.15 billion, an 11% increase at the midpoint of our range compared to last year when adjusting for the impact of asset sales.

調整後的 EBITDA 預計在 110 萬美元至 11.5 億美元之間，與去年相比，在調整資產出售的影響後，按區間中間值增長 11%。

Our outlook incorporates the reduction of $80 million owned and leased segment adjusted EBITDA from real estate that we sold in 2024.

我們的預期包括了 2024 年出售的房地產導致的 8000 萬美元自有和租賃部門調整後 EBITDA 減少。

Please refer to slide 14 of the investor presentation posted on our Investor Relations website this morning for the quarterly impact of real estate dispositions on 2024 results.

請參閱今天早上在我們投資者關係網站上發布的投資者簡報的第 14 張投影片，以了解房地產處置對 2024 年業績的季度影響。

For the Distribution segment, we expect growth of approximately $5 million to $10 million compared to 2024, with most of the growth expected in the fourth quarter.

對於分銷部門，我們預計與 2024 年相比將成長約 500 萬至 1,000 萬美元，其中大部分成長預計在第四季度。

Adjusted free cash flow is expected to range from $450 million to $500 million, which excludes $150 million of deferred cash taxes expected to be paid in 2025 related asset sales that took place in 2024.

調整後的自由現金流預計在 4.5 億美元至 5 億美元之間，其中不包括 2024 年發生的相關資產銷售預計於 2025 年支付的 1.5 億美元遞延現金稅。

Our capital allocation strategy remains consistent.

我們的資本配置策略保持一致。

We are committed to our investment-grade rating, identifying opportunities to invest in growth that create value for our shareholders paying a quarterly dividend and returning excess cash in the form of share repurchases.

我們致力於我們的投資等級評級，尋找投資成長的機會，為我們的股東創造價值，支付季度股息，並以股票回購的形式返還多餘的現金。

We're not providing an outlook for capital returns to shareholders at this time due to the pending transaction with Playa.

由於與 Playa 的交易尚未完成，我們目前不向股東提供資本回報前景。

However, we do expect to return capital to shareholders in 2025 beyond quarterly dividends.

然而，我們確實預計在 2025 年除了季度股息之外還將向股東返還資本。

We will provide an update over the coming months as the transaction with Playa progresses.

隨著與 Playa 的交易進展，我們將在未來幾個月內提供最新資訊。

Before closing, I'd like to highlight recent RevPAR trends.

最後，我想強調一下最近的 RevPAR 趨勢。

January started the year off strong, driven by growth in leisure transient.

受休閒旅遊成長的推動，一月開局表現強勁。

We see these trends continuing so far into February.

我們發現這些趨勢一直持續到二月。

And with the shift of the timing of the holidays that Mark mentioned earlier, we expect for the first quarter to be at or above the high end of our full year guidance range.

而且隨著馬克之前提到的假期時間的變化，我們預計第一季的業績將達到或超過全年指導範圍的高點。

As a reminder, our first quarter adjusted EBITDA results are expected to be negatively impacted by approximately $40 million due to the real estate disposition completed in 2024.

提醒一下，由於 2024 年完成的房地產處置，我們第一季的調整後 EBITDA 結果預計將受到約 4000 萬美元的負面影響。

In closing, our fourth quarter and full year results highlight the strength of our asset business model.

最後，我們的第四季和全年業績凸顯了我們的資產業務模式的實力。

Over the past year, we have successfully executed our operational, commercial and growth strategies while simplifying and streamlining our business model.

在過去的一年裡，我們成功執行了營運、商業和成長策略，同時簡化和精簡了我們的商業模式。

And as we look ahead, we remain focused on operational excellence to continue to grow our core business, while our network is expected to be enhanced by strong organic growth in 2025, benefiting all stakeholders well into the future.

展望未來，我們將繼續專注於卓越運營，繼續發展我們的核心業務，同時我們的網路預計將在 2025 年透過強勁的有機成長得到增強，從而使所有利益相關者在未來受益。

And this concludes our prepared remarks, and we're now happy to turn it over to the operator for Q&A.

我們的準備好的演講到此結束，現在我們很高興將其交給接線員進行問答。

(Operator Instructions).

（操作員指令）。

Ben Chaiken, Mizuho.

瑞穗的本‧柴肯 (Ben Chaiken)。

One question.

一個問題。

I would love to puts and takes on the -- I believe you mentioned, Mark, in the prepared remarks that you expect not to meaningfully accelerate in 2025 on an organic basis.

馬克，我相信您在準備好的發言中提到過，您預計 2025 年不會在有機基礎上顯著加速。

I guess, any way we can kind of unpack that comment?

我想，我們有什麼辦法可以解釋這個評論嗎？

And then I think last quarter, there was a conversation about elevated attrition.

然後我認為上個季度有一個關於人員流失率上升的討論。

Is this largely behind us?

這些情況基本上已經成為過去式了嗎？

Or is it still a variable that you're navigating?

或者它仍然是您正在處理的變數？

Thanks, Ben.

謝謝，本。

Net rooms growth, we don't refer to it as [nonbent] but net rooms growth outlook for this year is materially better in the composition of it.

淨客房成長，我們不稱之為[非成長]，但今年淨客房成長前景在其組成上明顯更好。

As I mentioned in my prepared remarks, we've opened 9,000 rooms in the first six weeks of the -- not quite six weeks yet of the year, and that represents about 40% of our net rooms growth for the year.

正如我在準備好的演講中提到的，我們在今年前六週（還不到六週）內開設了 9,000 間客房，這約佔今年淨客房增長的 40％。

The pipeline openings are expected to be significantly higher than last year because a number of projects got pushed from last year into this year, and a number of those are relatively larger hotels.

預計新開業酒店數量將顯著高於去年，因為許多項目從去年推遲到今年，其中許多項目都是相對較大的酒店。

And we're seeing an outlook that we published that doesn't include portfolio transactions.

我們看到，我們發布的展望中並不包括投資組合交易。

We have been very successful in conversions.

我們的轉換非常成功。

In 2023, it was around 50% of our total net rooms growth last year, about 30% this year, probably 40% to 50%.

2023年，這大約占到我們去年淨客房總數成長的50%，今年大約是30%，可能在40%到50%之間。

And I think the upside there's further upside.

我認為其上漲空間還在於進一步上漲。

First of all, we've got 40% already spoken for and the further upside from potential portfolio deals is significant.

首先，我們已經獲得了 40% 的份額，而潛在投資組合交易的進一步上漲空間巨大。

The last thing I will say is over 60% of all of our openings that we see coming out of the pipeline this year are front-loaded.

我最後要說的是，我們今年新開設的所有職位中，有 60% 以上都是前期招募。

There in the first half of the year.

上半年就在那裡。

That's very different than the profile we had last year, which is why we had slippage.

這與我們去年的情況非常不同，這就是我們下滑的原因。

So I feel really good about where we stand and the conservatism of our outlook.

因此，我對我們的現狀和保守觀點感到非常滿意。

Thank you.

謝謝。

Appreciate it.

非常感謝。

I would only also just add one other thing and that is we have taken a very, I would say, conservative and cautious approach.

我還要補充一點，那就是我們採取了非常保守和謹慎的態度。

You may have seen a number of people on the phone, I'm sure it read that an entity of the Leimer group in Germany, which is under a franchise, a number of their properties are under a franchise agreement with us under the Leimer brand, not under the [Minal] brand filed for insolvency, that's like a more keen to a chapter 11, proceeding, but the family and some third-party appointees are working through that right now.

您可能在電話中看到很多人，我確信他們讀到過，德國 Leimer 集團的一個實體，該實體擁有特許經營權，他們的許多財產都與我們簽訂了特許經營協議，屬於 Leimer 品牌，而不是 [Minal] 品牌，該品牌申請破產，這更像是第 11 章程序，但其家人和一些第三方指定人員目前正在處理此事。

But to be cautious and to be conservative, we've actually assumed within our net rooms growth outlook attrition associated with that.

但為了謹慎和保守，我們實際上已經假設了淨客房成長前景與此相關的損耗。

I think that's a very conservative approach because the nature of these processes is to work out a go-forward basis on which you can continue to operate.

我認為這是一種非常保守的方法，因為這些流程的本質是建立一個可以繼續運作的未來基礎。

And none of the hotels have stopped operating at this point.

目前，還沒有一家酒店停止營運。

Sorry, what's the size of that?

抱歉，那個的尺寸是多少？

It's pointed out somewhere I can track it down.

它指出了我可以找到它的地方。

Yes, I think it's in excess of 2,000 rooms.

是的，我認為有超過 2,000 個房間。

David Katz, Jefferies.

傑富瑞（Jefferies）的戴維·卡茨（David Katz）。

Thanks for all the detail and the follow-up with respect to the guidance.

感謝您提供的所有詳細資訊以及與指導相關的後續資訊。

I wanted to ask about your Playa deal.

我想詢問一下你們的 Playa 交易狀況。

And I don't know the degree to which you can shed some light, but it's come up in a number of conversations about it. with respect to the portfolio of brands, like the strategy of buying it and the real estate, recycling, I get it all.

我不知道您能在多大程度上闡明這一點，但是這個問題在許多對話中都出現過。關於品牌組合，如購買策略、​​房地產、回收等，我都了解。

But there's a number of other brands within that portfolio.

但該產品組合中還有許多其他品牌。

Assuming there is some strategy for dealing with those other brands, right?

假設有一些應對其他品牌的策略，對嗎？

It's a bit unusual for what we see in that context.

從我們當時所見的情況來看，這有點不尋常。

So we're really not going to be commenting on the Playa transaction or the details of it beyond what's already been released in the 8-K filing issued earlier this week or in the earnings release.

因此，我們實際上不會對 Playa 交易或其細節發表評論，除了本週早些時候發布的 8-K 文件或收益報告中已經公佈的內容之外。

The focus of our attention is really the expanded management platform, the expansion of our distribution channels, ALG -- ALG vacations and UVC that will offer our guests more seamless booking options and also more value.

我們關注的重點實際上是擴展管理平台、擴展我們的分銷管道、ALG——ALG 假期和 UVC，它們將為我們的客人提供更無縫的預訂選擇和更多價值。

And we're, I think, very well positioned to be able to drive more value creation to the properties and to owners of the properties and to Hyatt and to our guests through the complementary business segments and further optimizing our existing all-inclusive infrastructure in Mexico and the Caribbean.

我認為，我們完全有能力透過互補的業務部門為物業、業主、凱悅和我們的客人創造更多價值，並進一步優化我們在墨西哥和加勒比地區現有的全包基礎設施。

So that's really the gist of what we're focused on.

這其實就是我們關注的重點。

And beyond that, we're not going to really go into any further details until more things reveal themselves as we go through the process, which will take some months.

除此之外，我們不會真正談論任何進一步的細節，直到我們在整個過程中發現更多的事實，而這個過程將需要幾個月的時間。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

I was curious just if you could talk a little bit about the appetite for further M&A.

我很好奇，您是否可以談談進一步併購的興趣？

You've obviously been super active with your portfolio.

顯然您對自己的投資組合非常積極。

Just are things going to calm down this year and you let things digest a little bit.

今年事情會平靜下來，然後你讓事情稍微消化一下。

And then in the past, you've talked a lot about irreplaceable hotels, like when you go to this next stop of dispositions.

然後在過去，您談了很多關於不可替代的酒店，例如當您去到下一站時。

Do you still view those as irreplaceable going forward?

您是否仍然認為這些在未來仍是不可替代的？

Just trying to understand the changes in the portfolio from here.

只是想從這裡了解投資組合的變化。

Sure.

當然。

Joint answer to your first question is yes.

對你的第一個問題的共同答案是肯定的。

Things will definitely calm down, as you said.

正如你所說，事情肯定會平息的。

This was a somewhat unique opportunity with respect to Playa.

對於 Playa 來說，這是一個獨特的機會。

And otherwise, we feel really good about the brand portfolio that we currently have, and we are focusing our attention on optimization.

除此之外，我們對目前擁有的品牌組合感到非常滿意，並且我們正集中精力進行最佳化。

That's part of the rationale behind the brand organization that I mentioned in my prepared remarks.

這就是我在準備好的發言中提到的品牌組織背後的部分原理。

As to the portfolio, we do have a -- we do have a number of really extremely high-value assets in our portfolio, they are basically irreplaceable.

至於投資組合，我們的投資組合中確實有許多極高價值的資產，它們基本上是不可取代的。

It doesn't mean that they're not for sale.

這並不意味著它們不出售。

We don't have any hotels that I would consider to be off limits.

我們沒有任何我認為禁止進入的酒店。

We've got a number of hotels.

我們有多家酒店。

We are in discussions with.

我們正在討論。

We've got two with respect to which we have LOIs at the moment.

目前我們已經有兩份意向書。

We've already talked about the Hyatt at the Grand Central Station in New York and also the Andaz in Liverpool Street.

我們已經討論過紐約中央車站的凱悅酒店和利物浦街的安達仕酒店。

And we're working through those two processes.

我們正在進行這兩個流程。

And yes, it's been a couple of years since we've been discussing it, and it will take longer because they're very complicated, but they are very attractive from a value perspective and from a freeing up of capital and CapEx obligations into the future.

是的，我們討論這個問題已經有幾年了，而且由於它們非常複雜，所以需要更長的時間，但從價值角度以及釋放未來的資本和資本支出義務來看，它們非常有吸引力。

So we will continue to pursue those.

因此我們將繼續追求這些。

And in addition to those two, we are also working on others at the moment.

除了這兩個之外，我們目前還在研究其他項目。

So we will continue to look towards further sales of existing assets in our portfolio.

因此，我們將繼續尋求進一步出售我們投資組合中的現有資產。

As we said very clearly, by 2027 we very -- it is an absolute sort of plan at this point, our expectation that we're going to get to 90% fee-based earnings on a run rate basis.

正如我們非常明確地說的那樣，到 2027 年，這絕對是我們的計劃，我們預計按運行率計算，我們將獲得 90% 的費用型收益。

So that's the direction of travel.

這就是旅行的方向。

And we said last year that you can expect to see us continue to look at further disposition, and that hasn't changed.

我們去年就說過，你會看到我們繼續研究進一步的處置方式，這一點沒有改變。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

I wanted to ask just a little bit more, I guess, as you enter a period now, I've expected another kind of round of real estate sales.

我想再問一點，我想，隨著你現在進入一個時期，我預計又會出現另一輪房地產銷售。

I was hoping if you could just comment on the environment that you're seeing.

我希望您能對您所看到的環境做出評論。

And maybe specifically, and just kind of a way to comply, but just maybe speak to just the all-inclusive market sales in general.

或許具體來說，只是一種遵守的方式，但或許只是針對一般的全包市場銷售。

It's not an area that we get a lot of information on.

我們在這方面獲取的資訊並不多。

We do see some transactions and they seem like the buyer pool there is quite different from maybe a more traditional kind of legacy hotels.

我們確實看到了一些交易，那裡的買家群體似乎與更傳統的傳統酒店截然不同。

And I'm just kind of hoping you could just provide a little more color around how that could proceed and what's your willingness to buy seller financing as you look to sell down assets going forward?

我只是希望您能提供更多關於如何進行的細節，以及當您打算在未來出售資產時，您願意購買賣方融資嗎？

Thanks for the question.

謝謝你的提問。

Because of our position through the ALG acquisition and our presence in the marketplace, we are doing business with the principal large investors in very high-end all-inclusive resorts.

由於我們透過收購 ALG 所取得的地位以及我們在市場上的存在，我們正在與高端全包度假村的主要大型投資者開展業務。

So we know the market very well.

所以我們非常了解市場。

It's dominated by families, both Spanish families and Mexican families and Dominican families.

這裡主要以家庭為主，既有西班牙家庭，也有墨西哥家庭和多明尼加家庭。

So not both, all of Mexican, Dominican and Spanish.

所以不是同時擁有墨西哥人、多明尼加人和西班牙人。

So they're well known to us, personal relationships with many of the family principles and also those banks and other financial institutions both in -- well, in all three of those locales, Spain, Mexico and Caribbean are also well to us.

所以我們很了解他們，他們與許多家族負責人以及西班牙、墨西哥和加勒比地區這三個地區的銀行和其他金融機構都有良好的個人關係。

So we're in the market, we understand who's doing what to whom, what their strategies are and how they think about it.

因此，我們進入市場，了解誰對誰做了什麼，他們的策略是什麼以及他們如何看待這件事。

It is a market that's not yet institutionalized in the same volume as you see in Europe.

該市場尚未像歐洲那樣實現制度化。

In Europe, all-inclusive resorts are largely owned by institutions.

在歐洲，全包式度假村大部分由機構所有。

And we are at an inflection point in the Americas, where institutional capital, yes, including PE capital, are now entering the market and there's a pretty simple reason.

我們正處於美洲的轉折點，機構資本，包括私募股權資本，正在進入市場，原因非常簡單。

The model is very, very attractive.

這個模型非常非常有吸引力。

It's more predictable, higher margin, higher free cash flow and the durability of the model has been proven and the yields are higher so for investors.

它更可預測，利潤率更高，自由現金流更高，模型的持久性已得到證明，因此對於投資者來說收益率更高。

So there has been and there continues to be an increasing elevated level of inbound interest institutional capital into the market.

因此，流入市場的機構資本興趣已經並且將持續增加。

So we feel like we are at that inflection point.

所以我們感覺我們正處於那個轉捩點。

We've already had a few transactions that aggregate to probably maybe just under $1 billion worth of assets that have been -- that have traded hands that involve institutional capital from the United States.

我們已經進行了幾筆交易，這些交易的資產總額可能接近 10 億美元，涉及美國的機構資本。

And so we feel like the ice has been broken -- so to speak, and we're optimistic that we'll see more and more investment in these kinds of assets going forward because they're so attractive.

因此，我們感覺僵局已經打破——可以這麼說，我們樂觀地認為，未來我們將看到越來越多對此類資產的投資，因為它們非常有吸引力。

All right.

好的。

And the seller financing piece.

以及賣方融資部分。

I think you did some in the fourth quarter.

我認為你在第四季度做了一些事情。

I think it's really premature for us to comment on anything related to potential asset sales at this point.

我認為現在就對任何與潛在資產出售有關的事情發表評論還為時過早。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林 (Stephen Grambling)。

I think you referenced an 18% increase in Spain co-brand credit card.

我記得您提到過西班牙聯名信用卡成長了 18%。

I guess I'm curious, when was that contract last signed?

我想我很好奇，那份合約上次簽署是什麼時候？

And how do we think about an opportunity to drive incremental fees from this going forward?

我們如何看待未來推動增量費用的機會？

So we renewed that contract in '21, and it's a five-year contract or a five-year arrangement.

因此，我們在21年續簽了該合同，這是一份五年合約或五年協議。

So we are actively engaged in looking at alternatives as we look forward.

因此，我們正在積極尋找未來的替代方案。

And is there any kind of via reason in terms of how those did get set up or how you would think about characterizing the business now versus 2021 in terms of what is beneficial towards a co-brand partner?

就這些是如何建立起來的而言，是否有任何理由，或者您如何看待現在與 2021 年的業務特徵，以對聯合品牌合作夥伴有利的方式？

Yes.

是的。

A couple of things.

有幾件事。

One, we've doubled the number of members over the last four years.

首先，過去四年我們的會員人數增加了一倍。

Second, we are at hold.

第二，我們處於暫停狀態。

We don't have data to prove this ourselves that we have the highest spend per cardholder of any hotel co-branded credit card.

我們自己並沒有數據來證明這一點，即我們的持卡人人均消費金額是所有酒店聯名信用卡中最高的。

Third, our customer base is a customer base that is at a higher level of household income and household net worth.

第三，我們的客戶群是家庭收入、家庭淨值處於較高水準的客戶群。

So it stands to reason that there are more durable spenders.

因此，有更多消費者俱有更強的持久力也是合理的。

So I think we have a very attractive member base that is now twice as large as it was when we did our deal that's under way right now.

因此，我認為我們擁有一個非常有吸引力的會員基礎，現在的會員基礎是我們正在進行的交易時的兩倍。

And we've continued to add significantly to our luxury and our lifestyle and our resort portfolio, meaning we have many more aspirational hotels in great segments, that clientele would like to travel to.

我們繼續大幅拓展我們的奢華、生活方式和度假村組合，這意味著我們在優質領域擁有更多客戶嚮往的令人嚮往的酒店。

And I mentioned in my prepared remarks that our Luxury brands had the highest RevPAR growth in the quarter and for the year, and that's to not be lost on anyone in terms of the differentiation of our customer base.

我在準備好的演講中提到，我們的豪華品牌在本季和全年的 RevPAR 增幅最高，對於我們客戶群的差異化而言，這一點是不容忽視的。

So I think all of that is the network effect.

所以我認為這一切都是網路效應。

That's part of the network effect of card membership and activity is higher and should be reflected in any future arrangement that we make.

這是卡片會員網路效應的一部分，活動性更高，應該反映在我們未來所做的任何安排中。

Chad Beynon, Macquarie Group.

麥格理集團 Chad Beynon。

Mark, you noted some of the stats in terms of the net unit growth confidence, particularly in first half of the year.

馬克，你注意到了一些有關淨單位成長信心的統計數據，特別是今年上半年的統計數據。

But I wanted to dive into that a little bit deeper, mainly related to the 50% of your pipeline within the ASPAC region which has had some more delays than other parts of developed markets.

但我想更深入地探討這個問題，主要與亞太地區 50% 的管道有關，該區域的延遲比其他已開發市場要多。

So is it fair to say that the growth that you're seeing or the confidence that you have in the net unit growth kind of highlights better construction starts and just openings in that part of the world?

那麼，是否可以說，您所看到的成長或您對淨單位成長的信心，凸顯了該地區更好的建築開工和開業情況？

And then more importantly, as we look forward, have those construction starts picked up and that gives you more confidence as we look out beyond '25 with net unit growth?

然後更重要的是，展望未來，這些建築開工量是否有所回升？

Yes.

是的。

So I think construction portion of the portfolio that's under construction, pipeline that's under construction is about flat quarter-over-quarter.

因此，我認為投資組合中正在建造的建築部分和在建管道數量與上一季相比持平。

And so we see a steady maintenance of that level, and we expect to see that at least maintain itself if not improve over the course of this year.

因此，我們看到該水準將穩定維持，並且我們預計，今年該水準即使沒有改善，至少也能夠維持下去。

I think that two things are happening.

我認為有兩件事正在發生。

One is we will have our first Hyatt Studios opened in the first quarter.

一是我們將在第一季開設第一家凱悅工作室 (Hyatt Studios)。

And that particular market seeing is believing.

而那個特定的市場眼見為憑。

And so there's a settlement of momentum that we believe will come out of being the first one out of the ground.

因此，我們相信，這將是第一個實現這一目標的解決方案。

The UrCove activity has been extremely high, and that's our Chinese upper midscale brand.

UrCove 的活動非常頻繁，這是我們的中國中高檔品牌。

And those are conversions that adaptive reuse basically, and those happen in very short periods of time.

這些都是基本上適應性再利用的轉換，而且都是在很短的時間內發生的。

So from the time that a lease is signed, we're not the lessee, but from the time that the leases and the management agreement is signed, it takes roughly 9 or 10 months to open the hotel from scratch.

因此，從簽署租約開始，我們就不是承租人，但從簽署租約和管理協議開始，從頭到尾開設飯店大約需要 9 到 10 個月的時間。

So that tends to be a high throughput and short-term cycle time.

因此這往往意味著高吞吐量和短週期時間。

And we're optimistic actually with respect to what we're seeing in Asia at this point for openings.

事實上，我們對目前亞洲的開業情況感到樂觀。

So I think across the Board, we feel more and more constructive about openings over the course of this year.

因此，我認為，總體而言，我們對今年的開業感到越來越有建設性。

And I think that we're headed towards a better and maybe more balanced approach to promoting organic growth and realizing it.

我認為我們正在朝著更好、更平衡的方法來促進有機成長並實現它。

Okay.

好的。

And then secondly, just on the owned portfolio, I can see in the release, the impact, Joan, you mentioned $80 million from an EBITDA standpoint and the revenues are in here as well.

其次，僅就自有投資組合而言，我可以從發布中看到影響，瓊，你提到從 EBITDA 的角度來看是 8000 萬美元，收入也在這裡。

But as we think about the margins or change in the outlook of margins for the owned portfolio, '25 versus '24.

但是，當我們考慮自有投資組合的利潤率或利潤率前景的變化時，'25 與 '24 相比。

Should we expect anything to be outside of the range that you've previously provided for us?

我們是否應該預期有任何東西超出您先前為我們提供的範圍？

We've been consistently guiding to the fact that the efforts that we've undertaken to look where we can with respect to productivity improvements and managing controllable costs has yielded great returns and with an eye towards making sure that we're preserving customer service expectations from our guests.

我們始終堅信，我們在提高生產力和管理可控成本方面所做的努力已經獲得了豐厚的回報，同時也確保我們能夠滿足客人對客戶服務的期望。

So we are managing margins to be incrementally positive year-over-year.

因此，我們正在努力使利潤率逐年逐步上升。

And what you see is the portfolio structurally has changed with the asset sales.

您所看到的是，投資組合的結構隨著資產出售而改變了。

So our expectation is that we continue to deliver at least flat to incremental margins going forward despite the fact that we've got some noncontrollable expenses that we're facing with respect to insurance costs and some wage inflation in some markets.

因此，我們的預期是，儘管我們在保險成本和某些市場工資上漲方面面臨一些不可控的開支，但我們未來仍將繼續實現至少持平或增加的利潤率。

So we're managing that well and continue to expect that our margins will expand.

因此，我們管理得很好，並繼續預計我們的利潤率將會擴大。

And if I could just add quickly.

如果我可以快速補充的話。

I think for clarity, we did make a note below the table at the top of page 2 of our earnings release about the adjusted EBITDA increase in the fourth quarter of 2024, excluding asset sales.

我認為，為了清楚起見，我們確實在收益報告第 2 頁頂部的表格下方註明了 2024 年第四季度調整後的 EBITDA 增長（不包括資產出售）。

We then put 2 pages in the investor deck, which are pages 13 and 14.

然後我們在投資者簡報中放入了 2 頁，分別是第 13 頁和第 14 頁。

Page 13 demonstrates the adjusted EBITDA growth without -- sorry, taking into account asset sales and page 14 to provide all the information that should be needed to really understand this, it's broken down by quarter.

第 13 頁展示了調整後的 EBITDA 增長（抱歉，沒有考慮資產出售），第 14 頁提供了真正理解這一點所需的所有信息，它按季度細分。

So I know that there may have been some misses in terms of picking up the information.

所以我知道在獲取資訊方面可能存在一些失誤。

So I just wanted to clarify that.

所以我只是想澄清這一點。

Yes.

是的。

Those extra slides were prevented -- presented for your benefit because we've observed that some models are not picking up the distribution or the dispositions of assets and the resulting EBITDA that is -- the lost EBITDA associated with those dispositions.

我們之所以不顯示這些額外的幻燈片，是因為我們觀察到有些模型沒有考慮到資產的分配或處置以及由此產生的 EBITDA，也就是與這些處置相關的 EBITDA 損失。

Brandt Montour, Barclays.

巴克萊銀行的 Brandt Montour。

So one of your peers kind of gave an outlook on IMF that was little more -- a little downbeat just given China uncertainty that they had also had some other things going on and everyone's obviously everyone's portfolio is different when it comes to IMF.

因此，您的一位同行對 IMF 的展望有些悲觀——考慮到中國的不確定性，他們還遇到了一些其他事情，而且顯然每個人對 IMF 的投資組合都是不同的。

I was wondering if, Joan, if you could give us some of your sense on how IMF could sort of come in this year or how you're feeling about it at least given the sort of China uncertainty and especially the 1Q tough comp you have in China?

瓊，我想知道，您能否給我們談談對國際貨幣基金組織今年可能採取何種行動的看法，或者至少考慮到中國的不確定性，尤其是中國第一季的嚴峻形勢，您對此有何感想？

Sure.

當然。

The RevPAR growth that we're providing the outlook for 2025 is healthy across all markets.

我們預計 2025 年所有市場的 RevPAR 成長都將保持健康。

And it's strong considering that we've had some -- a little bit tougher comps in '24.

考慮到我們在24年遇到了一些更艱難的競爭，這是很強勁的。

But as we look at international markets, still healthy growth we're expecting, and I pointed out what we expect in Asia Pacific, excluding Greater China.

但當我們放眼國際市場時，我們預計仍將實現健康成長，我指出了我們對大中華區以外的亞太地區的預期。

So those markets deliver strong entity growth, and we expect a strong contribution from those markets this year.

因此，這些市場實現了強勁的實體成長，我們預計今年這些市場將做出強勁貢獻。

Maybe just taking a step back on your question queue.

也許只是在你的問題隊列中退一步。

When you look at our fee growth outlook and you consider the midpoint of that range, it's a healthy range and a little less than 1/3 of it is related to the acquisitions that we made in the fourth quarter.

當您查看我們的費用成長前景並考慮該範圍的中點時，這是一個健康的範圍，其中略少於 1/3 與我們在第四季度進行的收購有關。

So it's still a healthy growth rate in the high single digits at the core of our fees related to RevPAR and net rooms growth.

因此，我們與 RevPAR 和淨客房成長相關的核心費用仍然保持著高個位數的健康成長率。

So across all of our line items, based incentive franchise and fees, we're seeing healthy growth across the board in 2025 that we expect.

因此，在我們所有的項目、基於激勵特許經營權和費用中，我們預計 2025 年將全面實現健康成長。

And just one last thing I'd point out is part of our net rooms growth is the Venetian.

最後我想指出的一點是，威尼斯人是我們淨客房數量成長的一部分。

And the Venetian is a couple of hundred basis points of that net rooms growth.

威尼斯人佔了淨客房成長的幾百個基點。

And that property in particular, were earning fees on the business that we deliver.

特別是那個房產，我們從我們提供的業務中賺取了費用。

And it's a little dilutive to our algo to our fee algo, but we're seeing really great early results coming out of the business that we're delivering in just 45 days.

這對我們的費用演算法有一定的稀釋作用，但我們看到我們在短短 45 天內完成的業務取得了非常好的早期成果。

So we expect that those fees will be contributing in 2025 and will continue to grow into the future.

因此，我們預計這些費用將在 2025 年產生貢獻，並將在未來繼續成長。

So overall, we feel really good about the fee growth in 2025.

因此總體而言，我們對 2025 年的費用成長感到非常樂觀。

That's really helpful.

這真的很有幫助。

Just to make sure I understand those Venetian fees will flow through the franchise and other bucket.

只是為了確保我理解這些威尼斯費用將透過特許經營權和其他費用流出。

Correct.

正確的。

That is correct.

正確。

Alex Brignall, Redburn Atlantic.

亞歷克斯‧布里格納爾 (Alex Brignall)，雷德伯恩大西洋公司 (Redburn Atlantic)。

It really relates to the last point that you made on the Venetian and obviously point taken on the contribution it has to the wider brand value I guess my question is how that ties into underlying room growth.

這實際上與您在談論威尼斯人時提到的最後一點有關，而且顯然也涉及到它對更廣泛的品牌價值的貢獻，我的問題是，這與潛在的客房增長有何關聯。

Obviously, that's a relatively large component of the guidance that you've given.

顯然，這是您所給出的指導中相對較大的一個組成部分。

Did -- and I wonder, if we look into out years, how we should think about the contribution of incremental deals within your expectations for room growth and whether they are likely to be dilutive to fees as the division as of slightly.

我想知道，如果我們展望未來幾年，我們應該如何看待增量交易在您對房間增長的預期中的貢獻，以及它們是否可能對費用產生輕微稀釋作用。

Sure.

當然。

So when we look at every single portfolio deal or individual assets, there's obviously underwrite new deals, every single deal that requires on a portfolio basis.

因此，當我們審視每項投資組合交易或單項資產時，顯然都會有承銷新交易，每一筆交易都需要以投資組合為基礎。

But we look across those individual deals and the fees per room that they contribute.

但我們會仔細查看這些單獨的交易以及它們所承擔的每間客房的費用。

And so overall, we've got higher fees per room across the industry because of the quality of our contracts and the quality of our assets, frankly, and our performance.

因此，總體而言，由於我們的合約品質、資產品質和業績表現，我們在整個行業中每間客房的費用都較高。

So it's important to point out, yes, the Venetian has fees that for the contract are contributing based on the amount of business that we provide.

因此，需要指出的是，威尼斯人收取的合約費用是根據我們提供的業務量來繳納的。

So it's a little bit lower than our overall fees per room.

因此，它比我們每個房間的總費用要低一點。

And then I'd point out that another big transaction that we did, the Bahia Principe deal has fees per room that are above on a stabilized basis, our averages.

然後我想指出的是，我們進行的另一筆大交易，巴伊亞普林西比交易的每間客房費用在穩定的基礎上高於我們的平均水平。

So this all averages out and we are constantly looking at our fees per room to make sure we're still delivering that quality value overall for the portfolio as we look at different portfolio deals, whether organic or inorganic growth.

所以這一切都是平均的，我們不斷關注每個房間的費用，以確保我們在考慮不同的投資組合交易（無論是有機增長還是無機增長）時仍然為投資組合提供整體的優質價值。

And I would say, it is providing great interest and is attractive to our World of Hyatt members and corporate customers because our group sales system is engaging with them both from Venetian and the Rio in Vegas, but it's a unique deal.

我想說的是，它引起了極大的興趣，對我們的凱悅天地會員和企業客戶來說很有吸引力，因為我們的團體銷售系統正在與威尼斯人和拉斯維加斯里約酒店的他們進行互動，但這是一項獨特的交易。

And an exciting for us.

這對我們來說是一件令人興奮的事。

That's fantastic.

太棒了。

I guess as a quick follow-up, I might ask -- in terms of the comment you made on an acceleration in underlying unit growth, if I kind of just look at the signings trajectory, it looks relatively similar on underlying basis ex some of these bolt-ons '24 relative to '23.

我想作為一個快速的跟進，我可能會問 - 就您對基礎單位增長加速的評論而言，如果我只是看一下簽約軌跡，它在基礎基礎上看起來相對相似，例如'24 年相對於'23 年的一些附加組件。

I may have done just terrible maths on that.

我可能只是做錯了什麼數學題。

So excuse it if I have.

如果有的話，請原諒。

So how would I -- in terms of the underlying net unit growth accelerating, what would be the fair way to think about it for outer years after this?

那麼，就基礎淨單位成長加速而言，我該如何合理地看待此後幾年的情況？

Should it be kind of the underlying growth that you've done ex the bolt-ons and then we got more bolt-ons?

這是否應該是您之前在附加元件方面所做的潛在成長，然後我們得到了更多的附加元件？

Or should that number grow exclusive of anything incremental that you would bolt on?

或者說，這個數字是否應該在不包括您要添加的任何增量的情況下增長？

The latter.

後者。

Really, what's happening is we're seeing signings maintain and have further momentum.

事實上，我們看到簽約情況持續保持並有進一步的動力。

We've got new upper mid-scale brand introductions that I think will drive a lot more signings in this year.

我們推出了新的中高端品牌，我認為這將在今年帶來更多的簽約。

So I think the signings base is going to be -- continue to be strong, but also the openings out of our pipeline will continue to expand.

因此，我認為簽約基礎將會繼續保持強勁，而且我們通路中的空缺也將繼續擴大。

Last year was an unusual year for openings out of the pipeline, unusually low.

去年是一個不尋常的一年，新職缺的數量異常低。

Part of that was hotels got up pushed.

其中一部分原因是旅館業的發展。

So I think we're at where we have, I think, more -- both more visibility in the near term and also more confidence that we're going to see the mix change.

因此，我認為我們現在擁有的不僅僅是短期內的更高可見性，還有我們將看到組合變化的更多信心。

It will be increasingly organic.

它將變得越來越有機。

And the top up, as you described it or the ad, the increment will come from portfolio transactions.

正如您或廣告中所描述的那樣，增量將來自投資組合交易。

Michael Bellisario, Baird.

邁克爾·貝裡薩裡奧，貝爾德。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Just on this Liner uncertainty, is there an opportunity for you to invest there, maybe by the brand or the real estate just trying to think about alternative -- outcomes.

針對 Liner 的這種不確定性，您是否有機會在那裡進行投資，也許是透過品牌或房地產，只是想嘗試其他選擇的結果。

And then also just a quick follow-up on FX.

然後也只是對 FX 進行快速跟進。

What impact are you assuming in your EBITDA look for '25?

您認為 25 年 EBITDA 會產生什麼影響？

On the first one, I think there are many options that will reveal themselves.

關於第一個問題，我認為會有很多選擇。

We're not in control of the situation, but we are very closely tied to the family members and advisors that are working on it.

我們無法控制局勢，但我們與致力於此事的家庭成員和顧問保持密切聯繫。

So yes, what you described are in the realm of possibility.

是的，您所描述的都是有可能發生的。

And you can imagine, we are invasive and have a lot of history in identifying great real estate partners, but also I would say, bespoke structures that will allow us to play a part, but that remains to be seen.

你可以想像，我們具有侵略性，在尋找優秀的房地產合作夥伴方面有著豐富的經驗，但我也想說，客製化的結構可以讓我們發揮作用，但這還有待觀察。

Michael, the FX impact for us expected into 2025 is really incrementally positive as we look at our results and fee expectations or our outlook in Mexico and other markets around and around the world, there is a little bit of an impact, but it is really not material to our overall outlook.

邁克爾，預計到 2025 年，外匯對我們造成的影響確實會逐漸呈現積極趨勢，因為從我們的業績和費用預期，或者我們在墨西哥以及世界各地其他市場的前景來看，雖然會有一點影響，但對我們的整體前景來說並不重要。

Nothing to call out with respect to our fee expectations related to FX at this point.

目前，對於外匯相關的費用預期，沒有什麼值得注意的。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

This is Peter on for Duane.

這是彼得 (Peter)，代替杜安 (Duane)。

So you mentioned BT was up 10% in the fourth quarter.

所以您提到 BT 在第四季度上漲了 10%。

Leisure looks strong as well, group was flat.

休閒看起來也強勁，團體則持平。

I know there's some calendar shift noise in there, but could you just expand on your broad expectations for each of those demand segments and how they fit into the 2% to 4% RevPAR guide for 2025?

我知道這其中存在一些日曆變化噪音，但您能否詳細說明一下對每個需求細分市場的廣泛預期，以及它們如何適應 2025 年 2% 至 4% 的 RevPAR 指南？

Sure.

當然。

Absolutely right.

完全正確。

You picked up all of those metrics from our prepared remarks.

您從我們準備好的評論中獲得了所有這些指標。

And as we look ahead, group has really been strong.

展望未來，我們集團確實十分強大。

We ended the year with record production levels going into -- for all periods in the future.

我們以創紀錄的生產水準結束了這一年，並創下了未來所有時期的生產水準。

So we're looking at a 7% group pace in the US in 2025, which is a really strong position to be in.

因此，我們預計 2025 年美國的集團步伐將達到 7%，這是一個非常強勁的地位。

And that's coming from both rate and demand occupancy.

這是從費率和需求佔用率兩個方面得出的。

So we're -- that growth is -- continues to be healthy.

因此，我們的成長勢頭持續健康。

On the business transient side, we're seeing momentum as well going into the first quarter.

從業務瞬態來看，我們也看到第一季的成長動能。

January was off to a good start and leisure has been very strong as well in the start of the year going into the quarter.

一月開局良好，年初至本季，休閒業務也表現強勁。

So I would say, overall, it's a continuation of trends with grouping really healthy business being -- continuing the momentum and leisure sustaining.

因此，我想說，總的來說，這是一種趨勢的延續，真正健康的商業模式能夠繼續保持這種勢頭，休閒活動也能夠持續下去。

Yes.

是的。

I would just point out two things that might be useful additionally.

我只想指出另外兩件可能有用的事。

Corporate group has been growing at a much higher rate than association and part of that is rate driven, which is why we're seeing rates continue to expand and that's true for what we realized in 2024, but also what our outlook and pace looks like into 2025.

企業集團的成長速度遠高於協會，部分原因是利率驅動，這就是我們看到利率持續上升的原因，這對我們在 2024 年實現的目標是正確的，也是我們對 2025 年的展望和步伐是正確的。

And secondly, I'm really encouraged to see that we've got relatively balanced.

其次，我很高興看到我們已經相對平衡了。

I mean, the two sectors on the BT side, the business transient side, IT and banking and finance are up over 20% in 2024 versus 2023.

我的意思是，BT 方面的兩個行業，即業務瞬時方面、IT 和銀行及金融，到 2024 年將比 2023 年增長 20% 以上。

But we also have consulting in pharma that are also in the double digits.

但我們在製藥領域的諮詢業務也達到了兩位數。

So it's not like one sector lowing the doors off and everything else is flat down.

因此，這並不意味著一個部門的門一關，其他部門就都平了。

It's actually relatively well spread in these sectors are our top sectors, and they are also the biggest travel spenders.

實際上，這些產業的分佈相對較好，它們是我們的主要產業，也是最大的旅遊消費群體。

So the breadth of the market, so to speak, if you want to put it in stock market terms is really healthy and very exciting to see our large corporate clientele which is really our core base of BT back on the road in significant measure.

因此，如果用股票市場術語來說，市場的廣度確實非常健康，而且很高興看到我們的大型企業客戶群（實際上是 BT 的核心基礎）在很大程度上重新走上正軌。

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

I guess at your Capital Market Day in 2023, you said in 2025, you'd be doing $1.2 billion of EBITDA, and that would translate into $750 million of free cash flow.

我想，在 2023 年的資本市場日上，您說過，2025 年您的 EBITDA 將達到 12 億美元，這將轉化為 7.5 億美元的自由現金流。

You obviously lost a bit of the EBITDA due to the disposals, but you've lost nearly $300 million of that free cash flow.

顯然，由於處置，你損失了一部分 EBITDA，但你已經損失了近 3 億美元的自由現金流。

Just trying to understand that bridge.

只是想了解那座橋。

And is that $750 million number maybe a number we can expect in '26.

7.5 億美元是我們 26 年可以預期的數字嗎？

Is that going back?

這樣還能回去嗎？

Thanks, Richard.

謝謝，理查。

There's a couple of drivers between what we presented at Investor Day and where we are now in 2025.

我們在投資者日展示的內容和我們現在的 2025 年目標之間存在一些驅動因素。

And you pointed out a very important one, which is we excelled at asset sales beyond what we anticipated back in 2023.

您指出了非常重要的一點，那就是我們的資產銷售表現超出了我們在 2023 年的預期。

So that's a big driver of the change.

所以這是改變的一個重要推動力。

Another driver is the RevPAR ranges that we provided.

另一個驅動因素是我們提供的 RevPAR 範圍。

Clearly, we were emerging from the pandemic, and we provided pretty wide ranges, 3% to 7%.

顯然，我們正在擺脫疫情，我們提供了相當寬的範圍，3%到7%。

And so where we've come in, in the last two years that compounded growth rate since 2023, while 2023 was a little bit better than we had provided at Investor Day, '24 and what we're seeing for '25 is towards the lower end of the range.

因此，我們在過去兩年中看到的是，自 2023 年以來，複合成長率有所提高，而 2023 年的成長率比我們在投資者日提供的數據要好一些，24 年的成長率則略高，而我們對 25 年的預期則接近該範圍的低端。

So those two are -- all components of the difference.

所以這兩者——都是差異的組成部分。

And then there is a couple that I would just point out.

還有幾點我想指出。

With respect to our interest expense expectations, we've taken on a little bit more debt than we anticipated back at Investor Day.

就我們的利息支出預期而言，我們承擔的債務比投資者日預期的要多一點。

We feel really good about our execution in the debt capital markets.

我們對自己在債務資本市場的表現感到非常滿意。

So we're getting our new debt at very good rates but a little bit higher than what we had anticipated.

因此，我們以非常好的利率獲得新債務，但利率略高於我們的預期。

And then finally, while our CapEx is coming down significantly, it's not quite at the levels that we had anticipated at Investor Day for two major reasons.

最後，雖然我們的資本支出大幅下降，但由於兩個主要原因，尚未達到我們在投資者日預期的水平。

We're providing some incremental investments towards some important strategic technology both in our ALGV business and in our management business.

我們正在對 ALGV 業務和管理業務中的一些重要策略技術進行一些增量投資。

So there's a little bit of CapEx related to those estimates.

因此，這些估計與一點資本支出有關。

And then we're making a couple of strategic investments into our own portfolio really to position assets through the building systems work and some ROI projects.

然後，我們對自己的投資組合進行一些策略性投資，真正透過建築系統工作和一些投資回報項目來定位資產。

So those are the four items that bridge you, which is the sold EBITDA, the lower RevPAR expectations, a little higher interest expense, a little higher CapEx.

因此，這四個因素將幫助您實現目標，即銷售 EBITDA、較低的 RevPAR 預期、稍高的利息支出、稍高的資本支出。

We do anticipate that our free cash flow will be increasing our asset-light mix in '25 is over 80%.

我們確實預計，我們的自由現金流將使我們的輕資產組合在'25年增加80%以上。

So it's going to continue to grow, and we'll keep you posted with respect to the specific number as we proceed through this year and look at 2026.

所以它將繼續成長，我們將在今年和 2026 年向您通報具體數字。

Yes.

是的。

I would just add one quick thing on the point that Joan made about the incremental investment in some of our assets.

關於瓊提到的對我們的部分資產進行增量投資的問題，我只想補充一點。

It's really designed to optimize and maximize the potential on sale and for some other investments in relation to existing third-party owned desk for -- in return for enhanced management agreement terms.

它的真正目的是優化和最大化銷售潛力以及與現有第三方擁有的服務台相關的一些其他投資——以換取增強的管理協議條款。

We've also provided some support that we had previously reported on with some of our major REIT owners.

我們也向一些主要房地產投資信託基金 (REIT) 所有者提供了一些先前報告過的支援。

So those are the things that are, I think, having a short term but not a continuous.

所以我認為，這些事情都是短期的，但不是持續的。

It's not a run rate issue impact on our cash flow for the year.

運行率問題不會對我們全年的現金流產生影響。

Patrick Scholes, Truist Securities.

Truist Securities 的 Patrick Scholes。

Most of my questions have been asked, but I wonder if we can just step back a little bit and talk about the fourth quarter.

我的大部分問題都已經被問過了，但我想知道我們是否可以稍微回顧一下並討論第四季度。

Quite a few of the high-level KPIs, RevPAR, package RevPAR above expectations, yet EBITDA guide missed guidance -- the only thing I heard in the prepared remarks might have been [ from 13 ] timing of asset sales.

相當多的高級 KPI，RevPAR，都高於預期，但 EBITDA 指南卻沒有達到預期——我在準備好的評論中聽到的唯一事情可能是[來自 13]資產出售的時機。

It looks like at least versus my numbers and some other distribution which could have been from the hurricane and other revenues and G&A expenses.

看起來至少與我的數字以及可能來自颶風和其他收入及一般行政費用的一些其他分佈相比。

Can you just talk about what's -- in your view, drove the earnings?

您能否談談您認為推動獲利的因素是什麼？

Sure, Patrick.

當然，派崔克。

You hit on the points.

您說到點上了。

I would just like we had some onetime G&A costs, bad debt reserves that we decided to take in the fourth quarter when you consider our outlook for next year for '25 in relation to G&A, got a very modest growth rate when you consider inflation and adding some standard G&A and Bahia Principe G&A.

我只是希望我們有一些一次性的 G&A 成本、壞帳準備金，當您考慮我們對明年 25 年 G&A 的展望時，我們決定在第四季度使用這些成本和壞帳準備金，當您考慮通貨膨脹並增加一些標準 G&A 和巴伊亞普林西比 G&A 時，增長率非常溫和。

So those amounts are onetime in 2024 with the choice that we decided to make at the end of the fourth quarter.

因此，這些金額是 2024 年的一次性金額，這是我們在第四季末決定做出的選擇。

And yes, the distribution business was a bit lower that was onetime events from the hurricane was partially contributing to that.

是的，分銷業務確實略有下降，這是因為颶風造成的一次性事件。

And then some lower bookings that we saw, our business has been healthy in net package RevPAR but some of the lower chain scales that the ALG vacations distribution business serves were a little bit lower than we had anticipated.

然後我們看到一些較低的預訂量，我們的淨套餐 RevPAR 業務一直很健康，但 ALG 假期分銷業務服務的一些較低連鎖規模比我們預期的要低一些。

So those were the main two drivers of the EBITDA is because we had really terrific fee growth in the quarter that was frankly ahead of our expectations and as a result of really strong demand that we're seeing globally.

因此，這是 EBITDA 的兩個主要驅動因素，因為我們本季的費用成長非常出色，坦白說，這超出了我們的預期，也是我們看到全球需求非常強勁的結果。

Okay.

好的。

Just a follow-up on the ALG Vacation bookings.

這只是對 ALG 假期預訂的後續追蹤。

Is that going to flow through to this year in your numbers?

根據你的數據，這個數字會延續到今年嗎？

And what has been the trend so far this year with those achieved patient bookings?

今年到目前為止患者預約的趨勢如何？

Yes, it's a little bit better, but I would anticipate for modeling purposes, flat to incrementally positive in 2025 as part of our EBITDA outlook for the distribution segment.

是的，情況稍微好一些，但出於建模目的，我預計到 2025 年，作為分銷部門 EBITDA 前景的一部分，情況將持平至逐步轉為正值。

So thank you all for your time this morning.

非常感謝大家今天早上抽出時間。

We appreciate your interest in Hyatt and look forward to welcoming you to our hotels and resorts, so you can experience the power of our care firsthand.

我們感謝您對凱悅的關注，並期待您入住我們的酒店和度假村，以便您可以親身體驗我們服務的力量。

I wish you a great day ahead.

祝您有個愉快的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, and have a wonderful day.

感謝您的參與，祝您有美好的一天。

You may all disconnect.

你們都可以斷開連線。