Hyatt Hotels Corp (H) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Hyatt first-quarter 2025 earnings conference call. (Operator instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加凱悅 2025 年第一季財報電話會議。（操作員指示）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 SG&A. Thank you. Please go ahead.

現在，我想將電話轉給投資者關係和全球銷售、一般及行政管理高級副總裁 Adam Rohman。謝謝。請繼續。

Thank you, and welcome to Hyatt's first-quarter 2025 earnings conference call. Joining me on today's call are Mark Hoplamazian, Hyatt's President and Chief Executive Officer; and Joan Bottarini, Hyatt's Chief Financial Officer.

謝謝，歡迎參加凱悅 2025 年第一季財報電話會議。參加今天電話會議的還有凱悅酒店總裁兼執行長 Mark Hoplamazian；以及凱悅財務長 Joan Bottarini。

Before we start the call, 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.

在我們開始電話會議之前，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。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. 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 under the Financials section of our Investor Relations website and in this morning's earnings release.

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。我們今天發布的收益報告以及本次電話會議的評論中的前瞻性陳述僅截至今天為止，不會隨著實際事件的展開而更新。此外，您還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. Additionally, we posted an investor presentation containing supplemental information on our Investor Relations website this morning. Please note that unless otherwise stated, references to occupancy, average daily rate and RevPAR reflect 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.

本次通話的存檔將在我們的網站上保留 90 天。此外，我們今天早上在投資者關係網站上發布了一份包含補充資訊的投資者介紹。請注意，除非另有說明，入住率、平均每日房價和 RevPAR 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. Good morning, everyone, and thank you for joining us today. I'm very proud of our many accomplishments in the first quarter, including strong RevPAR and adjusted EBITDA growth, the introduction of the Hyatt Select brand and being selected to the 100 best companies to work for annual list of US companies according to Fortune and Great Places To Work for the 12th consecutive year.

謝謝你，亞當。大家早安，感謝大家今天加入我們。我對我們在第一季度取得的許多成就感到非常自豪，包括強勁的 RevPAR 和調整後的 EBITDA 增長、凱悅精選品牌的推出，以及連續第 12 年入選《財富》雜誌和“最佳工作場所”雜誌評選的美國 100 家最佳雇主年度榜單。

While we began to experience greater macro uncertainty during the first quarter, we delivered great results because of our durable asset-light business model and Hyatt's culture of care. Before I comment on our results, I'd like to provide a brief update on the Playa transaction. On April 28, we extended the tender offer period until May 23, 2025, at which time we will evaluate if all closing conditions are met.

雖然我們在第一季開始經歷更大的宏觀不確定性，但由於我們持久的輕資產業務模式和凱悅的關懷文化，我們取得了出色的業績。在對我們的結果發表評論之前，我想簡要介紹一下 Playa 交易的最新情況。4 月 28 日，我們將要約收購期限延長至 2025 年 5 月 23 日，屆時我們將評估所有成交條件是否已滿足。

We continue to advance discussions for the sale of Playa's real estate and expect to be in a position to enter into an agreement to sell the real estate in the near future. We will continue to provide updates on all aspects of the Playa transaction as we have additional information to share.

我們繼續推進有關 Playa 房地產出售的討論，並期望能夠在不久的將來達成出售房地產的協議。隨著我們有更多資訊可以分享，我們將繼續提供有關 Playa 交易各個方面的最新資訊。

We're also making progress to sell several of our owned properties, including one that is under a signed PSA, two that are under a letter of intent and three hotels in a formal marketing process. We remain under contract for the sales of Hyatt Grand Central New York and Andaz London Liverpool Street, but do not expect either of those transactions to close this year. We will continue to share additional updates as these transactions progress, and consistent with the past statements, expect that we will continue to reduce our ownership of hotels.

我們在出售旗下多處房產方面也取得了進展，其中包括一處已簽署 PSA 的房產、兩處已簽署意向書的房產以及三處處於正式營銷流程中的酒店。我們仍與紐約中央凱悅酒店和倫敦利物浦街安達仕酒店簽訂了銷售合同，但預計這兩筆交易都不會在今年完成。隨著這些交易的進展，我們將繼續分享更多更新信息，並且與過去的聲明一致，預計我們將繼續減少對酒店的所有權。

Turning to growth, we were very busy on the development front and ended the quarter with a pipeline of approximately 138,000 rooms, a 7% increase over last year. New signings replaced the rooms that opened during the quarter, and development interest in our brands remains very strong. We signed several exciting projects during the quarter, including the Park Hyatt Taormina in Italy, the Grand Hyatt Shiwalik Hills in India and a Hyatt Centric in downtown Cincinnati to name a few. We are encouraged by the continued deal flow that we expect will translate to greater signings and expansion of our pipeline.

談到成長，我們在開發方面非常忙碌，本季結束時，飯店客房數量約為 138,000 間，比去年同期成長了 7%。新簽約的客房取代了本季開業的客房，並且對我們品牌的發展興趣仍然非常強烈。我們在本季簽署了幾個令人興奮的項目，包括義大利的陶爾米納柏悅酒店、印度的西瓦利克山君悅酒店和辛辛那提市中心的凱悅尚萃酒店等等。我們對持續的交易流感到鼓舞，我們預計這將轉化為更多的簽約和擴大我們的管道。

We achieved net rooms growth of 10.5% during the quarter. We welcomed the Venetian Resort Las Vegas in January, and we are thrilled for our World of Hyatt members and group customers to experience these hotels on the Las Vegas Strip. Other notable full service openings during the quarter included Andaz Doha and Hyatt Regency Bangkok airport's.

本季度，我們實現了 10.5% 的淨客房成長率。我們於一月份迎來了拉斯維加斯威尼斯人度假村，我們很高興我們的凱悅天地會員和團體客戶能夠在拉斯維加斯大道上體驗這些酒店。本季其他值得關注的全方位服務酒店開幕包括多哈安達仕酒店和曼谷機場凱悅酒店。

In February, we opened the first Hyatt Studios Hotel in Mobile, Alabama. Hyatt Studios Mobile Tillmans Corner is off to an impressive start including strong bookings through Hyatt direct channels and great feedback from guests and developers. We are excited about the future growth of Hyatt Studios and the momentum we are building to expand our brand presence in the upper mid-scale segment in the United States.

二月，我們在阿拉巴馬州莫比爾開設了第一家凱悅影城酒店。Hyatt Studios Mobile Tillmans Corner 開局不錯，透過凱悅直接管道預訂量很大，客人和開發商的回饋也很好。我們對凱悅工作室的未來發展以及我們在美國中高檔酒店市場擴大品牌影響力的勢頭感到興奮。

We expect to further accelerate our upper midscale segment growth in the United States with the introduction of our newest brand, Hyatt Select, an upper mid-scale transient conversion brand, which we announced earlier this year. The brand expands Hyatt's offerings to travelers seeking shorter stays in secondary and tertiary markets. The Hyatt Select brand is flexible for both new builds and conversions designed to deliver attractive returns for owners and offers an opportunity for us to expand our owner network.

我們預計，透過推出我們的最​​新品牌「凱悅精選」（Hyatt Select），一個我們在今年稍早宣布的中高端短期轉換品牌，我們將進一步加速我們在美國中高端酒店市場的成長。該品牌擴大了凱悅為尋求在二級和三級市場短期住宿的旅客提供的服務。凱悅精選品牌對於新建和改建酒店都具有靈活性，旨在為業主帶來豐厚的回報，並為我們擴大業主網絡提供了機會。

As you will recall, during our 2023 Investor Day, we discussed the opportunity to grow our domestic brand footprint, especially in suburban, interstate and small metro markets, and we believe Hyatt Select, along with Hyatt Studios are the perfect brands for growth in these markets. There's strong interest in the Hyatt Select brand from owners who are looking for conversion opportunities and access the Hyatt's powerful commercial platform, especially in markets where Hyatt has significant white space for growth. We are very excited about the potential of this brand and the opportunity to provide more options for our members and guests in new markets.

您可能還記得，在 2023 年投資者日期間，我們討論了擴大國內品牌影響力的機會，尤其是在郊區、州際和小型都市市場，我們相信凱悅精選和凱悅工作室是這些市場成長的完美品牌。尋求轉型機會並進入凱悅強大商業平台的業主對凱悅精選品牌表現出濃厚興趣，尤其是在凱悅擁有巨大成長空間的市場。我們對這個品牌的潛力以及在新市場為我們的會員和客人提供更多選擇的機會感到非常興奮。

Now turning to operating results. This morning, we reported system-wide RevPAR growth of 5.7% for the quarter, which was positively impacted by the shift of Easter from the first quarter in 2024 to the second quarter in 2025. RevPAR growth was strongest among our luxury brands, in line with the trends that we have seen over the last two years as high-end consumers continue to prioritize travel.

現在談談經營業績。今天上午，我們報告本季全系統 RevPAR 成長了 5.7%，這受到復活節從 2024 年第一季移至 2025 年第二季的正面影響。在我們的豪華品牌中，RevPAR 的成長最為強勁，這與過去兩年我們看到的高端消費者繼續優先考慮旅行的趨勢一致。

Leisure transient RevPAR was flat to last year, reflecting the shift of Easter and increased approximately 4% across our luxury brands. We also saw solid results across our all-inclusive resorts in the Americas as net package RevPAR was up over 4%, compared to the first quarter of 2024. Business transient RevPAR grew 12% in the quarter, driven by our large corporate customers and group RevPAR increased 9% in the quarter as the timing of Easter positively impacted both customer segments.

休閒短程飯店的 RevPAR 與去年持平，反映了復活節的變化，而我們所有豪華品牌的 RevPAR 均成長了約 4%。與 2024 年第一季相比，我們在美洲的全包式度假村也取得了穩健的業績，淨套餐 RevPAR 成長了 4% 以上。本季度，商務臨時 RevPAR 成長了 12%，這得益於我們的大型企業客戶，而團體 RevPAR 則因復活節的時間對兩個客戶群體都產生了積極影響而增長了 9%。

Our strong brand portfolio and growth into new markets and customer segments is clearly resonating with guests driving the success of our award-winning World of Hyatt loyalty program. We added over 2 million members during the first quarter, ending the quarter with approximately 56 million members, a 22% increase over the past year.

我們強大的品牌組合以及在新市場和新客戶群中的成長顯然引起了賓客的共鳴，推動了我們屢獲殊榮的凱悅天地忠誠度計劃的成功。我們在第一季增加了 200 多萬會員，截至本季末會員總數約為 5,600 萬，比去年同期成長了 22%。

Loyalty room night penetration grew 170 basis points compared to last year as our members realize the benefits of our program, deepening their engagement with Hyatt and contribute to greater direct bookings. We also continue to see strong co-brand credit card spend, which increased significantly compared to last year.

由於我們的會員認識到我們計劃的好處，加深了他們與凱悅的互動並促進了更多直接預訂，忠誠度客房夜數滲透率與去年相比增長了 170 個基點。我們也持續看到聯名信用卡消費強勁成長，與去年相比大幅成長。

As we look forward, we are seeing mixed indicators as it relates to future booking activity. Based on what is currently on the books and recent booking trends, we expect RevPAR growth in our international markets to outperform the United States. We're also seeing positive bookings for our own inclusive portfolio, where pace is up approximately 7% in the second quarter for the Americas.

展望未來，我們看到與未來預訂活動相關的混合指標。根據目前的記錄和最近的預訂趨勢，我們預計國際市場的 RevPAR 成長將超過美國。我們也看到我們自己的包容性投資組合的預訂量呈積極態勢，其中美洲地區的預訂量在第二季度增長了約 7%。

In the United States, group pace for full-service managed properties is up approximately 3%, compared to 2024 for the last three quarters of the year. We expect group to positively contribute to RevPAR growth in the US for the remainder of the year, but we do anticipate growth in the second quarter to be softer due to the timing of Easter. As we look further out, group production for 2026 and beyond increased by double digits in the quarter, driven by corporate bookings and pace in 2026 is up over 10%.

在美國，與 2024 年相比，今年最後三個季度的全方位服務管理物業的集團步伐增長了約 3%。我們預計該集團將在今年剩餘時間內為美國的 RevPAR 成長做出積極貢獻，但由於復活節的時間安排，我們預計第二季的成長將會放緩。展望未來，受企業預訂的推動，2026 年及以後的集團產量在本季度實現了兩位數增長，2026 年的生產速度將增長 10% 以上。

We are seeing softer booking trends for near-term leisure and business transient bookings in the United States, which have been down in the high single digits versus last year over the last few weeks with the greatest impact in our upscale brands. Our larger corporate customers are still on the road traveling for business.

我們發現美國近期休閒和商務短期預訂的趨勢較弱，過去幾週與去年相比下降了個位數，對我們的高端品牌影響最大。我們的大型企業客戶仍在旅途中出差。

And while transient remains short term, we believe that if visibility to macroeconomic policy improves, bookings could accelerate from what we have seen over the past few weeks. These trends informed our decision to adjust our full year outlook, which Joan will review in a few minutes. But before I turn the call over to Joan, I want to highlight the benefits of our asset-light business model in the face of macroeconomic uncertainty.

雖然這種暫時現像只是暫時的，但我們相信，如果宏觀經濟政策的可見性得到改善，預訂量可能會比過去幾週更快。這些趨勢促使我們決定調整全年展望，瓊將在幾分鐘後進行審查。但在我將電話轉給瓊之前，我想強調一下在宏觀經濟不確定性面前我們的輕資產商業模式的好處。

Through our asset-light transformation, we have grown our room base significantly and now have over 80% of asset-light earnings compared to approximately 40% at the time of our IPO in 2009. During the 2008 financial crisis, a 1% drop in RevPAR led to a nearly 2.5% drop in adjusted EBITDA due to our higher mix of owned and leased earnings.

透過輕資產轉型，我們的客房數量大幅成長，目前輕資產收益已超過 80%，而 2009 年 IPO 時這一比例約為 40%。在 2008 年金融危機期間，由於我們的自有和租賃收益組合較高，RevPAR 下降 1% 導致 EBITDA 調整後下降近 2.5%。

Today, as we benefit from a greater asset-light earnings mix, we anticipate a 1% change in RevPAR would be to an approximate 1.4% change in adjusted EBITDA using the midpoint of our earnings model, which can be referenced on page 14 of our supplemental investor deck. This sensitivity illustrates the positive benefits of our asset-light model, which is more durable and predictable through economic cycles.

如今，由於我們受益於更大規模的輕資產盈利組合，我們預計，使用盈利模型的中點，RevPAR 的 1% 變化將導致調整後 EBITDA 發生約 1.4% 的變化，詳情可參閱我們補充投資者資料的第 14 頁。這種敏感性反映了我們的輕資產模式的正面優勢，這種模式在經濟週期中更加持久和可預測。

We have consistently invested in growth as a key part of our capital allocation strategy, which has enabled us to realize the benefits of scale. We believe our broader distribution across luxury, lifestyle, all inclusive and more recently upper mid-scale segments positions us to meet our guests and customers in more places and engage them more frequently.

我們始終將成長投資作為資本配置策略的關鍵部分，這使我們能夠實現規模效益。我們相信，我們在奢華、生活方式、全包以及最近的中高檔細分市場的更廣泛分銷使我們能夠在更多地方與客人和客戶見面並更頻繁地與他們互動。

As a result, our expanded reach and growing membership base have contributed to a pipeline that is now 5 times larger than it was in 2008, fueling the potential for continued fee growth well into the future. We've sharpened our customer focus, reinforced our financial foundation and significantly enhanced our organizational agility, enabling us to respond more swiftly and effectively as market dynamics evolve.

因此，我們擴大的覆蓋範圍和不斷增長的會員基礎促成了現在的通路規模比 2008 年擴大 5 倍，從而為未來費用的持續增長提供了潛力。我們加強了對客戶的關注，鞏固了財務基礎，並顯著提高了組織敏捷性，使我們能夠隨著市場動態的變化而更迅速、更有效地做出反應。

Our teams closest to the customer are making more data informed decisions, leveraging new tools that deliver tailored insights resulting in quick, high-quality decision-making. We remain committed to investing in talent, systems and processes that strengthen our agility and ensure we continue delivering exceptional value to all stakeholders regardless of the macroeconomic backdrop.

我們最接近客戶的團隊正在做出更多基於數據的資訊決策，利用新工具提供客製化的見解，從而做出快速、高品質的決策。我們將繼續致力於投資人才、系統和流程，以增強我們的敏捷性，並確保無論宏觀經濟背景如何，我們都能繼續為所有利害關係人提供卓越的價值。

I would like to close by expressing my gratitude to all Hyatt colleagues who live our purpose every day by caring for each of our stakeholders, especially in uncertain times.

最後，我要向所有凱悅同事表示感謝，他們每天都關心我們的每一個利害關係人，尤其是在不確定的時期，實踐著我們的目標。

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

瓊現在將提供有關我們經營業績的更多細節。瓊，交給你了。

Thanks, Mark, and good morning, everyone. As we shared during our last earnings call, we expected first quarter RevPAR growth to exceed the high end of our full year range, and we were pleased with our exceptionally strong 5.7% RevPAR growth. As Mark mentioned, business transient and group travel meaningfully contributed to RevPAR growth and the highest end chain scales outperformed with our luxury brand categories up over 8%, leading to over 2 percentage points of RevPAR index gains.

謝謝，馬克，大家早安。正如我們在上次收益電話會議上所分享的那樣，我們預計第一季 RevPAR 成長將超過全年預期的高端，我們對 5.7% 的強勁 RevPAR 成長感到滿意。正如馬克所提到的，商務短期旅行和團體旅行對 RevPAR 的成長做出了重大貢獻，最高端連鎖飯店的表現優於其他飯店，我們的豪華品牌類別成長了 8% 以上，導致 RevPAR 指數上漲了 2 個百分點以上。

In the United States, RevPAR increased 5.4%. The shift of Easter and the presidential inauguration in Washington, DC positively impacted growth by approximately 150 basis points and group and business transient segments each delivered double-digit growth in the quarter.

在美國，RevPAR 成長了 5.4%。復活節的轉變和華盛頓特區的總統就職典禮對增長產生了約 150 個基點的積極影響，團體和商務臨時部門在本季度均實現了兩位數的增長。

RevPAR in the Americas, excluding the United States, increased 2.3% and net package RevPAR for our all-inclusive properties in the Americas increased 4.1%.

美洲（不包括美國）的 RevPAR 成長了 2.3%，美洲全包飯店的淨套裝 RevPAR 成長了 4.1%。

In Greater China, RevPAR was flat to last year as we lapped the strongest quarter of growth in 2024, but we increased our market share by approximately 1%. International inbound travel from the broader Asia Pacific region increased 14% compared to last year. Asia Pacific, excluding Greater China, had another great quarter, with RevPAR up 11.2%. RevPAR in Japan, India, Australia and South Korea were up a combined 14%. International inbound continues to be an important driver of results in the region.

在大中華區，RevPAR 與去年持平，因為我們在 2024 年迎來了成長最強勁的一個季度，但我們的市佔率增加了約 1%。來自亞太地區的國際入境旅遊人數與去年相比增加了 14%。亞太地區（不包括大中華區）本季表現再創佳績，每間可用客房收入 (RevPAR) 上漲 11.2%。日本、印度、澳洲和韓國的每間可用客房收入 (RevPAR) 總計上漲了 14%。國際入境旅遊繼續成為該地區業績的重要推動力。

RevPAR in Europe grew by 8.5%, compared to the same period last year. Leisure travel in the region grew by 8% from growth in both rate and demand. We reported gross fees in the quarter of $307 million, up 16.9%. Our record level of fees was driven by strong RevPAR performance, new hotel openings, and growth in non-RevPAR fees.

歐洲的 RevPAR 與去年同期相比成長了 8.5%。該地區的休閒旅遊因費率和需求的增加而增加了 8%。我們報告本季的總費用為 3.07 億美元，成長 16.9%。我們創紀錄的費用水平是由強勁的 RevPAR 表現、新酒店的開業以及非 RevPAR 費用的增長所推動的。

Owned & Lease segment adjusted EBITDA increased by 18% when adjusted for the net impact of asset sales. Distribution segment adjusted EBITDA improved by 9.6% when excluding the impact of the UVC transaction. Performance in the quarter was driven by higher pricing, effective cost management and favorable FX. In total, adjusted EBITDA was $273 million in the first quarter, an increase of approximately 24% after adjusting for assets sold in 2024.

經資產銷售淨影響調整後，自有及租賃部門調整後 EBITDA 成長了 18%。在排除 UVC 交易的影響後，分銷部門調整後的 EBITDA 提高了 9.6%。本季業績的推動力來自於更高的定價、有效的成本管理和有利的外匯。整體而言，第一季調整後的 EBITDA 為 2.73 億美元，經 2024 年出售資產調整後成長約 24%。

In the first quarter, we repurchased approximately $149 million of Class A common stock and have approximately $822 million remaining under our share repurchase authorization. During the quarter, we issued $1 billion of senior notes. And on April 11, we closed on a $1.7 billion delayed draw term loan. We intend to use the net proceeds from our senior notes offering and the future proceeds to be drawn from the new term loan to finance the Playa acquisitions. We remain committed to our investment grade profile. And as we've previously disclosed, we plan to use proceeds from the asset sales to pay down this incremental debt.

在第一季度，我們回購了約 1.49 億美元的 A 類普通股，而我們的股票回購授權剩餘金額約為 8.22 億美元。本季度，我們發行了 10 億美元的優先票據。4 月 11 日，我們完成了 17 億美元延期提取定期貸款。我們打算利用發行優先票據的淨收益和新定期貸款的未來收益來為 Playa 收購提供資金。我們仍然致力於維護我們的投資等級形象。正如我們之前披露的那樣，我們計劃利用資產出售所得來償還這筆增量債務。

As of March 31, 2025, our balance sheet remains strong with total liquidity of approximately $3.3 billion including approximately $1.5 billion in capacity on our revolving credit facility and approximately $1.8 billion of cash and cash equivalents and short-term investments. Again, $1 billion of our cash on hand is expected to fund a portion of the Playa acquisition.

截至 2025 年 3 月 31 日，我們的資產負債表依然強勁，總流動性約為 33 億美元，其中包括約 15 億美元的循環信貸額度以及約 18 億美元的現金和現金等價物和短期投資。再次，我們預計手頭上的 10 億美元現金將用於 Playa 收購的部分資金。

I'll now cover our full year outlook for 2025 with the full details to be found on page 3 of our earnings release. As a reminder, our outlook does not include acquisition or disposition activity beyond what we have completed as of today. We continue to monitor the dynamic macroeconomic environment, and while we had a very strong first quarter the trends that Mark mentioned have led us to adjust our RevPAR expectations for the remainder of this year. We have seen signs of slowing customer booking behavior, particularly in short-term leisure and business transient demand. At this time, we anticipate RevPAR growth to moderate in the balance of the year.

我現在將介紹我們對 2025 年全年的展望，詳細資訊請參閱我們的收益報告第 3 頁。提醒一下，我們的展望不包括截至今天已完成的活動以外的收購或處置活動。我們持續監測動態的宏觀經濟環境，雖然第一季我們表現非常強勁，但馬克提到的趨勢促使我們調整了今年剩餘時間的 RevPAR 預期。我們已經看到客戶預訂行為放緩的跡象，尤其是短期休閒和商務臨時需求。目前，我們預計今年剩餘時間內 RevPAR 的成長將會放緩。

Our full year 2025 RevPAR range of 1% to 3% implies RevPAR growth for the balance of the year of between flat to up 2%. For the United States, after a strong first quarter with RevPAR up over 5% to last year, we expect RevPAR for the balance of the year to be around flat compared to last year.

我們預計 2025 年全年 RevPAR 成長率將介於 1% 至 3% 之間，這意味著全年剩餘時間的 RevPAR 成長率將在持平至上漲 2% 之間。對於美國來說，第一季的 RevPAR 表現強勁，比去年同期上漲了 5% 以上，我們預計今年剩餘時間的 RevPAR 將與去年持平。

For Greater China, visibility remains limited, but as we lap easier comparisons to last year, we believe RevPAR could be flat to slightly up for the balance of the year. We anticipate our properties in Asia Pacific, excluding Greater China, will have the strongest growth in RevPAR of any geographic region as they continue to benefit from significant international inbound travel.

對於大中華區而言，可見性仍然有限，但透過與去年的比較，我們相信今年剩餘時間的 RevPAR 可能會持平或略有上升。我們預計，亞太地區（不包括大中華區）的酒店將實現所有地理區域中最強勁的 RevPAR 成長，因為它們將繼續受益於大量國際入境旅遊。

We are maintaining our net rooms growth outlook range of 6% to 7%, driven by organic growth. Gross fees are expected to be in the range of $1.185 billion to $1.215 billion, a 9% increase at the midpoint of our range compared to last year.

在有機成長的推動下，我們維持 6% 至 7% 的淨客房成長預期範圍。總費用預計將在 11.85 億美元至 12.15 億美元之間，與去年相比，以中間值計算，成長 9%。

Adjusted EBITDA is expected to be in the range of $1.08 billion to $1.135 billion, a 9% increase at the midpoint of our range compared to last year when adjusting for the impact of asset sales. As a reminder, owned assets sold in 2024 accounted for $80 million worth of owned and leased segment adjusted EBITDA last year.

調整後的 EBITDA 預計在 10.8 億美元至 11.35 億美元之間，與去年相比，在調整資產出售的影響後，按區間中點計算增長 9%。提醒一下，2024 年出售的自有資產佔去年自有和租賃部門調整後 EBITDA 的 8,000 萬美元。

Adjusted free cash flow is expected to be in the range of $450 million to $500 million, which excludes $117 million of deferred cash taxes, expected to be paid in 2025 related to asset sales that took place in 2024 as well as approximately $43 million of costs related to the planned acquisition of Playa.

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 1.17 億美元的遞延現金稅，該稅預計將於 2025 年支付，與 2024 年發生的資產出售有關，以及與計劃收購 Playa 有關的約 4300 萬美元的成本。

Our capital allocation strategy remains consistent. 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. We expect to return additional capital to shareholders in 2025 beyond quarterly dividends and our year-to-date share repurchases.

我們的資本配置策略保持一致。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。我們預計，除了季度股利和年初至今的股票回購之外，我們還將在 2025 年向股東返還更多資本。

In closing, we're proud of our first quarter results, which highlight the strength of our asset-light business model. We believe our commercial and growth strategy, the quality of our brand portfolio and operational agility position us well to navigate this dynamic environment, and we remain committed to delivering against our long-term financial and strategic objectives.

最後，我們對第一季的業績感到自豪，凸顯了我們輕資產業務模式的優勢。我們相信，我們的商業和成長策略、品牌組合的品質和營運敏捷性使我們能夠很好地應對這一動態環境，並且我們將繼續致力於實現我們的長期財務和策略目標。

And this concludes our prepared remarks, and we're now happy to take your questions

我們的準備演講到此結束，現在我們很高興回答你們的問題

(Operator Instructions)

（操作員指示）

Shaun Kelley, Bank of America.

美國銀行的肖恩·凱利（Shaun Kelley）。

Hi, good morning, everyone. Mark or Joan, just wondering if you could give us a little update on sort of how you expect some of your line items or business units to perform in, let's call it, this choppier macro environment. Specifically, a little color on your expectations around distribution, given I think you called out some slower bookings.

大家好，早安。馬克或瓊，我只是想知道您是否可以向我們提供一些最新消息，說明您預計您的某些產品或業務部門在這種動蕩的宏觀環境中的表現如何。具體來說，考慮到您提到了一些預訂速度較慢的情況，請您對分銷方面的預期進行一些修改。

And then owned and leased and incentive management fees as these are tough for a lot of people to model and understand the kind of sensitivity points given when RevPAR especially gets down to around the zero level, which I think you're implying for the balance of the year? Thanks.

然後是自有、租賃和激勵管理費用，因為這些對於許多人來說很難建模和理解當 RevPAR 降至零水平左右時給出的敏感點，我認為這暗示了今年的餘額？謝謝。

Thanks, Shaun. Thanks, Shaun. It's Mark. I'll start and on sort of a macro commentary and then I think Joan can cover the specifics on the O&L and distribution that you asked. So generally speaking, I think, look, it's obviously a choppy environment. Having said that, the first quarter was solid really across the board.

謝謝，肖恩。謝謝，肖恩。是馬克。我將開始進行某種宏觀評論，然後我認為瓊可以介紹您所詢問的 O&L 和分佈的具體細節。所以總的來說，我認為，這顯然是一個不穩定的環境。話雖如此，第一季的整體表現確實穩健。

And we are seeing strength in the very near term. The pace as we get into the end of April into May is coming off a bit in terms of leisure and that is looking forward, except for our all-inclusive business, which remains very solid. So our all-inclusive business in terms of pace in the second quarter is up 7%. If you look at the actualized revenues in April for our all-inclusive business, it's up 9%. Of course, that includes Easter effects, but 7% of that 9% growth was ADR.

我們很快就看到了強勁勢頭。從四月底到五月，休閒旅遊方面的步伐有所減緩，但我們的全包業務仍然非常穩固，這一點值得期待。因此，就速度而言，我們第二季的全包業務成長了 7%。如果你看我們四月全包業務的實際收入，你會發現它成長了 9%。當然，這包括復活節的影響，但 9% 的增長中有 7% 是 ADR。

And Q3 pace at this point is flat. Q2 has 88% of the business book and Q3 has got 45% of the business books. So the leisure picture is much weaker in the US resorts than it is in the non-US Americas. We have seen increases in Canadian travelers into Mexico and the Caribbean. And -- but overall, that segment is actually holding up very nicely on the leisure front.

目前 Q3 的步伐持平。Q2 佔商業書籍的 88%，Q3 佔商業書籍的 45%。因此，美國度假勝地的休閒狀況比美國以外的美洲地區差得多。我們發現前往墨西哥和加勒比地區的加拿大遊客數量增加。而且 — — 但總體而言，這一部分在休閒方面實際上表現得非常好。

On business transient and group -- on business transient, first of all, very, very strong first quarter, up 12%, and as we look into the current outlook, the -- it really is a tale of sort of three segments. Luxury is very strong as far into the future, which is really through the end of May, as we can see. Upper upscale is also positive through the end of May. Now these are not huge percentages of the total volume. These are all of our negotiated accounts but very, very positive.

就業務瞬態和集團而言 — — 就業務瞬態而言，首先，第一季表現非常強勁，成長了 12%，當我們展望當前前景時， — — 這實際上是三個部分的故事。正如我們所見，奢侈品市場在未來一段時間內（實際上是到五月底）將保持強勁勢頭。截至五月底，高端市場表現也十分正面。現在這些佔總量的比例並不大。這些都是我們協商好的方案，但結果非常非常正面。

The place where it's negative is in upscale, it's select service. And so BT is coming off in select service overall. Our negotiated accounts -- our biggest accounts, I should say, are actually positive in select service, but the overall business transient pace is definitely off on the select service side.

它的缺點是高檔，是精選服務。因此，BT 在精選服務方面整體表現不佳。我們的協商帳戶——應該說，我們最大的帳戶在精選服務方面實際上是積極的，但整體業務瞬態步伐在精選服務方面肯定是偏離的。

And then on group, we're up for the remainder of the year, just under 3%, somewhere in the 2.5% to 3% range. That will -- if that holds, which right now, we don't have any reason to believe it won't, will yield a total year of up about 4.5% to 5%, closer to -- right in the middle of that actually.

就集團而言，今年剩餘時間我們的業績將上漲，略低於 3%，在 2.5% 至 3% 的範圍內。如果這一情況持續下去，那麼，目前，我們沒有任何理由相信它不會持續下去，全年的收益率將達到 4.5% 至 5% 左右，實際上接近這個水平。

And I think that that's actually a very good result for the year. What's most encouraging is with about 50% of the business on the books for 2026 we're seeing an over 10% pace increase, including really healthy rate increases.

我認為這對今年來說確實是一個非常好的成績。最令人鼓舞的是，隨著 2026 年約 50% 的業務的到來，我們看到速度將超過 10%，其中包括真正健康的利率成長。

So I would say, as we sit here right now, the near term is definitely disrupted. It's very important to recognize that 70% of our portfolio is luxury and upper upscale. And so as we look at how this is unfolding the tracking by segment and price point has actually become really important to understanding the total story.

所以我想說，當我們現在坐在這裡時，短期內肯定會受到干擾。認識到我們的投資組合中 70% 都是豪華和高檔產品非常重要。因此，當我們觀察事情如何發展時，按細分市場和價格點進行追蹤對於理解整個故事實際上變得非常重要。

So that's kind of the macro picture at this point. I would say there are risks, of course, the GDP figures that just came out are not encouraging. I don't -- it doesn't necessarily feel like we're on the precipice of some massive contraction, but I'm not an economist because if I were, I'd have like five opinions about that same topic. So I'll spare you my speculations. But then I think Joan can talk about the other two pieces of your question.

這就是目前的宏觀情況。我想說當然有風險，剛公佈的GDP數據並不令人鼓舞。我並不覺得我們正處於大規模萎縮的邊緣，但我不是經濟學家，因為如果我是經濟學家，我會對同一主題有五種看法。因此我就不再做任何猜測了。但我認為瓊可以談談你問題的另外兩個部分。

Sure, Shaun. I'll just comment on the owned segment and distribution. So owned is a smaller portfolio now, less than 20% of our earnings mix. And there's a bit of a higher concentration to luxury. So the performance that we're seeing in those chain scales is obviously helping the portfolio in the quarter.

當然，肖恩。我只想對自有部分和分佈進行評論。因此，現在我們的投資組合較小，不到我們收益組合的 20%。且奢侈品的集中度更高一些。因此，我們在這些連鎖規模中看到的表現顯然對本季的投資組合有所幫助。

And also because of the shift in Easter, New York had a really good quarter, and we have a couple of owned hotels there. As we look forward, this portfolio, we expect to be -- to continue to be strong. We have a concentration in the US. So we're watching that closely as far as the short-term pickup. We have a Q3 difficult comp because of the European hotels and what we generated last year in Paris with the Olympics.

而且由於復活節的影響，紐約這個季度的業績非常好，我們在那裡擁有幾家酒店。展望未來，我們預計該投資組合將持續保持強勁。我們的業務集中在美國。因此，我們正在密切關注短期回升。由於歐洲飯店以及去年巴黎奧運帶來的收益，我們第三季的業績比較困難。

But all in all, on balance, the owned portfolio is performing strongly and margins are up in the quarter, up over last year, 70 basis points, which is really a result of our teams in the field and our asset management teams really pushing on productivity and costs that we can't control

但總體而言，自有投資組合表現強勁，本季利潤率較去年同期上漲 70 個基點，這實際上是我們現場團隊和資產管理團隊努力提高生產力和降低成本的結果，這是我們無法控制的。

And Joan, I would just add that, that strength that you just described continued through April.

瓊，我只想補充一點，你剛才描述的強勁勢頭持續到了四月。

That's right. We had actually very good April. Part of that was actually driven by New York, too, but continuing to be strong on the business side. For distribution, we had a good quarter in the first quarter, and it was a little bit better than expectations, actually. As our teams are being very, very disciplined about cost efficiencies.

這是正確的。事實上，我們度過了一個非常好的四月。這其中的一部分實際上也是受到紐約的推動，但在商業方面仍然保持強勁。就分銷而言，我們第一季的業績表現良好，實際上比預期要好一些。因為我們的團隊對成本效率非常嚴格。

They're seeing -- they are seeing some slowdown in booking activity at the lower chain scales, not into some of the 5-star locations in Mexico and the Caribbean, but in lower chain scales. So they're working hard to make sure that we're very disciplined about the cost structure and driving pricing in those upper chain scales that they're delivering to. So that really helped results in the quarter, and we had a little boost from FX too, in that segment.

他們發現，較低連鎖飯店的預訂活動有所放緩，不是墨西哥和加勒比地區的一些五星級飯店，而是較低連鎖飯店的預訂活動。因此，他們正在努力確保我們對成本結構和他們所服務的上層連鎖店的定價非常嚴格。所以這確實對本季的業績有幫助，而且我們在該領域也從外匯中獲得了一點提振。

As we look towards the remainder of the year, again, we think we're watching the bookings closely. We do think that the $5 million to $10 million upside to last year will probably be closer to around flat, which means a slight pullback in the last three quarters of the year relative to the first quarter, but nothing material. And again, the teams have some levers at their disposal as they manage through the business into the coming weeks where -- that's where visibility is. It's really in the next couple of weeks.

當我們展望今年剩餘時間時，我們再次認為我們正在密切關注預訂情況。我們確實認為，與去年相比 500 萬至 1000 萬美元的上漲幅度可能接近持平，這意味著今年最後三個季度相對於第一季會略有回落，但並不是什麼實質性的回落。再次強調，團隊在管理未來幾週的業務時可以使用一些槓桿——這就是可見性所在。這確實就在接下來的幾週內。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Thanks. Good morning, everyone. Just want to dig in a little bit more on the booking trends. Are you seeing cancellations? Or is it all just less bookings at this point? And then on group, what markets, what customer types are you seeing the hesitancy from in that 3% pace for the remainder of the year. Where was that 90 days ago? Thanks.

謝謝。大家早安。只是想更深入地了解預訂趨勢。您看到取消了嗎？還是說目前預訂量只是減少了？然後就集團而言，您認為哪些市場、哪些類型的客戶對今年剩餘時間內 3% 的成長速度感到猶豫。90 天前它在哪裡？謝謝。

Yes. I think -- well, first of all, I guess, while government only represents a couple of percent of our total group business. There were significant cancellations in government. So a small percentage of our total, but significant cancellations. This is a year that so far has been dominated by corporate. Corporate is up in all respects and especially in bookings into the future, association is actually off. So we've seen really, really strong pace development from corporate.

是的。我認為──首先，我想，政府只占我們集團業務總量的百分之幾。政府取消了多項重大計劃。因此，雖然取消的數量只佔總數的一小部分，但卻相當可觀。今年迄今一直被企業主導。公司各方面都在進步，尤其是在未來的預訂方面，協會實際上卻在下滑。因此，我們看到企業的發展步伐確實非常強勁。

In terms of sectors, the key sectors that really drive our business, both on the business transient and the group side, that is IT, consulting and banking and finance on the -- this is on the BT side, the business transient side are up. They're all up double digits in Q1. And so those are the key sectors that are firing on all cylinders at this point. So I would say the key differentiation that we're seeing at this moment is association pullback versus corporate lean forward.

就產業而言，真正推動我們業務發展的關鍵產業，無論是在業務瞬態方面還是在集團方面，都是 IT、顧問、銀行和金融——這是在英國電信方面，業務瞬態方面都在上升。他們在第一季的漲幅都達到了兩位數。這些是目前全速運轉的關鍵領域。因此，我想說，我們目前看到的關鍵差異是協會的倒退與企業的向前傾斜。

Yes. I would just add -- sorry, I would just add too, when we look globally, really the international markets are stronger, notably stronger when we look at the transient pacing both on the business transient and the leisure transient side. So it's -- there really is -- the US is a little bit slower than in the last couple of weeks than international. So when you look on a global basis, actually, business is up and leisure on a global basis is slightly down, but that, again, is driven by the two different, very different dynamics we're seeing international versus US.

是的。我只想補充一點——抱歉，我只想補充一點，當我們放眼全球時，國際市場確實更加強勁，尤其是當我們從商業瞬態和休閒瞬態的角度來觀察時，國際市場更加強勁。所以，確實如此，美國比過去幾週的發展速度比國際上慢了一點。因此，從全球角度來看，實際上商業活動正在成長，而全球休閒活動則略有下降，但這又是由我們在國際和美國看到的兩種截然不同的動態所驅動。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, good morning. Thanks for taking my question. Would love to get more color on the progress around Playa. Language in the release seems to suggest a little faster time line than what's indicated the last time we spoke when I think you were referencing 2027. Not sure if that read is fair. And then any color on the number of potential buyers would be great? Thanks.

嘿，早安。感謝您回答我的問題。希望能夠了解更多有關 Playa 週邊進展的資訊。新聞稿中的語言似乎表明時間線比我們上次談話時指出的要快一些，我認為您指的是 2027 年。不確定這種解讀是否公平。那麼任何顏色對潛在買家的數量都會很大嗎？謝謝。

Yeah, I think, as I mentioned, we expect to be in a position to be able to sign a deal with respect to asset dispositions, and really beyond that, it's a bit difficult to say anything further by virtue of some uncertainties on timing and so forth. By way of reminder, we established the end of '27 in relation to a total sell-down commitment of $2 billion in the aggregate. That wasn't just -- it was unspecific as to whether it was going to be acquired Playa assets or existing owned assets in our portfolio. So that was the reference to 2027.

是的，我認為，正如我所提到的，我們期望能夠就資產處置簽署一項協議，除此之外，由於時間等方面的不確定性，我們很難再說什麼。提醒一下，我們在 27 年底確定了總計 20 億美元的出售承諾。這不僅僅是——它並不明確它是要收購 Playa 資產還是我們投資組合中現有的資產。這是對 2027 年的引用。

We have a very long history of establishing goals and providing some guidance on our activities on the portfolio side that we absolutely feel certain that we can accomplish. We have actually beaten every single goal that we've ever set, both in terms of time, in terms of dollars and in terms of valuation. So that is a -- that's a track record that we are extremely proud of and intend to maintain.

我們長期以來一直致力於制定目標並為投資組合方面的活動提供一些指導，我們絕對相信我們能夠實現這些目標。事實上，我們已經超越了我們設定的每一個目標，無論是在時間方面、在金錢方面還是在估值方面。所以，這是我們非常自豪並且打算保持的記錄。

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

Hi, good morning. Thanks for taking my question. So just a question on the construction landscape, what level of cost inflation are your developers seeing? And is that having any impact on maybe your US construction. And any update on the percentage of your pipeline that is under construction that was I think, 25% at the last quarter?

嗨，早安。感謝您回答我的問題。所以關於建築業的一個問題，你們的開發商看到的成本通膨水準是怎麼樣的？這對你們在美國的建築業有影響嗎？上個季度，貴公司在建管線的比例是 25%，請問現在有更新嗎？

Thank you, Richard. A couple of things. First, I had the great pleasure to be at the grand opening of the first Hyatt Studios that opened in Mobile, Alabama. And during that time, I spent all of my time talking to the other developers, the developer of that hotel and other developers that came, there are quite a few of them. Many of them were involved in the creation of the brand to begin with.

謝謝你，理查。有幾件事。首先，我非常榮幸能夠參加在阿拉巴馬州莫比爾開設的第一家凱悅工作室酒店的盛大開幕典禮。在那段時間裡，我把所有的時間都花在與其他開發商交談上，包括那家酒店的開發商以及其他前來的開發商，他們有不少。他們中的許多人從一開始就參與了品牌的創建。

And to a person, they said that they are putting contingencies in their cost estimations right now that range as high as 20% in terms of cost to build. However, the inspiring part of that conversation was that at least two different developers talked about having stood up -- well, in one case, they themselves stood it up and in another case, they have identified case good manufacturers in the United States that they are now working with on an accelerated basis to limit any impact of tariffs with respect to imported case goods.

他們表示，目前他們在成本估算中已經將緊急費用納入其中，佔建築成本的 20% 左右。然而，那次談話最鼓舞人心的部分是，至少有兩位不同的開發商談到了他們站出來的做法——嗯，在一個案例中，他們自己站了出來；在另一個案例中，他們已經在美國確定了機箱製造商，現在正在加速與這些製造商合作，以限制關稅對進口機箱產品的影響。

A lot of the other materials, as you can imagine, building materials don't ship well in terms of cost, given the weight meaning drywall, lumber, steel, et cetera, and certainly, ready-mix concrete is a hyperlocal business. Those are all not affected by -- those are all factor -- building cost factors that are not impacted by tariffs at all.

可以想像，很多其他材料，建築材料由於重量較大，從成本角度來說運輸不方便，例如石膏板、木材、鋼材等等，當然，預拌混凝土是一項超本地化的業務。這些都不受──這些都是因素──建築成本因素根本不受關稅的影響。

So I'm actually -- I was really taken by the ingenuity and the creativity of the group that I talked to. And I think we're going to see more and more of that, that is discovering and standing up onshore providers of case goods, which historically has been almost entirely coming out of China. Carpeting, and other hardware is largely sourced from US manufacturers against -- again, I think a lot of that has to do with -- it has to do with shipping costs and so forth.

所以實際上——我被與我交談過的這個群體的聰明才智和創造力深深震撼。我認為我們將會看到越來越多這樣的情況，即發現和建立國內箱包商品供應商，而從歷史上看，這些供應商幾乎全部來自中國。地毯和其他硬體主要來自美國製造商——再次強調，我認為這在很大程度上與運輸成本等有關。

So I'm not saying it's not going to -- we're going to skate by and not have any impact from tariffs whatsoever. I am saying that necessity is the mother of invention, and our developers are really showing some great ingenuity in how they're approaching this.

所以我並不是說我們不會受到關稅的任何影響。我想說的是，需要是發明之母，我們的開發人員在處理這個問題上確實表現出了極大的創造力。

And by the way, with respect to the proportion of the pipeline that's under construction, it's actually about 30% on '25. And secondly, the pipeline activity in the first quarter is very vibrant. We opened over 4,000 rooms out of the pipeline in the first quarter, and we added a bit more than that in the quarter. And I think you know this well, Richard, because you've been a student of the industry for a long time, but the first quarter is notoriously a slow quarter for signings.

順便說一下，就正在建造的管道比例而言，25 年實際上約為 30%。其次，第一季的管道活動非常活躍。我們在第一季開設了超過 4,000 間客房，本季新增客房數量略多。理查德，我想你對此非常了解，因為你已經研究這個行業很長一段時間了，但眾所周知，第一季是簽約速度較慢的一個季度。

So we're quite happy with that, and we're especially happy to see the activity that's underway in the sort of feeder system into the deals that we're currently negotiating, which we have confidence we're going to end up signing. So I would say the activity on the pipeline front feels better to me than it did a year ago. And I think our performance year-to-date is actually quite strong.

因此，我們對此感到非常高興，我們尤其高興地看到，我們目前正在談判的交易的饋線系統中正在進行的活動，我們有信心最終簽署這些交易。因此我想說，管道方面活動對我來說比一年前感覺更好。我認為我們今年迄今為止的表現實際上相當強勁。

Thank you.

謝謝。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯（Patrick Scholes），Truist Securities。

Hey good morning everyone. A quick question for you on the Playa transaction. What, if anything, at this point would make you not go forward with this deal? Thank you.

嘿，大家早安。關於 Playa 交易，我想問您一個簡單的問題。目前，有什麼因素會讓您放棄繼續進行這筆交易？謝謝。

Well, we have a committed transaction and we're in the middle of a tender offer. There are conditions to the completion of that tender offer. I'm not going to enumerate all of them, and this is not by any means an exhaustive list, but a few really important ones. First, getting to an 80% tendered percentage, that is 80% of the shares tendering. Second would be clearance of all antitrust clearances that are required.

嗯，我們有一筆已承諾的交易，並且正處於投標報價階段。完成該要約收購是有條件的。我不會一一列舉它們，而且這絕不是一份詳盡的清單，但其中有些確實很重要。第一，達到80%的投標比例，也就是80%的股份投標。第二是完成所有必要的反壟斷審核。

And third, if we don't get to 100% in the tender, then there's a process that you go through that's prescribed that will take some number of weeks to complete in order to acquire the remaining shares. So those are the key conditions. And so I hope that helps to sort of outline what's ahead of us.

第三，如果我們在投標中沒有達到 100%，那麼你需要經過規定的流程，這將需要幾週的時間才能完成，以獲得剩餘的股份。這些就是關鍵條件。我希望這有助於概括我們未來要做的事情。

Can I have a follow-up. How confident at this juncture do you feel about those key conditions being met or satisfied? Thank you.

我可以跟進一下嗎？此時，您對這些關鍵條件是否得到滿足有多大信心？謝謝。

We're confident that we'll get through this. I think the antitrust -- predictions on antitrust, if you look backwards over the last four to eight years have -- this is not US, by the way, it's primarily Mexico that we're talking about have been maybe a little less predictable than they seem to be now. But -- so with respect to the tender and so forth, I really don't think that's going to end up being a constraint. I think we're just in a waiting pattern right now for clearance from -- on antitrust. I think that's the one that we're focused on. Yeah, but I think we will get to the tender level that we have as a minimum requirement.

我們有信心渡過難關。我認為，如果回顧過去四到八年，對反壟斷的預測——順便說一句，這不是美國，我們主要談論的是墨西哥，可能比現在看起來更難以預測。但是——就招標等而言，我真的不認為這最終會成為一個限制因素。我認為我們現在只是在等待反壟斷方面的批准。我認為這就是我們關注的重點。是的，但我認為我們會達到最低要求的投標水平。

Okay, understood. Thank you.

好的，明白了。謝謝。

Thank you.

謝謝。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Morning, thanks for taking my question. With respect to the 2025 outlook, has anything changed with the non-hotel-related fees, and with any softness that you've seen recently in the leisure traveler does that usually correlate with kind of what you see in that line? Thank you.

早上好，感謝您回答我的問題。就 2025 年的展望而言，與飯店無關的費用有什麼變化嗎？您最近發現休閒旅客人數有所減少，這通常與您在該領域看到的情況有關嗎？謝謝。

No, Chad, on the non-hotel-related fees, in the first quarter, we had a very strong result, up significantly in our franchise and other fees. Some of that was boosted by the UVC transaction, so which closed in last year in the middle of the quarter. So that did help us in the first quarter, but we're anticipating healthy growth in both franchise and other non-RevPAR related fees for the rest of the year.

不，查德，就非酒店相關費用而言，在第一季度，我們的業績非常強勁，特許經營費和其他費用均大幅增加。其中部分原因是受到 UVC 交易的推動，該交易於去年本季中期完成。所以這確實對我們第一季有幫助，但我們預計今年剩餘時間特許經營費和其他非 RevPAR 相關費用都將健康成長。

And then I don't know if this is behind your question, but maybe just a little bit of color. As we think about the other fee streams, incentive management fees, again, strong in the quarter, across all actually dimensions of our fee growth.

然後我不知道這是否是你問題的背後原因，但也許只是一點點顏色。當我們考慮其他費用流時，激勵管理費用在本季再次表現強勁，實際上涵蓋了我們費用成長的所有方面。

One thing that is important is the health of the US market and the China market, which we've described China being flat in the quarter. And we anticipate as we look through the rest of the year that, that could improve based on what we're seeing.

重要的一點是美國市場和中國市場的健康狀況，我們已經描述過中國市場在本季表現穩定。我們預計，展望今年剩餘時間，根據我們所看到的情況，情況可能會有所改善。

In fact, April was a little bit better in China. And then in -- for the US, the same comment I would make is that the short-term bookings being a little bit softer, we -- what we see evolves in the environment, we could see some pickup because the bookings are short term right now. And again, April was positive in the US.

事實上，四月中國的情況要好一些。然後，對於美國來說，我想說的是，短期預訂量會稍微疲軟一些，我們看到環境在變化，我們可能會看到一些回升，因為目前的預訂都是短期的。四月美國經濟再次呈現正面態勢。

So it's a matter of watching this really closely and making sure that our teams are going to market where the demand is coming, and that's what we're focused on in light of on some booking activity that's a little bit softer than we would have anticipated a couple of months ago. And that should help us sustain these fee growth numbers through the rest of the year. We've got a -- we posted 17% growth in the first quarter, and we anticipate the full year at the midpoint will be 9%. So still strong growth for the remaining three quarters of the year.

因此，我們需要密切關注這一情況，確保我們的團隊進入有需求的市場，這也是我們關注的重點，因為一些預訂活動比我們幾個月前預期的要弱一些。這應該有助於我們在今年剩餘時間內維持這些費用成長數字。我們第一季的成長率為 17%，預計全年成長率將達到 9%。因此今年剩餘三個季度仍將保持強勁成長。

That's great. Thank you.

那太棒了。謝謝。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hi, thank you. I think last quarter, we talked about this a little bit. But as we think about your co-brand credit card, is there a path to this being potentially renegotiated early as some of your peers have? And any reason to believe that your terms would be different than some of those recent renewals?

你好，謝謝。我想上個季度我們討論過這個問題。但是，當我們考慮您的聯名信用卡時，是否有辦法像您的一些同行一樣儘早重新進行談判？有什麼理由相信您的條款與最近的一些續約條款有所不同嗎？

So Stephen, we don't have an update today to share, and we will absolutely provide an update when we have more information. We do believe we're going to achieve a very competitive new deal because of our brand portfolio, our distribution, the growth, the options we provide. So serving the high-end traveler helps us in this regard. And of course, the performance of the World of Hyatt program is also a key contributor to why we think we'll have a successful deal when we get to be able to share the negotiation specifics with you.

所以史蒂芬，我們今天沒有更新消息可以分享，當我們有更多資訊時，我們一定會提供更新消息。我們確實相信，憑藉我們的品牌組合、分銷、成長和我們提供的選擇，我們將達成一項非常有競爭力的新協議。因此，為高端旅行者提供服務對我們在這方面很有幫助。當然，當我們能夠與您分享談判細節時，凱悅天地計畫的表現也是我們認為能夠達成成功交易的關鍵因素。

Great. And then I think that you touched on this with Chad's question, but have you seen any big deviation in the spend on your existing co-brand credit card, whether it's shifting more towards goods versus services that may mirror some of what you're seeing on the other side on the -- from a RevPAR standpoint?

偉大的。然後我認為您在回答 Chad 的問題時提到了這一點，但是您是否發現您現有的聯名信用卡的支出有很大偏差，是否更多地轉向商品而不是服務，這可能反映了您在另一邊看到的一些情況——從 RevPAR 的角度來看？

No, really strong results that we've been -- we've seen personally and what we've heard from our issuers. So nothing that is concerning at all or materially different than that strong result.

不，我們確實取得了強勁的成果——這是我們親眼所見，也是從發行人那裡聽到的。因此，沒有什麼值得擔心的，也沒有什麼與這強勁結果有實質的不同。

Great. Thank you.

偉大的。謝謝。

Duane Pfennigwerth, Evercore ISI.

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

Hey, thank you. On the favorable all-inclusive pacing, you briefly mentioned or alluded to Canadians overflying the US. I wondered if you had any stats on how the point-of-sale might be changing for all inclusive, is US. point-of-sale stable? Or are you seeing other geographies meaningfully perk up?

嘿，謝謝你。在有利的全包節奏中，您簡要地提到或暗示了加拿大人飛越美國。我想知道您是否有關於美國全包式銷售點如何變化的統計數據。銷售點穩定嗎？或者您看到其他地區的情況明顯改善？

The -- I think the answer is yes, that in this case. I think we're seeing an increase in Canadian flow and consistency from Americans. The percentage increase from Canada was high in the first quarter in terms of actual stays. But the US is the dominant feeder market.

我認為在這種情況下答案是肯定的。我認為我們看到來自加拿大的流量和來自美國人的一致性在增加。從實際停留時間來看，第一季來自加拿大的遊客百分比增幅較高。但美國是主要的支線市場。

So I would say that a lot -- a big proportion of the total performance for state business in the first quarter and the pacing is coming from the US. I would describe the move up significant percentage increase of Canadians is a bit of a cascade out of some US resorts. But I found this maybe most acute actually in a non all-inclusive resorts that we have in the Bahamas, where in the first quarter, they experienced very significant increase in Canadian travelers. And anecdotally, at least some of that had to do with, as you described it, a fly over.

所以我想說，第一季國營企業整體業績的很大一部分和步伐都來自美國。我認為加拿大遊客人數的大幅增加與美國一些度假村的增幅相當。但我發現，這種現像在巴哈馬的非全包度假村中最為明顯，第一季度，加拿大遊客數量顯著增加。據傳聞，至少其中一部分與您所描述的飛越有關。

So I think it's absolutely a current phenomenon, but -- and the US is positive. But the Canadian travelers are basically adding a boost to overall results in Q1 and in terms of the pace that we see in the next couple of months.

所以我認為這絕對是一種當前現象，但美國是積極的。但從我們在未來幾個月看到的速度來看，加拿大遊客基本上為第一季的整體表現增添了推動力。

Thank you for that. And then I just wonder, big picture. I know you have a longer-term goal, but how should we be thinking about dispositions this year, excluding potential Playa transaction? Thanks for taking the question.

謝謝你。然後我只是想知道總體情況。我知道你有一個長期目標，但是除了潛在的 Playa 交易之外，我們應該如何考慮今年的處置？感謝您回答這個問題。

Sure. I have to say, I think it's a little less predictable in terms of timing at this point. One of the things that has been a byproduct of policy decisions and policy volatility in fiscal matters is disruption in the fixed income markets. And that's -- you already understand that. And that does create disruptions.

當然。我必須說，我認為目前的時間表有點難以預測。財政政策決策和政策波動的副產品之一是固定收益市場的混亂。那是——你已經明白了。這確實會造成混亂。

And I wouldn't go so far as to call it dislocation, just disruptions in capital formation and most importantly, not necessarily capital availability, but pricing. And so I feel like there's some measure of awareness and thinking about how best to finance property acquisitions at this point in time. Some of the properties that we have for sale are actually in Europe. So the capital formation there is a little more straightforward.

我不會稱之為錯位，而只是資本形成的中斷，最重要的是，不一定是資本可用性，而是定價。因此，我覺得目前人們對如何最好地為房地產收購融資已經有了一定的認識和思考。我們出售的一些房產實際上位於歐洲。因此那裡的資本形成更加直接一些。

So we absolutely have an expectation that we will close on some of the things that we enumerated earlier. But timing-wise, it's right now, as we sit here at this moment, not very predictable in terms of the actual effectuation of those.

因此，我們絕對期望能夠完成我們先前列舉的一些事情。但從時間角度來看，現在，當我們坐在這裡時，這些措施的實際效果還不太可預測。

Thank you.

謝謝。

Sure.

當然。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi, I just wanted to follow up a little bit on that on the potential real estate dispositions. Maybe -- you've obviously been through a lot of cycles. You know this space very well. You've been very successful at it. You mentioned sort of difficulties maybe around financing.

你好，我只是想稍微跟進一下有關潛在房地產處置的問題。也許——你顯然已經經歷了很多周期。你對這個空間非常了解。你在這方面非常成功。您提到了一些可能與融資有關的困難。

And I'm just wondering, are you more inclined to offer seller financing in some circumstances? Have you gotten maybe pushback around pricing from potential buyers given increased uncertainty? Or are they kind of just looking through all of it? And any thoughts maybe just on more sort of institutional interest in the all-inclusive space, which I think you talked about a little bit on the last quarter, which we haven't seen so much of in terms of real estate ownership and just sort of any thoughts there?

我只是想知道，在某些情況下您是否更傾向於提供賣方融資？由於不確定性增加，您是否會受到潛在買家對定價的反對？或者他們只是瀏覽一下這一切？您對全包領域的機構興趣有何看法？我想您在上個季度已經談到過這一點，但在房地產所有權方面我們還沒有看到太多這樣的情況，對此您有什麼看法？

Yeah. So first of all, thanks, Smedes, I appreciate the question. The fact is that any time you effectuate a trade you are, by definition, locking in whatever is available at that moment at the pricing that's available at that moment. And there is a trade-off if like we do, believe that there's great long-term value creation longer term -- medium to long-term value creation in the asset base.

是的。首先，謝謝 Smedes，我很感謝你提出這個問題。事實是，無論何時進行交易，根據定義，您都是在以當時的價格鎖定當時可用的任何東西。如果像我們一樣，相信長期價值創造──也就是資產基礎中的中長期價值創造──那麼就需要權衡。

And so what you don't want to do is end up getting basically crystallizing a sale that is unduly, I would say, maybe in some cases, if it were to be unduly influenced by the cost of debt. So there are many ways to ameliorate that or mitigate it and one of which is to do what you asked about, which is seller financing.

因此，你不想做的就是最終過度銷售，我想說，在某些情況下，如果它受到債務成本的過度影響。因此，有許多方法可以改善或減輕這種情況，其中之一就是按照您所問的方式，即賣方融資。

So my inclination at this point in time is to evaluate exactly how the different sources of capital, whether they be banks or nonbank lenders are pricing risk, seeing how we might step in on a highly asymmetric risk-reward basis to provide either credit support or other kind of seller financing that would allow for more efficient borrowing for buyers with great confidence that we've got great asset coverage and a very appropriate risk-weighted return. So that's how we're thinking about it, and we've been applying that sort of thinking for our entire lives here, but it becomes even more relevant in today's world.

因此，我此時的傾向是準確評估不同的資本來源（無論是銀行還是非銀行貸款機構）如何定價風險，看看我們如何在高度不對稱的風險回報基礎上介入，以提供信貸支持或其他類型的賣方融資，從而使買家能夠更有效地借貸，並充滿信心地相信我們擁有良好的資產覆蓋率和非常合適的風險加權回報。這就是我們的想法，我們一生都在運用這種思維，但它在當今世界變得更加重要。

I would say that the valuation point goes to the quality of the assets. I think the key from my perspective is -- and we've said this for at least a decade now that the quality of the portfolio that we've got matters. The resiliency of the performance of our hotels matters. The current performance of our portfolio matters. And you heard Joan talk about how well our owned and leased portfolio is doing.

我想說估值點在於資產的品質。我認為從我的角度來看關鍵在於——我們至少十年前就說過，我們擁有的投資組合的品質很重要。我們酒店業績的彈性很重要。我們的投資組合的當前表現很重要。您聽到瓊談論了我們的自有和租賃投資組合表現如何。

And I can tell you -- well, you can read through my own comments about our all-inclusive segment as an indication of performance in that segment. So really, let's not forget that, that valuation is -- and multiples actually have to be multiplied by earnings.

我可以告訴你——你可以閱讀我對我們全包部分的評論，作為該部分錶現的一個指標。所以，我們真的不要忘記，估值是——倍數實際上必須乘以收益。

And with sustained and improving earnings over time, valuations can and should be maintained and increased. So that's really -- this is all the balancing act. I mean I've covered the whole waterfront now, but that's the way in which we are engaged in all of this, whether that's all-inclusive assets that we will come into ownership of through Playa or our existing portfolio.

隨著盈利隨著時間的推移而持續改善，估值可以而且應該保持和提高。所以這真的就是——這都是平衡行為。我的意思是，我現在已經涵蓋了整個海濱，但這就是我們參與這一切的方式，無論是透過 Playa 還是我們現有的投資組合獲得的全包資產。

Okay. Thank you.

好的。謝謝。

Connor Cunningham, Melius Research.

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

Hi everyone, thank you. I'm Sorry to get back to sort of the short-term question, but just -- I'm just trying to understand what's going on, on business transient and leisure in general. There's obviously a lot of noise from the calendar shifts and whatnot. But has demand stabilized in April? Like if you exclude all the calendar stuff, is it now stable from where it was before all the uncertainty kind of crept in the market?

大家好，謝謝大家。很抱歉再次問這個短期問題，但是——我只是想了解目前商務旅行和休閒方面的整體情況。顯然，日曆變更等因素會帶來許多幹擾。但四月需求已經穩定了嗎？例如，如果你排除所有日曆因素，那麼現在的市場狀況是否比所有不確定性在市場蔓延之前的水平更穩定？

And then just -- as you think about international, you talked about it outperforming the US, that all makes sense. But it seems like the entities are at much different spots. So if you could just talk about where you see the most upside and potential more muted outcomes, that would be helpful. Thank you.

然後，當你考慮國際時，你談到它的表現優於美國，這一切都是有道理的。但看起來這些實體位於非常不同的位置。因此，如果您能談談您認為最有前景的地方以及潛在的較為溫和的結果，那將會很有幫助。謝謝。

So Conor, maybe I -- you touched on it, and it's actually a way that we're sitting here as we're processing the numbers, is that April was an unusual month because of the holiday, the Easter holiday and the holiday being later in the month, too. So you have -- you sort of have the spring break that existed for several weeks prior to the Easter holiday.

所以康納，也許我 - 你提到了這一點，這實際上是我們坐在這裡處理數字的一種方式，因為四月是一個不尋常的月份，因為有假期，復活節假期，而且假期也在四月的晚些時候。所以，您有—復活節假期前幾週的春假。

We are looking at preliminary numbers for April, and they're positive. So while we've been seeing some bookings slowing, April still has positive results and very strong continued momentum outside the US in markets in Asia outside of Greater China, even though I also mentioned Greater China was positive in the month, and our all-inclusive business, you've heard the pace numbers we were sharing at 7% in the Americas, the all-inclusive segment.

我們正在查看四月份的初步數據，結果呈現正態勢。因此，雖然我們看到一些預訂量放緩，但 4 月份仍然取得了積極的成果，並且在美國以外的亞洲市場（大中華區除外）繼續保持強勁勢頭，儘管我也提到大中華區本月取得了積極的進展，而且我們的全包業務，您已經聽到了我們在美洲全包業務中分享的 7% 的增長速度數據。

So that's where the mix comment comes. And so we're watching it closely. We will, I think, look at May and June as indicators of what you're suggesting with respect to a more normalized period in this uncertain environment where we can actually track what's landing because it is still short term.

這就是混合評論的由來。因此我們正在密切關注。我認為，我們將把 5 月和 6 月作為指標，以了解您所建議的在這個不確定的環境中更加正常化的時期，我們實際上可以追蹤實際發生的情況，因為這仍然是短期的。

I mean the one callout that is probably a bit more of a -- as we look at the chain scale because luxury has been outperforming and the upscale segments have been underperforming. They've been a bit weaker. So that's the area that I think we'll be watching that closely, in particular, in May and June when we have a little bit more of a clear calendar.

我的意思是，當我們看連鎖規模時，可能更多的是一個標註，因為豪華酒店的表現一直很好，而高檔酒店的表現一直不佳。他們已經變得有點虛弱了。所以我認為我們會密切關注這個領域，特別是在五月和六月，那時我們的日程會更加清晰。

And in a month, it should be healthy from a business perspective on a normalized basis. So that will give us -- and next quarter's call, we'll be able to give you a really good insight into those two months, May and June.

一個月後，從業務角度來看，它應該是正常健康的。這樣，在下個季度的電話會議上，我們將能夠讓您深入了解五月和六月這兩個月的情況。

Okay, thank you.

好的，謝謝。

Sure.

當然。

Brandt Montour, Barlcay.

布蘭特·蒙圖爾，巴爾凱。

Good morning, everybody. Thanks for taking my question. I was curious if you could give us an update on, on the ground signing momentum in China. And specifically, Mark, I was hoping you could kind of talk a little bit about a bigger-picture question or idea that's been in the news a lot lately of America Inc. And if you're seeing any sort of hesitation from local developers in China in terms of signing on with an American brand?

大家早安。感謝您回答我的問題。我很好奇您是否可以向我們介紹中國實地簽約的最新進展。具體來說，馬克，我希望你能談談最近在新聞中經常出現的有關美國公司的一個更大的問題或想法。你是否發現中國本土開發商在與美國品牌簽約方面有任何猶豫？

Thanks for that, Brandt. The signing activity in China started off as we expected it would, slow in the first quarter, that's not atypical. The continued activity in the upper mid-scale brand, UrCove by Hyatt has been very strong. The pipeline for those hotels, we have more than 70 hotels now. So altogether, that would put us close to 130 hotels under that brand. So the expansion of the pipeline even as we continue to open more and more of those hotels is very encouraging.

謝謝你，布蘭特。正如我們預期的那樣，中國的簽約活動在第一季有所放緩，這並不罕見。凱悅旗下中高端品牌 UrCove 的持續活躍度非常強勁。目前，我們已擁有 70 多家酒店正在籌備中。總的來說，該品牌旗下的飯店數量接近 130 家。因此，隨著我們繼續開設越來越多的酒店，酒店管道的擴大是非常令人鼓舞的。

I think it's a format, and with our brand associated with it, a desirable alternative for business travelers who are definitely looking to stay in central locations. These are hotels that are largely developed from adaptive reuse of office buildings and residential buildings in very, very central locations, but at a lower price point.

我認為這是一種模式，並且與我們的品牌相關，對於希望住在中心位置的商務旅客來說，這是一種理想的選擇。這些酒店主要是透過對地處中心地段的辦公大樓和住宅大樓進行改造而開發而成，但價格較低。

And so I would say it's been strongest among our -- across our portfolio. I think the pipeline under construction in China is lower than the overall 30% that I cited earlier. That still has to do with projects that during the hard shutdowns of two years ago were either suspended or pushed. And so we're continuing to monitor that.

所以我想說，它是我們整個投資組合中最強大的。我認為中國在建的管道比例低於我之前提到的整體30%。這仍然與兩年前嚴格停工期間被暫停或推遲的項目有關。因此我們將繼續監控此事。

I think one thing that we have deliberately done to mitigate any concerns about the financial base behind the pipeline has been to work with state-owned enterprises and larger state-owned enterprises. And we have joint ventures with two, we have actually three joint ventures in total, but two of them are with companies that are ultimately owned by the state.

我認為，為了減輕人們對該管道背後財務基礎的擔憂，我們特意採取的措施之一是與國有企業和大型國有企業合作。我們與兩家公司建立了合資企業，實際上我們總共有三家合資企業，但其中兩家是與最終歸國有的公司建立的。

And so our progression with them in growing the portfolio has been very consistent, and I think is very reliable. There have been news reports about Chinese consumers trading away from American products that is on the consumer goods front. We don't see that same dynamic in our business.

因此，我們與他們一起在擴大投資組合方面取得的進展非常一致，而且我認為非常可靠。有新聞報導稱，中國消費者不再購買美國消費品。在我們的業務中，我們沒有看到同樣的動態。

Thanks.

謝謝。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼（Kevin Kopelman），TD Cowen。

Thanks so much. I just had just a follow-up on the RevPAR comments. First, could you clarify the 0% to 2% that you're thinking of for the rest of the year, is that also a good range for how you're thinking about the second quarter? And on all-inclusive, can you help us translate the pacing numbers that you gave for how you're thinking about net package RevPAR in Q2, understanding, obviously, that it's volatile right now. Thanks.

非常感謝。我剛剛對 RevPAR 評論進行了跟進。首先，您能否澄清一下您對今年剩餘時間的 0% 到 2% 的預期，這也是您對第二季的合理範圍嗎？關於全包，您能否幫助我們翻譯一下您給出的步調數字，以了解您對第二季度淨包 RevPAR 的看法，顯然，您知道它現在很不穩定。謝謝。

Sure, Kevin. The first question, and I'm going to ask you to repeat the second question. Around the second quarter, the answer is yes. We expect around to be in that same range between 0% to 2%. I told you the numbers for April that are preliminary.

當然，凱文。第一個問題，我想請你重複第二個問題。大約在第二季度，答案是肯定的。我們預計該範圍大約在 0% 至 2% 之間。我告訴過你們四月的初步數據。

So we're tracking, I would say, to the higher end of the range in April, and that's boosted by leisure because of Easter in the month and also boosted by the international markets, Asia Pacific outside of Greater China and Europe in the month of April. So the answer is yes, and that's kind of a little bit of context of where we're tracking quarter-to-date.

因此，我想說，我們追蹤到 4 月的高端數據，這是受到當月復活節休閒活動的推動，也是受到國際市場、大中華區以外的亞太地區和歐洲市場推動。所以答案是肯定的，這也是我們本季迄今所追蹤情況的一點背景。

Great. And on the all-inclusive. Just kind of the pacing -- you shared the pacing data point, which looked really good. If you could just help translate that for us to how net package RevPAR might be looking for the second quarter compared to the first?

偉大的。並且全包。只是一種節奏——您分享了節奏數據點，看起來非常好。如果您能幫助我們將其轉換為第二季與第一季相比淨套餐 RevPAR 的情況如何？

Yeah, you can expect a high single-digit pacing number is going to be about a mid-single-digit result on the net package RevPAR similar to the first quarter. And that is strong. And actually, on the books is healthy because we have a little bit more visibility into that business because it takes a little bit more time as travelers make the decisions about the second quarter. So we feel good about that result for all-inclusive in Q2.

是的，您可以預期較高的個位數節奏數字將與淨套餐 RevPAR 的中位數個位數結果類似，與第一季類似。這很強大。實際上，帳面上的情況是健康的，因為我們對該業務有了更多的了解，因為旅客需要更多時間才能對第二季做出決定。因此，我們對第二季全包的結果感到滿意。

Yeah, I would say we feel really good about it in Q2 because 8% of the business is already booked. So we, there's not a lot of open to buy, so to speak or remaining revenue that we need to generate in order to meet those numbers.

是的，我想說我們對第二季的表現感到非常滿意，因為 8% 的業務已經預訂完畢。因此，為了達到這些數字，我們需要創造的可供購買的金額不多，或者說剩餘收入也不多。

Thank you so much.

太感謝了。

Well, thanks everybody. I appreciate all of you for taking your time this morning, and we appreciate your interest in Hyatt. We look forward to welcoming you into our hotels and resorts so that you can not only experience the power of the care of the Hyatt family, but also give our RevPAR boost, which we would greatly appreciate. So, thanks, and we'll talk to you soon.

好的，謝謝大家。我感謝大家今天早上抽出時間，我們也感謝你們對凱悅的關注。我們期待您下榻我們的飯店和度假村，讓您不僅可以體驗凱悅大家庭的貼心關懷，還可以提升我們的每間可用客房收入 (RevPAR)，對此我們將不勝感激。謝謝您，我們很快就會與您聯絡。

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美好的一天。你們都可以斷開連線。