Hyatt Hotels Corp (H) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Hyatt's second 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 年第二季財報電話會議。（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 FP&A. Thank you. Please go ahead.

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。謝謝。請繼續。

Thank you, and welcome to Hyatt's second 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 年第二季財報電話會議。參加今天電話會議的還有凱悅總裁兼執行長馬克‧霍普拉馬齊安 (Mark Hoplamazian) 和凱悅財務長瓊‧博塔里尼 (Joan Bottarini)。

Before we start, I would like to remind everyone that our comments today will include forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K, quarterly reports on Form 10-Q and other SEC filings. These risks could cause our actual results to be materially different from those expressed in or implied by our comments. 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.

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。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。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中的前瞻性陳述以及對本次電話會議的評論僅截至今天為止，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 under the Financials section of our Investor Relations website and in this morning's earnings release.

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 will now turn the call over to Mark.

說完這些，我現在將電話轉給馬克。

Thanks, Adam. Good morning, everyone, and thank you for joining us today. I would like to start our call by saying how proud I am of our team's accomplishments over the last quarter. I'm thrilled that we closed on the acquisition of Playa Hotels & Resorts and entered into an agreement to sell the entire Playa real estate portfolio. I would like to extend a warm welcome to the Playa colleagues who joined the Hyatt family. We are very excited for what lies ahead and the expertise they bring to Hyatt.

謝謝，亞當。大家早安，感謝大家今天加入我們。首先我想說，我對我們團隊在過去一個季度所取得的成就感到非常自豪。我很高興我們完成了對 Playa Hotels & Resorts 的收購，並達成了整個 Playa 房地產投資組合出售的協議。我謹向加入凱悅大家庭的 Playa 同事們表示熱烈的歡迎。我們對未來的發展以及他們為凱悅帶來的專業知識感到非常興奮。

Our operating results this quarter are a testament to the power of our brand-focused strategy, the strength of our network and the dedication of Hyatt colleagues across the globe. For the 12th consecutive year, Hyatt was nominated to Fortune's 100 Best Companies to Work For, underscoring how we've been able to maintain our culture of care, even as we have significantly grown and transformed our business. I want to thank all of the Hyatt colleagues across the globe for their continued care for our guests, customers and each other.

本季的經營業績證明了我們以品牌為中心的策略的威力、我們網絡的實力以及全球凱悅同事的奉獻精神。凱悅連續 12 年被提名為《財富》雜誌“100 家最適合工作的公司”，這凸顯了我們在業務顯著增長和轉型的同時，依然能夠保持關懷的企業文化。我要感謝全球所有凱悅同事對我們的客人、客戶和彼此的持續關心。

Before I cover results, I'd like to provide an update on our transaction activity, starting with the acquisition of Playa Hotels & Resorts, which was completed on June 17. This transaction included the acquisition of 15 all-inclusive resorts including 8 existing Hyatt Franchise Resorts under our Hyatt Ziva and Hyatt Zilara brands. On June 30, we announced that we entered into an agreement with Tortuga Resorts to sell the entirety of the real estate acquired as part of the Playa transaction for $2 billion, with the ability to receive an additional $143 million if certain conditions are met.

在介紹業績之前，我想先介紹一下我們的交易活動，首先是 6 月 17 日完成的 Playa Hotels & Resorts 的收購。這筆交易包括收購 15 家全包式度假村，其中包括我們 Hyatt Ziva 和 Hyatt Zilara 品牌下的 8 家現有凱悅特許經營度假村。6 月 30 日，我們宣布與 Tortuga Resorts 達成協議，以 20 億美元的價格出售在 Playa 交易中收購的全部房地產，如果滿足某些條件，還可以獲得額外的 1.43 億美元。

We are pleased to be entering into this agreement with an ownership group that has deep knowledge and experience in the luxury all-inclusive space. Concurrent with the sale, which we believe could close by the middle of the fourth quarter, we will enter into 50-year management agreements for 13 of the 15 resorts. In 2026, we expect to earn an additional $60 million to $65 million of management fees net of franchise fees that we previously would have earned from Playa. We also expect to generate earnings through our distribution platform. Upon stabilization in 2027, we expect the implied multiple on the net purchase price for the asset-light business to be 8.5 times to 9.5 times, a very strong outcome consistent with our stabilized valuations on asset-light acquisitions since 2017.

我們很高興與在豪華全包領域擁有豐富知識和經驗的所有權集團達成此協議。我們相信此次出售可能在第四季中期完成，同時我們將對 15 個度假村中的 13 個簽訂 50 年的管理協議。到 2026 年，我們預計扣除先前從 Playa 賺取的特許經營費後，管理費將額外增加 6,000 萬至 6,500 萬美元。我們也期望透過我們的分銷平台創造收益。2027 年穩定後，我們預期輕資產業務的淨購買價格隱含倍數將為 8.5 倍至 9.5 倍，這一強勁結果與我們自 2017 年以來對輕資產收購的穩定估值一致。

We are extremely pleased with the terms of the transaction and the speed at which we were able to execute. We expect the transaction to be accretive to shareholders in the first full year. This transaction demonstrates our commitment to our asset-light business model while continuing to strengthen our brand portfolio and leadership in the luxury all-inclusive segment.

我們對交易條款和執行速度非常滿意。我們預計此次交易將在第一年為股東帶來收益。此次交易反映了我們對輕資產業務模式的承諾，同時繼續加強我們的品牌組合和在豪華全包領域的領導地位。

We also continue to make progress to sell several of our owned hotel properties. The three hotels that were under our formal marketing process last quarter are now subject to an exclusivity agreement, and we expect to sign a letter of intent soon. We also have one property that is under a signed PSA and two that are under a letter of intent. We remain under contract for the sales of Hyatt Grand Central New York and Andaz London Liverpool Street, but we do not expect either of those transactions to close this year. We will share additional updates as these transactions progress, and we continue to expect our asset-light earnings mix to exceed 90% by 2027.

我們在出售旗下幾家飯店物業也持續取得進展。上個季度我們正式進行行銷的三家酒店現在已簽訂獨家協議，我們預計很快就會簽署意向書。我們也擁有一處已簽署 PSA 的房產和兩處已簽署意向書的房產。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，但我們預計這兩筆交易都不會在今年完成。隨著這些交易的進展，我們將分享更多更新，我們仍然預計到 2027 年我們的輕資產獲利組合將超過 90%。

Now turning to operating results. This morning, we reported system-wide RevPAR growth of 1.6% for the quarter or 2.2% when adjusting for the shift of Easter from the first quarter in 2024 to the second quarter in 2025. The RevPAR growth was strongest among our luxury brands as high-end consumers continue to prioritize travel. Leisure transient RevPAR was up 2.6% to last year, reflecting the shift of Easter and increased approximately 6% for our luxury brands. All-inclusive net package RevPAR increased 6% compared to the second quarter of 2024 in the Americas, highlighting the continued strength of luxury all-inclusive travel.

現在談談經營業績。今天上午，我們報告稱，本季全系統 RevPAR 成長率為 1.6%，如果考慮到復活節從 2024 年第一季移至 2025 年第二季度，則成長率為 2.2%。由於高端消費者繼續優先考慮旅行，我們的豪華品牌中 RevPAR 成長最為強勁。休閒短途酒店的 RevPAR 較去年同期上漲 2.6%，反映了復活節的影響，而我們豪華品牌的 RevPAR 也上漲了約 6%。與 2024 年第二季相比，美洲地區全包的淨套餐 RevPAR 成長了 6%，凸顯了豪華全包旅行的持續強勁勢頭。

Business transient RevPAR was flat in the quarter with the United States declining by 1.5%, driven by select service hotels. Business transient RevPAR was up in the low single digits for our full-service US hotels as well as hotels in Europe and Asia Pacific, excluding Greater China. Group RevPAR in the quarter was up 0.3% to last year and increased 1.1% when accounting for the timing of Easter. Group pace for full-service managed properties in the United States is approximately flat compared to 2024 for the last half of the year.

本季商務臨時 RevPAR 持平，其中美國地區受精選服務酒店影響下降了 1.5%。我們提供全方位服務的美國飯店以及歐洲和亞太地區（不包括大中華區）飯店的商務短期可用客房平均零售價均上漲了個位數。本季集團平均每間可用客房營收較去年同期上漲 0.3%，若考慮到復活節因素則上漲 1.1%。與 2024 年相比，今年下半年美國全方位服務管理物業的集團步伐大致持平。

The third quarter, which is lapping 6% year-over-year growth in 2024, has a challenging year-over-year calendar comparison due to special events like the Democratic National Convention in Chicago and the timing of Rosh Hashanah, which falls in September of this year compared to October of last year. Pace for the fourth quarter is up approximately 3%, and we should see easier comparisons due to the timing of Rosh Hashanah as well as lapping last year's elections in the United States.

2024 年第三季的年成長率為 6%，但由於芝加哥民主黨全國代表大會等特殊事件以及猶太新年的時間（今年為 9 月，而去年為 10 月），與去年同期相比，第三季度的同比增長率具有挑戰性。第四季的成長速度約為 3%，而且由於正值猶太新年，且與去年美國大選重疊，我們應該能夠更容易進行比較。

As we look further out, pace in 2026 is up in the high single digits, and we are seeing positive momentum in bookings for 2026 and beyond. Although booking trends in the second quarter were softer compared to the first quarter, we're seeing an uptick in future bookings for both leisure and business transient travel. Our group and corporate customers have shared that travel continues to be a priority, especially for customer-facing meetings, and we expect US RevPAR growth to improve after Labor Day.

展望未來，2026 年的步伐將達到高個位數，並且我們看到 2026 年及以後的預訂勢頭良好。儘管第二季的預訂趨勢與第一季相比有所疲軟，但我們看到未來休閒和商務短期旅行的預訂量都有所上升。我們的團體和公司客戶表示，旅行仍然是優先事項，尤其是面向客戶的會議，我們預計美國 RevPAR 的成長將在勞動節後有所改善。

We continue to see exceptional engagement from our World of Hyatt loyalty members a key driver and differentiator of our commercial performance. Since 2017 through the end of 2024, we have grown loyalty membership by approximately 27% per year, significantly outpacing the growth of our largest competitors. We ended the second quarter of 2025 with over 58 million members, an increase of 21% compared to the second quarter of 2024 and spend on our co-brand credit card continues to be strong. This sustained growth underscores both the benefits of our loyalty program to high-end travelers and the desirability of our network.

我們繼續看到凱悅天地忠誠會員的卓越參與度成為我們商業表現的關鍵驅動力和差異化因素。自 2017 年到 2024 年底，我們的忠誠會員數量每年增長約 27%，遠超過我們最大競爭對手的成長速度。截至 2025 年第二季度，我們的會員數量超過 5,800 萬，與 2024 年第二季度相比增長了 21%，並且我們的聯名信用卡消費持續強勁。這種持續的成長凸顯了我們的忠誠度計畫對高端旅客的益處以及我們網路的吸引力。

As we expand our brand footprint in new and established markets, we are delivering more opportunities for our members to engage with Hyatt. The World of Hyatt program remains a powerful growth engine, deepening guest relationships reducing customer acquisition costs and reinforcing our value proposition to owners and developers.

隨著我們在新興市場和成熟市場擴大品牌影響力，我們為會員提供了更多與凱悅互動的機會。凱悅天地計畫仍然是一個強大的成長引擎，它加深了賓客關係，降低了客戶獲取成本，並強化了我們對業主和開發商的價值主張。

Turning to growth. We achieved net rooms growth of 11.8% during the quarter including approximately 2,600 rooms that joined the Hyatt system as part of the Playa acquisition. The additional rooms from Playa add approximately 70 basis points to our full year 2025 outlook, which we have raised to 6.7% to 7.7%, inclusive of the Playa rooms. During the second quarter, we delivered net rooms growth, excluding acquisitions, of 6.5% and had several notable openings reflecting the strength of our brands across key segments and geographies.

轉向增長。本季度，我們實現了 11.8% 的淨客房成長率，其中包括作為 Playa 收購的一部分加入凱悅系統的約 2,600 間客房。Playa 新增的客房數量為我們的 2025 年全年預期增加了約 70 個基點，我們將這一預期上調至 6.7% 至 7.7%，其中包括 Playa 的客房數量。在第二季度，我們的淨客房數量（不包括收購）增長了 6.5%，並且有幾家引人注目的酒店開業，反映了我們品牌在主要細分市場和地區的實力。

In Europe, we expanded our resort offerings with the opening of resorts on Greece's Agean Coast and in Bulgaria. We also added to our Essentials portfolio, opening new UrCove hotels in China and new select service properties in Canada. We continue to be very busy on the development front and ended the quarter with a pipeline of approximately 140,000 rooms, an 8% increase over last year. Signings increased by over 30% compared to the second quarter of 2024 and included several exciting projects such as two Zillotry resorts, 10 UrCove hotels in Greater China and two Grand Hyatt hotels in India to highlight a few.

在歐洲，我們擴大了度假勝地的服務範圍，在希臘愛琴海岸和保加利亞開設了度假村。我們也擴大了 Essentials 產品組合，在中國開設了新的 UrCove 酒店，並在加拿大開設了新的精選服務酒店。我們在開發方面繼續非常忙碌，本季結束時，我們已擁有約 140,000 間客房，比去年同期增長了 8%。與 2024 年第二季相比，簽約量增加了 30% 以上，其中包括幾個令人興奮的項目，例如兩個 Zillotry 度假村、大中華區的 10 家 UrCove 酒店和印度的兩家君悅酒店等。

We are encouraged by the level of development interest in our brands, which we expect to translate to greater expansion of our pipeline especially within our Essentials brand portfolio and continued organic growth over time. We expect to accelerate the growth of our Essentials portfolio with the introduction of our newest brand, Unscripted by Hyatt. This brand fills a key white space in Hyatt's portfolio, allowing us to grow in more markets and at an accelerated pace. The brand is designed to unlock growth through conversion-friendly opportunities, and this approach gives owners a flexible path to benefit from our global distribution and the World of Hyatt loyalty program.

我們對品牌的發展興趣程度感到鼓舞，我們預計這將轉化為我們產品線的進一步擴展，特別是在我們的 Essentials 品牌組合中，並隨著時間的推移持續實現有機成長。我們希望透過推出最新品牌 Unscripted by Hyatt 來加速 Essentials 產品組合的成長。該品牌填補了凱悅酒店組合中的一個關鍵空白，使我們能夠在更多市場中加速發展。該品牌旨在透過轉換友善機會來釋放成長潛力，這種方法為業主提供了一條靈活的途徑，使其能夠從我們的全球分銷和凱悅天地忠誠度計劃中受益。

We're seeing great interest from the development community and we expect Unscripted by Hyatt to scale rapidly through conversions and complement the recent brand additions in our Essentials portfolio, Hyatt Select and Hyatt Studios.

我們看到開發社群的極大興趣，我們預計 Unscripted by Hyatt 能夠透過轉換迅速擴大規模，並補充我們 Essentials 產品組合、Hyatt Select 和 Hyatt Studios 中最近新增的品牌。

As we look to the future, we remain confident in our strategy and our ability to deliver value across economic cycles. We believe our brand-led and agile approach enables us to respond to shifting market dynamics on a real-time basis while continuing to care for our stakeholders and create meaningful differentiation in a competitive landscape. We built a high-end portfolio of brands through deliberate and disciplined expansion in the luxury, lifestyle and all-inclusive spaces. Our luxury chain scale rooms mix has increased by 1,000 basis points since 2017, while our largest competitors have seen their luxury mix stay flat or decline.

展望未來，我們對我們的策略和在整個經濟週期中創造價值的能力充滿信心。我們相信，以品牌為主導的敏捷方法使我們能夠即時回應不斷變化的市場動態，同時繼續關心我們的利害關係人並在競爭環境中創造有意義的差異化。我們透過在奢侈品、生活方式和全包領域進行深思熟慮和有紀律的擴張，建立了高端品牌組合。自 2017 年以來，我們的豪華連鎖飯店客房組合增加了 1,000 個基點，而我們最大的競爭對手的豪華客房組合則保持平穩或下降。

Our growth has been intentional. We have cultivated deep commercial and operational expertise while attracting and growing a high-end customer base. This has yielded meaningful differentiation for Hyatt with more than 70% of our portfolio in the luxury and upper upscale chain scales, a position that we believe is difficult to replicate and provides a competitive advantage. This sets us apart from our peers and positions Hyatt among the most recognized and respected names in global hospitality.

我們的成長是有意而為之。我們在吸引和發展高端客戶群的同時，也培養了深厚的商業和營運專業知識。這為凱悅帶來了有意義的差異化，我們超過 70% 的酒店組合屬於豪華和高檔連鎖酒店，我們相信這一地位難以複製，並能帶來競爭優勢。這使得我們在同行中脫穎而出，並使凱悅成為全球酒店業中最受認可和尊重的品牌之一。

This strategy has attracted a valuable customer base with greater disposable income who seek out quality experiences, engage deeply with our brands and demonstrate strong loyalty. The strength of that engagement is reflected through the compounding growth in our World of Hyatt program, increased co-brand credit card spend and high fees per room. Having built this foundation and transformed to an asset-light business model, we are now at an inflection point, poised to scale with efficiency and speed. As we further expand into the upscale and upper mid-scale segments, brands like Hyatt Select, Hyatt Studios and Unscripted by Hyatt, will allow us to grow with intention in markets where we have significant white space.

這項策略吸引了一群擁有更高可支配收入的寶貴客戶群，他們追求高品質的體驗，與我們的品牌深度互動，並表現出強烈的忠誠度。這種參與的力度體現在我們的凱悅天地計畫的複合成長、聯名信用卡消費的增加以及每間客房的高額費用上。在建立了這個基礎並轉變為輕資產業務模式之後，我們現在正處於一個轉折點，準備高效、快速地擴大規模。隨著我們進一步向高端和中高端市場擴張，凱悅精選、凱悅工作室和凱悅 Unscripted 等品牌將使我們能夠在擁有大量空白的市場中實現有針對性的成長。

In the US alone, we are absent for more than 50% of STR tracks, and in tracks where we have a presence, our hotel count is approximately 20% the size of our largest competitors. This white space gives us robust growth opportunities allowing us to provide existing members with more ways to stay with us while introducing new guests at Hyatt.

光是在美國，我們就沒有涉足 STR 50% 以上的賽道，而在我們有業務的賽道上，我們的酒店數量大約只有最大競爭對手的 20%。這個空白區域為我們提供了強勁的成長機會，使我們能夠為現有會員提供更多入住方式，同時為凱悅引入新客人。

I'm incredibly excited about Hyatt's future. We have an unmatched global portfolio of premium luxury lifestyle and resort brands that has driven significant loyalty membership. Our significant white space for growth is expected to increase our fee-based earnings, further improving our capital efficient asset-light model. We believe we are positioned to generate durable, growing free cash flow and deliver significant shareholder value. I would like to close by again expressing my gratitude to all Hyatt colleagues who live our purpose every day by caring for each of our stakeholders, especially through changing market dynamics.

我對凱悅的未來感到無比興奮。我們擁有無與倫比的全球高端奢華生活方式和度假品牌組合，吸引了大量忠誠會員。我們龐大的成長空間預計將增加我們的費用收入，進一步改善我們的資本高效的輕資產模式。我們相信，我們有能力創造持久、不斷成長的自由現金流，並為股東帶來巨大的價值。最後，我想再次向所有凱悅同事表示感謝，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，尤其是在不斷變化的市場動態中。

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. RevPAR growth in the second quarter grew 1.6% compared to last year. in line with our expectations shared during our first quarter earnings call. As Mark mentioned, similar to the trends seen in the first quarter, the Hyatt then chain scale outperformed with our luxury brands up over 5% in the second quarter. In the United States, RevPAR was flat to last year driven by the lower chain scale and the shift of Easter from the first quarter last year to the second quarter this year.

謝謝，馬克，大家早安。第二季的 RevPAR 成長率與去年同期相比成長了 1.6%，與我們在第一季財報電話會議上分享的預期一致。正如馬克所提到的，與第一季的趨勢類似，凱悅連鎖飯店集團的規模在第二季表現出色，我們的豪華品牌成長了 5% 以上。在美國，由於連鎖飯店規模較小，以及復活節從去年第一季轉移到今年第二季度，RevPAR 與去年持平。

The luxury chain scale performed well, up over 4% in the quarter from strength in group business. Upper upscale hotels were negatively impacted by the timing of Easter, which led to lower group contribution in the quarter, while upscale hotels were 1% below last year due to softer business transient demand. RevPAR outside of the United States performed well, and we saw continued strength in Europe and Asia Pacific, excluding Greater China. International inbound travel continues to be an important driver of results for these regions.

豪華連鎖飯店規模表現良好，由於集團業務的強勁成長，本季規模成長了 4% 以上。高檔飯店受到復活節時間的負面影響，導致本季集團貢獻下降，而高檔飯店則因商務臨時需求疲軟而比去年下降了 1%。美國以外地區的 RevPAR 表現良好，並且我們看到歐洲和亞太地區（大中華區除外）繼續保持強勁勢頭。國際入境旅遊持續成為這些地區業績的重要推手。

Greater China grew RevPAR for the second consecutive quarter due to increases in leisure transient RevPAR. Demand for leisure travel remains very healthy within our all-inclusive portfolio. Net package RevPAR growth at our all-inclusive properties in the Americas and in Europe was exceptionally strong during the second quarter. Pace is up almost 5% in the Americas for the third quarter, and we're excited about the sustained demand for luxury all-inclusive travel for the remainder of the year.

由於休閒短途 RevPAR 的成長，大中華區 RevPAR 連續第二季實現成長。在我們的全包旅遊產品組合中，休閒旅遊的需求依然非常強勁。第二季度，我們在美洲和歐洲的全包式飯店的淨套餐 RevPAR 成長異常強勁。第三季美洲地區的旅遊速度成長了近 5%，我們對今年剩餘時間內豪華全包旅行的持續需求感到興奮。

We reported gross fees in the quarter of $301 million, up 9.5%. Our strong fee growth was driven by international RevPAR performance, new hotel openings and growth in non-RevPAR fees. The second quarter demonstrates our ability to generate sustained fee growth in a lower RevPAR growth environment, highlighting the strength of our premium brands and industry-leading net rooms growth. Owned and leased segment adjusted EBITDA increased by 1% when adjusted for the net impact of asset sales and the Playa Hotel acquisition.

我們報告本季的總費用為 3.01 億美元，成長 9.5%。我們強勁的費用成長是由國際 RevPAR 表現、新酒店開業和非 RevPAR 費用的成長所推動的。第二季證明了我們在較低的 RevPAR 成長環境中實現持續費用成長的能力，凸顯了我們高端品牌的實力和領先業界的淨客房成長。在調整資產出售和 Playa Hotel 收購的淨影響後，自有和租賃部門調整後的 EBITDA 增加了 1%。

Distribution segment adjusted EBITDA was flat to last year as higher pricing, effective cost management and favorable foreign currency exchange offset lower booking volumes in the four-star and below segments served by ALG Vacations.

分銷部門調整後的 EBITDA 與去年持平，因為更高的定價、有效的成本管理和有利的外匯兌換抵消了 ALG Vacations 所服務的四星級及以下細分市場的預訂量下降。

In total, adjusted EBITDA was $303 million in the second quarter, an increase of approximately 9% after adjusting for assets sold in 2024. In the quarter, we recognized approximately $14 million of adjusted EBITDA related to the Playa acquisition for our period of ownership in the second quarter. During the quarter, we financed the Playa acquisition through a combination of cash on hand and drawing on the term loan we entered into early in the second quarter.

整體而言，第二季調整後的 EBITDA 為 3.03 億美元，經 2024 年出售資產調整後成長約 9%。在本季度，我們確認了與第二季度擁有 Playa 期間收購相關的約 1400 萬美元的調整後 EBITDA。本季度，我們透過庫存現金和第二季初簽訂的定期貸款為 Playa 收購提供資金。

Upon close of the real estate sale of the Playa assets, we'll use the net proceeds to repay the term loan as per the terms of the agreement.

在 Playa 資產的房地產銷售完成後，我們將使用淨收益按照協議條款償還定期貸款。

As of June 30, 2025, we had total liquidity of approximately $2.4 billion, including approximately $1.5 billion in capacity on our revolving credit facility and approximately $900 million of cash, cash equivalents and short-term investments. In the second quarter, we paid a quarterly dividend of $0.15 per share and have approximately $822 million remaining under our share repurchase authorization. We remain committed to our investment-grade profile and our balance sheet is strong.

截至 2025 年 6 月 30 日，我們的總流動資金約為 24 億美元，其中包括約 15 億美元的循環信貸額度以及約 9 億美元的現金、現金等價物和短期投資。在第二季度，我們支付了每股 0.15 美元的季度股息，而我們的股票回購授權剩餘金額約為 8.22 億美元。我們仍然致力於維持我們的投資等級形象，我們的資產負債表也很強勁。

Before I cover our full year outlook for 2025, I'd like to note that we have provided additional schedules within the earnings release and the investor deck, which include our expectations for Playa in the third and fourth quarter of this year. And these schedules and for simplicity, Playa's results post acquisition are included for the entirety of the balance of the year, with the assumption that the Playa real estate sale transaction does not close before the end of the year. However, based on current expectations, we anticipate the Playa real estate sale transaction could close by the middle of the fourth quarter of this year, pending antitrust approval in Mexico.

在介紹我們對 2025 年全年的展望之前，我想指出，我們在收益報告和投資者報告中提供了額外的時間表，其中包括我們對今年第三季和第四季 Playa 的預期。為了簡單起見，這些時間表都包含了 Playa 收購後的全年業績，並假設 Playa 房地產銷售交易不會在年底前完成。不過，根據目前的預期，我們預計 Playa 房地產銷售交易可能會在今年第四季中期完成，但需獲得墨西哥反壟斷部門的批准。

I'd like to note that approximately 60% of fourth quarter adjusted EBITDA for Playa's real estate is forecasted to be earned in December.

我想指出的是，預計 Playa 房地產第四季度調整後 EBITDA 的約 60% 將在 12 月實現。

I'll now cover our full year outlook for 2025, which does not include the impact of the Playa acquisition or planned real estate transactions. The full details of our outlook can be found on Page 3 of our earnings release.

我現在將介紹我們對 2025 年全年的展望，其中不包括 Playa 收購或計劃中的房地產交易的影響。我們的展望的完整詳情請參閱我們的收益報告第 3 頁。

We continue to monitor the dynamic macroeconomic environment and as the second quarter progressed, consumer confidence improved. However, lower chain scales underperformed our full-service chain scales, especially in the US. We expect lower chain scales in the US to underperform luxury and international markets in the third quarter, which is in line with the expectations that we shared during our first quarter call.

我們持續監測動態的宏觀經濟環境，隨著第二季的進展，消費者信心增強。然而，較低規模的連鎖店表現不如我們的全方位服務連鎖店，尤其是在美國。我們預計，美國連鎖店規模較小的酒店在第三季度的表現將遜於豪華酒店和國際酒店市場，這與我們在第一季電話會議上表達的預期一致。

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%. And we expect the third quarter to be towards the lower end of our balance of the year range and the fourth quarter at or above the high end of our balance of the year range. For the United States, we expect RevPAR for the balance of the year to be around flat compared to last year. We expect third quarter RevPAR growth to be flat to down slightly, and we expect to return to positive RevPAR growth in the fourth quarter led by group and business transient as we lap the presidential elections 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。我們預計第三季的業績將接近我們全年餘額範圍的低端，而第四季的業績將達到或超過我們全年餘額範圍的高端。對於美國而言，我們預計今年剩餘時間的 RevPAR 將與去年持平。我們預計第三季 RevPAR 增幅將持平或略有下降，我們預計在去年總統大選結束後，在團體和業務瞬態效應的推動下，第四季度 RevPAR 增幅將恢復正值。

For Greater China, visibility remains limited. But as we lap easier comparisons to last year, we believe RevPAR could be up in the low single digits 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 regions as they continue to benefit from significant international inbound travel.

對於大中華區而言，可見度仍然有限​​。但如果與去年進行比較，我們相信今年剩餘時間的 RevPAR 可能會成長個位數。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。

In Europe, we expect RevPAR growth to be flat for the balance of the year with RevPAR growth contracting in the third quarter as we lap difficult comparisons, including the Olympics in Paris last summer. We expect RevPAR growth to be positive in the fourth quarter.

在歐洲，我們預計今年剩餘時間 RevPAR 成長將保持平穩，第三季 RevPAR 成長將會收縮，因為我們要進行一些艱難的比較，包括去年夏天在巴黎舉行的奧運會。我們預計第四季 RevPAR 將實現正成長。

We are maintaining our net rooms growth outlook range of 6% to 7%, which does not include rooms added from the Playa acquisitions. Gross fees are expected to be in the range of $1.195 billion to $1.215 billion, a 10% increase at the midpoint of our range compared to last year. Adjusted EBITDA is expected to be in the range of $1.085 billion to $1.13 billion, a 9% increase at the midpoint of our range compared to last year when adjusting for the impact of asset sales.

我們維持 6% 至 7% 的淨客房成長預期範圍，其中不包括收購 Playa 所增加的客房。總費用預計將在 11.95 億美元至 12.15 億美元之間，與去年相比，以中間值計算成長 10%。調整後的 EBITDA 預計在 10.85 億美元至 11.3 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%。

As a reminder, owned assets sold in 2024 accounted for $80 million worth of owned and leased segment adjusted EBITDA last year. Our full year adjusted EBITDA outlook implies a balance of year growth of 6% at the midpoint of our range. We expect most of our year-over-year growth of adjusted EBITDA, excluding the impact of asset sales balance of the year, to occur in the fourth quarter as we lap easier comparisons, especially in the US, which has a more favorable calendar, as well as higher onetime G&A costs last year that will not repeat this year. In the third quarter, we expect weaker demand among lower chain scales impacting select service RevPAR in the United States as well as earnings in the distribution segment.

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。我們對全年調整後的 EBITDA 預期意味著，全年成長餘額將達到 6%，處於我們預期範圍的中點。我們預計，調整後 EBITDA 的同比增長大部分（不包括年度資產銷售餘額的影響）將出現在第四季度，因為我們的比較更容易，特別是在美國，那裡有更有利的日曆，而且去年一次性 G&A 成本較高，而今年不會重複這種情況。我們預計第三季較低連鎖飯店的需求將會減弱，進而影響美國精選服務的每間可用客房收入以及分銷部門的獲利。

As a reminder, our owned Park Hyatt properties in Paris and Chicago benefited from the Olympics and Democratic National Convention, respectively, in 2024.

提醒一下，我們旗下位於巴黎和芝加哥的柏悅酒店分別受益於 2024 年的奧運會和民主黨全國代表大會。

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 paid in 2025 related to asset sales that took place in 2024. We are reinstating our full year outlook for capital returns to shareholders and expect to return approximately $300 million in 2025, inclusive of share repurchases and dividends.

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 2025 年支付的與 2024 年資產出售相關的 1.17 億美元遞延現金稅。我們正在恢復對股東的全年資本回報預期，預計 2025 年將回報約 3 億美元，其中包括股票回購和股息。

Our capital allocation priorities remain unchanged. We are committed to our investment-grade profile, identifying opportunities to invest in growth that creates shareholder value and returning excess cash to shareholders in the form of dividends and share repurchases.

我們的資本配置重點維持不變。我們致力於維持我們的投資等級形象，尋找投資成長的機會來創造股東價值，並以股利和股票回購的形式向股東返還多餘的現金。

In closing, we are proud of our second quarter results and the strong execution around the Playa acquisition that will deliver asset-light earnings at a very attractive multiple, once the sale of the real estate is completed later this year. 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，我們對第二季的業績以及 Playa 收購的強勁執行感到自豪，一旦今年稍後完成房地產出售，這將以非常有吸引力的倍數帶來輕資產收益。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。

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

我們的準備好的演講到此結束，現在我們很樂意回答大家的問題。

(Operator Instructions)

（操作員指示）

Conor Cunningham, Melius Research.

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

Hi everyone. Thank you. You've been very busy over the past couple of months. So again, I appreciate the detail in the slide deck too on just the outcomes for the low and high end as well. So just on the improvement that you expect through the remainder of the year, I'm just trying to understand it a little bit better. It seems like you expect some weakness in the third quarter. Is that mostly isolated to July and then things get better? I'm just there's a lot of comp headwinds and whatnot. It seems like the biggest swing factor is on the BT side. So just any thoughts on the moving parts as we move throughout the year. What gives you confidence that things get better towards the year-end?

大家好。謝謝。過去幾個月你一直很忙。因此，我再次感謝幻燈片中關於低端和高端結果的細節。因此，對於您期望在今年剩餘時間內出現的改善，我只是想更好地理解它。看起來您預計第三季會出現一些疲軟。這是否主要發生在 7 月份，然後情況就會好轉？我只是面臨很多競爭阻力等等。看起來最大的搖擺因素在 BT 方面。因此，對於我們全年活動過程中的活動部件，我只想提出一些想法。什麼讓您有信心年底情況會好轉？

Sure, Conor. I'll just summarize some of what I said in my prepared remarks. As we look at the second half of the year and relative to the EBITDA guidance that we provided for the full year, the second half would suggest a -- would reflect a 6% growth in EBITDA for the second half. And I mentioned that we expect the majority of that to be earned in the fourth quarter because, as you said, in the third quarter, as you mentioned, there are some, in particular, tougher comps, several onetime events including the Olympics and the Democratic National Convention. Those onetime events will as they were realized in the second excuse me, the third quarter of last year, that is one of the headwinds that we will have in the third quarter.

當然，康納。我僅總結一下我在準備好的發言中所說的一些內容。當我們展望下半年並相對於我們為全年提供的 EBITDA 指引時，下半年將顯示 - 下半年 EBITDA 將成長 6%。我提到，我們預計大部分收入將在第四季度實現，因為正如您所說，在第三季度，有一些特別艱難的競爭，包括奧運和民主黨全國代表大會在內的幾項一次性活動。這些一次性事件將會像去年第二季度，也就是第三季那樣實現，這是我們在第三季將面臨的阻力之一。

We also have slower group pace growth in the third quarter that we're seeing right now. So it is slightly negative. As Mark mentioned earlier, our group pace is flat for the remainder of the year. And so the third quarter is negative as of right now. And then there's some slower pickup in our lower chain scales, and that impacts our upscale business in the US as well as our distribution business. So that is sort of the headwinds in the third quarter, just to give a little bit more color.

我們目前也看到第三季集團速度成長放緩。所以它有點負面。正如馬克之前提到的，我們集團在今年剩餘時間內的步伐將保持穩定。因此截至目前，第三季的業績為負值。我們的低端連鎖店規模的成長速度有所放緩，這對我們在美國的高端業務以及分銷業務產生了影響。這就是第三季面臨的阻力，只是為了提供更多的資訊。

And then on the fourth quarter pickup, yes, there are easier comps because of onetime events in the fourth quarter, including some of the holiday shifts and the presidential election in November. So easier comps there in the fourth quarter, we're seeing some better pickup on the BT side that we expect to realize post Labor Day into the fourth quarter, that's still a shorter-term business. But as we talk to our top corporate customers, they are confident in getting back on the road post Labor Day. So that is what we're hearing and what we're seeing in the numbers recently.

然後談到第四季度的回升，是的，由於第四季度的一些一次性事件，包括一些假期輪班和 11 月的總統選舉，因此同店銷售額更容易增長。因此，第四季度的業績比較容易比較，我們看到英國電信方面出現了一些更好的回升，我們預計這一情況將在勞動節後到第四季度實現，但這仍然是一項短期業務。但當我們與頂級企業客戶交談時，他們有信心在勞動節後重新上路。這就是我們最近聽到的和看到的數字。

The group pace numbers, I mentioned that while we're flat for the full for the entirety of the second half of the year, the fourth quarter is positive. So that gives us confidence. Obviously, we have more visibility to group pace. So that's a positive in the fourth quarter. So there's quite a few reasons for the difference in the growth rates that we expect in the third quarter and the fourth quarter. And we feel really good about our expectations based on what were the bookings that we're seeing and those estimates that we provided for the remainder of the year.

我提到，集團步調數字雖然整個下半年都持平，但第四季是正面的。這給了我們信心。顯然，我們對團體節奏有了更多的了解。所以這對第四季來說是一個正面因素。因此，我們對第三季和第四季成長率的預期存在差異，原因有很多。根據我們看到的預訂情況以及我們對今年剩餘時間的估計，我們對我們的預期感到非常滿意。

I would just add that if you pick your head up from this year into next year, the group pace into next year is extremely strong with a lot of it represented by rate increases. So while I think Joan explained the profile of the remainder of the year with great detail, I think maybe the more important message is that we see an improving picture heading into 2026 in addition to all the things that Joan just mentioned.

我想補充一點，如果你回顧今年並展望明年，你會發現明年的整體步伐非常強勁，其中很大一部分體現在利率上調。因此，雖然我認為瓊非常詳細地解釋了今年剩餘時間的情況，但我認為也許更重要的訊息是，除了瓊剛才提到的所有事情之外，我們還看到了 2026 年情況的改善。

Yeah, the accerlerating rate is certainly encouraging. But maybe I can ask another one. Just on the co-branded credit card negotiations, I mean I'm just trying to understand a little bit better on the time line and what you guys are trying to accomplish from an outsider's perspective, you obviously have a ton of growth in luxury. Your loyalty members are up over 400%. It just seems like you're in a pretty good negotiating position. So just any if you could level set us there, that would be great.

是的，加速的速度確實令人鼓舞。但也許我可以問另一個人。就聯名信用卡談判而言，我的意思是，我只是想更了解時間表，以及從局外人的角度來看你們想要實現的目標，顯然你們在奢侈品領域取得了巨大的成長。您的忠誠會員數量增加了 400% 以上。看起來你的談判地位相當有利。因此，如果您能將我們設定到這個水平，那就太好了。

Conor, we will update you as soon as we have something to update. As we've mentioned, we do feel good about what we'll be able to accomplish, but we'll provide more specifics on our expected economics as soon as we're able to do that. And I would expect maybe we'll be in a position later this year, early next year.

康納，一旦有更新，我們會立即通知您。正如我們所提到的，我們確實對能夠完成的目標感到滿意，但一旦我們能夠做到這一點，我們就會提供更多關於預期經濟效益的細節。我預計我們或許會在今年稍後或明年年初實現這一目標。

Okay. Thank you.

好的。謝謝。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hi, thanks. Just I know you've done a lot with getting the Playa real estate sale done here or on the path to being completed by the end of the year. But as we think about other hotel dispositions, maybe remind us of where you stand and how you think about capital allocation from any proceeds that could come out from that?

你好，謝謝。我只知道您為完成 Playa 房地產銷售做了很多工作，或者說，為在今年年底前完成銷售做了很多工作。但是，當我們考慮其他飯店處置時，也許請提醒我們您的立場以及您如何考慮從中產生的收益中進行資本配置？

Sure, Stephen. Thanks for the question. The proceeds, Joan mentioned this, but the proceeds from the sale of the Playa real estate will go entirely to pay down debt that's outstanding associated with that. It is, it does actually satisfy the goal that we set for real estate dispositions at $2 billion. Having said that, you heard that we've got a lot of activity in other assets, and we will continue to stay focused on further dispositions and that will certainly allow us to have more flexibility with respect to return of capital to shareholders.

當然，史蒂芬。謝謝你的提問。瓊提到了收益，但出售普拉亞房地產的收益將全部用於償還與此相關的未償債務。是的，它確實滿足了我們設定的 20 億美元房地產處置目標。話雖如此，您聽說我們在其他資產方面有很多活動，我們將繼續專注於進一步的處置，這肯定會讓我們在向股東返還資本方面擁有更大的靈活性。

And we expect that picture that is the return of capital to shareholders to continue to improve as every quarter that goes by, we become increasingly fee-based in our earnings mix and the conversion to free cash flow is going up. And it's also true that we have a fortress balance sheet as it is post the paydown of the debt that we took on for the Playa acquisition. So I think that's what you can expect to see you over the next 18 months.

我們預計，隨著每季的過去，我們的獲利結構中費用佔比越來越高，而自由現金流的轉換率也在上升，股東資本回報率的狀況將持續改善。而且，我們確實擁有穩健的資產負債表，因為它是我們為收購 Playa 而承擔的債務償還後的資產負債表。所以我認為這就是你在未來 18 個月內可以期待看到的。

And one very quick follow-up. You talked about the improving free cash flow conversion. Maybe I missed this in your opening remarks, but how is the Big Beautiful Bill potentially going to impact your cash taxes and how you think about cash conversion over the next couple of years?

還有一個非常快速的後續行動。您談到了自由現金流轉換的改善。也許我在你的開場白中忽略了這一點，但是《大美麗法案》將如何影響你的現金稅以及你對未來幾年的現金轉換有何看法？

It will have some impact. We have the benefit, like everybody else does, of accelerated depreciation. And while the form of the capital that we're spending is much less about bricks-and-mortar and investments in hotels and more about technology. That those are all qualified for accelerated depreciation as well. So I think we will realize some benefits with respect to our cash taxes as a result of that. Beyond that, I'm not sure that there's much to talk about.

會產生一些影響。和其他人一樣，我們也享受了加速折舊的好處。雖然我們所花費的資本形式不是用於實體店和酒店投資，而是用於技術投資。這些也都符合加速折舊的條件。因此我認為我們將因此在現金稅方面獲得一些好處。除此之外，我不確定還有什麼好談的。

No, just to reinforce the fact that free cash flow as we sell real estate -- continue to sell real estate and get to our 90% expectation for asset-light earnings that will have greater and greater levels of free cash flow conversion over time.

不，只是為了強調這樣一個事實，即當我們出售房地產時，自由現金流——繼續出售房地產並達到我們對輕資產收益的 90% 預期，隨著時間的推移，自由現金流轉換水平將越來越高。

Great, thanks. I'll jump back in the queue. Thanks.

太好了，謝謝。我會重新回到隊列中。謝謝。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hey, good morning, everyone. Thank you for taking my questions. Mark or Joan, maybe one place to start would be just kind of can you help us with the building blocks for next year overall? I think for the most part, the investment community gets some, but there is a lot moving around. So if we think about kind of part one being the clean Playa fees once the real estate is divested, Part 2 being the credit card deal, Part 3 being some amount of organic net unit growth. And then Part 4 being trying to think about owned and leased pieces that are kind of net or maybe we need to annualize. Can you just help with some parameters around sort of each of those areas just as people are starting to kind of look out a little further and want a clean look at what a Hyatt really can do on the earnings power side next year? That would be great.

嘿，大家早安。感謝您回答我的問題。馬克或瓊，也許我們可以先問問自己：你們能否幫助我們為明年的整體發展奠定基礎？我認為，在大多數情況下，投資界都會得到一些回報，但還有很多事情在變動。因此，如果我們考慮第一部分是剝離房地產後的清潔 Playa 費用，第二部分是信用卡交易，第三部分是一定數量的有機淨單位增長。然後，第 4 部分嘗試思考自有和租賃的部分，這些部分是淨額，或者我們可能需要年度化。當人們開始進一步關注並希望清楚地了解凱悅明年在盈利能力方面能取得什麼成績時，您能否幫助提供有關每個領域的一些參數？那太好了。

I think we'll split this up. Joan, you can take the first two, and I'll jump in after that.

我想我們應該分開做。瓊，你可以先回答前兩個問題，然後我會繼續回答。

Okay. Shaun. I'll take the first two. So Mark had mentioned the expectations that actually we published when we announced the deal, the Playa acquisition deal that ultimately the contracts that we're entering into, the 50-year contracts with the Tortuga buyer reflects about $50 million to $65 million of fees on an incremental basis. So when you look at that on a full year basis, what we were realizing pre-acquisition was about $15 million to $20 million of franchise fees. So that is the increment for 2026 relative to Playa.

好的。肖恩。我要前兩個。因此，馬克提到了我們在宣布這筆交易時實際上發布的預期，即 Playa 收購交易，最終我們與 Tortuga 買家簽訂的 50 年合約反映了約 5000 萬至 6500 萬美元的增量費用。因此，如果從全年來看，我們在收購前實現的特許經營費用約為 1500 萬至 2000 萬美元。這就是 2026 年相對於 Playa 的增量。

And with respect to that's on the fee side. And with respect to the credit card, I'll just reiterate what I just responded to, which is that we will provide you insight into economics as soon as we're able to do that as soon as we have a deal to share. So later when we provide guidance for 2026, more officially, we'll be sure to give you some insight into that.

這是關於費用方面的問題。關於信用卡，我只想重申我剛才的回答，那就是，只要我們能夠做到這一點，只要我們達成協議，我們就會立即為您提供財務方面的見解。因此，當我們稍後更正式地提供 2026 年指導時，我們一定會為您提供一些見解。

And then on the other two points. First, the asset sale impacts, we've laid out on Page 15 of the investor information deck that was released this morning. The quarter-by-quarter adjustments for 2024, we will continue to report these adjustments out on a quarterly basis to facilitate everyone's ability to understand what the impact is on a year-over-year basis. I think the baseline as we head into next year is established. The foundation is established with really strong group pace and a continuing positive outlook for leisure travel, especially in the luxury leisure segment.

然後再談另外兩點。首先，資產出售的影響，我們已經在今天早上發布的投資者資訊平台第 15 頁中進行了闡述。2024年的逐季調整，我們將繼續按季報告這些調整，以方便大家了解同比的影響。我認為我們進入明年的基線已經建立。該基礎建立在強勁的集團步伐和對休閒旅遊（尤其是豪華休閒領域）持續樂觀的前景之上。

I know that overall leisure numbers have been weaker, but that's primarily driven, if not entirely driven or maybe more than 100% driven by lower chain scales. So that's not where we live. And if you include Europe in the outlook with respect to leisure, it's actually even better. So we were US resorts were up mid-single digits year-to-date. If you include and all-inclusive resorts in the Americas were up almost 7%. If you include Europe, it's up 8%. So that's year-to-date, but the outlook continues to be very strong pace into the remainder of the year for our HIC high inclusive collection, hotels is strong, as is the pace outlook for the Playa Hotels that we now own.

我知道整體休閒遊客數量有所減少，但這主要是由於（如果不是全部或超過 100%）連鎖飯店規模較小所致。所以那不是我們居住的地方。如果將歐洲納入休閒前景，情況實際上會更好。因此，今年迄今為止，美國度假村的客流量成長了中個位數。如果算上美洲的全包式度假村，則成長了近 7%。如果包括歐洲，則成長了 8%。這是今年迄今為止的情況，但對於我們的 HIC 高包容性系列酒店而言，今年剩餘時間的前景仍然非常強勁，我們現在擁有的 Playa 酒店的前景也是如此。

So I think the most important thing in terms of the outlook heading into 2026 relates to those dynamics where we've got big chunks of our business that all have positive signs. And I don't remember what your fourth NRG, of course, how can I forget? We are on pace this year to a great outcome, in my opinion. With the 70 basis points that we added to the outlook is has to do with the Playa transaction. But our feeling and our sentiment, especially given the increased signings pace in the second quarter and some of the dynamics that we're seeing in some of the traction that we are starting to see really grab hold in the upper mid-scale for us. And our focus on that area is, in my opinion, going to continue to be the tailwind.

因此，我認為，就 2026 年的前景而言，最重要的是那些我們的大部分業務都呈現積極跡象的動態。當然，我不記得你的第四個 NRG 是什麼，我怎麼會忘記呢？我認為，我們今年的步伐將非常順利，並且取得很好的成果。我們在展望中增加的 70 個基點與 Playa 交易有關。但我們的感覺和情緒，特別是考慮到第二季度簽約速度的加快，以及我們開始看到的一些牽引力的動態，確實對我們在中上規模有所支撐。我認為，我們對該領域的關注將繼續成為順風。

And so I think we'll have wind in our sales with respect to NRG heading into next year and the year after that. And I'm increasingly confident that we'll be able to maintain those levels of growth as we look forward.

因此我認為明年和後年 NRG 的銷售將會很順利。我越來越有信心，我們能夠在未來維持這樣的成長水準。

Yeah. And I would just add for your modeling purposes, Shaun, the confidence that Mark just described about the business and our growth. This all leads to our confidence in the holding up. So I think that helps with respect to what you're looking for, for modeling into next year.

是的。肖恩，為了您的建模目的，我只想補充一下馬克剛才描述的對業務和我們發展的信心。這一切都讓我們對堅持充滿信心。所以我認為這對你所尋找的、為明年建模的東西有幫助。

Yeah.

是的。

I know that was a long one. Just a clarification, Joan, and I won't go any deeper. But just for the incremental fees from Playa in terms of the numbers that you gave, I think that you had originally laid out $55 million to $60 million. Just to be clear, that's the incremental fees. In addition, you keep the fees that you already had, right? So but that will be the incremental bump for '26 over 2025.

我知道這是一個漫長的過程。瓊，我只是想澄清一下，我不會再深入探討了。但就您給出的數字而言，對於 Playa 的增量費用，我認為您最初支付了 5500 萬至 6000 萬美元。需要明確的是，這是增量費用。此外，您還保留了原有的費用，對嗎？但這將是 2026 年相對於 2025 年的增量。

Yeah. The incremental that number is the incremental first of all, it was $60 million to $65 million fees, top line fees that net of the franchise fees that we would have received from Playa.

是的。首先，這個增量是增量，費用為 6000 萬美元到 6500 萬美元，扣除我們從 Playa 收到的特許經營費用後的淨額。

Right, which is why I provided those because when you actually look at the second half of this year, when you consolidate Playa you're going to see a -- which is you'll see that on Page 3 of the earnings release that on a consolidated basis, for the second half of the year, we don't earn any fees because we own the real estate.

對，這就是我提供這些資訊的原因，因為當你真正看今年下半年時，當你合併 Playa 時，你會看到——你會在收益報告的第 3 頁上看到，在合併的基礎上，對於下半年，我們沒有賺取任何費用，因為我們擁有房地產。

We own the real estate, yes.

是的，我們擁有房地產。

So that is why I provided the $15 million to $20 million, which was the pre-acquisition fees, franchise fees that we collected from Playa. The $50 million to $55 million that you're referencing, Shaun, that was an EBITDA number that we provided.

所以這就是我提供 1500 萬到 2000 萬美元的原因，這些是收購前的費用，也是我們從 Playa 收取的特許經營費。肖恩，您提到的 5000 萬至 5500 萬美元是我們提供的 EBITDA 數字。

Yeah. So yes, just to be clear, the $60 million to $65 million is the gross fees. That number is net of $17 million that we would have otherwise received. And the $50 million to $55 million is the EBITDA that's implied from those from the $60 million to $65 million of fees. Is that clear?

是的。是的，需要明確的是，6000 萬到 6500 萬美元是總費用。這個數字扣除了我們原本可以收到的 1700 萬美元。5000 萬到 5500 萬美元是從 6000 萬到 6500 萬美元的費用中隱含出來的 EBITDA。清楚了嗎？

It's clear. Thank you so much. I know it's a lot.

天氣晴朗。太感謝了。我知道這很多。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Mark, two-parter for you. on the recent brand acquisition. First on Standard and Principe, where are we in the process of integration of various milestones that you guys worked through? What is it bookable on Hyatt channels, how is loyalty contribution trended so far? And then that $11 million of fees that you referenced in the press release, how was that relative to your expectations? And then secondarily for Playa, what sort of integration time line there for the converted hotels and then also your expected step-up in the associated distribution earnings over time?

馬克，關於最近的品牌收購，我們為您帶來兩部分內容。首先關於標準普爾和普林西比，你們在整合各個里程碑的過程中處於什麼階段？凱悅頻道上可以預訂什麼？到目前為止忠誠度貢獻趨勢如何？那麼，您在新聞稿中提到的 1100 萬美元的費用與您的預期相比如何？其次，對於 Playa 而言，轉換後的飯店的整合時間表是怎樣的？隨著時間的推移，您預計相關分銷收入將如何成長？

Thanks, Michael. With respect to standard, we are live across the portfolio. There may be one hotel in their portfolio that's not live on World of Hyatt, I'm not sure. The Manor, I think, was the last hotel to convert or to be brought live. So as I sit here, I just don't remember, but it's a single hotel. The early results are quite remarkable. Omar Lovani, who runs our Lifestyle team, ran development and was a key leader for W when W were launched when he worked at Starwood. And so he understands exactly how a premier world-class sort of loyalty program with the right customer base can actually interface with a lifestyle group, where you don't end up with sort of condition dissonance when you walk into our hotels.

謝謝，麥可。就標準而言，我們在整個投資組合中都是活躍的。他們的投資組合中可能有一家酒店尚未在凱悅天地上線，我不確定。我認為，莊園酒店是最後一家改建或投入營運的酒店。所以當我坐在這裡時，我只是不記得，但這是一家單獨的酒店。早期成果非常顯著。奧馬爾·洛瓦尼 (Omar Lovani) 負責我們的生活方式團隊，在任職於喜達屋期間，他負責開發工作，並且是 W 酒店成立時的關鍵領導者。因此，他清楚地了解如何透過擁有合適客戶群的頂級世界級忠誠度計劃與生活方式群體進行互動，這樣當您走進我們的酒店時就不會遇到任何不和諧的情況。

And so there's a profile of customer that is going to be attracted to standard. But the early results are really better than we expected in terms of contribution. The standard hotels are performing extremely well. That strength is maintained through our acquisition of the company. So everything that we are looking at is displacement of more expensive channels. So the owners of those hotels will benefit a lot from World of Hyatt members now staying in their hotels. And we expect that to grow further over time. So we will buttress and strengthen the overall earnings profile for those hotels and reduce distribution costs all at the same time.

因此，有一部分客戶會被標準所吸引。但從貢獻來看，早期的結果確實比我們預期的還要好。標準酒店的表現極為出色。透過收購該公司，我們保持了這一優勢。因此，我們所關注的一切都是為了取代更昂貴的管道。因此，這些酒店的業主將從凱悅天地會員入住其酒店中受益匪淺。我們預計，隨著時間的推移，這一數字將進一步增長。因此，我們將鞏固和加強這些酒店的整體獲利狀況，同時降低分銷成本。

So we're really very favorable about that on that. As for the corporate integration work, that will continue to unfold during the remainder of the year. Amar and his team have done a complete inventory of all of our lifestyle hotels and also identified a lot of runway. So they're sort of tag teaming their time through getting the integration work done and growing all of our brands. And we've already seen some really significant activity in our lifestyle brands, including branded resi, which has been super encouraging.

所以我們對此非常看好。至於企業整合工作將在今年剩餘時間內繼續展開。Amar 和他的團隊對我們所有的生活方式酒店進行了完整的盤點，並確定了許多跑道。因此，他們透過合作完成整合工作並發展我們所有的品牌來達到這個目的。我們已經看到我們的生活風格品牌（包括品牌住宅）的一些真正重要的活動，這非常令人鼓舞。

With respect to pay, likewise, that is fully managed out of the JV that we have a 50% interest in. And that integration work continues I think we did fast track World of Hyatt integration into those hotels. I don't know whether that's taken hold quite yet. If it has, it's been only literally in the last few days. So we have yet to really see significant impact with respect to our customer base into those hotels. Having said that, the business is performing quite well, at least as well as our underwriting and pro forma expectations.

同樣，就薪酬而言，也完全由我們擁有 50% 權益的合資企業管理。整合工作仍在繼續，我認為我們確實加快了凱悅天地與這些酒店的整合。我不知道這是否已經生效。如果確實如此，那也只是在過去幾天裡發生的。因此，我們尚未真正看到這些酒店對我們客戶群的重大影響。話雖如此，業務表現仍然相當良好，至少與我們的核保和備考預期一樣好。

And the third one, the third area that you asked about was or is it just standard?

第三個，您詢問的第三個領域是標準嗎？

Well, the third is just on the Playa Hotels that you're going to convert.

嗯，第三個是關於您要改造的 Playa 酒店。

Yeah. Sorry. Thank you. Yes, there is disruption with respect to the rebranding. All of that will we will be fully ramped by the end of the year. So that is that's underway, and we are turning on the channels that we have unique capabilities and including ALG vacations. And so yes, there is disruption there. Any time you change brand groups, you're going to end up with disruption, but all of that will be fully behind us come January of '26.

是的。對不起。謝謝。是的，品牌重塑確實帶來了一些混亂。所有這些都將在今年年底前全面完成。這就是正在進行的事情，我們正在開啟我們擁有獨特能力的管道，包括 ALG 假期。是的，那裡確實存在混亂。任何時候更換品牌組，最終都會造成混亂，但到 2026 年 1 月，所有這些都將完全過去。

Very helpful. Thank you.

非常有幫助。謝謝。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi, thank you. I have one more question around your Playa acquisition. I think as part of that, you kept a $200 million preferred interest in the assets. And just going forward, I assume that the I don't know if you can give any kind of scope on kind of the interest you expect to receive there. And I assume that's not included in the fees that you've lined out going forward? Or again, just sort of thinking about building blocks for next year, will that be a significant sort of economic interest for you?

你好，謝謝。關於您收購 Playa，我還有一個問題。我認為作為其中的一部分，你保留了價值 2 億美元的資產優先權益。展望未來，我認為我不知道您是否可以透露您期望在那裡獲得何種利益。我認為這不包括在您今後列出的費用中？或者，只是考慮一下為明年奠定基礎，這對您來說是否是一種重要的財務利益？

Yeah. So quick summary. The returns associated with that preferred are not fees, period. So they don't show up in the fee line. That's not we're not conflating anything or recharacterizing anything, just to be super clear about that. Second, the way that, that piece of paper is structured, it will encourage the buyer to refinance and repay that over time. So I'm not going to go into the specifics about at what rate the paper is issued at this point. But structurally, it has features in it that over time, we'll step up. So we expect that the refinancing will be available.

是的。簡單總結一下。與此優先股相關的回報不是費用，僅此而已。所以他們不會出現在收費隊伍中。這並不是說我們沒有混淆任何東西或重新描述任何東西，只是為了非常清楚地說明這一點。其次，該票據的結構方式將鼓勵買家進行再融資並隨著時間的推移償還貸款。因此，我現在不會詳細談論該票據的發行速度。但從結構上來說，它具有一些特點，隨著時間的推移，我們會不斷改進。因此我們預計再融資將會實現。

One of the reasons we were so confident about the sale of this real estate, first of all, we know the market extraordinarily well. We're the largest player in this asset class as manager. And secondly, the yield profile for these assets is quite high and it's quite high relative to anything that you might find in the United States, for example. And I think that over time, people will come to understand and the institutional community, as evidenced by our sale by the way, will not only understand but take advantage of that. And that is what allows you tremendous financial flexibility. So yes, the buyers will earn a very attractive yield, and that's in part because that's what the market is.

我們對出售這處房產如此有信心的原因之一是，首先，我們非常了解這個市場。身為管理者，我們是這一資產類別中最大的參與者。其次，這些資產的殖利率相當高，相對於美國的任何資產而言都相當高。我認為隨著時間的推移，人們會逐漸理解，而機構社區（順便說一句，從我們的銷售情況可以看出）不僅會理解，而且會利用這一點。這使得您擁有極大的財務靈活性。所以，是的，買家將獲得非常可觀的收益，部分原因是市場就是這樣。

It is also true that the free cash flow that results from that gives them tremendous financial flexibility. So they're set up for, I think, a very good rate of return, and we're set up for getting our capital back.

由此產生的自由現金流也確實為他們帶來了巨大的財務彈性。所以我認為，他們已經準備好獲得非常好的報酬率，我們也已經準備好要收回我們的資本。

That's right.

這是正確的。

And 50-year management agreements for the hotels that are staying in our system.

並針對入住我們系統的飯店簽訂了 50 年的管理協議。

Right. And before we move to the next question, I just wanted to clarify. Adam just clarified the point I made earlier, and this is in reference to Shaun's question. Our EBITDA expectations for 2026 for Playa are $55 million to $60 million. And that has not changed since what we've previously published. So I just wanted to make sure that, that was clear.

正確的。在我們進入下一個問題之前，我只是想澄清一下。亞當剛剛澄清了我之前提出的觀點，這是針對肖恩的問題。我們預計 2026 年 Playa 的 EBITDA 為 5,500 萬至 6,000 萬美元。自從我們之前發布以來，這一點並沒有改變。所以我只是想確保這一點很清楚。

Yeah. Sorry, that was $5 million lower than what I said. So that was my mess up. Sorry about that, Joan.

是的。抱歉，比我說的少了 500 萬美元。這就是我的失誤。很抱歉，瓊。

No. We haven't changed our expectations.

不。我們沒有改變我們的期望。

Can I just switch over for a moment to, I know Hyatt Studio has been a big focus that's kind of your rollout, and I assume it's an important part of your net rounds growth expectations. Any kind of change or updates you can provide there in terms of how that rollout is going?

我可以稍微轉換一下話題嗎？我知道凱悅工作室 (Hyatt Studio) 一直是你們重點關注的領域，我認為它是你們淨輪次成長預期的重要組成部分。就此次推出的進展而言，您能提供任何變更或更新嗎？

Not really, it's more of what we described last quarter. We have more hotels under construction. We have a lot more in the funnel. And so we are very focused on converting into signed contracts and then into construction. But the early results in Mobile are very, very strong. So we feel good about that. And I would point you to Pages 6 and 7 of the investor information pack that we deck rather that we published this morning. Really what that demonstrates pretty starkly is just how big the opportunity is for us.

並非如此，它更像是我們上個季度所描述的。我們還有更多的酒店正在建設中。我們的漏斗中還有很多東西。因此，我們非常注重轉化為簽署的合同，然後進行建設。但行動領域的早期成果非常非常強勁。因此我們對此感到很高興。我想請您看一下我們今天早上發布的投資者資訊包的第 6 頁和第 7 頁。這確實清楚地表明了我們面臨的機會有多大。

The whole strategy has been based around building and strengthening the halo that Hyatt has enjoyed for many years as a premier player and as a high-quality player and as a high-rated player, so we've established the top end in a proportion that is vastly in excess in terms of our system that is to our competitors. And now as we lean into all of these markets in which we have no representation, we believe that we're going to find tremendous take rate because the network effect for us is inviting a lot of people to start staying with us and existing members to stay with us since we'll have something in those markets.

整個策略都圍繞著打造和加強凱悅多年來作為頂級玩家、高品質玩家和高評級玩家所享有的光環，因此，我們建立了遠遠超過我們競爭對手的高端系統。現在，當我們深入所有這些我們尚未涉足的市場時，我們相信我們將會發現巨大的接受率，因為網路效應會吸引很多人開始和我們在一起，現有會員也會繼續和我們在一起，因為我們在這些市場有一些東西。

They already we already have in place the resort portfolio and the luxury portfolio that provides the aspiration for all of our World of Hyatt members, that's partly what's driving a 27% compounded growth rate from 2017. And cumulatively, we're growing at 20% every quarter that goes by almost 60 million members, which is more than twice the number of members that SPG had when Marriott purchased Starwood. So we are really seeing tremendous traction in both World of Hyatt and the interest in our brands in these wide open markets. but I would definitely take a look at Pages 6 and 7. That will give you a very clear picture about where we stand and why we're so confident about our growth rate going forward.

我們已經擁有度假村組合和豪華組合，為我們所有的凱悅天地會員提供理想的住宿選擇，這也是推動 2017 年複合增長率達到 27% 的部分原因。累計起來，我們每季的成長速度為 20%，會員數量接近 6,000 萬，是萬豪收購喜達屋時 SPG 俱樂部會員數量的兩倍多。因此，我們確實看到了凱悅天地和我們品牌在這些廣闊的開放市場中的巨大吸引力。但我肯定會看第 6 頁和第 7 頁。這將讓您非常清楚地了解我們的現狀以及我們為何對未來的成長率如此有信心。

Great. Thank you. I appreciate it.

偉大的。謝謝。我很感激。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Hey, thanks for taking my questions. You've three additional assets you referred to in the prepared remarks. I think you said I believe you said one hotel signed and two under LOI. If you dispose of more this year, would that increase your shareholder return expectations? And then I don't know if you want to touch this or not, but is there any way to size that opportunity for those three hotels? And then one follow-up.

嘿，謝謝你回答我的問題。您在準備好的評論中提到了另外三項資產。我想您說過，我相信您說過，一家酒店已簽署協議，另外兩家酒店已簽署意向書。如果今年您處置更多，是否會提高股東回報預期？然後我不知道您是否想觸及這一點，但是有沒有辦法為這三家酒店擴大這個機會？然後進行一次跟進。

Yeah. We our practice is to provide specifics once we close transactions. So we'll wait to do that. But the answer to your question is, first, you've heard us repeat, I don't know how many times, that we're committed to an investment-grade profile. We are well on our way to doing that with the pay down of the debt once we close the Playa real estate transaction. So those transactions, assuming that they close this year could open up additional opportunities for us. And as we look into next year, as I mentioned earlier, we do have an expectation that we will be able to lean more heavily into shareholder returns for all the reasons that we discussed earlier.

是的。我們的做法是，一旦交易完成，就會提供具體資訊。因此我們會等待並這麼做。但對你的問題的回答是，首先，你已經聽過我們重複了，我不知道多少次，我們致力於投資級的形象。一旦我們完成 Playa 房地產交易，我們就會順利償還債務。因此，假設這些交易今年完成，可能會為我們帶來更多機會。展望明年，正如我之前提到的，我們確實期望，由於我們之前討論過的所有原因，我們將能夠更加依賴股東回報。

Got it. And then just one quick follow-up. Just what are you seeing in China either by chain scale or customer segmentation? Any color would be helpful.

知道了。然後只需快速跟進一次。您在中國從連鎖規模或客戶細分方面看到了什麼？任何顏色都會有幫助。

Yeah. The word of the day in China is caution and conservatism. The impact of the current policies that are in place plus concern over the potential impact from continued friction over tariffs has led to, I would say, a tremendous level of caution, more significant than we experienced in the US. Depending on what quarter you look at, we've seen sustained demand in business transient and then more recently, leisure, but in fact, what's happening is that a lot of the higher-end customers in China are actually spending more as they travel outside of China. But outside of China is not spending in China because inbound traffic remains very low.

是的。當今中國流行的詞是謹慎和保守。我想說，現行政策的影響，加上對持續的關稅摩擦可能產生的影響的擔憂，導致了極大的謹慎，比我們在美國經歷的更為嚴重。根據您所觀察的季度，我們看到商務旅行和最近的休閒旅行需求持續增長，但事實上，許多中國高端客戶在出國旅行時實際上花費更多。但中國境外的消費並不在中國，因為入境客流量仍然很低。

So right now, I would say, name of the game is caution and conservatism, and I think that the there's an increasing expectation that there will be some policy shifts. Beijing is very historically, the government is very responsive and sensitive to customer sentiment. So there's a growing expectation that there will be some policy shifts and possibly some more clarity around the tariff picture. So I would say that we don't have a tremendous level of the crystal ball because everything has shortened up in terms of bookings. But we don't see really any significant holes as we look forward, nor is there a way for us to predict that we're going to see a massive recovery in this year. And by way of a reminder, total fees that we earn out of China are roughly 7% of our total fee base.

因此，現在我想說，遊戲的名稱是謹慎和保守，我認為人們越來越期待一些政策的轉變。北京有著悠久的歷史，政府對顧客情緒反應非常敏感。因此，人們越來越期待政策會發生一些變化，關稅情勢也可能變得更加明朗。所以我想說，我們沒有很高的預測能力，因為就預訂量而言，一切都已經縮短了。但展望未來，我們並沒有看到任何重大的漏洞，也沒有辦法預測今年會出現大規模的復甦。需要提醒的是，我們在中國賺取的費用總額約占我們總費用基數的 7%。

Patrick Scholes, Truist Securities.

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

Hi good morning everyone. Thank you. Now that the Playa transaction is closed, and it seems like it is going well and as intended. Would it be completely unrealistic to think there could be a similar opportunity with the public hotel REITs, which seem to be trading below NAV, the opportunity for you to be to flip the real estate and then enter into similar long-term management contracts? Again, would that be completely on your list to think that might be something you'd be interested in it?

大家早安。謝謝。現在，Playa 交易已經完成，一切似乎進展順利，符合預期。認為公共酒店房地產投資信託基金 (REIT) 可能存在類似的機會（這些房地產投資信託基金的交易價格似乎低於資產淨值）是否完全不切實際，您有機會轉售房地產，然後簽訂類似的長期管理合約？再說一次，這完全在你的清單上，你認為這可能是你感興趣的事情嗎？

Patrick, thanks for that. I'm 100% sure I can't comment on your question.

派崔克，謝謝你。我百分之百確定我無法對你的問題發表評論。

I know it's a little less...

我知道這有點少...

I don't know what the realm of possible explanations is or responses is, look, I can tell you that we are really focused on our organic growth and also focused on the things that are really in our wheelhouse. So I really -- I'm not sure that I have much to say beyond that.

我不知道可能的解釋或回應是什麼，看，我可以告訴你，我們真正關注的是我們的有機成長，也關注的是真正在我們掌控範圍內的事情。所以我真的——我不確定除此之外我還有很多話要說。

Okay. It was just some investor chatter there that I wanted to ask the question. A more standard question here for Joan. I didn't hear you mention about -- unless I missed the expectations on the Caribbean for the rest of the year. I wonder if you could talk about that.

好的。我只是想問一些投資人閒聊的問題。這是給瓊的一個更標準的問題。我沒有聽到你提到——除非我錯過了今年剩餘時間對加勒比海的期望。我不知道您是否可以談論這個問題。

Yeah, we're very encouraged with what we're seeing on the bookings side in the Caribbean. We have, I think Mark mentioned in his prepared remarks that our pace going into the third quarter is in the 5% range. And the Playa portfolio is also performing really well. I think it's in that same mid-single-digit range, maybe...

是的，我們對加勒比地區的預訂情況感到非常鼓舞。我認為馬克在他的準備好的發言中提到過，我們進入第三季的步伐在 5% 左右。Playa 的投資組合表現也非常出色。我認為它大概在同一中等個位數範圍內...

Maybe it's lower because of the rent conversion.

也許是因為租金轉換的原因，所以價格較低。

Yeah. The rent conversions is having a little bit of an impact, but very strong bookings. So we're very encouraged by the level of activity we're seeing going into that market.

是的。租金轉換產生了一點影響，但預訂量非常強勁。因此，我們對進入該市場的活動水平感到非常鼓舞。

Richard Clarke at Bernstein.

伯恩斯坦的理查克拉克。

Just some questions, I guess, on the last division you not talked about, which is the distribution. Revenues down year-on-year maybe despite an expected ease to boost. And just the mechanics, you said you think you can make some more money in distribution post the acquisition of Playa. How does that work? Is it more volume or better returns? And just to clarify that any of that in your guidance for this year, some boost to distribution from the Playa side?

我想，我只是想問一些關於您尚未談到的最後一個部分的問題，即分佈。儘管預計成長會比較輕鬆，但收入可能比去年同期下降。就機製而言，您說您認為在收購 Playa 之後，您可以在分銷方面賺更多的錢。這是如何運作的？是交易量更大還是回報比較好？只是想澄清一下，您今年的指導中是否有任何內容提到 Playa 方面對分銷的推動作用？

Yeah. You heard right, Richard, that absolutely, there's an opportunity to better utilize that distribution channel from the Playa hotels. They from a competitive perspective, they did not utilize that in their revenue management distribution strategy in those hotels. So now the combination provides a great opportunity for us to fill in into inventory in those properties, leveraging the expertise and the abilities of ALGB to find good spacing and booking windows to optimize for those hotels. So that will be recognized for us into 2026. We're still ramping into that shift in strategy.

是的。理查德，您說得對，絕對有機會更好地利用 Playa 酒店的分銷管道。從競爭的角度來看，他們並沒有在這些飯店的收入管理分配策略中利用這一點。因此，現在這個組合為我們填補這些酒店的庫存提供了絕佳的機會，利用 ALGB 的專業知識和能力來找到良好的空間和預訂窗口，以優化這些酒店。因此，我們將在 2026 年認識到這一點。我們仍在加速實現這項戰略轉變。

And so that would be included in the EBITDA numbers that I just reiterated from our expectation for next year for Playa in the $55 million to $60 million for 2026 would include some distribution earnings as a result of that strategy.

因此，這將包括在 EBITDA 數字中，我剛剛重申了我們對明年 Playa 的預期，即 2026 年 5500 萬至 6000 萬美元，其中包括該策略帶來的一些分銷收益。

And the decline this year year-on-year in the quarter despite what we might think could be an ease to boost to that business?

儘管我們可能認為這會輕鬆促進該業務的發展，但今年該季度的銷售額卻比去年同期下降了？

Yeah, we had mentioned at the first quarter earnings call that we expect to be flat. Based on what we're seeing, which is the continued momentum of lower chain scale in those markets, actually realizing some bookings that are a bit softer, that's going to impact distribution in the third quarter. And we still anticipate being flat to slightly down, maybe between 0% to 5% down in the distribution business for the full year. And that's because of the structural lower chain scale performance that we're seeing in that business.

是的，我們在第一季財報電話會議上提到，我們預期業績將持平。根據我們所看到的情況，這些市場的連鎖規模持續走低，實際上實現了一些較弱的預訂量，這將影響第三季的分銷。我們仍預期全年分銷業務將持平或略有下降，下降幅度可能在 0% 至 5% 之間。這是因為我們看到該業務的結構性連鎖規模表現較低。

Duane Pfennigwerth at Evercore ISI.

Evercore ISI 的 Duane Pfennigwerth。

Just a couple of quick ones. One on SG&A. As you your comment about an inflection point kind of caught our attention. Is the story more about scaling your current SG&A with top line growth? Or is there an efficiency opportunity? And for my follow-up, can you just remind us what the remaining asset sale target is after Playa? Is there any way to think about that on an annual basis?

僅舉幾例。一個是關於銷售、一般及行政費用 (SG&A)。正如您關於拐點的評論引起了我們的注意。這個故事是否更多是關於如何透過營收成長來擴大當前的銷售、一般及行政開支 (SG&A)？或是是否存在效率機會？接下來，您能否提醒我們 Playa 之後剩餘資產的出售目標是什麼？有沒有辦法以年度為基礎來考慮這個問題？

So Duane, the way I would answer your SG&A question is when we had set forth our guidance for this year, that guidance actually is the decline on a, call it, year-over-year comparable basis, 2024 to '25. So we've been very disciplined around SG&A. And so the growth rate has declined on the core business. The increase -- the slight increase that you see in the guidance relative year-over-year is due to assets entirely due to acquisitions. So that's how we're managing G&A. We have a little bit of timing. You'll notice that the first half is a bit smaller as a proportion to the full year estimates. That's just a little bit of timing in the second half, timing and cost.

所以杜安，我回答你的銷售、一般及行政費用問題的方式是，當我們制定今年的指導方針時，該指導方針實際上是 2024 年至 2025 年同比下降。因此，我們在銷售、一般及行政費用方面一直非常嚴格。因此核心業務的成長率下降了。您在指導中看到的同比增長略有增加，這完全是由於收購帶來的資產增長。這就是我們管理 G&A 的方式。我們的時間有點緊迫。您會注意到，上半年的規模與全年估計的規模相比要小一些。這只是下半場的一點時間、時間和成本。

Got it. And then just on the remaining asset sale target after Playa, is there any way to think about that on an annual basis as we think kind of longer term?

知道了。那麼，就 Playa 之後剩餘的資產出售目標而言，我們是否可以從長遠角度考慮這個問題？

No. Our practice has been to optimize results that is sales results and be really diligent about and thoughtful about who we're selling to. We've executed this way since 2017 at multiples far in excess of anything that's been attributed to our real estate portfolio. We have every expectation of doing that because we have clarity around what our assets are worth. So we will be disciplined in that, but we will stay leaning forward into executing. So you can expect to see a steady stream of dispositions over time. But I dare not try to guess at what the volumes of that might look like because that's beyond my pay grade.

不。我們的做法是優化銷售結果，並認真考慮我們的銷售對象。自 2017 年以來，我們一直以這種方式執行，其倍數遠遠超過我們房地產投資組合中的任何倍數。我們完全有信心做到這一點，因為我們清楚我們的資產價值幾何。因此，我們會嚴格遵守紀律，但我們會繼續努力執行。因此，您可以期待隨著時間的推移看到穩定的處置流。但我不敢猜測其數量會是多少，因為這超出了我的職權範圍。

And can you just remind us, is there a total amount remaining that you're targeting?

您能否提醒我們一下，您所設定的剩餘總金額是多少？

No. We frankly, on the one hand, I would say everything is for sale. So there are no sacred cows. On the other hand, I've said in the past, and I'll just reiterate now, I don't think that we will ever get to zero. That's an unrealistic expectation and not evidenced anywhere in the industry.

不。坦白說，一方面，我想說一切都可以出售。因此，沒有任何事物是神聖不可侵犯的。另一方面，我過去曾說過，現在我再重申一遍，我認為我們永遠不會達到零排放。這是一個不切實際的期望，並且在整個行業中都沒有任何證據。

Thanks. I just want to say thank you to all of you for your time this morning. We appreciate your interest in Hyatt and we certainly hope to see you all showing your lovely faces in our hotels so that we can even do better and report better results next quarter. So enjoy the rest of your day. Thank you.

謝謝。我只想對大家今天早上抽出時間表示感謝。我們感謝您對凱悅的關注，我們當然希望看到您在我們的酒店裡展現您可愛的面孔，以便我們能夠做得更好並在下個季度報告更好的業績。所以享受你剩下的時間吧。謝謝。

And 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，祝您有美好的一天。你們都可以斷開連線。