Hyatt Hotels Corp (H) 2025 Q3 法說會逐字稿

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

早安，歡迎參加凱悅酒店集團2025年第三季財報電話會議。（操作員說明）提醒各位，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.

現在我將把電話交給投資者關係和全球財務規劃與分析高級副總裁亞當·羅曼。謝謝。請繼續。

Thank you, and welcome to Hyatt's third-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，歡迎參加凱悅酒店集團2025年第三季財報電話會議。今天與我一起參加電話會議的有凱悅酒店集團總裁兼首席執行官馬克·霍普拉馬齊安，以及凱悅酒店集團首席財務官瓊·博塔里尼。

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.

在開始之前，我想提醒大家，我們今天的發言將包含聯邦證券法規定的前瞻性陳述。這些聲明受到許多風險和不確定性的影響，詳情請參閱我們的 10-K 表格年度報告、10-Q 表格季度報告以及其他提交給美國證券交易委員會的文件。這些風險可能導致我們的實際結果與我們在評論中明示或暗示的結果有重大差異。我們今天發布的獲利報告中的前瞻性陳述，以及本次電話會議中的評論，僅代表截至今日的觀點，不會隨著實際情況的發展而更新。

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. 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 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.

此外，您可以在我們投資者關係網站的「財務」部分以及今天早上的收益報告中找到今天演講中提到的非GAAP財務指標的調節表。本次通話的錄音將在我們的網站上保留90天。此外，今天早上我們在投資者關係網站上發布了一份包含補充資訊的投資者簡報。請注意，除非另有說明，入住率、平均每日房價和每間可供出租客房收入 (RevPAR) 均指以固定匯率計算的同類系統酒店。除非另有說明，否則電話會議中揭露的百分比變化均為同比變化。

With that, I will turn the call over to Mark.

接下來，我將把電話交給馬克。

Thank you, Adam. Good morning, everyone, and thank you for joining us today. I'd like to begin today's call by expressing my deep appreciation for our Hyatt colleagues around the world, especially those recently impacted by Hurricane Melissa. Our thoughts are with them and their families, and we're hopeful for their continued safety and well-being. I want to thank the many colleagues who have stepped in to provide care and support, including financial assistance through the Hyatt Care Fund. This care and compassion from the members of the Hyatt family reflects the very best of who we are.

謝謝你，亞當。各位早安，感謝大家今天收看我們的節目。首先，我想表達我對世界各地凱悅酒店同事的深深謝意，特別是那些最近受到颶風梅麗莎影響的同事。我們與他們及其家人同在，並衷心希望他們繼續平安健康。我要感謝眾多同事伸出援手，提供關懷和支持，包括透過凱悅關懷基金提供經濟援助。凱悅酒店大家庭成員的這份關懷與體貼，體現了我們最優秀的特質。

Over the past couple of months, I've had the opportunity to visit teams across both Europe and Asia Pacific. I came away deeply inspired by how our colleagues around the world embrace our evolution to a more inside-led and brand-focused organization and continue to bring Hyatt's purpose to care for people so they can be their best to life.

在過去的幾個月裡，我有機會走訪了歐洲和亞太地區的各個團隊。凱悅的全球同事們欣然接受我們向以內部為主導、以品牌為中心的組織轉型，並繼續實踐凱悅「關愛他人，讓他們活出最好的自己」的宗旨，這深深地激勵了我。

Turning to the quarter, I'd like to provide an update on our transactions activity, starting with the sale of the hotels acquired as a part of our acquisition of Playa Hotels & Resorts. On September 18, we sold a property in Playa del Carmen to a third-party buyer for approximately $22 million and net proceeds were used to repay a portion of the delayed draw term loan. This was one of two properties that were not subject to long-term management agreements with Tortuga Resorts. We remain on track to close the real estate transaction with Tortuga for the remaining 14 hotels by the end of the year.

談到本季度，我想就我們的交易活動提供最新情況，首先是出售我們在收購 Playa Hotels & Resorts 時獲得的酒店。9 月 18 日，我們以約 2,200 萬美元的價格將普拉亞德爾卡門的一處房產出售給了第三方買家，所得淨收益用於償還部分延期提取的定期貸款。這是兩處未與 Tortuga Resorts 簽訂長期管理協議的物業之一。我們仍有望在年底前完成與 Tortuga 就剩餘 14 家酒店進行的房地產交易。

We also continue to make progress to sell several of our owned properties. We have three hotels under contract with signed purchase and sale agreements and three more hotels with a signed letter of intent. We expect all six hotels to close in the early part of 2026. We will share additional updates as these transactions progress. And we remain on track to exceed 90% asset-light earnings mix in the near term.

我們出售旗下幾處房產的工作也持續進行中。我們有三家酒店已簽訂買賣協議，另有三家酒店已簽署意向書。我們預計這六家酒店將於 2026 年初關閉。隨著交易的進展，我們將分享更多最新資訊。我們仍有望在短期內實現超過 90% 的輕資產獲利組合。

Now turning to operating results. This morning, we reported system-wide RevPAR growth of 0.3% for the quarter, which was impacted by a holiday shift and lapping with one-time events last year. Our luxury brands continue to generate the highest RevPAR growth consistent with trends that we've seen since the beginning of the year. Leisure transient RevPAR increased 1.6% to last year and was up approximately 6% across our luxury brands. Our all-inclusive portfolio continued to deliver strong results, with net package RevPAR up 7.6% compared to the third quarter of 2024, demonstrating the strength of luxury all-inclusive travel.

現在來看經營業績。今天早上，我們公佈了本季系統整體RevPAR成長0.3%，這受到了假日調整和去年同期一次性活動重疊的影響。我們的奢侈品牌繼續保持最高的每間可供出租客房收入 (RevPAR) 成長，這與我們年初以來觀察到的趨勢一致。休閒散客RevPAR較去年成長1.6%，旗下所有豪華品牌RevPAR成長約6%。我們的全包式產品組合繼續取得強勁的業績，淨套餐RevPAR與2024年第三季度相比增長了7.6%，這表明豪華全包式旅遊的強勁勢頭。

Business transient RevPAR was flat in the quarter, but we saw improved performance in the United States, which grew by 3% compared to last year, with select service delivering positive quarterly growth for the first time in 2025. Group RevPAR declined 4.9%, in line with our expectations, which assumed difficult year-over-year comparisons, including the Olympics in Paris and the Democratic National Convention in Chicago, and the shift of Rosh Hashanah into the third quarter of 2025 compared to the fourth quarter of 2024. Group pace for the fourth quarter is up approximately 3% as we lap easier comparisons due to the holiday timing and last year's elections in the United States. While we are still in the planning stages for 2026, we are encouraged by the forward-looking booking trends.

本季商務散客RevPAR持平，但美國市場表現有所改善，與去年相比增長了3%，其中精選服務酒店自2025年以來首次實現了季度正增長。集團每間可供出租客房收入下降了 4.9%，符合我們的預期。我們的預期是基於同比比較困難的因素，包括巴黎奧運、芝加哥民主黨全國代表大會，以及猶太新年從 2024 年的第四季提前到 2025 年的第三季。由於假期和去年美國大選的影響，第四季度的集團成長率提高了約 3%，這得益於相對較低的基數。雖然我們仍在規劃 2026 年，但我們對未來的預訂趨勢感到鼓舞。

Group pace for full-service US hotels remains up in the high-single digits and is expected to benefit from special events like the World Cup and America 250 celebrations. Corporate negotiated rate discussions are ongoing, and we expect average rates to increase in the low to mid-single-digit range in 2026 compared to 2025. Pace for our all-inclusive resorts in the Americas, excluding Jamaica, is up over 10% in the first quarter, reflecting the continued prioritization of leisure travel. We look forward to providing more details on our 2026 expectations during our fourth-quarter earnings call.

美國全方位服務酒店的集團銷售額仍保持在較高的個位數水平，預計將受益於世界盃和美國建國 250 週年慶典等特殊活動。企業協商利率的討論仍在進行中，我們預計 2026 年平均利率將比 2025 年上漲個位數百分比。除牙買加以外，我們在美洲的全包式度假村第一季的銷售額成長超過 10%，反映出休閒旅遊持續受到重視。我們期待在第四季財報電話會議上提供有關我們2026年預期的更多細節。

Turning to growth. We achieved net rooms growth of over 12% during the quarter or 7% when excluding acquisitions. Notable openings included the stunning Park Hyatt Kuala Lampur located in the tallest skyscraper in Asia Pacific, along with the Park Hyatt Johannesburg. In the United States, we welcomed Hyatt Regency Times Square to our system, following an expansive multimillion dollar transformation, marking the first Hyatt Regency property in Manhattan and our 30th property in New York City.

轉向增長。本季我們實現了超過 12% 的淨客房成長，如果排除收購項目，則淨客房成長為 7%。值得一提的是，吉隆坡柏悅酒店（位於亞太地區最高的摩天大樓內）和約翰尼斯堡柏悅酒店也盛大開幕。在美國，經過數百萬美元的大規模改造，我們迎來了時代廣場凱悅酒店加入我們的系統，這標誌著曼哈頓第一家凱悅酒店，也是我們在紐約市的第 30 家酒店。

We ended the quarter with a strong development pipeline of approximately 141,000 rooms, an increase of more than 4% to last year. Momentum across our Essentials portfolio continues to build following the introduction of the Hyatt Select and Unscripted by Hyatt brands earlier this year. We signed a number of new deals for each brand during the quarter and have many more in discussions.

本季末，我們擁有約 141,000 間客房的強勁開發項目儲備，比去年同期增長超過 4%。今年稍早推出 Hyatt Select 和 Unscripted by Hyatt 品牌後，我們 Essentials 系列產品的發展動能持續增強。本季我們為每個品牌簽署了多項新協議，還有更多協議正在洽談中。

In addition, we signed a master franchise agreement with Homeinns Hotel Group to develop Hyatt Studios across China, further expanding our upper mid-scale brand presence in China. Under this agreement, Homeinns plans to open 50 new Hyatt Studios hotels over the coming years while building a robust pipeline to fuel future growth across China.

此外，我們也與Homeinns酒店集團簽署了特許經營總協議，在中國各地開發凱悅酒店，進一步擴大了我們在中國中高端品牌的市場份額。根據這項協議，Homeinns計劃在未來幾年開設50家新的凱悅酒店，同時建立強大的專案儲備，以推動未來在中國的成長。

At the end of the third quarter, upper mid-scale brands now represent 13% of our pipeline, up from 10% at the end of 2024 and more than half of Hyatt Select, Hyatt Studios, and Unscripted by Hyatt opportunities are in markets where we currently have no brand representation, helping to drive organic capital-light growth and increased network effect across our global portfolio. Our strong pipeline and the momentum we are seeing in our upscale and upper mid-scale brands underscore the significant white space that we believe will support strong growth for years to come.

截至第三季末，中高端品牌占我們專案儲備的 13%，高於 2024 年底的 10%。此外，凱悅精選酒店、凱悅工作室酒店和凱悅 Unscripted 酒店超過一半的機會都位於我們目前沒有品牌覆蓋的市場，這有助於推動輕資本的有機增長，並增強我們全球投資組合的網絡效應。我們強大的產品線以及我們在高端和中高端品牌中看到的良好勢頭，凸顯了我們認為將在未來幾年內支撐強勁成長的巨大市場空白。

Before I close, I want to spend a few minutes highlighting one of the most powerful strategic assets of our business, our loyalty program, World of Hyatt. During the quarter, World of Hyatt surpassed 61 million members, an increase of 20% year over year. World of Hyatt continues to be the fastest-growing major global hospitality loyalty program with membership having increased nearly 30% annually since 2017. Today, we have more than 40% more members per hotel compared to our closest competitor, we proof of the deep engagement and strong preference we've earned from high-end travelers.

在結束之前，我想花幾分鐘時間重點介紹我們業務中最強大的策略資產之一，即我們的忠誠度計劃——凱悅天地。本季度，凱悅天地會員人數超過 6,100 萬，年增 20%。自 2017 年以來，凱悅天地會員數量每年增長近 30%，並繼續保持全球主要酒店忠誠度計劃增長最快的地位。如今，我們每家酒店的會員數量比最接近的競爭對手多出 40% 以上，這證明了我們贏得了高端旅行者的深度參與和強烈偏好。

While growth and scale matters, what truly sets world of high apart is our purpose. Our program goes beyond transactional awards to create an experience platform that delivers meaningful personal connections, whether it's through our guest of honor program, which allows members to gift their top-tier status to others, or the introduction of award gifting, we've redefined what loyalty looks like by making it personal.

雖然成長和規模很重要，但真正讓 World of High 與眾不同的是我們的宗旨。我們的計劃超越了交易獎勵，打造了一個提供有意義的個人聯繫的體驗平台。無論是透過我們的貴賓計畫（允許會員將他們的最高級會員資格贈送給他人），還是推出獎勵贈送活動，我們都透過個人化的方式重新定義了忠誠度。

Being personal also means that our members receive the most consistent and guaranteed benefits in the industry. In addition, we reward deep engagement through our milestone Rewards program, which delivers differentiated value even after a member achieves the highest elite status. The expanded agreement with Chase, which we announced yesterday, is a compelling proof point of how our differentiated loyalty program can deliver value to shareholders while providing rewarding experiences for members across all stay occasions. The significant increase in economics will be driven by the expanded collaboration with Chase, the continued growth of World of Hyatt membership, the strength of Hyatt's global portfolio of premium brands and Hyatt's robust pipeline.

個人化服務也意味著我們的會員能夠獲得業界最穩定、最有保障的福利。此外，我們還透過里程碑獎勵計劃獎勵深度參與，即使會員達到最高精英等級後，該計劃仍能提供差異化的價值。我們昨天宣布與 Chase 達成的擴大協議，有力地證明了我們差異化的忠誠度計劃如何在為股東創造價值的同時，為會員在所有入住場合提供豐厚的回報。經濟效益的顯著提升將得益於與 Chase 銀行擴大合作、凱悅天地會員數量的持續增長、凱悅旗下全球高端品牌組合的強大實力以及凱悅強勁的發展前景。

Adjusted EBITDA recognized by Hyatt related to these economics is expected to be approximately $50 million in 2025. We expect this to grow to approximately $90 million in 2026 and more than doubled to approximately $105 million in 2027, and we anticipate continued growth in future years.

凱悅酒店集團根據這些經濟因素確認的調整後 EBITDA 預計在 2025 年約為 5,000 萬美元。我們預計到 2026 年這一數字將增長到約 9,000 萬美元，到 2027 年將增長一倍以上，達到約 1.05 億美元，我們預計未來幾年將繼續增長。

We also expect to deepen engagement with our members and continue to evaluate additional card products in the future, building on the success of our current co-branded cards. When a loyalty program is designed with care at its core, it leads to greater guest preference and helps support a powerful commercial platform that delivers more direct bookings and makes Hyatt more attractive to owners. And as we continue to grow our portfolio and expand it into new segments and markets, we believe the power of World of Hyatt will continue to fuel preference and long-term value creation well into the future.

我們也希望加深與會員的互動，並繼續評估未來推出的其他信用卡產品，以鞏固我們目前聯名卡的成功。如果忠誠度計畫的核心設計用心，就能贏得更多顧客的青睞，並有助於打造強大的商業平台，從而帶來更多直接預訂，使凱悅對業主更具吸引力。隨著我們不斷擴大投資組合並將其擴展到新的細分市場和市場，我們相信凱悅天地 (World of Hyatt) 的力量將繼續推動消費者偏好，並在未來很長一段時間內創造長期價值。

As I look ahead, I'm encouraged by the momentum in our business and the performance of our brands. Our evolution to a brand-focused organization is designed to position Hyatt to be the most responsive, innovative, and highest performing hotel company, and I'm incredibly excited for our future. I will close by expressing my gratitude to all Hyatt colleagues who care for each of our stakeholders every day.

展望未來，我對我們業務的發展動能和旗下品牌的表現感到鼓舞。我們向以品牌為中心的組織轉型，旨在將凱悅打造成反應最迅速、最具創新精神、業績最佳的酒店公司，我對我們的未來感到無比興奮。最後，我要向凱悅酒店集團所有同事表示衷心的感謝，感謝他們每天都關心著我們每一位利害關係人。

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

接下來，瓊將提供更多關於我們經營業績的詳細資訊。瓊，該你了。

Thank you, Mark, and good morning, everyone. Over the past year, we've taken steps to align our above property and corporate teams in support of our brand-focused evolution, and we are confident these changes will deliver long-term benefits from multiple stakeholders. Our commercial teams have identified greater capacity to invest in initiatives that are expected to benefit our owners, including technology innovations and marketing efforts to further improve the performance of our brands.

謝謝你，馬克，大家早安。過去一年，我們採取了一系列措施，調整上述物業和企業團隊，以支持我們以品牌為中心的轉型，我們相信這些變化將為多個利益相關者帶來長期利益。我們的商業團隊已經確定了更大的投資能力，可以用於投資那些有望使我們的所有者受益的舉措，包括技術創新和行銷活動，以進一步提高我們品牌的績效。

We also expect to realize lower run rate adjusted G&A costs over time. We expect adjusted G&A in 2026 will be moderately below full-year 2024 despite two years of inflation and the addition of incremental payroll and other costs from acquisitions over the last year. As a result of these initiatives, we expect to incur approximately $50 million of restructuring charges this year, the majority of which were recorded in the third quarter.

我們也預期隨著時間的推移，經調整後的一般及行政費用將會降低。儘管經歷了兩年的通貨膨脹，並且在過去一年中增加了收購帶來的額外工資和其他成本，我們預計 2026 年調整後的 G&A 費用將略低於 2024 年全年水準。由於這些舉措，我們預計今年將產生約 5,000 萬美元的重組費用，其中大部分已在第三季計入。

Now turning to third-quarter results. RevPAR grew 0.3% compared to last year, in line with our expectations shared during our second-quarter earnings call. In the United States, RevPAR declined 1.6% to last year, in line with our expectations, driven by select service hotels and the timing of Rosh Hashanah. Business transient RevPAR grew low-single digits in the quarter, an improvement over the decline we saw during the second quarter. Full-service hotels were negatively impacted by the holiday timing, which led to lower group contribution in the quarter, while select service hotels were below last year due to softer leisure transient demand.

現在來看第三季業績。與去年同期相比，每間可供出租客房收入成長了0.3%，與我們在第二季財報電話會議上的預期一致。在美國，RevPAR 較去年下降 1.6%，符合我們的預期，主要原因是精選服務酒店和猶太新年 (Rosh Hashanah) 的時間安排。本季商務散客RevPAR實現了個位數低成長，較第二季的下滑有所改善。受假期時間的影響，全服務酒店的業績受到負面影響，導致該季度集團貢獻下降；而由於休閒散客需求疲軟，精選服務酒店的業績也低於去年同期。

RevPAR outside of the United States performed well, and we saw continued strength in international markets. Europe saw positive RevPAR growth driven by strong international inbound travel despite lapping a tough comparison from one-time events last year. Greater China grew RevPAR to last year due to increases in leisure transient demand. Net package RevPAR growth at our all-inclusive properties grew 7.6% in the quarter, highlighting the continued strong demand for leisure travel.

美國以外地區的每間可供出租客房收入 (RevPAR) 表現良好，國際市場持續強勁成長。儘管去年受一次性事件的影響，歐洲市場RevPAR實現了正成長，這主要得益於強勁的國際入境旅遊。由於休閒散客需求增加，大中華區每間可供出租客房收入較去年有所成長。本季度，我們全包式飯店的淨套餐RevPAR成長了7.6%，凸顯了休閒旅遊的持續強勁需求。

Pace for our all-inclusive hotels in the Americas excluding Jamaica, is up over 8% in the fourth quarter and for the holiday festive period is up over 11%. As Mark mentioned, the sustained demand for luxury all-inclusive travel gives us confidence as we look ahead to 2026. We reported gross fees in the quarter of $283 million, up 6.3%, excluding the impact of the Playa Hotel acquisition. Gross fee growth was driven by international RevPAR performance, new hotel openings, and non-RevPAR fees.

除牙買加以外，我們在美洲的全包式飯店第四季的銷售額成長超過 8%，假期期間的銷售額成長超過 11%。正如馬克所提到的，對豪華全包式旅行的持續需求讓我們對2026年充滿信心。本季總營收為 2.83 億美元，成長 6.3%，不包括 Playa Hotel 收購的影響。總費用成長主要由國際 RevPAR 業績、新酒店開幕和非 RevPAR 費用推動。

Owned and leased segment adjusted EBITDA increased by 7% and when adjusted for the net impact of asset sales and the Playa Hotel acquisition. Distribution segment adjusted EBITDA was down to last year from lower booking volumes and lapping a one-time benefit related to ALG Vacations credits from last year. The decline in travel from 4-star and below hotels led to lower booking volumes and earnings flow-through despite higher pricing and cost mitigation initiatives. In total, adjusted EBITDA was $291 million in the third quarter, in line with our expectations.

自有及租賃業務調整後的 EBITDA 成長了 7%，其中已扣除資產出售和 Playa Hotel 收購的淨影響。由於預訂量下降以及去年與 ALG Vacations 積分相關的一次性收益減少，分銷部門調整後的 EBITDA 較去年有所下降。儘管提高了價格並採取了成本控制措施，但四星級及以下酒店的旅行量下降導致預訂量和收入流出減少。第三季調整後 EBITDA 總計為 2.91 億美元，符合我們的預期。

During the quarter, we repurchased approximately $30 million of Class A common stock and have approximately $792 million remaining under our share repurchase authorization. During the quarter, Net proceeds from the sale of a hotel in Playa del Carmen were used to repay a portion of the delayed draw term loan, and we expect to close supply a real estate transaction by the end of the year and we'll use the net proceeds to repay the outstanding balance on the delayed draw term loan. As of September 30, 2025, we had total liquidity of approximately $2.2 billion including $1.5 billion in capacity on our revolving credit facility. On October 30, we executed a new credit agreement that replaces the prior facility and provides for a $1.5 billion senior unsecured revolving credit facility, which will expire in 2030. We remain committed to our investment-grade profile, and our balance sheet is strong.

本季度，我們回購了約 3,000 萬美元的 A 類普通股，根據我們的股票回購授權，我們還有約 7.92 億美元的剩餘額度。本季度，出售卡門海灘一家酒店的淨收益用於償還部分延期提取定期貸款，我們預計將在年底前完成一筆房地產交易，並將用淨收益償還延期提取定期貸款的未償餘額。截至 2025 年 9 月 30 日，我們的總流動資金約為 22 億美元，其中包括循環信貸額度中的 15 億美元。10 月 30 日，我們簽署了一項新的信貸協議，取代了先前的信貸安排，並提供了 15 億美元的高級無抵押循環信貸額度，該額度將於 2030 年到期。我們依然致力於保持投資等級信用評級，並且我們的資產負債表穩健。

Before I cover our full-year outlook for 2025, please note that we continue to include additional schedules within the earnings release related to our expectations for Playa in the fourth quarter of this year. We've lowered our fourth quarter outlook for Playa by $7 million at the midpoint of our range as a result of Hurricane Melissa, while the full year outlook remains unchanged after a strong third quarter. For modeling purposes, our outlook assumes that we will own Playa's real estate for the entirety of the fourth quarter.

在介紹我們對 2025 年全年的展望之前，請注意，我們將繼續在今年第四季的獲利報告中公佈與 Playa 預期相關的其他時間表。受颶風梅麗莎的影響，我們將 Playa 第四季的預期收入下調了 700 萬美元，至預期收入範圍的中點；而由於第三季度業績強勁，全年預期收入保持不變。為了建模目的，我們的展望假設我們將在整個第四季度擁有 Playa 的房地產。

I'll now cover our full year outlook for 2025 and which does not include the impact of the Playa acquisition or planned real estate sales transaction. The full details of our outlook can be found on Page 3 of our earnings release. We were encouraged by the performance of our hotels over the course of the third quarter. We expect full-service hotels in the United States to deliver higher growth in the fourth quarter compared to select service hotels due to easier group comparisons. We also anticipate our luxury portfolio and international markets to perform well in the fourth quarter, supported by strong demand trends and high-end consumer resilience.

接下來我將介紹我們對 2025 年全年的展望，但不包括 Playa 收購或計劃中的房地產銷售交易的影響。有關我們展望的完整詳情，請參閱我們的盈利報告第 3 頁。第三季我們飯店的業績表現令我們倍感鼓舞。我們預計，由於更容易進行群體比較，美國全服務酒店在第四季度將比精選服務酒店實現更高的成長。我們也預計，在強勁的需求趨勢和高端消費者韌性的支持下，我們的奢侈品組合和國際市場在第四季度將表現良好。

We've tightened our RevPAR range and expect full year 2025 RevPAR between 2% to 2.5%, which implies RevPAR growth in the fourth quarter between 0.5% and 2.5%. The quarter is off to a good start with October RevPAR increasing in the United States by approximately 1% and globally by approximately 5%. For the United States, we expect RevPAR growth for both the fourth quarter and full year 2025 of approximately 1%. We expect fourth quarter RevPAR growth outside of the United States to remain an area of strength, especially in Europe and Asia Pacific, excluding Greater China.

我們已收緊了RevPAR範圍，預計2025年全年RevPAR將在2%至2.5%之間，這意味著第四季度RevPAR成長將在0.5%至2.5%之間。本季開局良好，10 月美國每間可供出租客房收入 (RevPAR) 成長約 1%，全球成長約 5%。對於美國，我們預計 2025 年第四季和全年的每間可供出租客房收入 (RevPAR) 成長率約為 1%。我們預計第四季度美國以外地區的每間可供出租客房收入 (RevPAR) 成長仍將保持強勁勢頭，尤其是在歐洲和亞太地區（不包括大中華區）。

We're increasing our net rooms growth outlook range to 6.3% to 7% and which does not include rooms added from the Playa acquisition. Gross fees are expected to be in the range of $1.195 billion to $1.205 billion, a 9% increase at the midpoint of our range compared to last year. We've lowered our adjusted G&A range to $440 million to $445 million reflecting the run rate cost efficiencies that we've been able to achieve throughout the year. Adjusted EBITDA for the full year is expected to be in the range of $1.09 billion to $1.11 billion, an 8% 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.

我們將淨客房成長預期範圍上調至 6.3% 至 7%，但這並不包括收購 Playa 飯店後新增的客房。總費用預計在 11.95 億美元至 12.05 億美元之間，與去年相比，我們預測範圍的中點增加了 9%。我們已將調整後的一般及行政費用範圍下調至 4.4 億美元至 4.45 億美元，這反映了我們全年所實現的營運成本效率。經過調整後的全年 EBITDA 預計在 10.9 億美元至 11.1 億美元之間，以我們預測範圍的中點計算，與去年相比，在調整資產出售的影響後，增長 8%。需要提醒的是，2024 年出售的自有資產去年佔自有和租賃部門調整後 EBITDA 的 8,000 萬美元。

Our full year adjusted EBITDA outlook implies growth in the fourth quarter of 9% at the midpoint of our range. Adjusted free cash flow is expected to be in the range of $475 million to $525 million, which excludes $117 million of deferred cash taxes paid in 2025 relating to asset sales that took place in 2024. In the fourth quarter, we'll receive upfront cash of $47 million as part of the amended agreement with Chase. And we are increasing our full year outlook for capital returns to shareholders and expect to return approximately $350 million in 2025, inclusive of share repurchases and dividends.

我們對全年調整後 EBITDA 的預期意味著第四季度成長 9%（取我們預期範圍的中位數）。經調整後的自由現金流預計在 4.75 億美元至 5.25 億美元之間，其中不包括 2025 年支付的與 2024 年發生的資產出售相關的 1.17 億美元遞延現金稅款。第四季度，我們將根據與摩根大通銀行修訂後的協議，收到 4,700 萬美元的預付款。我們正在提高全年對股東資本回報的預期，預計到 2025 年將回報約 3.5 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.

我們的資本配置優先事項保持不變。我們致力於維持投資等級地位，尋找投資成長機會，創造股東價值，並將多餘的現金以股利和股票回購的形式返還給股東。

In closing, our third quarter results reflect the strength of our business model and the effectiveness of our long-term strategy. Looking ahead, we believe our talented brand-led organization, strong development pipeline and differentiated loyalty program provide meaningful advantages in today's dynamic environment. As we continue to expand into new markets and segments, we're confident in our ability to drive sustained growth, enhance profitability and deliver attractive returns to shareholders.

總之，我們第三季的業績反映了我們商業模式的優勢和我們長期策略的有效性。展望未來，我們相信，我們才華橫溢、以品牌為導向的組織、強大的發展管道和差異化的忠誠度計劃，將在當今瞬息萬變的環境中提供顯著優勢。隨著我們不斷拓展新市場和新領域，我們有信心推動持續成長，提高獲利能力，並為股東帶來可觀的回報。

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

我們的發言稿到此結束，現在我們很樂意回答各位的問題。

(Operator Instructions) Steve Pizzella, Deutsche Bank.

（操作員指示）史蒂夫·皮澤拉，德意志銀行。

Just wanted to start on net rooms growth, if we could. Good to see you raise the core [ NUG ] guidance for the full year and the pipeline increased. As we start to think about next year, realizing it is still early, but with the trends you are seeing in your pipeline and the positive commentary, how are you thinking about net rooms growth going into 2026 and beyond?

如果可以的話，我們只想開始增加客房淨入住量。很高興看到你們提高了全年核心業務 [ NUG ] 的預期，並且專案儲備也有所增加。當我們開始考慮明年時，雖然現在還為時過早，但根據您在項目儲備中看到的趨勢和積極的評價，您如何看待 2026 年及以後的淨客房增長？

Thanks, Steve. I appreciate the question. The headline here is organic growth is extremely strong. We are on track to more than double our core organic growth rate from last year to this year. Last year, we had a number of inorganic adds to our portfolio.

謝謝你，史蒂夫。感謝您的提問。重點是：有機成長非常強勁。我們可望實現今年核心有機成長率比去年翻一番以上。去年，我們透過一些非有機成長方式豐富了我們的投資組合。

This year, we are seeing tremendous strength in organic growth, and that's thrilling. We have real momentum in signings as we head into the fourth quarter. That's really the new brands that we launched this year, Hyatt Select and Unscripted are based on the momentum that we're seeing right now, we are expecting continued acceleration of signings through the fourth quarter.

今年，我們看到有機成長勢頭強勁，這令人振奮。進入第四季度，我們在簽約方面勢頭強勁。今年我們推出的全新品牌 Hyatt Select 和 Unscripted 正是基於我們目前看到的良好勢頭，我們預計第四季度簽約量將繼續加速成長。

In terms of net rooms growth, we have about 38 hotels that we have planned to open in the fourth quarter. Seven of those were opened in October. Just for reference, we actually opened 34 hotels in the fourth quarter of last year, and we feel really good about completing those openings.

就淨客房成長而言，我們計劃在第四季度開設約 38 家飯店。其中七家於十月開業。僅供參考，我們去年第四季度實際開設了 34 家酒店，我們對這些酒店的開業感到非常滿意。

Now I'll say what I say on this call every year, which is if some hotels end up opening in early January versus December, the growth story and the momentum has not impacted whatsoever. Even if it may impact the actual calculation at December 31. And as you all know, opening a hotel is a complex thing and an educated guess until the first guest actually spends a night. But having said all that, it really looks good at this point based on what we're seeing across the globe.

現在我要重複我每年在這個電話會議上都會說的話，那就是，即使有些酒店最終在 1 月初而不是 12 月開業，增長情況和勢頭也絲毫沒有受到影響。即使這可能會影響 12 月 31 日的實際計算結果。如大家所知，開飯店是一件複雜的事情，在第一位客人真正入住一晚之前，一切都只能靠猜測。但綜上所述，根據我們目前在全球範圍內看到的情況來看，情況確實不錯。

The pipeline additions are also coming about 35% in Asia Pacific and 35% in the US. So we're seeing good strength across the board. And very, very confident about 6% to 7% growth again next year. And if I had to take up that, I would say there is more glass half full than glass empty in that number.

新增管道中約 35% 來自亞太地區，35% 來自美國。所以我們看到各方面都表現強勁。我對明年再次實現 6% 至 7% 的成長非常有信心。如果非要我來回答這個問題，我會說，在這個數字中，半杯水多於空杯水。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

Thank you. I guess I just wanted to ask you a little bit about kind of what you're seeing so far in terms of group pace in the US and kind of internationally for 2026, anything you can share on that.

謝謝。我想問您一些關於您目前在美國以及國際上對 2026 年小組賽節奏的看法，您有什麼可以分享的嗎？

Do you want to start? I'll start and Joan can provide additional commentary. So we ended the year -- sorry, end of the quarter, third quarter with pace into '26 up in the high single digits. October was a stunning month in terms of total bookings. Full cycle bookings were up 15% in October, which is quite significant.

你想開始嗎？我先開始，瓊可以提供補充評論。因此，我們以接近 2026 年的增速結束了這一年——抱歉，是季度末，第三季末。10月的預訂總量非常驚人。10 月全週期預訂量成長了 15%，增幅相當顯著。

Having said that, the bookings for 2026 specifically, were actually weaker than we expected them to be. But we have over 60% of the business on the books. In fact, it's probably closer to 65% now. And we have really, really attractive date patterns remaining in 2026 to book. So our confidence about group business coming through really strong into 2026 is very high even in spite of the fact that October itself was somewhat weaker in terms of '26 bookings. But again, full cycle across '27 -- '26, '27 and '28, very strong in general. So really seeing great progression there.

話雖如此，但具體到 2026 年，預訂情況實際上比我們預期的要差。但我們已經完成了超過 60% 的業務。事實上，現在可能接近 65%。2026 年還有很多非常非常有吸引力的日期可供選擇。因此，儘管 2026 年 10 月的預訂量略有下降，但我們對 2026 年團體業務強勁成長的信心仍然非常高。但再次強調，2027 年到 2028 年是一個完整的周期，整體而言非常強勁。所以，確實看到了很大的進步。

And then with respect to Global Group, we've had, I think, pretty consistently strong group ex some difficult comparisons like the Olympics last year, lapping that is impossible to -- it's impossible to lap that positively. And -- so we're seeing group actually alive and well across the board. And Joan, do you have anything that you entered?

至於全球集團，我認為，除了像去年奧運會這樣一些難以比較的因素之外，我們一直保持著相當強勁的集團業績，要超越奧運會的成績是不可能的——不可能取得如此積極的成績。所以——我們看到整個團隊其實都還活著，而且發展得很好。瓊，你提交了什麼嗎？

The only thing I would add is you didn't mention this, Smede, but we've obviously are encouraged by what we're seeing in Q4, which is what we had expected all year round because of the holiday shift. So we're up 3% in the production that we saw in October is strong for really short-term, high-quality corporate bookings. So we feel really confident about Q3 -- excuse me, Q4.

我唯一要補充的是，Smede，你沒有提到這一點，但我們顯然對第四季度的業績感到鼓舞，這與我們全年的預期一致，因為假期調整帶來了利好。因此，我們的產量成長了 3%，10 月的產量表現強勁，這主要得益於短期、高品質的企業預訂。所以我們對第三季——抱歉，是第四季——非常有信心。

And Mark had mentioned several years out, we're seeing increased levels of booking activity, really, really strong booking activities out, which is positive because that means associations are booking and confident in their future outlook into future years?

馬克曾提到，未來幾年，我們看到預訂活動水平不斷提高，預訂活動非常強勁，這是積極的，因為這意味著協會正在預訂，並且對未來幾年的前景充滿信心？

Yes. I mean, I think in terms of the actualized business in October, group was up almost 4%. So we're seeing very, very strong group actualized business.

是的。我的意思是，我認為就 10 月的實際業務而言，集團成長了近 4%。所以我們看到集團實際業務表現非常強勁。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

I want to clarify the G&A comment earlier. I think you said 26% -- if I heard you correctly, I believe you said 26% down moderately versus 24%, is that versus the $445 million of adjusted G&A, just so we're on the same page. And then can we touch on maybe what's driving that lower?

我想澄清一下之前關於一般及行政費用的評論。我想你說的是 26%——如果我沒聽錯的話，你說的是比 24% 略微下降 26%，這是相對於 4.45 億美元的調整後一般及行政費用而言的嗎？這樣我們才能理解一致。那麼我們能否探討一下導致其下跌的原因呢？

Sure. So Ben, we talked about some organizational changes that we made this year and also some other efficiencies that we realized along the way throughout the year. So that's why we took down our numbers, our expectations for 2025. And the reference below 2024 was for 2026. And so yes, we expect to be slightly down in 2026.

當然。所以本，我們討論了一些我們今年進行的組織變革，以及我們在這一年中實現的一些其他效率提升措施。所以，這就是我們下調2025年預期數字的原因。而下面提到的 2024 年指的是 2026 年。所以，是的，我們預計 2026 年會略有下降。

We're still in the planning processes for 2026, and we'll give you the full guidance range in our Q4 earnings call. But -- what is really notable is the M&A activity and some incremental resources that we've added. We've been able to look at a two-year period and expect to be down in 2026. good results coming out of our organizational changes and outcomes for us.

我們仍在製定 2026 年的計劃，我們將在第四季度財報電話會議上給出完整的業績指引範圍。但真正值得注意的是併購活動以及我們新增的一些資源。我們已經展望了兩年的時間，預計到 2026 年將會有所下降。我們的組織變革和成果都取得了良好的效果。

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

Just a question on the $50 million uptick in capital returns. I guess you've got the -- is that coming from the extra $47 million you're getting from Chase and how you're factoring in the $50 million restructuring charge. Just how -- where is that extra $50 million come from? And I guess that's going to mean you're going to return somewhere around sort of 70% of free cash flow back to shareholders this year or adjusted free cash flow. Any reason why that percentage can't edge up next year to maybe closer to 100% of free cash flow going back to shareholders in '26?

關於資本回報增加 5000 萬美元的問題。我猜你已經明白了——這筆錢是來自你從 Chase 獲得的額外 4700 萬美元，還是你如何將 5000 萬美元的重組費用考慮在內。這額外的5000萬美元究竟是從哪裡來的？我猜這意味著今年你們會將大約 70% 的自由現金流（或調整後的自由現金流）回饋給股東。有什麼理由說明為什麼這個比例明年不能小幅上升，甚至在 2026 年接近 100% 的自由現金流返還給股東？

So Richard, do you have the offsets exactly right. We factored in that bonus that we realized in the negotiation of the new card agreement. And also the offset for this year is for those restructuring charges, which is all incorporated into free cash flow. As we look ahead into next year, we are on track to move much closer to our goal of 50% conversion on free cash flow to EBITDA. So we feel really good about that.

理查德，你的偏移量設定得完全正確嗎？我們在新信用卡協議的談判中考慮了我們獲得的這筆額外收入。此外，今年的抵銷項還包括重組費用，這些費用都已計入自由現金流。展望明年，我們正朝著將自由現金流轉化為 EBITDA 50% 的目標穩步邁進。所以我們對這一點感到非常滿意。

We had some one-time items impacting us in 2025, but we're on path for 2026.

2025 年我們受到了一些一次性事件的影響，但我們 2026 年的發展方向是正確的。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

I was hoping you could maybe outline a little bit more on the assumptions that underpin the EBITDA step-up from the co-brand credit card '26 and '27. As we think about changes in the terms of deal versus future sign-ups of new cardholders or even increased spend in cardholders? And do you include the fees that you'll recognize from the upfront payment?

希望您能再詳細闡述聯名信用卡 '26 和 '27 年 EBITDA 成長背後的假設。當我們考慮交易條款的變化與未來新持卡人的註冊，甚至是持卡人消費額的成長之間的關係時，會作何感想？您是否將預付款中產生的費用也計算在內？

So okay, a couple of things to unpack there, Stephen. I'll start with your last question that the accounting for the upfront payment will be amortized over the life of the agreement. So that's just the accounting recognition. So just a point on that.

好的，史蒂芬，有幾件事需要解釋一下。我先回答你最後一個問題，預付款的會計處理將在協議期限內攤提。以上只是會計確認方面的內容。關於這一點，我只想補充一點。

And then yes, we are really, really pleased with the outcome of the new agreement. And the benefit is clear, as we've outlined -- actually, Mark outlined that doubling our earnings by 2027. And really strong result. And also, it is a benefit to not only HHC but also to the World of Hyatt program, which, as Mark outlined, all of the benefits that, that program provides to our members, but also to our owners. It's a win-win actually across the board with respect to all of our stakeholders.

是的，我們對新協議的結果非常非常滿意。好處顯而易見，正如我們所概述的——實際上，馬克概述了到 2027 年我們的收入將翻一番。而且結果非常出色。而且，這不僅對 HHC 有利，對凱悅天地計劃也有好處，正如 Mark 所概述的那樣，該計劃為我們的會員以及業主提供了各種好處。實際上，這對我們所有利害關係人來說都是雙贏的局面。

What we would say about the estimates that we put out while they're very strong.

我們想對我們發布的預測結果說幾句，這些預測結果非常可靠。

We've seen really, really incredible growth in the World of Hyatt program and also in our rooms growth. So as both of those factors increase over the coming years. We think there's upside to these numbers in the credit card fees that we will earn over time. But we've taken a very reasonable assumption related to 2026 and 2027. And we'll continue to update you as those results come in.

我們看到凱悅天地計畫和客房數量都取得了非常非常驚人的成長。因此，未來幾年，這兩個因素都會增加。我們認為，隨著時間的推移，我們將從信用卡手續費中獲得收益，這些數字會有上升空間。但我們對 2026 年和 2027 年做出了一個非常合理的假設。我們會持續關注並向您通報最新結果。

David Katz, Jefferies.

David Katz，傑富瑞集團。

I wanted to ask about the master agreement with Homeinns. Number one, a little more color on the economic intensity of those Presumably, it's lower because of how those structures usually are. And then secondarily, how are we thinking about it in terms of net unit growth today and what that could provide over time.

我想詢問一下與Homeinns簽訂的總協議。第一，需要更詳細地描述這些經濟密集度。據推測，由於這些結構通常的特性，其經濟密集度較低。其次，我們今天是如何看待淨單位成長的，以及隨著時間的推移，這能帶來什麼。

You know that we've been in business in a partnership with a JV with Homeinns for five years now. We launched our UrCove by Hyatt in 2020, I believe. And the brand has been remarkably successful.

您知道，我們與 Homeinns 成立合資企業已經合作經營五年了。我記得，我們​​在 2020 年推出了 UrCove by Hyatt。該品牌取得了顯著的成功。

It took a while to really start to gain momentum for obvious reasons given the launch timing. But the brand itself is resonating with Chinese travelers the attractiveness of the brand within the Homeinns portfolio and for Homeinns as a company is very high because it is the highest quality, highest end brand that they have in their entire portfolio. And we are also concurrently growing our World of Hyatt base, which was exactly the intention of being able to serve that next tier down, essentially an upper mid-scale brand in US parlance.

由於發佈時間的原因，這款產品花了很長時間才真正開始獲得發展勢頭，這顯而易見。但該品牌本身引起了中國旅行者的共鳴，該品牌在Homeinns旗下以及對Homeinns公司而言都具有很高的吸引力，因為它是他們整個產品組合中質量最高、最高端的品牌。同時，我們也不斷擴大凱悅天地 (World of Hyatt) 的客戶群，這正是我們想要服務下一個檔次的客戶群的初衷，用美國的話來說，這本質上是一個中高端品牌。

The locations of UrCove by Hyatt are extraordinarily attractive. They are adaptive reuse office spaces almost without exception. There are a few new builds, but many, many of them are adaptive reuse offices. In very key locations in primary cities. So the kind of customers that we're going after and being able to attract the World of Hyatt is very, very strong.

UrCove by Hyatt 的地理位置極為優越。它們幾乎無一例外都是適應性再利用的辦公空間。雖然有一些新建建築，但其中許多都是改造後的辦公大樓。在主要城市的關鍵位置。因此，我們所追求並且能夠吸引到的那類客戶，凱悅天地會員體系的實力非常非常強大。

Now at Hyatt Studios, the program there will be new build and primarily. We have the ability to do adaptive reuse as well, but a lot of them will be new build. And the ability to gain as much momentum for Hyatt Studios in China would not really be available to us without a partner who has basically a development and construction machine, a significant organization that is excellent at what they do. And we've seen the quality of what they've actually produced with UrCove, which gives us tremendous confidence in where we see this going. In both cases, we -- well, there are different economic structures because in one case, it's a joint venture, we earn fees directly.

現在，凱悅酒店工作室的計畫將以新建案為主。我們也有能力進行適應性再利用，但其中許多項目仍將是新建項目。如果沒有一個擁有完善的開發和建設體系、實力雄厚且在該領域表現卓越的合作夥伴，我們不可能在中國為凱悅酒店集團取得如此大的進展。我們已經看到了他們透過 UrCove 實際生產出的產品的質量，這讓我們對未來的發展方向充滿信心。在這兩種情況下，我們的經濟結構都不同，因為其中一種情況是合資企業，我們直接賺取費用。

And on top of that, we own half of the venture. In the other case, it's fees. So we will be earning fees on the Hyatt Studios that open. They will benefit from the development of those properties and really being able to utilize an existing resource that they've got. And it helps their network as well because it gives their own over 100 million members of their loyalty program, brands to trade up into.

除此之外，我們還擁有這家合資企業的一半股份。另一種情況是費用。因此，我們將從新開幕的凱悅酒店式公寓賺取費用。他們將受益於這些房地產的開發，並真正能夠利用他們現有的資源。這也有助於他們的網路發展，因為這讓他們的忠誠度計畫中超過 1 億的會員可以升級到其他品牌。

And frankly, over time, we expect those same clientele to trade up further up into our full-service hotels.

坦白說，隨著時間的推移，我們預計這些客戶會升級入住我們設施更完善的全方位服務飯店。

So as a network effect matter, it's very significant. We will be fee positive for Hyatt studios and we earn fees directly and have a JV -- 50% JV interest in UrCove. So I think it's been a great partnership. It's expanding, and it's not a situation in which we're basically making $3.50 a year on something that is just for the sake of having a bunch of rooms.

因此，從網路效應的角度來看，這非常重要。我們將從凱悅酒店公寓獲得正收益，我們直接賺取費用，並與 UrCove 成立了合資企業——持有 50% 的合資權益。所以我認為這是一次非常棒的合作。它正在擴張，而且情況並非我們僅僅為了擁有一堆房間而每年只賺 3.50 美元。

In terms of total impact, we're talking about 50 hotels of about 100 rooms a piece maybe 125. So it's not going to actually have a massive impact on our net rooms growth. So we're not doing this because we can -- with smoke and mirrors, add to our net rooms growth figures. This has got real commercial impact.

就整體影響而言，我們說的是 50 家飯店，每家大約 100 間客房，也許 125 間。所以它實際上不會對我們的淨客房成長產生巨大影響。所以，我們這樣做並不是因為我們能——透過障眼法來增加我們的淨客房成長數據。這確實具有商業影響力。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Mark or Joan whoever wants to take it, would love just a little bit more insight on the cost program that your initiatives there. I think we talked about strategically a little bit what you're doing, but just kind of what catalyzed the decision sort of the why now question, it's obviously encouraging, but it takes a lot to move a big organization. And what are some of the key building blocks or things that this is going to allow you to do a little bit more efficiently, maybe specifically on behalf of the owners, we sometimes hear feedback that these things can have an impact and help streamline some communication there.

馬克或瓊，或其他任何願意接受採訪的人，都希望能更深入地了解你們在那裡推行的成本控制計劃。我想我們已經從戰略層面稍微討論了一下你正在做的事情，但究竟是什麼促成了這個決定，也就是為什麼是現在這個問題，這當然令人鼓舞，但要推動一個大組織的發展需要付出很多努力。那麼，它能提供哪些關鍵的組成部分或功能，讓您更有效率地完成一些工作呢？特別是對於業主而言，我們有時會聽到這樣的回饋：這些功能可以產生影響，並有助於簡化一些溝通。

Thanks, Shaun. The ultimate goal here is to move towards an insight-led and brand-focused organization. That sounds like corporate speak, but it's real in the sense that we are going deep on being able to understand the different customer groups that we serve across our portfolio, and they are different. How we get to them, that is distribution channels and marketing are different as well.

謝謝你，肖恩。最終目標是向以洞察為導向、以品牌為中心的組織轉型。這聽起來像是企業術語，但從某種意義上說，這是真的，因為我們正在深入了解我們產品組合中服務的不同客戶群體，而他們確實各不相同。我們如何接觸到他們，也就是分銷管道和行銷方式，也有所不同。

So we broke our business down into five brand groups. And those five brand groups will be the way in which we actually operate the business going forward. It happens concurrently with a significant elevation of our practice of agile ways of working, which we have been working on for four straight years, which is designed to move more quickly, test and learn and experiment and innovate more quickly.

因此，我們將業務劃分為五個品牌集團。而這五個品牌集團將成為我們未來實際經營業務的方式。同時，我們敏捷工作方式的實踐也得到了顯著提升。我們已經連續四年致力於敏捷工作方式，旨在更快地行動、測試、學習、實驗和創新。

And then the third element is artificial intelligence, expanded use of machine learning and models. We've built several Agentic platforms already internally. Some have been solely focused on driving top line. Some have been really focused on cost efficiency and many. They're all focused on driving performance, including providing a platform that our hotel teams can use to help optimize or improve, I would say, maximize performance of their hotels, which is a direct impact on owners.

第三個要素是人工智慧，即機器學習和模型的更廣泛應用。我們內部已經建構了多個 Agentic 平台。有些公司只專注於提升營收。有些公司非常注重成本效益，而且還有很多其他公司。他們都專注於提升業績，包括提供一個平台，讓我們的酒店團隊能夠利用該平台來優化或改進（或者說，最大限度地提高）酒店的業績，這對業主來說具有直接的影響。

I just got back from Europe, during which we had an owner's Advisory Council meeting, and I went into some detail about the work that we've done on that last platform that I just mentioned. And there are direct measurable impacts that we can point to -- actually across all the things that we've done so far. So we have positive results. We're leaning into doing those. When we put these things together, that is the practice of Agile, which is inherently cross-functional, we append all the work that we're doing with all-inclusive, and we then look at how we are in service of our brands in a different way than we were before.

我剛從歐洲回來，期間我們召開了一次業主諮詢委員會會議，我詳細介紹了我們剛才提到的那個平台上所做的工作。而且，我們可以指出一些直接的、可衡量的影響——實際上，在我們迄今為止所做的一切事情中都有體現。我們取得了積極成果。我們正在積極推進這些工作。當我們把這些事情放在一起時，這就是敏捷實踐，它本質上是跨職能的，我們將所有工作都融入其中，然後我們以一種與以往不同的方式審視我們如何為我們的品牌服務。

how we organize the company had to change.

公司組織結構必須改變。

And in the course of reorganizing the company, we found tremendous levels of efficiency in how we're staffed. So a lot of that cost gain was in staffing. Some will be also in third-party costs because we are automating a significant number of functions and processes that really are able to be automated at a fraction of the cost of paying third parties to do it for you. And we've just scratched the surface. We are leaning into this very heavily, and you will see this as a tailwind for us for the years to come.

在公司重組過程中，我們發現人員配置方式的效率非常高。因此，節省的成本主要體現在人員配備方面。部分費用也會包含在第三方費用中，因為我們正在自動化大量功能和流程，而這些功能和流程的自動化成本實際上遠低於聘請第三方來完成這些工作的成本。我們僅僅觸及了冰山一角。我們正在大力推動這項策略，未來幾年，這將成為我們發展的順風。

Duane Pfennigwerth, Evercore ISI.

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

Joan, I appreciate your comments on capital allocation. Maybe you could speak to priorities in the intermediate term. Does the order maybe change is deleveraging more of a focus, capital return, maybe less emphasis on finding opportunities that will accelerate your growth further?

瓊，感謝你對資本配置的評論。或許您可以談談中期工作的重點。業務秩序是否會發生變化，更重視去槓桿化和資本回報，而減少對尋找能夠進一步加速成長的機會的重視？

Sure, Duane. I think with respect to the leverage comment, we've have a commitment in the near term to delever, we are required with the asset sale proceeds from the Playa sale to actually pay down that late draw term loan, which I noted in my prepared remarks. So that is on the horizon. And we've also made a commitment reach investment-grade leverage by the end of 2027. And we've got some asset sales that we're working on right now and some that we expect to also complete by the end of 2027. So that will improve our leverage with those asset sale proceeds.

當然可以，杜安。關於槓桿率的評論，我認為我們已經承諾在近期內降低槓桿率，我們需要用 Playa 出售資產所得的收益來償還那筆逾期提取的定期貸款，這一點我在準備好的發言稿中已經提到過。所以，這事指日可待。我們也承諾在 2027 年底達到投資等級槓桿。我們目前正在進行一些資產出售，預計到 2027 年底也將完成一些資產出售。這樣一來，我們就能更好地利用出售資產所得的收益。

Now I'll let Mark comment on the M&A front and opportunities that we see. But with respect to returns to shareholders, we have been consistent in delivering those returns when we've had excess cash. And that will be the approach that we continue to follow going in. We'll obviously give you some insight into 2026 and our quarter earnings call. But we've realized some incremental free cash flow through this -- through the credit card agreement, and that's the driver of what improved our capital returns guidance for this year for 2025.

現在我請馬克談談併購方面以及我們看到的機會。但就股東回報而言，當我們有盈餘現金時，我們一直都能持續給予股東回報。而這將繼續是我們採取的策略。我們當然會向大家介紹一下 2026 年的情況以及我們的季度財報電話會議。但透過這項信用卡協議，我們實現了部分新增自由現金流，這也是我們提高 2025 年資本回報預期的主要驅動因素。

So we are taking those excess cash and doing exactly what we've committed to.

所以，我們將利用這些多餘的資金，嚴格地​​履行我們已做出的承諾。

Yes. I would just point out that I think it's very important to look at history and our behaviors. You can, I think, have a higher level of confidence that we say what we do and we do what we say. Since 2013, we have consistently continued to prioritize investing reinvesting in our own business and returning capital to shareholders initially strictly through share repurchases and then more recently, through both dividends and share repurchases. We repurchased stock every year for the last 12 years in a row despite the fact that we've executed over $5 billion worth of acquisitions. In fact, it's probably close to $6 billion and have transformed the balance sheet in the process. So we believe that return of capital to shareholders is a key priority.

是的。我想指出的是，我認為審視歷史和我們的行為非常重要。我認為，您可以更加確信，我們言出必行。自 2013 年以來，我們一直優先考慮對自身業務進行再投資，並將資本返還給股東，最初是透過股票回購，而最近則是透過分紅和股票回購相結合的方式。儘管我們已經完成了價值超過 50 億美元的收購，但我們在過去 12 年裡每年都回購股票。事實上，金額可能接近 60 億美元，並且在此過程中徹底改變了資產負債表。因此，我們認為向股東返還資本是重中之重。

We also believe that we can maintain that even as we find strategic opportunities to grow our business, in businesses in segments that are very, very profitable in which we can have a differentiated competitive position. So you can expect us to continue to do that in that way. And with the elevation of the conversion to free cash flow that John talked about earlier, you can also expect that we will find more opportunities to return more capital to shareholders over time.

我們也相信，即使我們在利潤非常非常高的細分市場中尋找發展業務的策略機會，並希望在這些細分市場中擁有差異化的競爭地位，我們也能維持這種優勢。所以你們可以預期我們會繼續以這種方式行事。正如約翰之前提到的，隨著自由現金流的轉換率提高，我們也可以預期，隨著時間的推移，我們將找到更多機會向股東返還更多資本。

Michael Bellisario, Baird.

Michael Bellisario，貝爾德。

Just on loyalty, can you remind us just how the room night contribution from World of Hyatt has tracked year-to-date, I think it was at 45% last year. And then just looking at how do you keep narrowing the gap to peers? And kind of what does that do for the value prop for owners and developers.

就忠誠度而言，您能否提醒我們一下凱悅天地 (World of Hyatt) 的客房夜數貢獻率今年迄今為止的情況？我記得去年是 45%。然後，就要思考如何不斷縮小與同儕的差距？那麼，這對業主和開發商的價值主張來說又意味著什麼呢？

Yes. Thank you. First of all, penetration has continued to increase. we're still in the mid-40s, but there's incremental progress year-over-year. And the membership growth has continued to be extremely strong.

是的。謝謝。首先，市場滲透率持續成長。雖然目前仍處於40%左右，但每年都在穩步提升。會員成長動能依然非常強勁。

we're compounding currently at over 20% per annum pretty much every quarter that goes by.

目前，我們的年複合成長率幾乎每季都超過 20%。

I think the relative importance continues to grow, because the engagement level of our members, especially our lead members, is very, very high. They stay longer, spend more and are more frequent guests. So the value of our Elite membership base is extremely high. And the value of the overall membership base is very high, as demonstrated by the card arrangements that we just renegotiated because we have a higher end customer base. And they are -- have higher household incomes and investment portfolios.

我認為相對重要性還在不斷提高，因為我們會員，尤其是核心會員的參與度非常非常高。他們入住時間更長，消費更多，而且是更常來的客人。因此，我們的精英會員群價值極高。整體會員基礎的價值非常高，正如我們剛剛重新協商的會員卡安排所證明的那樣，因為我們擁有更高端的客戶群。而他們的確擁有更高的家庭收入和投資組合。

I think in terms of the evolution, we believe that we are going to continue on an upward trajectory in terms of penetration. That's important in many dimensions.

我認為就發展而言，我們相信在滲透率方面我們將繼續保持上升趨勢。這在很多方面都很重要。

I just want to remind you that we have maybe the highest group composition in the United States, let's say, about 40% of our business is group, and group customers are not eligible for World of Hyatt point earning and therefore, they don't really count in the context of penetration. And I would say that the -- I would say that even despite that, our total direct channel delivery is in line with our peers. This is an interesting dynamic because when you look at our total delivery through group channels, which is direct, World of Hyatt, hyatt.com and Hotel Direct we are in line with our peers at a fraction of their size. So this is one area everyone talks about size and scale being the magic. Well, this is one area in which apparently being 10x our size doesn't matter.

我只是想提醒您，我們可能是美國團體客戶比例最高的酒店，大約 40% 的業務是團體客戶，而團體客戶沒有資格獲得凱悅天地積分，因此，在滲透率方面，他們實際上並不重要。而且我認為——即便如此，我們的直接通路總交付量也與同業持平。這是一個有趣的動態，因為當你查看我們透過集團管道（包括直銷、凱悅天地、hyatt.com 和 Hotel Direct）的總交付量時，你會發現我們與同行持平，而我們的規模卻遠小於他們。所以在這個領域，大家都在談論規模和比例才是關鍵。嗯，在這個領域，體型是我們的十倍似乎並沒有什麼用。

And I think part of that has to do with the compelling platform that we've created and the fact that World of Hyatt creates delivers on great experiences, but also great value.

我認為部分原因在於我們打造了一個引人注目的平台，凱悅天地不僅能提供絕佳的體驗，還能帶來巨大的價值。

The final thing I will say is that we are -- we manage a bigger proportion of our total network than any of our major larger competitors. And that matters because we have very consistent delivery, very, very consistent delivery of benefits. Our Elite members do not find wide variability across our hotels. Why? Because we directly control it.

最後我想說的是，我們管理的網路規模比任何主要的競爭對手都要大。這一點很重要，因為我們提供的福利非常穩定，非常非常穩定。我們的菁英會員認為我們旗下各飯店的服務品質差異不大。為什麼？因為我們直接控制它。

We're not influencing we are actually directly controlling the delivery of benefits at the hotel, and that matters.

我們並非在施加影響，而是在直接控製酒店的福利發放，這一點很重要。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

So a couple of your peers were willing to sort of give some insights or sort of early thoughts on how next year's RevPAR could shape up in the US or globally. And just curious, Mark, from what you're seeing in business transient, you're seeing in group, what you're seeing in leisure and of course, we have the World Cup. Sort of how do you kind of confidence you guys have going into next year in terms of the RevPAR environment reaccelerating?

所以，你們的幾位同行願意就明年美國或全球的每間可供出租客房收入 (RevPAR) 的發展趨勢提供一些見解或初步想法。馬克，我很好奇，從你看到的商務旅客、團體旅客、休閒旅客以及世界盃的情況來看，情況如何？你們對明年RevPAR（每間可供出租客房收入）環境重新加速成長的信心如何？

Yes. I mean, I think Joan and I will tag team this. So look, there are a number of tailwinds heading into next year between World Cup and America 250 celebrations. The infrastructure build continues to pace. Hyperscalers are moving from planning stage to construction phase in their data center constructions.

是的。我的意思是，我覺得我和瓊會聯手完成這件事。所以你看，明年世界盃和美國250週年慶典帶來了許多好因素。基礎建設持續推進。超大規模資料中心營運商的資料中心建設正從規劃階段過渡到施工階段。

And the minimum size of investment in those projects is $5 billion. Some of them are much, much bigger than that. So there's a tremendous level of activity in terms of mobilization of resources to lead into the data requirements of AI of the future. So I think there's a lot of tailwind into economic activity in the United States. As we look forward, part of that, I think, is anticipated.

這些項目的最低投資規模為50億美元。有些比這大得多。因此，在調動資源以滿足未來人工智慧的數據需求方面，已經出現了巨大的活動。所以我認為美國經濟活動有很多利多因素。展望未來，我認為其中一部分是可以預見的。

And maybe driving some of the group pace that we see into next year. Joan?

或許還能推動我們明年看到的一些團隊節奏。瓊？

I would just add on -- we are still early in the planning cycle, but the backdrop that Mark just described in the US has given us confidence that we will be at or incrementally positive in the US going into next year. Group is significant factor to that because you layer in on top of those strong pace numbers and it helps improve with rate. And the demand that, as you look at this year, where we had some of maybe easier comps in the second quarter and the third quarter going into next year for the US is what we would expect.

我還要補充一點——我們仍處於規劃週期的早期階段，但馬克剛才描述的美國市場狀況讓我們有信心，明年我們在美國市場將保持或略有成長。團隊是其中一個重要的因素，因為團隊可以在此基礎上增加速度，從而幫助提高速度。縱觀今年，考慮到第二季和第三季美國市場可能面臨一些相對較低的基數，我們預計明年美國市場的需求將會成長。

Outside the US, we've posted very strong results this year. And what we're hearing from our teams is that we expect those results to be good, continue the momentum that we're seeing demand in international markets continues to be very strong. So while we may be lapping a little bit of tougher comps on that side, we still expect overall globally that we'll be incrementally positive in 2026.

今年，我們在美國以外地區取得了非常強勁的業績。我們從團隊那裡了解到，我們預計這些結果會很好，並將繼續保持我們看到的國際市場需求仍然非常強勁的勢頭。因此，雖然我們可能在某些方面會面臨更嚴峻的競爭，但我們仍然預計，到 2026 年，全球整體經濟將逐步實現正成長。

Yes. Just one final comment, Leisure demand continues to be very strong. We've mentioned all of the various data points that in our script. But leisure just taking a real-time gauge of this. leisure demand in the US was up 3% globally up 7% in October. So this is not abating. I think there's been incessant questions about can leisure really hold up? Can you really maintain pricing levels, et cetera, et cetera. And the answer is the data continues to prove it.

是的。最後補充一點，休閒需求依然非常強勁。我們在腳本中提到了所有不同的數據點。但在休閒娛樂方面，我們可以即時衡量這一點。 10月份，美國休閒娛樂需求成長了3%，全球成長了7%。所以這種情況並沒有減弱。我認為人們一直在不斷質疑休閒娛樂是否真的能夠經得起考驗？你們真的能維持物價水準等等嗎？而數據也持續證明了這一點。

So I'm not sure what else -- what other proof is required we're seeing it in all of our numbers. And yes, we do serve a different customer base. So I'm not making any comments about scale and below. I am making a comment about us.

所以我不知道還需要什麼證據——我們所有的數據都證明了這一點。是的，我們的客戶群確實有所不同。所以，關於規模及以下方面，我不做任何評論。我要對我們發表一些評論。

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

Good morning, everyone. Mark, three months ago, you had noted you were feeling cautious and conservative and cautious and conservative about China. How are you feeling today about that market?

各位早安。馬克，三個月前，你曾表示你對中國感到謹慎和保守。你今天對這個市場感覺如何？

I feel incrementally better. Part of it is, I just got back from China a couple of weeks ago. So every time I'm there, and I'm talking to my teams about what's happening and what they're seeing in the marketplace. It does give me a lot of energy, but even adjusting for that sort of near-term boost of positive five.What I would say is a couple of things.

我感覺好多了。部分原因是，我幾週前剛從中國回來。所以每次我到那裡，我都會和我的團隊討論正在發生的事情以及他們在市場上看到的情況。它確實給了我很多能量，但即使考慮到這種短期內帶來的正面影響，我想說的是以下幾點。

One, some of the things that we have been known for in China continue to shine in ways that I think are notable. We just opened the first Urban Alila hotel in Shanghai, and it is absolutely world-class and stunning in every dimension, not just the physical product, which is amazing, but also the guest experience. we're running materially more than 20% ahead of the brand that used to occupy that hotel, which is a super luxury brand, mono-brand. And that's in a relatively weaker market. And so I think our performance has continued to be exceptional, and I think that is driving continued openings that really are meaningful.

第一，我們在中國的一些優勢繼續以我認為值得注意的方式閃耀光芒。我們在上海剛開設了第一家都市阿麗拉酒店，它絕對是世界一流，各方面都令人驚艷，不僅體現在令人驚嘆的五金設施上，更體現在賓客體驗上。我們比之前入駐該酒店的超豪華單一品牌酒店領先20%以上。而且這還是在相對疲軟的市場環境下。因此，我認為我們的業績一直非常出色，我認為這推動了真正有意義的持續開業。

So I toured a brand-new Andaz in Macau, over 700 rooms, more hotels going into Macau in the future. toward the Thompson, which just opened, so it was preopening and Unbound collection hotel adjacent to the Thompson and this is at a location adjacent to a mini central business district, which is right next to the convention center. So you might think that there's a lot of hand-waving about driving net rooms growth through lower chain scales. But for us, we're seeing strength actually in our core strength, our core strength there, which is the upper upscale and luxury brands. our food and beverage revenues have been hit hard, I think, based on what's going on in the marketplace.

所以我參觀了澳門一家全新的安達仕酒店，擁有700多間客房，未來還會有更多酒店在澳門開幕。之後我又去了湯申酒店，當時它還在試營運階段，旁邊是一家Unbound精選酒店，地理位置優越，毗鄰一個小型中央商務區，緊鄰會展中心。所以你可能會認為，透過降低連鎖飯店規模來推動客房淨成長的說法有很多含糊其辭的地方。但對我們來說，我們看到的是核心優勢的真正體現，也就是我們的核心優勢所在，那就是高端和奢侈品牌。我認為，受市場情勢的影響，我們的餐飲收入受到了嚴重衝擊。

The general pressure from the government remains persistent and that is causing people to be very cautious about, I would say, conspicuous consumption is the way to put it. And therefore, we have adjusted like our whole philosophy is to be agile and pivot and adapt, and we are. So banqueting is weaker, Food and beverage is weaker, but rooms business is very strong for our brands in the upper upscale and luxury. And of course, we're not ignoring the upscale and upper mid-scale through the comments that I made earlier on Hyatt Studio.

來自政府的普遍壓力依然持續，這導致人們在炫耀性消費方面非常謹慎。因此，我們做出了調整，因為我們的整個理念就是靈活應變、快速轉型，而我們也確實做到了。因此，宴會業務較弱，餐飲業務也較弱，但我們旗下高端和豪華品牌的客房業務非常強勁。當然，我們並沒有忽略高檔和中高檔酒店，我在之前對凱悅酒店的評論中也提到過這一點。

So I would say, in terms of operating dynamics, I think it's positive, the government has shown signs starting to pivot from a policy perspective to be more constructive to support consumer things that drive consumer purchases because it's consumer has grown as a proportion of their total economy. They are hyper aware of that. And finally, they are another year into at the relatively slow path of resolution of the ever ground debt overhang. And so capital markets are still not restored to pre ever grand levels. But a lot of the properties that I mentioned, not Lilo Shanghai, which is a private developer, but many of the others are state-owned enterprises.

因此，就營運動態而言，我認為這是積極的，政府已經表現出開始從政策角度轉變的跡象，變得更加具有建設性地支持那些能夠推動消費者購買的消費品，因為消費者在其經濟總量中所佔的比例已經增長。他們對此非常清楚。最後，解決日益沉重的地面債務問題又走過了一年相對緩慢的歷程。因此，資本市場仍未恢復到鼎盛時期的水準。但我提到的很多房產，不是像上海麗露這樣的私人開發商，而是很多其他的國有企業。

And so a lot of our inventory is growing there. So our opening schedule and now I'm talking more broadly about Asia Pacific is very strong, but a lot of it is greater China. So I feel actually incrementally better. I do.

因此，我們在那裡的庫存正在增加。所以我們目前的開局計畫非常強勁，現在我更廣泛地談談亞太地區，但其中很大一部分都集中在大中華區。所以我感覺自己確實在逐漸好轉。我願意。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

If we could just talk a little bit about free cash flow conversion. I think you're targeting about 40% this year, and then you're saying that you reiterated the plus 50% next year. It seems like you've had a lot of incremental positives from the credit card deal. You've talked about G&A today. RevPAR reaccelerating into next year.

我們能否稍微談談自由現金流轉換率？我認為你們今年的目標是 40% 左右，然後你們又重申明年要增加 50%。看來你從信用卡交易中獲得了不少好處。今天你們談到了一般及行政費用。預計明年RevPAR將再次加速成長。

It just seems like the plus 50% feels like a pretty easy threshold for you to get to. So if you could just talk a little bit about the free cash flow conversion, if there's anything on the working capital side or the hotel sales are limiting that a little bit. Just anything there would be helpful.

感覺對你來說，達到 50% 的門檻似乎很容易。所以，您能否稍微談談自由現金流轉換率，看看營運資本方面是否有任何限制因素，或者飯店銷售是否對此有所限制。任何幫助都將不勝感激。

Yes, Conor, you picked up -- obviously, the credit card deal is going to be helpful into next year. And we had the onetime items impacting us this year. So we're getting back to a normalized rate in 2025. And excuse me, 2026. And remember, we will also have incremental fees from Playa going into next year post the asset sale transaction.

是的，康納，你明白了——顯然，這張信用卡優惠明年肯定會很有幫助。今年我們也受到了一些一次性事件的影響。所以我們將在 2025 年恢復到正常水準。抱歉，現在是2026年。請記住，在資產出售交易完成後，明年我們還將從 Playa 獲得額外的費用。

So that will be helpful and be a meaningful addition to our free cash flow conversion.

這將有助於提高我們的自由現金流轉換率，並帶來有意義的補充。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Mark, I wanted to ask about the impact of the government shutdown so far in the fourth quarter and then on the back of, I guess, it's fairly real time on the back of the FAA's announcement to further cut some airline traffic starting this week, how that could affect travel in the fourth quarter.

馬克，我想問政府停擺對第四季度迄今為止的影響，以及，我想說的是，鑑於美國聯邦航空管理局宣布從本週開始進一步削減部分航空客運量，這會對第四季度的旅行產生怎樣的影響。

Sure. Thanks for the question. A couple of things. One, government -- direct government business in the Hyatt system is relatively small. So it's not having a material impact on our results.

當然。謝謝你的提問。有幾件事。第一，政府－凱悅酒店集團的直接政府業務相對較小。所以它對我們的業績並沒有產生實質影響。

and wouldn't. Government-related is actually positive because a lot of defense contractors and other service companies that are serving key elements of the government I wouldn't say it's uniform, but it's -- in general, it's been positive because there is government activity that continues despite the fact of a broader shutdown. So I think that the key at this point has to do with agility and hotel teams being prepared to pivot. Our hotel teams are relied upon in our world to track their revenue base, their sources of revenue looking forward and to basically insulate themselves as much as possible from things that could be potential risks and rebalance through revenue management and through tapping different distribution channels. We're making that easier for them using some AI tools that are an overlay to our revenue management system.

而且不會。與政府相關的情況實際上是積極的，因為許多國防承包商和其他為政府關鍵部門提供服務的公司——我不會說情況完全一致，但總的來說，情況是積極的，因為儘管大範圍停擺，政府活動仍在繼續。所以我認為，目前的關鍵在於敏捷性，以及飯店團隊做好隨時調整的準備。在我們的世界裡，飯店團隊肩負著追蹤收入基礎、展望未來收入來源的重任，他們基本上要盡可能地規避潛在風險，並透過收益管理和開拓不同的通路來實現再平衡。我們正在利用一些人工智慧工具來簡化他們的營運，這些工具可以疊加在我們的收入管理系統上。

So I have every expectation that whatever impact there actually would have been would be mitigated because they'll pivot on a continuous basis.

所以我完全有理由相信，無論實際上會產生什麼影響，都會因為他們會不斷調整策略而得到緩解。

Looking forward, I think it's naive to think that reduction in air travel won't have an impact on travel. By definition, it does. There are less people flying. And at the same time, I think what I said just a minute ago about agility and being able to pivot is really, really important. There are drive to resources that we often tap.

展望未來，認為航空旅行減少不會對旅行產生影響的想法太天真了。從定義上講，確實如此。搭飛機的人少了。同時，我認為我剛才所說的關於敏捷性和能夠靈活應變的能力真的非常重要。我們常常會利用一些資源。

We learned this muscle and strengthened it tremendously during the early stages of COVID. So they will be -- I'm talking specifically about leisure travel now. And so therefore, I think there will be some mitigating factors. I also would just point out that my recollection is when we had a long government shutdown some years ago, the air traffic control dynamics is actually what led to finally getting back to a reopening of the government. And so I think with reduced mobility, there might be more back pressure lawmakers to come to the table.

我們在新冠疫情初期就鍛鍊了這種能力，並且大大增強了這種能力。所以他們會的——我這裡特別指休閒旅遊。因此，我認為會有一些緩解因素。我還要指出，我記得幾年前政府長期停擺時，正是空中交通管制動態最終促成了政府的重新開放。因此，我認為隨著行動自由的減少，立法者可能會面臨更大的壓力，從而被迫參與談判。

That's speculative, of course, but just a reference to what happened last time around when there was an extended shutdown.

當然，這只是推測，只是參考上次長時間停工時的情況。

So yes, I think there's a potential risk here because, again, it would be naive to say no, there won't be any risk whatsoever when something like 10% of the capacity is coming out of the system. So right now, lift into some of our key markets is not based on what we can tell from our engagement with our key carriers talking specifically about Cancun, Putian on the all-inclusive side, really remain encouraged by what we're seeing, and we always have options with respect to Charter, if we need extra air capacity.

所以，是的，我認為這裡有潛在風險，因為，再說一遍，當大約 10% 的產能從系統中流出時，如果說完全沒有風險，那就太天真了。所以目前，我們一些主要市場的航班運力並非取決於我們與主要航空公司的溝通情況，特別是關於坎昆和莆田的全包式度假市場，我們對目前的情況感到鼓舞，而且如果我們需要額外的運力，我們始終有包機方案可供選擇。

Meredith Jensen, HSBC.

Meredith Jensen，匯豐銀行。

Just circling back to what you just mentioned about the ALGV business and all inclusive. I was hoping knowing the importance of optimizing that distribution strategy from ALGV. If you could take a little bit more about this channel and what you're seeing in terms of broad B2B consumer and potentially how broadening the offering to ALGV through Playa programs. I know they introduced like ALGV Lock can continue to increase the mix of buy it within the ALGV.

再回到你剛才提到的ALGV業務和全包式服務。我希望能夠了解 ALGV 優化分銷策略的重要性。如果您能更詳細地介紹一下這個管道，以及您在廣泛的 B2B 消費者方面看到的情況，並探討如何透過 Playa 專案將產品和服務擴展到 ALGV，那就太好了。我知道他們推出了 ALGV Lock，可以繼續增加在 ALGV 內購買它的比例。

Yes, I think I might have lost you at the very end there. But generally speaking, ALGV is a critical distribution channel. I think the visibility it provides to us in terms of what the dynamics are in leisure travel are tremendous. Over 2.5 million individual customers are booking through that platform. hundreds of thousands of travel agents and advisers are linked directly into our systems.

是的，我想我最後可能把你搞糊塗了。但總的來說，ALGV 是一個重要的分銷管道。我認為它為我們提供了了解休閒旅遊產業動態的絕佳視角。超過250萬個人客戶透過該平台預訂。數十萬旅行社和顧問直接連接我們的系統。

And so it is the biggest packaging platform in North America. So it really is a strategic asset in every way. I think we've -- the team has done a superb job of really maximizing the potential of that business through really being disciplined about which markets they serve and getting out of unprofitable markets, but also the pathway that I described earlier with recycle automation and the utilization of has also just begun there, too.

因此，它是北美最大的包裝平台。所以它在各方面都是一項戰略資產。我認為我們——團隊在充分發揮該業務潛力方面做得非常出色，他們嚴格控制服務市場，並退出無利可圖的市場，但我之前描述的回收自動化和利用途徑也才剛開始。

So what we expect is to be able to render that business into a more and more efficient platform with much better predictive analytics embedded in it and much more higher signal-to-noise ratio and actionable insights from AI that we can actually utilize to make the booking path for travel agents and advisers that much more compelling. So what we are seeing in general is what we have said in the past, which is Four Star of the low has been weaker. That's really been the key message our direct production into our own resorts is up year-over-year, has continued to rise every year since we've owned the company. And that is telling because it's both primarily Five Star, which is our portfolio. And secondly, it is an offering.

因此，我們期望能夠將該業務轉化為一個越來越高效的平台，其中嵌入了更好的預測分析，以及更高的信噪比和來自人工智慧的可操作見解，我們可以利用這些見解，使旅行社和顧問的預訂流程更具吸引力。所以，我們目前看到的整體情況與我們過去所說的一致，那就是四星級低迷時期的情況比較疲軟。這確實是關鍵訊息：我們直接向自家度假村供貨的產量逐年增長，自我們擁有這家公司以來，產量每年都在持續增長。這很能說明問題，因為它主要都是五星級飯店，而五星級飯店正是我們的投資組合。其次，它是一種奉獻。

Now you're right, expanded by the Playa hotels, which is super attractive to the customer base that is booking through ALGV.

你說得對，Playa 酒店擴大了規模，這對透過 ALGV 預訂的客戶群來說極具吸引力。

And with that, I just want to thank you all for taking the time this morning to be with us. We, of course, appreciate your interest at Hyatt and really look forward to hoping and hoping that you will visit our hotels and resorts, and you can experience the power of Hyatt Care firsthand. So have a good rest of the day and good rest of the week. Thank you.

最後，我要感謝大家今天早上抽出時間與我們在一起。我們當然非常感謝您對凱悅的關注，並真誠地希望您能光臨我們的酒店和度假村，親身體驗凱悅關懷的強大力量。祝你今天餘下的時間和本週餘下的時間都過得愉快。謝謝。

This concludes today's conference call. Thank you for participating, and have a wonderful day. You may all disconnect.

今天的電話會議到此結束。感謝您的參與，祝您有美好的一天。你們可以斷開連結了。