Hyatt Hotels Corp (H) 2026 Q2 法說會逐字稿

Good morning, and welcome to Hyatt's second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安，歡迎參加凱悅 2026 年第二季財報電話會議。（接線員指示）提醒您，本次電話會議將被錄音。

I would now like to turn the call over to Ryan Nuckols, Vice President of Investor Relations and Corporate Strategy. Please go ahead.

現在我想把電話交給投資人關係與企業策略副總裁 Ryan Nuckols。請開始。

Thank you, and welcome to Hyatt's second quarter 2026 earnings conference call. Joining me on today's call are Mark Hoplamazian, Hyatt's Chairman, President and Chief Executive Officer; and Joan Bottarini, Hyatt's Chief Financial Officer.

謝謝，歡迎參加凱悅 2026 年第二季財報電話會議。今天與我一同出席的有凱悅董事長、總裁兼執行長 Mark Hoplamazian，以及凱悅財務長 Joan Bottarini。

Before we start, I'd 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，我想提醒各位，我們今天的發言將包含依據聯邦證券法所定義的前瞻性陳述。這些陳述受到我們在 Form 10-K 年報、Form 10-Q 季報及其他向美國證券交易委員會（SEC）提交之文件中所描述的眾多風險與不確定性影響。這些風險可能導致我們的實際結果與我們發言中明示或暗示的內容存在重大差異。我們今日發布的財報新聞稿中的前瞻性陳述，以及本次電話會議中的評論，僅以今日為準，且不會隨實際事件發展而更新。

In addition, you can find a reconciliation of non-GAAP financial measures referred to in today's remarks under the financial 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 post an investor presentation on our Investor Relations website this morning contain supplemental information.

此外，您可在我們投資人關係網站的財務資訊區以及今天早上的財報新聞稿中，找到今日談話所提及之非 GAAP 財務衡量指標的調節表。本次電話會議的錄音存檔將於我們網站上提供 90 天。另外，我們今天早上也在投資人關係網站上發布投資人簡報，包含補充資訊。

Please note that unless otherwise stated, references to occupancy, average daily rate and RevPAR reflects comparable system-wide hotels on a constant currency basis, and closed hotels in Jamaica are excluded from comparable metrics in 2026. Percentage changes disclosed during the call are on a year-over-year basis, unless otherwise noted.

請注意，除非另有說明，文中提及的住房率、平均每日房價（ADR）與每可供出租客房收入（RevPAR），係以可比的全系統飯店並以固定匯率基礎反映；且 2026 年可比指標中排除牙買加已關閉的飯店。本次電話會議中揭露的百分比變動，除非另有註明，均為年對年比較。

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

接下來，我把電話交給 Mark。

Thank you, Ryan, and good morning, everyone. We appreciate you joining us today. Before I begin, I'd like to once again thank everyone who joined us at our recent Investor Day, both in person and virtually. We appreciated the strong engagement throughout the event and the thoughtful conversations we've had with many of you since then. It's been encouraging to hear the positive feedback on our strategy and the long-term opportunities that we outlined.

謝謝你，Ryan，各位早安。感謝各位今天加入我們。在我開始之前，我想再次感謝近期參加我們投資人日的所有朋友，無論是親臨現場或線上參與。我們很感謝活動期間大家高度投入，也感謝此後與許多各位進行的深度交流。聽到各位對我們所闡述之策略與長期機會給予正面回饋，令人備受鼓舞。

As we showcased at Investor Day, Hyatt has evolved into a more asset-light company with a differentiated operating model built around premium brands, a growing commercial platform and disciplined capital allocation. Our objective is clear: to sustain a business model capable of delivering durable fee growth increasing cash flow and attractive long-term returns over a wide range of operating environments.

如同我們在投資人日所展示的，凱悅已演進為更輕資產的公司，並以高端品牌、持續成長的商業平台以及嚴謹的資本配置為核心，建立具差異化的營運模式。我們的目標很明確：維持一套能在各種營運環境下，持續帶來穩健費用收入成長、提升現金流並創造具吸引力長期報酬的商業模式。

Our second quarter results provide another example of that model in action. Despite meaningful regional headwinds in parts of our portfolio, we delivered strong RevPAR, fee and adjusted EBITDA growth, expanded World of Hyatt membership, and increased our development pipeline to record levels. These results demonstrate the growing strength of Hyatt's commercial platform, the increasing preference for our brands among guests, owners and developers and the benefits of the business model where quality growth translates into higher fee earnings and free cash flow.

我們第二季的成果再次展現該模式的實際運作。儘管我們投資組合部分地區面臨顯著逆風，我們仍實現強勁的 RevPAR、費用收入與調整後 EBITDA 成長，擴大 World of Hyatt 會員規模，並將開發案儲備提升至歷史新高。這些成果展現凱悅商業平台日益增強的實力、賓客、業主與開發商對我們品牌偏好提升，以及在此商業模式下「高品質成長」可轉化為更高的費用收益與自由現金流的效益。

Turning to our operating results. This morning, we reported second quarter system-wide RevPAR growth of 5.9%, exceeding our expectations. Performance was driven by durable demand from high-end travelers and continued strength across our luxury portfolio with some benefit from the FIFA World Cup. RevPAR growth in the United States exceeded our expectations, and we also saw strong growth across most international markets. RevPAR was up in all customer segments.

接著談我們的營運表現。今天早上，我們公布第二季全系統 RevPAR 成長 5.9%，高於我們的預期。表現主要受高端旅客的穩健需求帶動，且我們的奢華產品組合持續強勁，並受惠於 FIFA 世界盃的部分助益。美國的 RevPAR 成長超出我們預期，我們也看到多數國際市場呈現強勁成長。所有客群的 RevPAR 均呈上升。

Business and group travel was solid with business transient RevPAR increasing approximately 2% during the quarter and group RevPAR increasing more than 7% compared to last year. World Cup host cities delivered group RevPAR growth of more than 13% in June.

商務與團體旅遊表現穩健，本季商務散客 RevPAR 約成長 2%，團體 RevPAR 較去年成長超過 7%。世界盃主辦城市在 6 月的團體 RevPAR 成長超過 13%。

Leisure demand from premium travelers remained exceptionally strong during the quarter with leisure transient RevPAR increasing approximately 7% compared to last year, once again, led by our luxury brands. As one example, World Cup host cities in the United States generated leisure transient RevPAR growth of more than 17% in June.

本季高端旅客的休閒需求依然異常強勁，休閒散客 RevPAR 較去年約成長 7%，再次由我們的奢華品牌領軍。舉例而言，美國的世界盃主辦城市在 6 月的休閒散客 RevPAR 成長超過 17%。

Our performance reflects much more than favorable industry trends. Our brand-led strategy continues to differentiate Hyatt and we are gaining market share across our portfolio. During the first half of the year, our luxury and lifestyle portfolios increased RevPAR index by nearly 3 points with a large proportion of our hotels gaining share. This reflects growing preference for our brands, the strength of our commercial platform and the impact of our brand-focused approach. A significant contributor to that growing preference is World of Hyatt, which ended the quarter with approximately 69 million members, an increase of 17% from a year ago.

我們的表現反映的不僅是有利的產業趨勢。我們以品牌為核心的策略持續讓凱悅脫穎而出，並在整體投資組合中提升市占。今年上半年，我們的奢華與生活風格產品組合 RevPAR 指數提升近 3 個百分點，且相當比例的飯店取得市占成長。這反映出市場對我們品牌的偏好提升、我們商業平台的實力，以及品牌聚焦策略的影響。推動此偏好提升的重要因素之一是 World of Hyatt；該計畫於本季末約有 6,900 萬名會員，較一年前增加 17%。

As World of Hyatt membership and engagement grows, we're continuing to enhance the value of the program. One recent example is our collaboration with Air Canada, which brings two highly engaged loyalty programs together and gives members more ways to earn and redeem rewards while expanding the experiences available across both networks. World of Hyatt sits at the center of our network effect, creating more value for guests, owners and developers as our system grows.

隨著 World of Hyatt 會員規模與參與度提升，我們持續強化該計畫的價值。近期一個例子是我們與加拿大航空（Air Canada）的合作，將兩個高度活躍的忠誠計畫結合，讓會員有更多方式累積與兌換獎勵，同時擴大兩個網路可提供的體驗內容。World of Hyatt 位於我們網路效應的核心，隨著系統擴張，為賓客、業主與開發商創造更多價值。

Every new hotel we add expands opportunities for our members, while every new member strengthens the value of our commercial platform. The lasting benefits we create by driving quality growth fuels more direct channel demand, stronger owner returns and durable fee growth. Development activity remained very strong during the quarter. We ended the quarter with a record development pipeline of approximately 154,000 rooms, up 10% from a year ago. The breadth of our pipeline reflects growing owner preference for Hyatt.

我們每新增一家飯店，都能為會員擴大更多機會；而每新增一位會員，也會強化我們商業平台的價值。透過推動高品質成長所創造的長期效益，將帶動更多直營渠道需求、更佳的業主報酬，以及更具韌性的費用收入成長。本季開發活動依然非常強勁。本季末我們的開發案儲備達到約 154,000 間客房的歷史新高，較一年前增加 10%。我們開發案儲備的廣度反映業主對凱悅的偏好日益提升。

Our luxury lifestyle and inclusive collection brands continue to generate strong owner interest, while our Essentials brands are building momentum and creating meaningful opportunities to expand Hyatt's brand footprint in markets where we have significant white space.

我們的奢華、生活風格與全包式系列品牌持續吸引業主高度關注；同時，我們的 Essentials 品牌也正累積動能，並在我們仍有大量市場空白的地區，創造擴大凱悅品牌版圖的重大機會。

The Hyatt Select brand is a great example of that momentum. During the quarter, in addition to strong signings in the United States, we signed a master franchise agreement with Dossen Group to bring the Hyatt Select brand to the Chinese Mainland. This collaboration combines Hyatt's global brand recognition with the local market expertise and development capabilities of Dossen Group, one of the region's leading hotel operators, providing a strong platform to thoughtfully scale the Hyatt Select brand in an important long-term growth market.

Hyatt Select 品牌正是這股動能的絕佳例證。本季除在美國取得多項強勁簽約外，我們也與東呈集團（Dossen Group）簽署總特許經營協議，將 Hyatt Select 品牌引進中國大陸。此合作結合凱悅的全球品牌知名度與東呈集團（該地區領先的飯店營運商之一）的在地市場專業與開發能力，為在重要的長期成長市場中，有策略且審慎地擴大 Hyatt Select 品牌規模提供強而有力的平台。

We delivered net rooms growth of 4.4% for the second quarter, excluding rooms from the Playa Hotels acquisition that were removed from Hyatt room count in the second half of 2025. Among our notable openings this past quarter were Miraval The Red Sea, our first Miraval property outside of the United States and the Barai Hua Hin, our first property in the unbound collection by Hyatt in Thailand. Both of these openings expand our brand presence in the luxury wellness segment, while bringing two distinctive experiences to World of Hyatt members in sought-after destinations. Miraval The Red Sea is the first of a number of important openings planned in Saudi Arabia over the next several years.

我們在第二季實現淨客房數成長 4.4%，不含因 Playa Hotels 收購案而在 2025 年下半年自凱悅客房數中移除的客房。本季值得一提的開幕包括 Miraval The Red Sea（我們在美國以外的首家 Miraval 物業）以及 Barai Hua Hin（我們在泰國的首家凱悅臻選系列 unbound collection by Hyatt 物業）。這兩項開幕在擴大我們於奢華健康養生領域的品牌版圖之際，也為 World of Hyatt 會員在熱門目的地帶來兩種獨特體驗。Miraval The Red Sea 是未來數年在沙烏地阿拉伯規劃的一系列重要開幕中的第一家。

Our development pipeline remains very healthy, and we expect net rooms growth to accelerate significantly over the second half of the year with a large number of our expected openings scheduled for the fourth quarter. We continue to see meaningful opportunities from both conversions and new build openings. We've adjusted our full year outlook range to reflect the large number of fourth quarter openings, some of which could slip into 2027. I want to be clear, our confidence in delivering on the strong organic growth we outlined in our Investor Day remains very high.

我們的開發儲備案（pipeline）仍然非常健康，且我們預期在下半年，隨著大量預計開幕集中排在第四季，淨客房數成長將顯著加速。我們持續看到來自改裝（conversion）與新建開幕的重大機會。我們已調整全年展望區間，以反映第四季開幕數量龐大，其中部分可能延後至 2027 年。我想說清楚，我們對於實現在投資人日所闡述的強勁內生成長，信心依然非常高。

Now turning to transactions. We continue to make progress on the planned sale of the Hyatt Grand Central New York. However, based on our current expectations, we no longer expect the transaction to close in 2026. We will continue to provide updates on this transaction as we reach key milestones.

接著談交易。我們在按計畫出售 Hyatt Grand Central New York 一案上持續取得進展。然而，基於我們目前的預期，我們不再預期該交易會在 2026 年完成交割。我們將在達成關鍵里程碑時，持續就此交易提供最新進展。

More broadly, we remain active in the market and are in discussions regarding the sale of certain assets to unlock additional value from our owned portfolio. Our disciplined approach remains consistent with our track record of pursuing transactions that achieve attractive values while ensuring our hotels remain in the Hyatt system under long-term management or franchise agreements supporting continued fee growth and shareholder value.

更廣泛而言，我們仍積極參與市場，並就出售部分資產進行討論，以自我們自有資產組合中釋放更多價值。我們一貫的紀律性作法，與我們過往的交易紀錄一致：在確保飯店透過長期管理或特許經營協議留在凱悅體系、支持費用收入持續成長與股東價值的同時，追求能實現具吸引力估值的交易。

Looking ahead, we remain confident in Hyatt's long-term positioning. As we highlighted during Investor Day, we have transformed Hyatt into a more durable asset-light business that generates increasing free cash flow as our system grows and cash conversion improves, allowing us to continue to invest in the areas of the business that matter most to our guests, owners and shareholders.

展望未來，我們對凱悅的長期定位仍充滿信心。如同我們在投資人日所強調的，我們已將凱悅轉型為更具韌性的輕資產（asset-light）企業；隨著系統規模擴大與現金轉換率提升，我們能產生更多自由現金流，使我們得以持續投資於對賓客、業主與股東最重要的業務領域。

Our strategy is producing tangible results. We've led the industry in net rooms growth for the past nine years, delivered industry-leading RevPAR growth over the past five years and today generate the highest fees per room among our largest peers. Together, these drivers have created a powerful compounding effect on fee growth. Importantly, achieving that growth requires only modest incremental capital, allowing us to reinvest in our brands, commercial platform and future growth while continuing to generate increasing levels of free cash flow.

我們的策略正帶來具體成果。過去九年我們在淨客房數成長方面領先同業；過去五年我們實現業界領先的 RevPAR 成長；而目前在主要同業中，我們每間客房所產生的費用收入最高。綜合而言，這些驅動因素對費用收入成長形成強大的複利效應。重要的是，達成這樣的成長僅需適度的增量資本，使我們能再投資於品牌、商業平台與未來成長，同時持續產生更高水準的自由現金流。

We also believe the opportunity ahead remains significantly. We've built a differentiated portfolio of brands, serving high-end travelers, developed one of the industry's most attractive and fastest-growing loyalty programs and continue to see substantial opportunities to expand our brands in markets where Hyatt has meaningful white space. Together, we believe these advantages position Hyatt to deliver durable long-term growth and consistently create value for shareholders.

我們也相信，前方的機會仍然相當可觀。我們打造了具差異化的品牌組合以服務高端旅客，建立了業界最具吸引力且成長最快的忠誠計畫之一，並持續看到在凱悅仍有顯著空白市場（white space）的地區擴張品牌的龐大機會。我們相信，這些優勢共同使凱悅具備實現穩健長期成長的能力，並持續為股東創造價值。

I'd like to close my comments by thanking our Hyatt colleagues around the world who bring our purpose of care to life every day. Their commitment to our guests, owners and one another is what truly differentiates Hyatt and gives me great confidence in our future.

最後，我想感謝全球凱悅同仁每天將我們「關懷」的宗旨付諸實踐。他們對賓客、業主以及彼此的投入，才是真正讓凱悅與眾不同之處，也讓我對我們的未來充滿信心。

I'll now turn the call over to Joan to provide more details on the quarter. Joan, over to you.

接下來我把電話會議交給 Joan，請她提供本季更多細節。Joan，交給你。

Thanks, Mark, and good morning, everyone. During the second quarter, RevPAR exceeded our expectations, increasing 5.9% compared to last year, driven by resilient travel demand from premium travelers and incremental demand from the FIFA World Cup. In the United States, RevPAR increased a very strong 6.7% compared to last year, driven by robust leisure travel, along with healthy growth demand. The FIFA World Cup contributed approximately 70 basis points of RevPAR growth with host cities delivering double-digit growth during the second half of June. Our select service hotels also performed well, with RevPAR increasing 3.5%, driven by improving business transient demand and easier comparisons to last year.

謝謝你，Mark，各位早安。第二季 RevPAR 優於我們預期，較去年成長 5.9%，主要受高端旅客具韌性的旅遊需求，以及 FIFA 世界盃帶來的增量需求所帶動。在美國，RevPAR 較去年大幅成長 6.7%，受強勁的休閒旅遊以及健康的團體需求成長所驅動。FIFA 世界盃約貢獻 70 個基點的 RevPAR 成長，主辦城市在 6 月下旬後半段實現雙位數成長。我們的精選服務（select service）飯店表現亦佳，RevPAR 成長 3.5%，受商務散客需求改善以及相較去年較容易的比較基期所帶動。

Outside the United States, RevPAR increased nearly 5% and 7.5%, excluding the Middle East. This strong growth reflects robust international travel demand and continued strength in higher-end travel. RevPAR in the Americas, excluding the United States, increased 9.5%, benefiting from strong regional performance and international demand from the FIFA World Cup.

在美國以外地區，RevPAR 成長接近 5%；若排除中東，則成長 7.5%。此一強勁成長反映國際旅遊需求旺盛，以及高端旅遊持續強勁。美洲地區（不含美國）RevPAR 成長 9.5%，受惠於區域表現強勁以及 FIFA 世界盃帶動的國際需求。

Greater China RevPAR increased an impressive 7.2% compared to last year, supported by leisure transient demand and strong average rate growth across our largest markets. Asia Pacific, excluding Greater China, delivered robust RevPAR growth of more than 10%, reflecting strong inbound travel and demand in key markets where we have strong brand representation.

大中華區 RevPAR 較去年成長亮眼的 7.2%，受休閒散客需求支撐，且我們主要市場的平均房價成長強勁。亞太地區（不含大中華區）RevPAR 強勁成長逾 10%，反映入境旅遊強勁，以及我們在品牌布局具優勢的關鍵市場需求旺盛。

Europe generated RevPAR growth of 4.5% as healthy domestic leisure demand offset softer inbound travel from the Middle East. RevPAR in the Middle East declined by 36% compared to last year due to the ongoing conflict in the region. Net package RevPAR in our all-inclusive portfolio declined 1.2% compared to last year as the security incident in Mexico earlier this year and lower flight capacity had an impact on second quarter demand.

歐洲 RevPAR 成長 4.5%，健康的國內休閒需求抵銷了來自中東的入境旅遊較疲弱。中東地區 RevPAR 較去年下滑 36%，主因區域衝突持續。我們全包式（all-inclusive）產品組合的淨套裝 RevPAR 較去年下降 1.2%，原因是今年稍早墨西哥的安全事件以及航班運能較低，影響了第二季需求。

Net package RevPAR for our hotels in the Dominican Republic was up over 8%, underscoring the strength of the high-end leisure guests in a stable operating environment. Our all-inclusive resorts expanded market share, reflecting the strength of our brands and power of our commercial platform. Overall, our second quarter results reflect continued strength in premium leisure travel globally and healthy corporate travel demand.

我們在多明尼加共和國的飯店淨套裝 RevPAR 成長超過 8%，凸顯在穩定的營運環境下，高端休閒旅客的需求強勁。我們的全包式度假村擴大了市占率，反映我們品牌的實力以及商業平台的帶動效應。整體而言，我們第二季的結果反映全球高端休閒旅遊持續強勁，以及健康的企業差旅需求。

Turning to our financial results. Our core fee business continued to perform well, supported by strong top line performance, healthy hotel level profitability, increasing scale and the quality of our portfolio. Gross fees increased 8% to $324 million driven by strong performance across our managed portfolio, fees from newly opened hotels, the new management agreements from the Playa portfolio and growth in license fees.

接著談我們的財務表現。我們的核心費用型業務持續表現良好，受強勁的營收表現、健康的飯店層級獲利能力、規模擴大以及資產組合品質所支撐。總費用收入（gross fees）成長 8% 至 3.24 億美元，主要由我們受管理資產組合的強勁表現、新開幕飯店帶來的費用、Playa 資產組合新增管理合約的費用，以及授權費用成長所驅動。

In the second quarter, Owned and Leased segment adjusted EBITDA increased by 16%, adjusted for the impact of asset sales, reflecting the performance from the high-end positioning of our remaining Owned and Leased hotels.

第二季，自有與租賃（Owned and Leased）事業部調整後 EBITDA（排除資產出售影響）成長 16%，反映我們剩餘自有與租賃飯店以高端定位所帶來的表現。

Distribution segment adjusted EBITDA declined compared to the prior year, in line with our expectations due to temporary factors, including hotel closures in Jamaica following Hurricane Melissa and softer demand in Mexico. Results were also impacted by lower demand for 4-star properties. And we continue to expect it will take time for demand to return to previous levels as slight capacity increases and travel spending improves among this consumer segment.

通路（Distribution）事業部調整後 EBITDA 較去年同期下滑，符合我們的預期，主因若干暫時性因素，包括颶風 Melissa 後牙買加飯店關閉，以及墨西哥需求較疲弱。結果亦受到對四星級物業需求較低的影響。我們仍預期，隨著該消費族群的運能小幅增加且旅遊支出改善，需求回到先前水準仍需要時間。

Travel volumes into the Dominican Republic were up 7% for our Distribution segment, reflecting continued strength and demand for this destination. Overall, our second quarter adjusted EBITDA reflects the strength of our core fee business and was up approximately 9% year-over-year after adjusting for asset sales.

前往多明尼加共和國的旅遊量在我們的分銷（Distribution）業務部門成長了7%，反映出該目的地持續強勁的表現與需求。整體而言，我們第二季調整後EBITDA反映核心手續費業務的強勁表現，在扣除資產出售影響後，年增約9%。

As of June 30, we had total liquidity of approximately $2.1 billion, including $1.5 billion of available capacity on our revolving credit facility. Year-to-date, we've returned approximately $175 million to shareholders through share repurchases and dividends. And during the second quarter, returned approximately $26 million. We ended the quarter with approximately $1.5 billion remaining under our share repurchase authorization. We remain committed to our investment-grade profile and our balance sheet remains strong.

截至6月30日，我們的總流動性約為21億美元，其中包括循環信用額度項下可用額度15億美元。年初至今，我們透過庫藏股回購與股利向股東返還約1.75億美元。而在第二季期間，返還約2,600萬美元。本季結束時，我們在股票回購授權下仍剩餘約15億美元額度。我們仍致力於維持投資等級評等定位，資產負債表依然穩健。

Looking ahead to the second half of 2026, while travel demand continues to vary across regions, we remain confident in our outlook for the year, supported by the strength of our brands. As we shared last quarter, we continue to expect hotel revenues in the Middle East to remain significantly below last year, which we estimate will reduce full year fees by approximately $10 million.

展望2026年下半年，儘管各地區旅遊需求仍有差異，我們在品牌實力支撐下，對全年展望仍具信心。如同我們上季所分享，我們仍預期中東地區的飯店營收將顯著低於去年，我們估計這將使全年手續費減少約1,000萬美元。

In Mexico, booking trends at our all-inclusive resorts are improving sequentially, but have not yet recovered to the extent we expected, resulting in an approximately $15 million impact to fees compared to our prior outlook. While we continue to expect positive full year net package RevPAR growth in the Americas, we now expect third quarter net package RevPAR to be moderately below last year.

在墨西哥，我們全包式度假村的訂房趨勢較前期逐步改善，但尚未如我們預期般恢復，導致相較先前展望，手續費約受影響1,500萬美元。雖然我們仍預期美洲地區全年淨套裝RevPAR將呈正成長，但我們目前預期第三季淨套裝RevPAR將略低於去年。

Despite these temporary regional headwinds, we are increasingly encouraged by the strength of our core fee business. In the United States, the FIFA World Cup provided a meaningful benefit during the second quarter and forward booking trends remain strong for the balance of 2026. With group pace for our US full-service hotels up in the mid-single digits for the remainder of the year, we're also seeing improving trends in our select service portfolio as we lap easier comparisons. Outside of the United States, we expect performance in Asia Pacific to be strong through the balance of 2026.

儘管存在這些暫時性的區域逆風，我們對核心手續費業務的強勁表現愈發受到鼓舞。在美國，FIFA世界盃於第二季帶來顯著助益，且2026年剩餘期間的提前訂房趨勢仍然強勁。隨著我們美國全服務型飯店在今年剩餘期間的團體訂房進度（group pace）呈中個位數成長，我們也看到在比較基期轉為較容易後，我們的精選服務（select service）組合趨勢正在改善。在美國以外，我們預期亞太地區在2026年剩餘期間的表現將維持強勁。

Reflecting these trends, we are increasing our full year system-wide RevPAR growth outlook to between 3.5% and 4.5%. We now expect full year RevPAR growth in the United States of between 3% and 4%. We expect RevPAR growth in international markets, excluding the impact of the conflict in the Middle East to be slightly higher than the United States for the full year. We expect net rooms growth of approximately 6% for the full year, with momentum and conversions, including in our new brands driving another year of strong organic growth.

反映上述趨勢，我們將全年全系統RevPAR成長展望上調至3.5%至4.5%。我們目前預期美國全年RevPAR成長介於3%至4%。我們預期國際市場的RevPAR成長（不含中東衝突影響）全年將略高於美國。我們預期全年淨客房數成長約6%，在動能與轉換（conversions）帶動下（包括新品牌），將再度推動強勁的有機成長。

As Mark mentioned earlier, we expect the fourth quarter to account for over half of our openings for the year, and we remain confident in our ability to meet the long-term growth expectations that we laid out at our most recent Investor Day. We are maintaining our gross fees outlook for the full year and expect fees to grow between 9% to 11% in the range of $1.305 billion to $1.335 billion, reflecting continued growth across our asset-light platform despite temporary hotel closures in Jamaica and softer performance in Mexico and the Middle East. We are maintaining our full year adjusted EBITDA outlook and continue to expect adjusted EBITDA to grow at a strong rate of 13% to 18% in the range of $1.155 billion to $1.205 billion. This outlook reflects an approximately $25 million year-over-year decline in our Distribution segment for the full year compared to 2025.

如Mark先前提到，我們預期第四季將占全年開幕數的一半以上，且我們仍有信心達成在最近一次投資人日所提出的長期成長目標。我們維持全年總手續費（gross fees）展望不變，預期手續費將成長9%至11%，介於13.05億至13.35億美元，反映我們輕資產平台持續成長，儘管牙買加飯店暫時關閉，以及墨西哥與中東表現較疲弱。我們維持全年調整後EBITDA展望不變，並持續預期調整後EBITDA將以13%至18%的強勁速度成長，介於11.55億至12.05億美元。此展望反映我們分銷（Distribution）部門全年相較2025年約2,500萬美元的年減幅。

We are maintaining our adjusted free cash flow outlook for the full year in the range of $580 million to $630 million, representing an increase of between 20% to 30%. This reflects the conversion of adjusted EBITDA to adjusted free cash flow of at least 50% for the full year. Finally, we expect to return between $325 million and $375 million of capital to shareholders through share repurchases and dividends during 2026.

我們維持全年調整後自由現金流展望於5.8億至6.3億美元區間，代表成長20%至30%。這反映全年調整後EBITDA轉換為調整後自由現金流的比率至少為50%。最後，我們預期在2026年透過庫藏股回購與股利向股東返還3.25億至3.75億美元資本。

For the third quarter, we expect global RevPAR growth towards the low end of our full year outlook range. We expect net package RevPAR to be moderately below last year. Gross fees are expected to grow in the high single-digit range compared to the prior year and range compared to the third quarter of 2025. As a reminder, this growth is after adjusting for the $30 million from owned assets sold in 2025 and the $13 million of pro rata JV EBITDA removed under our updated definition. These adjustments are outlined on page 8, 9 in this morning's earnings release.

就第三季而言，我們預期全球RevPAR成長將落在全年展望區間的低端。我們預期淨套裝RevPAR將略低於去年。相較前一年，總手續費預期將以高個位數成長，並相較2025年第三季呈現成長區間。提醒一下，該成長已在調整後反映：2025年出售自有資產所帶來的3,000萬美元，以及在我們更新後定義下剔除的按比例合資企業EBITDA 1,300萬美元。這些調整已在今早的財報新聞稿第8、9頁說明。

In closing, our second quarter results reflect the continued strength of Hyatt's Asset-Light earnings model. As we highlighted during Investor Day, our strategy is designed to generate high-quality, durable fee growth and increasing cash flow over time, and this quarter's results are another demonstration of the successful execution of our strategy. As our system expands and our brands continue to outperform, we believe we remain well positioned to generate durable fee growth, strong free cash flow and long-term value for our shareholders.

總結而言，我們第二季的結果反映凱悅（Hyatt）輕資產獲利模式的持續強勁。如同我們在投資人日所強調，我們的策略旨在隨時間推進產生高品質、可持續的手續費成長與不斷增加的現金流，而本季結果再次證明我們成功執行該策略。隨著我們的系統持續擴張、品牌持續優於市場表現，我們相信我們仍具備良好定位，可為股東帶來可持續的手續費成長、強勁的自由現金流與長期價值。

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

以上為我們的預先準備發言，接下來我們很樂意回答各位的問題。

(Operator Instructions) Ben Chaiken, Mizuho.

(接線員指示) Ben Chaiken，瑞穗（Mizuho）。

I would love to just revisit the NRG adjustment. The prepared remarks were very helpful. Is the idea that do, just like you understand perfectly kind of where you're coming from, Mark. Is the idea that some of the expected rooms in '26 flipped into '27 or rather given the magnitude of the openings you see in Q4 and how that could be a swing factor, you're proactively assuming some move to '27 out of conservatism?

我想再回頭談一下NRG調整。預先準備的發言非常有幫助。我的理解是——就像我完全理解你們的出發點一樣，Mark。這個想法是：原本預期在26年開出的部分客房轉到27年了？還是說，考量你們在第四季看到的開幕規模以及這可能成為波動因素，你們出於保守起見，主動假設有一部分會移到27年？

Thanks, Ben. Let me provide some context, and then I'll answer the question very specifically. First of all, I think it's really important to put into context the first couple of quarters of this year, in fact, the first three quarters of this year relative to what we're very, very significant growth period a year ago.

謝謝你，Ben。我先提供一些背景，然後我會非常具體地回答你的問題。首先，我認為把今年前幾季——其實是今年前三季——放在脈絡中來看非常重要，因為相較之下，一年前正處於非常、非常顯著的成長期。

Secondly, we had some rooms that came out of the system about, I would say, between the Playa adjustments, which were hotels that we actually acquired, but the rooms did not become part of the Hyatt system, but we were reflected in the rooms that we owned and some turnover in the UrCove portfolio and losses -- two losses in the Lender portfolio, that -- those three factors were a drag in this particular quarter.

第二，我們有一些客房退出了系統；我會說，大約在Playa調整之間——那些是我們實際收購的飯店，但其客房並未納入凱悅系統，不過在我們自有客房數中有反映——再加上UrCove組合的一些汰換，以及Lender組合的損失——其中兩項損失——這三個因素在本季形成了拖累。

But when you look at a two-year stack, which is a much, I think, healthier way to look at these things because really what I think people can be focused on is what are the implications for fee growth. We've had very strong fee growth this year. We will continue to have very strong fee growth in the high single digits, as Joan mentioned, or low double digits. And that will continue to increase into next year because of ramp-up and so forth and so on.

但當你看兩年疊加（two-year stack）時，我認為這是一種更健康的看法，因為我認為大家真正應該關注的是：對費用成長（fee growth）有何影響。我們今年的費用成長非常強勁。如Joan所提到的，我們將持續維持非常強勁的費用成長，約在高個位數，或低雙位數。而由於爬坡期（ramp-up）等因素，這種成長將延續並在明年進一步提升。

But our two-year stack of net rooms growth in the first quarter and the second quarter of this year were 16%. So 16% growth in net rooms from the first quarter and the second quarter of '24 to the first quarter and second quarter of '26.

但我們今年第一季與第二季的兩年疊加淨客房（net rooms）成長為16%。也就是從2024年第一季與第二季到2026年第一季與第二季，淨客房成長16%。

Secondly, as we said in our Investor Day, our organic growth compounded over the last eight years has been 7%, and that's organic. Total was over 9%. And the pipeline in the first quarter was up over 9% and 10% in the second quarter. So you put all these factors together, and we are set up for persistent significant net rooms growth. With respect to this year, we have seen two things.

第二，如我們在投資人日所說，過去八年我們的有機成長（organic growth）複合年增率為7%，而且這是有機的。總體則超過9%。而第一季的管線（pipeline）成長超過9%，第二季則為9%到10%。因此把這些因素綜合起來，我們已為持續且顯著的淨客房成長做好準備。就今年而言，我們看到兩件事。

One, in the year 4 the year conversions, especially in the context of two new brands that will be launched, Select and Unscripted. In some cases, the PIPs were turned out to be heavier than we initially had modeled. And the timing for the PIP completion has extended. And so we've seen slippage from Q2 to Q3 and Q3 to Q4 already.

第一，在第4年到第4年的轉換（conversions）方面，特別是在即將推出兩個新品牌Select與Unscripted的背景下。在某些情況下，PIP（物業改善計畫）結果比我們最初建模時預期更重。而PIP完成的時程也拉長了。因此我們已經看到從第二季延後到第三季、以及從第三季延後到第四季的情況。

And secondly, about 50% of our pipeline openings are in the fourth quarter, and the majority of those, over 60% are luxury, lifestyle and full-service hotels, which inherently are more complicated to forecast. There are many more permits and facilities that need to be prepped and certificated for opening. And therefore, we're looking at a heavy concentration in the fourth quarter. And we are ourselves saying, okay, some of these may very well slip into the first quarter. So we're taking a, I would say, a proactively conservative estimate on how the year will actually shape out.

第二，我們約50%的管線開業集中在第四季，而其中多數（超過60%）是奢華、生活風格與全服務型飯店，這些本質上更難預測。開業前需要準備並取得認證的許可與設施更多。因此我們看到第四季的集中度很高。而我們也在說，好吧，其中一些很可能會延到第一季。所以我們對今年實際走勢採取了我會說是主動偏保守的估計。

The key from my perspective isn't what type of focus on one quarter to the next? Because first of all, the net rooms growth figure is not what I think is going to drive value, its net fee growth. And so the fee growth algorithm is what drives value. You can't take net rooms growth to the bank.

從我的角度來看，關鍵不在於從一季到下一季要聚焦什麼？因為首先，我認為能驅動價值的不是淨客房成長，而是淨費用成長（net fee growth）。因此，費用成長的演算法（fee growth algorithm）才是驅動價值的因素。你不能把淨客房成長拿去銀行兌現。

What we are set up for is significant, persistent compounding fee growth in the upper single digits as we look forward in time. And our growth -- how do I know that? Because the pipeline growth is actually in that same range.

我們所建立的是：隨著時間推進，能在高個位數區間實現顯著且持續複利的費用成長。那我怎麼知道？因為管線成長其實也在同一個區間。

The final thing I'll say about our confidence about the algorithm that we put into place or that we shared during the Investor Day is between the very high demand that we see in the marketplace with respect to new signings. In addition to that, we put into place a financing vehicle with a third-party hall financial. It's a $0.5 billion facility, and we have a dozen -- sorry, about a dozen of our already signed Hyatt Studios deals that are going through the approval processes or going through the negotiation processes for financing to get those hotels underway.

最後我想說，關於我們對所建立、或在投資人日分享的那套演算法的信心，來自於我們在市場上看到的新簽約（new signings）需求非常強勁。此外，我們也與第三方Hall Financial設立了一個融資工具。這是一個5億美元的融資額度，而我們已有約一打——抱歉，大約一打——已簽約的Hyatt Studios案子正在走審批流程或融資談判流程，以便推動這些飯店啟動。

We already have a number of hotels that are under construction and a number that are opened trending very well, but we want to accelerate that. We've provided some credit support in that facility. So between the core demand that we're seeing for the brands and our pipeline growth and actually trying to address one of the key needs that we see in our owner community, which is financing for construction, we really feel confident that the 6% to 8% range that we gave during Investor Day is going to be realized.

我們已經有一些飯店正在施工，也有一些已開業且表現趨勢非常好，但我們希望加速這個進程。我們在該融資額度中提供了一些信用支持（credit support）。因此，結合我們看到的品牌核心需求、管線成長，以及我們試圖解決業主社群的一項關鍵需求——也就是建設融資——我們確實有信心，投資人日所給出的6%到8%區間將會實現。

Michael Bellisario, Baird.

Michael Bellisario，Baird。

Mark, I want to focus on the demand front. Can you just talk about booking windows, if you're seeing those expand at all for both group and transient? And then how have maybe your property managers change their either revenue management or pricing strategies given the recent RevPAR improvement that we've seen in the United States?

Mark，我想聚焦在需求端。你能談談訂房提前期（booking windows）嗎？你是否看到團體與散客（transient）兩者的提前期有任何拉長？另外，鑑於我們近期在美國看到的RevPAR改善，你們的物業經理是否在收益管理或定價策略上做了調整？

Yes, I'll start, but I'll ask Joan to comment as well. With respect to group, we have 96% or 97% of the rooms sold this year. So we are revenue realized in -- on the books volume. So -- which is exactly what we would expect it to be. And we have about over 55% -- somewhere between 55% to 56% -- or sorry, 55% and 60% is what I meant to say, for next year book now, which is right on path with what we would expect this time of year. So I think the booking window with respect to group hasn't really changed.

好的，我先開始回答，也請Joan一併補充。就團體（group）而言，我們今年已售出96%或97%的客房。所以我們在已入帳（on the books）的量上，收入已經實現。這——也正是我們預期會看到的狀況。而明年目前已預訂（book now）的比例約在55%以上——大約55%到56%——或抱歉，我的意思是55%到60%，這與我們在一年中此時點的預期完全一致。所以我認為團體的訂房提前期並沒有真正改變。

The one thing I would note is that the quarter-over-quarter mix is -- does shift somewhat materially. So over the course of the year, corporate is really the key driver for our group realization, which is actually very good news always because there's more in-house banqueting and F&B. So higher revenue base for our owners. So I would say that the mix is important as well as the booking curve. Brick-and curve is basically the same. Mix is actually favorable. And that's true globally, but it's especially true in the US.

我想指出的一點是，季度對季度的組合（mix）確實會有一些相當明顯的變化。因此在一年當中，企業（corporate）其實是我們團體實現（group realization）的關鍵驅動因素，這通常都是非常好的消息，因為會帶來更多館內宴會與餐飲（F&B）。因此業主的收入基礎更高。所以我會說，除了訂房曲線（booking curve）之外，組合也同樣重要。訂房曲線基本上相同。組合其實是有利的。這在全球都成立，但在美國尤其明顯。

With respect to leisure, we're about on track as well with respect to volumes. And Joan can talk about this with respect to HIC specifically because that's the place where we have probably the most visibility in terms of mix and market. Business transient remains very short term. The good news is that if you look, business transient group is up about 5.5% and business transient was up over 2% year-to-date. And I think that's a very positive sign. In our case, it's more heavily concentrated towards luxury and full service hotels. But Joan, maybe you want to talk about HIC outlook.

就休閒（leisure）而言，我們在量的表現上也大致符合軌道。而Joan可以特別就HIC來談，因為那是我們在組合與市場方面可能最有能見度的地方。商務散客（business transient，BT）仍然是非常短期的。好消息是，如果你看，商務散客團體（business transient group）約成長5.5%，而商務散客年初至今（year-to-date）成長超過2%。我認為這是非常正面的訊號。就我們而言，成長更集中在奢華與全服務型飯店。但Joan，也許你想談談HIC的展望。

Yes. I would just say to add on to what Mark mentioned is that those numbers are first half numbers, and it is true that our booking windows haven't changed much on the BT side. So while we've seen some increasing and encouraging activity. It's embedded in our outlook for the full year is that those booking windows still remain shorter on the BT side.

好的。我只想補充Mark提到的：那些數字是上半年的數字，而在BT端，我們的訂房提前期確實沒有太大變化。因此，雖然我們看到一些增加且令人鼓舞的活動。但我們對全年展望的假設仍是：BT端的訂房提前期依然維持較短。

And for leisure, we have also booking windows that are 30 to 60 days out, except for maybe the HIC business, where a flight and a longer booking necessity from our guests to actually make those reservations. And when we look -- I mentioned this in my prepared remarks, but when you look at Q3 and Q4, we're slightly negative overall. And we had -- we reported negative 1.2% in the second quarter for net package RevPAR and we're seeing sequential improvement week on week into Cancun, in particular, because that is the market that has been the most disrupted post the February security incident.

至於休閒旅遊方面，我們的預訂窗口也大約是提前30到60天，除了可能是HIC業務，因為需要搭配航班，且賓客通常需要更長的提前預訂時間才能實際完成這些預訂。另外，當我們來看——我在事先準備的發言中提到過——但當你看Q3和Q4時，我們整體略為負成長。而且我們——我們在第二季的淨套裝RevPAR（每可售客房收入）報告為-1.2%，我們看到坎昆（Cancun）呈現逐週（week on week）的連續改善，特別是因為該市場在2月安全事件之後受到的擾動最大。

So improving but not as much as we had anticipated. So what is encouraging is when we look out a little bit further, again, back to the booking windows, what we're seeing for the first quarter of 2027, still early days, but it's a very important indicator for us to start looking at now as we go into our planning season in the fall, is that the Q1 pace is up in the high single digits overall for the region. So we're seeing Cancun a bit flat, but other areas, the West Coast of Mexico and Dominican Republic are up significantly. But Dominic, in particular, is up over 20%. So that core leisure traveler and their demand for travel in those high season periods, we're seeing growing and that gives us a lot of confidence into how Q1 2027 is going to shape up. And again, back to the sequential into this year, we think it will be growing throughout the rest of this year.

所以是在改善，但沒有我們原先預期的那麼多。令人鼓舞的是，當我們把視野拉得更遠一些，再回到預訂窗口來看，我們目前看到2027年第一季——現在仍算早期，但這對我們非常重要，因為我們即將在秋季進入規劃季，現在就開始觀察——整個區域的Q1預訂節奏（pace）整體上升到高個位數。因此我們看到坎昆略為持平，但其他地區，例如墨西哥西岸與多明尼加共和國（Dominican Republic）則顯著上升。尤其是多明尼加，上升超過20%。因此，核心休閒旅客在旺季期間的旅遊需求，我們看到正在成長，這讓我們對2027年第一季的走勢很有信心。同樣回到今年的連續改善來看，我們認為在今年剩餘時間將持續成長。

Yes. I would just say a quick or comment, flat for -- flattish for Cancun in the first quarter at this point, Mike, unimpressive. But don't forget that the security event didn't occur until the very end of February of 2026. So the first quarter of this year was actually pretty strong for the Cancun region. So for us to be flat at this point, with a lot of booking remaining and a dynamic where both the West Coast of Mexico and the Dominican have gotten a lot more expensive because a lot of the increase in the revenue pace is coming through rate increases will cascade into Cancun. So we expect to see Cancun sequentially improve from here out and see Q1 serially improve.

是的。我只想快速補充一句，Mike，就目前來看，第一季坎昆持平——或接近持平——並不亮眼。但別忘了，安全事件直到2026年2月底才發生。所以今年第一季其實對坎昆地區來說相當強勁。因此在目前這個時間點我們能做到持平，而且仍有大量預訂尚未進來；同時，墨西哥西岸與多明尼加的價格已經變得更貴，因為收入節奏的提升很大一部分來自房價上調，這種趨勢會外溢到坎昆。所以我們預期坎昆從現在開始會呈現連續改善，並看到Q1逐期（serially）改善。

Richard Clarke, Bernstein.

Richard Clarke，Bernstein。

I just wanted to follow up on the net package RevPAR in Q2. I guess it was quite a big delta from Q1 to Q2. It felt like in Q1, you were able to offset. The weakness in Mexico is strong demand elsewhere. So what kind of changed into Q2? Is it set just more naturally Mexico heavy quarter, the mean that the effect was to a bit harder. If I can ask a quick second one, just wondering why the buyback number was so low in Q2 to $12 million. Was there some reason you couldn't buy back stock in Q2 that we maybe didn't know about previously?

我想追問一下第二季的淨套裝RevPAR。我猜從Q1到Q2的落差相當大。感覺在Q1，你們能夠用其他地區的強勁需求來抵消墨西哥的疲弱。所以Q2發生了什麼變化？是什麼因素導致Q2？是否只是因為Q2本來就是更偏墨西哥比重的季度，意味著影響會更明顯一些？如果我可以再快速問第二個問題，想請教為什麼Q2的回購金額這麼低，只有1,200萬美元。是否有什麼原因讓你們在Q2無法回購股票，而我們之前可能不知道？

Well, let me answer the first question, Richard. In the second quarter, we had anticipated that we would have an increasing demand. Actually, we saw it when we reported Q1 results. And so that's what gave us confidence in what we reported at the end of the first quarter. And then it sort of leveled out.

Richard，我先回答第一個問題。在第二季，我們原本預期需求會增加。其實在我們公布Q1結果時，我們確實看到了這個趨勢。因此，這也讓我們對第一季末所報告的內容有信心。但之後需求就有點趨於持平。

So that was the dynamic that we saw. Other regions were very strong. The Dominican was up 8% in the quarter. So people were sort of redirecting some of their bookings, and that's the dynamic we saw. But as we mentioned, week-on-week has grown sequentially better.

所以我們看到的動態就是如此。其他地區表現非常強勁。多明尼加在該季度成長8%。因此人們某種程度上把部分預訂轉向其他地區，這就是我們看到的動態。但如我們所提到的，逐週表現已連續改善。

So we believe this is very much temporary. And as Mark mentioned, that this will accelerate into the latter half of this year as actually occupancy still up into these other regions as well. With respect to -- we're locked out for Investor Day for a period of time in the second quarter, that was part of the activity that you saw. I reaffirmed our guidance with respect to capital returns for this year between $325 million and $375 million. So that's what you can expect to see the difference between what we've achieved year-to-date and our outlook at this point in the year.

因此我們相信這很大程度上只是暫時性的。而且如Mark所提到的，隨著今年下半年推進，這將會加速，因為其他地區的入住率也仍在上升。至於——第二季我們因投資人日（Investor Day）有一段時間處於禁買期（locked out），那是你所看到部分活動的原因之一。我再次確認我們今年資本回饋（capital returns）的指引為3.25億至3.75億美元。因此，你可以預期今年此時點的差額，將反映在我們年初至今已執行的金額與目前展望之間。

Smedes Rose, Citi.

Smedes Rose，Citi。

Switching gears just for a moment away from operational outlook. I was wondering if you could talk about what you're seeing in the transaction market? It seems like somewhat removed, but that the sort of higher-end properties are gaining some traction with investors. Is that what you're seeing? Or would you expect to be able to execute on that, I guess, going forward?

先暫時從營運展望切換一下話題。我想請你談談你們在交易市場（transaction market）看到的情況？看起來雖然整體市場有些距離，但較高端的資產似乎正在獲得投資人的一些動能。這也是你們看到的情況嗎？或者你們是否預期未來能夠在這方面執行（execute）相關交易？

You took the words right out of my mouth, Smedes. The fact is that quality properties in high barrier to entry markets is what is garnering the most attention and that is where all the activity is. So that is what we are seeing. The rest of the market is, I would say, flattish in terms of activity level. And -- so yes, I think it's not surprising.

Smedes，你把我想說的話都說出來了。事實上，在進入門檻高（high barrier to entry）的市場中，優質資產最能吸引關注，所有的活動也主要集中在那裡。所以這就是我們所看到的。至於市場其他部分，我會說就活動水準而言大致持平。所以，是的，我認為這並不令人意外。

We always knew -- of course, I would have answered the same thing any quarter in the last 20 years. If you've got great properties in higher-brandentry markets, they always retain value and there's always a market for them. It just happens that there has been a flight to quality that's been more pronounced, I would say, over the last six months or so. So that's what we're seeing in the market. So you have it correct.

我們一直都知道——當然，過去20年任何一個季度我都會給出同樣的回答。如果你擁有位於高進入門檻市場的優質資產，它們總是能保值，而且永遠有市場。只是剛好近六個月左右，資金「追求品質」（flight to quality）的現象更為明顯。所以這就是我們在市場上看到的情況。所以你的判斷是正確的。

Brandt Montour, Barclays.

Brandt Montour，Barclays。

I was hoping to drill in a little bit on the US outlook. If you look at the first half, you guys did a mid-single-digit number in the US, obviously, there's some World Cup in there. But if I'm reading your language correctly, Joan, for the full year US you're looking for 3 to 4. I think that was a revenue number, but I'm assuming that you were speaking to RevPAR. But it basically implies a pretty steep step down in the second half. I was wondering if you could just sort of give us some sense of how much of that's conservatism and other sort of calendar things to note as we move through the back half.

我希望更深入了解一下美國市場的展望。如果看上半年，你們在美國做到中個位數的成長，顯然其中也包含一些世界盃（World Cup）的因素。但如果我正確理解你的措辭，Joan，全年美國你們預期是3到4。我想那是營收數字，但我假設你指的是RevPAR。但這基本上意味著下半年會出現相當明顯的放緩。我想請你們談談，其中有多少是出於保守（conservatism），以及在進入下半年時還有哪些日曆等因素需要注意。

Sure. The -- you're right about the year-to-date, it was about 5% growth for the US, and it was pretty evenly split growth rates if you look across the two quarters between leisure business and group. So that was obviously more heavily weighted into the second quarter with respect to group and the impact of the World Cup, which was significant.

當然。關於年初至今的部分，你說得沒錯，美國約成長了 5%，而且如果你看休閒旅遊與團體在兩個季度之間的表現，成長率分布相當平均。因此，顯然在第二季團體業務的比重更高，且世界盃的影響相當顯著。

So as we look at the second half of the year, group, as I mentioned, is up in the mid-single digits, which is where we have the greatest visibility to demand. And part of what's embedded in our outlook is the lower visibility that we have to leisure and business. Given the momentum we've had, there's upside there, probably some conservatism there, but we want to make sure that we are sharing what we're seeing and the booking windows that we're seeing. So that's basically what's embedded in the outlook.

因此，當我們看下半年時，如我提到的，團體業務成長在中個位數區間，這也是我們對需求能見度最高的部分。而我們展望中所包含的一部分，是我們對休閒與商務的能見度較低。鑑於我們目前的動能，那裡有上行空間，可能也帶有一些保守性，但我們希望確保我們分享的是我們所看到的情況，以及我們所觀察到的預訂窗口期。所以，這基本上就是展望中所反映的內容。

I would just add one other thing, reminder, Liberation Day hit at the very beginning of the second quarter of 2025. So there is some lapping of that. That had a more pronounced impact on upscale and upper mid-scale hotels than it did luxury. For us, luxury and leisure continue to lead every dimension in every market around the world. So I went back and looked at the last eight quarters running, there's not any exceptions.

我再補充一點，提醒一下，解放日是在 2025 年第二季一開始就發生了。因此會有一些基期對比的影響。它對高檔與中高檔飯店的影響，比對奢華飯店更為明顯。對我們而言，奢華與休閒在全球各市場的各個面向仍持續領先。所以我回頭看了過去連續八個季度，沒有任何例外。

The Luxury was the highest RevPAR growth with the highest ADR growth in every region and every quarter, so to as leisure. So leisure luxury is where it's at. And that's what we're seeing. Most pronounced actually interestingly in China. China luxury properties were up 11% this past quarter in China. A lot of it's leisure. So China is on fire. We were up almost 10% in the first half in RevPAR in China. And it's been remarkable. And the UrCove performance has also been very robust because we are in key locations within the principal cities.

奢華在每個地區、每個季度都擁有最高的 RevPAR 成長與最高的 ADR 成長，休閒也是如此。所以，休閒奢華才是關鍵所在。而這正是我們所看到的。最明顯的其實很有意思，是在中國。本季在中國的奢華物業成長了 11%。其中很大一部分來自休閒需求。所以中國非常火熱。我們在中國上半年 RevPAR 成長接近 10%。而且表現相當驚人。UrCove 的表現也非常強勁，因為我們位於主要城市的核心地段。

So I would say luxury is alive and well across the board. We're seeing increased inbound traffic into China as well, up 18% this past quarter from the US and up 24% from Europe. Our inbound mix is about mid-20s right now, 24% or so. That compares to 30% pre-COVID. So I would say leisure and luxury has been the engine that has just continued to propel us to really, really significant fee growth, market share we've gained market share. Our luxury and lifestyle hotels are up 3 points of market share this past quarter. So I would say we're clicking on all cylinders when it comes to the higher-end guests. And my confidence level, even though so-called pace is hard to measure is extremely high.

所以我會說，奢華整體而言依然活躍且表現良好。我們也看到赴中國的入境旅客增加，本季來自美國的入境流量成長 18%，來自歐洲成長 24%。我們目前的入境客占比約在 20% 中段，大約 24% 左右。相較之下，COVID 之前是 30%。所以我會說，休閒與奢華一直是引擎，持續推動我們實現非常、非常顯著的費用收入成長，以及我們所取得的市占提升。我們的奢華與生活風格飯店本季市占提升了 3 個百分點。因此我會說，在高端客群方面我們是全速運轉。而我的信心程度，即便所謂的 pace（預訂進度）很難衡量，仍然非常高。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Just on the cadence of the second half guide or the implied second half from an EBITDA growth perspective, it feels like the full year would imply some pretty big acceleration from the low double digits in 3Q into the fourth quarter. You may have touched on some of the drivers, but can you just remind us, is there something in the 4Q comparisons? Or what would you view as kind of the key drivers of that growth acceleration from the third quarter into the fourth quarter?

就下半年指引的節奏、或從 EBITDA 成長角度看隱含的下半年表現而言，感覺全年意味著從第三季低雙位數成長到第四季會有相當大的加速。你們可能已經提到一些驅動因素，但能否再提醒我們一下，第四季的比較基期是否有什麼因素？或者你們認為，從第三季到第四季成長加速的關鍵驅動因素是什麼？

So we have some -- Duane, that's right. There is a strong back half EBITDA assumption there. We do have distribution actually has most of the impact that we outlined is in the first half of 2026. So we have forecasted in the fourth quarter that we'll have some improvements. And a big factor driving that is the hurricane in the fourth quarter of 2025. So that had some disruption to results in the fourth quarter of 2025, that will be lapping. So there's some upside there. And the fee growth from core business in the US and internationally, will continue to be strong in the fourth quarter.

Duane，我們確實有一些因素——你說得對。下半年 EBITDA 的假設確實偏強。我們確實有分銷方面的影響，但我們所概述的大部分影響其實是在 2026 年上半年。因此我們在第四季的預測中，會看到一些改善。推動這點的一個重要因素，是 2025 年第四季的颶風。那對 2025 年第四季的業績造成了一些干擾，而這個影響在今年將形成基期對比。所以那裡有一些上行空間。此外，美國及國際核心業務帶來的費用收入成長，在第四季仍將保持強勁。

We also have a little bit of G&A because we had a little bit heavier G&A in the first half. So as you look across our guidance, there's a little pickup there. And finally, I would just mention Playa, the Playa Hotels that entered the portfolio in the fourth quarter is a strong quarter seasonally for those hotels --

我們在 G&A（一般及行政費用）方面也有一點因素，因為上半年 G&A 稍微偏高。所以當你看我們的指引時，那裡會有一些回升。最後我也想提到，第四季納入投資組合的 Playa——Playa Hotels——就季節性而言，第四季對那些飯店來說是強勁的季度--

Shaun Kelley, Bank of America.

Shaun Kelley，美國銀行。

Mark or Joan, just maybe it's come up a little bit more strategically across the industry a little bit, and I wanted to get your thoughts on just the owner value proposition maybe at this point in the cycle or at this point over the last number of years. Just kind of curious on how high it thinks about sort of this topic or date? You have a much larger managed concentration, so it may not be quite as relevant to you, but kind of thoughts on that mix. How your owner conversations are going and anything you're doing to sort of help them out or work with them a little bit on the broader fee burdens as it's come up a little bit sort of elsewhere in the industry?

Mark 或 Joan，這個議題在產業中策略層面最近被更常提起，我想聽聽你們對於在本輪週期、或過去幾年這段期間，業主價值主張（owner value proposition）的看法。我只是好奇 Hyatt 對這個主題或議題的重視程度如何？你們的受管理（managed）占比更高，所以對你們可能沒那麼相關，但想聽聽你們對這種組合的想法。你們與業主的對話進展如何？以及當整體費用負擔在產業其他地方被提起時，你們是否有做些什麼來協助他們、或與他們一起因應？

Yes, Shaun, thank you for the question. As you know, we have been forever, owners of significant hotels over time. We have -- our portfolio is as small as it's been since the 1960s. So we've sold down a lot of assets, as you know. However, the DNA of thinking as an owner hasn't left us.

是的，Shaun，謝謝你的問題。如你所知，我們長期以來一直在不同時期持有相當規模的飯店資產。我們——我們的自有資產組合規模，已經是自 1960 年代以來最小的。所以如你所知，我們已經出售了大量資產。然而，以業主角度思考的 DNA 並沒有離開我們。

It's not been that long ago since COVID hit and we were heavy into a lot of real estate ownership. And we were side-by-side, shoulder-to-shoulder with all of our big owners figuring out how to reduce breakeven levels for our full-service hotels from the mid-40s to the low 20s, which we actually accomplished in the space of about four months. So it's a muscle that is highly developed and very toned at Hyatt. So it's a constant effort. It's in our DNA, and we have done exhaustive work on pulling apart our systems costs with respect to --

距離 COVID 爆發其實也沒有那麼久，當時我們仍大量持有不動產。我們與所有大型業主並肩合作，想辦法把全服務型飯店的損益兩平入住率從 40% 中段降到 20% 出頭，而我們確實在大約四個月內做到了。所以這是一項在 Hyatt 高度發展、且非常成熟的能力。這是一個持續性的努力。這在我們的 DNA 裡，而且我們也針對拆解我們系統成本做了非常徹底的工作，關於——

I'm not talking about IT systems, I'm talking about commercial services system -- commercial services and technology systems on a comparative basis. And we have extremely high confidence based on a lot of comparisons across FTDs that have been filed and clarity around what's included in line items that we are highly competitive, if not at a cost advantage to our largest competitors, which I think is counter to maybe accepted wisdom in the industry, which is you have to be organ in order to be efficient. And that's just not the case.

我不是在談 IT 系統，我談的是商業服務系統——以比較基礎來看，商業服務與科技系統。而基於大量跨已提交的 FTD 的比較，以及對各項目所包含內容的清楚界定，我們非常有信心：我們的競爭力非常強，甚至在成本上相較最大競爭對手具有優勢；我認為這可能與產業中某些既定看法相反，也就是你必須成為「organ」才能有效率。但事實並非如此。

Some specific initiatives that we've undertaken, we've removed IT implementation fees for all new openings. The technology cost reductions are significant. So we have converted to a completely new platform a fully new CRS, the implementation of Opera Cloud and new RMS. All three of them concurrently over the last 18 months. You might question our judgment for trying to do all three of those.

我們已推動的一些具體舉措包括：我們已為所有新開業的酒店取消 IT 導入費用。科技成本的降低幅度相當顯著。因此，我們已轉換到一個全新的平台：全新的 CRS、導入 Opera Cloud，以及新的 RMS。這三項在過去 18 個月內同時並行推進。你們可能會質疑我們同時做這三件事的判斷。

But I can say now, talking wood that we accomplished all of those on time and on budget. As an example, on a per room basis, our PMS cost to owners has been reduced by 40%. That's a significant move as a result of a big investment that we made. These were not bills that were sent out to owners to pay for the systems that we put into place. We paid for that out of our funds, and they derive the benefit on a run rate basis.

但我現在可以說，敲敲木頭，我們都按時、按預算完成了。舉例來說，以每間客房為基礎計算，我們向業主收取的 PMS 成本已降低 40%。這是我們做出重大投資後帶來的一項重大變革。這些並不是我們把帳單寄給業主，要求他們為我們導入的系統買單。我們用自有資金支付，業主則以持續運行（run-rate）的方式享受其效益。

And over the course of this year, we've developed an AI-enabled platform to help identify signals that our hotel teams can go after. And they primarily relate to revenue opportunities, not costs, but they also impact costs. So we've got a dedicated team now that is using an AI-enabled tool to look at things like vendor optimization and an overlay with respect to revenue management, which is one of the things that I think accounts for some of our market share performance. I think we've gotten much more precise and very focused with respect to optimizing revenue, especially when it comes to total revenue and profitability in the group segment. We've developed a large-scale AI platform to actually score and value every piece of group business that we -- that comes through the door.

而在今年的過程中，我們開發了一個 AI 賦能的平台，協助識別我們酒店團隊可以追蹤的訊號。這些訊號主要與營收機會相關，而非成本，但也會影響成本。因此，我們現在有一支專責團隊使用 AI 工具，查看例如供應商最佳化，以及與收益管理相關的疊加分析；我認為這也是我們市占表現的一部分原因。我認為我們在營收最佳化方面變得更精準、也更聚焦，特別是在團體（group）客群的總營收與獲利能力上。我們已開發一個大規模 AI 平台，實際上會對每一筆進門的團體業務進行評分與估值。

And if you put all of that together, we are seeing real significant flow-throughs. And we still own enough hotels to track that, but also we have 100% visibility to all of our managed hotels, which is about 70% of all of our rooms around the world. So I can tell you conclusively that we're seeing really healthy flow-throughs as a result of all of these initiatives. It sounds like a lot, and it is -- we've come through this, I think, in a really healthy way.

把這些全部加總起來，我們看到非常顯著的流量轉化（flow-through）。我們仍然擁有足夠多的酒店可以追蹤這些數據；同時，我們對所有受管理酒店也有 100% 的可視性，約占我們全球客房數的 70%。因此我可以明確告訴你們，因為這些舉措，我們正看到非常健康的 flow-through。聽起來很多，確實也是——但我認為我們以非常健康的方式走過來了。

By the way, if you're sitting back and saying, geez, that must help your pipeline growth, you're right. We just had an owner of advisory committee meeting maybe two months ago, and we went over all of these data with our owners. And quite a few of them said, yes, it's not gone unnoticed. And our transparency with them about where the costs lie and how we're going after them has led to increased demand for our brands.

順帶一提，如果你們坐在那裡想：天啊，這一定有助於你們的管線（pipeline）成長——你們說得沒錯。大概兩個月前，我們剛開過一次業主諮詢委員會會議，並與業主一起檢視了所有這些數據。其中不少人表示，是的，這些改變並沒有被忽視。而我們對成本所在以及我們如何著手處理的透明度，已帶動對我們品牌的需求增加。

Dan Politzer, JPMorgan.

Dan Politzer，摩根大通。

I wanted to go back to the net rooms growth. Obviously, Mark, you mentioned some stuff shifted around this year. But going back to kind of that Investor Day guidance, where you put up that 6% to 8% number. Is it fair to say kind of going forward, as we think about 2027, you should be at least in the kind of midpoint or above part of the range as you benefit from the stuff that shifted out '26?

我想回到淨客房增長（net rooms growth）。顯然，Mark，你提到今年有些事情被重新調整了。但回到你們在投資人日（Investor Day）給出的指引，你們提出了 6% 到 8% 的數字。是否可以說，往後看、想到 2027 年，當你們受益於那些從 2026 年移出的項目時，你們至少應該落在區間的中位數或更高？

Yes. I'll -- I think the answer is yes, but I also give you a historical reference. If you back and we presented this during the Investor Day, but 2017 -- over the last eight years, 2017 to 2025. Our organic net rooms growth over that period of time, organic was 7%. Our total was 9%. And so I'm not asking you to bend your imagination. I'm pointing out that our pipeline growth has never been stronger. We are addressing some of the key pain points like financing.

是的。我——我想答案是是的，但我也給你一個歷史參考。如果你回頭看，我們在投資人日也展示過：2017 年——過去八年，從 2017 到 2025 年。我們在那段期間的有機淨客房增長（organic net rooms growth）是 7%。我們的總增長是 9%。所以我不是要你發揮想像力。我是在指出，我們的管線成長從未如此強勁。我們正在解決一些關鍵痛點，例如融資。

Our performance continues to improve. Our systems costs, as I just described, are highly competitive. So all of that sets up for a very solid outlook for net rooms growth in '27, '28 and beyond. And I think as we see and we get our hands around more efficient ways to get conversions through the funnel. We'll see more consistent opening pace as we look forward. I think it is important to remember that we've launched two new brands that are conversion brands, and we we're learning that our standards and the PIP requirements are a little bit more significant than we had initially imagined they might be, and so they're taking longer. But that's good news because what you end up with is a higher quality, higher rated, more profitable hotel coming out the other end. So I really think that we're talking about more of the same as opposed to some massive inflection point. The two-year stack I mentioned earlier is another proof point of that.

我們的表現持續改善。我們的系統成本，如我剛才所描述，非常具有競爭力。因此，這一切為 2027、2028 以及更長遠的淨客房增長奠定了非常穩健的展望。而且我認為，隨著我們看到並掌握更有效率的方法，讓轉換（conversion）在漏斗中推進，我們往前看會看到更一致的開業節奏。我認為重要的是要記得，我們推出了兩個新的品牌，都是轉換型品牌，而我們正在學到：我們的標準與 PIP（物業改善計畫）要求，比我們最初想像的更為嚴格，因此需要更長時間。但這是好消息，因為最後產出的會是品質更高、評等更高、獲利能力更強的酒店。所以我真的認為，我們談的是「更多同樣的延續」，而不是某個巨大的拐點。我先前提到的兩年疊加（two-year stack）也是另一個佐證。

I would just add at our Investor Day, we commented that our fees -- our total gross fees per room are in excess of the industry. And when we look at our pipeline, the pipeline is accretive. So even with having some of these new brands being added, which are -- will be dilutive because of the fees per room in that category. We still are very much modeling that fact that those -- that accretion is going to come. And as we talked at Investor Day, the 9% to 11% compounded rate over the next couple of years is absolutely our expectation at this point.

我再補充一點：在投資人日，我們提到我們的費用——我們每間客房的總毛費用（total gross fees per room）高於同業。而當我們看我們的管線時，這個管線是具增益性的（accretive）。因此，即使新增了一些新品牌——由於該類別每房費用較低，會帶來稀釋（dilutive）——我們仍然在模型中明確納入：那個增益（accretion）將會到來。而如同我們在投資人日所談，未來幾年 9% 到 11% 的複合成長率（compounded rate）在目前絕對是我們的預期。

Yes. I mean I didn't follow my own admonition to you all, Joan just reminded me it's net fee growth that matters. Let's take focus on the fees. So organic fee growth over the last five years has been over 10%, 10.4%. And that is in excess of our peers, our larger peers, total fee growth over that period of time.

是的。我的意思是，我沒有遵守我對各位的提醒，Joan 剛剛提醒我，真正重要的是淨費用增長（net fee growth）。讓我們把焦點放在費用上。因此，過去五年的有機費用增長（organic fee growth）超過 10%，為 10.4%。而這也高於我們同業、我們較大型同業在那段期間的總費用增長。

So this algorithm that we're talking about, 9% to 11% on the fee side, 6% to 8% in the net rooms growth side, fees per key embedded in the pipeline being higher than they are in the existing portfolio. Nothing has changed. All of those facts, all of those dynamics remain in place. And I would just continue to remind people to please pay attention to fee growth. That's where you can take money to the bank.

所以我們在談的這個「演算法」：費用端 9% 到 11%，淨客房增長端 6% 到 8%，而且管線中隱含的每房費用（fees per key）高於現有組合。沒有任何改變。所有這些事實、所有這些動態都仍然存在。我也想繼續提醒大家，請務必關注費用增長。那才是你可以把錢真正存進銀行的地方。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行。

Just another question for me and more just kind of modeling. As we look to the next couple of years, managed versus franchise, obviously, total fees matters the most, but just curious, will the growth across those two look a lot like it already has? Or will there be a heavier skew towards managed or franchised? Just given an IMF is a little bit more of a volatile fee stream than a straight franchisee.

我再問一個問題，更多是關於模型假設。展望未來幾年，自營管理（managed）與特許經營（franchise）之間，顯然總費用最重要，但我想了解的是，這兩者的成長走勢會不會大致延續目前的樣子？還是會更偏向自營管理或特許經營其中一方？畢竟相較於純特許經營業主，IMF 的費用收入流稍微更具波動性。

I think the answer is the mix that we have ahead of us is about 2/3 international and about 2/3 full service. And so that's really what's embedded in the pipeline. Now in terms of rate of growth of hotels in the pipeline, we are seeing higher rates of growth in our Essentials brands. Nonetheless, we have 154,000 rooms in our pipeline. So there is the inevitability of the opening of those hotels, which is -- looks a lot like our current mix.

我認為答案是，我們未來的組合大約是 2/3 在國際市場、約 2/3 為全方位服務（full service）。這基本上已經反映在我們的開發儲備（pipeline）中。至於開發儲備中飯店的成長速度，我們看到在 Essentials 品牌的成長率更高。不過，我們的開發儲備仍有 154,000 間客房。因此這些飯店開幕是必然的，而其組合看起來與我們目前的組合非常相近。

I think over time, with a continuous acceleration, which is my expectation, of our Essentials brands filling in really important markets that we don't have access to or not represented today. We will see franchise increase as a percentage of the total. I don't think you're going to see a material increase over the next two years. I think five years -- excuse me, five years from now, you will see a perceptible increase in the franchise mix.

我認為隨著時間推進，並且在我預期的持續加速之下，我們的 Essentials 品牌會在一些我們目前尚未進入或代表性不足的重要市場逐步補齊。我們會看到特許經營在總體中的占比提高。我不認為未來兩年會出現實質性的增加。我想五年——抱歉，是五年後——你會看到特許經營組合占比有明顯的提升。

Stephen Grambling, Morgan Stanley.

Stephen Grambling，摩根士丹利。

I think you mentioned a few things around China, including some turnover in the UrCove portfolio, but you also referenced strength in the market a new agreement in the release at Boston. Can you just compare and contrast these agreements as we think about target brands and markets, the royalty rates? And also if there's any color you can provide on the turnover in the UrCove portfolio specifically, if that's a one-off?

我想你提到幾點關於中國的情況，包括 UrCove 組合裡有一些汰換（turnover），但你也提到市場表現強勁，以及新聞稿中在波士頓有一項新協議。能否就這些協議做個對比，從目標品牌與市場、權利金（royalty）費率的角度來看？另外，若你能就 UrCove 組合的汰換提供一些補充說明：那是否只是一次性的情況？

Yes. Thank you for the question. The key fact that I think you need to understand is that the segment that we're talking about, which is upper mid-scale, both for UrCove and for Select. They're executed fundamentally differently than the hotels that are built in upscale and above.

是的。謝謝你的問題。我認為你需要理解的關鍵事實是：我們談的這個區隔，也就是中高端（upper mid-scale），不論是 UrCove 或 Select，其執行方式在本質上都與高端（upscale）及以上等級的新建飯店非常不同。

So what do I mean? I mean the vast majority of those hotels, vast majority are leased properties that are primarily offices that are being adaptively redeveloped into hotels. It's not a business that we're in. We don't do that. We have to have a partner who can act as a lessee and who can also -- who also has the capacity and the entire infrastructure to be able to do that efficiently and effectively.

我所謂的不同是什麼意思？我的意思是，這些飯店絕大多數——絕大多數都是租賃型資產，主要是把原本的辦公樓以「適應性再開發」（adaptive redevelopment）的方式改造為飯店。這不是我們從事的業務。我們不做這件事。我們必須要有一個合作夥伴，能夠作為承租方（lessee），同時——也具備能力與完整的基礎設施，能夠高效率、有效率地完成這類改造。

And we have two great partners. We have Home Inns that has really done a remarkably great job and the combination of our brand power and World of Hyatt with their technical expertise and operational expertise for these types of hotels has led UrCove to be a great success with something on the order of 120 to 130 hotels opening in the pipeline and real vibrancy there.

而我們有兩個很棒的合作夥伴。我們有如家（Home Inns），他們做得非常出色；我們的品牌影響力與 World of Hyatt，再加上他們在這類飯店的技術與營運專業結合，讓 UrCove 取得很大的成功，開發儲備中大約有 120 到 130 家飯店將開幕，整體也非常有活力。

turnover. Some of the hotels that became UrCoves were already in the Home Inn portfolio. These lease deals tend to be 10 years in length, that's commonplace for the marketplace. And so you end up with some turnover when you get to the end of lease terms. With respect to Dossen, another large, very capable group, they likewise have a great deal of specialization in adaptive reuse for upper mid-scale properties.

關於汰換（turnover）。有些後來成為 UrCove 的飯店，原本就已在如家（Home Inn）的組合中。這類租賃合約通常是 10 年期，這在市場上很常見。因此當租約到期時，就會出現一些汰換。至於東呈（Dossen），這也是另一個規模很大、能力很強的集團，他們同樣非常專精於中高端資產的適應性再利用（adaptive reuse）。

They also play in other markets as those Home Inns an economy and some upscale. But our focus with them is on Select. And so the purpose of that is to gain access to properties that we would not otherwise have an easy way to execute against unless we were to set up a lessee organization and an execution organization, which frankly isn't a smart idea for us to do.

他們也在其他市場布局，像如家那樣涵蓋經濟型以及部分高端。但我們與他們合作的重點在 Select。其目的，是讓我們能接觸到一些資產；若不是如此，除非我們自己成立一個承租組織與執行組織，否則很難有效落地，而坦白說，這對我們而言並不是明智之舉。

Meanwhile, our core business which is heavily dominated in full service and luxury is thriving. It is absolutely thriving. So we have, I would say, appropriate go-to-market strategies for the segments that we are participating in, in China. Does that make sense?

同時，我們的核心業務——以全方位服務與奢華（luxury）為主——表現非常強勁。確實是非常強勁。因此我會說，對於我們在中國所參與的各個細分市場，我們有適切的市場進入（go-to-market）策略。這樣說有清楚嗎？

Yes, that's helpful.

是的，這很有幫助。

So I want to thank -- I'm sorry?

那我想要感謝——不好意思？

Please go ahead.

請繼續。

I think we're at the top of the hour. So I just want to thank all of you for your time this morning and your interest in Hyatt. We're, of course, incredibly excited about our future and I think you've heard loud and clear from Joan and I this morning that our confidence with respect to our -- the model that we laid out during our Investor Day and our momentum into 2027 is very, very high and very strong. So I really appreciate the time and attention and also welcome you to stay at Hyatt as much as possible so we can make our annual numbers, and you all will be very happy with us, but also to experience the power of Hyatt Care firsthand.

我想現在已到整點。所以我想感謝各位今天早上撥冗，以及對凱悅（Hyatt）的關注。我們當然對未來感到無比振奮；而且我想你今天早上也很清楚地聽到 Joan 和我所表達的：我們對於在投資人日所提出的模式，以及邁向 2027 年的動能，信心非常、非常高，也非常強勁。因此我非常感謝各位的時間與關注；也歡迎大家盡可能多住凱悅，這樣我們就能達成年度數字，你們也會對我們非常滿意；同時也能親身體驗 Hyatt Care 的力量。

Have a great rest of your day, and we'll talk to you next quarter.

祝各位今天剩下的時間一切順利，我們下個季度再聊。

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

今天的電話會議到此結束。感謝各位參與，祝您有美好的一天。您現在可以掛線。