希爾頓酒店 (HLT) 2020 Q2 法說會逐字稿

Good morning, and welcome to the Hilton Second Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加希爾頓 2020 年第二季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Jill Slattery, Vice President, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁 Jill Slattery。請繼續。

Thank you, Chad. Welcome to Hilton's Second Quarter 2020 Earnings Call.

謝謝你，查德。歡迎參加希爾頓 2020 年第二季財報電話會議。

Before we begin, we'd like to remind you that our discussions this morning will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements, and forward-looking statements made today speak only to our expectations as of today. We undertake no obligation to publicly update or revise these statements.

在開始之前，我們想提醒您，我們今天上午的討論將包括前瞻性陳述。實際結果可能與前瞻性聲明中所示的結果有重大差異，今天發表的前瞻性聲明僅代表我們截至目前為止的預期。我們不承擔公開更新或修改這些聲明的義務。

For a discussion of some of the risk factors that could cause actual results to differ, please see the Risk Factors section of our most recently filed Form 10-K, supplemented by our 10-Q filed on May 7, 2020.

有關可能導致實際結果不同的一些風險因素的討論，請參閱我們最近提交的 10-K 表格的風險因素部分，並由 2020 年 5 月 7 日提交的 10-Q 表格進行補充。

In addition, we will refer to certain non-GAAP financial measures on this call. You can find reconciliations of non-GAAP to GAAP financial measures discussed in today's call in our earnings press release and on our website at ir.hilton.com.

此外，我們將在本次電話會議上提及某些非公認會計準則財務指標。您可以在我們的收益新聞稿和我們的網站 ir.hilton.com 上找到今天電話會議中討論的非 GAAP 與 GAAP 財務指標的調整表。

This morning, Chris Nassetta, our President and Chief Executive Officer, will provide an overview of the current operating environment. Kevin Jacobs, our Chief Financial Officer and President, Global Development, will then review our second quarter results. Following their remarks, we'll be happy to take your questions.

今天早上，我們的總裁兼執行長 Chris Nassetta 將概述當前的營運環境。我們的財務長兼全球發展總裁 Kevin Jacobs 隨後將審查我們第二季的業績。在他們的發言之後，我們很樂意回答您的問題。

With that, I'm pleased to turn the call over to Chris.

至此，我很高興將電話轉給克里斯。

Thank you, Jill. Good morning, everyone, and thanks for joining us today.

謝謝你，吉爾。大家早安，感謝您今天加入我們。

Before we get started, I'd like to offer our sympathies to all those affected by the recent explosion in Beirut. Our thoughts are with our team members and everybody impacted by this tragic event.

在我們開始之前，我謹向所有受最近貝魯特爆炸影響的人們表示慰問。我們與我們的團隊成員以及受這一悲慘事件影響的每個人同在。

It goes without saying that these past several months have been challenging. While we have continued to navigate the global coronavirus pandemic and its impact on our business and the communities we serve globally, here in the U.S., we've also witnessed tragic acts of social injustice, leading to difficult but necessary discussions regarding systemic inequalities. For more than a century, our hotels have been a welcoming place for all, a place where we bring together people of all backgrounds and connect them to the light and warmth of our hospitality. Now more than ever, Hilton remains committed to fostering an inclusive culture and driving positive change in our communities and society more broadly.

不言而喻，過去幾個月充滿挑戰。雖然我們繼續應對全球冠狀病毒大流行及其對我們的業務和我們在全球服務的社區的影響，但在美國，我們也目睹了社會不公正的悲慘行為，導致就係統性不平等進行困難但必要的討論。一個多世紀以來，我們的酒店一直是歡迎所有人的地方，我們將各種背景的人們聚集在一起，讓他們感受到我們熱情好客的光芒和溫暖。現在，希爾頓比以往任何時候都更加致力於培育包容性文化，並在更廣泛的範圍內推動我們的社區和社會的積極變革。

Building on the work we have been doing, we have set even more aggressive leadership diversity targets across our corporate and hotel teams. As we announced yesterday, we're happy to welcome Chris Carr to our Board of Directors. Chris brings several decades of executive leadership across global consumer companies, and we look forward to his insights and diversity of thought as we focus on our near-term recovery and long-term growth opportunities.

在我們一直在做的工作的基礎上，我們為公司和酒店團隊設定了更積極的領導多元化目標。正如我們昨天宣布的，我們很高興歡迎克里斯卡爾 (Chris Carr) 加入我們的董事會。克里斯在全球消費品公司擁有數十年的高階主管領導經驗，在我們專注於近期復甦和長期成長機會時，我們期待他的見解和多元化的思想。

Unfortunately, the new reality of our business required us to adapt our organizational structure moving forward. During the quarter, we took additional measures to further reduce costs, including the reduction of approximately 2,100 corporate roles globally and the extension of previously announced furloughs. These were very difficult decisions as our company's culture has always been centered on supporting our team members who deliver hospitality for our guests.

不幸的是，我們業務的新現實要求我們不斷調整我們的組織結構。本季度，我們採取了額外措施進一步降低成本，包括在全球範圍內裁減約 2,100 個企業職位以及延長之前宣布的休假時間。這些都是非常困難的決定，因為我們公司的文化始終以支持為客人提供熱情款待的團隊成員為中心。

Through these challenging times, I'm proud of how our team has continued to live our Hilton values, to have integrity to deliver exceptional guest experiences and to be leaders in our industry and in our communities. We are working hard to restore confidence to travel again and have taken a number of measures to enhance the safety of our team members and guests.

在這些充滿挑戰的時期，我為我們的團隊如何繼續實踐希爾頓價值觀、誠信提供卓越的賓客體驗並成為行業和社區的領導者感到自豪。我們正在努力恢復再次旅行的信心，並採取了多項措施來增強團隊成員和客人的安全。

In June, we launched Hilton CleanStay in collaboration with Lysol and the Mayo Clinic to provide industry-leading hygiene practices in our properties all around the world. Our new elevated standards include modifying housekeeping procedures and adjusting common areas in our hotels to support social distancing. As part of the program, we also recently launched Hilton EventReady, which sets new standards for cleanliness and customer service for meetings and events. Additionally, we are requiring everyone inside our hotels in the U.S. to wear face coverings in all indoor public spaces.

6 月，我們與 Lysol 和 Mayo Clinic 合作推出了 Hilton CleanStay，為我們世界各地的酒店提供業界領先的衛生實踐。我們新提高的標準包括修改客房服務程序和調整飯店的公共區域，以支援社交距離。作為該計劃的一部分，我們最近還推出了 Hilton EventReady，它為會議和活動的清潔和客戶服務制定了新標準。此外，我們要求美國飯店內的每個人在所有室內公共場所都戴上面罩。

Long before COVID-19, we had invested heavily in technology to give our Hilton Honors members access to seamless and contactless experiences with our Hilton Honors app. Today, our Honors members can benefit from features like digital check-in, room selection and the ability to message with hotel team members from their own device. Additionally, Digital Key allows for contactless check-in and checkout at the vast majority of our hotels globally. Combined with our new approaches to cleanliness, we think these are important initiatives on the road to reassuring guests of a safe experience at our hotels as travel resumes while still delivering exceptional customer service.

早在新冠肺炎 (COVID-19) 疫情爆發之前，我們就在技術方面投入了大量資金，讓希爾頓榮譽客會會員能夠透過希爾頓榮譽客會應用程式獲得無縫、非接觸式的體驗。如今，我們的榮譽會員可以受益於數位入住、房間選擇以及透過自己的設備與飯店團隊成員發送訊息等功能。此外，數位鑰匙允許我們在全球絕大多數飯店進行非接觸式入住和退房。結合我們新的清潔方法，我們認為這些都是重要的舉措，可以讓客人在旅行恢復後獲得安全的體驗，同時仍然提供卓越的客戶服務。

Turning to the quarter. As expected, the pandemic and the related decreases in global travel and tourism materially affected our second quarter results. System-wide RevPAR declined 81% year-over-year, with all regions and chain scales meaningfully impacted. Approximately 20% of our system-wide properties had temporarily suspended operations at some point in the first half of the year. Today, nearly 80% of those hotels have reopened, including all of our hotels in China and the majority of our hotels in the United States. In Europe, we're seeing steady progress on reopenings as restrictions ease and demand gradually return. Today, more than 96% of our system-wide hotels are open and operating.

轉向季度。正如預期的那樣，疫情以及全球旅行和旅遊業的相關減少對我們第二季度的業績產生了重大影響。全系統 RevPAR 年減 81%，所有地區和連鎖規模均受到顯著影響。今年上半年，我們系統內約 20% 的飯店曾經一度暫停營運。如今，其中近 80% 的酒店已重新開業，包括我們在中國的所有酒店以及我們在美國的大部分酒店。在歐洲，隨著限制的放鬆和需求的逐漸恢復，我們看到重新開放取得了穩定進展。如今，我們系統內超過 96% 的酒店已開業並運營。

In terms of demand, we're seeing meaningful improvements off the lows in April, with monthly sequential increases throughout the quarter and into July. System-wide occupancy rebounded from a low of roughly 13% to approximately 45% currently, with all major regions improving. In Asia Pacific, performance is largely driven by rebounds in both leisure and business transient travel in China, where occupancy is more than 60%. In the Americas, occupancy is over 45%, boosted by increasing demand for limited service hotels and drive-to leisure markets. During the 4th of July weekend, nearly 800 hotels in the U.S. ran over 80% occupancy. Across Europe, Middle East and Africa, occupancy is generally around 30%, although easing government restrictions and continued reopening should help drive further improvements there.

就需求而言，我們看到從 4 月的低點開始有了顯著的改善，整個季度和到 7 月的月度環比增長。全系統入住率從約 13% 的低點反彈至目前約 45%，所有主要地區均有所改善。在亞太地區，業績主要受到中國休閒和商務短暫旅行反彈的推動，中國的入住率超過 60%。在美洲，由於有限服務飯店和開車前往休閒市場的需求不斷增長，入住率超過 45%。 7月4日週末，美國近800家飯店的入住率超過80%。在歐洲、中東和非洲，入住率普遍在 30% 左右，儘管政府限制的放鬆和繼續重新開放應該有助於推動這些地區的進一步改善。

As we look to the fall, assuming no significant disruptions to the current environment, we hope to see a continuation of the modest pickup in business transient demand, which would help offset slower leisure demand post summer. However, we remain cautious given the uncertainty surrounding the virus and its overall impact, including the reopening of schools and offices.

展望秋季，假設當前環境不會受到重大干擾，我們希望看到商業短暫需求繼續小幅回升，這將有助於抵消夏季後休閒需求放緩的影響。然而，考慮到病毒及其整體影響（包括學校和辦公室的重新開放）的不確定性，我們仍保持謹慎態度。

While we continue to adjust to new ways of interacting, one thing remains consistent: our focus on doing what is right for our guests and their evolving travel needs. For that reason, we made a number of changes very early on. We introduced and have since extended the most flexible cancellation policies in the industry, and we're among the first global hotel companies to implement rewards extensions to help Honors member maintain their points and status. Through our partnership with American Express, we also enhanced our co-branded credit cards to include more ways for Honors members to earn rewards during this time and provide cardholders with greater flexibility and even more points now to use for future travel.

雖然我們不斷適應新的互動方式，但有一件事始終如一：我們專注於為客人及其不斷變化的旅行需求做正確的事情。出於這個原因，我們很早就做出了一些改變。我們推出並延續了業內最靈活的取消政策，並且我們是全球首批實施獎勵延期的酒店公司之一，以幫助榮譽會員保持積分和狀態。透過與美國運通的合作，我們也增強了我們的聯名信用卡，為榮譽會員提供了更多在此期間賺取獎勵的方式，並為持卡人提供了更大的靈活性，甚至可以為未來的旅行提供更多積分。

From a development perspective, activity was disrupted given the broader macro challenges, yet we were still able to add 7,000 rooms to our system and achieve 4.8% net unit growth versus the same period last year. Monthly openings increased sequentially throughout the quarter. And in June, openings in the Americas were nearly 15% higher than last year. Additionally, we continue to be encouraged by conversion opportunities which should help mitigate the impact of construction delays. For the full year, we expect net unit growth to be in the 3.5% to 4% range.

從發展角度來看，由於更廣泛的宏觀挑戰，活動受到干擾，但我們仍然能夠在系統中增加 7,000 間客房，並與去年同期相比實現 4.8% 的淨單位增長。整個季度的月度空缺職位數量連續增加。 6 月份，美洲的空缺職位比去年增加了近 15%。此外，我們繼續受到轉換機會的鼓舞，這將有助於減輕施工延誤的影響。我們預計全年淨單位成長率將在 3.5% 至 4% 範圍內。

It will take time for development to fully recover, but we're confident that we have the brands and the commercial engines to continue taking a disproportionate share of the global pipeline. In the quarter, we signed several notable luxury deals, including the Waldorf Astoria Tokyo, the Conrad Costa del Sol in Spain and the Oceana in Santa Monica, which will join our LXR portfolio. On the conversion side, we saw a positive momentum across our DoubleTree, Curio and Tapestry brands.

發展完全恢復需要時間，但我們相信我們擁有品牌和商業引擎，可以繼續在全球管道中佔據不成比例的份額。本季度，我們簽署了幾項著名的豪華酒店交易，包括東京華爾道夫酒店、西班牙康萊德太陽海岸酒店和聖莫尼卡的 Oceana 酒店，這些酒店將加入我們的 LXR 產品組合。在轉換方面，我們看到了 DoubleTree、Curio 和 Tapestry 品牌的積極勢頭。

As an additional testament to the strength of our development strategy, during the quarter, we signed a management license agreement with Country Garden, one of the strongest players in the Chinese property market, to exclusively develop Home2 Suites properties in China. We expect this partnership to produce more than 1,000 hotels over time and look forward to introducing a new brand and segment to the Chinese market. As one of Hilton's fastest-growing and award-winning brands, we think Home2 is well positioned to capture additional growth opportunities in the extended stay mid-scale segment in China.

作為我們發展策略實力的另一個證明，本季我們與中國房地產市場最強大的參與者之一碧桂園簽署了管理許可協議，在中國獨家開發Home2 Suites物業。我們預計隨著時間的推移，這種合作關係將建造超過 1,000 家酒店，並期待向中國市場引入新的品牌和細分市場。作為希爾頓發展最快且屢獲殊榮的品牌之一，我們認為Home2 處於有利地位，能夠抓住中國中檔長住市場的額外成長機會。

Taking the current landscape and uncertainties into considerations, we have a clear path forward. I am very proud of what we've been able to accomplish during these difficult times, and I'm confident that we will emerge stronger. I think we have demonstrated our flexibility, resiliency and an ability to embrace change, all while continuing to do what's best for our people and the future of our business.

考慮到當前的情況和不確定性，我們有明確的前進道路。我對我們在這些困難時期所取得的成就感到非常自豪，我相信我們會變得更加強大。我認為我們已經展示了我們的靈活性、彈性和擁抱變革的能力，同時繼續為我們的員工和我們業務的未來做最好的事情。

With that, I'm going to turn the call over to Kevin for a little bit more detail on the second quarter results.

這樣，我將把電話轉給凱文，以了解有關第二季度業績的更多細節。

Thanks, Chris, and good morning, everyone.

謝謝克里斯，大家早安。

In the quarter, as Chris mentioned, system-wide RevPAR declined 81% versus the prior year on a comparable and currency neutral basis, with decreases across all chain scales and regions. Decreases were largely driven by occupancy declines, with rate pressure from increased competition for lower-rated business further impacting results. We did, however, see sequential improvement throughout the quarter, particularly in China and the U.S.

正如 Chris 所提到的，本季全系統 RevPAR 在可比較和貨幣中性的基礎上比前一年下降了 81%，所有連鎖規模和地區均出現下降。下降主要是由於入住率下降，而評級較低的企業競爭加劇所帶來的利率壓力進一步影響了業績。然而，我們確實看到整個季度的連續改善，特別是在中國和美國。

Adjusted EBITDA was $51 million in the second quarter, declining 92% year-over-year. Results reflect the significant reduction in global travel demand due to COVID-19 and the subsequent temporary suspension of operations at more than 1,000 hotels at some point in the quarter. Revenue declines were mitigated by greater cost control at the corporate and property levels.

第二季調整後 EBITDA 為 5,100 萬美元，年減 92%。業績反映出，由於新冠肺炎 (COVID-19) 疫情，全球旅遊需求大幅減少，以及隨後 1,000 多家飯店在本季某個時間點暫停營運。公司和財產層面加強成本控制，緩解了收入下降的趨勢。

Management franchise fees decreased 77% to $135 million driven by RevPAR declines and unfavorable timing of license fees. Our ownership portfolio posted a loss for the quarter due to significant closures, fixed operating costs and fixed rent payments at some of our leased properties. Results were mitigated by cost control tactics across the portfolio. Diluted loss per share adjusted for special items was $0.61.

由於每間可用客房收入下降以及許可費的不利時機，管理特許經營費下降了 77%，至 1.35 億美元。由於我們的部分租賃物業的大量關閉、固定營運成本和固定租金支付，我們的所有權投資組合本季出現虧損。整個投資組合的成本控制策略減輕了結果。特殊項目調整後的每股攤薄虧損為 0.61 美元。

Turning to liquidity. We ended the quarter with total cash and equivalents of nearly $3.6 billion, following a number of actions taken early in the quarter to enhance our position and increase our financial flexibility. Additionally, our cash burn during the second quarter was lower than expected, partially due to the timing of certain payments. As we look at the balance of the year, we remain confident that we have ample liquidity to continue to navigate the current environment and prepare for recovery.

轉向流動性。繼本季度初採取了一系列行動以增強我們的地位並提高我們的財務靈活性之後，本季末我們的現金及等價物總額接近 36 億美元。此外，我們第二季的現金消耗低於預期，部分原因是某些付款的時間表。回顧今年的剩餘情況，我們仍然相信我們擁有充足的流動性，可以繼續應對​​當前環境並為復甦做好準備。

Further details on our second quarter can be found in the earnings release we issued earlier this morning.

有關第二季度的更多詳細信息，請參閱我們今天早上發布的收益報告。

This completes our prepared remarks. We would now like to open the line for any questions you may have. We would like to speak with all of you this morning, so we ask that you limit yourself to 1 question.

我們準備好的演講到此結束。我們現在願意為您解答任何問題。今天早上我們想與大家交談，因此我們要求您只提出 1 個問題。

Chad, can we have our first question, please?

查德，我們可以問第一個問題嗎？

Certainly. (Operator Instructions) The first question will come from Carlo Santarelli with Deutsche Bank.

當然。 （操作員說明）第一個問題將由德意志銀行的 Carlo Santarelli 提出。

Chris, you talked a little bit about, obviously, seeing demand come on the [low] as we see that in the data, and that you expect kind of a modest kind of business transient demand somewhat offset a waning leisure as we move out of the summer vacation month. Bigger picture, as you think about the second half of this year, could you talk a little bit about how you foresee kind of the shape of the recovery in aggregate?

克里斯，顯然，您談到了一點，正如我們在數據中看到的那樣，需求出現[低]，並且您預計，當我們離開美國時，適度的商業短暫需求會在一定程度上抵消休閒的減弱。從更大的角度來看，當您考慮今年下半年時，您能否談談您如何預見整體復甦的形式？

Yes, I'd be happy to. Obviously, that is a big question. And I certainly have a view, although I think there's obviously still enough uncertainty out there where we -- it's hard to be confident in the view. But my view really hasn't changed, Carlo, a whole lot from the last call. And if I think about the shape of the recovery so far, which has gone from a low of, basically, a little over 10% to now running 45% and moving our way up to 50%, that -- while those are still terrible numbers, that is a lot of improvement over a relatively short period of time. And if you go back to what I said on the last call, that's sort of what we had expected. I mean things are sort of moving fairly close to what we would have expected. I said on the last call, and I'd sort of say the same thing, I think we're going to -- you're going to see a step change from very, very low levels as you start to reopen the world where you're going to get to 40% to 50% occupancy levels by the end of the summer, early fall. And then it's going to be a grind up because, as you get through the health elements of this crisis, you're going to be dealing with an economic crisis or a recessionary environment, and businesses and individuals have been impacted. And so you're going to be on a grind up from there.

是的，我很樂意。顯然，這是一個大問題。我當然有一個觀點，儘管我認為顯然仍然存在足夠的不確定性，我們很難對這個觀點充滿信心。但我的觀點確實沒有改變，卡洛，與上次通話相比，我的觀點並沒有改變很多。如果我考慮一下迄今為止復甦的情況，基本上已經從 10% 多一點的低點到現在的 45% 並逐步上升到 50%，儘管這些仍然很糟糕從數字上看，這是在相對較短的時間內取得了很大的進步。如果你回顧一下我在上次通話中所說的話，那就是我們所期望的。我的意思是事情正在相當接近我們的預期。我在上次電話會議上說過，我也想說同樣的話，我想我們將會——當你開始重新開放世界時，你會看到從非常非常低的水平發生了一步變化。秋初，入住率將達40% 到50%。然後這將是一場苦差事，因為當你度過這場危機的健康因素時，你將面臨經濟危機或衰退環境，企業和個人都會受到影響。所以你將從那裡開始苦苦掙扎。

And that's sort of what I think is happening. I think as you go into the fall, what I would hope is that we're going to be in that 45% to 50% range. You're going to see leisure trail off as you always do, but I think a little less. So it will take a little longer for that to bleed off because a lot of kids aren't going back to school, or they are, but virtually. A lot of offices aren't opening up, and so their people are going to be virtual. So they have a lot more flexibility to sort of extend the leisure travel season. And we can already see early telltale signs of that because it's been very hard to get availability in certain locations in July and August, so they're extending into September and maybe into October. So I think you'll have a little bit heavier leisure business as you go into the fall, which will be helpful because that's been a significant part of the business. And you will, I think, continue to see some movement up in business transient. We saw it through the quarter. I mean if you look at our managed business transient segment, which would typically be like last year in June, was 20% of our business. In June of 2020, it was 18% of our business. Now it's a little bit different makeup of a business traveler than probably it was last year for the last decade or 2 or 3. But nonetheless, it was business-related travel.

我認為這就是正在發生的事情。我認為，當進入秋季時，我希望我們能夠保持在 45% 到 50% 的範圍內。你會像往常一樣看到休閒時間減少，但我認為會少一些。因此，這種情況需要更長的時間才能消失，因為許多孩子不會回到學校，或者他們確實回到了學校，但實際上是這樣。許多辦公室都沒有開放，因此他們的員工將採用虛擬方式。因此，他們有更大的彈性來延長休閒旅遊季節。我們已經可以看到這方面的早期跡象，因為在 7 月和 8 月某些地點很難獲得可用性，因此它們會延長到 9 月，甚至可能延長到 10 月。因此，我認為，進入秋季後，休閒業務將會增加，這將很有幫助，因為這是業務的重要組成部分。我認為，您將繼續看到業務瞬態的一些變化。我們整個季度都看到了這一點。我的意思是，如果你看看我們託管業務的臨時部分（通常與去年 6 月一樣）占我們業務的 20%。 2020 年 6 月，這一比例占我們業務的 18%。現在，商務旅行者的組成可能與過去十年或兩三年的去年有所不同。

So you are starting to see that come back, not rapidly, but slowly. And I do think, all things being equal, as you get into the fall, you'll see that continue. So I think you're going to hopefully cross over with the pickup -- with dropping off of leisure, the pick -- a slight pickup in business, and you're going to sort of hang out in that arena and be grinding slowly but surely, as we have been our way up. Even with the recurrence of COVID in a bunch of parts of the country, we stepped back for 2 or 3 weeks, if you look at the data. And then we started the March back and grind back up again. And that's -- the grind up, again, will depend on the trajectory of the overall recovery. I think my own view is, I said it last time, I think it's 2 or 3 years to sort of get back to the demand levels that we were experiencing in '18 and '19. But I think it's sort of -- that is sort of the broader trajectory. We will be in the, hopefully, 45%, 50% range and then moving our way steadily slow and steady up from there. I do think there's a decent likelihood. I'm not a health expert, but I am certainly talking to a lot of them and folks in the government and the like on a daily basis. I do think there's a reasonably good chance that we will have not just a vaccine but a suite of different vaccines that get approved sometime in the fall. That will have a -- different levels of effectiveness, but combined will be reasonably effective. And I think that's going to help. Obviously, that's going to sort of, I think, help move us a little bit more rapidly through the health issues. And then just into the economic issues, I do think if you get that, you'll see some step change in mobility and thus, travel, particularly business travel just because that incremental person that is reticent to travel without it is going to have more confidence to do it. But I still think -- I stand by what I said. I think you could have -- you could and will probably have a step change up on the occurrence of that. You will, even without it, continue grinding up. And then it will take some time to get -- I don't think we should be under any illusion that even with a vaccine, we're going to be back at '18 or '19 levels of business transient travel demand for a period of time just because the economic impact has been significant. And it will work out in -- over the next 2 or 3 years, but it will take time.

所以你開始看到它的回歸，不是很快，而是緩慢。我確實認為，在所有條件相同的情況下，當你進入秋季時，你會看到這種情況繼續下去。所以我認為你將有希望跨越休閒的提振——隨著休閒的減少，選秀權——商業上的輕微提振，你會在那個舞台上閒逛，慢慢地磨礪，但當然，因為我們一直在進步。即使新冠疫情在全國許多地區再次出現，如果你看一下數據，我們還是後退了兩三週。然後我們開始了回歸並再次努力。那就是——磨合，再次取決於整體復甦的軌跡。我認為我自己的觀點是，我上次說過，我認為需要 2 到 3 年的時間才能恢復到我們在 18 年和 19 年經歷的需求水準。但我認為這是一種更廣泛的軌跡。我們希望能達到 45%、50% 的範圍，然後從那裡開始穩步緩慢而穩定地上升。我確實認為可能性很高。我不是健康專家，但我每天肯定會與他們中的許多人以及政府等人員交談。我確實認為我們很有可能不僅擁有疫苗，而且擁有一套不同的疫苗，並在秋季的某個時候獲得批准。這將產生不同程度的有效性，但結合起來將相當有效。我認為這會有幫助。顯然，我認為這將有助於我們更快地解決健康問題。然後就經濟問題而言，我確實認為，如果你明白這一點，你會看到流動性方面發生了一些階躍變化，因此，旅行，特別是商務旅行，只是因為那些不願意旅行的人如果沒有旅行就會有更多的機會有信心去做這件事。但我仍然認為——我堅持我所說的話。我認為你可以——你可以而且很可能會在這種情況發生時做出重大改變。即使沒有它，你也會繼續磨礪。然後需要一些時間才能得到——我認為我們不應該抱有任何幻想，即使有了疫苗，我們也會在一段時間內恢復到“18”或“19”的商務短暫旅行需求水平時間只是因為經濟影響巨大。這將在未來兩三年內實現，但這需要時間。

Very helpful, Chris. And then just if I could, one follow-up. The net unit growth, obviously, the 3.5% to 4% down from what you said before. But in the current environment, certainly not bad. Could you talk a little bit about kind of what the components of that look like, what you're seeing in terms of conversion activity, how aggressive you've been able to be, et cetera, on that front?

非常有幫助，克里斯。然後，如果可以的話，進行一次後續行動。顯然，淨單位成長率比你之前所說的下降了 3.5% 到 4%。但在目前的環境下，肯定還不錯。您能否談談其中的組成部分、您在轉化活動方面看到的情況、您在這方面的積極性等等？

Yes. I mean it's obviously, Carlo, lower than what we thought pre-COVID. It's higher than what we thought last quarter. It's moved up a tick. I think we said last quarter about midpoint of our guidance, which would be in the low 3s. And now we're -- midpoint of our current guidance is in the high 3s. And I would probably, with what I see today, I'd probably that -- based on what we're seeing, it would be towards the higher end of that if all goes well.

是的。我的意思是，卡洛，這顯然低於我們在新冠疫情之前的預期。它高於我們上季度的預期。它向上移動了一個刻度。我認為我們上個季度說過我們的指導方針的中點，即低於 3 的水平。現在，我們目前指導的中點處於 3 分以上。根據我今天所看到的情況，我可能會——根據我們所看到的情況，如果一切順利的話，這將是朝著更高的目標邁進。

I think conversions are going to play a role in it. They certainly will be. We have a lot of momentum there. In terms of the deals that we're signing and that are in active discussions, I think those are up circa 50% from where they were last year in conversions. Some of that will translate into this year, and a lot of it will -- a lot more of it will translate into next year. So I think a larger component of the NUG will be conversions. But it's -- the latest data that I'm seeing is probably 5 points, 4, 5, 6 points. I think it will be significantly more than that next year, just because the world sort of, while conversions are obviously sort of in keeping with what's going on in the broader environment, we went through a period of time of 3 or 4 months where sort of nothing was getting done. Now we're in lots of active discussions. Those deals need to be negotiated. In some cases, you need to do CapEx work, property improvement programs and get it into the system. And so some of that -- a bunch of that is going to happen this year. As I said, we'll have meaningful incremental percentage this year. But I think a lot more, just time-wise, by the time things get done, will be into next year. And I do think the combination of that with the properties that were new construction that got delayed because of the freezing of time during -- particularly most of the second quarter will mean next year will be a better NUG year. I don't think it will be back to where we were yet. I think it will take a couple of years to get back to where we were. But I just think the math of how NUG is going to work is going to -- it does strongly suggest that our 3.5% to 4% is sort of the low point in this cycle and the next year is better, and then we're moving our way back to a more stabilized environment.

我認為轉換將在其中發揮作用。他們一定會的。我們在那裡有很大的動力。就我們正在簽署和正在積極討論的交易而言，我認為這些交易的轉換率比去年增加了約 50%。其中一些將轉化為今年，而大部分將轉化為明年。所以我認為 NUG 的一個更大的組成部分將是轉換。但我看到的最新數據可能是 5 點、4、5、6 點。我認為明年的數字會顯著增加，因為世界在某種程度上，雖然轉換顯然與更廣泛的環境中正在發生的事情保持一致，但我們經歷了 3 或 4 個月的時間，其中排序什麼事情都沒有完成。現在我們正在進行很多積極的討論。這些交易需要進行談判。在某些情況下，您需要進行資本支出工作、財產改進計劃並將其納入系統。因此，其中一些——其中大部分將在今年發生。正如我所說，今年我們將實現有意義的增量百分比。但我認為，就時間而言，當事情完成時，更多的事情將進入明年。我確實認為，這與由於時間凍結（尤其是第二季的大部分時間）而被推遲的新建房產相結合，這意味著明年將是更好的 NUG 年。我認為它不會回到我們原來的狀態。我認為我們需要幾年的時間才能回到原來的狀態。但我只是認為 NUG 將如何運作的數學將會——它確實強烈表明我們的 3.5% 到 4% 是這個週期的低點，明年會更好，然後我們讓我們回到更穩定的環境。

I mean what's interesting -- you didn't ask it, but somebody will. We're still -- there are a few months that everybody is frozen. We're still signing a lot of deals and getting a lot of deals under construction. I mean I wouldn't hold me to it because data is not perfect these days in the sense that it's hard to know exactly what people are going to do. But our best guess is that we will probably sign -- our signings may be down circa 20%. Our starts right now look like they're down circa 10%, and then we already talked about NUG. So that's why the pipeline numbers are looking good as we're still signing lots of deals that were eventually going to open, and we aren't opening them as fast. So the math becomes pretty simple to explain there.

我的意思是什麼是有趣的——你沒有問，但有人會問。我們仍然——有幾個月每個人都處於凍結狀態。我們仍在簽署大量交易，並有大量交易正在建設中。我的意思是我不會堅持下去，因為現在的數據並不完美，因為很難確切地知道人們會做什麼。但我們最好的猜測是我們可能會簽約——我們的簽約人數可能會下降約 20%。我們現在的開工率看起來下降了大約 10%，然後我們已經討論過 NUG。這就是為什麼管道數量看起來不錯，因為我們仍在簽署許多最終將開放的交易，而且我們開放的速度沒有那麼快。因此，數學變得非常容易解釋。

So we're -- I've been surprised, honestly, to the good on activity on the development side on all fronts. I've been surprised on how many deals we're getting signed. I've been surprised to the good on how many are going under construction. And as I said, our NUG numbers are sort of inching up, which is a pleasant surprise. So we're still working hard in the Country Garden deal. I think it's a testament to the fact that, like, we're not crying in our milk. We got a business to run. We've got great brands. This too shall pass. We will get back to a more normalized environment, and we got to be forward look -- we have to deal with the current environment, which I think we have quite well, but we also have to look forward. And I think Country Garden, which we were working on pre-COVID, obviously, if it got done, is a testament to the fact that we're dealing with the here and now and we're also dealing with the future all at the same time, which is what we get paid to do.

因此，老實說，我對各方面開發方面的良好活動感到驚訝。我對我們簽署的交易數量感到驚訝。我對有多少正在建設中的項目感到驚訝。正如我所說，我們的 NUG 數字正在緩慢上升，這是一個令人愉快的驚喜。所以我們還在為碧桂園的交易而努力。我認為這證明了這樣一個事實：我們沒有在牛奶中哭泣。我們有生意要經營。我們有很棒的品牌。這也會過去的。我們將回到一個更正常化的環境，我們必須向前看——我們必須應對當前的環境，我認為我們已經做得很好，但我們也必須向前看。我認為碧桂園，我們在新冠疫情之前就在做，顯然，如果它完成了，就證明了我們正在處理此時此地的事實，我們也在處理未來的事實同時，這就是我們得到報酬的事情。

The next question comes from Shaun Kelley with Bank of America.

下一個問題來自美國銀行的肖恩凱利。

So just wanted to maybe follow up. I mean, obviously, some very difficult decisions were made in the quarter as it relates to kind of the broader corporate cost structure and operating structure for Hilton here. How can you help us think about what happens as trend lines continue to improve? And what parts of this -- or of these reductions need to come back? Because these were really volume-driven piece of the business versus how much of this kind of go forward. You can actually rethink or possibly be a little bit more efficient going forward. Just any thoughts or color on that.

所以只是想跟進一下。我的意思是，顯然，本季做出了一些非常困難的決定，因為這關係到希爾頓更廣泛的企業成本結構和營運結構。您如何幫助我們思考隨著趨勢線持續改善會發生什麼？其中哪些部分或這些削減需要恢復？因為這些確實是業務量驅動的部分，而不是這類業務的發展程度。你實際上可以重新思考，或者可能在未來變得更有效率。只是對此有任何想法或顏色。

Yes. Shaun, it's Kevin. I'll take this one. I'd say, look, obviously, it's going to be a combination of both of those things, right? We do have parts of our business. It's obviously a very complicated business. There are parts that are sort of purely volume, and there are parts where it's not as much volume and we can be more efficient. I'd say the way to think about it is, for our corporate costs, for our corporate G&A, we gave you guidance last time that would be down around 25% to 30%. We -- we're coming in right along those lines. Most of the moves that we ended up making were largely thought through when we gave that guidance, if not final decisions had been made, but it was certainly factored into our guidance.

是的。肖恩，我是凱文。我要這個。我想說，看，顯然，這將是這兩件事的結合，對吧？我們確實有部分業務。這顯然是一件非常複雜的事情。有些部分是純粹的體積，有些部分的體積不是那麼大，我們可以提高效率。我想說的思考方式是，對於我們的企業成本，對於我們的企業 G&A，我們上次給您的指導將下降約 25% 至 30%。我們──我們就是沿著這些思路進來的。我們最終採取的大多數舉措在很大程度上是在我們給予指導時經過深思熟慮的，即使沒有做出最終決定，但它肯定已納入我們的指導中。

I'd say in that part of the business, the way to think about it is most of the cost will be sustained -- cost savings will be sustainable. There will be some elements of furloughs and salary reductions that obviously won't repeat themselves and create a touch of a headwind. And then, of course, that's offset by the fact that the reductions in force then get annualized going forward, which will be largely permanent savings. And so as the business comes back, some level of inflationary-type expense growth you should expect to come back. But I'd say for some period of time, it should be quite sustainable.

我想說，在這部分業務中，思考的方式是大部分成本將是可持續的——成本節約將是可持續的。休假和減薪的一些因素顯然不會重複出現並造成一定的阻力。當然，這將被以下事實所抵消：部隊的減少將按年計算，這將主要是永久性的節省。因此，隨著業務的恢復，您應該預期會出現某種程度的通貨膨脹型費用成長。但我想說，在一段時間內，它應該是相當可持續的。

And the next question will be from Joe Greff with JPMorgan.

下一個問題將由摩根大通的喬·格雷夫提出。

Chris, you mentioned and referred to the nice occupancy gains where the portfolio is in that 45% to 50% range. I think you referenced the 50% in one of the answers to the question. I was hoping maybe you can frame it -- and maybe you said it and I missed it, but how are you doing or tracking from a rate perspective? Maybe you can kind of put it in perspective of 3Q to date July RevPAR trends and kind of benchmark that against the industry data domestically and globally. And then I have a follow-up.

Chris，您提到並提及了投資組合在 45% 至 50% 範圍內的入住率成長。我認為您在該問題的其中一個答案中提到了 50%。我希望也許你能把它框起來——也許你說了，但我錯過了，但從費率的角度來看，你做得或跟踪得怎麼樣？也許您可以從第三季至今 7 月 RevPAR 趨勢以及國內和全球行業數據的基準角度來看待。然後我有一個後續行動。

Yes. I would say weighted -- our performance weighted for the industry is maybe a touch better when you adjust for the difference in methodology, which is that we're keeping all of our hotels, even the hotels that closed temporarily or are still closed in our comp set. If you -- and STAR is not, if you adjust for that, and we're on top of or a little bit better.

是的。我想說的是加權——當你根據方法論的差異進行調整時，我們對行業的績效加權可能會更好一些，也就是說，我們保留了所有酒店，甚至是暫時關閉或仍然關閉的酒店。補償集。如果你——而 STAR 不是，如果你對此進行調整，我們就處於領先地位或更好一點。

I'd say on the rate side of things, we have seen improvement. Basically, for the quarter, at the beginning of the quarter, rate was down of the -- like April was almost 90% down in RevPAR, about 35% down in rate. If you look at July, that's 25% down. And if you look at where the trend line is going in August and beyond, it's coming down. I mean I think the rate thing is a really -- we've had a lot of discussion about it here, we've got lots of questions on is the industry going to maintain rate integrity and all that. I think what is really behind the rate issue as we dig into the data, and it doesn't take much digging because there's not that much data these days, we're not as much as normal. It's really a mix issue, which is we have -- the traditional customer of ours particularly has been a higher-rated leisure and a higher-rated business traveler. There's just not as many of them at the moment traveling for all the reasons that you guys know. And so it's a different sort of population, not entirely, but largely different than we're used to, which is much more -- not to be judgmental, but a much lower end, lower price point customer. And so the issue for all of us in the industry, I can't speak for what others have done, I speak for us is, we have Honors that are really hurting, and we're trying to do everything we can to help them because no business is built for sort of what was happening, which is like the limited or no revenue and then very, very, very low levels of revenue. And so in this very difficult time, along with our consultation with our Honors, our view was whatever business is out there, to help them, we need to go after it. And so what's happened is our rates have come down largely as a result -- I mean I'm not going to say there isn't rate pressure broadly in an environment like this. Everybody expects a bargain. So yes, there's rate pressure broadly. But if you look at the data -- if you look at the math, the bulk of it is just mix. We are now -- in this environment, we have gone after directly, some through the OTAs, but largely through our own channels, with Honors and all of our marketing campaigns and marketing spend. Lower funnel has been going after that lower-rated leisure traveler because it has been the bulk of what is out there to get, and we need our Honor -- we need to help our Honors get to the other side of this. And so when you mix that in, it's just -- it starts at even pre-COVID at a much lower price point.

我想說，在利率方面，我們已經看到了進展。基本上，就本季而言，在季度初，利率有所下降，例如 4 月的 RevPAR 下降了近 90%，利率下降了約 35%。如果你看看 7 月份，你會發現下降了 25%。如果你看看八月及以後的趨勢線走向，你會發現它正在下降。我的意思是，我認為利率問題確實是——我們在這裡進行了很多討論，我們對行業是否會保持利率完整性等問題有很多疑問。我認為當我們深入研究數據時，利率問題背後的真正原因是什麼，而且不需要太多挖掘，因為現在沒有那麼多數據，我們沒有正常那麼多。這確實是一個混合問題，我們的傳統客戶尤其是評價較高的休閒旅客和評價較高的商務旅客。由於你們所知道的所有原因，目前旅行的人並不多。因此，這是一種不同類型的人群，雖然不完全是，但與我們習慣的有很大不同，這不是評判性的，而是低端、低價格點的客戶。因此，對於我們這個行業的所有人來說，問題是，我不能代表其他人所做的事情，我代表我們來說的是，我們的榮譽確實受到了傷害，我們正在盡我們所能幫助他們因為沒有任何業務是針對正在發生的事情而建立的，例如收入有限或沒有收入，然後收入水平非常非常低。因此，在這個非常困難的時刻，在與我們的榮譽人士協商的同時，我們的觀點是，無論存在什麼業務，為了幫助他們，我們都需要去追求它。因此，我們的利率在很大程度上下降了——我的意思是，我不會說在這樣的環境下普遍不存在利率壓力。每個人都期待討價還價。所以，是的，普遍存在利率壓力。但如果你看一下數據——如果你看一下數學，你會發現大部分都是混合的。現在，在這種環境下，我們直接進行了追求，有些是透過 OTA，但主要是透過我們自己的管道，透過榮譽以及我們所有的行銷活動和行銷支出。下漏斗一直在尋找評級較低的休閒旅行者，因為它是我們可以獲得的大部分東西，我們需要我們的榮譽 - 我們需要幫助我們的榮譽到達這一點的另一邊。因此，當你將其混合在一起時，它甚至在新冠疫情之前就以更低的價格開始。

And I think -- so I think that's what's going on with ADR. I think while there'll be pressure on ADR because of the economic issues that have been caused as a result of COVID, and it'd be silly to say there won't be, I think you will get -- I think that the pressures that you saw in the second quarter, that are still ongoing. When you get back to the new -- what I'll call a new normalized environment, where you have many more of our traditional travelers, higher end leisure and higher end business transient travelers on the road again, I think this will right itself quite rapidly.

我認為——所以我認為這就是 ADR 的情況。我認為，雖然由於新冠疫情造成的經濟問題，ADR 將會面臨壓力，而且說不會有壓力是愚蠢的，但我認為你會得到——我認為您在第二季度看到的壓力仍然持續存在。當你回到新的——我稱之為新的常態化環境，那裡有更多的傳統旅行者、高端休閒旅行者和高端商務短暫旅行者再次上路時，我認為這會完全恢復正常。 。

Great. And one of the answers is a nice segue to my follow-up question. Based on what we were able to ascertain from the release, it doesn't seem that any kind of third-party collections issues was a significant working capital or free cash flow drag into 2Q. One is our premise, they're correct? And then two, has there been any trend change in the 3Q? And would you anticipate maybe just more broadly, that if there are issues, there would be some sort of lag? Or how do you view that? And that's it for me.

偉大的。其中一個答案是對我的後續問題的一個很好的延續。根據我們從發布中所能確定的情況，任何類型的第三方收款問題似乎都沒有對第二季的營運資金或自由現金流造成重大拖累。一是我們的前提，他們是對的嗎？第二，第三季的趨勢有改變嗎？您是否會更廣泛地預計，如果出現問題，就會出現某種滯後？或說您對此有何看法？對我來說就是這樣。

Yes. Thanks, Joe. I'd say, look, what I'd say generally on the collections and broadly working capital side is, obviously, relative to the guidance we gave you last quarter, things generally went better than we thought. And I'd say that's across the board in terms of the buckets of -- in the managed portfolio and in terms of payment of fees and the like. We are -- we do -- in this environment, we have built some receivables. We are sort of collecting at a slower pace than normal, which is completely understandable given what's going on in the world and given what our owners are going through. But I'd say, again, largely better than we thought. Sort of, obviously, everything that's happened was captured in the numbers. Nothing has really changed so far in the third quarter. Although we should point out that it's still early in the third quarter, and there's a lot of year left. But so far, it's been going quite well.

是的。謝謝，喬。我想說，看，我所說的在收款和廣泛的營運資金方面的總體情況顯然是，相對於我們上季度給您的指導，情況總體上比我們想像的要好。我想說，在管理投資組合以及費用支付等方面，這是全面的。我們確實在這種環境下建立了一些應收帳款。我們的收集速度比正常情況要慢，考慮到世界上正在發生的事情以及我們的主人正在經歷的事情，這是完全可以理解的。但我要再說一遍，比我們想像的要好得多。顯然，發生的一切都記錄在數字中。到目前為止，第三季沒有任何真正的變化。儘管我們應該指出，現在還處於第三季初期，而且還有很長的時間。但到目前為止，一切進展順利。

The next question comes from Stephen Grambling with Goldman Sachs.

下一個問題來自高盛的史蒂芬·格蘭布林。

I'm going to actually follow up on that last question on working capital and also tying in reimbursed costs. How should investors think about how these will trend in a more sustained recovery? I mean do you just get back to breakeven? Or could you actually get incremental revenue or income in from those relative to the expenses?

我將實際跟進關於營運資金的最後一個問題，併計入報銷成本。投資人應該如何思考這些趨勢將如何邁向更持續的復甦？我的意思是你能恢復損益平衡嗎？或者你實際上可以從與支出相關的收入中獲得增量收入或收入嗎？

Well, revenue doesn't get rec -- collections doesn't affect the way we recognize revenue. And so I think you could see you on the P&L that in the funded part of the business or the reimbursable part of the business, we did spend more than we earned in this quarter, which is completely normal if you think about what's going on in the world and how quickly revenues declined. I think from a cash basis, we would expect to get -- the vast majority of it will be repaid. And so you should think about there will be a flip around on the cash side that it doesn't necessarily correspond with what you're seeing on the P&L on the revenue side.

嗯，收入不會被記錄——收款不會影響我們確認收入的方式。因此，我認為您可以在損益表上看到，在業務的資助部分或業務的可報銷部分中，我們在本季度的支出確實超過了收入，如果您考慮一下正在發生的情況，這是完全正常的世界以及收入下降的速度有多快。我認為從現金基礎來看，我們預計將得到——其中絕大多數將得到償還。因此，您應該考慮到現金方面將會發生翻轉，它不一定與您在收入方面的損益表上看到的情況相符。

Got it. And then you also referenced on the distribution side a little bit on the OTAs here. I guess prior to COVID, I think there was a heavy direct booking campaign and there was maybe some hope that consumer preferences may change such that in a downturn, you might start to see less focus or less emphasis on the OTAs. Given the current environment, I guess, in some ways you think would argue for more inventory going to the OTAs. Are you seeing that change in behavior? Or there's any other data points that you can provide that might glean some insight there?

知道了。然後您也在這裡提到了 OTA 的分銷方面的一些內容。我想在新冠疫情之前，我認為有大量的直接預訂活動，可能有人希望消費者的偏好可能會發生變化，這樣在經濟低迷時期，你可能會開始減少對 OTA 的關注或重視。考慮到目前的環境，我想，在某些方面，您會認為應該向 OTA 提供更多庫存。您看到行為上的改變了嗎？或者您可以提供任何其他數據點來收集一些見解？

Yes. That's a good question. And I think I sort of touched on it indirectly. Yes. In this environment, you just heard what I said about the biggest bucket of demand, which is the lower-priced leisure demand. That would typically favor OTAs. That is typically what we have used over time, the OTAs for to supplement the other pools of our demand that we have very direct access to. And so you would think this would mean that our distribution channel mix would be shifting in that way. And -- but reality is it has not. Our direct channels, in part because of what we've been doing because we do want to continue to build direct relationships with customers of all sorts, including these customers who we hope -- it may not have been our typical customer before, but we hope will adopt our system during COVID and post COVID and will add to the complement of customers that we have. And so the OTA business from a distribution point of view has held relatively constant. Our direct channels are growing at a faster pace. And that is, as I said, that is because of our actions. Not so much in what we're doing with the OTAs, but very much how we're spending our marketing dollars and how we are orienting our Honors programs to access that type of customer.

是的。這是個好問題。我想我間接地觸及了它。是的。在這個環境下，你剛剛聽到我說最大的一桶需求，就是低價的休閒需求。這通常有利於 OTA。這通常是我們長期以來使用的方式，即 OTA 來補充我們可以直接訪問的其他需求池。所以你可能會認為這意味著我們的分銷管道組合將以這種方式轉變。但現實卻並非如此。我們的直接管道，部分原因是我們一直在做的事情，因為我們確實希望繼續與各種客戶建立直接關係，包括我們希望的這些客戶——以前可能不是我們的典型客戶，但我們希望在新冠肺炎期間和之後採用我們的系統，並增加我們現有的客戶群。因此，從分銷角度來看，OTA 業務保持相對穩定。我們的直接管道正在以更快的速度成長。正如我所說，這是因為我們的行動。與其說我們對 OTA 做了什麼，不如說我們如何花費行銷資金，以及如何調整我們的榮譽計劃來吸引這類客戶。

Our next question is from Thomas Allen with Morgan Stanley.

我們的下一個問題來自摩根士丹利的托馬斯艾倫。

So you guys have obviously had a long experience operating hotels and still own some hotels. In the past, you have a lot of hotels. Can -- just big picture, how are you thinking of the overall hotel operating cost structure will change in the future versus pre-COVID levels?

所以你們顯然擁有長期經營酒店的經驗並且仍然擁有一些酒店。過去，你有很多旅館。能否－從大局來看，您認為未來飯店整體營運成本結構與新冠疫情爆發前的水平相比會發生怎樣的變化？

Yes. Tom, it's a really good question. And I would say, that deserves a good answer, as always. I will give you an answer. I'm not in a position at the moment yet to be highly specific, but I will certainly answer it directionally. And the fact of the matter is we are spending probably more time on that right now inside our organization than any other single thing that we are doing, for all the reasons you would guess. I mean in the early stages of COVID and continuing, our effort with our owners, because we need to help them bridge this very difficult time, had been to provide a tremendous amount of flexibility against our standards of all sorts, in terms of food and beverage standards, operating out -- across the board. And the reality is doing a lot of work with our customer base, that's what they expected. Everybody knows we're in a different world and that things are going to be different.

是的。湯姆，這是一個非常好的問題。我想說，一如既往，這值得一個好的答案。我會給你答案。我目前還不能非常具體，但我肯定會定向回答。事實上，我們現在在組織內部花在這方面的時間可能比我們正在做的任何其他事情都多，原因你可能會猜到。我的意思是，在新冠肺炎疫情的早期階段以及持續的階段，我們與業主的努力，因為我們需要幫助他們度過這段非常困難的時期，我們在食品和飲料方面，一直在根據我們的各種標準提供巨大的彈性。現實是我們與客戶群做了很多工作，這正是他們所期望的。每個人都知道我們處於一個不同的世界，事情將會有所不同。

We will get back to a more normalized world, but we want to use this opportunity to really dive very deeply into each and every brand which we are doing, both the CapEx and OpEx standards to see if we can't drive far greater efficiency. Now the trick is and the needle that we are not just trying, but we will tread is, we have the best brands in the business, and those brands have the highest premiums in the industry. In COVID world, it's like anarchy across the world. But we're going to get out of that in the not too distant future, and these brands will continue to have the premiums. But the reality is, like any business over time, and any industry, you add things, you add things. I would argue, we all have been better at adding things than taking things away. And so what we're doing in a simple way working very closely with customers is figuring out, what are the things that are most important to driving those premiums and what are the things that don't matter? And if the things that don't matter or they were from yesteryear and they might have helped 10 years ago but they don't matter as much today, then we don't need to be doing those things. And then looking just at the engineering, particularly in the limited service space of every single element of the hotel, like food and beverage to the penny on cost per occupied room and the like. And so I am -- I'm not just optimistic, I would say we are going to find for our ownership community, significant savings. At the same time, I believe finding a way to make these brands even better and even more relevant to customers because we will lean in heavier to the things that matter and get out of the things that don't matter.

我們將回到一個更正常化的世界，但我們希望利用這個機會真正深入研究我們正在做的每個品牌，包括資本支出和營運支出標準，看看我們是否無法大幅提高效率。現在的訣竅是，我們不僅僅是在嘗試，而且我們將要遵循的是，我們擁有業內最好的品牌，而這些品牌擁有業內最高的溢價。在新冠疫情的世界裡，世界各地都陷入了無政府狀態。但我們將在不久的將來擺脫這種局面，這些品牌將繼續擁有溢價。但現實是，就像任何企業、任何產業一樣，你不斷地添加東西。我認為，我們都更擅長添加東西而不是刪除東西。因此，我們正在以簡單的方式與客戶密切合作，弄清楚哪些因素對推動溢價最重要，哪些因素不重要？如果那些不重要的事情或它們是過去的事情，它們可能在 10 年前有幫助，但它們在今天不再那麼重要，那麼我們就不需要做這些事情。然後看看工程，特別是酒店每個元素的有限服務空間，例如食品和飲料到每個佔用房間的成本等。所以我——我不僅僅是樂觀，我想說我們將為我們的所有權社區找到大量的節省。同時，我相信找到一種方法可以使這些品牌變得更好，甚至與客戶更相關，因為我們將更加關注重要的事情，並擺脫不重要的事情。

So I know, in the end, you guys like to translate everything to a model and would like to be able to model for the ownership community what that means. I can't tell you because we're right -- we're literally deep in the middle of it. And we've got a very large group of our most important and knowledgeable owners that are at the table with us. We have -- we're in constant communication with a broad array representing our customer base. And I think it's really exciting work that, if you were to take an '18 or '19 sort of normalized demand level, we will clearly be driving in every one of our brands' higher margins just because we're going to -- necessity, I used to -- I've said this too many times in my career, which bumps me out. But necessity becomes the mother of invention. Well, I think our brands are the best and drove great margins. And we got disproportionate share of pipeline because our brands perform better top line and bottom line than our competitors. That's not good enough. We -- right now, our owners are suffering. It's going to be a long dig out. And we know we can create greater efficiencies, and at the same time, not in any way threaten but enhance our premiums.

所以我知道，最後，你們喜歡將所有內容轉化為模型，並希望能夠為所有權社群建模這意味著什麼。我不能告訴你，因為我們是對的──我們確實深陷其中。我們有一大群最重要、知識淵博的所有者與我們一起坐在一起。我們與代表我們客戶群的廣泛群體保持持續的溝通。我認為這是一項非常令人興奮的工作，如果你採用「18」或「19」的正常化需求水平，我們顯然將推動我們每個品牌的更高利潤，因為我們將——必要性，我曾經——在我的職業生涯中我已經說過太多次了，這讓我感到沮喪。但需要成為發明之母。嗯，我認為我們的品牌是最好的，並且帶來了巨大的利潤。我們獲得了不成比例的通路份額，因為我們的品牌比競爭對手錶現更好。這還不夠好。我們──現在，我們的主人正在受苦。這將是一個漫長的挖掘過程。我們知道我們可以提高效率，同時不會以任何方式威脅而是提高我們的保費。

The next question is from Robin Farley with UBS.

下一個問題來自瑞銀集團 (UBS) 的羅賓法利 (Robin Farley)。

I wonder if you could give us a little color on the conversations that you're having with your corporate customers. I don't know if this is a little too early for when you would normally have corporate prenegotiated rates discussions. But are corporate buyers just sort of saying, "Hey, we don't even need to have this conversation, call me in 6 months?" Or I guess if you could give us a little insight into what your big buyers of business travel historically are saying.

我想知道您能否為我們介紹一下您與企業客戶的對話。我不知道這對於通常進行公司預先協商的費率討論來說是否有點太早了。但企業買家是否只是說，“嘿，我們甚至不需要進行這種對話，6 個月後給我打電話？”或者我想您能否讓我們了解一下您的商務旅行大買家歷史上的看法。

Yes. I mean it is a little early, Robin, but it's a really good question, and I'd ask it too. I think next quarter, we'll have a heck of a lot more to say because we'll have had a lot more conversation. I would say -- and I'm going to put it into 3 big buckets, okay? I think 1/3, 1/3, 1/3. And this -- I'm being more scientific than reality. But sort of in my own head, that's how it plays out. 1/3 of our big corporate customers are super understanding of what's going on, and they're of the belief that whatever deal we had should just continue on and they're -- want to be supportive in this environment. They probably -- for a period of time, they're going to be traveling less, but they want to sort of continue on with the basic pricing parameters that they had. And they've signed up for that. I would say -- and again, we have -- we're just -- we're early in the season of this dialogue, so it could change. So I'd say 1/3 of them don't know, okay? They're sort of like, "Gosh, I don't know what to do. This is a crazy world. I sort of hear what you're saying. Maybe we should just keep going." But they're sort of contemplative. And then 1/3 are saying, "It's a really crazy world, and we won't -- we got to get a better deal, okay? That we're suffering. If we're going to travel, and we're going to stay with you, we got to get a better deal." And I would say that's as much as I know at the moment. I think in the end, that 1/3 that are in the middle, I think half of them go both ways. I think it's sort of 50-50. When I talk to our sales teams, and it's all anecdotal for the record, it's not like this is scientific data, but I'm talking to them all the time, every single week at least once. They'll say, "It's sort of like half of our big corporate customers get it. They want to be supportive. They're not going to beat us up." And half are sort of like, "No, I got to get a better deal because the world -- my world blew up, too." So we'll see how it plays out.

是的。我的意思是現在有點早，羅賓，但這是一個非常好的問題，我也會問。我認為下個季度，我們會有很多話要說，因為我們會有更多的對話。我會說──我要把它放進3個大桶子裡，好嗎？我認為是1/3、1/3、1/3。而這一點——我的說法比現實更科學。但在我自己的腦海裡，事情就是這樣發生的。我們 1/3 的大企業客戶非常了解正在發生的事情，他們相信我們所做的任何交易都應該繼續下去，並且他們希望在這種環境下提供支援。在一段時間內，他們可能會減少旅行次數，但他們希望繼續採用現有的基本定價參數。他們已經同意了。我想說——再說一次，我們——我們只是——我們正處於對話季節的早期，所以它可能會改變。所以我想說 1/3 的人不知道，好嗎？他們有點像，“天哪，我不知道該怎麼辦。這是一個瘋狂的世界。我有點聽到你在說什麼。也許我們應該繼續前進。”但他們有點沉思。然後 1/3 的人說，「這是一個非常瘋狂的世界，我們不會——我們必須達成更好的協議，好嗎？我們正在受苦。如果我們要去旅行，我們留在你身邊，我們必須達成更好的協議。我想說這就是我目前所知道的。我認為最後，中間的 1/3，我認為其中一半是雙向的。我認為大概是50-50。當我與我們的銷售團隊交談時，這都是記錄在案的軼事，這並不是科學數據，但我一直在與他們交談，每周至少一次。他們會說：“我們一半的大企業客戶都明白這一點。他們想要支持。他們不會打敗我們。”一半的人會說，“不，我必須得到更好的交易，因為世界——我的世界也爆炸了。”所以我們會看看結果如何。

As I said, there will be an environment where you get through the health situation, and you're in an economic downturn. There's going to be, as there always is, some pressures on rate. People are going to expect a bargain for everything, most things that they're doing. My own belief is that, that will not be intense pressure, certainly not reflective of what you're seeing in the current environment. As I said to an earlier question, much of the rate degradation, the bulk of the rate degradation as far as I can tell at this point is really just the mix. It's just a different customer base. There will be pressure, but not this kind of pressure on rates as you get to a more normalized environment.

正如我所說，將會有一個環境，​​你可以度過健康狀況，但你卻處於經濟衰退之中。一如既往，利率將會面臨一些壓力。人們期望他們所做的一切、大多數事情都能討價還價。我自己的信念是，這不會是巨大的壓力，當然也不能反映你在當前環境中所看到的情況。正如我在之前的問題中所說，大部分速率下降，據我目前所知，大部分速率下降實際上只是混合。只是客戶群不同而已。會有壓力，但當你進入一個更正常化的環境時，不會出現這種利率壓力。

That's great. And maybe just as my follow-up, still thinking about sort of intentions of travelers. Can you give color on, for group bookings, obviously, I'm sure things like we hear from others are canceling through Q1. But are new group bookings coming in for next year or not really? Is there a pause in even people?

那太棒了。也許就像我的後續行動一樣，仍在思考旅行者的意圖。您能否具體說明一下，對於團體預訂，顯然，我確信像我們從其他人那裡聽到的那樣的事情在第一季度就會被取消。但明年是否會有新的團體預訂？連人都有停頓嗎？

Yes. They are. Intentions keep picking up. I mean you're right. I think all of what we're seeing broadly is a lot of it -- we're doing some group. By the way, in the second quarter, we did like 10% of our volume with group. I think it will be higher in the third and fourth quarter for what it's worth. So -- but again, it's not our typical groups. It's like it's groups related to the crisis. It's businesses in small group meetings where they just have to do it, but their offices aren't really open yet. I mean they're -- and we're getting a lot of that kind of stuff. But I mean it's -- yes, it's obviously a small fraction of what it typically be. I do think it will keep picking up because those sort of other types of groups are going to keep picking up as the year goes on. But the traditional bigger group meetings and all that, that are kind of a bread and butter in the fall, those are going to keep getting kicked out. A bunch of them are still on the books for the rest of the year, but I think a lot of that will wash out. And as day by day, you sort of see that washing out and people are kicking the can into next year with, again, the hopes that the health crisis will be pass -- will pass and/or through a vaccine, herd immunity, whatever is going to happen. And the further we go in the year, the further they sort of kick it out because there's a lot of noise in the system, and that makes them nervous about wanting to spend a lot of time and money planning a meeting they might have to cancel.

是的。他們是。意圖不斷增強。我的意思是你是對的。我認為我們廣泛看到的所有事情都是很多的——我們正在做一些小組。順便說一句，在第二季度，我們確實有 10% 的銷售來自於團體。我認為第三和第四季的價值會更高。所以——但同樣，這不是我們的典型群體。就像是與危機有關的團體。企業只需要召開小組會議，但他們的辦公室還沒有真正開放。我的意思是，我們得到了很多這樣的東西。但我的意思是——是的，這顯然只是通常情況的一小部分。我確實認為它會繼續增長，因為隨著時間的推移，其他類型的團體也會繼續增長。但傳統的大型團體會議以及所有這些在秋季作為麵包和黃油的活動將繼續被踢出局。其中許多在今年剩下的時間裡仍然在帳本上，但我認為其中許多都會被淘汰。日復一日，你會看到疫情被淘汰，人們再次希望明年的健康危機能夠過去——將會過去和/或透過疫苗、群體免疫等方式過去。今年我們走得越遠，他們就會把它踢得越遠，因為系統中有很多噪音，這讓他們擔心要花大量時間和金錢來計劃他們可能不得不取消的會議。

So I would say where it starts to stiffen up a bit, it's Q -- starting in Q2 of next year. I think people -- the psychology of it is for third and fourth quarter, you'll see groups, but it's sort of group meetings out of necessity or a replacement for something what happened into your office, and that will pick up as time goes on. But the core sort of traditional group business is going to kick forward to Q2 through Q4 next year. And we are both moving business that is canceling, we're moving every bit we can, and which is most of it to a future date. And we're booking new business. I mean there -- we are booking tens of millions of dollars a week of new business for periods in the future, most of which is starting in the second quarter of next year. So a lot of it will -- again, you get -- it's like the -- there's so many unknowns. You get a vaccine. It changes the game on a lot of these things. Again, you still have an economic situation to deal with, and people have still been damaged in that way. But I think it frees up a -- it creates a decent amount of momentum because the fear goes away. So I think we just have to see where all of this goes through the fall. I mean again, I feel pretty good about where things are going with vaccines. There are -- certainly, there's a lot of data out there that says, as you get to the later part of this year and early next, even if you don't have a vaccine, you're going to be at a point of herd immunity because enough people are either naturally have the natural antibodies, T cells and -- or have been exposed in a way where it just can't spread the same way that it has. Again, I'm not a health expert like you. I read a lot of stuff. I think we just have to sort of get -- watch it really carefully in the fall.

所以我想說，從明年第二季開始，情況開始變得有點僵硬。我認為人們的心理是在第三和第四季度，你會看到小組會議，但這是出於必要的小組會議，或者是辦公室發生的事情的替代品，隨著時間的推移，這種情況會逐漸好轉在。但傳統集團業務的核心業務將推遲到明年第二季到第四季。我們都在轉移正在取消的業務，我們正在轉移我們能轉移的一切，其中大部分轉移到了未來的日期。我們正在預訂新業務。我的意思是，我們在未來一段時間內每週都會預訂數千萬美元的新業務，其中大部分將從明年第二季開始。所以很多事情都會──再一次，你會明白──就像──有很多未知數。你接種疫苗。它改變了很多事情的遊戲規則。再說一次，你仍然需要應對經濟狀況，人們仍然受到這種方式的損害。但我認為它釋放了——它創造了相當大的動力，因為恐懼消失了。所以我認為我們只需要看看所有這些在秋天會發生什麼。我再說一遍，我對疫苗的進展感覺很好。當然，有許多數據表明，到今年下半年和明年初，即使沒有疫苗，也將處於這樣一個時刻：群體免疫是因為足夠多的人要么天生就有天然抗體、T細胞，要么已經暴露在某種方式下，無法以同樣的方式傳播。再說一次，我不是像你一樣的健康專家。我讀了很多東西。我認為我們必須在秋天仔細觀察。

And on the current course, I think all segments will continue to grind up. Group will obviously be the longest lag because people requires spending, planning. And right now, most people don't want to do that, right? They just -- they don't want to do it because they're afraid they are wasting time and money.

在目前的進程中，我認為所有細分市場都將繼續磨礪。團體顯然會是最長的滯後，因為人們需要支出、計畫。現在，大多數人都不想這樣做，對吧？他們只是——他們不想這樣做，因為他們擔心浪費時間和金錢。

Does that mean actually that what you have on the books for the second half of next year is actually kind of ahead of what it would normally be, in other words, versus the same time last year for the...

這實際上是否意味著明年下半年的賬簿上的數據實際上有點領先於通常情況，換句話說，與去年同期相比…

No. I don't have the data in front of me, but no, I don't think that's the case. At least not yet, not yet. I think it could eventually build to that, but -- and if things go well, it will, I think, but not at the moment. No. We are not where we were.

不，我面前沒有數據，但不，我認為情況並非如此。至少現在還沒有，還沒有。我認為它最終可能會實現這一目標，但是——如果一切順利，我認為它會實現，但目前還不行。不，我們已經不在原來的地方了。

The next question will be from Richard Clarke with Bernstein.

下一個問題將由理查德·克拉克和伯恩斯坦提出。

One of your competitors said a couple of days ago that they're expecting business travel to be -- to see a behavioral change, and about a 10% behavioral change. Am I right in thinking you don't adhere to that? And I guess their point was they would have to make up for that with alternative revenue sources, whether that's skewing more towards leisure or using the hotels in a slightly different way. And is that something also you're looking to contemplate going forward?

您的一位競爭對手幾天前表示，他們期望商務旅行能帶來行為改變，大約 10% 的行為改變。我認為你不遵守這一點是對的嗎？我想他們的觀點是，他們必須透過其他收入來源來彌補這一點，無論是更偏向休閒還是以稍微不同的方式使用飯店。這也是您未來想要考慮的事情嗎？

Well, I think that -- I didn't mean to imply anything on that as far as I was concerned. And so if I did, it's not what I meant. But in answer to that question, I would say -- I mean there's a raging debate about that, that I think will be ongoing over the next 3 years. My belief is, as you know, from having done this for 37 years, and while we haven't had a pandemic like this, we've had lots of other things, lots of other similar things that have disrupted the environment, that in the short to intermediate term, you are definitely going to have a substitution effect because people -- businesses have been damaged. And as a result, they're going to have to have find ways to cut cost and save money. And so they're going to substitute Zoom in for certain types of meetings, and it will have an impact in the short to intermediate term.

嗯，我認為——就我而言，我無意暗示任何事情。所以如果我這樣做了，那也不是我的意思。但在回答這個問題時，我想說——我的意思是，關於這個問題存在著激烈的爭論，我認為這將在未來三年內持續下去。如你所知，我的信念是，從 37 年來的經驗來看，雖然我們沒有遇到這樣的大流行病，但我們遇到了很多其他事情，很多其他類似的事情破壞了環境，從短期到中期來看，肯定會產生替代效應，因為人們──企業都受到了損害。因此，他們必須找到降低成本和省錢的方法。因此，他們將用 Zoom in 來代替某些類型的會議，這將在中短期內產生影響。

I think over the long term, there will be -- and by the way, as a result, we of course, are looking as we are now at every opportunity of how we utilize all of our rooms and all our public spaces and everything else in creative ways to be able to supplement and find different pockets of demand, whether that be leisure or whether that be using rooms as offices in an environment where people aren't opening offices because we have a safe environment where people can be socially distanced by definition, et cetera. We're doing all those things.

我認為從長遠來看，將會有 - 順便說一句，因此，我們當然正在尋找現在的每一個機會，如何利用我們所有的房間、所有公共空間和其他一切以創造性的方式補充和發現不同的需求，無論是休閒還是在人們不開設辦公室的環境中使用房間作為辦公室，因為我們有一個安全的環境，人們可以透過以下方式保持社交距離定義等。我們正在做所有這些事情。

I personally believe, when you wake up in 2 or 3 years, and you can -- we'll all mark this moment, and let's talk in 3 years. I think we'll have a raging debate that business travel will never be the same. And it will look -- it may look like that because businesses have been hobbled, a lot of them, and it will be lower for a while. I've already said, I think it takes 2 or 3 years to get back. I think what we'll find when we wake up in 3 years, it will be more like it was in '18 and '19 than it is. Now there'll be a substitution effect. There'll be different -- there'll be certain types of business travel that probably forever will change. I -- whoever said 10%, God bless him. I'm not smart enough to figure that out. I've read a bunch of pundits have had views. I don't know. But at the same time, like every other time, there'll be other things and other needs for travel that will emerge. And so I think while it will take a few years to get back, I think, one way or another, we will have similar levels of demand both for business transient and group. People will want to congregate. People will have to meet, will have to build relationships. If anything, the Zoom and Webex, I think, has taught us it's really hard to build a real relationship this way. So maybe a bunch of internal meetings or -- there are some things. I mean that's all we're doing. There are some things that I think will be what percentage, and I know will sort of become a more permanent way of doing things, but they will be supplanted by other forms of travel where people are going to be out traveling for things that they haven't been traveling for. And so short intermediate term, we absolutely have scrambled every jet we got to think about a weaker business transient demand environment to fill those gaps. We, and I believe, longer term, it will recover to similar levels.

我個人相信，當你在兩三年後醒來時，你可以——我們都會紀念這一刻，讓我們在三年後談談。我認為我們將會激烈爭論商務旅行將永遠不一樣。看起來可能是這樣，因為很多企業都陷入了困境，而且會在一段時間內走低。我已經說過了，我想需要兩三年的時間才能回來。我認為三年後我們醒來時會發現，它會更像 18 和 19 年，而不是現在。現在就會產生替代效應。將會有所不同——某些類型的商務旅行可能會永遠改變。我——無論誰說 10%，上帝保佑他。我不夠聰明，無法弄清楚這一點。我讀過很多專家的觀點。我不知道。但同時，就像其他任何時候一樣，還會出現其他事情和其他旅行需求。因此，我認為，雖然需要幾年時間才能恢復，但我認為，無論如何，我們對商務瞬態和團體的需求水準將會相似。人們會想要聚集。人們必須見面，必須建立關係。如果有什麼不同的話，我認為 Zoom 和 Webex 告訴我們，以這種方式建立真正的關係是非常困難的。所以也許是一些內部會議或——有一些事情。我的意思是這就是我們正在做的一切。我認為有些事情會佔多大比例，我知道這將成為一種更持久的做事方式，但它們將被其他形式的旅行所取代，人們將出去旅行以獲得他們沒有的東西沒去旅行過。因此，短期中期來看，我們絕對已經緊急升空了每架飛機，以應對業務瞬態需求環境疲弱的情況，以填補這些空白。我相信，從長遠來看，它將恢復到類似的水平。

If I can just ask a quick follow-up. Obviously, on your franchise agreements, the fee structure is heavily skewed towards room revenue. Is there a need to sort of reopen franchise agreement to make sure that you are aligned with the hotels to drive all these alternative sources of revenue as well?

如果我能快速跟進一下就好了。顯然，在您的特許經營協議中，費用結構嚴重偏向客房收入。是否需要重新簽訂特許經營協議，以確保您與飯店保持一致，以推動所有這些替代收入來源？

Well, I don't think so. I mean the reality is, in a big full-service hotel, our revenue -- our fees are generally based on both food and beverage and rooms and other revenues. So in the big complex hotels that already -- we already do that. In a limited-service hotel, let's be honest, they're pretty much only rooms. So there -- we don't have a lot of other infrastructure or capacity in the facility in most limited survey, like a Hampton Inn, there isn't a lot of meeting space. And by the way, that's part of room revenue in any event. There isn't -- it's a small lobby. It's a different animal. And so it really is rooms. It's -- in those hotels it's -- if you don't have your traditional customer, it's what other ways can you sell rooms? Like I said, you could sell them as office space. You can do -- there are things that -- you can sell them as dormitories, which we're doing like crazy, right? We've done dozens and dozens of deals across the country with universities. We're doing all those things. But that -- but all that flows through room revenues. And I think the incentives are properly aligned already generally.

嗯，我不這麼認為。我的意思是，現實情況是，在一家大型全方位服務酒店中，我們的收入——我們的費用通常是基於餐飲、客房和其他收入。因此，在大型綜合酒店中，我們已經這樣做了。老實說，在一家提供有限服務的酒店裡，它們幾乎只是房間。因此，在大多數有限的調查中，我們的設施中沒有很多其他基礎設施或容量，例如漢普頓酒店，沒有太多的會議空間。順便說一句，無論如何，這都是客房收入的一部分。沒有——那是一個小廳。這是一種不同的動物。所以這裡確實是房間。在那些飯店中，如果你沒有傳統客戶，你還可以透過哪些其他方式來銷售房間？就像我說的，你可以將它們作為辦公空間出售。你可以做——有些事情——你可以把它們作為宿舍出售，我們正在瘋狂地做這件事，對吧？我們已經與全國各地的大學達成了數十筆交易。我們正在做所有這些事情。但這一切都透過客房收入流動。我認為激勵措施已經普遍得到適當調整。

The next question is from Smedes Rose with Citi.

下一個問題來自花旗銀行的 Smedes Rose。

I just wanted to ask you kind of going back to your pipeline. When you talk with your developers, what are they seeing or telling you in terms of how banks are thinking about financing new construction at this point? And maybe kind of -- if you could talk about it relative to kind of franchise, limited-service properties, and then maybe anything you're seeing on the full-service side.

我只是想請你回到你的管道。當您與開發商交談時，他們看到或告訴您銀行目前如何考慮為新建築融資？也許是——如果你可以談論特許經營、有限服務財產，然後也許是你在全方位服務方面看到的任何東西。

Yes. I think it's a good question, Smedes. I think it's a little early. I'd say what people are saying, everybody is being -- I mean, look, we're in the middle of a global pandemic, right? So I think everybody's being a touch more conservative about everything. I mean that's why you sort of see -- you hear Chris talking about us pivoting towards conversions and the like. I'd say, generally speaking though, projects that make sense can still get financed. There's a ton of capital in the world. Rates are low. If people are willing to equitize -- if they have the equity, if they're willing to equitize a little bit more, they can get deals done. And they and their lenders can collectively -- can collaboratively look towards the future and say, "Hey, look, we're going to open this thing up into -- hopefully, open this thing up into a new cycle." And so generally, people are still working on that stuff.

是的。我認為這是一個很好的問題，斯梅德斯。我覺得現在有點早了。我想說的是人們所說的，每個人都在——我的意思是，看，我們正處於全球大流行之中，對吧？所以我認為每個人對一切都變得更加保守。我的意思是，這就是為什麼你會看到——你聽到克里斯談論我們轉向轉變等。我想說，一般來說，有意義的專案仍然可以獲得融資。世界上有大量的資本。利率很低。如果人們願意股權化──如果他們有股權，如果他們願意多一點股權化，他們就能完成交易。他們和他們的貸款人可以共同展望未來，並說：“嘿，看，我們將把這件事打開——希望將這件事打開一個新的周期。”一般來說，人們仍在研究這些東西。

And then as it relates to the mix, what we were already seeing was much more demand in the smaller limited service-type hotels. The bigger, more complicated full-service hotels largely didn't get built a lot this cycle because the recovery never justified them. Building costs kept going up. Labor costs kept going up. And so they really weren't all that active in terms of construction anyway. So that's really not that precise of an answer, I think, because it is a little early. But you should assume a little bit more conservatism across the board.

然後，由於與組合相關，我們已經看到小型有限服務型酒店的需求要大得多。更大、更複雜的全方位服務酒店在這個週期中基本上沒有建造太多，因為復甦從來沒有證明它們是合理的。建築成本持續上升。勞動成本不斷上漲。所以無論如何，他們在建設方面確實並不那麼活躍。所以我認為這並不是一個準確的答案，因為現在還為時過早。但你應該假設整體上更保守一點。

And then, Chris, can I just follow-up with you? You talked a little bit about the operating model. That question came up earlier. Just one thing that's come up with owners is the idea of suspending housekeeping during a guest stay and making that just kind of a permanent part of the hotel operating business. Do you think that's really on the table? And does that meaningfully change the margin from an owner's perspective, kind of all else equal?

然後，克里斯，我可以跟進你嗎？您談到了一些營運模式。這個問題早些時候就出現過。業主們想出的唯一一件事就是在客人入住期間暫停客房清潔服務，並將其作為酒店運營業務的永久組成部分。你認為這真的是擺在桌面上嗎？在其他條件相同的情況下，從所有者的角度來看，這是否會有意義地改變利潤？

Yes. I mean we're right in the middle of that, Smedes, so I don't really have an answer. Everything is on the table, first of all. I mean we're -- it's -- that along with literally hundreds of other things are on the table. That's probably one of the bigger things. We have agreed already with our owners in the short to intermediate term to do that as part of our launch of CleanStay because we think it is a better protocol for cleanliness to not have third parties in the room. And so we clean the room, we seal -- literally put a seal on the door. And only if a customer requests it, so it's an opt in, do we have somebody come in and do a limited cleaning? That obviously -- based on the fact that people have been not opting it at a high rate, that is helpful from a margin point of view. We also think it's helpful from a cleanliness point of view, which is why it was part of CleanStay.

是的。我的意思是，我們正處於這個問題之中，斯梅德斯，所以我真的沒有答案。首先，一切都擺在桌面上。我的意思是，我們——確實——連同數百件其他事情都擺在桌面上。這可能是更重要的事情之一。作為我們推出 CleanStay 的一部分，我們已經與我們的業主達成了短期到中期的協議，因為我們認為房間內沒有第三方是更好的清潔協議。所以我們打掃房間，我們密封——實際上是在門上貼上密封條。只有當客戶提出要求（即選擇加入）時，我們才會派人進來進行有限的清潔嗎？顯然，基於人們選擇它的比例並不高的事實，從利潤的角度來看，這是有幫助的。我們也認為從清潔的角度來看它很有幫助，這就是它成為 CleanStay 一部分的原因。

What we're doing is using this moment, which at a minimum, that will go through this year, to figure out with our customers what they really want. I mean what we're trying to do is thread the needle with our customer and owner community to make sure that, what I said in my earlier comment, that we are ultimately giving our customers what they want so they will pay a big premium for our product. And we're doing it in a way that drives the best margins humanly possible for our owners. And we have to satisfy both constituencies. And so what we're doing between now and the end of the year is looking at a lot of data, right? We're doing it. So we now have a real test that is system-wide, that is live, that is allowing us to look at data, to see the behavior of the consumer, to talk to consumers about their views on this. And so it's definitely on the table, but we don't yet have enough data to have an answer. And I think the idea is that we will, through the rest of this year, be studying it and figure out based on that data what the right answer is.

我們正在做的就是利用這個時刻，至少今年會經歷的時刻，與我們的客戶一起弄清楚他們真正想要什麼。我的意思是，我們正在努力做的是與我們的客戶和業主社區溝通，以確保，正如我在之前的評論中所說，我們最終為我們的客戶提供了他們想要的東西，這樣他們就會支付高昂的溢價我們的產品。我們這樣做的方式是為我們的所有者帶來盡可能高的利潤。我們必須滿足這兩個選區。所以從現在到今年年底我們正在做的就是查看大量數據，對嗎？我們正在做。因此，我們現在有一個真正的全系統測試，即即時測試，使我們能夠查看數據，了解消費者的行為，與消費者討論他們對此的看法。所以這肯定是擺在桌面上的，但我們還沒有足夠的數據來給出答案。我認為我們的想法是，我們將在今年剩餘的時間裡研究它，並根據這些數據找出正確的答案。

Ladies and gentlemen, this concludes our question-and-answer session. I would like to turn the conference back over to Chris Nassetta for any closing remarks.

女士們先生們，我們的問答環節到此結束。我想將會議轉回克里斯·納塞塔（Chris Nassetta）發表閉幕詞。

Thanks, everybody, for the time.

謝謝大家，抽出時間。

Obviously, Q2, not a shining moment in our 100-year history, but I guess this is what happens when you have a global pandemic, we found out. I've lived through lots of different things over the years and this has certainly has stretched the limits of, I think, what all of us have seen. But I'm really -- as I said in my comments, I'm very proud of how we've responded. I mean we have taken a difficult situation, I think, and are managing our way through it quite well. Our team has been working tirelessly, fewer of them working even harder. And I feel as good as I did pre COVID about the long-term prospects for this business. It may not feel that way to you all right now. But I do think when we wake up in 2 or 3 years, we will be back on track and this business will be performing as will the industry quite well.

顯然，第二季度並不是我們 100 年歷史上的輝煌時刻，但我們發現，我想這就是當全球大流行發生時會發生的情況。這些年來我經歷了很多不同的事情，我認為這肯定已經超出了我們所有人所看到的極限。但我真的——正如我在評論中所說，我對我們的回應感到非常自豪。我的意思是，我認為我們已經度過了一個困難的局面，並且正在很好地度過難關。我們的團隊一直在孜孜不倦地工作，更少的人更加努力。我對這項業務的長期前景和新冠疫情爆發前一樣感覺良好。現在你可能沒有這樣的感覺。但我確實認為，當我們在兩三年後醒來時，我們將回到正軌，這項業務將表現得很好，整個行業也將表現得很好。

We look forward to talking to you after Q3. Every quarter, we learn a lot. So I suspect we'll have a little bit better visibility into the trajectory of recovery, maybe even have some knowledge on vaccines as all of us, et cetera. So we look forward to catching you up after Q3. Take care and be well.

我們期待在第三季之後與您交談。每個季度，我們都會學到很多。因此，我懷疑我們將對康復軌跡有更好的了解，甚至可能像我們所有人一樣對疫苗等有一些了解。因此，我們期待在第三季之後與您聯繫。保重並保持健康。

Thank you, sir. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝你，先生。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。