希爾頓酒店 (HLT) 2016 Q1 法說會逐字稿

Good morning and welcome to the Hilton Worldwide Holdings first-quarter 2016 earnings call.

早安，歡迎參加希爾頓全球控股公司 2016 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

I would now like to turn the conference over to Christian Charnaux, Senior Vice President of Investor Relations.

我現在想將會議交給投資者關係高級副總裁 Christian Charnaux。

Please go ahead.

請繼續。

Thank you, Denise.

謝謝你，丹妮絲。

Welcome to the Hilton Worldwide first-quarter 2016 earnings call.

歡迎參加希爾頓全球 2016 年第一季財報電話會議。

Before we begin we would like to remind you that our discussions this morning will include forward-looking statements.

在我們開始之前，我們想提醒您，我們今天早上的討論將包括前瞻性陳述。

Actual results could differ materially from those indicated in the forward-looking statements and forward-looking statements made today are effective only as of today.

實際結果可能與前瞻性聲明中所示的結果有重大差異，並且今天所做的前瞻性聲明僅從今天起生效。

We undertake no obligation to publicly update or revise these statements.

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 factors that could cause actual results to differ, please see the risk factors section of our most recently filed Form 10-K.

有關可能導致實際結果不同的一些因素的討論，請參閱我們最近提交的表格 10-K 的風險因素部分。

In addition, we will refer to certain non-GAAP financial measures on this call.

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。

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 www.hiltonworldwide.com.

您可以在我們的收益新聞稿和我們的網站 www.hiltonworldwide.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 and the Company's outlook.

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和公司的前景。

Kevin Jacobs, our Executive Vice President and Chief Financial Officer, will then review our first quarter results and provide greater details on our expectations for the remainder of the year.

我們的執行副總裁兼財務長凱文·雅各布斯隨後將回顧我們第一季的業績，並提供有關我們對今年剩餘時間的預期的更多詳細資訊。

Following the remarks, we will be available to respond to your questions.

發言結束後，我們將回答您的問題。

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, Christian.

謝謝你，克里斯蒂安。

Good morning, everyone, and thanks for joining us today.

大家早安，感謝您今天加入我們。

We're pleased to report first quarter performance in line with our expectations driven by growth across all three of our businesses.

我們很高興地報告第一季業績符合我們所有三項業務成長所推動的預期。

We've also made great progress on the initiatives that we discussed last quarter including the spins of our real estate and timeshare businesses as well as our initiatives to strengthen our direct relationship with customers, both of which I will update you on in just a few minutes.

我們在上個季度討論的舉措方面也取得了巨大進展，包括房地產和分時度假業務的轉型，以及加強與客戶直接關係的舉措，我將在幾句話中向您介紹這兩項舉措分鐘。

As we discussed on our last call, we believe fundamentals will support solid top-line growth this year.

正如我們在上次電話會議中討論的那樣，我們相信基本面將支持今年的穩健營收成長。

The best visibility we have on the demand side continues to be in the group business segment, which remains healthy.

我們在需求方面的最佳能見度仍然是集團業務部門，該部門仍然保持健康。

We have less visibility into transient demand, which makes up the largest portion of our business and historically tracks more closely with macro indicators such as GDP growth.

我們對暫時性需求的了解較少，而暫時性需求占我們業務的最大部分，並且歷來更密切地追蹤 GDP 成長等宏觀指標。

Within transient, we continue to see relative strength in leisure with softer corporate business driven by weaker macro conditions.

在短期內，我們繼續看到休閒業相對強勁，而宏觀環境疲軟導致企業業務疲軟。

We did see strong US booking pace across all segments and channels in the month for the month of April, particularly in corporate transient.

我們確實看到 4 月份美國所有細分市場和管道的預訂速度強勁，尤其是企業瞬態預訂。

Looking forward, consensus forecasts are for full-year US GDP growth to be modestly lower than last year at plus or minus 2% with Q2 through Q4 meaningfully stronger than Q1.

展望未來，市場普遍預測美國全年 GDP 成長率將小幅低於去年，為正負 2%，其中第二季至第四季明顯強於第一季。

As a result, we are maintaining our 2016 RevPAR growth expectations of 3% to 5%, which assumes US GDP growth of roughly 1.5% to 2.5% for the year.

因此，我們維持 2016 年 RevPAR 成長預期為 3% 至 5%，假設美國今年 GDP 成長約 1.5% 至 2.5%。

And we're also maintaining our adjusted EBITDA and EPS guidance.

我們也維持調整後的 EBITDA 和 EPS 指引。

While we expect to continue capitalizing on these positive fundamentals, we also remain very focused on driving value beyond what the broader economy gives us.

雖然我們預計將繼續利用這些正面的基本面，但我們仍然非常注重推動價值超越更廣泛的經濟所為我們帶來的價值。

Our distinct high-quality brands with global presence create a powerful network effect driving greater value for our customers and hotel owners alike.

我們遍佈全球的獨特高品質品牌創造了強大的網路效應，為我們的客戶和飯店業主帶來更大的價值。

As a result, Hilton has led the industry in both market share premiums and organic net unit growth as a percentage of installed base for the past several years, a trend we expect to continue.

因此，過去幾年，希爾頓在市場份額溢價和有機淨單位增長（佔安裝基礎的百分比）方面均處於行業領先地位，我們預計這一趨勢將持續下去。

We signed a record 100,000 rooms in 2015 and are on track to top in that 2016 with 26,000 rooms approved for development in the first quarter.

我們在 2015 年簽署了創紀錄的 100,000 間客房，並預計在 2016 年達到頂峰，第一季批准開發 26,000 間客房。

With nearly 1.1 million rooms opened or under development, including nearly 300,000 rooms in the pipeline, we maintained our number one position in global supply, active pipeline, and rooms under construction according to Star.

根據 Star 統計，我們已開業或在建客房近 110 萬間，其中在建客房近 30 萬間，在全球供應量、在建客房數和在建客房數方面保持第一的位置。

More importantly, our net unit growth continues to accelerate off a larger base of rooms with 45,000 to 50,000 net rooms expected to join our system in 2016, a 10% increase year-over-year at the midpoint.

更重要的是，我們的淨單位成長持續加速，房間基數更大，預計 2016 年將有 45,000 至 50,000 間淨房間加入我們的系統，中位數同比增長 10%。

Nearly 25% of the more than 1,700 hotels in our pipeline will fly flags of brands that did not exist seven years ago.

我們正在籌建的 1,700 多家酒店中，近 25% 將懸掛七年前不存在的品牌旗幟。

At no material cost to us, we have organically developed carefully targeted new brands that further strengthen our network effect by bringing new customers into our system and offering more opportunities for existing customers to stay with us.

我們無需付出任何物質成本，就有機地開發了精心定位的新品牌，透過將新客戶引入我們的系統並為現有客戶提供更多留在我們身邊的機會，進一步加強我們的網路效應。

We launched our latest brand, Tru by Hilton, in the mid-scale space just three months ago with 130 deals committed or in process.

三個月前，我們在中型空間推出了最新品牌 Tru by Hilton，已承諾或正在進行 130 筆交易。

And since that time we have averaged one Tru deal per day.

從那時起，我們平均每天完成一筆 Tru 交易。

As of today we have 48 hotels in the pipeline and 170 more deals committed or in progress, and that's driven almost entirely by existing Hampton owners.

截至目前，我們有 48 家酒店正在籌備中，另有 170 筆交易已承諾或正在進行中，而這幾乎完全是由現有的漢普頓酒店業主推動的。

We believe Tru is already the fastest growing new development brand launch in US lodging history and we expect to open development more broadly in the near term, including to owners not currently in the Hilton system.

我們相信 Tru 已經是美國酒店歷史上成長最快的新開發品牌，我們預計在短期內更廣泛地開放開發，包括向目前不在希爾頓系統中的業主開放。

The ebbs and flows of capital markets continue to naturally constrain supply growth, disproportionately favoring global branded systems like ours that can drive leading returns for hotel owners.

資本市場的潮起潮落繼續自然地限制供應成長，特別有利於像我們這樣可以為酒店業主帶來領先回報的全球品牌系統。

New brands like Tru, Home2, Canopy, and Curio help supercharge our growth, but we continue to have tremendous opportunities ahead following demand and capital patterns around the world with all of our brands.

Tru、Home2、Canopy 和 Curio 等新品牌有助於推動我們的成長，但隨著我們所有品牌在全球的需求和資本模式，我們仍將面臨巨大的機會。

Outside the US in particular, which represents more than half of our pipeline, we believe we are in the infancy of our potential growth.

特別是在美國以外地區，我們的產品線占我們一半以上，我們相信我們正處於潛在成長的起步階段。

Deploying our brands into new geographies, like Hampton into China or DoubleTree into Europe, made up nearly one-third of our gross openings over the last 12 months.

在過去 12 個月中，將我們的品牌部署到新的地區，例如歡朋酒店進入中國或逸林酒店進入歐洲，占我們新開幕總規模的近三分之一。

We have global scale in a business where scale matters and are using to drive a more direct relationship with all of our customers.

我們在規模至關重要的業務中擁有全球規模，並利用規模來推動與所有客戶建立更直接的關係。

In February we launched Stop Clicking Around, our largest global marketing campaign ever, highlighting the key customer benefits of our network effect and its scale, namely that joining Hilton HHonors and booking directly with Hilton offers customers the best value and a better experience.

2 月份，我們推出了有史以來規模最大的全球行銷活動“停止點擊”，強調了我們的網路效應及其規模為客戶帶來的關鍵利益，即加入希爾頓榮譽客會並直接透過希爾頓預訂可為客戶提供最佳價值和更好的體驗。

Early results are very positive with HHonors enrollments increasing nearly 90% since launch, helping drive HHonors occupancy to a record 55% in the quarter, an increase of more than four points versus last year.

早期結果非常積極，自推出以來榮譽客會註冊人數增加了近 90%，幫助推動榮譽客會入住率在本季度達到創紀錄的 55%，比去年增加了 4 個百分點以上。

The business we received through web direct is higher than it has ever been and is growing faster than ever thanks to increasing share shift.

我們透過網路直銷獲得的業務量比以往任何時候都高，並且由於份額轉移的增加，增長速度比以往任何時候都快。

The share of web direct channels in our distribution mix is growing five times that of the OTA share growth in the quarter and business generated from our mobile app is up nearly 150% year-over-year with downloads exceeding 70,000 a week, an increase of 200% over last year.

本季度，我們的分銷組合中網路直接管道的份額增長是 OTA 份額增長的五倍，我們的行動應用產生的業務同比增長近 150%，每週下載量超過 70,000 次，增幅為比去年增長200% 。

One of the most important metrics of our success is RevPAR index premiums.

我們成功的最重要指標之一是 RevPAR 指數保費。

We continue to gain in share in the quarter with our system increasing its RevPAR index premium 90 basis points with every brand and every region gaining market share.

本季我們的市佔率持續增加，我們的系統將其 RevPAR 指數溢價提高了 90 個基點，每個品牌和每個地區都獲得了市場份額。

Lastly, a quick update on the spins we announced last quarter as discussed simplifying Hilton as a capitalized fee-based business, while fully activating our real estate and timeshare businesses as stand-alone Companies, should realize significant benefits for all three Companies and our shareholders.

最後，我們上季度宣布的重組的快速更新，討論了將希爾頓簡化為資本化收費業務，同時充分激活我們的房地產和分時度假業務作為獨立公司，應該為所有三個公司和我們的股東帶來顯著的利益。

We're very pleased with the progress on the spins to date and remain on track to file Form-10 registration statements with the SEC this quarter and to execute the spins by year end.

我們對迄今為止的旋轉進展感到非常滿意，並將繼續按計劃在本季度向 SEC 提交 Form-10 註冊聲明，並在年底前執行旋轉。

Also, this morning we were very pleased to announce the leadership team for our real estate Company with Tom Baltimore as CEO and Sean Dell'Orto as CFO.

此外，今天早上我們非常高興地宣布了我們房地產公司的領導團隊，湯姆·巴爾的摩 (Tom Baltimore) 擔任首席執行官，肖恩·德爾奧托 (Sean Dell'Orto) 擔任首席財務官。

I'm thrilled that Tom, a respected leader in our sector with experiences spanning REITs, private equity, and operating companies, including senior roles at both Hilton and Marriott, will be leading the REIT.

我很高興湯姆將領導該房地產投資信託基金，他是我們行業中一位受人尊敬的領導者，擁有房地產投資信託基金、私募股權和營運公司的經驗，包括在希爾頓和萬豪酒店擔任高級職務。

I've known Tom for 30 years and believe his proven leadership and track record as a capital allocator should further the Company's potential to create meaningful value for shareholders over the long term.

我認識湯姆已經 30 年了，相信他作為資本配置者的可靠領導力和往績記錄應該會進一步增強公司的潛力，為股東長期創造有意義的價值。

We're also giving up one of our best and brightest with Sean moving over to the REIT as Chief Financial Officer.

我們也放棄了我們最優秀和最聰明的人之一，肖恩（Sean）轉任房地產投資信託基金首席財務官。

As many of you know, Sean currently serves as Hilton's Treasurer and has been integral in our corporate strategy, capital markets, and investor relations activities since joining us in 2010, including our IPO.

眾所周知，Sean 目前擔任希爾頓的財務主管，自 2010 年加入我們以來，一直參與我們的企業策略、資本市場和投資者關係活動，包括我們的 IPO。

Sean joined us from Crestline Hotels and Resorts where he was CFO.

Sean 在加入我們之前曾在 Crestline Hotels and Resorts 擔任財務長。

We look forward to partnering with Tom and Sean in their new roles.

我們期待與湯姆和肖恩合作擔任新角色。

And with that, I would like to turn the call over to Kevin who will give you a little bit more detail on the quarter.

說到這裡，我想將電話轉給凱文，他將為您提供有關本季的更多詳細資訊。

Kevin.

凱文.

Thanks, Chris, and good morning everyone.

謝謝克里斯，大家早安。

First quarter RevPAR growth of 2.1% was at the low end of our guidance range, largely reflecting lower macro economic growth in the quarter and a larger-than-expected impact from the Easter calendar shift.

第一季每間客房收入成長 2.1%，處於我們指引範圍的低端，主要反映了該季度宏觀經濟成長放緩以及復活節日曆變化的影響大於預期。

Weakness in corporate transient demand was a 60 basis point drag on total occupancy for the quarter but we still expect modest occupancy growth for the full year.

企業臨時需求疲軟導致本季總入住率下降 60 個基點，但我們仍預期全年入住率將溫和成長。

Transient RevPAR grew 2.4% in the quarter.

本季瞬態 RevPAR 成長 2.4%。

Results were supported by solid leisure revenue trends that were up in the mid single digits but offset by weaker corporate transient and oil and gas markets, which were down nearly 5%.

穩健的休閒收入趨勢支撐了業績，休閒收入呈現中等個位數成長，但被企業瞬態和石油和天然氣市場疲軟（下降近 5%）所抵消。

As Chris mentioned, we have seen stabilization in corporate transient so far in April with solid in the month for the month increases in pace.

正如克里斯所提到的，我們已經看到 4 月迄今企業瞬態穩定，本月成長步伐穩健。

Group business in the quarter continued to perform in line with expectations with group room revenue increasing nearly 4% in our Americas owned and managed portfolio and over 15% at our big six assets in what is a seasonally slow group quarter.

本季集團業務的表現持續符合預期，在季節性放緩的集團季度中，我們美洲擁有和管理的投資組合中的集團客房收入增長了近4%，而我們六大資產的集團客房收入增長了15% 以上。

Results were led by robust performance in our Hawaiian and San Francisco properties and boosted by strong bookings in the [SMRF] and Company meeting segments.

我們的夏威夷和舊金山酒店的強勁表現帶動了業績，並受到 [SMRF] 和公司會議部分的強勁預訂推動。

Even more importantly, group positioned for Americas owned and managed hotels continues to track up in the mid single digits and pace in the year for the year was up in the high single digits during the first quarter, driven by both volume and rate.

更重要的是，在數量和價格的推動下，集團在美洲擁有和管理的酒店繼續以中等個位數增長，今年第一季的增長速度以高個位數增長。

Adjusted EBITDA in the quarter increased to $653 million, exceeding the high end of our guidance range, driven by solid results across all three of our businesses and including roughly $10 million of favorable timing items in timeshare.

本季度調整後的 EBITDA 增至 6.53 億美元，超出了我們指導範圍的上限，這得益於我們所有三項業務的穩健業績，其中包括約 1000 萬美元的分時度假有利時機項目。

System-wide adjusted EBITDA margins increased a solid 260 basis points versus the prior period to 38.9%.

全系統調整後 EBITDA 利潤率較上一期增加了 260 個基點，達到 38.9%。

Diluted earnings per share adjusted for special items increased 42% for the quarter to $0.17 at the high end of our guidance range.

本季經特殊項目調整後的稀釋每股收益成長 42%，達到 0.17 美元，處於我們指導範圍的上限。

Turning to our segments, management and franchise beat expectations totaling $409 million in the quarter, an increase of nearly 5% year-over-year.

就我們的細分市場而言，本季管理和特許經營業務的總收入達 4.09 億美元，超出預期，年增近 5%。

Our fee segment growth rate was affected by some large franchise sales transactions during Q1 of last year.

我們的費用部門成長率受到去年第一季一些大型特許經營銷售交易的影響。

In the ownership segment, RevPAR grew 3.1% in the quarter as growth was tempered by softer demand in Chicago and New York and supported by strong RevPAR growth in San Francisco, Orlando, and Hawaii, which all benefited from strong group trends.

在自有物業領域，每間可出租客房收入本季成長了3.1%，成長受到芝加哥和紐約需求疲軟的影響，並受到舊金山、奧蘭多和夏威夷每間可出租客房收入強勁增長的支撐，這些地區都受益於強勁的集團趨勢。

Adjusted EBITDA for the ownership segment was $207 million, up 13% versus Q1 2015 when adjusted for the sale of the Hilton Sydney.

所有權部門的調整後 EBITDA 為 2.07 億美元，較 2015 年第一季（根據雪梨希爾頓酒店的出售進行調整）成長 13%。

Timeshare revenues totaled $326 million in the quarter, increasing 2% year-over-year as we lapped strong sales are the Grand Islander project in Waikiki last year.

本季分時度假收入總計 3.26 億美元，年增 2%，因為我們去年威基基 Grand Islander 計畫的銷售強勁。

Segment adjusted EBITDA was $95 million in the quarter, an increase of 28%, which was driven by favorable sales mix and resort operations results.

本季經部門調整後的 EBITDA 為 9,500 萬美元，成長 28%，這得益於良好的銷售組合和度假村營運表現。

We continue to make progress on our ongoing shift to a capital efficient business with third-party intervals increasing to 64% of intervals sold for the quarter and accounting for 85% of our inventory, or 110,000 units.

我們在向資本效率型業務轉型方面繼續取得進展，第三方間隔增加到本季銷售間隔的 64%，占我們庫存的 85%，即 110,000 件。

Now turning to our regional performance and outlook.

現在轉向我們的區域業績和前景。

In the US, comparable RevPAR grew 1.8% in the quarter.

在美國，本季可比 RevPAR 成長了 1.8%。

Hawaii and Northern California markets were strong with RevPAR growth in the high single digits, driven by rate gains across all segments.

夏威夷和北加州市場表現強勁，在所有細分市場的利率上漲的推動下，每間可用客房收入均實現高個位數成長。

Reduced citywides continue to affect Chicago while oil markets struggled with weaker demand and increasing supply in New York continued to weigh on pricing power.

全市範圍內的減少繼續影響芝加哥，而石油市場因需求疲軟而苦苦掙扎，而紐約的供應增加繼續影響定價能力。

International inbound revenues declined in the quarter, continuing late 2015 trends, as weak demand from Canada and Brazil failed to offset increases from China, the UK, and Japan.

本季國際入境收入下降，延續了 2015 年底的趨勢，因為加拿大和巴西的需求疲軟未能抵消中國、英國和日本的成長。

We expect this softness to continue but have less of an impact as comps get easier in the back half of the year.

我們預計這種疲軟狀態將持續下去，但隨著今年下半年的競爭變得更加容易，影響會較小。

For full year 2016, we continue to forecast US RevPAR growth in the low to mid single digits.

對於 2016 年全年，我們持續預測美國 RevPAR 成長率為中低個位數。

In the Americas outside of the US, RevPAR rose 4.4% in the quarter.

在美國以外的美洲地區，每間可用客房收入本季成長了 4.4%。

Although Brazil remained an overhang on the region, given a deepening recession and weakening currency, the Olympics this summer should provide a much needed boost in demand.

儘管由於經濟衰退加深和貨幣疲軟，巴西仍然是該地區的負擔，但今年夏天的奧運會應該會帶來急需的需求提振。

Our Latin-American properties continued to perform well given a broader strengthening in leisure trends.

鑑於休閒趨勢的廣泛加強，我們的拉丁美洲酒店繼續表現良好。

For full year 2016, we continue to expect RevPAR in the region to be mid single digits.

2016 年全年，我們繼續預計該地區的 RevPAR 將達到中等個位數。

RevPAR in Europe increased 2.9% in the first quarter, supported by strong market share gains of 230 basis points.

在市佔率強勁成長 230 個基點的支撐下，歐洲第一季的 RevPAR 成長了 2.9%。

Continental Europe performed well with strong transient group demand, particularly across Germany and Prague.

歐洲大陸表現良好，短期團體需求強勁，尤其是德國和布拉格。

The UK, namely London, remains soft and security concerns continue to pressure our results in Turkey.

英國（即倫敦）依然疲軟，安全疑慮持續給我們在土耳其的業績帶來壓力。

The tragic events in Brussels had a local effect on business but we have not meaningfully affected -- but have not meaningfully affected regional performance.

布魯塞爾的悲劇事件對當地的商業產生了影響，但我們並沒有產生重大影響——但也沒有對區域業績產生重大影響。

For full year 2016 we continue to expect low to mid single-digit RevPAR growth for the European region.

對於 2016 年全年，我們繼續預期歐洲地區的 RevPAR 將實現中低個位數成長。

The Middle East and Africa region struggled with RevPAR down 4.7% in the quarter, given continued weakness in Egypt and depressed leisure demand in the UAE.

由於埃及持續疲軟以及阿聯酋休閒需求低迷，中東和非洲地區本季的每間可用客房收入下降了 4.7%。

With uncertainty in the region expected to continue weighing on results, our full-year 2016 RevPAR forecast assumes growth is flat to slightly down in the region.

由於該地區的不確定性預計將繼續影響業績，我們的 2016 年全年 RevPAR 預測假設該地區的成長持平或略有下降。

In the Asia Pacific region RevPAR increased 7.1% in the quarter with continued strength in Japan and China, our largest regional markets.

在亞太地區，本季每間可用客房收入 (RevPAR) 成長了 7.1%，日本和中國（我們最大的區域市場）持續強勁。

Business in Japan has been particularly strong, especially in Tokyo, and we have not seen a meaningful impact from the recent earthquakes.

日本的業務尤其強勁，尤其是在東京，我們還沒有看到最近的地震產生了重大影響。

RevPAR growth in greater China reaccelerated to 8% in the quarter as an uptick in group business across key cities drove occupancy gains.

由於主要城市的集團業務成長推動了入住率的成長，大中華區的每間可出租客房收入 (RevPAR) 在本季度重新加速至 8%。

We also saw strength in Thailand, Singapore, India, and Malaysia.

我們也看到了泰國、新加坡、印度和馬來西亞的實力。

We expect RevPAR in the Asia Pacific region to increase in the mid to high single digits for the year with RevPAR in China up 5% to 6%.

我們預計今年亞太地區的 RevPAR 將實現中高個位數成長，其中中國的 RevPAR 將成長 5% 至 6%。

Moving on to capital allocation, during the first quarter we paid a quarterly cash dividend of $0.07 per share.

說到資本配置，第一季我們支付了每股 0.07 美元的季度現金股利。

Our Board has authorized a quarterly cash dividend of $0.07 per share for the second quarter of 2016 as well.

我們的董事會也批准了 2016 年第二季每股 0.07 美元的季度現金股利。

We remain committed to achieving a low investment grade credit profile and still expect to initiate a stock buy back program subsequent to the execution of our spin transactions, which we expect to complete later this year.

我們仍然致力於實現低投資級信用狀況，並仍然希望在執行我們的旋轉交易後啟動股票回購計劃，我們預計該計劃將在今年稍後完成。

As Chris mentioned, we are maintaining our full-year 2016 RevPAR growth guidance of 3% to 5% and also are maintaining our full-year adjusted EBITDA and EPS guidance ranks.

正如 Chris 所提到的，我們將維持 2016 年全年 RevPAR 成長指引 3% 至 5%，並維持全年調整後 EBITDA 和 EPS 指引排名。

Please note that our full-year guidance does not incorporate the impact of our intended real estate and timeshare spins.

請注意，我們的全年指導不包括我們預期的房地產和分時度假的影響。

For the second quarter of 2016 we expect 3% to 5% system wide RevPAR growth, supported by stabilizing macro trends and the Easter shift.

在穩定的宏觀趨勢和復活節轉變的支持下，我們預計 2016 年第二季整個系統的 RevPAR 將成長 3% 至 5%。

We expect adjusted EBITDA of between $790 million and $810 million and diluted EPS adjusted for special items of $0.25 to $0.27.

我們預計調整後的 EBITDA 為 7.9 億至 8.1 億美元，特殊項目調整後的稀釋每股收益為 0.25 至 0.27 美元。

Further details on our first quarter results can be found in the earnings release we distributed earlier this morning.

有關我們第一季業績的更多詳細信息，請參閱我們今天早上發布的收益報告。

As a reminder, we unfortunately cannot provide many additional details on the proposed spins until we file Form-10 registration statements, which we still expect to occur later this quarter.

提醒一下，遺憾的是，在我們提交 Form-10 註冊聲明之前，我們無法提供有關擬議旋轉的更多詳細信息，我們仍預計在本季度晚些時候提交該聲明。

In addition to the filings, we also expect to provide additional information on the strategy and financial performance of all three Companies prior to the execution of the spins.

除了這些文件之外，我們還希望在執行分拆之前提供有關所有三家公司的策略和財務表現的更多資訊。

This completes our prepared remarks.

我們準備好的演講到此結束。

We would now like to open the line for any questions you may have.

我們現在願意為您解答任何問題。

In order to speak to as many of you as possible, we ask that you limit yourself to one question.

為了與盡可能多的人交談，我們要求您只回答一個問題。

Denise, can we have our first question, please?

丹尼斯，我們可以問第一個問題嗎？

(Operator Instructions)

（操作員說明）

And your first question will come from Bill Crow of Raymond James.

你的第一個問題將來自雷蒙德詹姆斯的比爾克勞。

Please go ahead.

請繼續。

Good morning, guys.

早上好傢伙。

Congratulations on the hires on the REIT side.

祝賀 REIT 方面的聘用。

That's great.

那太棒了。

Thank you.

謝謝。

Chris, my question is on guidance and the range that you provided.

克里斯，我的問題是關於您提供的指導和範圍。

And we appreciate you providing any guidance.

我們感謝您提供任何指導。

But 3% to 5% given the first quarter and the outlook of the second quarter, to hit the high end would imply something north of 6% for the back half of the year.

但考慮到第一季和第二季的前景，3%至5%的成長率達到高端將意味著下半年的成長率將超過6%。

And I'm curious whether that's even possible at this point given some of the dynamics around the industry?

我很好奇，鑑於行業的一些動態，目前這是否可能？

Bill, thanks for the question.

比爾，謝謝你的提問。

I assumed we would get that first and probably second, third, fourth, and fifth as well because I know that's what's on everybody's mind is trying to get a little color.

我以為我們會得到第一，可能還會得到第二、第三、第四和第五，因為我知道每個人都想得到一點顏色。

So let me try and give you that color.

所以讓我嘗試給你那種顏色。

And maybe answer some other questions that are likely to come up.

也許還可以回答一些其他可能出現的問題。

I think that we tried to triangulate around what we are seeing, both in the business now and what we see on a forward-looking basis where we do have sight lines, and tried to match it up with a prospective on and an expectation on broader economic growth.

I think that we tried to triangulate around what we are seeing, both in the business now and what we see on a forward-looking basis where we do have sight lines, and tried to match it up with a prospective on and an expectation on broader經濟成長.

And that's why we connected the 3% to 5% to 1.5% to 2.5% broader GDP growth because obviously the largest part of our business, which is the corporate transient business, is fairly directly related to broader economic growth.

這就是為什麼我們將 3% 到 5% 到 1.5% 到 2.5% 的更廣泛的 GDP 成長聯繫起來，因為顯然我們業務的最大部分，即企業瞬態業務，與更廣泛的經濟成長相當直接相關。

And so while first quarter obviously in the low 2%s is below the range in 3% to 5% that we're giving, the confidence we have in the 3% to 5% is based really on three different things, okay.

因此，雖然第一季的 2% 顯然低於我們給出的 3% 到 5% 的範圍，但我們對 3% 到 5% 的信心實際上是基於三個不同的因素，好吧。

One is a little bit of the reverse of the Easter effect.

其一是復活節效應的一點逆轉。

I'm not going to say that's tremendously dramatic, but that's a benefit.

我不會說這是非常戲劇性的，但這是一個好處。

The second is that, as I said in our -- and Kevin said in the prepared comments, we have a very good group position on the books for the rest of the year.

第二個是，正如我在我們的報告中所說的以及凱文在準備好的評論中所說的那樣，我們在今年剩餘時間裡在賬簿上處於非常好的位置。

We get -- for the full year the numbers are quite healthy, but that is distributed, as is always the case -- every quarter is a little bit different every year depending on how big groups cycle through a lot of the big hotels.

我們得到 - 全年的數字相當健康，但這是分佈的，一如既往的情況 - 每個季度每年都有一點不同，具體取決於大團體在許多大酒店中的循環情況。

In this particular year, the way it's distributed is across the system Q1 is actually quite weak -- was quite weak from a group position point of view.

在這個特定的年份，它在整個系統中的分配方式第一季實際上相當弱——從集團位置的角度來看相當弱。

And Q2, Q3, and Q4 are much stronger with particular a little bit heavier strength in Q2 and Q3 -- reasonably good numbers in Q4, a little less than Q2 and Q3.

Q2、Q3 和 Q4 更強，特別是 Q2 和 Q3 的強度稍重一些——Q4 的數據相當不錯，略低於 Q2 和 Q3。

So we have a much stronger group base coming into Q2 through Q4, which we think will help.

因此，我們在第二季到第四季擁有更強大的團隊基礎，我們認為這將有所幫助。

The other thing is -- and this gets back to the broader economic growth issue -- if you think about what's been going on with corporate transient, which is what's been really weak because leisure has been strong and driving the results in the fourth quarter and, frankly, in the first quarter that were a bit lower than what we would have hoped or expected, it had to do with the fact that the world froze up.

另一件事是——這又回到了更廣泛的經濟成長問題——如果你考慮企業瞬態的情況，這就是真正疲軟的原因，因為休閒一直很強勁，並推動了第四季度的業績，坦白說，第一季的情況比我們希望或預期的要低一些，這與世界凍結有關。

You had things going on with fears of what was going to happen with China's economy, terrorism in Paris, terrorism in Brussels, and other things going on that drove the capital markets, the equity capital markets down, where companies were losing 20%, 30% of their equity market cap.

人們擔心中國經濟將會發生什麼，巴黎的恐怖主義，布魯塞爾的恐怖主義，以及其他導致資本市場、股權資本市場下跌的事情，公司損失了 20%、30%佔其股票市值的%。

Well that scares people.

嗯，這讓人害怕。

There was a lot of fear in the air at the end of last year and certainly the first couple of months of this year.

去年年底，尤其是今年頭幾個月，空氣中瀰漫著恐懼的氣氛。

And the result of that, and we saw it very dramatically, was people freeze.

結果，我們非常戲劇性地看到了，人們凍結了。

They stop making decisions on discretionary spending, on travel, on CapEx spend, and the result is the economic growth numbers come down.

他們不再就可自由支配支出、旅行、資本支出做出決策，結果是經濟成長數字下降。

I think when you see the print on Q1, it is going to be quite low and that ripples through to our business.

我認為當你看到第一季的印刷品時，它會相當低，這會波及到我們的業務。

So what's different?

那麼有什麼不同呢？

Why in addition to the group and the reversal of the Easter effect, why do I feel like 3% to 5% is reasonable for the full year and for Q2?

為什麼除了群體和復活節效應的逆轉之外，為什麼我覺得全年和第二季 3% 到 5% 是合理的？

It's because I sort of told you, and I say it to our guys, is the great thaw is on.

這是因為我告訴過你，我對我們的人說，大解凍正在進行中。

Meaning, the world is not -- make no mistake, I'm not trying to be a Pollyanna -- the world is not -- there are things going on in the world that aren't great, but relative to what we saw at the end of last year and the first couple months of this year, there's a heck of a lot more stability.

意思是，這個世界不是——毫無疑問，我並不是想成為一個盲目樂觀的人——這個世界不是——世界上正在發生的事情並不好，但相對於我們所看到的去年年底和今年前幾個月，穩定性高很多。

The equity markets are obviously have come back, valuations, not just in our industry but broadly, have come back.

股票市場顯然已經回來了，估值不僅在我們的行業而且在廣泛範圍內都已經回來了。

And I would say there's an air about of stability.

我想說的是，這裡有一種穩定的氣氛。

And that ultimately, I think, translates into more economic growth.

我認為，這最終會轉化為更多的經濟成長。

Certainly to get to a 2% sort of consensus for GDP off of what I think will be very low numbers in the first quarter, it anticipates Q2 through Q4 being a lot better.

當然，為了在第一季 GDP 成長 2% 的情況下達成共識，我認為第一季的數字將非常低，預計第二季到第四季會好得多。

That is what we believe will happen, all things being equal.

在所有條件相同的情況下，這就是我們相信將會發生的事情。

Meaning that the stability that exists today, or relative to stability, continues.

這意味著今天存在的穩定或相對於穩定的穩定仍在繼續。

Do we have any sight lines into that?

我們對此有什麼看法嗎？

Some.

一些。

I talked about group, which continues not only to be good in terms of position, but pace is good.

我談到了小組，他們不僅在位置上保持良好，而且節奏也很好。

So we see the first quarter pace of group bookings for the rest of the year have been very healthy of late.

因此，我們看到今年剩餘時間的團體預訂第一季的成長速度最近非常健康。

April feels pretty darn good.

四月的感覺真好。

Okay?

好的？

And is certainly relative to what we experienced in the first quarter.

當然，這與我們第一季的經驗有關。

And why is it better in April?

為什麼四月更好？

Because corporate business is coming back now.

因為企業業務現在正在恢復。

That's not a huge data set, admittedly.

誠然，這不是一個巨大的數據集。

You're looking at not even a full month of data but there is the beginning, in my mind, of a trend.

你看到的甚至不是一整個月的數據，但在我看來，趨勢已經開始。

So that's a long worded way of saying that if you think that you're going to get to a broader growth number of the -- that is around consensus, if by definition means that you are going to see some better things happening in the business.

因此，這是一種冗長的說法，如果你認為你將獲得更廣泛的成長數字，那就是共識，如果根據定義意味著你將看到業務中發生一些更好的事情。

Now, obviously 3% to 5% growth is not -- I'm not -- we're not suggesting we're going back to 2014 type transient growth numbers or the first half of last year.

現在，顯然 3% 到 5% 的成長不是——我不是——我們並不建議我們回到 2014 年類型的短暫成長數字或去年上半年。

It's obviously -- the growth is somewhat more tempered than that.

顯然，成長速度比這要溫和一些。

But we do believe, again, all things being equal for these three primary reasons, that you are going to see performance in Q2 through Q4 that is superior to Q1 performance.

但我們再次相信，在所有條件相同的情況下，由於這三個主要原因，您將看到第二季到第四季的表現優於第一季的表現。

As it relates to the high end, that's why we gave you a range.

由於它與高端相關，因此我們為您提供了一個範圍。

So you would have to believe -- I agree -- you would have to believe that broader economic growth is meaningfully above consensus to get that.

因此，你必須相信——我同意——你必須相信更廣泛的經濟成長明顯高於共識才能實現這一目標。

But that's why we give a range.

但這就是我們給出一個範圍的原因。

We assume that we are forecasting somewhere in the midpoint of our range.

我們假設我們的預測位於範圍的中點。

And we've given you a range of outcomes if the economy and broader growth is lower or higher.

如果經濟和更廣泛的成長較低或較高，我們會為您提供一系列結果。

Appreciate the insights.

欣賞這些見解。

Thanks.

謝謝。

The next question will come from Steven Kent of Goldman Sachs.

下一個問題將由高盛的史蒂文·肯特提出。

Please go ahead.

請繼續。

Hi.

你好。

Good morning.

早安.

Good morning, Steve.

早安，史蒂夫。

Two questions.

兩個問題。

First is, the $9 million in costs that were incurred from the spin-offs in the first quarter 2016, how much should we start to put into our models for the remainder of the year -- just general numbers?

首先是，2016 年第一季分拆產生的 900 萬美元成本，我們應該在今年剩餘時間開始在模型中投入多少——只是一般數字？

I know they're extraordinary, but I just want to have some sense for what that's going to look like.

我知道它們很非凡，但我只是想知道它們會是什麼樣子。

And then separately, you continue to show very strong margin growth.

然後，單獨來看，您繼續表現出非常強勁的利潤成長。

I just want to understand the balance, the shift towards asset light, more franchising, more management, versus the opportunity to reduce expense structure at the owned hotels.

我只是想了解平衡，向輕資產、更多特許經營、更多管理的轉變，以及減少自營酒店費用結構的機會。

And what initiative do you have on both sides of those to improve the margin?

你們雙方有什麼措施來提高利潤？

Yes.

是的。

Thanks, Steve, for both.

謝謝史蒂夫。

On the first, unfortunately, I'm not going to satisfy your need there.

首先，不幸的是，我不會滿足你的需求。

We're going to have a lot of information that we're going to -- we're just around the bend from filing the Form-10 that will give you a much better sense of what we think and supplemental information, ultimately, that will give you a much better sense of the costs.

我們將獲得大量資訊——我們即將提交 Form-10，這將使您更好地了解我們的想法和補充信息，最終，會讓您更好地了解成本。

So if you could just wait a teeny amount of additional time, I think we'll give you some clarity on that.

因此，如果您可以再等待一點時間，我想我們會給您一些澄清。

We'd rather do it in a more complete way as we give disclosures on both Companies.

當我們揭露兩家公司的資訊時，我們寧願以更完整的方式進行揭露。

On the margin side, obviously, yes, we're growing margins in all three businesses.

在利潤方面，顯然，是的，我們所有三項業務的利潤率都在成長。

Going forward, all three of those businesses as we get to the spins are going to be doing that as independent companies.

展望未來，當我們開始運作時，所有這三個業務都將作為獨立公司進行。

One of the things I talk about here is -- and I understand why the market seems to be exceptionally focused on top line.

我在這裡談論的一件事是——我理解為什麼市場似乎特別關注營收。

Everything is about top line.

一切都與頂線有關。

We don't get a lot of questions on margins in bottom line.

我們沒有收到很多關於利潤率的問題。

So I appreciate it because we're running a very big global complex business.

所以我很感激，因為我們正在經營一個非常龐大的全球複雜事業。

And it starts at the top line but driving costs and margins to get it to the bottom line, which I think, frankly, we've done quit an effective job of, not just in this quarter but for years and years while we've been public and while we've been private, I honestly don't think gets sort of enough attention or discussion.

它從頂線開始，但會推動成本和利潤，以達到底線，坦率地說，我認為我們已經放棄了一項有效的工作，不僅在本季度，而且多年來，我們一直在努力做到這一點。

Probably in the limits of time on this call, it would be hard to go into all of those initiatives.

可能由於本次電話會議的時間有限，很難詳細討論所有這些舉措。

Part of the margin growth is obviously coming from the really industry-leading growth that we're getting on the new unit side and continuing to see all of the new units coming in and the management franchise segment where essentially those are 100% margin business additions.

利潤成長的一部分顯然來自於我們在新部門方面獲得的真正行業領先的增長，並且繼續看到所有新部門的進來以及管理特許經營部門，這些部門基本上是 100% 利潤率業務的增加。

But on the timeshare side, as you'll see as we break that business apart and you see it in the Form-10, we have done a tremendous amount of work there to drive what I believe are industry leading margins by just being much more efficient on how we sell and distribute the product.

但在分時度假方面，正如您將看到的那樣，當我們將該業務拆分並在Form-10 中看到時，我們已經做了大量的工作，以通過更多的努力來推動我認為業界領先的利潤率高效地銷售和分銷產品。

And then inside the hotels we have hundreds of initiatives that are going on all the time on the labor side, labor management side, making sure we're driving efficiency in every way possible on procurement, et cetera.

在飯店內部，我們在勞工方面、勞工管理方面一直在進行數百項舉措，確保我們在採購等方面以各種可能的方式提高效率。

So there's a constant evolving but long list of things that we're doing in the hotels.

因此，我們在酒店所做的事情不斷演變，但清單很長。

I think it's fair to say we are exceptionally focused, not just on driving top line, but costs.

我認為可以公平地說，我們不僅非常關注提高營收，而且還關注成本。

And ultimately we're running the whole business and trying to drive margins as high as we can to get as much EBITDA to the bottom line as possible.

最終，我們將經營整個業務，並努力提高利潤率，以實現盡可能多的 EBITDA。

Okay.

好的。

Thanks.

謝謝。

The next question will come from Harry Curtis of Nomura.

下一個問題將由野村證券的哈里·柯蒂斯提出。

Please go ahead.

請繼續。

Hello.

你好。

Good morning.

早安.

Good morning, Harry.

早安，哈利。

I was -- I've been getting a reasonable number of questions on the topic of the Marriott Starwood merger and its potential impact on Hilton and whether or not it puts you at a competitive disadvantage.

我收到了相當多的問題，涉及萬豪喜達屋合併及其對希爾頓的潛在影響，以及它是否會使您處於競爭劣勢。

So I wonder if you could take a minute and give us your thoughts on where that -- where or what circumstances that might be right and then where it misses the mark?

所以我想知道您是否可以花一點時間告訴我們您的想法，即在哪裡或什麼情況下可能是正確的，然後在哪裡沒有達到目標？

Well I'm happy to answer it in some ways.

嗯，我很高興以某些方式回答這個問題。

I don't want to get snarky about what our competitors are doing.

我不想對我們的競爭對手的所作所為進行尖刻。

I think the way to think about it is that we have chosen a path of proactively -- which is a different path than others, including them, have taken.

我認為思考這個問題的方法是，我們選擇了一條積極主動的道路——這與包括他們在內的其他人所採取的道路不同。

And that started with the fact that we did not get involved in the process of -- when Starwood last summer put themselves in play.

這是因為我們沒有參與去年夏天喜達屋參與其中的過程。

And that was related to the fact that as we looked at it, and we looked at what our opportunity was, we were very focused on having purebred brands that were market segment leaders in their individual segments, or category killers, and that each of our individual existing brands we wanted to be described that way.

這與這樣一個事實有關：當我們審視這個問題時，我們審視了我們的機會是什麼，我們非常注重擁有純種品牌，這些品牌是各自細分市場的細分市場領導者或類別殺手，並且我們的每個品牌我們都希望以這種方式描述各個現有品牌。

And any individual brand that we might add to the system, and we obviously have had a number, we wanted to fall in that category.

我們可能會添加到系統中的任何單一品牌，而我們顯然已經有一個數字，我們希望屬於該類別。

And as a result, to drive the highest market share by brand, the highest average market share, which ultimately we thought and think will drive -- as a result of resonating with customers -- will drive the highest organic growth.

因此，為了推動品牌的最高市場份額，最高的平均市場份額，最終我們認為和認為將推動的——作為與客戶共鳴的結果——將推動最高的有機成長。

And we chose not to want to have the distractions that would come with doing something like that.

我們選擇不想因為做這樣的事情而分心。

And I think if you look at our numbers and what we're driving in terms of organic growth, as I said in my prepared comments, we've been leading the industry for the last several years.

我認為，如果你看看我們的數字以及我們在有機成長方面所推動的內容，正如我在準備好的評論中所說，我們在過去幾年中一直處於行業領先地位。

I think we'll continue to lead the industry.

我認為我們將繼續引領業界。

And I think what we're focused on is making sure that every brand we have really resonates with customers and with owners and that we continue to drive that growth.

我認為我們的重點是確保我們擁有的每個品牌真正與客戶和所有者產生共鳴，並繼續推動這種成長。

And I think that's sort of the story.

我認為這就是故事的一部分。

In terms of scale, I said it in my comments.

至於規模，我在評論中已經說過了。

We are in a business where scale matters.

我們所處的行業規模至關重要。

We think we have enough scale.

我們認為我們有足夠的規模。

I think my attitude, our attitude, at this point, when you have existing system and pipeline that's 1.1 million rooms, we're big enough.

我認為我的態度，我們的態度，在這一點上，當你擁有 110 萬個房間的現有系統和管道時，我們已經足夠大了。

And we're in the game of quality at this size as opposed to quantity.

我們在這個規模上玩的是品質而不是數量。

And our next question will come from Vince Ciepiel of Cleveland Research.

我們的下一個問題將來自克利夫蘭研究中心的文斯·西皮爾。

Please go ahead.

請繼續。

Hi.

你好。

I was wondering if you could comment a little bit more on supply growth.

我想知道您是否可以對供應增長發表更多評論。

It seems like your pipeline continues to act nicely.

您的管道似乎繼續表現良好。

Could you comment on what product specifically you think are adding to that?

您能否具體評論一下您認為要添加哪些產品？

And then also, could you maybe speak to -- as you think about supply growth over the next couple of years -- any natural suppressors that you're starting to see come into place that could put a ceiling on supply growth?

然後，當您考慮未來幾年的供應成長時，您是否可以談談您開始看到的任何自然抑制因素，這些因素可能會限制供應成長？

Yes.

是的。

First, thanks for the question and an important one as well.

首先，感謝您提出這個問題，這也是一個重要的問題。

I think there already is a natural ceiling on supply growth.

我認為供應成長已經存在一個自然上限。

It is creeping up a little bit, but it's still below long-term averages and I suspect will be lower than people think as it has been the last couple of years when the year is out.

它正在緩慢上升，但仍低於長期平均水平，而且我懷疑會低於人們想像的水平，因為過去幾年的情況在今年結束時是這樣的。

It's going to be somewhere in my mind between 1.5% to 1.75% against a 2.5% long-term average.

在我看來，相對於 2.5% 的長期平均水平，它會在 1.5% 到 1.75% 之間。

So I think very much in check.

所以我認為非常需要檢查。

And I think the reason that it's in check is really simple.

我認為它受到檢查的原因非常簡單。

And that is while there's capital available, it's limited amounts of capital.

也就是說，雖然有可用資本，但資本數量有限。

And the basic economics only support a certain amount of development.

而基礎經濟學只支持一定程度的發展。

And largely what you would find is that is in the limited service space.

您會發現，這很大程度上是在有限的服務空間內。

We happen to have, in my mind, the best limited service brands out there.

在我看來，我們剛好擁有最好的限量服務品牌。

So from the standpoint of what we're seeing product-wise, it's all as described, or a little bit as described, in my prepared comments.

因此，從我們所看到的產品角度來看，一切都如我準備的評論中所描述的那樣，或者有點像所描述的那樣。

Now, Tru with our new brand, Home2, Homewood, Hilton Garden Inn, Hampton, that's the large majority certainly in the US of what we see getting done largely in secondary and tertiary marks.

現在，Tru 憑藉我們的新品牌 Home2、Homewood、Hilton Garden Inn、Hampton，這無疑是美國的絕大多數，我們看到的主要是二級和三級品牌。

Why is that getting done?

為什麼要這樣做？

Two reasons.

有兩個原因。

That's where the economics make sense, where demand growth is heavy enough where pricing structures and cost-to-build makes sense so owners can get the economics.

這就是經濟學有意義的地方，需求成長夠大，定價結構和建造成本有意義的地方，讓業主可以獲得經濟效益。

And why are we getting disproportionately 2.5 times our existing system size in the US?

為什麼我們的系統規模是美國現有系統規模的 2.5 倍？

There's a simple reason.

原因很簡單。

Our brands are strong enough, market share is strong enough, that while there is limited financing, we are getting a disproportionate amount of that financing.

我們的品牌足夠強大，市場份額足夠強大，儘管融資有限，但我們獲得的融資金額不成比例。

So I've said it before.

所以我之前已經說過了。

We're sort of in a sweet spot for us, which is there are some pretty decent natural constraints on supply but yet we're getting a disproportionate share of what's available to get done because we're most -- we're one of the most financeable and we're driving the best economics for owners so they want to continue to invest with us.

我們處於一個最佳位置，即供應方面存在一些相當不錯的自然限制，但我們在可完成的工作中所佔的份額不成比例，因為我們是最——我們是其中之一最具融資性，我們正在為業主帶來最好的經濟效益，因此他們希望繼續與我們一起投資。

Great.

偉大的。

Thanks.

謝謝。

And then maybe another big picture question.

然後也許是另一個大問題。

I think that you mentioned that you guys expect occupancy to swing positive for the year.

我想您提到過，預計今年的入住率將呈正值。

If you look in the quarter you have occupancy slightly down and somewhat more modest rate growth.

如果您觀察本季度，您會發現入住率略有下降，成長率也較為溫和。

When you think back over historical cycles and kind of where we are with a hotel that's relatively full, do you need occupancy to swing positive for rates that accelerate from the first quarter level?

當您回顧歷史週期以及我們相對滿員的酒店所處的位置時，您是否需要入住率向正值轉變，以從第一季的水平開始加速？

Or is it something else that could cause a rate to accelerate, maybe confidence or something like that?

還是有其他因素可能導致利率加速，例如信心或類似的因素？

No, I don't think you need occupancy.

不，我認為你不需要入住。

I think you are going to see the vast majority of RevPAR growth in the industry and certainly for us be rate at this point.

我認為您將看到該行業絕大多數的 RevPAR 成長，當然對我們來說此時也是如此。

And that's what you would expect at this point.

這就是您此時所期望的。

We've been saying that that this would come for the last couple of years.

過去幾年我們一直在說這將會發生。

I think the reason we think -- first of all, first quarter, if you just neutralize for the Easter effect, would have been positive -- slightly positive occupancy growth.

我認為我們認為的原因 - 首先，如果你抵消復活節效應，第一季的入住率增長將是積極的 - 略有積極的增長。

So I think it's just the reversal of that, a much stronger group base and some basic pickup off of very weak corporate transient demand, as I described in my first answer, that's going to drive some modest occupancy growth.

因此，我認為這只是情況的逆轉，正如我在第一個答案中所描述的那樣，更強大的集團基礎以及非常疲弱的企業臨時需求的一些基本回升，這將推動入住率的適度增長。

I don't think it is going to be big time occupancy growth.

我認為入住率不會大幅增加。

I think it's just the sort of reversal of some of those -- of those three trends that drive more volume in the last three quarters of the year.

我認為這只是其中一些趨勢的逆轉——這三個趨勢在今年最後三個季度推動了銷量的成長。

Great.

偉大的。

Thank you.

謝謝。

The next question will come from Rich Hightower of Evercore ISI.

下一個問題將來自 Evercore ISI 的 Rich Hightower。

Please go ahead.

請繼續。

Good morning, everyone.

大家，早安。

One quick question on the Hilton flagship brand that I noticed -- just scanning the room count.

我注意到一個關於希爾頓旗艦品牌的快速問題——只需掃描房間數量。

It does look like the brand lost a handful of managed hotels in every region except for Asia Pac.

看起來該品牌確實在除亞太地區以外的每個地區都失去了少數管理酒店。

But then there looks to be basically a one for one offset in the franchised segment.

但特許經營領域似乎基本上是一對一的抵消。

Is that -- can we assume those are basically the same hotels just converting to franchise agreements?

那是——我們可以假設這些酒店基本上是相同的酒店，只是轉換為特許經營協議嗎？

And then is that a trend that we should expect to continue?

那麼我們應該期待這種趨勢持續下去嗎？

I don't think it's a major trend.

我不認為這是一個主要趨勢。

I think it was one portfolio that we have in the UK in some of our leased estate that as we were restructuring some of that relationship, we flipped from managed to franchised.

我認為這是我們在英國的一些租賃房產中的一個投資組合，當我們重組部分關係時，我們從託管轉向特許經營。

So I don't see it as a big trend.

所以我不認為這是一個大趨勢。

I think it was fairly unique to that transaction.

我認為這對於該交易來說是相當獨特的。

Okay.

好的。

That's helpful, Chris.

這很有幫助，克里斯。

And then one quick follow-up just on the outlook for energy markets.

然後是關於能源市場前景的快速跟進。

It does seem like the outlook for Houston and some other places might be incrementally better over the next 12 months to 18 months, given what may appear to be a bottoming in oil prices.

鑑於油價可能已觸底，休士頓和其他一些地方的前景在未來 12 個月至 18 個月內可能會逐漸改善。

Are you actually seeing any fundamental acceleration in demand in those markets?

您是否確實看到這些市場的需求出現根本加速？

Or is it just a function of easy comps going forward?

或者這只是未來簡單比賽的功能？

Not yet.

還沒有。

Not yet.

還沒有。

I think you've got -- I think you have two opportunities there.

我認為你有——我認為你有兩個機會。

One, the comps get much, much easier really in third and fourth quarter.

第一，第三季和第四季的比賽確實變得更加容易。

If you look at the dive in those marks last year -- first quarter not so much, second quarter, it started, third and fourth quarter was in full swing.

如果你看看去年這些指標的跳水——第一季沒有那麼多，第二季開始了，第三季和第四季正如火如荼地進行。

So you are going to get much easier comps in those markets in Q3 and Q4.

因此，在第三季度和第四季度，您將在這些市場中獲得更容易的補償。

And I -- you have to believe -- although I will say, we're not -- we haven't seen it yet that with oil prices off the bottom and moving back up, it will provide a little bit more of a stability on the demand side in those markets.

我——你必須相信——雖然我會說，我們還沒有——我們還沒有看到，隨著油價觸底回升，它將提供更多的穩定性在這些市場的需求方面。

But we'll have to wait and see that happen.

但我們必須拭目以待。

Great.

偉大的。

Thanks.

謝謝。

The next question will come from Joe Greff of JPMorgan.

下一個問題將由摩根大通的喬·格雷夫提出。

Please go ahead.

請繼續。

Hi, guys.

嗨，大家好。

Good morning.

早安.

I have a question for you guys on your full-year 2016 guidance.

我有一個關於 2016 年全年指導的問題想問你們。

And I will preface it with this -- when I look back at the Q1 results, you hit the lower end of the range for RevPAR growth guidance, yet you were above the higher end of the EBITDA range, or above the higher end of the EBITDA range.

我將以此作為序言——當我回顧第一季的業績時，您達到了 RevPAR 成長指引範圍的下限，但您卻高於 EBITDA 範圍的高端，或高於 EBITDA 範圍的高端。攤銷前利潤(EBITDA) 範圍。

So when I look at the full year guidance for 2016 at the lower end to the higher end of RevPAR growth, does that correspond exactly to the lower and higher end of EBITDA growth -- i.e., if you hit the middle of the road in terms of RevPAR growth, are you something a little bit north of middle of the road for EBITDA growth?

因此，當我查看 2016 年全年指導時，RevPAR 增長的低端到高端，這是否與 EBITDA 增長的低端和高端完全對應 - 即，如果您在以下方面達到了中間值就RevPAR 增長而言，您的EBITDA 成長是否有點偏北？

That's a very fair question, Joe, given first quarter.

喬，鑑於第一季的情況，這是一個非常公平的問題。

And if we've done our job, those should match up.

如果我們完成了我們的工作，那麼這些應該是匹配的。

In the first quarter they didn't match up exactly.

第一節他們的配合並不完全一致。

In part, really to do with timing on some of the timeshare stuff that moved $10 million or $12 million from one quarter to the next.

在某種程度上，這實際上與一些分時度假項目的時機有關，這些項目從一個季度到下一個季度轉移了 1000 萬或 1200 萬美元。

It would have otherwise been generally lined up.

否則它通常會排隊。

So, yes, our guidance on both EBITDA and RevPAR were intending to match up between low and high end.

所以，是的，我們對 EBITDA 和 RevPAR 的指導是為了在低端和高端之間進行匹配。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And then with respect, Chris, to your comments about April, and maybe I missed this, but did you actually talk about what April month-to-date RevPAR growth was?

克里斯，尊敬的您對 4 月份的評論，也許我錯過了這一點，但您實際上談論過 4 月份迄今為止的 RevPAR 增長嗎？

And could you talk about it?

你能談談嗎？

I did not.

我沒有。

And I don't want to get into month-to-month too much, but here's what I would say.

我不想過多地談論每月的情況，但這就是我想說的。

I would say relative -- April is trending sort of at or a little bit above the midpoint of our guidance for the quarter.

我想說的是，四月份的趨勢是處於或略高於我們本季指導的中點。

So a lot better than Q1.

所以比 Q1 好很多。

And in the places that you would want to see it -- good group base but also corporate business coming back.

在你希望看到的地方——良好的集團基礎以及企業業務的回歸。

Good enough.

夠好了。

Thank you.

謝謝。

And the next question will be from Shawn Kelley of Bank of America Merrill Lynch.

下一個問題將由美銀美林的肖恩凱利提出。

Please go ahead.

請繼續。

Hi.

你好。

Good morning, guys.

早上好傢伙。

Good morning.

早安.

Chris, in the prepared remarks you mentioned some -- a little bit about the Stop Clicking Around campaign and some of the success you had across the metrics.

克里斯，在準備好的演講中，您提到了一些關於停止點擊活動的一些內容，以及您在指標方面取得的一些成功。

That's something that I think we're likely to probably hear more about as time goes forward.

我認為隨著時間的推移，我們可能會聽到更多關於這一點的內容。

Could you give us a little perspective here?

您能給我們一些看法嗎？

Number one, how big is the direct booking channel for Hilton on their websites and apps relative to the OTA channel?

第一，希爾頓網站和應用程式上的直接預訂管道相對於 OTA 管道有多大？

And then secondarily, where does the benefit here accrue?

其次，這裡的好處來自哪裡？

Does it accrue to Hilton or is it really more of a pass-through to the owners but helps the brands in the long term?

它是為希爾頓帶來的收益，還是實際上更多地轉嫁到業主身上，但從長遠來看對品牌有幫助？

Well I think it helps everybody.

嗯，我認為這對每個人都有幫助。

I think -- here's the underpinning of it, Shawn, is that we're trying to deliver the best value and best experience for our customers.

我認為，肖恩，這就是我們正在努力為客戶提供最佳價值和最佳體驗的基礎。

And what Stop Clicking Around is really intended to do is, in a fairly loud way, admittedly, make it clear to customers where they're going to -- how they're going to have the best experience and where they're going to get the best value because I think not all customers really understand that.

誠然，「停止點擊」的真正目的是，以相當響亮的方式，讓客戶清楚他們要去哪裡——他們將如何獲得最佳體驗以及他們要去哪裡獲得最大的價值，因為我認為並不是所有的客戶都真正理解這一點。

Okay?

好的？

So we're trying to put an exclamation point on it.

所以我們試著在上面加上一個感嘆號。

And I think if you look at the stats, early days, but if you look at the stats in the first quarter, I think it reflects that customers are getting it and that so far we're having very good success.

我認為，如果你看看早期的統計數據，但如果你看看第一季的統計數據，我認為這反映出客戶正在了解這一點，並且到目前為止我們取得了非常好的成功。

But it's a long-term strategy.

但這是一個長期戰略。

And you definitely will hear more about it.

您肯定會聽到更多有關它的資訊。

In terms of what's the beneficiary of it, I think everybody benefits from it.

至於受益者是什麼，我認為每個人都從中受益。

In the end, I think the customers benefit because they are going to get a better experience and they are going to get a better value.

最後，我認為客戶受益，因為他們將獲得更好的體驗，他們將獲得更好的價值。

Clearly the system, all of our owners benefit because in the end it is a much more -- not only do their customers end up happier because it's a better experience and they get a better value, but they get that value at a lower cost because our direct channels are the most efficient way to distribute our product.

顯然，這個系統使我們所有的所有者受益，因為最終它帶來了更多的好處——他們的客戶不僅因為這是更好的體驗而更快樂，他們獲得了更好的價值，而且他們以更低的成本獲得了這種價值，因為我們的直接通路是分銷我們產品的最有效方式。

And so, yes, the largest benefit is really going to flow through to the system, meaning all of our owners.

所以，是的，最大的利益確實會流向系統，這意味著我們所有的所有者。

And we are obviously very serious about not only driving market share at the highest levels, as described in my prepared comments, to drive returns to owners and incremental growth for us, but driving the best bottom line possible.

正如我準備好的評論中所述，我們顯然非常認真地不僅要提高最高水準的市場份額，以推動所有者回報和我們的增量成長，而且要盡可能實現最佳利潤。

And the more that we can have a direct relationship with our customers, the more efficiently we can distribute our owners product -- our product and our owners product, the better their returns are going to be, the happier they're going to be, the more hotels they're going to build into the system.

我們與客戶的直接關係越多，我們就越能有效地分銷我們的產品——我們的產品和我們的產品，他們的回報就會越好，他們就會越快樂，他們要在系統中建造的酒店就越多。

In terms of percentages, I would say our direct channels are sort of a quarter of our business and growing at a very rapid pace.

就百分比而言，我想說我們的直接管道約占我們業務的四分之一，而且成長速度非常快。

The OTAs are plus or minus kind of 10% of our business.

OTA 占我們業務的正負 10%。

So our direct channels are significantly larger than those channels and, as I described in my prepared comments, growing at this point at a much faster pace.

因此，我們的直接管道比這些管道大得多，正如我在準備好的評論中所述，目前的成長速度要快得多。

And just to be clear, the direct channels are excluding property direct and call center, all that (inaudible - multiple speakers).

需要明確的是，直接管道不包括財產直接和呼叫中心等（聽不清楚 - 多個發言者）。

Correct.

正確的。

This is on-line.

這是在線的。

This is www.hilton.com and the app.

這是 www.hilton.com 和應用程式。

Mobile and on-line.

移動和在線。

And our next question will come from Wes Golladay of RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場的韋斯‧戈拉迪。

Please go ahead.

請繼續。

Hi.

你好。

Good morning, everyone.

大家，早安。

You mentioned that the -- everything froze in the first quarter.

你提到，第一季一切都凍結了。

You have easy comps in the second half.

下半場你的比賽很輕鬆。

I think a big concern is the decelerating industry demand.

我認為一個大問題是產業需求減速。

Would you expect a V-shaped recovery or a steep acceleration in industry demand in the second half?

您預計下半年產業需求會出現V型復甦還是急劇加速？

That's hard to say.

這很難說。

I think you are going to see an acceleration in demand unless something else goes wrong.

我認為除非有其他問題，否則您將會看到需求的加速。

I think we're already starting to see the early signs of that.

我認為我們已經開始看到這種情況的早期跡象。

How to describe it as a V or -- yes, I don't know.

如何將其描述為 V 形或——是的，我不知道。

I would probably describe it as a U -- a long U.

我可能會把它描述為一個U——一個長U。

Again, I wasn't trying to suggest -- I think it's very positive.

再說一次，我並不是想提出建議——我認為這是非常積極的。

I think we see great telltale signs that it's happening.

我認為我們看到了明顯的跡象表明它正在發生。

I say to our guys here, common sense tells you it's going to happen because it wasn't just the beginning of this year.

我對我們這裡的人說，常識告訴你這將會發生，因為這不只是今年年初。

The end of last year we went into a deep freeze and we definitely have been witnessing a thawing across the broader economy.

去年年底，我們陷入了深度凍結，我們肯定見證了整個經濟的解凍。

That just has to ultimately drive incremental business.

這最終必須推動增量業務。

Exactly how much, it's hard to see.

具體是多少，很難看出。

That's why we've been, I think, tried to be quite reasonable in giving a range of outcomes that are not suggesting a big steep V-shaped recovery but a -- certainly a decent up tick from what we saw in Q4 on the corporate transient in Q1.

我認為，這就是為什麼我們一直試圖相當合理地給出一系列結果，這些結果並不表明出現大幅V 形復甦，而是——與我們在第四季度看到的企業數據相比，肯定是一個不錯的上漲。

Okay, thanks for taking the question.

好的，感謝您提出問題。

Yes.

是的。

Our next question will come from Patrick Scholes of SunTrust.

我們的下一個問題將來自 SunTrust 的帕特里克·斯科爾斯。

Please go ahead.

請繼續。

Hi.

你好。

Good morning.

早安.

Question for you on the performance of the Hampton Inn brand.

關於漢普頓酒店品牌表現的問題。

It definitely looked like it under-performed what I would have expected based on the Smythe Travel results for the quarter.

根據 Smythe Travel 本季的業績，它看起來確實沒有達到我的預期。

How do I -- and that's your largest brand by room count.

我該怎麼辦——以房間數計算，這是你們最大的品牌。

How do I reconcile that under-performance versus your commentary on gaining RevPAR index?

我如何協調業績不佳與您對獲得 RevPAR 指數的評論？

I don't know.

我不知道。

I would have to dig into it, Pat, to understand it more clearly.

帕特，我必須深入研究它，才能更清楚地理解它。

I don't -- there's nothing going on I, would say.

我不——我想說，什麼也沒發生。

I spend a lot of time with all of the brand heads on all of the brands.

我花了很多時間與所有品牌的所有品牌負責人打交道。

I can't say I've dissected the first quarter of Hampton, but there's not a broader issue.

我不能說我已經剖析了漢普頓的第一季度，但沒有更廣泛的問題。

And, in fact, Hampton did gain market share in the system.

事實上，漢普頓確實獲得了該系統的市場份額。

So it could have to do with -- the only thing I can guess is when you are looking at Smythe Travel data, we're a comp and Smythe Travel is non-comp.

所以這可能與——我唯一能猜測的是，當你查看 Smythe Travel 數據時，我們是一家公司，而 Smythe Travel 是非公司。

I'm not saying that's the answer.

我並不是說這就是答案。

I would have to dig into it.

我必須深入研究它。

If you think about where the new supply is coming in, it's in that segment.

如果您考慮新供應的來源，那就是該細分市場。

And so -- and those are all ramping up when they come in new.

所以——當它們有新的出現時，這些都在增加。

And it's a disproportionately large chunk of new supply.

而且它在新供應中所佔的比例不成比例。

My guess is that probably explains it.

我的猜測是這可能解釋了這一點。

But I'm happy to work with our team and dig in a little bit more.

但我很高興與我們的團隊合作並進行更多研究。

We did gain share on a comp basis in Hampton.

我們確實在漢普頓獲得了基於補償的份額。

Hampton is doing great.

漢普頓做得很好。

We're signing up owners.

我們正在與業主簽約。

I would say Hampton is one of the most successful brands and most desired brands that exists in the space with the ownership community.

我想說漢普頓是業主社區中最成功的品牌和最受追捧的品牌之一。

We did gain, Pat -- we did gain share in all brands in the first quarter.

我們確實獲得了成長，帕特——我們在第一季確實獲得了所有品牌的份額。

But it's just varying degrees of share gain that blended to the nearly 100 basis points that we mentioned.

但這只是不同程度的份額增益混合到我們提到的近 100 個基點。

As Chris mentioned, you have independents and then you have non-comp hotels in the STR data so you can get different answers on a quarter-to-quarter basis.

正如 Chris 提到的，STR 數據中有獨立酒店，也有非補償酒店，因此您可以按季度獲得不同的答案。

Okay.

好的。

Fair enough.

很公平。

Can I ask one last completely unrelated follow-up question?

我可以問最後一個完全不相關的後續問題嗎？

Sure.

當然。

And that's do you gentlemen care to take a stab at what you see RevPAR being for the months of May and June?

先生們，你們是否想看看 5 月和 6 月的 RevPAR 是多少？

I know you mentioned April already.

我知道你已經提到四月了。

Not really, no.

不完全是，不是。

I mean, I really don't want to get in the business of forecasting by the months.

我的意思是，我真的不想從事按月預測的業務。

I would give you a little color though just based on what we see.

我會給你一些顏色，但只是基於我們所看到的。

It's a fair question, by the way, Pat.

順便說一句，這是一個公平的問題，帕特。

I know you guys are looking for any forward-looking color.

我知道你們正在尋找任何前瞻性的顏色。

And I would too, so I think it's fair.

我也會，所以我認為這是公平的。

Rather than give you a number of what are -- exactly what our forecast is, what I would say is Q2 has a better group base.

我不會給你一些我們的預測，而是說第二季有更好的團隊基礎。

That group base is distributed overall more heavily in April and June than May.

整體而言，四月和六月的群體分佈比五月更集中。

We've seen, as I said, in April a nice uptick in the corporate business.

正如我所說，我們在四月看到了企業業務的良好成長。

Our sight lines into May and June, what we do have, suggests pretty decent trajectory on that basis if everything stays, as I said, sort of relatively stable in the world.

我們對五月和六月的展望，我們所擁有的，表明了在此基礎上相當不錯的軌跡，如果正如我所說，世界上一切都保持相對穩定的話。

And so I would expect that, again, we're sort of -- I said it earlier, we're kind of forecasting a range of 3% to 5%.

因此，我再次預計，我們的預測範圍是 3% 到 5%。

That means we're hoping to be somewhere around the midpoint.

這意味著我們希望達到中點附近的某個位置。

I think it will be distributed with April and June being stronger than May.

我認為四月和六月會比五月更強。

Just in part because of the group base being so much stronger in April and particularly June.

部分原因是四月份，尤其是六月，集團基礎更加強勁。

Okay.

好的。

Fair enough.

很公平。

Thank you.

謝謝。

The next question will come from Jeff Donnelly of Wells Fargo.

下一個問題將來自富國銀行的傑夫唐納利。

Please go ahead.

請繼續。

Good morning, guys.

早上好傢伙。

Concerning the spin, I'm just curious, do you expect the leased hotels are going to stay with the brand or can they go to the REIT?

關於旋轉，我只是很好奇，您預計租賃的酒店會留在該品牌還是可以進入房地產投資信託基金？

I guess in broad strokes, I know you can't be specific, how are you thinking the about the G&A load of the REIT?

我想從廣義上講，我知道您不能具體說明，您如何看待房地產投資信託基金的一般行政費用負擔？

I'm curious if you think you can be more efficient than say someone like [Host].

我很好奇你是否認為你可以比像[主持人]這樣的人更有效率。

(laughter) I would say we're going to give you Form-10s and you will know where everything goes.

（笑聲）我想說我們會給你 Form-10，你就會知道一切都在哪裡。

But the overarching theory is we're trying to make all these companies really great companies and set them up for success.

但總體理論是，我們正在努力使所有這些公司成為真正偉大的公司，並為它們的成功奠定基礎。

And so things that fit within the REIT you should assume are going to be in the REIT largely.

因此，您應該假設適合房地產投資信託基金的東西大部分都將在房地產投資信託基金中。

Things that don't would not.

沒有的事情就不會。

And so I think the sum and substance of the EBITDA related to leases will end up remaining in [opco], both because it doesn't fit within the REIT structure, really, because most of that is international.

因此，我認為與租賃相關的 EBITDA 總額和實質內容最終將保留在 [opco] 中，因為它不適合 REIT 結構，實際上，因為其中大部分是國際性的。

And importantly, in those parts of the world, that's how we have our tenure in those assets, many of which that drive the largest part of the EBIT are very important strategic assets.

重要的是，在世界這些地區，我們就是這樣擁有這些資產的，其中許多驅動息稅前利潤的最大部分是非常重要的戰略資產。

So they -- it makes sense for that to stay back in opco.

因此，他們留在 Opco 是有道理的。

It will -- even though they will be there, it will be -- and you'll see when we do all the disclosures -- it will be a relatively small component.

它將——即使它們會在那裡，它也會——而且當我們進行所有披露時你會看到——它將是一個相對較小的組成部分。

The bulk of all of the real estate ownership EBITDA will be moving out.

所有房地產所有權的大部分 EBITDA 將被遷出。

On the G&A side, we will give you more -- I'm not going to pick on others.

在一般行政費用方面，我們會給你更多——我不會挑剔別人。

We -- I think you can look at our G&A at Hilton and compare it to our competitors, and given my earlier comments about, we are very top line but also cost and bottom line focused.

我們——我認為你可以看看希爾頓的一般管理費用，並將其與我們的競爭對手進行比較，鑑於我之前的評論，我們非常注重營收，但也注重成本和利潤。

And we think we do a really good job running a tight ship.

我們認為我們在管理一艘嚴密的船方面做得非常好。

We are going to be as efficient as anybody out there.

我們將像其他人一樣有效率。

But let's leave it at that.

但我們就這樣吧。

And we'll give you more color on that, both the Form-10s and supplemental disclosures that will go along with that.

我們將為您提供更多信息，包括 Form-10 和隨之而來的補充披露。

Maybe just as a quick follow-up, in the wake of the Starwood deal, do you think there's room for more consolidation to happen in the industry or do you think that's a dead topic for the foreseeable future?

也許只是作為一個快速的後續行動，在喜達屋交易之後，您認為該行業是否還有進行更多整合的空間，或者您認為在可預見的未來這將是一個死話題？

In -- you're talking about in opco world.

在——你說的是在opco世界裡。

In opco world -- because given the number of people that seem to be pursuing Starwood.

在 opco 的世界裡——因為考慮到似乎有很多人在追求喜達屋。

I think you will continue to see more of it.

我想你會繼續看到更多。

There aren't tons of logical combinations when you really dig into it, but my view is you're at that stage of the cycle.

當你真正深入研究時，不會有大量的邏輯組合，但我的觀點是你正處於週期的那個階段。

I think people have figured out that scale matters.

我認為人們已經意識到規模很重要。

There's some that have it and some that don't.

有些有，有些沒有。

And I do think -- I'm not going to in any way suggest anybody is scrambling around because I don't see that.

我確實認為——我不會以任何方式暗示任何人都在四處亂竄，因為我沒有看到這一點。

But I do think people are taking deep breaths and saying, gee, are there things that we could do to try and get some of that scale?

但我確實認為人們會深呼吸並說，天哪，我們可以做些什麼來嘗試達到這樣的規模嗎？

Because I think there is something to this network effect that we've been articulating prior to and since the IPO.

因為我認為我們在首次公開募股之前和之後一直在闡明這種網路效應。

And I think proving out in both average market share of our brands and leading organic net unit growth.

我認為，我們品牌的平均市佔率和領先的有機淨單位成長都證明了這一點。

And I think when people look at that, look at what others have done with [Marwood], et cetera, I think it has to make them think.

我認為當人們看到這一點，看看其他人對[馬伍德]所做的事情等等時，我認為這必須讓他們思考。

Now what they do, I don't know.

現在他們在做什麼，我不知道。

Again, I just don't sense people scrambling around in a mad dash, but it would be surprising to me if you didn't continue to see some incremental M&A activity.

再說一次，我只是沒有感覺到人們瘋狂地爭先恐後，但如果你沒有繼續看到一些增量併購活動，我會感到驚訝。

Thanks.

謝謝。

Our next question will come from Robin Farley of UBS.

我們的下一個問題將來自瑞銀集團的羅賓法利。

Please go ahead.

請繼續。

Great, thanks.

萬分感謝。

I actually have two questions.

我其實有兩個問題。

I want to try and package it as one to meet your requirements.

我想嘗試將其打包為一個以滿足您的要求。

I'm wondering on Q1 in group, I think on your prior call you had actually said that in Q1 group was looking strong.

我想知道第一季的小組情況，我想在您之前的電話中您實際上已經說過第一季度的小組看起來很強大。

So I'm wondering if there was maybe a lot of cancellation of group during the quarter -- if you have any color on that?

所以我想知道本季是否有很多團體取消——您對此有什麼看法嗎？

With that let -- sorry, go ahead.

抱歉，請繼續。

Well go ahead.

好吧，繼續吧。

We'll let you answer two.

我們會讓你回答兩個。

So no.

所以不行。

In fact, what's interesting on group, I was going through the stats with the team over the last week or two, we're not -- not only are we not seeing any increases in cancel or attrition activity, it's gone down year-over-year.

事實上，團隊中有趣的是，我在過去一兩週內與團隊一起查看了統計數據，我們不僅沒有看到取消或自然減員活動有任何增加，而且逐年下降-年。

So a very good trend.

這是一個非常好的趨勢。

I was sort of surprised myself.

我自己也有點驚訝。

I assumed it would be stable, not that it would necessarily go up, but it's actually been going down.

我以為它會穩定，不一定會上漲，但實際上一直在下跌。

So I think we're mixing and matching comp sets unfortunately.

所以我認為不幸的是我們正在混合和匹配補償集。

And that's -- when I think we commented in the first quarter, I think we were really highlighting some of the bigger group assets.

那就是——當我認為我們在第一季發表評論時，我認為我們確實強調了一些更大的集團資產。

And what I thought -- what we were talking about today in terms of weakness in group and the group position was the whole system because I think everybody seems to be, and should be, really focused on our system-wide RevPAR growth in the first quarter and what we think for the system-wide at 3% to 5% for the full year.

我的想法是——我們今天所討論的集團弱點和集團地位是整個系統，因為我認為每個人似乎並且應該真正關注我們系統範圍內的 RevPAR 增長。 % 的預期。

So it's a little bit of a comp set thing.

所以這有點像是補償集的事情。

If you look the -- our big -- we call them our top 120 -- or you look at the big 6 assets, they did actually have a reasonably strong first quarter in group.

如果你看看——我們的大資產——我們稱它們為我們的前 120 名資產——或者你看看 6 大資產，他們實際上在第一季的表現相當強勁。

If you take it through the whole system, group revenues were up circa 1%.

如果你考察整個系統，你會發現集團收入成長了約 1%。

They were up -- depending on the bigger hotels, they were up 3% to 4%.

他們的房價上漲了——根據較大的酒店，房價上漲了 3% 到 4%。

Okay?

好的？

So I think that's the differential.

所以我認為這就是差異。

Okay.

好的。

That's helpful clarification.

這是很有幫助的澄清。

Thank you.

謝謝。

My other question then has to do with cancellation and rebooking, but this is not a question about group.

我的另一個問題與取消和重新預訂有關，但這不是關於團體的問題。

This is just kind of overall business.

這只是整體業務。

And a lot of this I think would be transient, both leisure and corporate maybe.

我認為其中很多都是短暫的，無論是休閒還是企業。

Are you seeing a change in pattern, an increase in consumers canceling and rebooking closer to the time of stay as rates come down a little bit?

您是否發現模式發生了變化，隨著房價略有下降，臨近入住時間取消和重新預訂的消費者有所增加？

It's something we've heard from others.

這是我們從其他人那裡聽到的。

And I'm just wondering if it's something you're seeing, too -- if there's any way to sort of quantify how that's changing.

我只是想知道你是否也看到了這種情況——是否有任何方法可以量化這種變化。

I know you had experimented with ways to create friction on that, which sounds like it's been difficult to do -- that the consumer is kind of resistant to non-refundable or cancellation fees.

我知道你已經嘗試過在這方面製造摩擦的方法，這聽起來很難做到——消費者對不可退款或取消費用有些抵觸。

So I'm just wondering if you could sort of talk about how much that cancel and re-book behavior maybe has increased versus last year -- that kind of thing.

所以我想知道您是否可以談論取消和重新預訂行為與去年相比可能增加了多少——諸如此類的事情。

I don't think we've seen a big increase year-over-year in that.

我認為我們在這方面並沒有看到同比大幅增長。

I think if you look at it over the last two or three years, we've seen a significant increase both by customer -- because of customer behavior -- but also technologies and apps that have come out that have accelerated the behavior.

我認為，如果你看看過去兩三年，我們會看到客戶的顯著成長——因為客戶的行為——而且也看到了加速這種行為的技術和應用程式的出現。

We did do it -- and so yes, like others, we have seen that trend.

我們確實做到了——所以，是的，像其他人一樣，我們已經看到了這種趨勢。

It's more prevalent in certain major markets around the country.

它在全國某些主要市場更為普遍。

It is not as prevalent throughout the system.

它在整個系統中並不普遍。

We do think it's an important issue.

我們確實認為這是一個重要問題。

We are working hard on it.

我們正在為此努力。

We did do the test, as I mentioned I think on one of the last couple of calls, not necessarily because that's what exactly we want to do, but we wanted to get a sense of how customers responded to it.

正如我在最後幾次通話中提到的，我們確實進行了測試，不一定是因為這正是我們想要做的，但我們想了解客戶對此有何反應。

We're working on a bunch of different approaches to it.

我們正在研究一系列不同的方法。

And the trick here is to do something that makes sense for customers, or that's what we're in the of business doing is serving customers.

這裡的技巧是做一些對客戶有意義的事情，或者說我們所做的就是為客戶服務。

But is also thoughtful relative to how we manage the inventory for ourselves and all of our owners.

但對於我們如何為自己和所有所有者管理庫存也考慮得很周到。

We're one of the very few businesses I can think of that ties up basically all of its inventory with no downside risk.

我們是我能想到的極少數基本上佔用所有庫存而沒有下行風險的企業之一。

And that, particularly in today's world with new technologies and these kinds of behaviors, that has a cost to it.

尤其是在當今世界，新技術和此類行為不斷湧現，這是有代價的。

Now that cost ultimately is going to be borne, at some point, by the consumer.

現在，在某種程度上，這項成本最終將由消費者承擔。

So while it may seem like it's good for them, it may ultimately not be so good.

因此，雖然這看起來對他們有好處，但最終可能並不是那麼好。

So we're -- I don't have the answer yet.

所以我們——我還沒有答案。

We're doing -- we have all of our, as I say, we've got all of our scientists working on it.

我們正在做——正如我所說，我們所有的科學家都在為此努力。

And we're trying to figure out, as probably a little bit later this year, how do we come up with a way to price our products in a way that customers understand it?

我們正試圖弄清楚，可能是在今年晚些時候，我們如何想出一種以客戶理解的方式為我們的產品定價的方法？

It works for them for the various things that needs that they may have, but it's a more sensible way to manage inventory.

它適用於他們可能需要的各種物品，但這是管理庫存的更明智的方式。

And we're making some progress on it.

我們正在這方面取得一些進展。

Nothing to announce.

沒什麼好宣布的。

Nothing to scare consumers about.

沒有什麼好嚇到消費者的。

We're not going to do dumb things relative to -- that don't make sense for consumers.

我們不會做對消費者來說沒有意義的愚蠢事。

But we may -- there are, like other businesses, there are ways to be able to look at pricing for those that need more or less flexibility and to create different sorts of pricing structures.

但我們可能—像其他企業一樣，有許多方法可以為那些需要或多或少彈性的企業制定定價，並創建不同類型的定價結構。

So we'll give you more when we have it.

所以當我們有的時候我們會給你更多。

We're very focused on it because I think it's in everybody's interest -- customers and owners and the system.

我們非常關注它，因為我認為這符合每個人的利益——客戶、所有者和系統。

Okay, great.

好的，太好了。

Thank you very much.

非常感謝。

And your next question will come from David Loeb of Baird.

您的下一個問題將來自貝爾德 (Baird) 的大衛·勒布 (David Loeb)。

Please go ahead.

請繼續。

I promise, only one question, even if it does (inaudible - laughter) Chris, the pace of signings has been torrid, but while openings have been strong, they've been a bit slower than signings.

我保證，只有一個問題，即使確實如此（聽不見 - 笑聲）克里斯，簽約的步伐一直很激烈，但儘管空缺很強勁，但他們比簽約要慢一些。

Are you seeing any issues that are slowing openings like economic issues, financing challenges, construction costs?

您是否發現任何導致開業放緩的問題，例如經濟問題、融資挑戰、建築成本？

And when do you see the pace of openings accelerating meaningfully?

什麼時候會看到開業步伐明顯加快？

Yes, I mean, not anything dramatic.

是的，我的意思是，沒有什麼戲劇性的事情。

There are parts of the world, China being the best example, where you have seen as they over the last year or two have sort of been evolving their economy and shifting to more of a services versus an infrastructure-based economy, you have definitely seen a slowdown there relative and a lengthening of development period between signings and opening.

世界上有些地方，中國是最好的例子，你已經看到，他們在過去一兩年裡一直在發展經濟，轉向更多的服務業而不是基礎設施經濟，你肯定已經看到了相對放緩，以及簽約和開業之間的發展期延長。

But there's nowhere else in the world -- maybe a little bit in Europe as it's had -- as Europe has had its ups and downs.

但世界上沒有其他地方——也許歐洲也有一點——像歐洲一樣經歷過起起落落。

But broadly speaking, if I went and actually statistically looked at the time lines that we've had historically between signings and openings, they're following pretty normal patterns -- maybe outside of those, particularly China, but a little bit of Europe outside of those examples.

但總的來說，如果我去統計一下我們歷史上簽約和空缺之間的時間線，他們遵循相當正常的模式——也許在這些國家之外，特別是在中國，但在歐洲之外也有一些這些例子。

So I think so goes on a lag to the signings.

所以我認為簽約的時間會落後。

You can sort of prognosticate that the openings will pick up as the gestation period -- as you get through the gestation period for development.

你可以預測，當你度過發育的懷孕期時，這些開口將會隨著懷孕期的增加而增加。

So when do you see that curve really bending up -- the opening curve?

那麼你什麼時候看到那條曲線真正彎曲──開口曲線？

So when do you think we start seeing a substantial increase in openings?

那麼您認為我們什麼時候開始看到職缺大幅增加？

Given that we have doubled our net unit growth percentage at the same time we've been growing the Company since 2007 or 2008 by 50%, I think you've been seeing it.

鑑於我們的淨單位成長率翻了一番，同時我們自 2007 年或 2008 年以來公司規模成長了 50%，我想您已經看到了。

We've gone from sort of a low point of unit growth of 3% in 2010 to 6% to 7%.

我們的單位成長率已從 2010 年 3% 的低點下降到 6% 至 7%。

So we've doubled our growth rate.

所以我們的成長率翻了一番。

At the same time the Company has gotten 50% bigger.

同時，公司規模擴大了 50%。

So I would say you're seeing it, hopefully appreciating it.

所以我想說你正在看到它，希望能夠欣賞它。

We are.

我們是。

(laughter)

（笑聲）

Thank you.

謝謝。

The next question will come from Felicia Hendrix of Barclays.

下一個問題將來自巴克萊銀行的費利西亞·亨德里克斯。

Please go ahead.

請繼續。

Hi.

你好。

Thanks a lot.

多謝。

First, guys, I just wanted to congratulate you and Tom Baltimore.

首先，夥計們，我只想祝賀你們和湯姆·巴爾的摩。

We have a tremendous amount of respect for Tom and all he's done at RLJ.

我們非常尊重 Tom 以及他在 RLJ 所做的一切。

And we're assuming is he's going to do the same for Hilton REIT.

我們假設他也會為希爾頓房地產投資信託基金做同樣的事情。

So congratulations there.

恭喜你。

I am confident -- as I said in my comments, I've known Tom for 30 years.

我很有信心——正如我在評論中所說，我認識湯姆已經 30 年了。

Tom was not just on the list.

湯姆不僅在名單上。

Tom was the number one top person on our list.

湯姆是我們名單上排名第一的人。

And we couldn't be more pleased that he was willing to come provide the leadership of our new REIT.

我們非常高興他願意來領導我們的新房地產投資信託基金。

So it's an exciting day for all of us.

所以這對我們所有人來說都是激動人心的一天。

Well, that's just great.

嗯，那太好了。

I know you talked a lot around this, but I want to understand the impact of Easter a bit more.

我知道您對此談了很多，但我想更多地了解復活節的影響。

You definitely discussed your outlook for the improvement in April but how much of that April recovery that you're seeing has benefited from the Easter shift?

您確實討論了對 4 月份經濟改善的展望，但您所看到的 4 月份復甦有多少受益於復活節的轉變？

Some of it for sure.

其中一些是肯定的。

There's no question.

毫無疑問。

It would be hard, Felicia, for me to give you an exact number at this point.

費莉西亞，我現在很難給你一個確切的數字。

Maybe when we get through the month and we have -- we can scrub all the data we can.

也許當我們度過這個月後，我們就可以清理所有可以清理的資料。

There's no question the reverse impact is benefiting you.

毫無疑問，反向影響對你有利。

But there's also no question -- and I'm not trying to pound the table.

但這也是毫無疑問的——而且我並不是想敲桌子。

There's no question we're also seeing, broadly unrelated to that, a modest pickup in corporate transient business.

毫無疑問，我們也看到，與此大致無關的，企業臨時業務略有回升。

It's there.

在那。

I've been talking to a ton of corporate customers.

我一直在與大量的企業客戶交談。

The great thaw that I describe, it's going on.

我所描述的偉大解凍正在發生。

What I can't tell you is what is the result in terms of broader growth, exactly what is the shape of the uptick.

我無法告訴你的是更廣泛的成長的結果是什麼，以及上升的具體形式是什麼。

But I think all things being equal, meaning things stay in a relatively stable mode, it's just hard -- forgetting the Easter effect -- it's hard to apply common sense and not believe that you're going to see corporate transient pick up.

但我認為，在所有條件相同的情況下，這意味著事情保持在相對穩定的模式，這很難——忘記復活節效應——很難運用常識而不相信你會看到企業短暫的回升。

Okay.

好的。

That's helpful.

這很有幫助。

Thanks.

謝謝。

And just finally, Kevin, you didn't appear to prepay any debt in the quarter.

最後，凱文，您在本季似乎沒有預付任何債務。

I think did you that most of last year.

我想你去年大部分時間都是這麼做的。

So just wondering are you preserving cash for another purpose later this year such as share repurchases or is there any other reason behind that?

因此，我想知道您是否會在今年稍後為其他目的保留現金，例如股票回購，或者背後還有其他原因嗎？

Yes.

是的。

We have, Felicia, these two big transactions coming up that are -- that as Chris said earlier in response to Steve's question, have some expense associated with them.

費利西亞，我們即將進行這兩筆大型交易——正如克里斯早些時候在回答史蒂夫的問題時所說的那樣，它們會產生一些相關費用。

So that's it.

就是這樣了。

And also as I said in my prepared remarks, we fully expect to target the same credit rating and start a share repurchase program once we get the spins -- or ask our Board to start a share repurchase program once we get our spins complete.

正如我在準備好的演講中所說，我們完全希望在獲得旋轉後能夠達到相同的信用評級並啟動股票回購計劃，或者要求我們的董事會在完成旋轉後啟動股票回購計劃。

But we're really just saving our cash for the transactions at this point.

但此時我們實際上只是為交易節省現金。

Yes, we're hunkered down to get these things done.

是的，我們正在努力完成這些事情。

There's a lot of moving pieces, all of which are manageable.

有很多移動的部分，所有這些都是可以管理的。

But we want to get it done, create three pure play companies and we'll get back on it.

但我們希望完成它，創建三個純粹的公司，然後我們會回報它。

Completely makes sense.

完全有道理。

Thanks.

謝謝。

And the next question will come from Thomas Allen of Morgan Stanley.

下一個問題將由摩根士丹利的托馬斯艾倫提出。

Please go ahead.

請繼續。

Hi.

你好。

Good morning.

早安.

China RevPAR accelerated from 3% last quarter to 8% this quarter.

中國的 RevPAR 從上季的 3% 加速至本季的 8%。

Did that surprise you at all?

這讓你感到驚訝嗎？

And you didn't change your guidance for the year.

而且您沒有改變今年的指導。

So just trying to hear your latest thoughts.

所以只是想聽聽你的最新想法。

Thanks.

謝謝。

It did, honestly, surprise us to the up side a little bit.

老實說，它確實讓我們有點驚訝。

In talking to our China teams, which I talk to our team constantly around the world, they were a little bit surprised.

在與我們的中國團隊交談時（我經常與世界各地的團隊交談），他們有點驚訝。

And part of what's going on is part of the great thaw -- the reason for the great thaw is I think there is a little bit more stability in the Chinese economy.

正在發生的事情的一部分是大解凍的一部分——大解凍的原因是我認為中國經濟更加穩定了。

Certainly the world is starting to settle down on China.

當然，世界已經開始關注中國。

I think if you're in China, which our guys are, and operating and running business, I think it feels like things are, to our teams, more stable.

我認為，如果你在中國，就像我們的員工一樣，在中國經營和經營業務，我認為對我們的團隊來說，情況會更加穩定。

The business is showing up.

生意正在顯現。

And so, yes, we feel pretty good about what will happen for the year.

所以，是的，我們對今年將發生的事情感覺很好。

I'm not going to say we're being conservative.

我不會說我們保守。

It's not going to make a huge difference in the numbers if we're a little off given it's a relatively low percentage of our overall EBITDA.

考慮到它在我們整體 EBITDA 中所佔的比例相對較低，如果我們稍微偏離一點，那麼數字上不會產生巨大的差異。

But things are reasonably good, yes.

但事情還不錯，是的。

Surprised it's a little bit the up side.

令人驚訝的是，它有點上升。

Not so much so that we thought we should change our guidance at this point.

還沒有那麼多，以至於我們認為此時我們應該改變我們的指導。

Some of it driven by some particularly strong group bookings in some of the bigger hotels in China, but all good.

其中一些是由中國一些較大酒店的團體預訂量特別強勁推動的，但一切都很好。

It's nothing but good.

這沒什麼，但很好。

And we -- same thing on the development side.

我們在開發方面也做同樣的事情。

We shifted the strategy there appropriately a couple of years ago to more of the mid scale side of things.

幾年前，我們適當地將策略轉向了中型領域。

And we're continuing when others are not to accelerate both signings and, particularly, accelerate openings.

當其他人不加速簽約，特別是加速空缺時，我們仍在繼續。

I think we'll probably open 20% more rooms this year than we did last.

我想今年我們可能會比去年多開 20% 的房間。

And last year was I think the best year we've ever had in openings in China.

我認為去年是我們在中國開業以來最好的一年。

So China feels reasonably good.

所以中國感覺還不錯。

Great.

偉大的。

That's all I had.

這就是我所擁有的一切。

Thanks.

謝謝。

And the next question will come from Chad Beynon of Macquarie.

下一個問題將來自麥格理的查德·貝農。

Please go ahead.

請繼續。

Hi.

你好。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Just wanted to get a better understanding of what you are seeing in the first quarter and kind of going forward from a cost standpoint at your owned and managed properties with respect to labor, taxes, insurance, some of the inflationary things.

只是想更好地了解您在第一季所看到的情況，以及從您擁有和管理的財產的成本角度來看，在勞動力、稅收、保險和一些通貨膨脹方面的情況。

And kind of your outlook over the next 18 months on some of these important cost line items.

您對未來 18 個月的一些重要成本項目的展望。

Thanks.

謝謝。

Thanks, Chad.

謝謝，查德。

On an overall basis for the segment, we've seen cost per occupied room for the first quarter was still below 2%.

就該細分市場的整體而言，我們發現第一季每間客房的成本仍低於 2%。

So we've had pretty good cost containment there.

所以我們在那裡有很好的成本控制。

In the US hotels, we'll detail all this in the Form-10s and the like and how it breaks up, but a little bit higher.

在美國酒店，我們將在 Form-10 等中詳細介紹所有這些以及它如何分解，但要更高。

But we've been doing a good job of containing costs.

但我們在控製成本方面做得很好。

Even in wage and benefit environment, it's been pretty high growth across the nation.

即使在薪資和福利環境下，全國的成長也相當高。

Okay.

好的。

Thanks.

謝謝。

That's all for me.

這就是我的全部。

And the next question will be from David Katz of Telsey Group.

下一個問題將由 Telsey Group 的 David Katz 提出。

Please go ahead.

請繼續。

Hi.

你好。

Good morning.

早安.

So if you could -- I think you've sort of given some pretty positive context around the development landscape.

因此，如果可以的話，我認為您已經為發展前景提供了一些非常積極的背景。

Can you talk about the financing environment for hotels?

能談談飯店的融資環境嗎？

Which I think obviously is an important driver of new franchising deals, new management deals.

我認為這顯然是新的特許經營交易、新的管理交易的重要驅動力。

What are you seeing in terms of LTVs and the size of deal opportunities, et cetera, and directionally where you think that's headed?

您對生命週期價值和交易機會規模等有何看法，以及您認為未來的發展方向是什麼？

I'll let Kevin maybe give a little more specifics because he's more active day-to-day in working with our owners.

我會讓凱文提供更多細節，因為他在與我們的所有者的日常工作中更加積極。

But at a high level, I think it's been reasonably steady.

但在高水平上，我認為它相當穩定。

I think most of our stuff, if you use the US, because it's a big chunk of where the development is occurring, most of it is getting financed by local and regional banks where you have owner operators, some big, some small, that are financing with generally a decent chunk of equity, full recourse on the debt.

我認為我們的大部分東西，如果你使用美國的話，因為它是開發發生的很大一部分，其中大部分是由當地和區域銀行提供資金的，在那裡你有業主經營者，有些大，有些小，通常以相當大的股本和對債務的充分追索權進行融資。

It the way they do the business.

這就是他們做生意的方式。

And the local and regional banks have continued to be pretty stable.

地方和區域銀行仍然相當穩定。

The end of last year and very beginning of this year when all the world -- my description -- froze up, you were starting to see little telltale signs, certainly on Wall Street, of less capital available.

去年年底和今年年初，當整個世界——我的描述——凍結時，你開始看到一些明顯的跡象，尤其是在華爾街，可用資本減少。

I would say, my opinion, it didn't really trickle through to Main Street very much.

我想說的是，我認為，它並沒有真正滲透到主街。

And now with the world being stabilized with a whole bunch of our owners that are building these things -- a few weeks ago when I asked them, are you seeing any difference in your ability?

現在，隨著世界變得穩定，我們的一大群所有者正在建造這些東西——幾週前，當我問他們時，你們看到你們的能力有什麼不同嗎？

And they said, no, maybe a teeny bit more expensive, a little bit more equity, but after -- but no real difference in sort of the Main Street kind of lending environment, or nothing that they viewed as material.

他們說，不，也許價格會貴一點，股本會多一點，但之後——但在大街上的借貸環境上並沒有真正的區別，或者沒有什麼他們認為重要的區別。

The best -- the quality developers are still able to get it and still able to finance our stuff.

最好的——優質的開發商仍然能夠獲得它並且仍然能夠為我們的東西提供資金。

Kevin, I don't know if you want --

凱文，我不知道你是否願意——

I think that's a good way to describe it is the Wall Street versus Main Street.

我認為用“華爾街”與“大街”來描述它是一個很好的方式。

The Main Street side of it is where the lion's share of our development is getting done, especially in the US.

大街一側是我們大部分開發工作完成的地方，尤其是在美國。

On the Wall Street side of it, I think for existing cash flowing assets when you had the world freeze up the way Chris described it, CMBS in particular, spreads did gap out quite a bit.

在華爾街方面，我認為，對於現有的現金流資產，當世界像克里斯所描述的那樣凍結時，特別是 CMBS，利差確實出現了相當大的差距。

But those marks have restabilized and they're looking a lot stronger than they were.

但這些標記已經重新穩定下來，而且看起來比以前更強了。

But again, on the Main Street side of it, I think specific to your question about development, that is almost all local.

但同樣，在主街一側，我認為具體到你關於發展的問題，這幾乎都是本地的。

They're highly equitized.

他們是高度股權化的。

They're financed on a loan-to-cost basis.

他們的融資是基於貸款成本比的。

And it's just a little bit different environment than some of the things you've been hearing out of Wall Street.

這與你從華爾街聽到的一些事情相比，環境略有不同。

Got it.

知道了。

And if I can ask one more smaller question.

如果我可以問一個更小的問題。

And I recognize that it's a smaller piece of your business but, given the split, it's relevant.

我認識到這是您業務中較小的一部分，但考慮到拆分，它是相關的。

We did hear a timeshare competitor talk about default activity yesterday.

昨天我們確實聽到分時度假競爭對手談論預設活動。

And I wondered if you had any perspective on your timeshare business and whether there has been any change directionally or anything notable with respect to timeshare notes and your customers and your system.

我想知道您對分時度假業務是否有任何看法，以及在分時度假筆記、您的客戶和系統方面是否有任何方向上的變化或任何值得注意的事情。

Yes, David, we saw those comments, of course, like you did.

是的，大衛，我們當然看到了這些評論，就像你一樣。

And we have not seen -- that particular activity has not existed in our business.

我們還沒有看到——我們的業務中不存在這種特定的活動。

And frankly, our customer -- who's a little bit different customer -- has been quite strong.

坦白說，我們的客戶——有點不同的客戶——非常強大。

So our default rates are not ticking up.

所以我們的違約率並沒有上升。

Our average FICO on new loans is almost 750.

我們新貸款的平均 FICO 接近 750。

So a quite high credit profile for our customers.

因此我們的客戶的信用狀況相當高。

And frankly I was just looking at our default rates were not up really at all in the quarter.

坦白說，我只是看到我們的違約率在本季根本沒有上升。

So we're not seeing that issue.

所以我們沒有看到這個問題。

Understood.

明白了。

Thanks very much.

非常感謝。

Thanks, David.

謝謝，大衛。

And ladies and gentlemen, this will conclude our question-and-answer session.

女士們、先生們，我們的問答環節到此結束。

I would like to turn the conference back over to Chris Nassetta for his closing thoughts.

我想將會議轉回克里斯·納塞塔（Chris Nassetta），聽聽他的結束語。

I just want to say thanks, everybody, for spending so much time with us this morning.

我只想對大家說聲謝謝，謝謝你們今天早上花了這麼多時間和我們在一起。

We continue to make great progress.

我們繼續取得巨大進步。

You should be looking out in the not too distant future for our Form-10s to get more information on the spins.

您應該在不久的將來關注我們的 Form-10，以獲得有關旋轉的更多資訊。

We look forward to catching up with you on the next quarterly call or before.

我們期待在下一個季度電話會議或之前與您聯繫。

Thanks.

謝謝。

Thank you, sir.

謝謝你，先生。

Ladies and gentlemen, the conference has now concluded.

女士們、先生們，會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect your lines.

現在您可以斷開線路。