希爾頓酒店 (HLT) 2016 Q2 法說會逐字稿

Good day, everyone.

今天是個好日子。

Thank you for standing by.

謝謝你的支持。

This is the conference Operator and we apologize for the technical difficulties in this call getting started.

我是會議接線員，對於本次通話開始時遇到的技術困難，我們深表歉意。

We would like to welcome you to the Hilton Worldwide Holdings second-quarter 2016 earnings Conference Call.

我們熱烈歡迎您參加希爾頓全球控股公司 2016 年第二季財報電話會議。

(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, sir.

請繼續，先生。

Thank you, Denise and again our apologies for the technical issues with our Conference Call provider this morning.

謝謝你，丹尼斯，我們再次就今天早上與電話會議提供者的技術問題表示歉意。

Welcome to the Hilton second-quarter 2016 earnings call.

歡迎參加希爾頓 2016 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.

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陳述中所示的結果有重大差異，今天所做的前瞻性陳述僅截至今日有效。

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 10K.

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 10K 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 and our earnings Press Release and on our website at www.hiltonworldwide.com.

您可以在今天的電話會議和我們的收益新聞稿以及我們的網站 www.hiltonworldwide.com 上找到非 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 companies 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前景。

Kevin Jacobs, our Executive Vice President and Chief Financial Officer, will then review our second quarter results and provide 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二季度的業績，並提供我們對今年剩餘時間的預期的詳細資訊。

Following their remarks we will be available to respond to your questions.

在他們發表講話後，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, and thanks, everyone for joining us today.

謝謝克里斯蒂安，謝謝大家今天加入我們。

Sorry for the delay in getting started.

很抱歉延遲開始。

Continued disciplined execution of our strategy and a clear focus on delivering long term value for shareholders has resulted in another solid quarter results for the Company with adjusted EBITDA towards the high end of our guidance range and our global share of development activity increasing.

繼續嚴格執行我們的策略，並明確關注為股東提供長期價值，為公司帶來了又一個穩健的季度業績，調整後的EBITDA 接近我們指導範圍的高端，並且我們在全球開發活動中所佔的份額不斷增加。

First, let's talk more specifically about second quarter results.

首先，讓我們更具體地談談第二季的業績。

Our system wide comparable RevPAR growth for the quarter was 2.9% on a currency neutral basis primarily driven by rate gains, top line growth, improved quarter-over-quarter but a softer macro environment continued to weigh on performance particularly on corporate transient growth.

在貨幣中性的基礎上，我們本季全系統的可比每間客房收入增長了2.9%，這主要是由於利率上漲、營收成長、環比改善所推動的，但疲軟的宏觀環境繼續對業績造成壓力，尤其是對企業短暫成長的影響。

Overall transient revenue grew 2.1% system wide in the quarter with weakness in corporate as noted but supported by continued strength in leisure business.

本季整個系統的整體臨時收入成長了 2.1%，如上所述，企業業務疲軟，但受到休閒業務持續強勁的支撐。

We continue to see positive trends in group revenue which increased 4.9% in the quarter and group remains on track to deliver solid revenue growth for the full year as expected.

我們繼續看到集團收入的積極趨勢，本季度增長了 4.9%，並且集團仍有望如預期實現全年收入的穩健增長。

We continue to increase our global RevPAR index gaining market share across all brand segments in all regions during the first half of the year.

上半年，我們持續提高全球 RevPAR 指數，在所有地區的所有品牌區隔中獲得市場份額。

On top of same-store growth our performance continues to benefit from accelerating organic net unit growth helping to drive fee growth in the quarter of nearly 9% and to increase our adjusted EBITDA margin by 100 basis points year-over-year.

除了同店成長之外，我們的業績持續受惠於加速的有機淨單位成長，有助於推動本季費用成​​長近 9%，並使我們的調整後 EBITDA 利潤率年增 100 個基點。

Looking forward, comps are getting more favorable and most forecasts indicate strong US job gains in the coming months and for GDP growth to pick up in the second half of the year.

展望未來，公司業績將變得更加有利，大多數預測都顯示美國就業機會在未來幾個月強勁成長，GDP 成長將在下半年加速。

As a result we do expect growth to pick up; however given that system wide RevPAR growth for the first half of the year was 2.5% that we continue to see weakness in corporate transient demand and that uncertainty in regions outside the United States has increased, we're tempering our expectations for the full year.

因此，我們確實預期成長將會加快；然而，考慮到今年上半年系統範圍內的 RevPAR 成長率為 2.5%，我們繼續看到企業臨時需求疲軟，而且美國以外地區的不確定性有所增加，因此我們正在調整對全年的預期。

We now expect 2016 comp system wide RevPAR growth on a currency neutral basis of 2% to 4% and would highlight that growth above the mid point would require pick up in corporate transient demand from what we've seen.

我們現在預計，在貨幣中性的基礎上，2016 年公司係統範圍內的 RevPAR 將成長 2% 至 4%，並強調，高於中點的成長將需要企業瞬時需求的回升。

Turning to development, we remain on track to add 45,000 to 50,000 net units to our Management franchise system this year an increase of nearly 7% and a year-over-year growth rate of nearly 11% at the mid point.

談到發展，我們今年仍有望在管理特許經營系統中淨增加 45,000 至 50,000 個單位，增幅接近 7%，同比增長率中點接近 11%。

We think our system offers the most consistent, high quality products and services as demonstrated by our industry leading RevPAR index.

我們認為我們的系統提供了最一致、高品質的產品和服務，正如我們行業領先的 RevPAR 指數所證明的那樣。

Each of our brands is segment leader and not one of our 13 brands is sub par or sub scale.

我們的每個品牌都是細分市場的領導者，我們的 13 個品牌中沒有一個品牌低於標準或低於規模。

We believe this makes us a preferred choice of owners and developers, leading to our rapidly expanding portfolio and pipeline and to our disproportion at share of global growth.

我們相信，這使我們成為業主和開發商的首選，從而導致我們的投資組合和管道迅速擴大，並導致我們在全球成長中所佔的份額不成比例。

In the US for example, Hilton accounts for nearly 25% of US rooms under construction, well above our 11% US market share.

以美國為例，希爾頓酒店占美國在建客房的近 25%，遠高於我們 11% 的美國市場。

We expect net unit growth of over 6% for our US managed and franchise portfolio in 2016 which is more than 3 times greater than forecasted US supply growth.

我們預計 2016 年美國託管和特許經營投資組合的淨單位成長將超過 6%，是美國預測供應成長的 3 倍以上。

Our growth story is also compelling because it typically lags the broader economic cycle.

我們的成長故事也很引人注目，因為它通常落後於更廣泛的經濟週期。

Our lowest level of net unit growth in the last down cycle occurred in 2010 with growth of 3.6%.

上一個下行週期中我們淨單位成長率的最低水準出現在 2010 年，成長率為 3.6%。

That was with a total freezing of the Capital Markets and without the benefit of our international growth strategies and new brand launches.

那是在資本市場完全凍結的情況下，我們並沒有從國際成長策略和新品牌發布中受益。

To add a little bit of color to that 45% of our growing pipeline and nearly 30% of our net unit growth over the last five years has been from the layering of existing brands internationally and from new brands like Curio and Home2.

過去五年，我們 45% 的成長管道和近 30% 的淨銷售成長都來自於國際上現有品牌的分層以及 Curio 和 Home2 等新品牌，這為我們的成長管道增添了一點色彩。

We're particularly proud of our new brands and believe we lead the industry in organically creating brands that resonate with both guests and owners alike, successfully bringing incremental growth platforms to market at essentially infinity returns on invested capital.

我們對我們的新品牌感到特別自豪，並相信我們在有機地創建與客人和業主產生共鳴的品牌方面處於行業領先地位，成功地將增量增長平台推向市場，並獲得基本上無限的投資資本回報。

With Home2, we celebrated our 100th opening last week in La Crosse, Wisconsin.

上週，我們在威斯康辛州拉克羅斯慶祝了 Home2 開業 100 週年。

Only 13 months ago, we celebrated our 50th opening.

就在 13 個月前，我們慶祝了開幕 50 週年。

Only five years after its launch, Home2 is now the third largest hotel brand under development in the United States, with over 150 signings in the last 12 months and 340 hotels in the pipeline.

在推出僅五年後，Home2 現已成為美國正在開發的第三大酒店品牌，在過去 12 個月內簽約了 150 多家酒店，正在籌建 340 家酒店。

That's over 40,000 Home2 rooms open or in the pipeline which we believe is an industry record ramp up for new brand since the launch of Hampton, a record that will likely not last very long thanks to our latest brand, Tru by Hilton.

超過 40,000 個 Home2 房間已開放或正在籌備中，我們認為這是自漢普頓推出以來新品牌的行業記錄，但由於我們最新的品牌 Tru by Hilton，這一記錄可能不會持續很長時間。

Tru continues to exceed even our most optimistic growth expectations and we expect Tru to be our largest brand over time.

Tru 繼續超越我們最樂觀的成長預期，我們預計隨著時間的推移，Tru 將成為我們最大的品牌。

Just launched in quarter 1, as of today, there are 120 Tru hotels in the pipeline totaling over 11,000 rooms with another 200 hotels or over 18,000 rooms in process.

剛在第一季推出，截至目前，已有 120 家 Tru 飯店正在籌備中，總計超過 11,000 間客房，另有 200 家飯店或超過 18,000 間客房正在建設中。

In the quarter we averaged five Tru, approvals per week and we're just getting started opening up deals to owners outside of our system.

在本季度，我們平均每週獲得 5 個 Tru 批准，並且我們剛開始向系統外的所有者開放交易。

We expect the first Tru to open early next year.

我們預計第一家 Tru 將於明年初開業。

This month we opened our first Canopy in the heart of Reykjavik, Iceland.

這個月，我們在冰島雷克雅維克市中心開設了第一家 Canopy。

The hotel features 112 rooms and suites designed to fit with the culture of its neighborhood along with 24 hour fitness center, complimentary bicycles for guests use, artisanal breakfast in the morning and wine and beer tastings in the evening.

飯店擁有 112 間客房和套房，專為融入周邊文化而設計，並設有 24 小時健身中心、供客人免費使用的自行車、早晨的手工早餐以及晚上的葡萄酒和啤酒品嚐會。

Canopy is defining the accessible lifestyle segment and we currently have 33 Canopies in various stages of development.

Canopy 正在定義無障礙生活方式領域，目前我們有 33 個 Canopy 處於不同的開發階段。

The Curio brand launched two years ago and we have now nearly 90 Curios open or under development.

Curio 品牌於兩年前推出，目前我們有近 90 個已開放或正在開發的 Curios。

Curio is another growth platform targeting conversions which have been a meaningful and attractive driver of our growth.

Curio 是另一個以轉換為目標的成長平台，它是我們成長的一個有意義且有吸引力的驅動力。

Since 2010 over 65,000 rooms have joined our system through conversions representing nearly one-third of our total net unit growth.

自 2010 年以來，超過 65,000 間客房透過轉換加入了我們的系統，占我們淨單位成長總量的近三分之一。

Conversions tend to contribute more to net unit growth during softer operating environments as high quality independent hotels, or hotels in lower performing systems seek the strength and efficiency of our commercial engines.

在經營環境疲軟的情況下，轉換往往會對淨單位成長做出更大貢獻，因為高品質的獨立飯店或性能較低系統中的飯店尋求我們商業引擎的實力和效率。

Conversions especially to a soft brand like Curio can move through the pipeline very quickly and enable us to grow our system without growing overall industry capacity.

特別是像 Curio 這樣的軟品牌的轉換可以非常快速地通過管道，使我們能夠在不增加整體行業產能的情況下發展我們的系統。

Our four new brands launched in the last five years are super charging our growth and we believe that there are more brand opportunities out there.

我們在過去五年推出的四個新品牌正在加速我們的成長，我們相信還有更多的品牌機會。

Our brand teams are hard at work on new potential brands that we plan to bring to market over time.

我們的品牌團隊正在努力開發新的潛在品牌，我們計劃隨著時間的推移將這些品牌推向市場。

As for growth year-to-date through Q2, we opened over 21,000 gross rooms or approximately 17,000 net rooms bringing our system size to nearly 780,000 rooms across more than 4,700 properties all while continuing to grow our pipeline.

至於今年截至第二季的成長，我們共開設了超過 21,000 間總客房或約 17,000 間淨客房，使我們的系統規模達到 4,700 多家酒店的近 780,000 間客房，同時繼續擴大我們的管道。

Globally year-to-date through Q2, our systems averaged one hotel construction start per day and more than two approvals per day.

從今年至今到第二季度，我們的系統在全球範圍內平均每天有一個酒店開工建設，每天有兩個以上的批准。

We're on track to surpass 2015s record 100,000 room approvals this year.

今年我們預計將突破 2015 年創紀錄的 10 萬間客房批准量。

According to Star, Hilton holds the lead in both US and global pipeline as well as global room supply and rooms under construction.

根據 Star 的數據，希爾頓在美國和全球的酒店儲備以及全球客房供應和在建客房方面均處於領先地位。

When we went public, our pipeline was about 28% of our supply.

當我們上市時，我們的管道約佔供應量的 28%。

Now it's close to 38% off of a base that's 15% larger and we did this with minimal capital investment on our part.

現在，與增加 15% 的基礎相比，折扣接近 38%，而且我們用最少的資本投資做到了這一點。

Our total pipeline of nearly 300,000 rooms has a total of $126 million of our capital committed to it.

我們總共投入了 1.26 億美元的資金來建造近 30 萬間客房。

While expanding our geographic end chain scale reach we're also focused on enhancing our direct relationship with customers.

在擴大我們的地理終端連鎖規模覆蓋範圍的同時，我們也致力於加強與客戶的直接關係。

Industry leading innovation focused on our Hilton Honors Loyalty Club has been at the heart of the strategy, essentially giving our guests an even better experience in value through membership in the Hilton Honors Club.

專注於希爾頓榮譽客會忠誠俱樂部的行業領先創新一直是該策略的核心，本質上是透過希爾頓榮譽客會會員資格為我們的客人提供更好的價值體驗。

Since the launch of preferential honors pricing in February, the program has generated significant incremental revenue to the system and is meaningfully increasing honors enrollments and share of system occupancy.

自二月份推出優惠榮譽定價以來，該計劃已為系統帶來了顯著的增量收入，並顯著增加了榮譽註冊人數和系統佔用率。

In the quarter, the pace of honors enrollments was up nearly 80% year-over-year adding 2.4 million new members for a total membership of over 55 million.

本季度，榮譽會員註冊速度年增近 80%，新增 240 萬名會員，會員總數超過 5,500 萬。

Honors share of occupancy was nearly 56% in the quarter, up over 400 basis points year-over-year.

本季榮譽飯店入住率接近 56%，較去年同期成長超過 400 個基點。

Guests are also responding by shifting business to our direct channels with revenue growth from our web channels out pacing OTAs by a factor of nearly 5 in the quarter and our share of mix meaningfully increasing while OTA shares decreasing.

客人也透過將業務轉移到我們的直接管道來回應，本季我們網路管道的收入成長超過 OTA 近 5 倍，我們的組合份額顯著增加，而 OTA 份額下降。

Our fastest growing channel, the honors App, is also our lowest cost channel.

我們成長最快的管道是榮譽應用程序，也是我們成本最低的管道。

The honors App now accounts for 23% of all of our direct web traffic and the pace of honors App downloads continues to increase up 66% year-over-year in the quarter to nearly 1 million downloads, almost doubling our growth rate from Q1.

目前，榮譽應用程式占我們所有直接網路流量的 23%，本季榮譽應用程式下載量持續年增 66%，下載量接近 100 萬次，幾乎是第一季成長率的兩倍。

Lastly, our focus remains on delivering long term value for shareholders.

最後，我們的重點仍然是為股東創造長期價值。

The pending spins of our timeshare and Real Estate businesses are the latest and arguably the most complex value creation efforts we've undertaken to date.

我們即將進行的分時度假和房地產業務的重組是我們迄今為止所做的最新的、可以說是最複雜的價值創造工作。

We filed our initial form 10 registration statements for both Hilton Grand Vacations and Park Hotels & Resorts in early June and filed updated statements earlier this month.

我們於 6 月初提交了 Hilton Grand Vacations 和 Park Hotels & Resorts 的初始 10 號表格註冊聲明，並於本月初提交了更新的聲明。

We think all three companies will be uniquely positioned to capitalize on value enhancing opportunities in their respective businesses and to complete the spins by the end of the year.

我們認為，這三家公司都將處於獨特的地位，能夠利用各自業務的價值提升機會，並在年底前完成轉型。

As the purest large cap lodging brand Company the new Hilton will have a simpler highly resilient fee based business model with significantly lower operating leverage and there for, lower bottom line volatility.

作為最純粹的大型住宿品牌公司，新的希爾頓將擁有更簡單、高度彈性的收費業務模式，營運槓桿顯著降低，從而降低底線波動。

We expect Hilton's fee business will generate over 90% of its total pro form adjusted EBITDA of which more than 90% will come from top line driven franchise and base Management fees.

我們預計希爾頓的收費業務將產生其預計調整後 EBITDA 總額的 90% 以上，其中 90% 以上將來自頂線驅動的特許經營費和基本管理費。

Incentive Management fees which represent approximately 10% of our fee mix are also expected to be meaningfully less volatile as the vast majority or structure to pay on the first dollar of profitability and to not sit behind an owner's priority return.

激勵管理費約占我們費用組合的 10%，預計其波動性也將大大降低，因為絕大多數費用或結構是為第一美元盈利而支付的，並且不會落後於所有者的優先回報。

On top of same-store growth driven by a brand portfolio with the highest RevPAR index in the business, we expect continued industry leading organic net unit growth requiring essentially none of our capital.

除了由行業內每間可用房收入指數最高的品牌組合推動的同店增長之外，我們預計將持續保持行業領先的有機淨單位增長，基本上不需要我們的任何資本。

In closing we're optimistic about our growth prospects and especially optimistic on the value creation opportunities for all three independent companies and think Hilton's portfolio of clearly defined industry leading brands and a record 1 million rooms open or in development is uniquely positioned to further drive shareholder value.

最後，我們對我們的成長前景持樂觀態度，尤其對所有三個獨立公司的價值創造機會持樂觀態度，並認為希爾頓的明確行業領先品牌組合以及創紀錄的100 萬間已開業或正在開發的客房具有獨特的優勢，可以進一步推動股東發展價值。

With that, I'll now turn the call over to Kevin for further details on the quarter.

現在，我將把電話轉給凱文，以了解有關本季的更多詳細資訊。

Thanks, Chris and good morning, everyone.

謝謝克里斯，大家早安。

On the bottom line, diluted earnings per share adjusted for special items was $0.25 in the quarter including $0.02 of non-cash drag from FX driven by volatility caused by the Brexit vote.

總而言之，本季經特殊項目調整後的攤薄每股收益為 0.25 美元，其中包括英國脫歐公投造成的波動而導致的外匯非現金拖累 0.02 美元。

Adjusted EBITDA grew 4% to $806 million in the quarter.

本季調整後 EBITDA 成長 4%，達到 8.06 億美元。

System wide adjusted EBITDA margins increased a solid 100 basis points to 42.8% versus the prior period due to fee growth, favorable timeshare sales, and cost discipline.

由於費用成長、有利的分時度假銷售和成本控制，全系統調整後的 EBITDA 利潤率較上一期成長了 100 個基點，達到 42.8%。

Management franchise fees grew 9% year-over-year to $471 million in line with expectations.

管理特許經營費年增 9%，達到 4.71 億美元，符合預期。

Our fee segment benefited from especially strong performance in our franchise portfolio which grew revenue 11% in the quarter due to new unit ramps, solid franchise sales and a 10 basis point increase in royalty rates which increased our effective franchise rate to 4.8%.

我們的收費部門受益於我們的特許經營組合的特別強勁的表現，由於新單位的增加、穩定的特許經營銷售以及特許權使用費率增加了10 個基點，使我們的有效特許經營率提高到4.8 %，本季營收成長了11%。

New application volume particularly from Tru drove better than expected franchise sales which was offset by a slowing pace of change of ownership fees from lower deal activity.

特別是來自 Tru 的新申請量推動了特許經營銷售好於預期，但交易活動減少導致的所有權費用變化步伐放緩抵消了這一影響。

In the ownership segment adjusted EBITDA was $299 million down 4% in the quarter versus the prior year when adjusted for the sale of the Hilton Sydney.

在所有權部門，根據雪梨希爾頓酒店的出售進行調整後，本季調整後的 EBITDA 為 2.99 億美元，較上年同期下降 4%。

Ownership RevPAR grew 70 basis points in the quarter pressured by corporate transient weakness in the US, particularly in New York and Chicago, challenges in Europe from a weak London and terror events on the continent, and a strengthening Yen which affected business in Japan.

由於美國（尤其是紐約和芝加哥）企業短暫疲軟、倫敦疲軟和歐洲大陸恐怖事件給歐洲帶來的挑戰，以及影響日本業務的日圓走強，本季度所有權每間可用收入增長了 70 個基點。

Weaker transient was partially offset as solid F&B growth in the quarter particularly from group driven business which drove America's banqueting revenue up nearly 5% year-over-year.

由於本季餐飲業務的強勁成長（尤其是來自團體驅動的業務）推動美國宴會收入年增近 5%，部分抵消了暫時疲軟的影響。

Ownership segment adjusted EBITDA margins were down 100 basis points for the quarter, but still up 10 basis points for the first half of the year and we expect adjusted EBITDA ownership margin growth of around 40 basis points for the full year.

本季所有權部門調整後 EBITDA 利潤率下降 100 個基點，但上半年仍上升 10 個基點，我們預計全年調整後 EBITDA 所有權利潤率將增長約 40 個基點。

Timeshare adjusted EBITDA increased 14% to $98 million in the quarter driven by higher sales and greater resort operations revenue due to growth in club members and resort fees.

本季分時度假調整後 EBITDA 成長 14%，達到 9,800 萬美元，原因是俱樂部會員和度假村費用成長導致銷售額增加和度假村營運收入增加。

Tour flow and net volume per guest each rose more than 6% versus the prior year period which lead to sales growth of 13% for the quarter.

與去年同期相比，旅遊流量和每位遊客的淨流量均成長了 6% 以上，導致本季銷售額成長 13%。

Third party developed intervals accounted for 61% of intervals sold in the second quarter and 81% of inventory as of quarter end.

截至季末，第三方開發的區間佔第二季銷售區間的 61%，佔庫存的 81%。

At our current sales pace, we have nearly six years of inventory or 132,000 intervals.

按照我們目前的銷售速度，我們有近六年的庫存或 132,000 個間隔。

Turning to regional performance and outlook.

轉向區域表現和前景。

In the US, comparable RevPAR grew 2.9% in the quarter.

在美國，本季可比 RevPAR 成長了 2.9%。

Results were helped by strength in California with our hotels in Los Angeles increasing RevPAR 16%.

加州的業績成長得益於我們洛杉磯酒店的每間可用客房收入 (RevPAR) 成長了 16%。

The Midwest and South Central regions however remained under pressure given weakness in Chicago, and continued challenges in Oil & Gas Markets such as Houston and New Orleans.

然而，由於芝加哥的疲軟以及休士頓和新奧爾良等石油和天然氣市場的持續挑戰，中西部和中南部地區仍面臨壓力。

We saw continued improvement in the US inbound revenue in the quarter which declined less than 2% year-over-year compared to a 6% decline in Q1 in the same basis, with growth from China, the UK and Japan offsetting weakness from Canada and Brazil.

我們看到本季度美國入境收入持續改善，年減不到 2%，而第一季同比下降 6%，其中中國、英國和日本的成長抵消了加拿大和日本的疲軟。

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

我們預測 2016 年全年美國 RevPAR 成長將在中低個位數。

In the Americas outside the US, RevPAR rose 2.1% in the quarter driven by solid 4.3% growth in Canada.

在美國以外的美洲地區，受加拿大 4.3% 穩健成長的推動，本季每間可用客房收入 (RevPAR) 成長 2.1%。

Brazil remained under pressure given political and economic instability while Zika virus fears also weighed on regional results, meaningfully affecting leisure demand in Latin America and Puerto Rico.

由於政治和經濟不穩定，巴西仍面臨壓力，而寨卡病毒的擔憂也影響了地區業績，對拉丁美洲和波多黎各的休閒需求產生了重大影響。

For full year 2016, we expect RevPAR growth in the region to be in the low to mid single digit range, supported by increased travel to Brazil for the Olympics against declines in the back half of last year.

2016 年全年，我們預計該地區的 RevPAR 成長將在中低個位數範圍內，這得益於前往巴西參加奧運的遊客數量增加（相對於去年下半年的下降）。

RevPAR in Europe increased 1.3% in the quarter as geopolitical concerns and terrorists attacks lead to declines in travel to Turkey and Belgium and soft corporate transient demand weighed on performance in London.

由於地緣政治擔憂和恐怖攻擊導致前往土耳其和比利時的遊客數量下降，以及企業短暫需求疲軟拖累了倫敦的業績，本季度歐洲的每間可用客房收入增長了 1.3%。

Pockets of strength included Germany and the Netherlands where RevPAR increased 9% an 6% respectively giving good group business and strong rate gains.

表現強勁的地區包括德國和荷蘭，每間可用房收入分別成長了 9% 和 6%，集團業務表現良好，利率也強勁成長。

Going forward we expect Brexit and other recent events in Europe to increase uncertainty and potentially hurt demand across the broader region.

展望未來，我們預計英國脫歐和歐洲最近發生的其他事件將增加不確定性，並可能損害更廣泛地區的需求。

For full year 2016, we expect low single digit RevPAR growth for the European region.

對於 2016 年全年，我們預期歐洲地區的 RevPAR 成長率較低。

The Middle East and Africa regions grew RevPAR 8.1% in the quarter largely driven by the earlier timing of Ramadan.

中東和非洲地區本季的 RevPAR 成長了 8.1%，這主要是由於齋戒月時間提前所致。

Egypt, however continued to struggle with weak leisure demand due to regional instability.

然而，由於區域不穩定，埃及繼續面臨休閒需求疲軟的困境。

We are forecasting a low single digit decline in full year 2016 RevPAR in the region.

我們預計該地區 2016 年全年 RevPAR 將出現低個位數下降。

In the Asia Pacific region RevPAR increased 3.6% in the quarter.

在亞太地區，本季每間可用房收入 (RevPAR) 成長了 3.6%。

Disruption from earth quakes and broader weakness in transient business slowed performance in Japan but RevPAR growth in China finished nearly 4% ahead of the prior year period as strong ramps of new hotel openings continued to drive results.

地震造成的干擾和短期業務的普遍疲軟導致日本業績放緩，但中國的每間可用客房收入增長較上年同期增長近 4%，新酒店開業的強勁增長繼續推動業績增長。

We also saw strength in Thailand as positive momentum over the last few quarters continued.

我們也看到了泰國的強勁勢頭，過去幾季的積極勢頭仍在持續。

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

我們預計亞太地區全年的 RevPAR 成長將達到中個位數，其中中國的 RevPAR 將成長 5% 至 6%。

Moving on to capital allocation.

繼續進行資本配置。

During the quarter we paid a quarterly cash dividend of $0.07 per share bringing year-to-date cash dividends to $138 million.

本季度，我們支付了每股 0.07 美元的季度現金股息，使年初至今的現金股息達到 1.38 億美元。

Our Board has authorized a quarterly cash dividend of $0.07 per share to be paid in the third quarter of 2016.

我們的董事會已授權在 2016 年第三季支付每股 0.07 美元的季度現金股利。

Although we expect the spins to increase our leverage modestly in the near term, we remain focused on achieving an investment grade credit rating.

儘管我們預計短期內旋轉將小幅提高我們的槓桿率，但我們仍然專注於實現投資級信用評級。

We also expect increased cash flow generation given Hilton's simplified business model and the tax efficiency of the spun REIT, which should drive greater capital return to shareholders.

鑑於希爾頓簡化的業務模式和分拆後的房地產投資信託基金的稅收效率，我們也預期現金流量會增加，這將為股東帶來更大的資本回報。

We remain committed to initiating a share repurchase program at Hilton post-spins.

我們仍致力於在希爾頓分拆後啟動股票回購計畫。

As Chris mentioned we are lowering our full year 2016 system wide RevPAR guidance to 2% to 4% given performance to date and weakness in corporate transient demand and are reducing our ownership RevPAR growth guidance to 1% to 3% on the same basis.

正如Chris 所提到的，鑑於迄今為止的業績和企業臨時需求的疲軟，我們將把2016 年全年全系統RevPAR 指導降低至2% 至4%，並在此基礎上將我們的所有權RevPAR 增長指導降低至1% 至3%。

This reduction will flow through to lower our full year adjusted EBITDA and diluted EPS after special items guidance ranges which are now $2.98 billion to $3.04 billion and $0.87 to $0.91 respectively.

此次削減將降低我們全年調整後的 EBITDA 和特殊項目後的稀釋每股收益指引範圍，目前分別為 29.8 億美元至 30.4 億美元和 0.87 美元至 0.91 美元。

As with prior guidance, please note that these full year ranges do not incorporate the impact of our intended Real Estate and timeshare spins.

與先前的指導一樣，請注意，這些全年範圍不包含我們預期的房地產和分時度假旋轉的影響。

For the third quarter of 2016 we expect 2% to 4% system wide RevPAR growth supported by continued strength in group business and a favorable holiday calendar in September.

在集團業務持續強勁和 9 月有利的假期日曆的支持下，2016 年第三季我們預計全系統 RevPAR 將成長 2% 至 4%。

We expect adjusted EBITDA of between $760 million and $780 million and diluted EPS adjusted for special items of $0.21 to $0.23.

我們預計調整後的 EBITDA 為 7.6 億至 7.8 億美元，特殊項目調整後的稀釋每股收益為 0.21 至 0.23 美元。

Further details on our second quarter rules and updated guidance can be found in the earnings release we published earlier this morning including updates to the 2016 pro forma adjusted EBITDA estimates for Park, HCV, and Hilton standalone.

有關我們第二季度規則和更新指引的更多詳細信息，請參閱我們今天上午早些時候發布的收益報告，其中包括 Park、HCV 和希爾頓獨立公司 2016 年預計調整後 EBITDA 預估的更新。

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 might have.

我們現在願意為您解答任何問題。

Actually it's Christian here again.

事實上，這裡又是基督徒。

Due to ongoing issues that we're having with our conference call provider, apparently we're unable to do Q&A at this time.

由於我們與電話會議提供者之間持續存在問題，顯然我們目前無法進行問答。

Our plan right now is putting out a Press Release where we can reconvene later today and complete the Q&A component of the call.

我們現在的計劃是發布一份新聞稿，我們可以在今天晚些時候重新召開會議並完成電話會議的問答部分。

Again our sincere apologies on this and we look forward to continuing the conversation a little bit later today.

我們再次對此表示誠摯的歉意，並期待今天稍晚繼續對話。

Thank you all.

謝謝你們。

Ladies and Gentlemen the conference has now concluded.

女士們、先生們，會議現已結束。

Thank you for attending the presentation.

感謝您參加演示會。

We look forward to reconvening later today.

我們期待今天晚些時候再次召開。

You may disconnect your lines at this time.

此時您可以斷開線路。

Welcome to the Hilton Worldwide Holdings second-quarter 2016 earnings question-and-answer session.

歡迎參加希爾頓全球控股公司 2016 年第二季財報問答會。

(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 Charmaux, Senior Vice president of Investor Relations.

現在我想將會議交給投資者關係高級副總裁 Christian Charmaux。

Thank you, Denise.

謝謝你，丹妮絲。

Our apologies again for the technical issues with our conference call provider this morning.

對於今天早上與我們的電話會議提供者發生的技術問題，我們再次表示歉意。

Welcome to the QA section of the Hilton second-quarter 2016 earnings call.

歡迎來到希爾頓 2016 年第二季財報電話會議的品質保證部分。

We're going to do the Safe Harbor again real quick.

我們很快就會再次進行安全港行動。

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

Actual results could differ materially from those indicated in the forward-looking statements.

實際結果可能與前瞻性陳述中所示的結果有重大差異。

And forward-looking statements made today are effective only as of today.

今天所做的前瞻性陳述僅從今天起有效。

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 and our earnings press release and on our website at www.Hiltonwide.com.

您可以在今天的電話會議和我們的收益新聞稿以及我們的網站 www.Hiltonwide.com 上找到非 GAAP 與 GAAP 財務指標的調整表。

We gave our prepared remarks earlier this morning.

我們今天早上早些時候發表了準備好的演講。

And now we'll go straight to Q&A with Chris Nassetta, our President and Chief Executive Officer, and Kevin Jacobs, our Executive Vice President and Chief Financial Officer.

現在我們將直接與我們的總裁兼執行長 Chris Nassetta 和我們的執行副總裁兼財務長 Kevin Jacobs 進行問答。

With that, Denise, may we have our first question?

丹尼斯，我們可以問第一個問題嗎？

Carlos Santarelli, Deutsche Bank.

卡洛斯·桑塔雷利，德意志銀行。

Hey, everyone.

嘿大家。

Thanks, and good afternoon.

謝謝，下午好。

And Chris, I apologize if you covered a lot of this in your prepared remarks.

克里斯，如果您在準備好的演講中涵蓋了很多這一點，我深表歉意。

But I wanted to maybe understand a little bit more.

但我想也許能了解更多一點。

Inherent in your new guidance, to achieve the high end of the range, what has to happen?

在您的新指導中，為了達到範圍的高端，必須發生什麼？

And is that purely reliant on corporate transient?

這純粹依賴企業瞬態嗎？

And could you maybe provide a little bit of an update as to kind of what you're seeing in July month to date?

您能否提供一些有關 7 月至今所看到情況的最新資訊？

Thank you.

謝謝。

Yes.

是的。

We covered it, Carlo, a little bit but I'm happy to give you a little bit more color.

卡羅，我們已經介紹了一點，但我很高興為您提供更多的色彩。

As indicated in the prepared comments, for us to get to above the midpoint, we'd have to see a significant reacceleration in demand, particularly in the corporate segment.

正如準備好的評論中所指出的，為了達到中點以上，我們必須看到需求顯著重新加速，特別是在企業領域。

I do think we believe that the group business is hanging in there as we had expected.

我確實認為我們相信集團業務正如我們預期的那樣堅持下去。

So that's why in the comments we really directed people to the low to the midpoint of the guidance.

這就是為什麼在評論中我們確實將人們引導到指導的低點到中點。

And the way I would summarize it, sort of when you boil it all down is that for now, I mean, you've had holiday shifts going on, you have some holiday shifts going on occur for the rest of year.

我總結的方式是，當你把這一切歸結為現在時，我的意思是，你已經進行了假期輪班，你在今年剩餘的時間裡進行了一些假期輪班。

But when you sort of neutralize all that noise, transient demand driven by business, transient demand has been sort of growing in the low 2%, plus or minus.

但是，當你消除所有由業務驅動的噪音和瞬態需求時，瞬態需求一直在 2%（上下）左右增長。

Group demand has been better than that.

團體需求比這要好。

And it's been, without the noise, sort of producing a 2% to 3% outcome in terms of RevPAR growth.

而且，在沒有噪音的情況下，RevPAR 增加了 2% 到 3%。

That's why we're sort of guiding you to the low to the midpoint, is with the expectation of, if you believe things are going to continue they have, that's you deliver.

這就是為什麼我們會引導你從低點到中點，我們的期望是，如果你相信事情會繼續下去，那就是你所實現的。

If you things are going to get better as a consequence of the economy getting better in the form of incremental business transient, then you could be better than that.

如果由於經濟以增量業務瞬態的形式好轉，你的情況會變得更好，那麼你可能會比這更好。

But I think that's sort of the zone that when they, as say when you neutralize for the noise, that I think we've been performing at, is essentially 2% to 3% for the reasons that I discussed.

但我認為，當他們中和噪音時，我認為我們一直在執行的區域基本上是 2% 到 3%，原因如我所討論的。

In July, I think the with think about the third quarter is, July, in part again for holiday shift reasons, is weak.

7 月，我認為對第三季的思考是，7 月（部分再次因假期輪班原因）表現疲軟。

Picks up in August.

八月提貨。

But August is August.

但八月就是八月。

It's not exactly the most robust travel period for us, given that the bulk of our business -- the bulk of our demand is business demand.

鑑於我們的大部分業務——我們的大部分需求都是商務需求，這對我們來說並不是最強勁的旅行時期。

And then September is much, much stronger then both July and August with a very strong group base to support it, and obviously more active business travel part of the quarter.

9 月的情況比 7 月和 8 月要強得多，有非常強大的團體基礎來支持，而且該季度的商務旅行顯然更加活躍。

Great, Chris.

太棒了，克里斯。

Thanks.

謝謝。

That's very helpful.

這非常有幫助。

Okay.

好的。

Next.

下一個。

Jeff Donnelly, Wells Fargo

傑夫唐納利，富國銀行

Morning guys, or good afternoon.

早安，夥計們，或者下午好。

Yes, sorry about that.

是的，對此感到抱歉。

Yes, no problem.

是沒有問題。

I'm not sure there's a question limit here.

我不確定這裡是否有問題限制。

But I guess first one is around you removed some of the language around debt reduction from your expected uses of capital, I suspect due to the spinoff.

但我想第一個是你從預期的資本用途中刪除了一些有關債務削減的語言，我懷疑是由於分拆。

Just looking beyond that time, though, looking beyond 2016, do you expect to use capital in the future to circle back and include debt reduction paydown, like say in 2017, or is that to be determined?

不過，展望2016年之後，您是否預期未來會使用資本來回溯並包括債務削減還款，就像2017年那樣，還是有待確定？

No, I don't think our capital return viewpoint has changed.

不，我認為我們的資本回報觀點沒有改變。

And that's why we really didn't highlight it here.

這就是為什麼我們沒有在這裡強調它。

I think we are going to, as a consequence of the spins and the costs associated with that, leverage up, generally.

我認為，由於旋轉和與之相關的成本，我們通常會提高槓桿率。

If you look at HoldCo, a bit.

如果你看看HoldCo，就會發現一點。

But believe that as we exit the spins and go to next year, we'll be able to get the leverage levels back to the stated goals of being in the low 3s, which is consistent.

但請相信，當我們退出旋轉並進入明年時，我們將能夠將槓桿水平恢復到低於 3 的既定目標，這是一致的。

During that timeframe we expect to continue, of course, to pay dividends.

當然，在此期間，我們預計將繼續支付股息。

The park will pay its dividend, RemainCo, Hilton Worldwide will pay its dividends.

公園將支付股息，RemainCo、希爾頓全球將支付股息。

And then on behalf of Hilton Worldwide we would expect early in the year to be talking to our Board about a stock buyback program.

然後，我們預計將在今年年初代表希爾頓全球酒店集團與董事會討論股票回購計畫。

We may be, in order to get the leverage back down to low 3s because it ticks up a little bit, we, I would expect, would be paying off some debt in the earlier part of next year.

為了使槓桿率回落到 3 的低點，因為槓桿率略有上升，我預計我們將在明年早些時候償還一些債務。

But we would also be thinking about a buyback program contemporaneous with that.

但我們也會考慮同時進行的回購計畫。

That's helpful.

這很有幫助。

And maybe two questions on just the different demand segments.

也許還有兩個關於不同需求領域的問題。

On corporate transient, does HHonors give you guys the granularity to see if some of the softness in corporate transient is more than just about less demand?

在企業瞬態方面，希爾頓榮譽客會是否為你們提供了粒度，以了解企業瞬態中的一些疲軟是否不僅僅是需求減少？

And it's sort of data that says granular is like a super-store customer either trading down on price point or taking fewer trips or staying your nights?

這種數據表明，細粒度就像超級商店的顧客要么降低價格，要么減少出行次數，要么過夜？

Can you see that in your system?

你能在你的系統中看到它嗎？

I think we can see lots of data.

我想我們可以看到很多數據。

But what I'd say, is sort of the KISS rule, keep it simple.

但我想說的是 KISS 規則，保持簡單。

I think what's happening is corporate America, whether it's big companies, medium, small, I think you're just seeing lower demand.

我認為美國企業界正在發生的事情，無論是大公司、中型公司還是小型公司，我認為你只是看到需求下降。

And we're getting mostly rates.

我們得到的大部分都是利率。

So I think what's happening is volumes are relatively flat and rates up a little bit.

所以我認為現在的情況是成交量相對持平，而利率略有上升。

And I think it's a consequence of what we had witnessed as an economy, which was in the fourth quarter and the first quarter of this year, significantly lower overall economic growth.

我認為這是我們在今年第四季和第一季目睹的整體經濟成長顯著下降的結果。

Now, I think when you get to the print of Q2 you're going to see much higher economic growth, and certainly every expectation is for the second half to be better.

現在，我認為當你看到第二季時，你會看到更高的經濟成長，當然，每個人都期望下半年會更好。

We do know that historically we've had a lag somewhere, one to two quarters on sort of economic growth translating into demand growth in the corporate business.

我們確實知道，從歷史上看，我們在經濟成長轉化為企業業務需求成長方面存在一到兩個季度的滯後。

We haven't really seen it yet, but expectation I think would be when you see Q2 be stronger.

我們還沒有真正看到它，但我認為當你看到第二季度更強時會是這樣。

And I think Q3 and Q4, eventually it will flow-through.

我認為第三季和第四季最終會實現。

It's just hard to know exactly when that occurs.

只是很難確切知道這種情況何時發生。

And we have not seen it, to my earlier point, in any meaningful way.

就我之前的觀點而言，我們還沒有以任何有意義的方式看到它。

We've seen positive growth.

我們看到了積極的成長。

I mean, we seen transient growth, as I said, sort of in the low 2%s.

我的意思是，正如我所說，我們看到了短暫的增長，大約在 2% 左右。

But you'd obviously, as a consequence of seeing broader economic growth pick up, like to see it flow through.

但顯然，由於看到更廣泛的經濟成長回升，你希望看到它得以實現。

And I think every expectation would -- eventually, it will flow through.

我認為每一個期望最終都會實現。

It sort of stands to reason, by any historical standards.

從任何歷史標準來看，這都是有道理的。

And just the last question on group.

這只是小組的最後一個問題。

Can you just talk about the trends in cancellation and attrition rates, as well as your in the year for the year group booking pace?

您能否談談取消率和流失率的趨勢，以及今年團體預訂的速度？

I'm just curious how -- what you're seeing there affects maybe what you're thinking is for 2017 and 2018 group, if shorter-term group trends might be weakening?

我只是好奇，如果短期群體趨勢可能正在減弱，你所看到的可能會影響你對 2017 年和 2018 年群體的看法？

Yes.

是的。

We have not seen any negative activity in attrition or cancellations.

我們沒有看到任何人員流失或取消的負面活動。

In fact, in the first quarter I think we noted that it was down year over year.

事實上，我認為我們在第一季注意到它同比下降。

Second quarter was consistent year over year.

第二季與去年同期持平。

So there's nothing abnormal going on there.

所以那裡沒有任何異常情況發生。

As we look at pace in the year for the year, generally relatively strong.

從我們今年的成長速度來看，整體來說相對強勁。

If we look at pace in this year going into next year, and as a result what position is for next year, relatively strong position for next year, sort of in the -- up in the mid single digits.

如果我們看看今年進入明年的步伐，以及明年的情況，明年的情況相對較強，大約是在中間個位數。

So there are not indications of something going wrong in the group side.

因此，沒有跡象表明集團方面出現了問題。

Thanks.

謝謝。

Yes.

是的。

Joe Greff, JPMorgan.

喬‧格雷夫，摩根大通。

Hey, guys.

大家好。

Sorry if you kind of talked about this a little bit on the earlier call.

抱歉，如果您在之前的電話會議上稍微談論過這一點。

And obviously you're not seeing this in your development pipeline, but can you just talk about the conversations, Chris, you might be having with the development community?

顯然，您在開發流程中沒有看到這一點，但是克里斯，您能談談您可能與開發社群進行的對話嗎？

And how much of this deceleration in corporate demand and corporate transient RevPAR growth is having an impact on the mindset of those looking to build out or convert new supply?

企業需求的減速和企業每間可售房收入的短暫增長對那些尋求擴建或轉換新供應的人的心態產生了多大影響？

And how those conversations might be evolving, say, from the beginning of year?

比如說，從年初開始，這些對話可能會如何演變？

Yes.

是的。

I would say, honestly Joe, we've had lots of discussions with owners across the board.

我想說，老實說，喬，我們已經與所有業主進行了很多討論。

And given that their owner-operators most of them, they're seeing what's going on with demand patterns across the board, particularly in corporate transient demand.

鑑於他們中的大多數是業主兼經營者，他們正在了解全面的需求模式的變化，特別是在企業的短暫需求方面。

I have not seen any material impact in their thinking about what they're trying to do from a development point of view.

我沒有看到他們從發展的角度思考他們正在嘗試做的事情有任何實質影響。

I do believe that there is generally amongst the development community, and I happen to agree with this, a fair amount of optimism.

我確實相信，開發社群中普遍存在相當樂觀的態度，我也恰好同意這一點。

And that optimism is based on the fact that the US economy is picking up a little bit.

這種樂觀情緒是基於美國經濟正在略有回升的事實。

My earlier comment that eventually that has to flow through to corporate transient demand by any historical standards.

我之前的評論是，以任何歷史標準來看，最終這必須反映到企業的短暫需求。

I think the development community, and I agree, thinks that it will.

我認為開發社群（我同意）認為會的。

And while certainly I don't think anybody is being a Pollyanna and has a view that we're going to go back to transient growth trends of the type that we saw maybe in the first half of last year or before, I do believe that people have a general belief that those trends could pick up.

當然，我不認為有人盲目樂觀，並認為我們將回到去年上半年或之前看到的那種短暫的成長趨勢，但我確實相信人們普遍相信這些趨勢可能會加速。

And that in any event, we're going to continue to see positive fundamentals, meaning positive RevPAR growth, albeit at a little bit lower level than what we had been experiencing.

無論如何，我們將繼續看到積極的基本面，這意味著 RevPAR 的積極增長，儘管水平比我們之前經歷的要低一些。

But positive RevPAR growth simply as a consequence of continuing increases in demand, at lower levels, but increasing demand met with capacity additions that are still in the 1%s and still below any sort of 30-year historical average.

但是，RevPAR 的正成長僅僅是需求持續成長的結果，但水準較低，但需求的成長與容量的增加相結合，但容量的增加仍維持在1% 左右，且仍低於30 年的歷史平均水平。

So, I mean, the financing markets generally have been reasonably strong.

所以，我的意思是，融資市場整體相當強勁。

A couple of conversations with folks would say they're maybe having to put up a little bit more equity, maybe their spreads have -- had increased.

與人們的幾次談話會說他們可能必須投入更多的股本，也許他們的利差已經增加了。

But I think those spreads have come back in with, even post Brexit, with the markets stabilizing.

但我認為，即使在英國脫歐之後，隨著市場趨於穩定，這些利差也已經回升。

The debt markets have been quite strong, generally of late.

最近，債務市場整體上相當強勁。

So I could go on, but I won't.

所以我可以繼續，但我不會。

Not a material change in the view of the -- of our ownership community.

我們的所有者社區的觀點並沒有發生重大變化。

You can see from the numbers that we outlined in Tru, tremendous progress there.

從我們在 Tru 中概述的數字可以看出，那裡取得了巨大的進步。

Obviously, that's a very -- that's a product that's very much a value proposition and it's a lower cost to build, smaller number -- lower number of rooms, lowest price point in terms of cost per room to build.

顯然，這是一個非常有價值主張的產品，它的建造成本較低，房間數量較少，每個房間的建造成本最低，價格點也較低。

But I think people feel very confident in their availability to get those deals and other deals they're working on financed, and still have confidence that the cycle has legs to it.

但我認為，人們對自己能夠獲得這些交易和他們正在進行的其他交易的融資非常有信心，並且仍然相信這個週期是有持續性的。

Thank you.

謝謝。

Felicia Hendrix, Barclays.

費利西亞·亨德里克斯，巴克萊銀行。

Hi, thank you.

嗨，謝謝你。

Chris, I was wondering if you could just tell us what the leisure transient growth was in the first and second quarter?

克里斯，我想知道您能否告訴我們第一季和第二季的休閒短暫成長是多少？

Yes, it was higher.

是的，它更高。

It was on the higher end.

這是高端的。

I think it was in the 4%, not quite all the made to mid single, not quite 5%, but it was in the 4%s year to date.

我認為它在 4% 中，不完全是所有中單曲，不完全是 5%，但今年迄今為止在 4% 中。

Okay, year to date.

好吧，今年至今。

So it was weighting up.

所以它的重量在增加。

Now, it's a smaller percentage of the overall mix of transient.

現在，它在瞬態總體組合中所佔的比例較小。

But it was weighting up performance where the corporate side was weighting it down.

但它卻在提升績效，而企業方面卻在降低績效。

And that's how you end up in the low 2%s.

這就是你最終進入低2%的原因。

Again, every month's different and you have the calendar shifts.

同樣，每個月都是不同的，日曆也會改變。

But when we sort of neutralize it all, which is what I was trying to maybe oversimplify it, but I think it's helpful to think about it that way.

但是，當我們將其全部中和時，這就是我試圖將其過於簡單化的原因，但我認為以這種方式思考它是有幫助的。

Transient's growing in the low 2%s, groups growing better than.

Transient 的成長在 2% 左右，團體的成長比好。

That that's how your delivering sort of 2% to 3% until further notice.

這就是您提供 2% 到 3% 的方式，直至另行通知。

Further notice being you see something change in the economy, either positive or negative.

進一步注意的是，您會看到經濟發生一些變化，無論是積極的還是消極的。

Obviously we're hopeful with the broader growth picking up that that's good to be on the positive side.

顯然，我們對更廣泛的成長抱有希望，這是積極的一面。

Okay, that's helpful.

好的，這很有幫助。

And then the strong group business that you're seeing in September, I was just wondering how much of that's coming from the holiday shift?

然後，您在 9 月看到的強勁的集團業務，我只是想知道其中有多少來自假期輪班？

Some of it is the holiday shift, but it's overall strong.

其中一些是假期班次，但總體來說很強勁。

I can't be scientific enough to give you the exact percentages.

我無法科學地告訴你確切的百分比。

But it's both.

但兩者都是。

Clearly you have the holiday shift helping September, hurting October.

顯然，假期輪班對 9 月有利，但對 10 月不利。

But you also have a very robust sort of group month going, in any event.

但無論如何，你們還有一個非常強勁的團體月。

And then if you could look to October, does the -- I know you kind of backed out the holiday shift if you could, like consistent stronger?

然後，如果你可以展望 10 月份，我知道如果可以的話，你是否會取消假期班次，就像持續更強一樣？

Yes.

是的。

I mean October is going to get hurt by that.

我的意思是十月會因此受到傷害。

It's not a bad group calendar.

這不是一個糟糕的團體日曆。

But year over year is going to be hurt because of what's going on.

但由於正在發生的事情，年復一年都會受到傷害。

Again, if you neutralize all that, honestly the way I'd think about it is, all these -- you had Q2, you had the Fourth of July thing going on, you have -- in the -- that affect it.

再說一次，如果你中和所有這些，老實說，我的想法是，所有這些 - 你有第二季度，你有七月四日的事情正在進行，你有 - 在 - 影響它。

Q3, you've got the benefit of the Jewish holidays, you've got the offsetting in Q4.

第三季度，你得到了猶太節日的好處，你在第四季度得到了抵消。

But you have easier comps in Q4.

但第四季的比賽比較容易。

There's a lot of noise.

有很多噪音。

I won't keep going.

我不會再繼續下去了

The way I'd think about it is, the Q3 and Q4 in the end will end up, because of all that noise, being relatively comparable in performance.

我的想法是，由於所有這些噪音，Q3 和 Q4 最終在性能上將具有相對可比性。

Certainly as we look at all the puts and takes, we think Q3 and Q4 are going to be relatively comparable.

當然，當我們查看所有看跌期權和賣出選擇權時，我們認為第三季和第四季將具有相對可比性。

And then just to put your leisure, the leisure comment in perspective, what was that comping against last year?

然後，從你的休閒、休閒評論的角度來看，與去年相比，情況如何？

Similar.

相似的。

It's been very -- I can get you the exact number there.

這非常——我可以給你確切的數字。

It's been very consistent over the last couple of years.

過去幾年一直非常穩定。

Leisure's been good.

休閒一直很好。

Leisure's been good, and generally sort of trending up mid-single digits pretty consistently over the last couple of years.

休閒活動一直很好，並且在過去幾年中總體呈現中個位數增長的趨勢。

And then just a final quick ones, because I think this will be a quick answer.

然後是最後的快速回答，因為我認為這將是一個快速的答案。

Just getting back to group, and you were saying how strong it's been.

剛回到球隊，你就說球隊有多強。

There's just been a few companies that we've heard from so far saying that they're seeing weaker short-term group bookings, particularly in terms of small corporate meetings.

到目前為止，我們只聽到幾家公司表示，他們的短期團體預訂量有所下降，特別是在小型企業會議方面。

Are you seeing that at all?

你看到了嗎？

Not -- no, not in any material way that has shown up with the data I've looked at.

不——不，從我所查看的數據來看，沒有以任何實質的方式出現。

Okay.

好的。

Great.

偉大的。

Thanks.

謝謝。

Patrick Scholes, SunTrust.

帕特里克·斯科爾斯，SunTrust。

Hi.

你好。

Just a little bit further question on expectations for leisure transient.

關於休閒短暫的期望還有一點進一步的問題。

What are you thinking for performance for that segment for the rest of the summer?

您認為該細分市場在夏季剩餘時間內的表現如何？

I think its way to be relatively good.

我覺得這樣的方式還是比較好的。

So I think it's going to be higher than the average of our overall transient growth rate.

所以我認為這將高於我們整體短暫成長率的平均值。

So let's say in this 3% to 5% range.

假設在 3% 到 5% 的範圍內。

Okay.

好的。

One other question.

還有一個問題。

When you look at for the business traveler the various sort of customer segment, whether it's financial services, technology, who's giving you the most pushback on, let's say, rate or demand?

當您為商務旅客考慮各種類型的客戶群時，無論是金融服務、技術，誰對您的阻力最大，比方說，是費率還是需求？

And who are you performing better with at the moment?

目前你和誰一起表現得更好？

I wish I could be precise.

我希望我能說得準確一點。

But the real truth is that the weakness is broad-based.

但真正的事實是，這弱點是廣泛的。

And so I can't really, when I talked to our sales team, which I do frequently.

所以當我與我們的銷售團隊交談時，我真的不能這樣做，我經常這樣做。

I can't pick out whether it's pharma or technology or financial services.

我分不清是製藥業、科技業還是金融服務業。

I would say, again because everybody has been experiencing in the fourth quarter, particularly in first quarter, weakness in the macro-environment.

我之所以這麼說，是因為每個人在第四季度，特別是第一季都經歷了宏觀環境的疲軟。

I think it has been sort of a general dampening of demand across most industry.

我認為大多數行業的需求普遍受到抑制。

So there's nothing that really comes to mind to highlight.

所以沒有什麼真正值得強調的。

Okay.

好的。

I hear you.

我聽到了。

Thank you.

謝謝。

Harry Curtis, Nomura.

哈里·柯蒂斯，野村證券。

Hi, guys.

嗨，大家好。

Just a quick follow-up on group for next year.

只是明年小組的快速跟進。

Chris, can you comment on your pace and position for next year?

克里斯，你能評論一下你明年的節奏和位置嗎？

Yes.

是的。

I thought said it, maybe I neglected to.

我以為我說過了，也許我忽略了。

Pace has been relatively healthy for group bookings this year going into next.

今年和明年的團體預約速度相對健康。

And position is mid-single digits.

位置是中個位數。

So position is slightly stronger next year than for full year this year.

因此，明年的地位比今年全年略強。

And is it your expectation, or would you expect at this point in the economic cycle, to begin to see that soften?

您是否期望，或者您是否期望在經濟週期的這個時刻，這種情況會開始軟化？

Several other companies have talked about group softening a bit, but yours seems to be stronger.

其他幾家公司也談到了團隊軟化，但你們的似乎更強大。

I'd say it's a little bit stronger.

我想說的是，它稍微強一點。

I wouldn't say it's wildly stronger.

我不會說它非常強大。

And I think it is entirely dependent on what happens in the macro-environment.

我認為這完全取決於宏觀環境發生的情況。

If you believe the broader global economy's going to pick up, a lot of the groups in the US, the US economy's going to be stable to picking up.

如果你相信更廣泛的全球經濟將會回升，美國的許多團體，美國經濟將會穩定回升。

I think that's what you would expect to see in the group side of the business.

我認為這就是您期望在集團業務方面看到的情況。

So I think that's why, it's longer lead business.

所以我認為這就是為什麼，它的領先業務更長。

It doesn't tend to vacillate up and down as quickly with changes.

它不會隨著變化而快速上下波動。

I think if the economy stays -- if economic forecasts are right for this year and next year for the US economy, which I think consensus is 1.9% and 2.2% for next year, I think the group business will be fine.

我認為，如果經濟不變，如果美國經濟今年和明年的經濟預測是正確的，我認為明年的共識是 1.9% 和 2.2%，我認為集團業務會很好。

And I think you'll ultimately see a bit of an uptick in the corporate transit business that will help you.

我認為您最終會看到企業交通業務有所成長，這將對您有所幫助。

It's not, in my opinion, I don't think we see on the horizon that it's going to go back to where it was.

在我看來，我們不會看到它會回到原來的狀態。

We're not going to see corporate transit demand growing 6% or 8%, which is what we were expecting up until and through the first half of next year.

我們不會看到企業交通需求增加 6% 或 8%，而這正是我們在明年上半年之前的預期。

But that you'll see -- you could certainly see better than the low 2% that we've been seeing in transient as a consequence of that.

但你會看到——你肯定會看到比我們在瞬態中看到的 2% 的低水平更好的結果。

But the group will act generally consistently with transient on a lag.

但該組的行為通常會與滯後的瞬態一致。

I think that's the way -- it's just on a longer lag because the lag, it's obviously longer lead business.

我認為就是這樣——只是滯後時間更長，因為滯後時間顯然是領先業務更長的時間。

So transient stays really weak because the economy stays really weak.

因此，短暫的經濟仍然非常疲軟，因為經濟仍然非常疲軟。

Eventually it will ripple through to group.

最終它會波及到群體。

If the economy is stable and potentially going back up a little bit, I think you'll see group hang in there just fine.

如果經濟穩定並且有可能稍微回升，我認為你會看到集團堅持下去。

And thank you.

謝謝你。

And just a housekeeping question on the -- your expected leverage ratio.

這只是一個關於您的預期槓桿率的內務問題。

Early next year at the new Hilton, what might that look like?

明年初的新希爾頓酒店會是什麼樣子？

We're going to have an Analyst Day or equivalent to walk through all three companies.

我們將舉辦分析師日或類似活動來介紹這三家公司。

We are -- I think the way to think about it is sans the spins, the Company HoldCo would end up about at 3 times by year end, which would be on target.

我們——我認為考慮這個問題的方式是，如果沒有旋轉，到年底，公司控股公司的股價將達到約 3 倍，這將達到目標。

We're going to probably tick up a little over 20 bps.

我們可能會上漲 20 個基點多一點。

And then we got to split it up between the three companies.

然後我們必須將其分配給三家公司。

We gave guidance in that regard, which was for us, 3.25 -- the Hilton Worldwide 3.25 to 3.5.

我們在這方面給了指導，對我們來說是 3.25——希爾頓全球酒店集團是 3.25 到 3.5。

That's probably -- we think we would be in that zone.

我們認為我們可能會處於那個區域。

For Park, 3.75 to 4. And HTV generally 1 times.

對Park來說，3.75到4。

And we think all three of those are consistent with sort of market norms in their respective industries where those companies and with the comps that those companies will be going against.

我們認為，這三者都符合各自行業的市場規範，這些公司以及這些公司將面臨的競爭。

So 3.25 to 3.5, in that zone, which is a little bit higher than the low 3s we want to be at.

因此，在該區域中，從 3.25 到 3.5，這比我們想要的低 3 秒高一點。

But we believe we can quite rapidly get it back down to that 3, or close to 3.

但我們相信我們可以很快地將其降到 3，或接近 3。

Thanks, Chris.

謝謝，克里斯。

Shaun Kelley, Bank of America Merrill Lynch.

肖恩凱利，美銀美林。

Hey, good afternoon.

嘿，下午好。

Chris or KJ, I was wondering if you guys could talk a little bit more about the owned leased performance?

Chris 或 KJ，我想知道你們是否可以多談談自有租賃表演？

Lowering the guidance there to 1 to 3, that's sort of at the low-end of what we're seeing at some of the other lodging REITs coming in at this quarter for their outlook of the year.

將指導值降低至 1 至 3，這有點低於我們在本季度看到的其他一些住宿 REITs 的年度展望的低端值。

What do you think the drivers are and some of the pluses and minuses when you think about the geographies that the owned leased segment has?

當您考慮自有租賃市場的地理位置時，您認為驅動因素是什麼以及一些優點和缺點？

Yes, Shaun.

是的，肖恩。

It's Kevin.

是凱文。

I'll take that one.

我會接受那個。

We think you've seen the markets that have been out -- under performing, sorry, in the first half of the year where we have big-box hotels with relatively big exposures, like New York and Chicago, so that's certainly part of it.

我們認為您已經看到了表現不佳的市場，抱歉，在今年上半年，我們擁有敞口相對較大的大型酒店，例如紐約和芝加哥，所以這肯定是其中的一部分。

And then we have some hotels in the ownership segment that are in parts of the world like Japan that's struggling a little bit with the strengthening of their currency that's affecting domestic travel.

然後，我們在所有權領域有一些酒店，這些酒店位於日本等世界各地，由於貨幣升值影響了國內旅行，這些酒店正陷入困境。

Places like Turkey where Istanbul where you've had geopolitical type events.

像土耳其伊斯坦堡這樣的地方發生過地緣政治類型的事件。

So it's a little bit spread around the world.

所以它在世界各地都有一點傳播。

But obviously the big-box hotels in the urban markets that are struggling has a little bit of an outsized affect due to the size of the hotels.

但顯然，城市市場中陷入困境的大型飯店由於飯店規模而受到了一些過大的影響。

That's helpful.

這很有幫助。

And sort of maybe the flipside to that question is, it seems like you're actually doing a really good job of holding margin there with just, I think, still up 10 basis points year to date.

也許這個問題的另一面是，你實際上在保持利潤率方面做得非常好，我認為，今年迄今為止仍然上漲了 10 個基點。

Where are you guys at on the cost side there in terms of, margins already high.

就成本而言，你們處於什麼位置，利潤率已經很高了。

So are you starting to actually reduce costs or are you still at more of at like an efficiency phase level where you still think there are more things to gain on the portfolio without actually cutting costs or moving to contingency plans?

那麼，您是否開始真正降低成本，或者您仍處於效率階段水平，您仍然認為在不實際削減成本或轉向應急計劃的情況下，您的投資組合可以獲得更多東西？

Yes, I think it's bit of both, Shaun.

是的，我認為兩者都有，肖恩。

What you saw in the first quarter was margins were up really strongly, 150 basis points.

你在第一季看到的是利潤率成長非常強勁，達到了 150 個基點。

And then obviously in the second quarter, overall RevPAR for the segment at 70 basis points makes it hard to maintain margins.

顯然，在第二季度，該細分市場的整體 RevPAR 為 70 個基點，這使得維持利潤率變得困難。

And so margins were down 100.

因此利潤率下降了 100。

So what you saw in the first quarter was our -- what we have really good cost discipline and we're sort of reaping what we sowed over the past couple of years in terms of being really efficient.

所以你在第一季看到的是我們的——我們有非常好的成本紀律，而且我們正在收穫過去幾年在真正高效方面所播下的種子。

And then when the revenue side gets softer, then you've got to lean in a little bit more.

然後，當收入方面變得疲軟時，你就必須多傾斜一點。

So we're working our labor management systems, we're watching management levels, working on procurement initiatives, we'll get a little bit of benefit in the back half due to energy prices, we think.

因此，我們正在研究我們的勞動力管理系統，我們正在觀察管理水平，致力於採購計劃，我們認為，由於能源價格，我們將在後半段獲得一些好處。

And so that all goes into the mix.

這樣一切就都混合在一起了。

And that's why we think we'll still grow margins and EBITDA lower than we have in the past.

這就是為什麼我們認為我們的利潤率和 EBITDA 仍將比過去成長。

But will still grow for the full year.

但全年仍將成長。

Great.

偉大的。

Thank you very much.

非常感謝。

Smedes Rose, Citi.

斯梅德斯·羅斯，花旗銀行。

Hello.

你好。

Thanks.

謝謝。

I just have two quick ones.

我只有兩個快的。

One, through the first half it looks like EBITDA came in towards the higher end of your range and RevPAR was at the lower end of the range.

第一，整個上半年，EBITDA 似乎已接近範圍的高端，而 RevPAR 則處於範圍的低端。

Is that primarily because it looks like timeshare has just been performing better?

這主要是因為分時度假看起來表現較好嗎？

Or -- and do you think that those will sort of align more through the second half of the year?

或者——您認為這些在今年下半年會更一致嗎？

Yes.

是的。

I think it's both timeshare and then fees.

我認為這既是分時度假，也是費用。

Now, some of the fee growth on the nonrecurring fees and signing, application fees et cetera.

現在，一些費用的增長集中在非經常性費用、簽字費、申請費等方面。

So I do think those, as you think about be full-year guidance we are giving those, should definitely align more than we have in the first and second quarter.

因此，我確實認為，正如您所認為的那樣，我們給出的全年指導肯定應該比第一季和第二季更加一致。

Okay.

好的。

And that I just wanted to ask you specifically on San Francisco on next year, which obviously has a big downtick in groups booking because of the Moscone Center renovation.

我只是想具體問一下明年舊金山的情況，由於莫斯康中心的翻修，舊金山的團體預訂量顯然大幅下降。

Will you guys suffer from that?

你們會因此受苦嗎？

Or will you be able to maybe take groups away since you have a fair amount of group space yourself at those larger hotels that you own in that market?

或者您可以帶團體離開，因為您在該市場擁有的那些較大的酒店擁有相當多的團體空間？

How is that looking?

看起來怎麼樣？

I would say that is certainly what we would hope.

我想說這當然是我們所希望的。

San Francisco with Moscone has obviously had a bit of cooling off, still relatively strong.

擁有莫斯康 (Moscone) 的舊金山顯然已經有些降溫，但仍然相對強勁。

Still growing faster, faster than any of the other major markets in the country.

成長速度仍然比該國其他主要市場都快。

But instead of growing 10%, it's growing half of that this year as we -- maybe a little higher than that.

但今年的成長不是 10%，而是我們的一半——也許比這個數字高一點。

As we look into next year, given that we do have a lot of meeting space, we do think -- and we do have a pretty good group position, we do think we can take advantage of in-house groups and continue, if everything -- all else being equal with the broader economic set up, we do think we can continue to drive pretty good performance there.

當我們展望明年時，考慮到我們確實有很多會議空間，我們確實認為——而且我們確實擁有相當好的團隊地位，我們確實認為我們可以利用內部團隊並繼續，如果一切順利的話- 在其他條件與在更廣泛的經濟狀況相同的情況下，我們確實認為我們可以繼續在那裡推動相當好的表現。

Okay.

好的。

Let me just add, Smedes., that San % Francisco doesn't have any new supply to speak of.

讓我補充一下，斯梅德斯，舊金山沒有任何新的供應可言。

That makes it a little bit easier, too.

這也讓它變得更容易一些。

And I think the issues at Moscone are becoming better known.

我認為莫斯康的問題正變得越來越為人所知。

And I think they're working with the City to know when they're going to be in and when they're going to be out.

我認為他們正在與市政府合作，以了解他們何時進入以及何時離開。

So you can just do it little bit better.

所以你可以做得更好一點。

So as Chris said, probably not going to be gangbusters, but we think San Fran will be okay next year.

正如克里斯所說，可能不會大受歡迎，但我們認為舊金山明年會很好。

Okay.

好的。

And then fair to say that case of unit additions should accelerated through the back half in order to reach your, I think you said, 45,000 net pads for the year expected?

然後公平地說，單位增加的情況應該在後半段加速，以便達到你的預期，我想你說過，今年的淨墊數為 45,000 單位？

Yes, and that is that atypical.

是的，那就是非典型。

If you look at the numbers year to date, we are ahead on signings, we're ahead on construction starts, and we are ahead on net unit growth relative to last year.

如果你看看今年迄今為止的數字，與去年相比，我們在簽約方面領先，在開工方面領先，在單位淨增長方面也領先。

It is not unusual that the second half of the year is heftier in terms of deliveries then the first half of the year.

下半年的交貨量高於上半年並不罕見。

So we feel comfortable with the guidance that we've given.

因此，我們對所提供的指導感到滿意。

The third quarter should be a banner quarter for openings.

第三季應該是空缺職位的高峰季度。

Great.

偉大的。

Thank you.

謝謝。

David Loeb, Baird.

大衛‧勒布，貝爾德。

Well, good morning.

嗯，早安。

Good morning.

早安.

I know you talked a little bit about the direct booking earlier today, at least I've been told that.

我知道您今天早些時候談到了直接預訂，至少我是被告知的。

If you don't mind just a little deeper into that.

如果你不介意的話，可以再深入一點。

I guess, nobody was on the call.

我猜，沒有人接電話。

I thought people heard the -- anyway, we'll have -- you can get the transcript.

我認為人們聽到了——無論如何，我們會——你可以獲得文字記錄。

I will get the transcript.

我會拿到成績單。

I didn't manage to get on, but the rest of (multiple speakers) did.

我沒能成功，但其他人（多個發言者）成功了。

So sorry.

非常抱歉。

We had a small problem with AT&T.

我們與 AT&T 遇到了一個小問題。

No problem.

沒問題。

Apparently they had a lot of problems.

顯然他們遇到了很多問題。

That's fine.

沒關係。

But just to go a little deeper into the direct booking initiative, can you give us a little bit of color on what you think the trade-off has been in terms of what's happened to ADR versus the savings for owners in terms of the customer acquisition cost, the booking cost?

但為了更深入地探討直接預訂計劃，您能否告訴我們您認為在 ADR 發生的情況與船東在客戶獲取方面節省的費用之間的權衡是怎樣的？

Yes.

是的。

I mean, I think that at a high-level the way to think about our book direct campaign is it's pretty simple.

我的意思是，我認為從高層次來看我們的圖書直接行銷活動非常簡單。

It's really to make sure that we're delivering to our customers the best value and the best overall experience.

這實際上是為了確保我們為客戶提供最佳價值和最佳整體體驗。

And we think by having a more direct relationship with them, we are able to do that.

我們認為，透過與他們建立更直接的關係，我們能夠做到這一點。

Now, we also realize that we can't have a direct relationship with absolutely every customer.

現在，我們也意識到我們不可能與絕對每個客戶建立直接關係。

And so in those cases, we certainly want to work with other intermediaries, including the OTAs.

因此，在這些情況下，我們當然希望與其他中介機構合作，包括 OTA。

But where we can have a direct relationship and make sure they get the best value and give them all of the other things, HHonors, benefits, and digital check-in and digital key and all those things, we think ultimately it's a better value, better experience for them.

但是，如果我們能夠建立直接的關係，確保他們獲得最大的價值，並為他們提供所有其他東西，榮譽客會、福利、數位入住和數位鑰匙等等，我們認為最終這是一個更好的價值，為他們帶來更好的體驗。

So we've gone on this campaign.

所以我們開始了這個活動。

And the one thing I want to note that I've said on prior calls, it's really important is this is going to be -- this is going to be -- this is a long-term strategy.

我想指出的一件事是，我在之前的電話會議上說過，非常重要的是，這將是——這將是——這是一項長期策略。

This is in a flash in the pan, we're going out and doing a stop clicking around campaign.

這只是曇花一現，我們要出去進行一場停止點擊的活動。

That's the beginning of years of effort and initiative to really evolve Honors as a club to better serve our customers and to continue to bring more people into a very direct relationship with us.

這是多年來努力和主動行動的開始，旨在真正將榮譽俱樂部發展為一個俱樂部，以更好地服務我們的客戶，並繼續讓更多的人與我們建立非常直接的關係。

We think, if you look at the stats, when you read the transcript, sorry about that, you'll see, we're having great success.

我們認為，如果你看統計數據，當你閱讀文字記錄時，對此感到抱歉，你會發現，我們取得了巨大的成功。

I think at a high level, you look at what's going on with Honors membership, up 80% year over year.

我認為從較高的層面來看，榮譽會員的情況，年增了 80%。

You look at the channel shift that's occurring on our -- to our direct channels from other channels, particularly the OTAs, all at the time same gaining market share.

你可以看到我們的管道正在轉變——從其他管道（特別是OTA）到我們的直接管道，同時都在獲得市場份額。

So you put all that together, I'd say we're having very good success.

所以你把所有這些放在一起，我想說我們取得了非常好的成功。

But it's early days, clearly.

但顯然現在還處於早期階段。

This just really kicked off in February and March.

這實際上是在二月和三月開始的。

It's going to go on for years.

這種情況將會持續很多年。

We're going to have stay very vigilant, again with the objective of giving our customers the best value and the best experience.

我們將保持高度警惕，再次致力於為客戶提供最佳價值和最佳體驗。

In term of our owner community, and obviously you can speak with them.

就我們的業主社群而言，顯然您可以與他們交談。

I'd did say broadly our owner community is, to say they're supportive would be an understatement.

我確實說過，我們的業主社群是廣泛支持的，說他們支持是輕描淡寫的。

I think our owner community is incredibly focused on these issues and distribution solution costs.

我認為我們的業主社區非常關注這些問題和分銷解決方案成本。

And ultimately are having a more direct relationship with our customers.

最終與我們的客戶建立更直接的關係。

They have been very, very supportive as a group of all of our initiatives.

作為一個整體，他們非常非常支持我們的所有舉措。

And I believe that they are benefiting from it.

我相信他們正在從中受益。

If you look at it the way that we have to look at it, which is what's going on with on a net rate basis.

如果你以我們必須看待的方式來看待它，這就是淨利率基礎上發生的情況。

If you look at what's going on as a consequence of the channel shift that has occurred to our direct channels on a net rate basis, our owners across the board at every -- in every segment of our transient distribution are doing better on a net rate basis, because even though in -- with HHonors discounts, which vary depending on day of the week and time -- forward time, et cetera, but always there is some discounts to HHonors members.

如果你看看我們的直接管道在淨費率基礎上發生的管道轉變所發生的情況，我們的所有者在我們瞬態分銷的每個部分中的所有所有者在淨費率上都做得更好基礎上，因為即使在 - 榮譽客會折扣（根據一周中的日期和時間 - 提前時間等而有所不同），但榮譽客會會員總是有一些折扣。

Because they shift our channels and the cost of our channels, particularly our app, are de minimus relative to other channels, on a net rate basis, our owners are making out in a big way.

因為他們改變了我們的管道，而我們的管道成本，特別是我們的應用程序，相對於其他管道來說是微乎其微的，在淨費率的基礎上，我們的所有者正在賺大錢。

As this continues if we're successful, and we certainly plan to be, I think the net rate benefit is going to accelerate.

如果我們成功的話，而且我們確實計劃成功，這種情況繼續下去，我認為淨利率效益將會加速。

And that is the objective.

這就是目標。

So I think everybody is -- our ownership community is quite supportive.

所以我認為每個人——我們的所有權社區都非常支持。

I'm sure like anything, you could find somebody that's not.

我確信，就像任何事情一樣，你可以找到一個不是的人。

But I think we're really focused on this.

但我認為我們真的很關注這一點。

They, for years together with us, have been focused on making sure that we have good strategies in place to make sure that our this distribution costs are reasonable.

多年來，他們與我們一起，一直致力於確保我們制定良好的策略，以確保我們的分銷成本合理。

So just to follow that up, I do appreciate the comments about the net rate.

因此，為了跟進這一點，我非常感謝有關淨利率的評論。

That's kind of where I was going.

這就是我要去的地方。

If the HHonors share of occupancy is 56% now, what's the theoretical limit, or the optimal for where that can go?

如果希爾頓榮譽客會的入住率現在為 56%，那麼理論上的限制是多少，或者可以達到的最佳值是多少？

The higher, the better.

越高越好。

I don't think there is any reasonable limit.

我認為沒有任何合理的限制。

I think if we do our job over time, HHonors should be a club for everybody.

我認為，如果我們隨著時間的推移做好我們的工作，榮譽客會應該成為每個人的俱樂部。

HHonors should be a club for those that are frequent travelers, those who are in frequent travelers.

榮譽客會應該成為那些經常旅行的人、那些經常旅行的人的俱樂部。

Obviously the more frequent that you travel, the more benefits you may get.

顯然，您旅行越頻繁，您獲得的好處就越多。

But there should be benefits to all travelers.

但應該對所有旅行者都有好處。

And I think we could have a much, much higher share of overall occupancy than in the mid-50%s, ultimately.

我認為最終我們的整體入住率可能會比 50% 左右高得多。

But again, I want to reinforce, and I'm absolutely happy to talk about this and should talk about it every quarter, we're going to be talking about this for years.

但我想再次強調，我非常樂意談論這個問題，並且應該每個季度都討論這個問題，我們將討論這個問題很多年。

This is not going to like a quarter or two, and okay, that's over.

這不會像一兩個季度那樣，好吧，就這樣結束了。

This is a long-term strategy that our Company has.

這是我們公司的長期策略。

That's great.

那太棒了。

And finally, look, not your fault for the technical issues.

最後，你看，技術問題不是你的錯。

Not holding you accountable.

不追究你的責任。

I'm holding Christian accountable, for the record.

鄭重聲明，我請克里斯蒂安承擔責任。

Thanks.

謝謝。

Thanks, David.

謝謝，大衛。

Rich Hightower, Evercore.

里奇·海塔爾、埃弗科爾。

Hey, good afternoon everyone.

嘿，大家下午好。

Thanks for taking the question here.

感謝您在這裡提出問題。

Sure.

當然。

So just to go back to the spin transactions for one second here.

因此，我們先回到旋轉交易上來。

I think previously, whether on these calls or offline calls, you guys had mentioned potentially doing some opportunistic capital transactions in advance of the spin.

我認為之前，無論是在這些電話中還是線下電話中，你們都提到在旋轉之前可能會進行一些機會主義的資本交易。

I'm wondering if you could add any color to what those might be?

我想知道你是否可以為這些內容添加任何顏色？

And just any additional detail would be helpful.

任何額外的細節都會有所幫助。

Not in a position to give you a whole lot more detail at this point, Rich.

Rich，目前無法向您提供更多詳細資訊。

We -- I'd repeat what we said before, which is we're in a position thankfully where we don't have to do any financings to accomplish the spins.

我們——我想重複我們之前說過的話，幸運的是，我們不需要進行任何融資來完成旋轉。

But we may very well want to opportunistically, particularly given the strength of the debt markets.

但我們很可能希望抓住機會，特別是考慮到債務市場的強勁勢頭。

And we are considering a whole bunch of options right now.

我們現在正在考慮一大堆選擇。

And when we have more detail, we'll obviously get back with you.

當我們獲得更多詳細資訊時，我們顯然會與您聯繫。

All right.

好的。

Thanks, Chris.

謝謝，克里斯。

That's it for me.

對我來說就是這樣。

Bill Crow, Raymond James.

比爾·克勞，雷蒙德·詹姆斯。

Hey, good afternoon guys.

嘿，大家下午好。

Christian is always to blame, I think.

我認為基督徒總是應該受到指責。

Chris, three very quick topics, hopefully.

克里斯，希望是三個非常快速的話題。

Following up, I think it was Joe's question earlier, on the development pipeline and whether you're seeing any impact.

接下來，我認為這是喬早些時候提出的問題，關於開發管道以及您是否看到任何影響。

Do you guys measure the time that elapses between signings and actual construction start?

你們有測量過簽約和實際開工之間的時間間隔嗎？

And has there been any change in that over the last year or two?

過去一兩年這方面有什麼改變嗎？

We do measure that, and it has extended a little bit.

我們確實測量了這一點，並且它已經延長了一點。

But that's been more -- if I look at the granular data, it's a lot more to do with China than anything.

但更重要的是──如果我看一下詳細的數據，就會發現這與中國的關係比其他任何事情都重要。

A lot of the big projects in China that are in the pipeline, even some that are under construction, they're just slowing -- just the pace is slowing.

中國的許多大型項目正在醞釀中，甚至一些正在建設中，它們只是在放緩——只是步伐放緩。

They're not -- not as many workers on the sites.

他們沒有——沒有那麼多現場工作人員。

They're just taking longer to get it done, and you've seen more delays.

他們只是需要更長的時間才能完成任務，而且你已經看到了更多的延誤。

I'd say outside of that, not a whole heck of a lot of difference in the last year.

我想說的是，除此之外，去年並沒有太大的不同。

Okay.

好的。

And then I know Chris, you're really involved on the government relations front and marketing for the industry.

然後我知道克里斯，你確實參與了政府關係方面和行業行銷。

And lately the headlines seem to point to momentum shifting against Airbnb.

最近的頭條新聞似乎表明 Airbnb 的勢頭正在轉變。

I wondered if you had any thoughts on the topic?

我想知道你對這個話題有什麼想法嗎？

Not anything particularly new.

沒什麼特別新的東西。

I think all the headlines do a reasonable job of covering it.

我認為所有的頭條新聞都合理地報道了這一點。

I think the industry's perspective, if I were to encapsulate it, is that just having sort of a fair set of rules that apply to everybody.

我認為，如果我要概括的話，行業的觀點就是，制定一套適用於每個人的公平規則。

And I think that's a belief that's held by many of the municipalities around the country.

我認為全國許多城市都抱持這種信念。

And like a lot of the sharing economy companies that are out there, regulation -- the rules and regulations haven't really kept up.

就像許多共享經濟公司一樣，監管——規則和條例並沒有真正跟上。

They're moving faster than many of the government entities, both locally and federally, can move.

他們的行動速度比許多政府實體（無論是地方還是聯邦政府）的行動速度都要快。

And so I do think over time you're going to find that those two -- that the government side of it catches up with it.

所以我確實認為，隨著時間的推移，你會發現這兩者——政府方面會趕上。

And ultimately that you have sort of balanced rules and regulations that apply to businesses that have similar attributes.

最終，您將擁有適用於具有類似屬性的企業的平衡規則和法規。

So I think you're going to see -- Airbnb is a real business.

所以我想你將會看到—Airbnb 是一個真正的企業。

It's a good business.

這是一筆好生意。

It's going to be around.

它將會出現。

They're obviously growing very rapidly.

顯然他們的成長速度非常快。

I think increasingly you're going to see either by self-governance or otherwise that the set of rules that they're playing by are going to look more like the set of rules that we play by.

我認為，您將越來越多地看到，無論是透過自治還是其他方式，他們所遵循的一套規則將看起來更像我們所遵循的一套規則。

All right.

好的。

And then finally Chris, I know special corporate negotiated rate business is this just a part of overall corporate demand.

最後，克里斯，我知道特殊的企業協議利率業務只是企業整體需求的一部分。

But there were several companies saying that last fall's negotiations were as good as they've been for the cycle.

但有幾家公司表示，去年秋天的談判與本週期以來的談判一樣順利。

And here we are with a real void in corporate demand.

而我們現在面臨企業需求的真正空白。

So two-part question.

所以分為兩部分的問題。

Are we making more of that negotiating period than we should be?

我們是否在談判期間投入了比應有的更多的時間？

Is it even material?

還算物質嗎？

And number two, are we entering this fall negotiation period at more of a position of weakness?

第二，我們是否在進入秋季談判期時處於更弱勢的地位？

We've been talking a lot about that because we are talking to our sales teams about the discussion that's going to start to head into high gear later -- late summer, early fall.

我們已經談論了很多這個問題，因為我們正在與我們的銷售團隊討論稍後將開始進行的討論 - 夏末秋初。

I think you can interpret everything we've set about weakness and demand in that space, while special corporates are maybe 20% of the corporate business, so 10% of the overall business, it's meaningful.

我認為你可以解釋我們在該領域設定的關於弱點和需求的一切，而特殊企業可能佔企業業務的 20%，所以佔整體業務的 10%，這是有意義的。

It's not as big, I think, ultimately as people think.

我認為，它最終並不像人們想像的那麼大。

I do think in a weaker environment it's going to be tougher to push rate.

我確實認為，在疲軟的環境下，推動利率將會更加困難。

And I think if last year we were all sort of in the mid-single digits and pushing above, frankly, our objectives were mid to high single digits, I think it's this year, likely we're not there, but likely going to be in the low to mid single digits.

我認為，如果去年我們的業績都處於中個位數，並進一步提高，坦白說，我們的目標是中個位數到高個位數，我認為今年，我們可能不會實現這一目標，但很可能會實現在低到中個位數。

That's where sort of rationally we can expect to be.

這就是我們理性地可以預期的情況。

We'll see.

我們拭目以待。

It's not going to really getting going in earnest until September, October.

直到九月、十月才會真正開始。

We'll see what's going on in the broader macro-environment to see if things have picked up a bit.

我們將觀察更廣泛的宏觀環境中發生的情況，看看情況是否有所改善。

But I think 3% to 5% would be a rational expectation with what I see, sitting here today.

但我認為，根據我今天坐在這裡所看到的情況，3% 到 5% 是一個理性的預期。

Thanks for your time.

謝謝你的時間。

Appreciated.

讚賞。

Yes.

是的。

Vince Ciepiel, Cleveland Research Company.

文斯‧西皮爾 (Vince Ciepiel)，克里夫蘭研究公司。

Hi.

你好。

Two questions on RevPAR.

關於 RevPAR 的兩個問題。

First, it looks like occupancy swung positive, which I think was in line with your commentary on the prior call.

首先，入住率似乎呈正值，我認為這與您對先前電話會議的評論一致。

Curious with the full year move from 3 to 5 to 2 to 4. Is that more driven by rates or occupancy?

對全年從 3 到 5、2 到 4 的變化感到好奇。

And then second --

然後第二個——

It's almost all rate.

幾乎都是費率。

I mean, we did slip back around on occupancy.

我的意思是，我們的入住率確實有所下降。

And I think our actual forecast show a teeny amount of occupancy.

我認為我們的實際預測顯示入住率很小。

But it's almost all rate.

但幾乎​​都是費率。

90%-plus rate in the expectation -- in the guidance we've given you.

在我們給您的指導中，預期的 90% 以上的比率。

Great.

偉大的。

Thanks.

謝謝。

And then second, for your second half RevPAR outlook, would you expect international or North America to lead RevPAR growth?

其次，對於您下半年的 RevPAR 展望，您是否預期國際或北美將引領 RevPAR 成長？

I would say that when you blend it altogether, I haven't done the math in my head, it's probably going to be comparable.

我想說的是，當你把它們混合在一起時，我還沒有在腦子裡進行數學計算，它可能會具有可比性。

Simply because international, you've got the Asia Pacific that will clearly lead the world with continuing strength, reasonable -- relative strength in China and still in Japan.

僅僅因為國際化，亞太地區將明顯以持續的實力引領世界，合理的——中國和日本的相對實力。

While Japan has cooled off a bit it's still relatively strong.

儘管日本的經濟有所降溫，但仍相對強勁。

You're going to see Europe weaker.

你會看到歐洲變得更弱。

You're going to see Middle East Africa weaker.

你會看到中東非洲變得更弱。

So when you blend strong Asia with weaker the other regions against America, my guess it's going to be about the same.

因此，當你將強大的亞洲與較弱的其他地區結合起來對抗美國時，我猜情況會大致相同。

I mean, we could do to a little bit more refined math.

我的意思是，我們可以做一些更精確的數學計算。

But I think that's plus or minus what I'd say.

但我認為這對我所說的有利或不利。

(Multiple speakers)

（多位發言者）

Chad Beynon, Macquarie.

查德貝農，麥格理。

Hi, great.

嗨，太好了。

Thanks for taking my question.

感謝您提出我的問題。

Just one for me.

只給我一個。

I just wanted to focus on the fee growth, particularly the IMFs in the quarter.

我只是想關注費用增長，特別是本季的國際貨幣基金組織。

And kind of how that fits into the overall M&F guidance for the year.

這在某種程度上符合今年的整體 M&F 指導。

So given that the quarter, as you just mention, was mainly rate versus occupancy, and that's kind of the outlook for the second half of the year.

因此，正如您剛才提到的，本季主要是房價與入住率的比較，這就是下半年的前景。

And given that Asia was strong where there's mostly no owner's priority.

考慮到亞洲的實力很強，但幾乎沒有所有者優先考慮。

Curious why M&Fs were flat in the second quarter?

好奇為什麼第二季 M&F 持平？

And then second part of that, should we expect for this line item to reaccelerate above base and franchise fees, as we've seen it in the past?

然後第二部分，我們是否應該期望該訂單項目重新加速高於基本費和特許經營費，就像我們過去看到的那樣？

Thanks.

謝謝。

I think the short order is yes, but let me give you little bit more detail.

我認為短期訂單是肯定的，但讓我給您更多細節。

First of all, remember for us that IMF's only 10% of the fee base.

首先，請記住，國際貨幣基金組織只收取 10% 的費用基數。

So not as big as you might find with other of our competitors, which we like because IMF obviously by its very nature is a higher beta income stream.

因此，它不像我們其他競爭對手那樣大，我們喜歡這一點，因為國際貨幣基金組織顯然就其本質而言是更高貝塔收入流。

The reason you saw it flat in Q2 had to do with one-time stuff year over year.

你在第二季度看到它持平的原因與年復一年的一次性事件有關。

I think we would expect for the full year it would be growing faster than base, certainly base and even core franchise fees.

我認為我們預計全年的成長速度將快於基本費用，當然是基本費用，甚至是核心特許經營費。

I think on an FX neutral basis, current expectation is for low teens, which is a little bit lower than where we've been, but that's because the bulk of that 10% IMF is in the international estate and some of the places that have been more impacted by some of the things going on around the world.

我認為在外匯中性的基礎上，目前的預期是低十幾歲，這比我們之前的水平要低一些，但那是因為這 10% 的 IMF 大部分都在國際房地產和一些有受到世界各地發生的一些事情的影響更大。

So full-year expectation, FX neutral, low teens, which is obviously indicative of a higher growth rate than what you're seeing the core fee basis.

因此，全年預期，外匯中性，低十幾歲，這顯然表明增長率高於您所看到的核心費用基礎。

Okay.

好的。

Thanks very much.

非常感謝。

Jared Shojaian, Wolfe Research.

賈里德‧肖賈安 (Jared Shojaian)，沃爾夫研究中心。

Hi.

你好。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

Just broadly on supply, and obviously your pipeline growth looks pretty good here.

就供應而言，顯然你們的管道成長看起來相當不錯。

But we're also seeing sort of similar growth from everyone else.

但我們也看到其他人也有類似的成長。

And yesterday Starwood showed a pretty big spike.

昨天喜達屋的股價出現了相當大的上漲。

So my question is, how will this not result in an overall industry supply problem as we go forward?

所以我的問題是，隨著我們的發展，這如何不會導致整個產業的供應問題？

And what are you expecting for industry growth here in the US for next year and into 2018?

您對美國明年和 2018 年的產業成長有何預期？

Yes.

是的。

On the prepared comments, which evidently not many people heard but you can read, I think part of what's going on is our development pipeline's picking up.

關於準備好的評論，顯然沒有多少人聽到，但你可以閱讀，我認為正在發生的部分原因是我們的開發管道正在加快。

But we're fighting way over our weight.

但我們正在為體重而奮鬥。

Can't really speak to Starwood in any detail.

無法與喜達屋詳細交談。

But I'd say relative to almost all the competition, with one notable exception, we are getting a disproportionate share of the development.

但我想說的是，相對於幾乎所有的競爭對手，除了一個明顯的例外，我們獲得了不成比例的開發份額。

We've got 25% of the rooms under construction, our brands in the United States where we have 11% market share.

我們有 25% 的房間在建，我們的品牌在美國擁有 11% 的市場份額。

So part of what's going on is the stronger brands are getting a disproportionate share of the development, which means you are in a nice place where you're not having a huge amount of supply.

因此，部分原因是實力較強的品牌在開發中獲得了不成比例的份額，這意味著您處於一個沒有大量供應的好地方。

That's why you're still in the 1s.

這就是為什麼你仍然處於 1 年代。

But yet we can have really significant growth as a Company, given the strength of these brands and the market share of these brands at the same time

但考慮到這些品牌的實力以及這些品牌的市場份額，我們作為一家公司可以實現真正的顯著成長

Expectations for next year, I think if you look at consensus numbers, we're going to be this year, 1.7%, 1.8%.

對明年的預期，我想如果你看一下共識數字，今年我們的預期是 1.7%、1.8%。

I think as you get into next year it gets up to about 2%, 2.1%, if I blended the consensus.

我認為，進入明年，如果我混合共識的話，這個數字會上升到 2%、2.1% 左右。

And obviously would tick with above that.

顯然會在上面打勾。

You know a 30-year average is 2.5%.

你知道 30 年的平均值是 2.5%。

And while you're going to be next year starting in 2017 and 2018, you're going to get to and probably hit the longer-term efforts, my guess is -- some people say 2017, I think the numbers actually traditionally come in lower than expectations.

雖然你明年將從 2017 年和 2018 年開始，但你將達到並可能實現長期目標，我的猜測是——有些人說 2017 年，我認為這些數字實際上傳統上是低於預期。

I think it's maybe late 2017, 2018.

我認為可能是2017年末、2018年。

I would note that in no time in my experience have we had -- first of all, even when supply has been 2 and 3 and 4 times those levels, has it really been supply that has driven the turn of a cycle.

我要指出的是，根據我的經驗，我們從未經歷過——首先，即使供應量是這些水平的 2 倍、3 倍和 4 倍，是否真的是供應推動了周期的轉變。

It's always really been demand.

這一直是真正的需求。

Obviously, supply being at high levels can accentuate that.

顯然，高水準的供應會加劇這種情況。

But I don't think getting into the 2%s and low 2%s is in and of itself necessarily a problem.

但我不認為進入 2% 和低 2% 本身就一定是個問題。

I've said this 1,000 times probably, and I'd say it again.

這句話我可能已經說過 1000 遍了，而且我還會再說一次。

I think what people want to say about when will the cycle turn, I think it's entirely going to be driven by the business cycle turned.

我認為人們想說的周期何時轉變，我認為這完全是由商業週期轉變所驅動的。

So when you think the overall economy is going to go into a cyclical decline, I think that is what ultimately is going to drive a decline in the lodging cycle.

因此，當你認為整體經濟將進入周期性衰退時，我認為這最終將推動住宿週期的下降。

I don't personally believe supply levels are going to get to a level -- I mean is it better for the number to be lower?

我個人並不認為供應水準會達到某個水準——我的意思是這個數字越低越好嗎？

Of course.

當然。

The math -- the laws of economics are alive and well.

數學——經濟法則仍然有效。

But low -- high 1%s and low 2%s, I don't think are particularly problematic.

但低——高 1%s 和低 2%s，我認為不是特別有問題。

Okay.

好的。

Thank you.

謝謝。

David Katz, Telsey Group.

大衛‧卡茨，特爾西集團。

Hi.

你好。

Afternoon, all.

下午，大家。

Afternoon.

下午。

I suppose everyone's apologized enough in both directions for repetition.

我想每個人都已經為重複的行為在兩個方向上道歉了。

So if I'm raising an issue you've discussed, let's put it in that bucket.

因此，如果我提出了您討論過的問題，我們就把它放在這個桶子裡。

But when I came in this morning and I read through your release, I then went back and read your transcript from the first-quarter call.

但是，當我今天早上進來並閱讀了您的新聞稿後，我又回去閱讀了您第一季電話會議的記錄。

And it is quite a bit more bullish about the remainder of the year.

人們對今年剩餘時間更加樂觀。

And I suppose what I have not really captured so far is what changed.

我想到目前為止我還沒有真正捕捉到發生了什麼變化。

And clearly it's closer-in business, or expectations of such.

顯然，這是更接近的業務，或對此類業務的期望。

But if you could just talk about what has shifted since that April 27 call, I'd appreciate it.

但如果您能談談自 4 月 27 日電話會議以來發生的變化，我將不勝感激。

Yes, I'd be happy to, David.

是的，我很樂意，大衛。

I think it's three very straightforward things.

我認為這是三件非常簡單的事。

One, what we've delivered year to date.

第一，我們今年迄今所交付的成果。

We're more than half done with the year.

我們這一年已經完成了一半以上。

We've reported second quarter, but we have very good visibility now into July and decent visibility into August.

我們已經報告了第二季度，但我們現在對 7 月的能見度非​​常好，對 8 月的能見度也不錯。

So in April we didn't have all that visibility.

所以四月我們沒有那麼多的能見度。

We've delivered 2.5% year to date.

今年迄今為止，我們已經交付了 2.5%。

We had hoped, and if you read that transcript you would find, we had seen some, I'd say, threads of improvement.

我們曾經希望，如果你讀過這份文字記錄，你會發現，我想說，我們已經看到了一些改進的線索。

I think I may have used those words with the business transient segment.

我想我可能在業務瞬態部分中使用了這些詞。

When we pulled those threads, they didn't lead to rope.

當我們拉動這些線時，它們並沒有引向繩子。

Meaning we haven't seen a meaningful uptick, which I've talked about a bunch of times.

這意味著我們還沒有看到有意義的上升，我已經多次談論過這一點。

So we had hoped we'd start to see a little bit more of an uptick sooner.

因此，我們希望能夠儘早看到更多的成長。

I ultimately think it has to come if the economy's strengthening.

我最終認為，如果經濟走強，它就必須到來。

But we haven't seen it yet, and we have a lot of the year now behind us.

但我們還沒有看到這一點，今年已經過去了很多年。

And then a bunch of things in the world have gone on since then.

從那時起，世界上發生了很多事情。

Brexit, coups in Turkey, where -- the strengthening the Japanese yen, terrorist events in multiple locations around the world, all of which net/net are not the end of the world necessarily, but they are all sort of a net drag.

英國脫歐、土耳其政變、日圓走強、世界各地發生的恐怖事件，所有這些不一定是世界末日，但它們都是一種淨拖累。

And when you put sort of the corporate transient not picking up year to date and things going on around the world together, it's how you get to the outlook that we've described.

當你把今年迄今沒有起色的企業短暫事件和世界各地發生的事情放在一起時，你就會得出我們所描述的前景。

Right.

正確的。

Thank you.

謝謝。

And if I can just follow that up, particularly around that last point.

如果我能跟進，特別是最後一點。

Because we discussed the notion of geopolitical issues and so forth.

因為我們討論了地緣政治問題等概念。

Now, it doesn't appear -- does it appear that any one of these events has had more of an impact than any of the others?

現在看來，這些事件中的任何一個事件是否比其他事件產生了更大的影響？

Or is it, I'm sure there's an appropriate metaphor that we can come up with.

或者是，我確信我們可以想出一個合適的比喻。

Each one adds just a little bit more drag on the system?

每一個只會在系統上增加一點阻力？

I would say the letter.

我會說那封信。

Right.

正確的。

Okay.

好的。

I appreciate.

我很欣賞。

Thank you very much.

非常感謝。

Yes, yes.

是的是的。

Wes Golladay, RBC Capital Markets.

Wes Golladay，加拿大皇家銀行資本市場部。

Hello, everyone.

大家好。

Want to look at the corporate travel.

想看公司旅遊。

The one thing that stands out as you look at the demand for these upscale hotels, it's up almost 500 basis points year to date.

當你觀察這些高檔飯店的需求時，最引人注目的一件事是，今年迄今為止，需求增加了近 500 個基點。

Are they less exposed to the corporate travel customer?

他們接觸商務旅行客戶的機會是否較少？

Are they pulling share from the full-service hotels?

他們是否從全方位服務酒店中奪取份額？

What are your thoughts on why demand has been so strong for that category, other than the fact that they had increased supply and more (multiple speakers)?

除了供應量增加以及更多（多個發言者）之外，您對為什麼該類別的需求如此強勁有何看法？

I think it's simply in a somewhat weaker environment more of a value proposition.

我認為這只是在一個較弱的環境中更具有價值主張。

And I probably wouldn't complicate it beyond that.

除此之外我可能不會讓事情變得複雜。

Okay.

好的。

And then by geography are you noticing any regions that are having at least decent corporate travel?

然後從地理位置來看，您是否注意到任何地區的商務旅行至少還不錯？

I imagine the Texas area may have a little bit weakness due to the energy segment exposure.

我想，由於能源領域的暴露，德州地區可能會有點疲軟。

And maybe Northeast from the financial services, but is there any (multiple speakers)

也許東北地區有金融服務業，但有沒有（多位發言者）

Yes.

是的。

I'd say the one -- probably the bright spot's the West Coast and the much less bright spot would be the oil patch, sort of energy patch.

我想說的是——亮點可能是西海岸，不太亮點的是石油礦區，某種能源礦區。

But otherwise, not notable exceptions.

但除此之外，沒有明顯的例外。

Okay, thanks a lot.

好的，非常感謝。

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 now like to hand the conference back over to Chris Nassetta for his closing remarks.

現在我想將會議交還給克里斯·納塞塔（Chris Nassetta）作總結發言。

Well, thank you everybody for the time today.

好的，謝謝大家今天的時間。

One last apology.

最後一次道歉。

Again, sorry for messing everybody's day.

再次抱歉打擾了大家的一天。

For those of you that didn't, and I think there are a lot of you here, our prepared comments, thankfully you can read those.

對於那些沒有這樣做的人，我想這裡有很多人，我們準備好了評論，幸運的是你們可以閱讀這些評論。

We look forward to catching up with you after the third quarter.

我們期待在第三季之後與您聯繫。

And obviously we'll be giving you incremental information on the spins as the quarter plays out.

顯然，隨著季度的結束，我們將為您提供有關旋轉的增量資訊。

So hope everybody has a great day.

所以希望每個人都有美好的一天。

Thanks.

謝謝。

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。