希爾頓酒店 (HLT) 2023 Q4 法說會逐字稿

Good morning, and welcome to the Hilton Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Jill Chapman, Senior Vice President, Investor Relations and Corporate Development. You may begin.

早上好，歡迎參加希爾頓 2023 年第四季財報電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議交給投資者關係和企業發展高級副總裁吉爾·查普曼 (Jill Chapman)。你可以開始了。

Thank you, [Andre]. Welcome to Hilton's Fourth Quarter and Full Year 2023 Earnings Call. Before we begin, we would like to remind you that our discussions this morning will include forward-looking statements. Actual results could differ materially from those indicated in the forward-looking statements, and forward-looking statements made today speak only to our expectations as of today. We undertake no obligation to update or revise these statements. 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.

謝謝你，[安德烈]。歡迎參加希爾頓 2023 年第四季和全年財報電話會議。在開始之前，我們想提醒您，我們今天上午的討論將包括前瞻性陳述。實際結果可能與前瞻性聲明中所示的結果有重大差異，今天發表的前瞻性聲明僅代表我們截至目前為止的預期。我們不承擔更新或修改這些聲明的義務。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. You can find reconciliations of non-GAAP to GAAP financial measures discussed in today's call in our earnings press release and on our website at ir.hilton.com.

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

This morning, Chris Nassetta, our President and Chief Executive Officer, will provide an overview of the current operating environment and the company's outlook. Kevin Jacobs, our Chief Financial Officer and President, Global Development, will then review our fourth quarter and full year results and discuss our expectations for the year. Following their remarks, we will be happy to take your questions. With that, I'm pleased to turn the call over to Chris.

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。我們的財務長兼全球發展總裁 Kevin Jacobs 隨後將回顧我們第四季和全年的業績，並討論我們對今年的預期。在他們的發言之後，我們將很樂意回答您的問題。至此，我很高興將電話轉給克里斯。

Thank you, Jill. Good morning, everyone, and thanks for joining us today. We are happy to report a great end of what was another really strong year for Hilton. For the year, system-wide RevPAR grew 12.6% versus 2022 with solid growth across every major region and chain scale. Compared to 2019, RevPAR increased 10.7%. Strong top line performance drove record adjusted EBITDA of nearly $3.1 billion, up roughly 20% year-over-year to the highest level in our company's history.

謝謝你，吉爾。大家早安，感謝您今天加入我們。我們很高興地向大家報告，希爾頓在又一個強勁的一年中取得了圓滿的結束。今年，全系統 RevPAR 較 2022 年成長了 12.6%，每個主要地區和連鎖規模均穩健成長。與 2019 年相比，RevPAR 成長了 10.7%。強勁的營收業績推動調整後 EBITDA 達到創紀錄的近 31 億美元，年成長約 20%，達到公司歷史上的最高水準。

During the year, we launched 2 new brands, introduced new innovations, expanded our partnerships and opened a near record number of rooms, all of which further strengthened our network and enabled us to welcome more guests than ever before. Our strong top and bottom line performance drove significant free cash flow, enabling us to return $2.5 billion to shareholders.

這一年裡，我們推出了2 個新品牌，引入了新的創新，擴大了我們的合作夥伴關係，並開設了接近創紀錄的客房數量，所有這些都進一步加強了我們的網絡，使我們能夠比以往接待更多的客人。我們強勁的營收和利潤表現推動了巨大的自由現金流，使我們能夠向股東返還 25 億美元。

Turning to results for the quarter. System-wide RevPAR increased 5.7% year-over-year, exceeding our expectations, driven by strong international and group trends. Group RevPAR rose 6% year-over-year due to an uptick in small company meetings and convention demand. Business transient recovery continued in the quarter with RevPAR up more than 4%, visited by gains in both rate and occupancy. As expected, leisure transient RevPAR increased 3%, decelerating modestly versus the third quarter, largely due to seasonality.

轉向本季的業績。在強勁的國際和集團趨勢的推動下，全系統的 RevPAR 年增 5.7%，超出了我們的預期。由於小型公司會議和大會需求的增加，集團每間可用客房收入較去年同期成長 6%。本季業務持續復甦，每間可用客房收入 (RevPAR) 成長超過 4%，房價和入住率均有所成長。正如預期的那樣，休閒短暫的 RevPAR 成長了 3%，與第三季相比略有下降，這主要是由於季節性因素。

Compared to 2019, system-wide RevPAR grew 13.5% in the quarter, up more than 200 basis points sequentially compared to the third quarter. Demand continued to improve with December system-wide occupancy reaching 2019 peak levels. Group RevPAR outperformed expectations, increasing 8% versus 2019 and up more than 700 basis points sequentially versus the third quarter. Business transient continued to recover, growing 5% versus 2019. As expected, leisure RevPAR remained strong, growing 25% versus 2019 and decelerating sequentially due to calendar shifts.

與 2019 年相比，本季全系統 RevPAR 成長 13.5%，較第三季較第一季成長超過 200 個基點。需求持續改善，12 月全系統入住率達到 2019 年高峰。集團 RevPAR 超出預期，較 2019 年成長 8%，較第三季較上季成長超過 700 個基點。業務瞬態持續復甦，較 2019 年增長 5%。正如預期的那樣，休閒 RevPAR 依然強勁，較 2019 年增長 25%，但由於日曆變化而連續減速。

As we look to the year ahead, we expect system-wide top line growth of 2% to 4% versus 2023. We expect performance to be driven by continued growth across all major regions, with international markets modestly outpacing the U.S. We also expect positive RevPAR growth across all segments, driven by continued recovery in business transient and group coupled with steady leisure demand. We expect continued recovery in small company meetings and large association and convention business to drive strong group performance.

展望未來一年，我們預計全系統營收將比 2023 年成長 2% 至 4%。我們預計業績將由所有主要地區的持續成長推動，其中國際市場將小幅超過美國。我們也預期積極的成長在商務在瞬態和團體持續復甦以及穩定的休閒需求的推動下，所有細分市場的每間可用客房收入(RevPAR) 均實現增長。我們預計小型公司會議以及大型協會和會議業務的持續復甦將推動集團業績強勁。

For 2024, group position is up 16% year-over-year with small companies meetings increasing as a percentage of mix further demonstrating the value of small- and medium-sized businesses given higher rates and greater resiliency.

到 2024 年，集團地位年增 16%，小型公司會議所佔比例不斷增加，進一步證明了中小型企業的價值，因為它們具有更高的費率和更強的彈性。

Turning to development. We continue to see positive momentum throughout the year, opening 24,000 rooms in the fourth quarter, marking the largest quarter of openings in our history. We achieved several milestones in the quarter, including the openings of our 250th Tru Hotel and our 1,000th Hilton Garden Inn. We also reached 70,000 rooms globally for Home2. Additionally, we celebrated the opening of Signia by Hilton Atlanta, the city's largest ground-up development in over 40 years. The property is strategically located next to the Georgia World Congress Center and Mercedes-Benz Stadium, features nearly 1,000 rooms and over 100,000 square feet of meeting space, including the largest hotel ballroom in Georgia.

轉向發展。我們全年持續保持正面勢頭，第四季新開客房 24,000 間，創下我們歷史上新開客房數量最多的季度。我們在本季實現了多個里程碑，包括第 250 家 Tru Hotel 和第 1,000 家希爾頓花園酒店開業。 Home2 的全球客房數量也達到了 70,000 間。此外，我們還慶祝了亞特蘭大希爾頓西嘉酒店的開業，這是該市 40 多年來最大的地面開發項目。飯店地理位置優越，毗鄰喬治亞世界會議中心和梅賽德斯-奔馳體育場，擁有近 1,000 間客房和超過 100,000 平方英尺的會議空間，其中包括喬治亞州最大的飯店宴會廳。

For the full year, we opened 395 hotels totaling approximately 63,000 rooms and achieved net unit growth of 4.9%. Conversion activity remained strong, accounting for 30% of openings and demonstrating the strong value proposition our system continues to deliver for owners. Full service and collection brands represented the large majority of conversions and continue to gain traction with owners. Both Curio and Tapestry opened more hotels in 2023 than in any other year.

全年新開飯店 395 家，客房總數約 63,000 間，單位淨增加 4.9%。轉換活動仍然強勁，佔空缺職位的 30%，展示了我們的系統繼續為業主提供的強大價值主張。全方位服務和系列品牌代表了絕大多數的轉化，並繼續受到業主的青睞。 Curio 和 Tapestry 在 2023 年開設的酒店數量比其他年份都多。

Even with robust openings, our pipeline reached the highest level in our history, driven by record signings of 130,000 rooms, up 45% year-over-year and up 12% compared to pre-pandemic levels. At year-end, our pipeline totaled over 462,000 rooms with roughly half under construction following a strong year in construction starts.

儘管新房開業數量強勁，但在 130,000 間客房簽約量創紀錄的推動下，我們的渠道仍達到了歷史最高水平，同比增長 45%，與大流行前的水平相比增長 12%。截至年底，我們的待建客房總數超過 462,000 間，其中大約一半在建設中，經歷了強勁的開工年份。

For the full year, starts increased 15% driven by the U.S. We continue to have more rooms under construction than any other hotel company with approximately 1 in every 5 hotel rooms under construction globally slated to join our system.

全年開工率在美國的推動下增長了 15%。我們的在建客房數量繼續超過任何其他酒店公司，全球在建酒店客房中約有五分之一將加入我們的系統。

As we look to the year ahead, we expect continued positive momentum in signing starts and conversions to drive even stronger openings, boosted by our 2 newest brands, Spark and LivSmart Studios. For the full year, we continue to expect net unit growth to accelerate to the higher end of our 5.5% to 6% guidance range with the opportunity for further upside of 25 to 50 basis points from our exclusive partnership with Small Luxury Hotels of the World that we announced this morning. This partnership will meaningfully expand our luxury distribution as we expect to add the majority of their over 500 hotels to our system.

展望未來一年，我們預計在我們兩個最新品牌 Spark 和 LivSmart Studios 的推動下，簽約開工和轉換將繼續保持積極勢頭，從而推動更強勁的開工。就全年而言，我們繼續預計淨單位增長將加速至 5.5% 至 6% 指導範圍的高端，並有機會通過與世界小型豪華酒店的獨家合作夥伴關係進一步上漲 25 至 50 個基點我們今天早上宣布的。此次合作將有意義地擴大我們的豪華酒店分銷範圍，因為我們預計將其 500 多家酒店中的大部分添加到我們的系統中。

Adding this extraordinary portfolio with a heavy orientation to resort locations to our already strong and growing luxury portfolio will further enhance a powerful network effect and give our guests even more opportunities to dream, book, earn and burn points and we're doing so in a capital-light way.

將這個以度假勝地為重點的非凡產品組合添加到我們已經強大且不斷增長的豪華產品組合中，將進一步增強強大的網絡效應，並為我們的客人提供更多夢想、預訂、賺取和燃燒積分的機會，我們正在這樣做資本輕方式。

The royalty rate will be in line with our existing brands, but fees will be paid only on the business driven through our channels. We expect over time to drive a meaningful portion of system revenues for SLH, and we'll start to integrate hotels into our system later this spring.

特許權使用費將與我們現有的品牌保持一致，但僅針對透過我們的管道驅動的業務支付費用。我們預計隨著時間的推移，將為 SLH 帶來很大一部分系統收入，並且我們將在今年春季晚些時候開始將酒店整合到我們的系統中。

Last quarter, we announced Hilton for Business, our multifaceted program designed to transform the travel experience for small and medium-sized businesses by providing the booking website along with targeted benefits designed specifically for SMBs. The program launched in January with thousands of companies registering in just the first few weeks. The SMBs account for approximately 85% of our business transient mix and comprising a meaningful and growing percentage of our group mix. Given its greater resiliency and higher rates, we think this important customer base provides significant opportunities to drive further growth.

上季度，我們推出了希爾頓商務計劃，這是我們的多方面計劃，旨在透過提供預訂網站以及專為中小型企業設計的針對性福利來改變中小型企業的旅行體驗。該計劃於一月份啟動，短短幾週內就有數千家公司註冊。中小型企業約占我們瞬態業務組合的 85%，在我們的集團組合中所佔比例有意義且不斷成長。鑑於其更大的彈性和更高的利率，我們認為這個重要的客戶群為推動進一步成長提供了重要機會。

Overall, we remain focused on creating unique experiences in our hotels, including through innovative food and beverage offerings. We recently announced the launch of StiR Creative Collective, an in-house consulting and development arm that gives us the ability to work with our owners, operators and hotel teams to elevate food and beverage offerings to meet the evolving needs of our guests. Several noteworthy StiR projects have already launched at the Conrad Orlando, the Canopy by Hilton in Toronto and the new Signia in Atlanta.

總體而言，我們仍然致力於在酒店創造獨特的體驗，包括透過創新的食品和飲料產品。我們最近宣布推出 StiR Creative Collective，這是一個內部諮詢和開發部門，使我們能夠與業主、營運商和酒店團隊合作，提升食品和飲料產品，以滿足客人不斷變化的需求。幾個值得注意的 StiR 項目已經在奧蘭多康萊德酒店、多倫多希爾頓 Canopy 酒店和亞特蘭大新西嘉酒店啟動。

In a business of people serving people, our team members are at the heart of absolutely everything we do. We recently celebrated the remarkable achievement of being named the #1 World's Best Workplace by Fortune and Great Place to Work. This recognition follows 8 consecutive appearances on the world's best list and marks the first time a hospitality company has achieved the top honor in this best-in-class program.

在以人為本的企業中，我們的團隊成員絕對是我們所做的一切的核心。最近，我們慶祝了被《財星》雜誌和「最佳工作場所」雜誌評為「全球最佳工作場所第一名」的非凡成就。連續 8 次出現在全球最佳榜單之後，該獎項也標誌著酒店公司首次在這一一流項目中獲得最高榮譽。

Additionally, for the seventh consecutive year, we were honored to be included in both the world and North America Dow Jones Sustainability Indices, the most prestigious ranking for corporate sustainability performance. Overall, we're extremely pleased with our performance with our world-class brands and powerful commercial engines driving a record pipeline and accelerating net unit growth. We are confident in our ability to continue delivering value for all of our stakeholders in 2024 and beyond.

此外，我們連續第七年很榮幸入選全球和北美道瓊永續發展指數，這是最負盛名的企業永續發展績效排名。總的來說，我們對我們的表現非常滿意，我們的世界一流品牌和強大的商業引擎推動了創紀錄的管道和加速淨單位成長。我們對在 2024 年及以後繼續為所有利害關係人創造價值的能力充滿信心。

Now I'm going to turn the call over to Kevin to give a bit more detail on the quarter and our expectations for the year ahead.

現在我將把電話轉給凱文，以提供有關本季度的更多詳細資訊以及我們對未來一年的預期。

Thanks, Chris, and good morning, everyone. During the quarter, system-wide RevPAR grew 5.7% versus the prior year on a comparable and currency-neutral basis. Growth was driven by strong international performance and continued recovery in group and business transient.

謝謝克里斯，大家早安。本季度，在可比較和貨幣中性的基礎上，全系統的 RevPAR 與去年同期相比成長了 5.7%。強勁的國際業績以及集團和業務瞬態的持續復甦推動了成長。

Adjusted EBITDA was $803 million in the fourth quarter, up 9% year-over-year and exceeding the high end of our guidance range. Outperformance was driven by better-than-expected fee growth, largely due to better-than-expected RevPAR performance and license fee growth. Management and franchise fees grew 12% year-over-year. For the quarter, diluted earnings per share adjusted for special items was $1.68.

第四季調整後 EBITDA 為 8.03 億美元，年成長 9%，超出了我們指引範圍的上限。業績優於預期是由好於預期的費用成長所推動的，這主要是由於好於預期的 RevPAR 表現和授權費成長。管理費和特許經營費年增 12%。本季度，經特殊項目調整後的稀釋每股收益為 1.68 美元。

Turning to our regional performance. Fourth quarter comparable U.S. RevPAR grew 2% year-over-year with performance led by both business transient and group. Leisure transient in the U.S. was flat with difficult year-over-year comparisons. Relative to 2019 peak levels, U.S. RevPAR increased 11% in the fourth quarter, improving 100 basis points versus the third quarter.

轉向我們的區域表現。第四季美國可比 RevPAR 年增 2%，業務瞬態和集團業績均領先。美國的休閒短暫性持平，很難進行年比比較。相對於 2019 年的峰值水平，美國第四季的 RevPAR 成長了 11%，比第三季提高了 100 個基點。

In the Americas outside the U.S., fourth quarter RevPAR increased 7% year-over-year, with urban markets delivering RevPAR growth of 17%, boosted by strong group business. In Europe, RevPAR grew 10% year-over-year with solid performance across all segments. Large events, including the Rugby World Cup in Paris, drove strong group performance across several key cities.

在美國以外的美洲地區，第四季的 RevPAR 年增 7%，其中城市市場的 RevPAR 成長了 17%，這得益於強勁的集團業務。在歐洲，每間可用客房收入年增 10%，所有細分市場均表現穩健。包括巴黎橄欖球世界盃在內的大型賽事帶動了幾個主要城市的強勁團體表現。

In Middle East and Africa region, RevPAR increased 12% year-over-year, led by strong rate growth. The COP28 Climate Change Conference in Dubai, along with solid trends in Egypt continued -- contributed to strong performance in the region. In the Asia Pacific region, fourth quarter RevPAR was up 42% year-over-year, led by continued demand recovery across China and Japan and notable strength across all segments.

在中東和非洲地區，在強勁的成長率帶動下，每間可用房收入年增 12%。在杜拜舉行的 COP28 氣候變遷會議以及埃及持續保持的強勁趨勢，為該地區的強勁表現做出了貢獻。在亞太地區，第四季每間可用客房收入年增 42%，這得益於中國和日本需求的持續復甦以及所有細分市場的顯著增長。

RevPAR in China was up 73% year-over-year in the quarter, with RevPAR in the Asia Pacific region, excluding China, up 18% year-over-year.

本季中國的 RevPAR 年增 73%，亞太地區（不包括中國）的 RevPAR 年增 18%。

Turning to development. As Chris mentioned, for the full year, we grew net units 4.9% and ended the year with over 462,000 rooms in our pipeline, which was up 11% year-over-year with approximately 60% located outside the U.S. and nearly half under construction.

轉向發展。正如 Chris 所提到的，我們全年的淨客房量增加了 4.9%，截至年底，我們的籌建客房數量超過 462,000 間，年增 11%，其中約 60% 位於美國境外，近一半在興建中。

Looking to the year ahead, we are excited about our strong development story and the robust demand for Hilton-branded products in both the U.S. and international markets.

展望未來的一年，我們對我們強勁的發展故事以及美國和國際市場對希爾頓品牌產品的強勁需求感到興奮。

Moving to guidance. For the first quarter, we expect system-wide RevPAR growth of 2% to 4% year-over-year. We expect adjusted EBITDA to be between $690 million and $710 million and diluted EPS adjusted for special items to be between $1.36 and $1.44. For full year '24, we expect RevPAR growth of 2% to 4%. We forecast adjusted EBITDA of between $3.33 billion and $3.38 billion. We forecast diluted EPS adjusted for special items of between $6.80 and $6.94.

轉向指導。對於第一季度，我們預計全系統 RevPAR 將年增 2% 至 4%。我們預計調整後的 EBITDA 將在 6.9 億美元至 7.1 億美元之間，特殊項目調整後的稀釋每股收益將在 1.36 美元至 1.44 美元之間。對於 2024 年全年，我們預計 RevPAR 將成長 2% 至 4%。我們預計調整後 EBITDA 為 33.3 億美元至 33.8 億美元。我們預測特殊項目調整後的攤薄每股收益在 6.80 美元至 6.94 美元之間。

Please note that our guidance ranges do not incorporate future share repurchases.

請注意，我們的指導範圍不包括未來的股票回購。

Moving to capital return. We paid a cash dividend of $0.15 per share during the fourth quarter for a total of $158 million in dividends for the year. For full year 2023, we returned $2.5 billion to shareholders in the form of buybacks and dividends. In the first quarter, our Board authorized a quarterly cash dividend of $0.15 per share. For the full year, we expect to return approximately $3 billion to shareholders in the form of buybacks and dividends.

轉向資本回報。我們在第四季度支付了每股 0.15 美元的現金股息，全年股息總額為 1.58 億美元。 2023 年全年，我們以回購和股利的形式向股東返還 25 億美元。第一季度，我們的董事會批准了每股 0.15 美元的季度現金股利。全年，我們預計將以回購和股息的形式向股東返還約 30 億美元。

Further details on our fourth quarter and full year results can be found in the earnings release we issued earlier this morning. This completes our prepared remarks. We would now like to open the line for any questions you may have. We would like to speak with as many of you as possible, so we ask that you limit yourself to 1 question. MJ, can we have our first question, please?

有關我們第四季度和全年業績的更多詳細信息，請參閱我們今天早上早些時候發布的收益報告。我們準備好的演講到此結束。我們現在願意為您解答任何問題。我們希望與盡可能多的人交談，因此我們要求您只提出 1 個問題。 MJ，我們可以問第一個問題嗎？

The first question today comes from Joe Greff with JPMorgan.

今天的第一個問題來自摩根大通的喬·格雷夫。

Chris, I was hoping you can talk about M&A of brands. Obviously, it was an article earlier this week suggesting you might be close with the Graduate Hotels brand. if you want to comment specifically on this, but I would just love to get your overall view on opportunities for you to acquire brands. And then since it's something that you've been sort of not doing at all, maybe you can revisit some of the criteria for brand M&A?

克里斯，我希望你能談談品牌的併購。顯然，這是本週早些時候的一篇文章，暗示您可能與畢業生酒店品牌關係密切。如果您想對此發表具體評論，但我很想了解您對收購品牌機會的整體看法。然後，由於您一直沒有這樣做，也許您可以重新審視品牌併購的一些標準？

Yes, I'm happy to do that, Joe. I figured with all the rumor mill, I'd get asked this question. Obviously, first and foremost, you're right, I'm not going to comment on market rumors and speculation on anything specific. I would say my attitude, our attitude on M&A is really the same as it's always been. If nothing, we've been consistent and I've been consistent in what I've said. And that is we -- the fact is, as you point out, we haven't done any, but every time I've ever been asked for the last 10 years of being public, I've said never say never, but we have a very tough filtration system, and that filtration system at a high level is, number one, does something really -- is something additive from the standpoint of the portfolio of brands that we have. And from the standpoint of offering our customers, a product and experience that would be really additive to the family of brands that we have, number one.

是的，我很高興這樣做，喬。我想隨著所有的謠言，我會被問到這個問題。顯然，首先也是最重要的，你是對的，我不會對市場謠言和任何具體的猜測發表評論。我想說我的態度，我們對併購的態度確實和以前一樣。如果沒有什麼的話，我們一直是一致的，而且我在我所說的話上也一直是一致的。這就是我們——事實是，正如你所指出的，我們沒有做過任何事情，但每次我被問及過去十年的公開情況時，我都會說永不言敗，但我們有一個非常強大的過濾系統，而這個高水平的過濾系統，第一，確實做了一些事情——從我們擁有的品牌組合的角度來看，它是一些附加的東西。從為客戶提供產品和體驗的角度來看，這種產品和體驗將真正成為我們擁有的品牌系列的補充，這是第一。

And number two, and importantly, can it be done in a way that's accretive to the value of the company. For the last 16 years, going on 17 years that I've been here, we've looked at pretty much everything. I've said that to everybody and nothing is passed through that filter. So that's the reason we haven't done anything.

第二，重要的是，它是否可以以增加公司價值的方式完成。在過去的 16 年裡，也就是我在這裡工作的 17 年裡，我們幾乎考慮了一切。我已經對所有人說過這句話，但沒有任何東西能通過這個過濾器。這就是我們沒有採取任何行動的原因。

The environment we're in is a little bit different. There is, for a lot of reasons, interest rates and otherwise, more stress in the system than normal, that probably, I think, presents more opportunity to do things like this. But things that are quite modest in my view and that are what I view as sort of tuck-in acquisitions.

我們所處的環境有點不同。由於多種原因，利率和其他方面，系統中的壓力比正常情況更大，我認為這可能為做這樣的事情提供了更多的機會。但在我看來，這些事情相當溫和，而且我認為這是一種「塞進去」的收購。

Now, I still think the filtration system is really rigorous. And obviously, we're not sitting here announcing any acquisitions. We announced a strategic exclusive partnership with SLH that we're very excited about and I'm sure we'll talk about from other questions on the call. So that we don't have anything to report and to the extent that we do, obviously, you guys will be the first to know. And so summary is we have no different attitude. We continue to look at everything, but the stress in the environment maybe provides a little bit more opportunity than we've seen in quite a long time.

現在我仍然覺得這個過濾系統真的很嚴格。顯然，我們不會坐在這裡宣布任何收購。我們宣布與 SLH 建立策略獨家合作夥伴關係，對此我們感到非常興奮，我相信我們會在電話會議上討論其他問題。所以我們沒有任何東西要報告，而且就我們所做的而言，顯然你們將是第一個知道的。總之，我們沒有什麼不同的態度。我們繼續關註一切，但環境中的壓力可能提供了比我們很長一段時間以來看到的更多的機會。

The next question comes from Carlo Santarelli with Deutsche Bank.

下一個問題來自德意志銀行的卡洛桑塔雷利 (Carlo Santarelli)。

Chris, you obviously -- you talked about the strength in business transient and group that you kind of foresee for 2024. Given those mixes respectively are down a couple of hundred basis points from pre-pandemic levels, I was kind of wondering where you think they settle for 2024? And what impact that mix shift has obviously presumably taking away from leisure demand to some degree on ADRs for the year?

克里斯，顯然，您談到了您對 2024 年業務瞬態和集團的預測。考慮到這些組合分別比大流行前的水平下降了幾百個基點，我有點想知道您的想法他們定於2024 年嗎？這種組合轉變顯然在一定程度上消除了休閒需求，對今年的美國存託憑證（ADR）有何影響？

Yes. I think broadly, if you look at the segments, I said it at a very high level in the prepared comments, we feel really good about all the segments. Business transient continues to recover. I mean the big corporates finished the year still a bit off, probably 5% off of where they were, but still but growing every segment in that world is a little bit different. I mean most segments were relatively strong and either back to or beyond prior to pandemic levels with the exception of probably banking technology and consulting, which were less. But blended together, they weren't that far off. SMB segment is at or above -- most of those segments are at or above. And when you blend all that together for the fourth quarter, full year from RevPAR point of view, business transient was ahead. But from an occupancy point of view, is still a bit behind.

是的。我認為，從廣義上講，如果你看看這些細分市場，我在準備好的評論中以非常高的水平說過，我們對所有細分市場都感覺非常好。業務瞬態持續復甦。我的意思是，大公司今年的業績仍然有所下滑，可能比原來低了 5%，但這個世界中每個細分市場的成長仍然有點不同。我的意思是，大多數細分市場都相對強勁，要么回到了大流行之前的水平，要么超過了大流行之前的水平，但銀行技術和諮詢業可能除外，因為它們的水平較低。但融合在一起，他們並沒有那麼遙遠。 SMB 細分為等於或以上－大多數細分為等於或以上。從 RevPAR 的角度來看，當你將第四季和全年的所有這些綜合起來時，業務瞬態就處於領先地位。但從入住率來看，還是有點落後。

We do think that by the time we finish this year, assuming sort of the broader consensus view of a reasonably soft landing that by the time we get to the end of the year, we think you'll be at more normalized levels of demand. And we believe given very low supply numbers that are continuing and continued decent economic growth, that we're going to continue to have pricing power there and everywhere else.

我們確實認為，到今年結束時，假設對合理軟著陸有更廣泛的共識，到年底時，我們認為需求將達到更正常化的水平。我們相信，鑑於供應量持續偏低且經濟持續成長，我們將繼續在當地和其他地方擁有定價權。

On the group side, I'll give you a snippet of like group position being up 16%, that's the best leading indicator. But anecdotally, sitting around this very table last week with all our teams from around the world and all of our commercial and sales leads, I've said it, the demand is off the hook. I mean the demand is really strong. Every quarter is the next -- the new high watermark in terms of bookings for all future periods. So we are seeing very good strength. We believe the group demand is quite sticky in the sense that a lot of it still is pent-up demand that are things people haven't done for a long time that they need to do in addition to incremental new demand. You're obviously seeing in the group space, the big association, citywide business start to come back. That's super sticky business because of the time frames associated with the planning and the cost. So we think group will definitely lead the system. And as a result, you asked about [rate], which I'll cover on both, we think rate will be very strong.

在集團方面，我會給您一個類似集團倉位上漲 16% 的片段，這是最好的領先指標。但有趣的是，上週與來自世界各地的所有團隊以及我們所有的商業和銷售主管坐在這張桌子旁時，我已經說過，需求已經擺脫困境。我的意思是需求非常強烈。每個季度都是下一個季度——未來所有時期的預訂量都將創下新的高水位。所以我們看到了非常好的實力。我們認為，群體需求相當黏性，因為其中很大一部分仍然是被壓抑的需求，除了增量新需求之外，人們已經很久沒有做的事情了。你顯然會看到在團體空間、大型協會、全市範圍內的業務開始回歸。由於與規劃和成本相關的時間框架，這是一項非常棘手的業務。所以我們認為團體一定會主導這個系統。因此，您詢問了[利率]，我將在這兩個方面進行討論，我們認為利率將會非常強勁。

Just there is so much demand and there's just a limited amount of space, if you think about it, not only is supply low broadly, but supply of hotels over the last 10 years that have been built that have a lot of meeting space has been [endemic]. And so you have a lot of demand. I mean, I was sitting around this table yesterday, we're planning our own conferences for like sales conferences and general managers and all these things that we have to start going out 3 and 4 years because we can't get space in our own hotels. So demand is good as a result with very limited supply, pricing should be good.

只是需求如此之大，而空間卻有限，如果你仔細想想，不僅供應量普遍較低，而且過去 10 年建成的擁有大量會議空間的酒店的供應量也一直在下降。[流行]。所以你有很多需求。我的意思是，我昨天坐在這張桌子周圍，我們正在計劃我們自己的會議，例如銷售會議和總經理會議以及所有這些我們必須在三四年內開始舉行的會議，因為我們自己沒有空間酒店。因此，由於供應非常有限，需求良好，定價應該不錯。

And then on leisure, we do think it will grow. We do think probably more in rate than volume because the consumer, particularly our consumer, which is our median income levels, reasonably good. It's in the [$140,000] to [$150,000] range. They still have plenty of money, plenty of desire to travel. And again, there's just not a lot of new supply. So the fundamental economic setup is good. Obviously, it got supercharged coming out of COVID, so it will probably -- we think it will grow more rate than volume, but it will grow, but it will be third in line after continued recovery starting with group then business transient then leisure transient. So we feel really good about -- again, based on a broad consensus view that we have a rational sort of reasonably soft landing and continue to see decent -- slowing broadly, but decent economic growth in 2024.

然後在休閒方面，我們確實認為它會成長。我們確實更多地考慮的是速度而不是數量，因為消費者，特別是我們的消費者，即我們的中位數收入水平，相當不錯。它在 [$140,000] 到 [$150,000] 範圍內。他們仍然有足夠的錢，有足夠的旅行慾望。再說一次，新供應量並不多。所以經濟基本面是好的。顯然，它從新冠疫情中得到了增壓，所以它可能會——我們認為它的增長速度會超過數量，但它會增長，但在持續復甦後，它將排在第三位，先是團體，然後是商務瞬態，然後是休閒瞬態。因此，基於廣泛的共識，我們感到非常高興，即我們實現了合理的軟著陸，並繼續看到 2024 年經濟成長普遍放緩但體面。

Great. And then if I could, just a follow-up on Joe's question from earlier. The NUG guidance for 2024, I'm going to assume that SLH and any kind of tuck-in M&A that you guys do in 2024 would be on top of the guidance that you provided.

偉大的。如果可以的話，我可以跟進喬之前提出的問題。對於 2024 年的 NUG 指導，我假設 SLH 以及你們在 2024 年進行的任何類型的併購都將在你們提供的指導之上。

Correct. The 5.5% to 6% with a strong indication to the high end of that is pure organic. I said in my prepared comments, we think SLH depends on how rapidly hotels come in, which is why there's a range, 25 to 50 basis points on top of that. And if we were to do anything else, it's all on top of that. But that is the 5.5% to 6% or leading towards the high end of it is pure organic.

正確的。 5.5% 到 6% 的高端含量明顯是純有機的。我在準備好的評論中說過，我們認為 SLH 取決於酒店進入的速度，這就是為什麼在此基礎上有 25 到 50 個基點的範圍。如果我們要做其他事情，那就是最重要的。但這是 5.5% 到 6% 或導致其高端的純有機成分。

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

下一個問題來自美國銀行的肖恩凱利。

Chris, wondering maybe you could build off of the last part there about SLH. This is a little bit of new territory. Obviously, something that's pretty selective. But just a, can you give us a little bit more about the deal itself and I think it sounds economically quite similar to what we see in the normal -- kind of in the normal course on the fee side. But any color you can provide there? And then I think more importantly is just big picture, do you think there are other collection places out there that you could utilize your distribution capability and help other systems that may exist out there but not overlap directly with owners, which I know is going to be a sensitivity point for you.

Chris，想知道也許你可以在關於 SLH 的最後一部分的基礎上繼續發展。這是一個新領域。顯然，這是非常有選擇性的。但是，您能否給我們更多有關交易本身的信息，我認為這在經濟上聽起來與我們在正常情況下看到的非常相似——在費用方面的正常過程中。但是你可以在那裡提供任何顏色嗎？然後我認為更重要的是大局，您認為還有其他收集場所可以利用您的分發能力並幫助可能存在但不與所有者直接重疊的其他系統，我知道這將是成為您的敏感點。

Yes. Well, first of all, on SLH, as you hopefully could tell from my prepared comments, we're really excited about it. We've had a relationship there for a while. We've been working with them to figure this out and we're really excited to be able to get it done. I mean if you think about it, it's sort of like the moons and the stars aligned super well for us. We're going to be able to bring the majority of 500 hotels that are super unique, small, obviously, Small Luxury, it's a small luxury but very heavy resort orientation and very heavily oriented to very niche markets that are super hard to get into. And so when you look at it vis-a-vis, the overlap of our existing -- we have 100 open luxury hotels. We have about another 60, 70 in the pipeline. So a terrific portfolio and growing super rapidly.

是的。嗯，首先，關於 SLH，正如您希望從我準備好的評論中看出的那樣，我們對此感到非常興奮。我們在那裡已經建立了一段時間的關係。我們一直在與他們合作解決這個問題，我們很高興能夠完成它。我的意思是，如果你仔細想想，這有點像月亮和星星對我們來說排列得非常好。我們將能夠帶來500 家酒店中的大多數，這些酒店都是超級獨特、小型、顯然是小型豪華酒店，這是一種小型豪華酒店，但非常注重度假村定位，並且非常注重非常難以進入的小眾市場。因此，當你比較我們現有的 100 家正在營業的豪華酒店的重疊情況時。我們還有大約 60、70 個正在籌備中。這是一個非常棒的投資組合，而且成長速度超快。

When you look at the overlap, it's -- there is really none just because this is a really unique collection of hotels. We did a bunch of focus groups and customer research around this over the last year and really feel like this offering from the standpoint of our customers, particularly our higher-end customers is going to be super well received in terms of their ability to book it through our channels, but earn points, burn their points, go on their vacations in these places and the like. And so we think it is literally the perfect combination and an unbelievable way for us to take what is currently 100 -- with pipeline 150, 160 hotel luxury portfolio and turned it into 600 or 700 scattered in all the best and most unique and hard to duplicate places around the world.

當你看到重疊時，你會發現實際上沒有重疊，因為這是一個非常獨特的酒店集合。去年，我們圍繞這個問題進行了一系列焦點小組和客戶研究，從我們客戶的角度來看，我們確實覺得這項服務將在預訂能力方面受到極大的歡迎，尤其是我們的高端客戶透過我們的管道，但可以賺取積分、消耗積分、在這些地方度假等等。因此，我們認為這確實是一個完美的組合，也是一種令人難以置信的方式，我們將目前100 家酒店的豪華酒店組合（150 家、160 家）轉變為600 家或700 家，分散在所有最好、最獨特和最難的酒店。世界各地重複的地方。

So we think this is great. Customers, we think, based on all the work we did are going to really love it, and we're excited to start ramping up and including them in all our channels. In terms of the economics, we feel really good about it. As I said, we want to be really straightforward. I mean license fees that we're getting are very similar sort of in the zone of what we would typically get in all of our -- with our direct brands. One difference in this case, we -- as I said in my comments, we'll get paid on the business we generate which we think will be significant. I mean it will take time to ramp that up. It will be significant. And that there's real economics in this for us as well. So we think sort of like, as I said, moons and stars, fabulous for the network effect, fabulous for our customers, and we think really good for shareholders in the sense that we'll be generating meaningful fees, and we are investing nothing. It's fully capital-light.

所以我們認為這很棒。我們認為，基於我們所做的所有工作，客戶會真正喜歡它，我們很高興開始加強並將其納入我們的所有管道。就經濟而言，我們感覺非常好。正如我所說，我們希望變得非常簡單。我的意思是，我們獲得的許可費與我們通常在所有直接品牌中獲得的許可費非常相似。在這種情況下，有一個區別是，正如我在評論中所說，我們將從我們認為意義重大的業務中獲得報酬。我的意思是，這需要時間來提升。這將是意義重大的。這對我們來說也有真正的經濟效益。因此，正如我所說，我們的想法有點像月亮和星星，對於網路效應來說非常棒，對於我們的客戶來說非常棒，而且我們認為對股東來說非常有利，因為我們將產生有意義的費用，而且我們不進行任何投資。它完全是輕資本的。

And sorry, just as a follow-up there, Chris. Just any thoughts on, again, sort of future opportunities that could look like sort of leverage the platform.

抱歉，克里斯，作為後續行動。再次強調，對於未來可能利用該平台的機會的任何想法。

Sorry, you did ask us 3 or4 prior questions. That's all right. We got time. I think there are always -- I mean we're looking at lots of different things all the time. I mean since the IPO road show, we have talked a lot about network effect. I mean, very consistently trying to build that out to create an ecosystem that brings customers in and builds loyalty. And so we're always looking at other opportunities. And so I think there are possibilities in that regard. But nothing, I would say, right now, we're focused on this. This is a lot of effort and work to get these built into the system. And we'll see, we'll see. Where anything that we think we can do to keep building -- bringing new customers in and giving them and our existing customers, more products that resonate with them that builds more loyalty and that we can commercialize in the sense of being paid for the effort we're interested in. But nothing more to report at this point beyond SLH.

抱歉，您之前確實問過我們 3 或 4 個問題。沒關係。我們有時間。我認為總是存在——我的意思是我們一直在關注很多不同的事情。我的意思是，自從IPO路演以來，我們已經談論了很多關於網路效應的問題。我的意思是，我們一直在努力建立一個生態系統，吸引客戶並建立忠誠度。因此，我們一直在尋找其他機會。所以我認為這方面是有可能性的。但我想說的是，現在我們的重點是這個。為了將這些內建到系統中，需要付出大量的努力和工作。我們會看到，我們會看到。我們認為我們可以做的任何事情來繼續建立——引入新客戶，並為他們和我們現有的客戶提供更多能與他們產生共鳴的產品，從而建立更多的忠誠度，並且我們可以透過我們的努力獲得報酬來商業化但目前除了 SLH 之外沒有什麼可報告的。

The next question is from David Katz with Jefferies.

下一個問題是來自 Jefferies 的 David Katz。

Just to follow on the same theme. Is there a case or a strategy or thought around whether SLH could either naturally or strategically transition into a business use as well? I admit I've not stated one. Is there any particular barrier to that as business people tend to choose smaller and smaller hotels, more unique properties over time?

只是為了遵循同一主題。是否存在關於 SLH 是否也可以自然或策略性地轉變為商業用途的案例、策略或想法？我承認我沒有說過。隨著時間的推移，商務人士傾向於選擇越來越小的酒店和更獨特的酒店，這是否存在任何特殊的障礙？

Listen, I -- absolutely no barrier. I mean I emphasize the resort because if you look at it as a percentage of their rooms and a number of hotels, a lot of them are in resort locations. By the way, there's over 500 hotels and growing, by the way, it's not like it's static. It's growing, and we think we're going to help them grow at a much faster pace by being in our system. So we think this will continue to be 5, 6, 7 and continue to grow.

聽著，我——絕對沒有障礙。我的意思是，我強調度假村，因為如果你將其視為客房和酒店數量的百分比，你會發現其中許多都位於度假村內。順便說一句，現在有 500 多家酒店，而且還在不斷增長，這並不是一成不變的。它正在成長，我們認為透過加入我們的系統，我們將幫助他們以更快的速度成長。所以我們認為這個數字將繼續是 5、6、7，並且繼續增長。

There are plenty that are in urban locations around the world that are small luxury boutique hotels, just percentage-wise, it's more resorts. But there are -- there's a very good representation in urban environments around the world and some really interesting urban environments that we don't have luxury exposure to. And so we absolutely believe that this is also crosses over into business transient. It will also drive some group business, but prototypically these hotels have very limited meeting space just by the very nature of what they are. I mean they have some boardrooms and small meeting spaces. So it will be -- it will drive some meetings and events business, but I think it will be a lot of leisure and then first and foremost, and then business transient. But I think business transient will be a meaningful component of it, particularly in those hotels in the right locations.

世界各地的城市地區有許多小型豪華精品飯店，僅從百分比來看，更多的是度假村。但世界各地的城市環境都有很好的代表性，還有一些我們沒有機會接觸到的非常有趣的城市環境。因此，我們絕對相信這也會跨越業務瞬態。它還將推動一些集團業務，但從本質上講，這些酒店的會議空間非常有限。我的意思是他們有一些董事會會議室和小型會議空間。因此，它將推動一些會議和活動業務，但我認為這將是大量的休閒活動，然後是最重要的，然後是短暫的業務。但我認為商務短暫性將是其中一個有意義的組成部分，特別是在那些位於正確位置的酒店。

If I can just ask about the locations geographically, what kinds of cities are in it now and where would they like to be, please?

如果我可以問地理位置，現在有哪些類型的城市以及他們想要去哪裡？

I think if you looked at the map, I mean, you can go on rather than me describing it, you can go on their website. I mean right now, it's sort of like 60% of it is in Europe, 20% in the U.S., 20% in APAC. The major cities in those markets, they have -- pretty much all of them have some representation. What you'll find if you went and then double-click on that is that locations within those cities are pretty unique just because of what they are and where they are. So they're in niche, super hard to duplicate locations within most of those major cities.

我想如果你看了地圖，我的意思是，你可以繼續而不是我描述它，你可以去他們的網站。我的意思是，現在 60% 在歐洲，20% 在美國，20% 在亞太地區。這些市場的主要城市幾乎都具有一定的代表性。如果你去然後雙擊它，你會發現這些城市中的位置非常獨特，因為它們是什麼以及它們在哪裡。因此，它們處於利基市場，在大多數大城市中都很難複製。

The next question comes from Smedes Rose with Citi.

下一個問題來自花旗銀行的 Smedes Rose。

I just had a quick question on -- again, on the SLH. To reach the higher -- above the 6% unit growth that you said you're comfortable with, what sort of penetration would you need to reach within the SLH portfolio, I guess, in year 1 to get to the 6.25% or 6.5% growth that you mentioned with this potential -- with this partnership.

我剛剛有一個關於 SLH 的簡短問題。為了達到更高的目標——高於您所說的您滿意的6% 單位增長率，我想，您需要在SLH 投資組合中達到什麼樣的滲透率，才能在第一年達到6.25% 或6.5 %您提到的透過這種合作關係實現的成長。

Yes. We ultimately think the majority of SLH hotels are going to join our system and feel confident in that. The question is just going to be with all the technology and I mean all of which is being worked on because we've been -- we signed it recently. We've been working with them for quite some time. So the range of [25 to 50], which we feel comfortable just has to do with how quickly we can get all -- execute against all of the technology requirements and the like. So again, as I said, we feel good about the high end of 5.5% to 6% without any of those. The quarter will depend on just the speed of execution.

是的。我們最終認為大多數 SLH 酒店都會加入我們的系統，並對此充滿信心。問題在於所有的技術，我的意思是所有這些技術都在研究中，因為我們最近簽署了它。我們與他們合作已經有一段時間了。因此，我們感到舒適的 [25 到 50] 範圍與我們能夠以多快的速度獲得所有資訊有關——根據所有技術要求等執行。所以，正如我所說，如果沒有這些，我們對 5.5% 至 6% 的高端感到滿意。該季度將僅取決於執行速度。

And so next call, we'll try and give you -- we just signed the deal. Teams are working hot and heavy on it. On the next call, we can probably try and refine it a bit. We'll have a better set.

因此，下次通話時，我們會盡力告訴您—我們剛剛簽署了協議。團隊正在緊張而緊張地工作。在下一次通話中，我們可能可以嘗試對其進行一些改進。我們會有更好的組合。

And just, Kevin, could you just share with us what the year-end share count was?

凱文，您能否與我們分享一下年底的股票數量是多少？

I actually don't have the actual share count in front of me right now, Smedes. I'll follow up with you.

事實上，我現在並沒有實際的股票數量，Smedes。我會跟進你的。

The next question comes from Brandt Montour with Barclays.

下一個問題來自巴克萊銀行的布蘭特·蒙圖爾。

Just sorry, 1 more on SLH.

抱歉，SLH 上還有 1 個。

We're excited about it, too. So happy to answer..

我們也對此感到興奮。很高興回答..

Exactly. No. I mean, I guess the question is, when you think about those hotels coming in the system, and it sounds like they're all -- you think that they might all come at some point. But do they have to opt in? And sort of what is -- those individual hotel owners, what does the mechanism look like? I guess I would have thought of them...

確切地。不，我的意思是，我想問題是，當你想到系統中的那些酒店時，聽起來它們都是——你認為它們可能會在某個時候全部出現。但他們必須選擇加入嗎？那些個體酒店業主的機制是什麼樣的？我想我會想到他們...

They have to opt in, and we and the team at SLH have already started the process of communicating with them in that process. But they have the option to opt in. Now we think as SLH, at least the owners that we've discussed with that it's a compelling value proposition for them to be opting in which is why we have confidence that the majority of the system ultimately will come in. But they have the option to opt in or not.

他們必須選擇加入，我們和 SLH 團隊已經開始在過程中與他們溝通。但他們可以選擇加入。現在我們認為，作為 SLH，至少是與我們討論過的所有者，選擇加入對他們來說是一個令人信服的價值主張，這就是為什麼我們有信心系統的大部分最終會加入。但他們可以選擇加入或不加入。

Okay. Great. And so just to quickly follow-up on that. So these are hotels that went to SLH originally because they wanted to keep their sort of whole specific brand, their own name and be very independent and you're basically allowing them to do that same thing by going through your distribution system..

好的。偉大的。所以只是為了快速跟進。這些飯店最初選擇 SLH 是因為他們想保留自己的整個特定品牌、自己的名稱並且非常獨立，而你基本上允許他們透過你的分銷系統做同樣的事情。

We're allowing them to keep all of that, they're not branding with us. The SLH brand is maintained. So it's the same branding they've had. We're just giving them access to hundreds of millions of customers, a loyalty program all of our sort of commercial booking channels and alike, which obviously has proven to be, given the market share we drive in our system quite a compelling value proposition. So we feel good about it for the same reasons we feel good about all of our development progress.

我們允許他們保留所有這些，他們不會與我們打上品牌關係。 SLH 品牌得以保留。所以他們的品牌是一樣的。我們只是讓他們接觸到數億客戶，為我們所有類型的商業預訂管道等提供忠誠度計劃，這顯然已被證明，因為我們在系統中推動的市場份額是一個相當引人注目的價值主張。因此，我們對此感到滿意，就像我們對所有開發進度感到滿意一樣。

The next question comes from Robin Farley with UBS.

下一個問題來自瑞銀集團的羅賓法利。

So looking at your pipeline, your rooms under construction looks like it's back almost pre-pandemic levels pretty much. So I guess I'm just wondering what percent of your 2024 unit growth are you expecting to come from conversions?

因此，看看您的管道，您正在建造的房間看起來幾乎回到了大流行前的水平。所以我想我只是想知道您預計 2024 年單位增長的百分之多少來自轉換？

Yes. We think we did 30%, as Chris mentioned in his prepared remarks. This year, we think it will be a little bit higher than that, sort of in the mid-30s for the year this year.

是的。正如克里斯在他準備好的演講中提到的那樣，我們認為我們做到了 30%。今年，我們認為這一數字會略高一些，大約在 30 多歲左右。

And I know you're not guiding to anything next year yet, but is that something you expect to accelerate as a percent of your unit growth over time? Or do you think that we're seeing that sort of mid-30% range this year will be kind of the most, and then it will return to more normal additional supply under construction.

我知道您還沒有對明年做出任何指導，但您是否希望隨著時間的推移，這會加速您的單位成長百分比？或者你認為我們今年看到的 30% 中間的範圍將是最大的，然後它將恢復到更正常的在建額外供應。

I mean over time, it will depend on market cycles, of course, but I think as we -- particularly with Spark, as we -- which is 100% conversion brand, I think it will drift upwards over time and become an important part of -- it's always been an important part, but it will be a little bit higher over time. And then again, it will vary with market cycles over a longer period of time.

我的意思是，隨著時間的推移，這當然取決於市場週期，但我認為，隨著我們——尤其是Spark，因為我們——這是100% 轉化的品牌，我認為它會隨著時間的推移而上升，並成為一個重要的組成部分——它一直是一個重要的組成部分，但隨著時間的推移，它會變得更高一些。而且，它會隨著較長時期內的市場週期而改變。

The next question is from Chad Beynon with Macquarie.

下一個問題來自麥格理的查德貝農 (Chad Beynon)。

With respect to the 2% to 4% RevPAR guide, Chris, I know you walked through this from a segment standpoint, and it's obviously early in the year. In 2023, you guys exceeded STAR results in each quarter. And for '24, I think STAR has a slightly more positive outlook than you guys. So could you kind of maybe kind of square that circle in terms of your process versus maybe how STAR would do it? And then, I guess, more importantly, should we expect the international RevPAR? I know it's FX neutral to be more positive for you guys than domestically.

關於 2% 至 4% RevPAR 指南，克里斯，我知道您從細分市場的角度討論過這個問題，而且這顯然是在今年年初。 2023 年，你們每季的業績都超過了 STAR。對於 24 年，我認為 STAR 的前景比你們稍微樂觀一點。那麼，您是否可以根據您的流程與 STAR 的做法進行比較？然後，我想，更重要的是，我們應該期待國際 RevPAR 嗎？我知道對你們來說比國內更積極的是外匯中性。

Yes. I mean, as you would guess, we look at what all independents have to say, including Smith Travel and that's interesting. But we do a ground-up process. I mean this is done by every individual hotel in the world, all 7,500 plus of them that then aggregates into us having a budget, and then we create a range around it. So that's the process we go through. Obviously, there's lots of uncertainty still on -- as we've talked about, we sort of tend always to take the consensus view, which right now is a soft landing. So there are a lot of different paths that the broader economy can take. But it feels, certainly, with what we're seeing in our business that, that is the most likely outcome. And so this is how we aggregated it together on a property-by-property basis.

是的。我的意思是，正如您可能猜到的那樣，我們會研究所有獨立人士的意見，包括史密斯旅遊公司，這很有趣。但我們做了一個從頭開始的過程。我的意思是，世界上每家酒店（所有 7,500 多家酒店）都會這樣做，然後匯總到我們的預算中，然後我們圍繞它創建一個範圍。這就是我們要經歷的過程。顯然，仍然存在著許多不確定性——正如我們所討論的，我們總是傾向於採取共識觀點，目前這是軟著陸。因此，更廣泛的經濟可以採取許多不同的路徑。但從我們在業務中所看到的情況來看，這無疑是最有可能的結果。這就是我們將其逐個屬性匯總在一起的方式。

I would like to believe, and certainly, every year, I believe that I've been here in 16 years, we have grown market share, including last year, where we grew market share pretty nicely, and we are currently at the highest levels of market share we've ever had in our history. If we do our job again this year, we will grow market share again, which should mean that we would outperform whatever the market gives us. That is what we are trying to do.

我願意相信，當然，每年，我相信我在這裡已經 16 年了，我們的市場份額有所增長，包括去年，我們的市場份額增長得相當不錯，而且我們目前處於最高水平我們歷史上所擁有的市場占有率.如果我們今年再次做好我們的工作，我們將再次增加市場份額，這意味著我們將超越市場給我們的任何表現。這就是我們正在努力做的事情。

In terms of internationally, I think I said it in my comments, international is going to be a bit above the U.S., in part because you still have parts of Asia. One, EMEA is really strong. Just basically strong, it's recovered and strong. And then you have parts of Asia Pacific that are still sort of recovering, notably the China market and the comparability benefits and that's really causing a slight overperformance in international versus U.S.

就國際而言，我想我在評論中說過，國際將略高於美國，部分原因是亞洲仍有部分地區。第一，歐洲、中東和非洲地區確實很強。基本上就是強，恢復了，強了。然後，亞太地區的部分地區仍在復甦，特別是中國市場和可比性優勢，這確實導致國際市場與美國市場的表現略有超前。

Looking forward to more of that at the Investor Day.

期待投資者日的更多內容。

Look forward to seeing everybody.

期待見到大家。

The next question comes from Patrick Scholes with Truist Securities.

下一個問題來自 Truist Securities 的 Patrick Scholes。

This question is for Kevin. Just give us an update on how Spark is progressing. And then related to that, given the uncertainty surrounding what's happening with Choice and Wyndham, do you think that is helping with your conversion activity?

這個問題是問凱文的。請向我們介紹 Spark 的最新進展。與此相關的是，考慮到 Choice 和 Wyndham 的情況存在不確定性，您認為這對您的轉換活動有幫助嗎？

Yes. Look, Spark is going great. I mean, we've got nearly 150 of them in the pipeline already, and we just launched it last year. We've got another 250 working deals, something like that, so 400 working deals. We had 8 or 10 of them open now that are performing really well. So we're picking up a lot of momentum. So we feel really good about the future of Spark and its value proposition. And I think I'm probably not going to comment on what our competitors might or might not be doing together. We believe strongly in the value proposition for Spark that's why we launched it, and we're not -- we don't think that anything that goes on in the environment around us will change that trajectory or our ability to be successful in that segment.

是的。看，Spark 進展順利。我的意思是，我們已經有近 150 個項目正在籌備中，而且我們去年剛推出。我們還有另外 250 份工作協議，類似的，所以 400 份工作協議。我們現在開放了 8 到 10 個，表現非常好。所以我們正在獲得很大的動力。因此，我們對 Spark 的未來及其價值主張非常看好。我想我可能不會評論我們的競爭對手可能會或可能不會一起做什麼。我們堅信 Spark 的價值主張，這就是我們推出它的原因，但我們不認為周圍環境中發生的任何事情都會改變這一軌跡或我們在該領域取得成功的能力。

The next question is from Duane Pfennigwerth with Evercore ISI.

下一個問題來自 Evercore ISI 的 Duane Pfennigwerth。

I wonder if you could offer some thoughts on the trajectory you see from here on mid-scale and below chain scales, still up meaningfully versus pre-pandemic, but a bit softer year-over-year. How do you interpret that? And is there anything you see on the horizon that could drive some acceleration this year on the lower end?

我想知道您是否可以就您從這裡看到的中等規模和連鎖規模以下的軌跡提供一些想法，與大流行前相比仍然有意義，但同比有所疲軟。你如何解釋這一點？您認為有什麼可能會推動今年低階市場加速成長嗎？

Yes. Look, I think some of it is comps, right? Those segments recovered really well and a lot more quickly from COVID. So some of it's year-over-year comps. So I think that you'll always have those as cycles play out, you'll have those effects, and we really believe in the demand for mid-scale. So you could have differences in year-over-year RevPAR growth relative to other chain scales.

是的。看，我認為其中一些是比較的，對吧？這些細分市場從新冠疫情中恢復得非常好，而且恢復得更快。所以其中一些是逐年比較。所以我認為，隨著週期的展開，你總是會有這些影響，我們真的相信對中等規模的需求。因此，相較於其他連鎖規模，每間可售房收入的年增率可能存在差異。

But in terms of serving tons of customers, we think there's 70 million customers out there in that chain scale or below. And then if you think about -- so for Spark, for mid-scale transient, if you think about LivSmart for more extended sort of 30-, 60-, 90-day extended stay business, we feel really good about the demand profile over the long term and the ability to serve. As Chris said earlier, in one of his answers, serve more customers, bring new customers into the system. But more importantly, deliver great returns for owners and earn more fees. It's -- we don't do these things because of how year-over-year RevPAR growth will perform. Now we -- like in these chain scales, we expect to generate premium market share and outperform the competition but you're going to have -- you're going to continue to have year-over-year in RevPAR growth, and that's not why we do these things.

但就服務大量客戶而言，我們認為該連鎖規模或以下的客戶數量為 7,000 萬人。然後，如果你考慮 Spark，對於中等規模的瞬態，如果你考慮 LivSmart 的 30 天、60 天、90 天長住業務，我們對需求狀況感到非常滿意長期和服務能力。正如克里斯之前所說，在他的一個答案中，服務更多的客戶，將新客戶帶入系統。但更重要的是，為業主帶來豐厚的回報並賺取更多的費用。我們不做這些事是因為 RevPAR 的逐年成長表現如何。現在，就像在這些連鎖規模中一樣，我們預計會產生優質的市場份額並超越競爭對手，但您將繼續獲得可出租客房收入的逐年增長，而這並不是我們為什麼要做這些事情。

The next question comes from Michael Bellisario with Baird.

下一個問題來自邁克爾·貝利薩裡奧和貝爾德。

Sort of a 2-part just from development and signings, maybe where are you seeing the wins by brand, by region and kind of outside of the Spark momentum that you just mentioned. And then I guess, just specifically on Spark for the 8 or 10 hotels. I know it's still early days there, but what are you thinking in terms of loyalty contribution and sort of earn and burn patterns from Honors members so far?

有點像是開發和簽約的兩部分，也許你在哪裡看到了按品牌、按地區以及你剛才提到的 Spark 勢頭之外的勝利。然後我想，只是專門針對 8 或 10 家飯店使用 Spark。我知道現在還處於早期階段，但到目前為止，您對榮譽會員的忠誠度貢獻以及賺取和消耗模式有何看法？

Yes. So at the beginning, I'd say, look, for the first part of it, Michael, the success has been pretty broad-based. I mean 45% up in signings and which was up 31% in the U.S. and then obviously a little bit better than that outside of the U.S. and we expect another record year in 2024. And that's just because our brands are performing, industry fundamentals remain good. So despite what people think about economic growth, you're going to be in a supply-constrained environment here for a while. And in those environments, we take more share, right? We mentioned we've got 1 in 5 rooms under construction, more than any other hotel companies. So we have a lot of momentum and owners want to affiliate with us. And then when you get into an environment where capital, where lending is more constrained, right? Lenders want to see -- they want to lend to projects that are affiliated with our brands. And that's not just a U.S. phenomenon. That's around the world because lenders feel like they're more likely to get paid back. And so a lot of it's momentum. It's across all the brands and chain scales and across all the regions.

是的。所以一開始，我會說，看，對於第一部分，邁克爾，成功的基礎相當廣泛。我的意思是簽約量成長了45%，其中美國成長了31%，顯然比美國以外的地區要好一些，我們預計2024 年將再創歷史新高。這只是因為我們的品牌正在表現，行業基本面仍然存在好的。因此，無論人們如何看待經濟成長，一段時間內都將處於供應緊張的環境中。在這些環境中，我們會獲得更多份額，對吧？我們提到我們有五分之一的房間在建設中，比其他任何酒店公司都多。所以我們有很大的動力，業主也想加入我們。然後當你進入一個資本、貸款受到更多限制的環境時，對嗎？貸款人希望看到—他們希望向與我們品牌相關的項目提供貸款。這不僅是美國的現象。世界各地都是如此，因為貸款人覺得他們更有可能獲得償還。所以它的動力很大。它涉及所有品牌、連鎖規模以及所有地區。

And then the second part of your question, I think -- look, it is early days. It's only a handful of hotels. But I think so far, what we're seeing from the performance of the Sparks is in line, market share premiums reasonable to strong loyalty contribution. We do think we're going to sign up a lot more new members with these hotels because we'll bring new customers into the system. So it's not just a matter of where they are member before they book, but sometimes they book and they become a member while they're there. So I think it is early days but pretty consistent performance across the board there.

我認為你問題的第二部分——看，現在還為時過早。這只是少數幾家酒店。但我認為到目前為止，我們從火花隊的表現中看到的是，市場份額溢價與強大的忠誠度貢獻合理。我們確實認為我們將在這些酒店註冊更多的新會員，因為我們將新客戶帶入系統。因此，這不僅僅是他們在預訂之前成為會員的問題，有時他們預訂並在那裡成為會員。所以我認為現在還處於早期階段，但整體表現相當一致。

The next question comes from Richard Clarke with Bernstein.

下一個問題來自理查德·克拉克和伯恩斯坦。

Just going back to SLH. Firstly, is this the luxury lifestyle launch you've teased recently? Or is that still to come? And then related, I guess, when other companies have done these kind of partnerships, they've seen some criticism that hotels are joining the loyalty program, but a lower percentage of their revenues being handed over to Hilton. So how are you going to stop hotels from choosing the SLH route into Hilton Honors rather than maybe joining LXR or Canopy or one of the other brands where they would pay across all of their revenues, the fee percentage?

剛剛回到SLH。首先，這是您最近嘲笑的奢華生活方式發布嗎？或者這還會發生嗎？我想，當其他公司建立此類合作夥伴關係時，他們會看到一些批評，認為酒店加入了忠誠度計劃，但將其收入的較低比例移交給希爾頓。那麼，您將如何阻止酒店選擇 SLH 路線進入希爾頓榮譽客會，而不是加入 LXR 或 Canopy 或其他品牌之一，他們將支付所有收入（即費用百分比）？

Yes. Good questions. The first on luxury lifestyle, no, this is not in lieu of that. We are still hard at work. I've made, I think, pretty clear for a long time, but much clearer lately that we intend this year to enter that space one way or another and we're hard at work. And I think you should expect sometime this year, hopefully sooner than later to see us enter that space. And we think that's something that is totally different than what we're trying to do with SLH.

是的。好問題。第一篇關於奢華生活方式的文章，不，這並不能取代它。我們依然在努力工作。我認為，很長一段時間以來，我已經非常明確地表明了這一點，但最近更加明確的是，我們打算今年以某種方式進入這一領域，而且我們正在努力工作。我認為你應該期待今年的某個時候，希望能早日看到我們進入這個領域。我們認為這與我們在 SLH 上嘗試做的事情完全不同。

In terms of the value proposition of existing brands versus SLH, as I said in my earlier comments, I mean SLH is something very different than LXR, very different than Canopy, different than Waldorf, different than Conrad, different than everything we have in the sense that these are really very small luxury hotels in very niche markets in a lot of cases, but even within non-niche markets, very niche locations. And as a result, we do not believe that they are in conflict with or cannibalize anything else we're doing, just because -- I mean, I suggest anybody just go on the website, they got 500 plus, you can sort of get a feel for it. And I think we did huge amounts of work in terms of overlap analysis to make sure we understood that. I think you could very quickly understand that like this isn't consistent with anything else we're doing. It will be very -- what we do in luxury lifestyle will be very different. What we're already doing with LXR, our luxury soft brand is very different. Those hotels tend to be bigger, hotels, more meeting space and all of those things.

就現有品牌與SLH 的價值主張而言，正如我在先前的評論中所說，我的意思是SLH 與LXR 非常不同，與Canopy 非常不同，與華爾道夫不同，與康​​萊德不同，與我們擁有的一切不同。感覺在很多情況下，這些都是非常小的豪華酒店，位於非常利基市場，但即使在非利基市場，也是非常利基的地點。因此，我們不認為他們與我們正在做的任何其他事情發生衝突或蠶食，只是因為——我的意思是，我建議任何人都去網站上，他們有 500 多個，你可以得到對它的感覺。我認為我們在重疊分析方面做了大量工作，以確保我們理解這一點。我想你很快就會明白，這與我們正在做的其他事情不一致。我們在奢華生活方式中所做的事情將會非常不同。我們已經在 LXR 上所做的事情，我們的豪華軟品牌非常不同。這些酒店往往更大，有更多的會議空間等等。

So as I said, we're excited. It's very -- as big as we are at 7,500 hotels across all of these chain scales, it's really hard to find something that you would view as this complementary but we worked really hard to find that, and we think SLH is that. So we do not believe that -- we believe it will bring in lots of new customers, serve our existing customers, as I said, really well, make them happier as they earn and particularly, they burn points and will not be in conflict either with our existing owners, but more importantly, not be in conflict with our existing growth opportunities and the brands that we already have on the brand park.

正如我所說，我們很興奮。我們在所有這些連鎖規模中擁有 7,500 家酒店，規模非常大，很難找到您認為可以互補的東西，但我們非常努力地找到了這一點，我們認為 SLH 就是這樣。所以我們不相信——我們相信它會帶來很多新客戶，為我們現有的客戶提供服務，正如我所說，非常好，讓他們在賺錢時更快樂，特別是，他們會燃燒積分，也不會發生衝突與我們現有的所有者合作，但更重要的是，不要與我們現有的成長機會和我們在品牌園區已有的品牌發生衝突。

That's very clear. Maybe if I can just ask 1 very quick follow-up. Just the gap between the 15% RevPAR growth in owned and lease and the 8% revenue decline, what's leading to that gap in that segment?

這非常清楚。也許我可以快速詢問 1 次後續行動。僅自有和租賃業務的 RevPAR 增長 15% 與收入下降 8% 之間存在差距，是什麼導致了該細分市場的這一差距？

You're talking about the -- yes, it's almost entirely the impact of government subsidies last year in the fourth quarter. I assume if you're looking at year-over-year RevPAR relative to RevPAR growth, which is same-store and the subsidies come in below the revenue line.

你說的是——是的，這幾乎完全是去年第四季政府補貼的影響。我假設，如果您查看的是與 RevPAR 成長相關的逐年 RevPAR，則該成長是同店且補貼低於收入線。

The next question is from Bill Crow with Raymond James.

下一個問題是比爾·克勞和雷蒙德·詹姆斯提出的。

Chris, I'm curious, there's quite a debate out there about inbound versus outbound especially on the leisure side. You said you expect leisure to be up this year. I'm wondering what you're seeing when your system tells you that outbound travel is going to be as strong as last year or if we're going to see more balanced playing field here in the United States?

克里斯，我很好奇，關於入境和出境有很多爭論，尤其是在休閒方面。你說你預計今年休閒時間會增加。我想知道當您的系統告訴您出境遊將像去年一樣強勁，或者我們是否會在美國看到更平衡的競爭環境時，您會看到什麼？

I think we're going to see a very strong -- a much stronger inbound year. That doesn't mean outbound is going to be bad. But I think with the -- what happened with the value of the dollar last year, you had the strength there, drove a lot of international travel, particularly to Europe. I don't think -- and people hadn't been in a while, so you put those things together, and it created a real groundswell for outbound business. I think there'll be plenty of outbound, but I think the trend this year will be sort of recovering not maybe fully but getting much closer to a full recovery by the end of the year on inbound international.

我認為我們將看到非常強勁的入境年。這並不意味著出境遊會很糟糕。但我認為，去年美元的價值發生了變化，美元的實力強勁，推動了許多國際旅行，特別是前往歐洲的旅行。我不認為——而且人們已經有一段時間沒有來了，所以你把這些東西放在一起，它為出境業務創造了真正的風潮。我認為出境遊將會有很多，但我認為今年的趨勢可能不會完全恢復，但到今年年底，入境國際遊將更接近全面復甦。

The Chinese inbound is the big variable, which is still a small fraction of what it was. I still think that takes a more protracted period of time, just given everything going on in China, but other countries around the world are compensating for that. So we might not get all the way back this year. I think TBD, but I do think for the story, part of the strength this year is going to be about inbound international. And I think part of that will obviously index very heavily towards the big urban markets, and that combined with the, what I already talked about on the group side, with the resurgence of all the big city wides and association as well as SMB group business, that's everywhere, but that's nice for the big cities as well. So I think you're going to see -- I think that will -- when we finish the year, we're going to we're going to feel a lot better about inbound and not bad about outbound, but I think inbound will be the story.

中國入境人數是一個很大的變量，但目前仍只佔很小的一部分。我仍然認為，考慮到中國發生的一切，這需要更長的時間，但世界其他國家正在補償。所以今年我們可能無法一路回來。我認為待定，但我確實認為就故事而言，今年的部分優勢將在於入境國際。我認為，其中一部分顯然將在很大程度上轉向大城市市場，再加上我已經在集團方面談到的內容，隨著所有大城市範圍和協會以及中小企業集團業務的複蘇，這無處不在，但這對大城市來說也很好。所以我認為你會看到——我認為會——當我們結束這一年時，我們對入站的感覺會好很多，而對出站的感覺也不錯，但我認為入站會成為故事。

I do have a follow-up question, I'll make it quick here. But you a couple of times have kind of emphasized this low supply growth environment. The development pipeline continues to build. It's actually, I think, at all-time high levels. Your pipeline is a great example. I'm wondering if you're seeing any change in the pace of new construction starts or any indication that the period between signed deals and groundbreaking is starting to shorten. It feels like we got kind of a coiled snake out there. At some point, we're going to see some supply growth take off.

我確實有一個後續問題，我會在這裡快速回答。但您幾次強調了這種低供應成長環境。開發管道繼續建設。我認為，這實際上處於歷史最高水平。您的管道就是一個很好的例子。我想知道您是否看到新建築開工的速度有任何變化，或者是否有任何跡象表明簽署協議和破土動工之間的時間開始縮短。感覺就像我們有一條盤繞的蛇在那裡。在某個時候，我們將看到供應量開始成長。

I think you will. I mean, first of all, I mean, our numbers are really good and not to pat us on the back, we take an unfair share of what is getting signed and an even less fair share of what's getting financed. So our numbers are not indicative of what's going on in the broader market. I think if you look in the broader market, the supply numbers are sort of circa 1%. In my own view, you're right. Eventually, that will go back up. I mean the 30-year average is 2.5%. So it suggests if you look at long-term trends, it will go up, particularly as strong as the business has been and we think will continue to be into this year. But there are natural limitations in place, which is why you see it at 1%. I mean the 1% is sort of an output of no -- very high cost to build and higher cost of labor, higher interest rates, no financing availability that occurred over the last couple of years. And so you see that sort of hitting the numbers now.

我想你會的。我的意思是，首先，我的意思是，我們的數字非常好，不是為了拍拍我們的背，我們在簽署的項目中獲得了不公平的份額，在獲得融資的項目中獲得了更不公平的份額。因此，我們的數據並不代表更廣泛市場的情況。我認為如果你看看更廣闊的市場，供應量大約是 1%。在我看來，你是對的。最終，這一情況將會恢復。我的意思是 30 年平均值是 2.5%。因此，這表明，如果你專注於長期趨勢，它將會上升，尤其是與業務一樣強勁，我們認為今年將繼續如此。但存在自然限制，這就是為什麼你看到它為 1%。我的意思是，1% 是一種「不」的產出——過去幾年發生的建設成本非常高、勞動力成本更高、利率更高、融資管道匱乏。所以你現在看到了這種數字。

But the reality is while some of those things have stabilized, and that's why our starts were up double digit in the U.S. last year. It's still very hard while financing, interest rates have come down a little bit. Cost to build has not, but it's stabilized. Obviously, rates have gone up. I mean the economic setup works pretty well, but it really works, obviously really well for us because we drive very high market share and very high rates and higher than almost all of our competitors, so it works better for us and the financing market, while it's better, okay, that's why we're able to get -- we got a lot more done last year, and I think we'll get a lot more done this year. It's not robust.

但現實是，雖然其中一些事情已經穩定下來，這就是為什麼我們去年在美國的開工率成長了兩位數。融資還是很難，利率已經下降了一些。建造成本沒有變化，但已經穩定。顯然，利率已經上漲。我的意思是，經濟體制運作得很好，但它確實有效，顯然對我們來說非常好，因為我們推動了非常高的市場份額和非常高的利率，並且高於幾乎所有競爭對手，因此它對我們和融資市場來說效果更好，雖然它更好了，但這就是為什麼我們能夠——去年我們做了更多的事情，我認為今年我們會做更多的事情。它不堅固。

And so there's a natural sort of gate that exist. And while it's getting better, I think will exist for a while. And it takes time to build these things, right? So the reality is, I think, this year, we'll still be not as constrained but more constrained financing environment that will weigh heavily to our benefit. And then I think it will continue to ease. But I think before you're going to see a lot of this stuff convert for and mass from a pipeline to under construction, particularly here in the U.S., I think it takes a couple of years, and then it takes a year or 2 to build the stuff. So I feel pretty darn good about like '24, '25 and probably most of '26 for being pretty meaningfully below the 30-year averages on supply. And that's why I made the comments that I made. I think it's just math. At some point, they got to start to finish.

所以存在著一種自然的門。雖然它正在變得更好，但我認為它會存在一段時間。建造這些東西需要時間，對吧？因此，我認為，現實情況是，今年我們的融資環境仍然不會那麼受限，但會更加受限，這將對我們的利益產生重大影響。然後我認為它會繼續緩解。但我認為，在你看到很多這樣的東西從管道轉變為正在建造的東西之前，特別是在美國，我認為這需要幾年的時間，然後需要一兩年的時間來建造東西。因此，我對 24 年、25 年以及 26 年的大部分時間感覺非常好，因為供應量明顯低於 30 年平均值。這就是我發表這些評論的原因。我認為這只是數學。在某個時刻，他們必須從頭到尾。

The next question comes from Kevin Kopelman with TD Cowen.

下一個問題來自 TD Cowen 的 Kevin Kopelman。

Great. Could you give us an update on how you're thinking about fee growth for the year? If you still expect it to exceed NUG plus RevPAR and any kind of puts and takes there?

偉大的。您能否向我們介紹一下您對今年費用成長的最新看法？如果您仍然期望它超過 NUG 加上 RevPAR 以及任何類型的看漲期權？

Yes. We still think -- we think fee growth will be a little bit above algorithm as it normally is. A couple of headwinds, a little bit of headwind from FX, but even with that, we think we'll be above algorithm for fee growth this year.

是的。我們仍然認為——我們認為費用增長將略高於正常情況下的演算法。一些阻力，來自外匯的一點阻力，但即便如此，我們認為今年的費用成長將高於演算法。

Okay. Great. And then 1 other quick one. Could you talk about any plans or your plans to get back into the kind of 3 to 3.5x leverage range that you talked about?

好的。偉大的。然後是另外 1 個快速的。您能否談談任何計劃或您計劃回到您所說的 3 至 3.5 倍槓桿範圍？

Yes. Our guidance this year implies we will be approaching the bottom end of that range. We still think it's the appropriate range for us. Obviously, the borrowing environment has been a little bit challenged. We haven't liked where rates have been. We're still -- obviously, our capital return is still moving up, and we've given guidance for this year. But the guidance for this year implies that we'll be approaching the bottom end of that range by the end of the year.

是的。我們今年的指導意味著我們將接近該範圍的底端。我們仍然認為這對我們來說是合適的範圍。顯然，借貸環境受到了一些挑戰。我們不喜歡現在的利率。顯然，我們的資本回報率仍在上升，並且我們已經給出了今年的指導。但今年的指導意味著我們將在年底前接近該範圍的底部。

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

女士們先生們，我們的問答環節到此結束。我現在想將電話轉回給克里斯·納塞塔，請其發表任何補充的結束語。

Thank you, everybody, again, for taking the time. Obviously, a really good year for us last year, some exciting things going on with SLH, but even the organic growth and increases in unit growth that we see, given the momentum we're taking from last year into this year, we feel really good about the progress of the company. We feel really good about where things are and outlook for the full year, and we'll look forward to catching up with you after the first quarter to give you an update. Thanks again, and have a great day.

再次感謝大家抽出時間。顯然，去年對我們來說是非常好的一年，SLH 發生了一些令人興奮的事情，但即使是我們看到的有機增長和單位增長的增加，考慮到我們從去年到今年的勢頭，我們感覺真的對公司的進展表示良好。我們對全年的情況和前景感到非常滿意，我們期待在第一季後與您聯繫，為您提供最新情況。再次感謝，祝您有美好的一天。

The conference has now concluded. Thank you for your participation. You may now disconnect your lines.

會議現已結束。感謝您的參與。現在您可以斷開線路。