希爾頓酒店 (HLT) 2024 Q2 法說會逐字稿

Good morning and welcome to the Hilton second quarter 2024 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, Head of Development Operations and Investor Relations. You may begin.

早安，歡迎參加希爾頓 2024 年第二季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在將會議交給高級副總裁兼開發營運和投資者關係主管吉爾·查普曼 (Jill Chapman)。你可以開始了。

Thank you, Chad. Welcome to Hilton's second quarter 2024 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.

謝謝你，查德。歡迎參加希爾頓 2024 年第二季財報電話會議。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。

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

有關可能導致實際結果不同的一些風險因素的討論，請參閱我們最近提交的表格 10-K 的風險因素部分。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 second quarter results and discuss our expectations for the year. Following their remarks, we will be happy to take your questions. With that, I am 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 隨後將回顧我們第二季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 pleased to report strong second quarter results with RevPAR growth driving adjusted EBITDA and adjusted EPS above the high end of our guidance.

謝謝。吉爾.大家早安，感謝您今天加入我們。我們很高興地報告強勁的第二季業績，每間客房收入的成長推動調整後的 EBITDA 和調整後的每股收益高於我們指導的上限。

We continued to execute on our successful development strategy and in July our system surpassed 8,000 hotels globally. Our newly acquired brands and recent strategic partnerships will help us build even more loyalty with guests, further enhancing our network effect and increasing our industry leading RevPAR premiums. Coupled with our asset-light fee based business model, we are well-positioned to continue producing significant free cash flow and driving meaningful shareholder returns.

我們繼續執行我們成功的發展策略，7 月份我們的系統在全球範圍內的酒店數量已超過 8,000 家。我們新收購的品牌和最近的策略合作夥伴關係將幫助我們與客人建立更高的忠誠度，進一步增強我們的網路效應並提高我們行業領先的 RevPAR 溢價。加上我們基於輕資產收費的業務模式，我們處於有利位置，可以繼續產生大量自由現金流並推動有意義的股東回報。

In the quarter, system-wide RevPAR increased 3.5% year over year above the midpoint of guidance due to robust group performance, continued recovery in business transient, and easier holiday comparisons. Transient RevPAR grew 2% year over year with increases in both business and leisure demand. RevPAR across large corporates rose 5% in the quarter, driven by strong trends across most industries, including notable recover in technology.

本季度，由於集團業績強勁、業務瞬態持續復甦以及假期比較更容易，整個系統的 RevPAR 同比增長 3.5%，高於指導中位數。隨著商務和休閒需求的增加，瞬間每間可用收入年增 2%。在大多數行業的強勁趨勢（包括技術的顯著復甦）的推動下，本季大型企業的 RevPAR 成長了 5%。

Leisure transient RevPAR continued to exceed prior peaks, supported by solid summer travel demand, particularly in international markets. Group RevPAR rose more than 10% year over year, led by strong demand for corporate and social meetings and events and booking windows continued to lengthen. For the full year, group position is up 10% over last year, with position up mid-teens over the next several years.

在夏季旅遊需求旺盛（尤其是國際市場）的支撐下，休閒瞬間每間可用房收入持續超過先前的高峰。在企業和社交會議及活動的強勁需求以及預訂窗口持續延長的帶動下，集團每間可用客房收入同比增長超過 10%。全年來看，集團排名比去年增長了 10%，未來幾年排名將上升到 10%左右。

We expect full year system-wide RevPAR to increase 2% to 3% driven by positive growth across all major segments and regions. We tempered the high end of our expectations versus prior guidance due to softer trends in certain international markets and normalizing leisure growth more broadly. With continued strength in group and steady recovery in business transient, we expect higher-end chain scales to continue to outperform.

我們預計，在所有主要細分市場和地區的積極成長的推動下，全年全系統 RevPAR 將成長 2% 至 3%。由於某些國際市場的疲軟趨勢以及更廣泛的休閒成長正常化，我們相對於先前的指引調整了預期的上限。隨著集團持續走強以及業務瞬態的穩定復甦，我們預期高階連鎖規模將持續跑贏大盤。

Turning to development in the quarter, we opened 165 hotels, totaling more than 22,000 rooms and achieved net unit growth of 6.2%. We marked several milestones in the quarter, including the opening of our 6,000th hotel in North America, and we surpassed 75,000 Home2 Suites rooms globally. We also opened seven new resort properties in Europe, including the debut of Curio in Croatia and DoubleTree in Malta.

談到本季的發展，我們新開了 165 家飯店，客房總數超過 22,000 間，單位淨成長 6.2%。我們在本季實現了多個里程碑，包括在北美開設第 6,000 家飯店，並且全球 Home2 Suites 客房數量超過 75,000 間。我們還在歐洲開設了七家新的度假村酒店，包括在克羅埃西亞首次亮相的 Curio 和馬耳他的 DoubleTree。

We welcome Graduate hotels and NoMad into our family of brands during the quarter, providing further opportunities to deliver exceptional guest experiences and accelerate our expansion in the fast growing lifestyle segment.

我們歡迎Graduate Hotels 和NoMad 在本季度加入我們的品牌家族，為提供卓越的賓客體驗並加速我們在快速成長的生活方式領域的擴張提供了更多機會。

Demand for lifestyle products continues to increase as guests seek unique experiences and sought after destinations around the world. In the last year, we have expanded our lifestyle offerings by more than 30%, fueled largely by growth in Curio, Tapestry, and the recent acquisition of Graduate. With roughly 400 lifestyle properties today and hundreds more in the pipeline, we are well-positioned for substantial growth over the next several years.

隨著客人尋求獨特的體驗和世界各地廣受歡迎的目的地，對生活方式產品的需求持續增長。去年，我們的生活方式產品範圍擴大了 30% 以上，這主要得益於 Curio、Tapestry 的成長以及最近收購的graduate。目前，我們擁有約 400 個生活方式物業，還有數百處正在籌建中，我們已做好準備，在未來幾年將大幅成長。

Conversions accounted for roughly half of openings in the quarter, driven by the addition of Graduate and the continued strength from DoubleTree and Spark. In the quarter, Spark opened 27 hotels, more than doubling its existing supply.

由於Graduate 的加入以及DoubleTree 和Spark 的持續強勢，轉換率約佔本季度空缺職位的一半。本季度，Spark 開設了 27 家飯店，是現有供應量的兩倍多。

The brand also celebrated its debut in Europe with the opening of Spark by Hilton London Romford, just nine months after the first property opened in the US. The opening marks the start of an exciting journey for Spark to redefine the premium economy segment in Europe, with further launches of the brand across Continental Europe expected in the coming months.

該品牌還慶祝其在歐洲的首次亮相，倫敦羅姆福德希爾頓火花酒店 (Spark by Hilton London Romford) 開業，距離第一家酒店在美國開業僅九個月。此次開幕標誌著 Spark 重新定義歐洲高端經濟艙領域令人興奮的旅程的開始，預計未來幾個月將在歐洲大陸進一步推出該品牌。

In the quarter, we signed 63,000 rooms, increasing our pipeline to approximately 508,000 rooms, which is up 8% from last quarter and 15% year over year, with notable strength across the EMEA and APAC regions.

本季度，我們簽約了 63,000 間客房，將儲備客房增加至約 508,000 間，較上季度增長 8%，同比增長 15%，在歐洲、中東和非洲 (EMEA) 和亞太地區的實力顯著。

In particular, Hilton Garden Inn continued to gain tremendous traction with year-to-date signings up nearly 90% across 20 different countries. Overall, conversions accounted for over half of the signings in the quarter, driven by additions from our acquisitions and partnerships.

特別是，希爾頓花園酒店繼續獲得巨大的吸引力，今年迄今為止，其在 20 個不同國家的簽約量增加了近 90%。總體而言，在我們的收購和合作夥伴關係增加的推動下，轉換佔本季簽約的一半以上。

Excluding acquisitions and partnerships, conversions accounted for 25% of signings in the quarter, largely driven by continued momentum with Curio, Tapestry, and DoubleTree.

不包括收購和合作夥伴關係，轉換佔本季簽約量的 25%，這主要是受到 Curio、Tapestry 和 DoubleTree 持續成長動能的推動。

System-wide construction starts in the quarter were up 160% versus last year and up 37% excluding acquisitions and partnerships. With meaningful growth across both the US and international markets, we remain on track to exceed prior peak levels of starts by year-end.

本季全系統開工建設較去年增長 160%，不包括收購和合作關係則成長 37%。隨著美國和國際市場的顯著成長，我們仍有望在年底前超越先前的開工高峰水準。

Approximately, half of our pipeline is under construction and we continue to have more rooms under construction than any other hotel company, accounting for more than 20% of industry share and nearly 4 times our existing share of supply. We've seen tremendous interest from owners through our exclusive agreement with small luxury hotels of the world.

我們大約有一半的在建客房正在建設中，並且我們的在建客房數量繼續超過任何其他酒店公司，佔行業份額的 20% 以上，是我們現有供應份額的近 4 倍。透過我們與世界各地小型豪華酒店的獨家協議，我們看到了業主的巨大興趣。

With the pace of initial property signups far exceeding our expectations under our strategic partnership, we added nearly 300 boutique luxury properties to our system in July, with an additional 100 properties expected to join later this year. Adding these unique properties to our network is highly complementary to our existing luxury portfolio and significantly increases our luxury offerings for guests around the world without any capital commitment.

由於初始房產註冊速度遠遠超出了我們在戰略合作夥伴關係下的預期，我們於 7 月份在我們的系統中添加了近 300 家精品豪華房產，預計今年晚些時候還將有 100 家房產加入。將這些獨特的酒店添加到我們的網路中，與我們現有的豪華產品組合高度互補，並顯著增加了我們為世界各地的客人提供的豪華產品，而無需任何資本承諾。

During the quarter, the first AutoCamp properties were added to our platforms. Each AutoCamp location provides a unique opportunity for guests to immerse themselves in nature without sacrificing the comforts of high-end accommodations. These exclusive agreements with SLH and AutoCamp provides Honors members with new and exciting ways to earn and redeem points, while broadening and enhancing our network effect.

在本季度，第一批 AutoCamp 屬性已新增到我們的平台上。每個 AutoCamp 地點都為客人提供了獨特的機會，讓他們沉浸在大自然中，同時又不犧牲高端住宿的舒適度。與 SLH 和 AutoCamp 達成的這些獨家協議為榮譽會員提供了新的、令人興奮的賺取和兌換積分的方式，同時擴大和增強了我們的網路效應。

As a result of our strong pipeline, recent tuck-in acquisitions, and strategic partnerships, we now expect net unit growth of 7% to 7.5% for the full year. We are also proud to continue to be recognized for our industry leading brands and culture. Brand finance recently ranked Hilton as the most valuable hotel brand for the ninth consecutive year, claiming nine of the top 50 hotel brand spots.

由於我們強大的產品線、最近的收購和策略合作夥伴關係，我們現在預計全年淨銷售將成長 7% 至 7.5%。我們也很自豪能夠繼續因其行業領先的品牌和文化而受到認可。 Brand Finance 最近連續第九年將希爾頓評為最具價值的酒店品牌，在前 50 名酒店品牌中佔有九席。

Additionally, Hilton was recently named the top workplace in the US for millennials by Great Place to Work and Fortune for the seventh consecutive year. Since 2016, we've received over 540 recognitions as a great place to work across more than 60 countries and we remain the number one great place to work in the world and the United States.

此外，希爾頓最近連續第七年被 Great Place to Work 和 Fortune 評為美國千禧世代最佳工作場所。自 2016 年以來，我們在 60 多個國家/地區獲得了超過 540 項最佳工作場所認可，並且仍然是全球和美國排名第一的最佳工作場所。

We're very happy with our second quarter results, development milestones, and brand and commercial enhancements, which we think demonstrate the continued strength of our business model. Now I'm going to turn the call over to Kevin for a few more details on the results in the quarter and our expectations for the year.

我們對第二季的業績、發展里程碑以及品牌和商業增強感到非常滿意，我們認為這證明了我們業務模式的持續優勢。現在我將把電話轉給凱文，以了解有關本季業績和我們對今年的預期的更多詳細資訊。

Thanks Chris, and good morning everyone. During the quarter, system-wide RevPAR grew 3.5% versus the prior year on a comparable and currency neutral basis. Growth was largely driven by strong international performance and continued recovery in group.

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 與前一年相比成長了 3.5%。成長主要得益於強勁的國際業績和集團的持續復甦。

Adjusted EBITDA was $917 million in the second quarter, up 13% year over year and exceeding the high end of our guidance range. Our performance was driven by better than expected fee growth, largely due to better than expected US RevPAR performance and some timing items. Management franchise fees grew 10% year over year. For the quarter, diluted earnings per share, adjusted for special items was $1.91.

第二季調整後 EBITDA 為 9.17 億美元，年成長 13%，超出了我們指引範圍的上限。我們的業績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美國 RevPAR 業績和一些計時項目。管理特許經營費年增10%。本季經特殊項目調整後的攤薄每股收益為 1.91 美元。

Turning to our regional performance, second quarter comparable US RevPAR was up 3%, driven by strong group performance, particularly in urban markets. In the Americas outside the US, second quarter RevPAR increased 7% year over year, driven by strong results in leisure markets.

談到我們的區域業績，第二季可比美國 RevPAR 成長了 3%，這得益於強勁的集團業績，尤其是在城市市場。在美國以外的美洲地區，受休閒市場強勁業績的推動，第二季每間可用房收入年增 7%。

In Europe, RevPAR grew 7% year over year with solid performance across all segments and continued strength from international inbound travel. In the Middle East and Africa region, RevPAR increased 11% year over year with growth in both rate and occupancy led by strong group and leisure performance.

在歐洲，每間可用客房收入年增 7%，所有細分市場均表現穩健，國際入境旅遊持續強勁。在中東和非洲地區，每間可用客房收入年增 11%，強勁的團體和休閒業績帶動了房價和入住率的成長。

In the Asia Pacific region, second quarter RevPAR was up 1% year over year. RevPAR in APAC ex-China increased 11%, led by continued strength in Japan and Korea. China RevPAR declined 5% in the quarter with difficult year-over-year domestic travel comparisons and limited international inbound travel negatively affecting results, which weighed on RevPAR results for the region but accounts for less than 3% of overall fees.

在亞太地區，第二季每間可用房收入年增 1%。在日本和韓國持續強勁的帶動下，亞太地區（中國除外）的 RevPAR 成長了 11%。中國的每間可用客房收入本季下降了5%，國內旅遊同比比較困難，國際入境旅遊有限對業績產生了負面影響，這對該地區的每間可用客房收入造成了壓力，但佔總費用的比例不到3%。

Turning to development, we ended the quarter with approximately 508,000 rooms in our pipeline, up 15% year over year, with approximately 60% of those rooms located outside the US and nearly half of them under construction. For the full year, we expect net unit growth of 7% to 7.5%.

談到開發，本季末，我們在建客房約 508,000 間，年增 15%，其中約 60% 的客房位於美國境外，其中近一半正在建設中。我們預計全年淨單位成長率為 7% 至 7.5%。

Moving to guidance. For the third quarter, we expect system-wide RevPAR growth of 2% to 3% year over year. We expect adjusted EBITDA of between $875 million and $890 million and diluted EPS, adjusted for special items to be between $1.80 and $1.85.

轉向指導。對於第三季度，我們預計全系統 RevPAR 將年增 2% 至 3%。我們預計調整後 EBITDA 為 8.75 億美元至 8.90 億美元，稀釋後每股收益（根據特殊項目調整）為 1.80 至 1.85 美元。

For full year 2024, we expect RevPAR growth of 2% to 3%. We forecast adjusted EBITDA of between $3.375 billion and $3.405 billion. We are bringing down the high end of our guidance to reflect slightly lower RevPAR growth expectations and FX movements. We forecast diluted EPS adjusted for special items of between $6.93 and $7.03. Please note that our guidance ranges do not incorporate further share repurchases.

2024 年全年，我們預計 RevPAR 將成長 2% 至 3%。我們預計調整後 EBITDA 為 33.75 億美元至 34.05 億美元之間。我們下調了指導上限，以反映略低的 RevPAR 成長預期和外匯趨勢。我們預計特殊項目調整後的攤薄每股收益在 6.93 美元至 7.03 美元之間。請注意，我們的指導範圍不包括進一步的股票回購。

Moving on to capital return, we paid a cash dividend of $0.15 per share during the second quarter for a total of $37 million. Our Board also authorized a quarterly dividend of $0.15 per share in the third quarter year.

說到資本回報，我們在第二季支付了每股 0.15 美元的現金股息，總計 3,700 萬美元。我們的董事會還授權在第三季派發每股 0.15 美元的季度股息。

Year to date, we have returned nearly $1.8 billion to shareholders in the form of buybacks and dividends, and for the full year we expect to return approximately $3 billion. Further details on our second quarter 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 one question. Chad, can we have our first question?

今年迄今為止，我們已以回購和股息的形式向股東返還近 18 億美元，預計全年返還約 30 億美元。有關我們第二季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，因此我們要求您只回答一個問題。查德，我們可以問第一個問題嗎？

(Operator Instructions) Joe Greff, JPMorgan.

（操作員指示）Joe Greff，摩根大通。

Good morning guys. Thanks for taking my question. I was hoping you give us a little bit more detail. Obviously on the net rooms growth side of things, Chris and Kevin, clearly going to 7% to 7.5% is obviously a very good thing. Can you talk about what's added versus a quarter ago with particular attention with SLS and some of the newly acquired brands, as well as maybe what's different on a sort of organic same brand basis versus a quarter ago?

早上好傢伙。感謝您提出我的問題。我希望你能給我們更多細節。顯然，在淨房增長方面，克里斯和凱文，顯然達到 7% 到 7.5% 顯然是一件非常好的事情。您能否談談與季度前相比增加了哪些內容，特別關注 SLS 和一些新收購的品牌，以及在有機相同品牌基礎上與季度前相比有何不同？

Yeah, I'd be happy to. I think the way to think about it is what's being added essentially is Graduate. I mean, if you look at our prior guidance, we had incorporated a guesstimate on what we would do for SLH. We are doing better than that. And so I think in the end that's going to probably be about 1.5 points of NUG Graduate, which we said would be separate and apart is about 0.5 point.

是的，我很樂意。我認為思考這個問題的方式是本質上添加的是研究生。我的意思是，如果您查看我們先前的指導，您會發現我們已經對我們將為 SLH 所做的事情進行了猜測。我們做得比這更好。所以我認為最終 NUG 畢業生的分數可能約為 1.5 分，我們說這將是分開的，分開的分數約為 0.5 分。

And so I think if you sort of unwind all that and compare it against prior guidance, the organic is slightly less, but has 100% to do with some things that are just moving from the fourth quarter into the first quarter of next year.

因此，我認為，如果你把所有這些都展開，並將其與之前的指導進行比較，你會發現有機增長略少，但 100% 與剛從第四季度進入明年第一季度的一些事情有關。

But as we were, as I said in my comments, in terms of feeling good about what's going on the development side, I mean, for the full year, we're going to hit historically high levels on signings. We're going to hit historically high levels on starts. And that is both of those, excluding any sort of partnerships or acquisitions. And obviously that's then translating into very good results. We feel very good about the momentum into next year.

但正如我在評論中所說，就對發展方面的情況感到滿意而言，我的意思是，在全年中，我們的簽約數量將達到歷史最高水平。我們的開工率將達到歷史最高水準。兩者都是，不包括任何形式的合作或收購。顯然，這會轉化為非常好的結果。我們對明年的勢頭感到非常好。

Most -- everybody was at our Investor Day in the spring where we articulated a sort of algorithm story of 6% to 7% organically. And we feel very, very good about being able to deliver on that. Obviously, this year is going to be above the higher end of that because of some of the inorganic things. But if we fast forward to next year, our expectation certainly is organically, we will be solidly in that range just given the signings, the starts and looking at how that's going to play out in the next couple of years.

大多數人——每個人都參加了春季的投資者日，我們有機地闡述了 6% 到 7% 的演算法故事。我們對能夠實現這一目標感到非常非常高興。顯然，由於一些無機因素，今年的業績將高於這一年的高端。但如果我們快進到明年，我們的期望肯定是有機的，考慮到簽約、首發以及未來幾年將如何發揮作用，我們將牢牢地處於這個範圍內。

Carlo Santarelli, Deutsche Bank.

卡洛桑塔雷利，德意志銀行。

Hey Chris, I think you addressed most of what I was going to ask, but at the end of your remarks there, you did talk about organic growth and the outline you laid out at the analyst day. When you think about contract acquisition spend over the next several years and acknowledging kind of that 6% net unit growth range. Should we be thinking something similar to what you've been spending in terms of contract acquisition spend this year to date, last, etcetera?

嘿克里斯，我認為你解決了我要問的大部分問題，但在你的演講結束時，你確實談到了有機增長以及你在分析師日制定的大綱。當您考慮未來幾年的合約採購支出並承認 6% 的淨單位增長範圍時。我們是否應該考慮類似今年迄今、去年等合約採購支出的支出？

Yes. Well, last year was elevated because of a few very specific deals, which we've noted over the last couple of calls. This year will moderate and be lower than last year. And I think on a go-forward basis, I'd look at the next year as it sort of being comparable to where we'll end up this year. We're not really seeing any material difference.

是的。嗯，去年的價格上漲是因為一些非常具體的交易，我們在過去的幾次電話會議中註意到了這些交易。今年將放緩並低於去年。我認為，從長遠來看，我會展望明年，因為它與我們今年的最終結果相當。我們並沒有真正看到任何實質差異。

Notwithstanding a lot of noise in the market. I think in the quarter, Kevin helped me. Our key money percentage of deals in second quarter was like 7% or 8%. Overall key money is still less than 10%. So 90%-plus, fully free of any form of incentive. And we haven't really seen those stats really move around a whole lot.

儘管市場上有很多噪音。我認為在本季度，凱文幫助了我。第二季我們的關鍵資金交易比例約為 7% 或 8%。整體禮金仍不足10%。所以 90% 以上，完全沒有任何形式的激勵。我們還沒有真正看到這些統計數據真正發生了很大的變化。

Again, we had an elevated year or two coming out of COVID because we got some really cool opportunities on some very big super high-end luxury and sort of resort convention type assets. And we took advantage of that. But we're getting back to more normalized levels, which again will be lower than last year, this year. And I think we'll continue at that kind of level over the next two or three years.

同樣，我們在疫情過後的一兩年裡獲得了成長，因為我們在一些非常大的超高端奢侈品和度假村會議類型資產上獲得了一些非常酷的機會。我們利用了這一點。但我們正在回到更正常化的水平，今年將再次低於去年。我認為我們將在未來兩三年內繼續保持這種水平。

Great. Thanks. And then you mentioned group pace plus 10 for this year. And the outlook for the next few years you mentioned was mid-teens. In terms of '25, '2026, what kind of percentage of your expected group room nights is on the books at present for '25?

偉大的。謝謝。然後你提到今年的團體配速加10。你提到的未來幾年的前景是十幾歲左右。就 2026 年 25 日而言，您目前預期的 25 日團體間夜數佔多少百分比？

I don't have the exact number in my head, but I would guess at this point, for '25, it's probably 40% to 50%. And for '26, it's probably a quarter, something like that. By the end of the year, we'll be for 2025, we'll probably cross over at 60% to 70%. Those would be sort of the typical numbers.

我腦子裡沒有確切的數字，但我猜測，對於 25 年來說，可能是 40% 到 50%。對 26 年來說，可能是四分之一，類似的東西。到今年年底，到 2025 年，我們可能會跨越 60% 到 70%。這些都是典型的數字。

And group is sort of getting back to pre-COVID typical levels. Like, even if you look in the second quarter at group mix, it was pretty much at where we were pre-COVID. I mean, of overall mix in Q2 was 20%, which is exactly what it was pre-COVID.

群體正在恢復到新冠疫情前的典型水準。就像，即使你看看第二季的團隊組合，它幾乎處於新冠疫情之前的水平。我的意思是，第二季的整體比例為 20%，這正是新冠疫情之前的情況。

So it's sort of -- group it's taken a while because of the long lead nature of it and planning and all that goes into it, particularly with the larger groups and the citywide. But that's sort of, now hitting on all cylinders and normalizing. So yeah, I would think it'd be in those percentages.

因此，它是一個團體，因為它的長期性和規劃以及其中涉及的所有內容，特別是對於較大的團體和全市範圍來說，需要一段時間。但這就是現在全力以赴並正常化的情況。所以是的，我認為它會在這些百分比中。

So I think it's a -- they're a very good indicator if we sit around this very table with all of our senior team, including head of sales and his team, and they feel very good. There's no sense of sort of slowing on demand and pricing and the group demand, pricing and overall attitude in that segment remains quite good, quite strong.

所以我認為，如果我們與所有高階團隊（包括銷售主管和他的團隊）坐在這張桌子旁，他們是一個非常好的指標，他們感覺非常好。需求和定價沒有任何放緩的感覺，該細分市場的群體需求、定價和整體態度仍然非常好、非常強勁。

And as I mentioned in the comments, the booking window is extending. I mean, our overall booking window extended in the quarter. And at this point, pretty much the booking window is back to, obviously got super short during COVID, but it's pretty much now back to normalized level extended in the second quarter and pretty much got us back to pre-COVID levels. And the group booking window continues to extend just because people have to go further out. There's just not enough space available for their needs.

正如我在評論中提到的，預訂窗口正在延長。我的意思是，我們的整體預訂窗口在本季延長了。在這一點上，預訂窗口幾乎回到了，在新冠疫情期間顯然變得非常短，但現在幾乎回到了第二季度延長的正常水平，幾乎讓我們回到了新冠疫情前的水平。而團體預訂窗口繼續延長只是因為人們必須走得更遠。只是沒有足夠的空間來滿足他們的需求。

Shaun Kelley, Bank of America Merrill Lynch.

肖恩凱利，美銀美林。

Hi. Good morning, everyone. Thanks for taking my question. So wanted to maybe just go high level and get a few of your views on the latest on the consumer and just maybe the broader macro, obviously, a lot of cross currents out there.

你好。大家，早安。感謝您提出我的問題。因此，我想談談高層的看法，了解您對消費者最新情況以及更廣泛的宏觀情況的看法，顯然，那裡有很多相反的觀點。

I think what we continue to see repeatedly is some softness and leisure at the margin in the US, contrasting that with the fairly solid corporate environment. But behaviorally, what caught your eye just operationally through the quarter as we got into maybe the summer travel season. What do you think is changing at the margin? Thanks.

我認為我們繼續反覆看到的是美國邊緣的一些疲軟和休閒，這與相當穩固的企業環境形成鮮明對比。但從行為角度來看，當我們進入夏季旅遊旺季時，本季的營運情況引起了您的注意。您認為邊緣發生了什麼變化？謝謝。

Yeah, a great question. And obviously we spent a lot of time talking to people and looking at a lot of data in our business. Let me do it maybe through the lens of walking around the world a little bit to talk about what's going on. So starting with maybe I'll finish at home, start with Asia Pacific. Asia Pacific, as you heard in Kevin's commentary, is sort of a tale of two cities, China and then APAC ex-China.

是的，一個很好的問題。顯然，我們花了很多時間與人們交談並查看我們業務中的大量數據。也許讓我透過環遊世界的鏡頭來談談正在發生的事情。因此，也許我會在國內結束，然後從亞太地區開始。正如您在凱文的評論中聽到的那樣，亞太地區是兩個城市的故事，中國和中國以外的亞太地區。

So in China, I think Kevin covered it nicely. In China, there is actually a very significant amount of travel going on. We do expect to end the year sort of down probably circa 5%. But what's going on in China is obviously they have economic issues, so their economy is slow, but really the travel business is still quite robust.

所以在中國，我認為凱文很好地涵蓋了這一點。在中國，實際上有大量的旅行。我們確實預計今年年底會下降約 5%。但中國的情況顯然是他們有經濟問題，所以他們的經濟成長緩慢，但實際上旅遊業務仍然相當強勁。

But what's happening is they've opened up a lot of corridors for inter-Asia travel that is visa free. And Chinese travelers love to travel and they're getting out of China and they're going around and there's just not enough inbound travel yet into China. There's not enough flights from Europe and the US and other parts of the world to compensate for that, and that's going to take time.

但現在的情況是，他們為亞洲間的免簽證旅行開闢了許多走廊。中國遊客熱愛旅行，他們正在走出中國，四處走動，但進入中國的入境遊客還不夠多。沒有足夠的來自歐洲、美國和世界其他地區的航班來彌補這一點，而這需要時間。

I mean, I was there during the quarter at a US-China travel summit that the State Department sponsored with their equivalent, and we were talking about, how we're going to get -- stimulate more travel, more flights. And by the way, the flights have tripled or quadrupled even since then. So I mean, there is progress, but it's still going to take some time.

我的意思是，我在本季參加了美國國務院及其同等機構贊助的美中旅遊高峰會，我們正在討論我們將如何刺激更多的旅遊和更多的航班。順便說一句，從那時起，航班數量已經增加了兩倍或四倍。所以我的意思是，已經取得了進展，但仍然需要一些時間。

So I think, China is a complex story, but that's what's going on. Travel in aggregate similar to where it was, sort of not better or worse, but more people leaving, not enough coming in. I suspect over the next year or two, we will get to a different place. Hopefully, their economy start to pick up, but you'll have a lot more inbound travel.

所以我認為，中國是一個複雜的故事，但這就是正在發生的事情。整體旅行與以前相似，沒有更好或更糟，但更多的人離開，沒有足夠的人進來。希望他們的經濟開始好轉，但入境旅遊也會增加。

The rest of Asia Pacific quite strong, particularly led by Korea and Japan. And we haven't seen any real signs of weakening in those markets. And I should say India, for that matter, no real signs of weakening. And those are the real APAC ex-China markets that are driving performance.

亞太地區其他地區相當強勁，尤其以韓國和日本為首。我們還沒有看到這些市場有任何真正的疲軟跡象。我應該說，就這一點而言，印度並沒有真正的衰弱跡象。這些才是真正推動業績成長的亞太地區（中國除外）市場。

And then coming to EMEA, again, sort of a bit of a tale to cities. The Middle East remains quite strong pretty much across the board. Europe, I would say, is still very, very strong in an absolute sense, but a touch weaker than what we had seen a quarter ago, led by what you're talking, implied in your question, which is some of the leisure business. Again, you're still at the high end of high single digit sort of year-over-year growth. So it's not like it's a -- it's not a bad story, it's come off just a little bit.

然後再次來到歐洲、中東和非洲，這對城市來說有點像是故事。中東地區幾乎全面保持強勁。我想說，從絕對意義上講，歐洲仍然非常非常強大，但比我們一個季度前看到的要弱一些，主要是由你所說的，你的問題所暗示的，這是一些休閒業務。同樣，您仍然處於高個位數同比增長的高端。所以這並不是一個——這不是一個糟糕的故事，它只是有點失敗。

And then coming, I could keep lots of other places in the world, but these are the big markets. Coming home to the US is exactly what's implied and sort of what you would guess from what I've already said. If you break apart the segments, group is still raging, business transient is still grinding up, not at a rapid pace, but still grinding up, both of those segments maintaining great pricing power. And then leisure transient has been normalizing because we're just getting back to a more normal life.

然後，我可以保留世界上許多其他地方，但這些都是大市場。回到美國正是我所暗示的，你也可以從我已經說過的內容中猜到。如果你把細分市場拆開，集團仍在肆虐，業務瞬態仍在成長，雖然速度不是很快，但仍在成長，這兩個細分市場都保持著巨大的定價能力。然後休閒短暫性已經正常化，因為我們剛剛回到更正常的生活。

And it was at very elevated levels, particularly on weekends, but broadly, and so we continue to see sort of normalization there. And the consumer, if you break it apart, and sort of segments in the lower sort of half of consumers, maybe even the lower three quarters, I mean, you can read the data is all out there.

它處於非常高的水平，特別是在週末，但總體而言，因此我們繼續看到那裡的某種程度的正常化。而消費者，如果你將其分解，以及下半部消費者中的細分市場，甚至可能是下四分之三，我的意思是，你可以讀取全部資料。

They had bank accounts and checking accounts full of money. Coming out of COVID, they've spent all that money. They're now borrowing more. And so, they have less available -- less disposable income and capacity to do anything, including travel. You go up to the upper echelons and people still have pretty fat bank accounts and checking accounts and wherewithal.

他們的銀行帳戶和支票帳戶裡都裝滿了錢。疫情過後，他們已經花光了所有的錢。他們現在藉的錢更多了。因此，他們的可支配收入和做任何事情（包括旅行）的能力都減少了。當你晉升到高層時，人們仍然擁有相當豐厚的銀行帳戶、支票帳戶和資金。

And so what the impact of that is some continued normalization on leisure transient. And the reason I use normalization is not to be cute. I mean, for the full year, if you look at it, we think we will globally see growth in all segments. I said that quickly in my prepared comments. It'll be very, very low in leisure transient, but positive a little bit, higher on business transient and then, very, very strong for the reasons I've described on meetings and events.

因此，其影響是休閒短暫性的持續正常化。我使用標準化的原因並不是為了可愛。我的意思是，從全年來看，我們認為我們將在全球範圍內看到所有細分市場的成長。我在準備好的評論中很快就說了這一點。在休閒短暫性中，它會非常非常低，但會有點積極，在商務短暫性中會更高，然後，由於我在會議和活動中描述的原因，它會非常非常強。

So it is not, at least in our world and what we have seen year-to-date and what we expect for the rest of the year, it's not cratering in any way. It's just soft -- it's -- but definitely softening for the reasons I described.

所以，至少在我們的世界中，從我們今年迄今所看到的情況以及我們對今年剩餘時間的預期來看，它並沒有以任何方式陷入困境。它只是很軟——確實是——但由於我所描述的原因，它絕對是軟化的。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Hi, thanks. Would love to hear some incremental detail on effectively the non-RevPAR related fees, both within the management and franchise fees, as well as the other revenue line, as we just think about, how the outlook has changed and any puts and takes to think about not only this year, but maybe longer term.

你好謝謝。希望聽到一些關於有效的非 RevPAR 相關費用的增量細節，包括管理費和特許經營費，以及其他收入線，正如我們所思考的那樣，前景如何變化以及任何看跌期權和需要考慮的內容不僅是今年，也許更長期。

Yeah, sure, Stephen. I think, look, obviously, those -- the non-RevPAR-driven fees outperformed. We still had very strong core fee growth in the quarter based on our algorithm but non-RevPAR-driven fees outperformed in the first half of the year. Some of that is a little bit of timing as it relates to over the trajectory of the quarters of this year.

是的，當然，史蒂芬。我認為，顯然，那些非 RevPAR 驅動的費用表現出色。根據我們的演算法，本季我們的核心費用成長仍然非常強勁，但非 RevPAR 驅動的費用在今年上半年表現出色。其中一些是有點時機的，因為它與今年幾季的發展軌跡有關。

But I'd say longer term, all of those parts of the business, right, we've talked about license fees, we've talked about other income, we've talked about ancillary lines of business at our Investor Day, all of those parts of the business should continue to grow at algorithm or above over time. So you're seeing a little bit of timing issues this year, but then over time, it should be additive to the algorithm overall.

但我想說的是，從長遠來看，業務的所有這些部分，對吧，我們討論了許可費，我們討論了其他收入，我們在投資者日討論了輔助業務線，所有這些隨著時間的推移，業務的這些部分應該繼續以演算法或更高的速度成長。因此，今年您會看到一些計時問題，但隨著時間的推移，它應該會增加到整體演算法中。

And just to clarify, are the timing issues just related to deals that were struck partnerships that were struck or just lapping over changes in terms?

澄清一下，時間問題是否僅與已達成的合作夥伴關係相關的交易有關，或者只是與條款的變化有關？

Not on partnerships or deals just a little bit of comparability year over year and just a little bit of strength in the early part of the year in some of those parts of the business. And I should say, a handful of one-time items in there, but nothing related to the partnerships.

不是在合作夥伴關係或交易方面，只是同比有一點可比性，並且在今年年初的某些業務部分有一點實力。我應該說，其中有一些一次性項目，但與合作關係無關。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi, good morning, everyone. Thanks for taking my question. And it's perfectly suited because I wanted to follow on to the prior one, which is related to non-RevPAR fees. Can you talk a bit about your ability to affect or influence that growth meaning is there just more resource toward identifying and executing on those opportunities? Or is the world just evolving in a way that's sort of driving that growth on your behalf which benefits from your scale?

嗨，大家早安。感謝您提出我的問題。它非常適合，因為我想繼續前一個，它與非 RevPAR 費用相關。您能否談談您影響或影響這種成長的能力，這意味著是否有更多的資源來識別和執行這些機會？或者世界只是以某種方式不斷發展，以某種方式推動您的成長，從而從您的規模中受益？

Yeah. I mean, being born and raised a control freak, nothing. I don't view anything is outside of some ability to have influence, not that maybe the super broad macro, which we'll, I'm sure, talk more about at some point. So there are, David, a bunch of different things we can do. I'm not going to get into granular detail. But I mean you can see it in some of the actions that we publicly talk about like with our AmEx co-brand cards and the things that we're doing there to sort of reintroduce cards, change the benefits.

是的。我的意思是，生來就是控制狂，沒什麼。我不認為任何事情都超出了某種影響力的範圍，也許不是超廣泛的宏觀，我相信我們會在某個時候更多地討論這一點。大衛，我們可以做很多不同的事情。我不打算深入討論細節。但我的意思是，你可以從我們公開談論的一些行動中看到這一點，例如我們的美國運通聯名卡，以及我們正在做的重新推出卡、改變福利的事情。

And so I think the way you should look at it is, as Kevin described, we're in constant state of dialogue with all of our third-party partners on how to maximize these cards. We have a very serious seat at the table. We have lots of sort of contractual rights built into our relationship.

所以我認為你應該看待它的方式是，正如凱文所描述的，我們與所有第三方合作夥伴就如何最大化這些卡片進行持續對話。我們在談判桌上擁有一個非常嚴肅的席位。我們的關係中有很多合約權利。

But we also in the bulk of and particularly in our largest one with American Express have a long-standing and very close partnership. It's always in both of our interest to be making sure these things are performing. And so we both have dedicated teams in our companies, in the case of AmEx, we and they, but in our other partnerships that we have as well.

但我們在大部分業務中，特別是在我們最大的業務中與美國運通公司都建立了長期且非常密切的合作關係。確保這些事情正常運作始終符合我們雙方的利益。因此，我們在我們的公司中都有專門的團隊，就美國運通而言，我們和他們，但在我們的其他合作夥伴關係中也是如此。

And we have people literally grinding every day to figure out what we could do to modify the offer to customers to ultimately get them more to sign up in the case of co-brand and to enhance their desire to spend. We're in constant dialogue with like Hilton Grand Vacations.

我們的員工每天都在努力弄清楚我們可以做些什麼來修改向客戶提供的優惠，最終讓他們更多地註冊聯合品牌並增強他們的消費慾望。我們與希爾頓分時度假俱樂部等公司保持持續的對話。

If you think about it, AmEx and HGV are probably the two biggest about the value proposition there. You can see in a very material way, we were deeply involved in the Bluegreen and Diamond acquisitions. Those were things that we worked on very closely with them to ultimately drive a much better outcome by effectively creating new brands within that space.

如果你仔細想想，美國運通和 HGV 可能是那裡價值主張最大的兩個。你可以從實質上看到，我們深入參與了 Bluegreen 和 Diamond 的收購。我們與他們密切合作，最終透過在該領域有效創建新品牌來取得更好的成果。

So I can go on and on. The short answer is we don't leave anything for chance. I mean we're all over this stuff. We have rights, and we have great partnerships, and we are very aligned always trying to figure out how to modify programs and adjust the offers to customers to drive better outcomes.

所以我可以繼續說下去。簡而言之，我們不會留下任何機會。我的意思是我們都在討論這些事情。我們擁有權利，我們擁有良好的合作夥伴關係，我們非常一致，始終試圖找出如何修改計劃並調整向客戶提供的服務，以取得更好的結果。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great. Hi, thanks. Just circling back to the unit growth guide for next year. You have -- I think it's something like 30% more rooms under construction than you did in 2019 if my math is right. So you don't really necessarily need an acceleration in conversions, but some others are talking about that. I wonder if you could just sort of characterize what you think is going on in the conversion environment in terms of are there things that would drive that to accelerate in 2025 or (multiple speakers) --

偉大的。你好謝謝。回到明年的單位成長指南。如果我的數學正確的話，我認為在建房間比 2019 年多了 30%。因此，您實際上不一定需要加速轉化，但其他一些人正在談論這一點。我想知道您是否可以描述一下您認為轉換環境中正在發生的事情，即是否有一些因素會在 2025 年推動轉換環境加速，或者（多個發言者）——

Yeah. I mean, I agree, that's why I feel good about being in the 6% to 7% range. I mean, effectively, if you take out all the partnerships and everything, it is by being solidly in that range, it is accelerating. So it is organically reflective of the strength conversions, we do think are accelerating. I mean, for the full year, we're going to have conversions over 50%.

是的。我的意思是，我同意，這就是為什麼我對處於 6% 到 7% 的範圍內感覺良好。我的意思是，實際上，如果你拿出所有的合作關係和一切，那麼透過穩定在這個範圍內，它正在加速。因此，它有機地反映了強度轉換，我們確實認為正在加速。我的意思是，全年的轉換率將超過 50%。

But again, that's in part driven by partnerships -- acquisition and partnership. If you strip all of that stuff out, conversions are going to go from like 30% to just under 40%. So we are having great success in conversions.

但同樣，這在某種程度上是由合作夥伴關係驅動的——收購和合作夥伴關係。如果你把所有這些東西都去掉，轉換率將從 30% 左右下降到略低於 40%。因此，我們在轉型方面取得了巨大成功。

We believe strongly that has everything to do with the strength of our brands and the strength of our commercial engines driving better outcomes for our owners. And so we are getting a hugely disproportionate share of conversions. And if we do our job, which we intend to do, we think that will continue.

我們堅信，這與我們的品牌實力和商用引擎的實力密切相關，為我們的車主帶來更好的結果。因此，我們獲得的轉換份額非常不成比例。如果我們做好我們打算做的工作，我們認為這種情況將會持續下去。

So being solidly in 6% to 7% next year, it is reflective of the benefit of the acceleration we're seeing in signing starts, conversions, all of that baked in. It's obviously a little bit early in that it's August to give the number -- to give a tighter range. But as we get closer to it, we will, but we feel very comfortable being solidly in that range.

因此，明年的成長率將穩定在6% 到7%，這反映了我們在簽約開始、轉換等方面看到的加速帶來的好處。早。但當我們越來越接近它時，我們會的，但我們對穩定在這個範圍內感到非常舒適。

Great. Thanks. It's very helpful. And then if I could, just one clarification. Kevin's comments on kind of the timing of fee growth and that the first half outperformed and the idea that over time, it will -- that sort of algorithm is the same. Just does that mean like sort of for the full year, the algorithm will be the same? Or was that more that -- like I'm just thinking about it in second half would be slightly below algorithm, but the full year still comes in, in line or with the comment that (inaudible) --

偉大的。謝謝。這非常有幫助。如果可以的話，請澄清一點。凱文對費用增長時間的評論以及上半年的表現以及隨著時間的推移，這種演算法會表現出色的想法 - 這種演算法是相同的。這是否意味著全年的演算法都是一樣的？或者更多的是 - 就像我只是在考慮下半年會略低於演算法，但全年仍然會出現，符合或符合評論（聽不清楚） -

Yeah. If you look at our guidance that is what is implied. I mean, the first part of the year in terms of -- I don't know what metric you're looking at. But if you just look at EBITDA growth, it will be higher in the first half of the year because of some of the stuff that Kevin was talking about on timing. As a result, it will be lower. But for the full year, it will be in the ranges we talked about, which when I rounded is sort of like EBITDA growth of 10%.

是的。如果您查看我們的指南，這就是暗示的內容。我的意思是，今年上半年——我不知道你在看什麼指標。但如果你只看 EBITDA 成長，由於凱文談到的一些時機問題，上半年的成長會更高。結果，它會更低。但對於全年而言，它將在我們討論的範圍內，當我四捨五入時，這有點像 EBITDA 增長 10%。

I mean, I think -- and I'm patting us on the back, but I guess that's my job. I mean when I think about what's going on in the world and our ability to do that, I think it's striking. The reality is, as much as I said, I'm a control freak, and I wish we could control everything.

我的意思是，我想──我是在拍拍我們的背，但我想這就是我的工作。我的意思是，當我想到世界上正在發生的事情以及我們做到這一點的能力時，我認為這是驚人的。現實是，正如我所說，我是一個控制狂，我希望我們能夠控制一切。

We don't control the macro. You know that better than we do. And the macro environment is weakening a touch, okay? That's just what's going on, not dramatically so, but it's weakening a touch thus, why we brought the top end of our RevPAR guidance down and the top -- and have shaved a little bit of the top end of our EBITDA guidance.

我們無法控制宏觀。你比我們更清楚這一點。宏觀環境正在減弱，好嗎？這就是正在發生的事情，雖然不是很明顯，但它正在減弱，因此，我們將 RevPAR 指導的上限下調至上限，並削減了 EBITDA 指導的上限。

Frankly, a lot of that shape had to do with FX changes honestly. If you take out FX, it didn't really move a whole lot from an EBITDA point of view.

坦白說，這種形狀很大程度上與匯率變化有關。如果除去外匯，從 EBITDA 的角度來看，它並沒有真正發生太大變化。

But even in the face of all that, at the same time that RevPAR, the midpoint of RevPAR is coming down, the midpoint of unit growth is going up, and the result is pretty much the same, which is if you think about back to Investor Day, we said we're going to deliver plus or minus 10% EBITDA growth on average, we're going to do it even in an environment that I would argue from a macro point of view is not super strong and softening a touch because of the success that we're having in executing what I think is a very thoughtful plan and strategy on the development side, we are still getting to circa 10% EBITDA growth in that environment.

但即使面對這一切，在 RevPAR（RevPAR 的中點）下降的同時，單位增長的中點也在上升，結果幾乎是一樣的，如果你回想一下投資者日，我們表示我們將實現平均EBITDA 正負10% 的成長，即使在我認為從宏觀角度來看並不是超級強勁且軟化的環境下，我們也會做到這一點由於我們在開發方面成功執行了我認為非常周到的計劃和戰略，因此在這種環境下我們仍能實現約10% 的EBITDA 成長。

And I think that is a demonstration, both of the resilience of the core business and the model, and this is the pat us on the back, and I'm patting Kevin on the back as he runs this development, the success that we're having in what is a really good development strategy being super well-executed.

我認為這展示了核心業務和模式的彈性，這是對我們的鼓勵，當凱文負責這項開發時，我對他表示鼓勵，我們取得了成功。執行得非常好。

Smedes Rose, Citi.

斯梅德斯·羅斯，花旗銀行。

Hi, thanks. Just I guess to follow up on the growth outlook a little bit. Just looking at sort of the implied RevPAR ranges at kind of [one and change to three and change] through the back half of the year. I mean, is the higher end just a reflection of maybe what happens with the US economic growth? Or is there something else in particular that you think could drive you towards the higher end of that implied outlook?

你好謝謝。我只是想稍微跟進一下成長前景。只要看看今年下半年的隱含 RevPAR 範圍（從 1 到 3 並發生變化）即可。我的意思是，高端是否只是反映了美國經濟成長的情況？或者您認為還有其他什麼特別的事情可以推動您朝著隱含前景的更高目標邁進嗎？

Yeah, I mean it implies 2% to 3% really for both quarters, Smedes. I think if you think about it, if you look at what's going on so far in the third quarter, it has been a touch softer. And as we get into the fourth quarter, the expectation would be as the bigger business travel months of October and the first part of November kick in, particularly in the US, that there would be a little bit of strengthening in RevPAR growth. As supported also by, I should mention by our group position.

是的，我的意思是這意味著兩個季度的實際成長率都是 2% 到 3%，Smedes。我想如果你仔細想想，看看第三季迄今為止發生的事情，你會發現情況有所緩和。當我們進入第四季度時，預計隨著 10 月和 11 月上半月商務旅行量較大的月份開始，尤其是在美國，每間可用房收入 (RevPAR) 的增長將會略有加強。我還應該提到我們集團的立場也支持這一點。

So if you think about that and then if you think about the mix of the business, we still are largely 70%-plus or minus of our revenue comes from the United States. And so what happens in the US will be a driver, but supported by our group position, supported by strength in the bigger group hotels in the urban markets, and what we think will be stronger business travel in the early part of the fourth quarter, that's kind of what's playing out over the balance of the year.

因此，如果你考慮這一點，然後再考慮一下業務組合，你會發現我們大約 70% 的收入仍然大部分來自美國。因此，美國發生的事情將是一個推動因素，但受到我們集團地位的支持，受到城市市場中大型集團酒店實力的支持，以及我們認為第四季度初商務旅行將會更加強勁的支持，這就是今年餘下時間正在發生的事情。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Good morning everybody. Thanks for taking my questions. So Chris and Kevin, so implied in the fact that EBITDA, the guidance for the full year didn't really come down, but you did cut RevPAR, we're left to assume that there's some incremental fees potentially from that extra NUG from SLH. Correct me if I'm wrong there. But the follow-on question is, if you could just remind us the economics of the SLH hotels and what you're implying to sort of accruing fees from them as we go through the rest of the year?

大家早安。感謝您回答我的問題。克里斯和凱文暗示，全年指導 EBITDA 並沒有真正下降，但你們確實削減了 RevPAR，我們只能假設 SLH 的額外 NUG 可能會產生一些增量費用。如果我錯了請糾正我。但接下來的問題是，您能否提醒我們 SLH 酒店的經濟效益以及您在今年剩餘時間從它們收取的費用意味著什麼？

Yeah, I think your implication is right. Some of it is fees doing better in SLA. Some of it is non-RevPAR fees doing better. And the way to think about economics on SLH is we get sort of normal fees relative to what we would get a typical franchise arrangement. But for the fact that we get paid on the business we generate there versus 100% of revenues. Now recognize that the average rate of these hotels is probably 5 times to 7 times -- 6 times or 7 times our system-wide average rate. So in the end, we feel very good about the economics.

是的，我認為你的暗示是正確的。其中一些是在 SLA 中做得更好的費用。其中一些是非每間客房收入費用表現較好。考慮 SLH 的經濟性的方法是，我們獲得的費用是相對於典型的特許經營安排而言的正常費用。但事實上，我們是透過我們在那裡產生的業務獲得報酬，而不是 100% 的收入。現在認識到這些飯店的平均房價可能是我們整個系統平均房價的 5 到 7 倍——6 倍或 7 倍。所以最終，我們對經濟感覺非常好。

Okay. That's super helpful. And then the follow-on question is just a clarification on some of your comments, Kevin, on the back half RevPAR. I know US is the big one, but US and China may be taken separately, what are you implying for the back half on those two buckets versus the July run rate? Are you implying any reacceleration or sort of straight lining or what's qualitatively what you guys are thinking there?

好的。這非常有幫助。凱文，接下來的問題只是對您對後半 RevPAR 的一些評論進行澄清。我知道美國是最大的，但美國和中國可能會分開來看，這兩個桶的後半部分與 7 月的運行率相比意味著什麼？你是在暗示任何重新加速或某種直線運動，還是你們在那裡的想法是什麼？

Yeah, I mean, we haven't given a July run rate for us. But if you look at what's going on in the industry, it does imply an acceleration in the back half of the year relative to July, if that's your specific question.

是的，我的意思是，我們還沒有給出 7 月份的運行率。但如果你看看這個行業正在發生的事情，它確實意味著今年下半年相對於 7 月會加速，如果這是你的具體問題的話。

And I think that acceleration, Kevin said this, Brandt would be fourth quarter oriented. I think third quarter, you will likely see -- you're in a transition where leisure is softer and you don't have all the business travel and the meetings and events.

我認為，凱文說過，布蘭特將以第四季為導向。我認為第三季度，你可能會看到——你正處於一個過渡時期，休閒活動變得更加柔和，你沒有所有的商務旅行、會議和活動。

So third quarter, if you look at it, third versus fourth. I think third quarter will be weaker, fourth quarter a lot stronger for the reasons Kevin described. One, we fully expect a more normalized business transient travel, particularly as you get a week or so past Labor Day. And in October, November, it will get cooking, and we have a very strong group base in the fourth quarter that supports a stronger fourth quarter than third.

所以第三季度，如果你看一下，第三季和第四季。我認為第三季會更弱，第四季會因為凱文描述的原因而更強。第一，我們完全期望商務短暫旅行會更加正常化，特別是在勞動節過去一周左右的時候。到了十月、十一月，一切都會開始，我們在第四季擁有非常強大的集團基礎，支持第四季比第三季更強勁。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯 (Patrick Scholes)，Truist 證券公司。

Hello, good morning everyone. Have you seen any impact on ADR growth or even customer demand from bundling the hotel rate and the resort or amenity fees into a single rate quote? Thank you.

大家早安。您是否發現將飯店房價和度假村或便利設施費捆綁為單一報價對 ADR 成長甚至客戶需求產生任何影響？謝謝。

No, not yet. I think, look, it's sort of early days on sort of those changes. But I mean, really, in the end, that's about more transparency, and we do not see any impact to AV. We have not seen any impact nor do we expect any from that change.

還沒有。我認為，看，這些變化還處於早期階段。但我的意思是，實際上，歸根結底，這是為了提高透明度，我們沒有看到對 AV 的任何影響。我們沒有看到任何影響，也不期望該變化產生任何影響。

Okay. And a follow-up question maybe for Kevin. You folks have done exceptionally well with EBITDA margin expansion really far and away the best in my coverage universe since 2019. Any high-level thoughts about how much more room you have to go? Or how should we think about potential for EBITDA margin growth over the next several years? Thank you.

好的。也許還有一個關於凱文的後續問題。自 2019 年以來，你們在 EBITDA 利潤率擴張方面做得非常好，在我的報道範圍內遙遙領先。或者我們應該如何考慮未來幾年 EBITDA 利潤率成長的潛力？謝謝。

Yeah, thanks for the question, Patrick. We appreciate that because we think it's been a very good story. We talked about this a little bit at the Investor Day, but for those who weren't there or need a reminder, we think there's 50 basis points to 100 basis points a year of embedded margin growth increases in the business as we shift, obviously, the growth in the business is all through the fee segment.

是的，謝謝你的提問，派崔克。我們對此表示讚賞，因為我們認為這是一個非常好的故事。我們在投資者日對此進行了一些討論，但對於那些沒有出席或需要提醒的人，我們認為隨著我們的轉變，業務的內含利潤增長每年會增加 50 個基點到 100 個基點，顯然，業務的成長全部是透過收費環節來實現的。

So those fees come in at 100% margin and improve the margins of the business. And so that, combined with really good cost control, which I think we have like Chris said earlier, I think we'll pat ourselves on the back a little bit on that. I think we're really good about being disciplined about cost control. And so what that's done is you can see our margins are 1,000 basis points higher than they were pre-COVID, and we think that, that will continue to grow.

因此，這些費用的利潤率為 100%，並提高了企業的利潤率。因此，結合非常好的成本控制，我認為我們已經像克里斯之前所說的那樣，我想我們會對此感到慶幸。我認為我們在成本控制方面確實做得很好。因此，您可以看到我們的利潤率比新冠疫情爆發前高出 1,000 個基點，而且我們認為這一數字將繼續增長。

Again, there will be different there'll be puts and takes depending on what's going on in the economy and how we do and where we are relative to our annual algorithm projections. But for the most part, you should think about it as 50 basis points to 100 basis points as embedded growth.

同樣，根據經濟狀況、我們的表現以及我們相對於年度演算法預測的情況，看漲期權和看跌期權將會有所不同。但在大多數情況下，您應該將其視為內含增長 50 到 100 個基點。

And some years there'll be better somewhere. This is going to be a year that's better. So I think we expect to be over 100 basis points in EBITDA margin growth this year.

幾年後，某個地方會變得更好。今年將會是更好的一年。因此，我認為我們預計今年 EBITDA 利潤率成長將超過 100 個基點。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Good morning. Thanks for taking my question. I wanted to focus on conversions, which for you guys and a lot of your peers are just becoming a bigger component of net unit growth? And maybe said differently, more predictable piece. So as you think about the net unit growth beyond in '25 and '26 and some of the new brands that you've rolled out, which are helping on conversions, should this lift just in terms of percentage of NUG. And how does the cycle play into that with rates coming down? Thanks.

早安.感謝您提出我的問題。我想專注於轉化，對於你們和許多同行來說，轉化正在成為淨單位成長的更大組成部分？也許換句話說，這是更可預測的作品。因此，當您考慮 25 年和 26 年後的淨單位增長以及您推出的一些有助於轉化的新品牌時，這種增長是否應該僅以 NUG 百分比來衡量。隨著利率的下降，這個週期是如何發揮作用的？謝謝。

Yeah, it's a really good question. I think it's obviously a bit of both. I mean we've had years in the past. This is the part of the cycle where particularly when capital gets more constrained and more expensive for new builds.

是的，這是一個非常好的問題。我認為這顯然是兩者兼而有之。我的意思是我們已經過去很多年了。這是周期的一部分，特別是當新建築的資本變得更加有限且成本更高時。

And this is the part of the cycle where you typically lead into conversions because they're just easier to finance. You've got a trading hotel, you've got -- it's cash flowing. We are obviously leaning in to our lifestyle brands, which our soft brands tend to be more driven towards conversions. Spark is a 100% conversion brand.

這是周期中通常會導致轉換的部分，因為它們更容易融資。你有一家貿易酒店，你有——它是現金流通的。我們顯然傾向於我們的生活方式品牌，而我們的軟品牌往往更傾向於轉化。 Spark是一個100%轉換的品牌。

So we are doing things strategically to increase our share of conversion. So I think it's both. I think part of it's cyclical in nature. Like I said, you've seen times when conversions have been a bigger part of the story. This is a part of that cycle.

因此，我們正在策略性地採取措施來增加轉換份額。所以我認為兩者都是。我認為其中一部分本質上是周期性的。就像我說的，您曾經見過轉化成為故事的更重要部分的時候。這是該週期的一部分。

But some of these are like, I don't want to permanent, but sort of semi-permanently we're doing things strategically to focus on being able to take share, and we're doing it. I think last year for the full year, we were something like 40% of the conversion deals done in the entire US. We're higher than that so far this year.

但其中一些是，我不想永久地，而是半永久地，我們正在戰略性地做一些事情，以專注於能夠獲得份額，而我們正在這樣做。我認為去年全年，我們完成的轉換交易約佔整個美國的 40%。今年迄今為止我們的水平更高。

And so the network effect we create, the RevPAR next we drive, the fact that our brands are stronger and the fact that we're strategically focusing on it, I think should mean that it's additive to the overall growth trajectory of the company over time rather than just being cyclical, but cyclicality matters as well.

因此，我們創造的網路效應、我們下一步推動的每間可用客房收入、我們的品牌更強大的事實以及我們策略性地關注它的事實，我認為應該意味著隨著時間的推移，它會促進公司的整體成長軌跡不僅是周期性，而且週期性也很重要。

Duane Pfennigwerth, Evercore ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，Evercore ISI。

Hey good morning. Thank you. Just on Spark, you mentioned 27 hotels. Any themes in terms of the brands or types of properties that are converting from and what the average investment by owners is? And then my follow-up on the 400 SLH, generally, where are they located? And any more detail you can offer about the profile of these properties coming in as well? Thank you.

嗨，早安。謝謝。就在 Spark 上，您提到了 27 家飯店。關於所轉換的房產品牌或類型以及業主的平均投資是多少方面有什麼主題嗎？然後我對 400 SLH 的跟進，一般來說，它們位於哪裡？您能否提供有關這些即將推出的房產的更多詳細資訊？謝謝。

Yeah. So I'll take the first part, I would say, on Spark, is everything is going the way we thought and the way it's planned. I mean, 95%-plus of them are from third-party brands. I think I'm not going to get into specifically which brands those are from, but I think people can figure that out, and it's been sort of what we've expected.

是的。所以我會說，關於 Spark，第一部分是一切都按照我們的想法和計劃進行。我的意思是，其中 95% 以上來自第三方品牌。我想我不會具體討論這些來自哪些品牌，但我認為人們可以弄清楚這一點，這也是我們所期望的。

And the owner investment is coming in, in line with what we've thought. There have been a little bit of increases in construction costs as has been well-documented in the industry, but still coming in within the ranges. And then so far, early days, the RevPAR index for the performance of the hotels has been quite strong and again, maybe even a little bit better than what we've expected, which is creating momentum in that area.

業主投資正在進入，這與我們的想法一致。正如業內有充分記錄的那樣，建築成本略有增加，但仍在範圍內。到目前為止，早期，酒店業績的 RevPAR 指數一直相當強勁，甚至可能比我們的預期好一點，這正在該領域創造動力。

And then SLH breaks down 60% in EMEA, 20% in the Americas, and 20% in Asia Pacific. And I'd say that they're small hotels, by definition, small luxury hotels. I think on average, they're 45 to 50 rooms, something like that. As we've talked about, really unique properties in really high rated, high RevPAR markets, and that's all been -- I think the pace of people signing up has been better than we thought, but the profile is exactly what we thought when we went into it.

然後，SLH 在歐洲、中東和非洲地區下降了 60%，在美洲下降了 20%，在亞太地區下降了 20%。我想說，根據定義，它們是小型酒店，小型豪華酒店。我想平均來說，他們有 45 到 50 個房間，類似的東西。正如我們所討論的，在真正高評價、高RevPAR 市場中真正獨特的房產，這一切都是——我認為人們註冊的速度比我們想像的要好，但概況正是我們在我們考慮時所想的。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey good morning everyone, and thanks for taking my question. Just a quick one on China. I believe you said that China was 30% of overall fees. I assume that over indexes in terms of the incentive management fees. But how should we think about that relative to that line item? And maybe any guardrails for incentive management fees as we think about the rest of the year and as it relates to China.

大家早安，感謝您提出我的問題。簡單介紹一下中國。我相信你說的是中國佔總費用的30%。我認為在激勵管理費方面超過了指數。但是我們應該如何考慮相對於該訂單項目的情況呢？考慮到今年剩餘時間以及與中國相關的情況，也許還有任何激勵管理費的護欄。

No. I think, look, for China, it's no different than our normal fee structure. If we manage, it's basically off the top and a percentage of GOP at the bottom. So that's not really different than any of our other international management agreements.

不。如果我們做到了，基本上就脫離了上層，而共和黨的某個比例則處於底層。因此，這與我們的任何其他國際管理協議並沒有真正的不同。

And then now we're growing a big franchise business now in China. So that's just straight franchise fees, right, 5%-ish franchise fees off the top. And so that's really the fee composition in China is really in line with the broader business.

現在我們正在中國發展大型特許經營業務。所以這只是直接的特許經營費，對吧，還有 5% 左右的特許經營費。因此，中國的費用組成確實與更廣泛的業務相符。

And then for IMF, there's a couple of things going on with IMF. This maybe isn't exactly what you asked, but we've got a little bit of FX. We've got a couple of contracts that converted from management to franchise sort of at the same economics.

對國際貨幣基金組織來說，國際貨幣基金組織正在發生一些事情。這可能不完全是您所要求的，但我們有一些外匯。我們有幾份合約從管理轉為特許經營，經濟效益相同。

So you're just seeing some shifts from one IMF segment to the other. If you adjust for those two factors and a couple of timing items IMF would be sort of low double-digit growth for the year, so a little bit better than the overall business, and it's, I think, 9% or 10% of fees, so nothing much really going on there.

所以你只是看到從國際貨幣基金組織的一個部分到另一個部分的一些轉變。如果你根據這兩個因素和幾個時間項目進行調整，國際貨幣基金組織今年將實現兩位數的低增長，因此比整體業務要好一些，我認為費用為 9% 或 10% ，所以那裡沒有發生什麼真正的事情。

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

Hi, good morning. Thanks for taking my questions. Just looking at some of the other regions like Middle East and Africa, Asia, or ex-China, the ones that are really delivering the double-digit growth at the moment. Just your outlook for that for the second half. Can they keep that pace of momentum? Or are we going to sort of see a convergence of global RevPAR around your guidance number?

早安.感謝您回答我的問題。只要看看其他一些地區，如中東和非洲、亞洲或中國以外的地區，這些地區目前確實實現了兩位數的成長。只是您對下半年的展望。他們能保持這樣的勢頭嗎？或者我們會看到全球 RevPAR 與您的指導數字趨同？

No, I think we feel good about the second half in those regions that are really performing at that level. As I was trying to say when I did my little around the world exercise, we do think there's softening in certain segments, in certain parts of the world for the reasons I described.

不，我認為我們對那些真正達到這一水平的地區的下半年感覺良好。正如我在世界各地做一點練習時想說的那樣，我們確實認為由於我所描述的原因，世界某些地區的某些細分市場出現了軟化。

But not we think APAC ex-China is going to have a very good second half of the year. We think Middle East, Africa will as well in those two cases. And those are the two that are really at the highest levels of RevPAR performance.

但我們不認為中國以外的亞太地區今年下半年會表現出色。我們認為中東和非洲在這兩種情況下也會如此。這些是真正處於 RevPAR 性能最高水平的兩個。

And then maybe just a clarification. Maybe this is related to your previous comment, Kevin. But I noticed that think about 1,000 Waldorf Astoria rooms have left the system and about 300 Conrad. I guess that's probably Edinburgh and the New York one. But just any color around those hotels leaving the system and what it means for those brands.

然後也許只是一個澄清。也許這與你之前的評論有關，凱文。但我注意到，大約有 1,000 間華爾道夫酒店 (Waldorf Astoria) 房間和大約 300 間康萊德酒店 (Conrad) 房間已退出系統。我想這可能是愛丁堡和紐約的。但那些離開系統的酒店周圍的任何顏色以及它對這些品牌意味著什麼。

No. I mean the -- we had a couple of Waldorfs that we converted to -- actually, it stayed in the system and converted to different brands. These are a couple of the hotels that have been in Waldorf for a long time kind of going back to when Waldorf was more of a collection brand than sort of the brand it is today. And so other than the one you mentioned in New York, the Waldorf that shifted out have stayed in the system and they're now -- one is an LXR and two of them are Curios.

不，我的意思是——我們有幾家華爾道夫酒店被轉換成——實際上，它留在系統中並轉換成不同的品牌。這些是在華爾道夫經營了很長時間的幾家酒店，可以追溯到華爾道夫更多地是一個收藏品牌而不是今天的品牌的時候。因此，除了您提到的紐約那架之外，移出的華爾道夫仍然保留在系統中，現在它們是 - 一架是 LXR，其中兩架是 Curios。

And that was at our urging, with what we're strategically trying to do with Waldorf, if you think about all the existing Waldorfs, the new-build Waldorfs that are coming, Waldorf is really hitting on all cylinders. The product is extraordinary. The new products are off the charts.

這是在我們的敦促下，我們在戰略上試圖與華爾道夫做的事情，如果你考慮一下所有現有的華爾道夫酒店，以及即將推出的新建華爾道夫酒店，華爾道夫確實在全力以赴。該產品非常出色。新產品突破了歷史記錄。

And so there are like any brand that's been around for a while, there are some that really don't quite fit the bill. But the good news is with 24 brands, we have a home for -- not for everything, but we have a home for those things. And those properties that left Waldorf are terrific properties that just weren't sort of meeting the mark on Waldorf, but they met the mark in other brands.

因此，就像任何已經存在了一段時間的品牌一樣，有些品牌確實不太符合要求。但好消息是，對於 24 個品牌，我們有一個家——不是所有東西，但我們有一個家來存放這些東西。離開華爾道夫的那些酒店都是很棒的酒店，只是沒有達到華爾道夫的標準，但在其他品牌中卻達到了標準。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼，TD·考恩。

Well, thanks a lot. Just a couple of quick housekeeping. The first one is on your FX assumption. Is it safe to assume that, that was set before the US dollar kind of started weakening on Friday? And then the second one was, if you could you give us pipeline approvals in the second quarter ex-Graduate. Thanks.

嗯，非常感謝。只需進行幾次快速的內務處理即可。第一個是關於您的外匯假設。可以肯定地說，這是在美元週五開始走弱之前設定的嗎？然後第二個是，如果你可以的話，你可以在第二季給我們管道批准前畢業生。謝謝。

Yes. So the first one, the answer is no. I mean, technically, our forecast was set before Friday, but I don't think the Friday's move is going to have a material effect on the full year for FX. As we mentioned, it did get a little bit worse over the -- become a little bit more of a headwind over the course of the quarter, which affected our guidance range for the full year. And then sorry, the second part of your question?

是的。所以第一個問題，答案是否定的。我的意思是，從技術上講，我們的預測是在周五之前製定的，但我認為週五的走勢不會對全年外匯產生重大影響。正如我們所提到的，在本季度中，情況確實變得更糟了，成為了更多的逆風，這影響了我們全年的指導範圍。抱歉，你問題的第二部分？

The second one was just you had that huge approvals number. I think some of it was maybe incorporating Graduate hotels, but I know underlying was also strong. If you could just give us pipeline approvals ex-Graduate.

第二個就是你有那麼大的批准數量。我認為其中一些可能是合併了研究生酒店，但我知道基礎也很強大。如果您能給我們畢業生管道批准。

We gave it -- it's in the press release.

我們已經給出了——它在新聞稿中。

It's in the press release.

這是在新聞稿中。

[24,000 and change].

[24,000 和變化]。

And you're right. It does incorporate both momentum in the existing brands and the new stuff.

你是對的。它確實融合了現有品牌和新品牌的動力。

I'd say that's pretty strong. Thank you very much.

我想說那是相當強的。非常感謝。

Conor Cunningham, Melius Research.

康納·坎寧安，Melius 研究中心。

Hi, everyone. Thank you. Just on the conversations with developers, I'm just curious on how that's changed over the past six months. I assume that there's a lot more comfortability around financing and credit availability. And then another one, just Airbnb called out booking presentation on just longer-term rentals. I mean, I realize your extended stay business is not exactly the same. But are you seeing any hesitancy on the longer booking curve stuff in general? Thank you.

大家好。謝謝。在與開發人員的對話中，我只是好奇過去六個月發生了什麼樣的變化。我認為融資和信貸可用性的舒適度要高得多。然後，Airbnb 就推出了長期租賃的預訂演示。我的意思是，我意識到你們的長期住宿業務並不完全相同。但您是否發現對於較長預訂曲線的事情總體上有任何猶豫？謝謝。

Yeah. No, the second part is easy. We're not. And I think I'm not going to comment on what Airbnb said, and you haven't had a ton of time to study what they said, but that's a very different business. The composition of their business, 90%, 95% leisure all long-term stay. So I'll let them comment on that part of the business. We're not seeing any changes. And Chris even talked about booking windows normalizing and things like that earlier in the call. So nothing there. And then sorry, the first part was --

是的。不，第二部分很簡單。不是。我想我不會對 Airbnb 的言論發表評論，而且你也沒有太多的時間來研究他們的言論，但這是一個非常不同的行業。他們的組成中，90%是商務，95%是休閒，都是長期入住。所以我會讓他們對這部分業務發表評論。我們沒有看到任何變化。克里斯甚至在電話會議的早些時候談到了預訂窗口正常化之類的事情。所以那裡什麼都沒有。然後抱歉，第一部分是——

Just on the evolution of your discussions with developers. It seems like --

只是關於您與開發人員討論的進展。這好像是 -

Yeah, I'd say they're largely consistent. I mean developers remain excited about the future for travel and the setup I think that overall capital is a little bit less expensive than it was, right. It's coming off of peaks. I think there's an expectation that it will come down. There it is a more constrained credit environment based on the lending community's views of the macro and what they're worried about is going to happen.

是的，我想說它們基本上是一致的。我的意思是，開發商仍然對旅行的未來和設置感到興奮，我認為總體資本比以前便宜一點，對吧。它正在走出高峰。我認為人們期望它會下降。基於貸款界對宏觀的看法以及他們對即將發生的事情的擔憂，信貸環境更加受限。

But there's still capital available for good projects, which is why you're seeing our construction starts to go up. And we're taking share in environments where capital is more constrained. We've said this a bunch of times, but rising tides lift all boats when the tide is going out, the stronger brands that are -- that lenders have more confidence lending to and developers have more confidence affiliating their hotels with are going to take share, and that's what's happening.

但仍然有資金可用於好的項目，這就是為什麼你會看到我們的建設開始增加。我們正在資本更受限的環境中獲取份額。我們已經說過很多次了，但是當潮水退去時，水漲船高，越強大的品牌——貸方更有信心放貸，開發商也更有信心與他們的酒店合作，就會採取行動。發生的事情。

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

女士們、先生們，我們的問答環節到此結束。我想將會議轉交克里斯·納塞塔（Chris Nassetta）發表任何補充或結束語。

Thank you, Chad, and thank you, as always, for spending an hour of your day with us. Obviously, we're super pleased with being able to deliver on second quarter, and we feel very good about our outlook for the full year, as I described, while the macro environment is a little bit weaker.

謝謝你，查德，也一如既往地感謝你花一個小時和我們在一起。顯然，我們對能夠在第二季度實現目標感到非常滿意，正如我所描述的，我們對全年的前景感到非常滿意，儘管宏觀環境有點疲軟。

Our development story is incrementally stronger and the net result is pretty much our ability to deliver at algorithm, which we're excited about. We will look forward to catching up with you after the third quarter to give you the latest and greatest. And hope everybody enjoys what you can on the rest of summer. Take care, and thanks.

我們的開發故事越來越強大，最終結果幾乎是我們交付演算法的能力，我們對此感到興奮。我們期待在第三季之後與您聯繫，為您提供最新、最好的資訊。希望每個人都能在夏天剩下的時間盡情享受。保重，謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。