希爾頓酒店 (HLT) 2025 Q2 法說會逐字稿

Good morning and welcome to the Hilton second quarter 2025 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 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給高級副總裁、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, Michael. Welcome to Hilton's second quarter 2025 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.

謝謝你，麥可。歡迎參加希爾頓 2025 年第二季財報電話會議。在我們開始之前，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陳述中所示的結果有重大差異，而今天所做的前瞻性陳述僅代表我們今天的預期。

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 factor section of our most recently filed Form10-K. In addition, we'll refer to certain non-GAAP financial measures on this call.

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某些因素的討論，請參閱我們最近提交的 Form10-K 中的風險因素部分。此外，我們將在本次電話會議上參考某些非公認會計準則財務指標。

You can find reconciliations of non-GAAP to GAAP financial measures discussed in today's call in our earnings press release and on our website at ir.hilton.com. 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 Executive Vice President and Chief Financial Officer, will then review our second quarter results and discuss expectations for the year.

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 財務指標與 GAAP 財務指標的對帳表。今天上午，我們的總裁兼執行長 Chris Nassetta 將概述當前的營運環境和公司前景。我們的執行副總裁兼財務長 Kevin Jacobs 將回顧我們的第二季業績並討論對今年的預期。

Following their remarks, we'll be happy to take your questions. With that, I'm pleased to return the call over to Chris.

在他們發言之後，我們很樂意回答您的問題。說完這些，我很高興回電給克里斯。

Thank you, Jill. Good morning, everyone, and thanks for joining us today. Our second quarter results continued to reinforce the power of our business model and the benefits of strong net unit growth, which drove great bottom line performance, adjusted EBITDA for the quarter exceeded $1 billion meaningfully beating expectations even with modestly negative system-wide RevPAR.

謝謝你，吉爾。大家早安，感謝大家今天加入我們。我們第二季的業績繼續鞏固了我們的商業模式和強勁的淨單位成長帶來的好處，這推動了出色的底線業績，本季調整後的 EBITDA 超過 10 億美元，即使在全系統 RevPAR 略為負值的情況下也大大超出了預期。

Adjusted EPS also exceeded our expectations. Our strong portfolio of brands, powerful commercial engines, and discipline execution continued to drive meaningful free cash flow. Year-to-date, we've returned $1.7 billion to shareholders in the form of buybacks and dividends and remain on track to return approximately $3.3 billion for the full year.

調整後的每股盈餘也超出了我們的預期。我們強大的品牌組合、強大的商業引擎和嚴格的執行力繼續推動有意義的自由現金流。年初至今，我們已透過回購和股息的形式向股東返還 17 億美元，並預計在全年實現約 33 億美元的返還。

Turning the results, the quarter turned out to be a bit noisier than expected, driving system-wide RevPAR down 50 basis points year over year. Performance was driven by continued strength in the Middle East Africa region and Asia Pacific ex-China. But offset by softer trends in the US and China. Adjusting for holidays and calendar shifts, system-wide RevPAR would have been modestly positive.

從結果來看，本季的情況比預期要混亂一些，導致全系統的 RevPAR 年減了 50 個基點。業績表現受到中東非洲地區和中國以外亞太地區持續強勁表現的推動。但被美國和中國的疲軟趨勢所抵銷。經過假期和日曆調整後，全系統的 RevPAR 將會略為上升。

In the quarter, leisure transient RevPAR grew 1% as an elongated spring break window and easy year over year comparison supported leisure demand growth. Business transient RevPAR decreased 2%, driven by the elongated holiday schedule, government spending declines, weaker international inbound business, and broader economic uncertainty. While it's early in the third quarter, we have seen a pickup in non-government business demand.

本季度，由於春假延長和同比變化不大，休閒需求增長，休閒短途客房平均可出租客房收入 (RevPAR) 增長了 1%。受假期延長、政府支出減少、國際入境業務疲軟以及更廣泛的經濟不確定性的影響，商務臨時 RevPAR 下降了 2%。雖然現在才第三季初期，但我們已經看到非政府業務需求回升。

Group RevPAR was roughly flat with favourable trends in company meetings, largely offset by soft convention business and social events. We did see positive momentum in lead volumes from corporates with month over month sequential growth throughout the quarter, and '26 and '27 group position are up in the high single digits.

集團 RevPAR 基本持平，公司會議呈現良好趨勢，但很大程度上被軟會議業務和社交活動所抵消。我們確實看到企業的銷售線索量呈現積極勢頭，整個季度的銷售線索量環比增長，而 26 年和 27 年的集團排名均實現了高個位數增長。

As we look ahead to the third quarter, we expect RevPAR to be flat to modestly down again with holidays and calendar shifts continuing to weigh on reported results. On an adjusted basis, we would expect modest RevPAR growth. For the full year, we continue to expect RevPAR growth of flat top 2% with improving trends in the fourth quarter, driven by modest, a modest increase in demand and year over year comparisons.

展望第三季度，我們預計每間可用客房收入 (RevPAR) 將持平或再次小幅下降，因為假期和日曆變化將繼續對報告業績造成影響。經過調整後，我們預計 RevPAR 將溫和成長。就全年而言，我們繼續預期 RevPAR 成長率將保持在 2% 左右，第四季度趨勢將有所改善，這得益於需求的溫和成長和年增速。

As we think about our business over the intermediate term, I'm very optimistic. In our largest market, a more favourable regulatory environment, certainty, on tax reform expected settling down on global trade policy. Continuation of very healthy corporate profits and significant investments across a multitude of industries including AI -- AI related, and core infrastructure investment should accelerate economic growth and unlock meaningful increases in travel demand.

當我們考慮中期業務時，我非常樂觀。在我們最大的市場中，更有利的監管環境、確定性以及稅收改革預計將影響全球貿易政策。企業利潤持續健康成長，對包括人工智慧（AI）相關產業和核心基礎設施在內的眾多產業進行大量投資，應會加速經濟成長，並釋放出旅遊需求的顯著成長。

This match with very limited industry supply growth should drive stronger RevPAR growth over the next several years. Turning to development during the quarter, we opened 221 hotels, totalling more than 26,000 rooms, representing a 52% year over year increase, excluding acquisitions and partnerships, and achieved net unit growth of 7.5%.

再加上產業供應成長非常有限，未來幾年 RevPAR 的成長將更加強勁。談到本季的發展，我們開設了 221 家飯店，總計超過 26,000 間客房，較去年同期成長 52%（不包括收購和合作），實現淨單位成長 7.5%。

Our luxury and lifestyle portfolios continued their extraordinary expansion around the world. During the quarter, we celebrated the opening of our 1000th property in the luxury and lifestyle categories. We also announced our plans to welcome three new luxury and lifestyle hotels per week in 2025. None are more impressive and iconic than the Waldorf story in New York, which reopened its doors just last week, marking the beginning of a new era for the spectacular hotel that has been a cornerstone of New York City culture since 1,931.

我們的奢侈品和生活方式產品組合繼續在全球範圍內實現非凡擴張。本季度，我們慶祝了第 1000 家奢華和生活方式酒店的開幕。我們也宣布了到 2025 年每週新開業三家豪華和生活方式酒店的計劃。沒有什麼比紐約華爾道夫酒店的故事更令人印象深刻和標誌性的了，這家酒店上週剛剛重新開業，標誌著這家自 1931 年以來一直是紐約市文化基石的宏偉酒店新時代的開始。

The greatest of them all, as Conrad Hilton famously described the landmark property, recaptures the hotel's original grandeur, once again, setting the benchmark for luxury hospitality globally. During the quarter, our conversion friendly brands continue to gain traction with guests and owners, which helped fuel our growth in key international markets.

康拉德希爾頓曾對這座地標建築做出著名描述，其中最偉大的是它重現了酒店最初的輝煌，再次為全球豪華酒店業樹立了標竿。在本季度，我們的轉換友善品牌繼續受到客人和業主的青睞，這有助於推動我們在主要國際市場的成長。

LXR debuted in France with the opening of the Sax Paris, a landmark 18th century building transformed into a refined gathering place in the heart of Paris. We welcomed our first tapestry hotels in Northern Ireland and Turkiye. And Hawaii, while Curio debuted in Vienna, Austria. We also opened our first all-inclusive Curio resort in the Dominican Republic.

LXR 隨著巴黎薩克斯酒店的開幕在法國首次亮相，巴黎薩克斯酒店是一座 18 世紀的地標建築，現已改建為巴黎市中心一個精緻的聚會場所。我們在北愛爾蘭和土耳其迎來了第一家掛毯酒店。以及夏威夷，而 Curio 則在奧地利維也納首次亮相。我們也在多明尼加共和國開設了第一家全包式 Curio 度假村。

DoubleTree continued to be an important driver of conversions, reaching 700 hotels worldwide and entering its 60th country during the second quarter. Spark opened more than 40 hotels in the quarter, bringing its portfolio to more than 170 hotels across six countries, with roughly 200 more hotels in the pipeline.

逸林酒店繼續成為轉換的重要推動力，第二季其全球酒店數量達到 700 家，並進入第 60 個國家。Spark 本季開設了 40 多家酒店，使其酒店組合遍布六個國家，達到 170 多家，另有約 200 家酒店正在籌備中。

Overall conversions spanned 10 brands and accounted for over a third of our openings in the quarter. We remain confident in our ability to continue driving strong conversions thanks to the power of our existing brands, which have consistently delivered an industry-leading share of conversions in the US and with the upcoming launches of exciting new conversion brands.

整體轉換涉及 10 個品牌，佔本季新開店總數的三分之一以上。憑藉我們現有品牌的力量，我們仍然有信心繼續推動強勁的轉化，這些品牌在美國一直保持著行業領先的轉化份額，並且即將推出令人興奮的新轉化品牌。

In July, we also debuted the first hotel of our game-changing new extended stay brand, LivSmart Studios, grounded in extensive research and a deep understanding of the evolving needs of long-stay travellers and hotel owners alike. LivSmart Studio represents the latest chapter in our growth strategy and reinforces our commitment to offering a Hilton experience for every traveller and every stay occasion.

7 月份，我們還推出了改變遊戲規則的全新長住品牌 LivSmart Studios 的首家酒店，該品牌建立在廣泛的研究和對長住旅客和酒店業主不斷變化的需求的深刻理解之上。LivSmart Studio 代表了我們成長策略的最新篇章，並強化了我們為每位旅客和每次入住提供希爾頓體驗的承諾。

In addition to strong openings, we signed 36,000 rooms in the quarter, putting us on pace to deliver high single digit growth and signings for the full year. We also increased our development pipeline to more than 510,000 rooms, growing both year over year and sequentially versus the first quarter with expansion in in strategic markets and across chain scales.

除了強勁的開業之外，我們在本季度還簽約了 36,000 間客房，使我們預計將在全年實現高個位數增長和簽約量。我們還將開發中的客房數量增加到 510,000 多間，與第一季相比，同比增長和環比增長，並在戰略市場和連鎖規模上實現擴張。

We announced plans for Waldorf Astoria to debut in key destinations including Helsinki, Bali, and New Delhi in the coming years, and we signed NoMad Hotels in Singapore, Detroit, which marked the brand's respective debuts in the Asia Pacific and America's region. We signed our first canopy hotels in Tokyo and Italy, our first tempo in Canada, and in July, we signed our first tapestry in Saudi Arabia.

我們宣布華爾道夫酒店計劃未來幾年在赫爾辛基、峇裡島、新德里等重點目的地開業，並在新加坡、底特律簽約NoMad酒店，分別在亞太地區和美洲地區開業。我們在東京和義大利簽署了第一家天篷酒店，在加拿大簽署了第一家Tempo酒店，7月份，我們在沙烏地阿拉伯簽署了第一家掛毯酒店。

We also further expanded our focus service pipeline to meet the growing demand for affordable upscale accommodations. During the quarter, we announced that Hampton will soon debut in Thailand. Tru will enter Vietnam, and Spark will open its first hotels in Saudi Arabia and Puerto Rico.

我們也進一步擴大了重點服務管道，以滿足日益增長的經濟型高檔住宿需求。本季度，我們宣布 Hampton 即將在泰國首次亮相。Tru 將進入越南，而 Spark 將在沙烏地阿拉伯和波多黎各開設首批飯店。

We also committed to key growth milestones in emerging economies, including expanding our portfolio in India tenfold and tripling our portfolio in Africa in the coming years. We continued growth in construction starts, with continued growth in construction starts, tremendous international opportunities and a strong conversion story. We feel very confident. In our ability to drive net unit growth solidly within our 6% to 7% range for the full year.

我們也致力於在新興經濟體實現關鍵的成長里程碑，包括在未來幾年將我們在印度的投資組合擴大十倍，將我們在非洲的投資組合擴大三倍。我們建築開工量持續成長，建築開工量持續成長，擁有巨大的國際機會和強勁的轉型故事。我們感到非常有信心。我們有能力推動全年淨單位成長率穩定在 6% 至 7% 的範圍內。

As you all know, we have an incredible skill set of identifying white space and developing and launching new brands. As I mentioned last quarter, the team is working hard behind the scenes on several new brands in the lifestyle space. In addition to a couple of new concepts in the alternative accommodation space, a number of which are conversion friendly. We have done the research with our customers, and I've already received tremendous feedback from our owners on these new brands, a couple of which will be launched by year end.

眾所周知，我們擁有發現空白領域以及開發和推出新品牌的出色技能。正如我上個季度提到的，該團隊正在幕後努力打造生活方式領域的幾個新品牌。除了替代住宿空間中的幾個新概念外，其中許多都是易於轉換的。我們已經與客戶進行了研究，並且我已經從我們的所有者那裡收到了有關這些新品牌的大量反饋，其中幾個新品牌將於年底推出。

Hilton Honors continues to perform extraordinarily well with more than 226 million members, up 16% year over year, with membership now evenly split between the US and international travellers. Reflecting the strength of Hilton's global reach and a further testament to our success in delivering premium products, and experiences for any stay occasion anywhere in the world our guests want to travel.

希爾頓榮譽客會繼續表現出色，會員人數超過 2.26 億，年增 16%，目前會員人數在美國和國際旅客之間平均分配。這體現了希爾頓全球影響力的強大，也進一步證明了我們成功地為賓客在世界任何地方的任何住宿場合提供優質的產品和體驗。

Everything we do is underpinned by our award-winning culture and our incredible family of Hilton team members continue to differentiate our brands from the competition. In July, Brand Finance named Hilton as the most valuable hotel brand for the 10th consecutive year. Additionally, just last week, our Hampton, Home2, [Sweet] and Tru Brands were named best in category by JD Power for their respective segments in the US.

我們所做的一切都以我們屢獲殊榮的文化為基礎，我們令人難以置信的希爾頓團隊成員大家庭繼續使我們的品牌在競爭中脫穎而出。7 月，Brand Finance 連續第十年將希爾頓評為最有價值的飯店品牌。此外，就在上週，我們的 Hampton、Home2、[Sweet] 和 Tru 品牌被 JD Power 評為美國各自領域的最佳品牌。

During the quarter, we were also named the number one best workplace in Switzerland, Austria, the Netherlands, India, and Vietnam, adding to the 660 great place to work towards and more than 70 number one wins around the world since 2016. Overall, we feel good about where we are and are very optimistic about the business. We have the best brands in the industry with more coming, the biggest development pipeline in our history, and the economy in our largest market is set up for better growth.

本季度，我們也被評為瑞士、奧地利、荷蘭、印度和越南最佳工作場所第一名，自 2016 年以來，我們已經在全球獲得了 660 個最佳工作場所和 70 多個第一名。整體而言，我們對目前的狀況感到滿意，並對業務非常樂觀。我們擁有業內最好的品牌，未來還會有更多品牌推出，我們歷史上最大的開發管道，而我們最大市場的經濟已經為更好的成長做好了準備。

All of which should continue to drive strong performance. Now, I'm going to turn the call over to Kevin, talk a little bit more detail about the quarter and our expectations for the full year.

所有這些都將繼續推動強勁的表現。現在，我將把電話交給凱文，更詳細地談論本季以及我們對全年的期望。

Thanks, Chris and good morning, everyone. During the quarter, system-wide RevPAR decreased 50 basis points versus the prior year on a comparable and currency neutral basis, driven by declines in occupancy and modest rate growth. Adjusted EBITDA was a billion and $8 million in the second quarter, up 10% year over year and meaningfully exceeding the high end of our guidance range. Outperformance was predominantly driven by timing of non-RevPAR items. Management franchise fees grew 8% year over year.

謝謝，克里斯，大家早安。本季度，由於入住率下降和房價適度增長，全系統 RevPAR 與前一年相比在可比較和貨幣中性基礎上下降了 50 個基點。第二季調整後的 EBITDA 為 10.8 億美元，年成長 10%，大大超出了我們預期範圍的高端。優異的績效主要得益於非 RevPAR 專案的時間安排。管理特許經營費年增8%。

For the quarter, diluted earnings per share adjusted for special items was $2.20. Turning to our regional performance, second quarter comparably US RevPAR decreased to 1.5%, largely driven by pressure across business, transient and group as declines in government spend and softer international inbound demand weighed on performance. For full year 2025, we expect the US RevPAR growth to be at the lower end of our system-wide RevPAR range.

本季度，經特殊項目調整後的每股攤薄收益為2.20美元。談到我們的區域業績，第二季美國地區的RevPAR年減至1.5%，主要原因是政府支出下降和國際入境需求疲軟拖累了業績，導致商務、短期和團體業務面臨壓力。對於 2025 年全年而言，我們預計美國的 RevPAR 成長率將處於我們全系統 RevPAR 範圍的低端。

In the Americas outside the US, second quarter RevPAR increased 3.8% year over year, driven by strength in the luxury and lifestyle portfolio, particularly in resort locations. For full year 2025, we expect RevPAR growth to be in the mid-single digits. In Europe, RevPAR grew 2% year over year, driven by growth in continental Europe supported by strong group business. For full year 2025, we expect low single digit RevPAR growth given continued weakness in the UK and Ireland.

在美國以外的美洲地區，第二季度 RevPAR 年增 3.8%，這得益於奢華和生活方式酒店組合的強勁增長，尤其是在度假勝地。對於 2025 年全年而言，我們預計 RevPAR 成長率將達到中等個位數。在歐洲，RevPAR 年成長 2%，這得益於歐洲大陸強勁的集團業務帶來的成長。鑑於英國和愛爾蘭經濟持續疲軟，我們預計 2025 年全年 RevPAR 成長率將維持在低個位數。

In the Middle East and Africa region, RevPAR increased 10.3% year over year, driven by record breaking months of travel around key events and holidays, including Eid, Hajj, and Catholic and Orthodox Easter. For full year 2025, we expect RevPAR growth in the mid-single digit range.

在中東和非洲地區，RevPAR 年增 10.3%，這得益於開齋節、朝覲、天主教和東正教復活節等重大活動和節日期間創紀錄的旅遊量。對於 2025 年全年而言，我們預計 RevPAR 成長率將達到中等個位數。

In the Asia Pacific region, second quarter RevPAR was up 0.3% year over year. RevPAR and APAC-X China increased 5.2%, led by strong group trends in Japan and Korea. RevPAR in China declined 3.4% in the quarter, largely driven by continued weakness in corporate travel demand, particularly in Tier 2 and Tier 3 cities, and changes in government travel policies.

在亞太地區，第二季 RevPAR 年增 0.3%。受日本和韓國集團強勁成長的帶動，RevPAR 和 APAC-X 中國區營收成長 5.2%。本季中國地區的每間可用客房收入 (RevPAR) 下降了 3.4%，這主要是由於商務旅行需求持續疲軟（尤其是在二線和三線城市）以及政府旅行政策的變化所致。

For full year 2025, we expect RevPAR growth in Asia Pacific to be roughly flat, assuming modest RevPAR declines in China. Turning to development, as Chris mentioned, for the quarter, we grew net units 7.5% and have more than 510,000 rooms in our pipeline, of which nearly half are under construction. Looking to the year ahead, we expect to deliver 6% to 7% net unit growth for the full year.

對於 2025 年全年而言，我們預計亞太地區的 RevPAR 成長將基本持平，假設中國地區的 RevPAR 成長將小幅下降。談到開發，正如克里斯所提到的，本季度，我們的淨單位增長了 7.5%，並且有超過 510,000 間客房正在籌備中，其中近一半正在建設中。展望未來一年，我們預計全年淨單位成長率將達到 6% 至 7%。

Moving to our guidance for the third quarter, we expect system-wide RevPAR growth to be flat to modestly down. We expect adjusted EBITDA of between $935 million and $955 million and diluted EPS adjusted for special items to be between $1.98 and $2.04. For the full year, we expect RevPAR growth of zero to 2%, adjusted EBITDA of between $3.65 billion and $3.71 billion and diluted EPS adjusted for special items of between $7.83 and $8.

根據我們對第三季的預測，我們預計全系統 RevPAR 成長將持平或略有下降。我們預計調整後EBITDA在9.35億美元至9.55億美元之間，經特殊項目調整後的稀釋每股收益在1.98美元至2.04美元之間。全年來看，我們預期RevPAR成長率介於0至2%之間，調整後EBITDA介於36.5億美元至37.1億美元之間，經特殊專案調整後的稀釋每股收益在7.83美元至8美元之間。

Please note that our guidance ranges do not incorporate future share repurchases. Moving on to capital return, we paid a cash dividend of $0.15 per share during the second quarter for a total of $73 million in dividends for the year. Our board also authorized a quarterly dividend of $0.15 per share in the third quarter. For the full year, we expect to return approximately $3.3 billion to shareholders in the form of buybacks and dividends.

請注意，我們的指導範圍不包括未來的股票回購。談到資本回報，我們在第二季度支付了每股 0.15 美元的現金股息，全年股息總額為 7,300 萬美元。我們的董事會也批准第三季派發每股 0.15 美元的季度股息。就全年而言，我們預計將以回購和股利的形式向股東返還約 33 億美元。

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. Michael, can we have our first question, please?

有關我們第二季業績的更多詳情，請參閱我們今天早上發布的收益報告。我們的準備好的演講到此結束。我們現在願意開通熱線來回答您的任何問題。我們希望與盡可能多的人交談，因此我們要求您將問題限制在一個範圍內。邁克爾，我們可以問第一個問題嗎？

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Hi, good morning, everyone. Thanks for taking my question. Chris, you mentioned in your prepared remarks a little bit about some green shoots you're seeing. I think that's consistent with what we've heard from some of the airlines and other travel providers but hoping you could elaborate a little bit what you're seeing across the maybe the three different segments, leisure, business, and group and then specifically what's it going to take organically to get a little bit better in the 4Q? There is some concern in the fourth quarter about tougher comps just lapping some of the pent-up demand after the election last year. Thank you.

大家好，早安。感謝您回答我的問題。克里斯，你在準備好的發言中稍微提到了你所看到的一些復甦跡象。我認為這與我們從一些航空公司和其他旅行提供者那裡聽到的消息一致，但希望您能詳細說明一下您在休閒、商務和團體這三個不同領域看到的情況，然後具體說明一下，第四季度需要採取哪些有機措施才能有所好轉？人們擔心，第四季更嚴峻的競爭狀況將抵銷去年大選後被壓抑的部分需求。謝謝。

Yeah, good question, and you know I tried to cover some of it, Shaun, and prepared comments, so I'll try and do the first part of this briefly, because some of it's redundant. I think if you, sort of break it down the segments by quarter, what you saw in the second quarter as I covered was relative strength and leisure.

是的，這是個好問題，你知道我試圖涵蓋其中的一些內容，肖恩，並準備好了評論，所以我將嘗試簡要地講解這個問題的第一部分，因為其中一些內容是多餘的。我認為，如果你按季度細分這些部分，你會看到，正如我所報道的第二季度是相對實力和休閒。

Which we -- you would expect it was a little bit more than we thought simply because sort of the rolling, nature of what went on between spring break and then the impact at the end of the quarter of July 4 and the shift of July 4. If you put those two things together, it's sort of not surprising that you would have seen strength and leisure and weakness on the other segments of the business, which is what we saw.

您可能會認為，實際數字會比我們想像的要大一些，這僅僅是因為春假期間發生的事情以及 7 月 4 日季度末的影響以及 7 月 4 日的轉變。如果將這兩件事放在一起，你會發現業務的其他部分有優勢、有閒暇，也有弱點，這並不奇怪，這正是我們所看到的。

It was probably a touch different than we expected. I mean, obviously we said that, relatively flat, which means it could be a little up, a little down. It was a little down, so it was pretty much in line with what we thought with maybe a little bit more impact from the rolling holiday shift, but generally in line as you get into the third quarter, you have a similar sort of situation given Jewish holiday shifts. And the like that are, I think in a -- from a segment point of view.

這可能與我們預期的有點不同。我的意思是，顯然我們說的是相對平穩，這意味著它可能會稍微上升，也可能會稍微下降。它略有下降，因此這與我們的想法基本一致，滾動假期的變化可能會產生更大的影響，但總體而言，隨著進入第三季度，由於猶太假期的變化，您也會遇到類似的情況。諸如此類，我認為從某個細分市場的角度來看。

Distort things again a little bit where you're going to probably see third quarter leisure be strongest, and business and business transient and group being relatively weaker, which is not obviously up until, the second quarter what we've been seeing. I think when you get. When you get to the fourth quarter, that will reverse itself because you're going to get finally to a quarter that is a little bit more normalized.

再稍微扭曲一下情況，你可能會看到第三季的休閒業務最為強勁，而商業、商業短線和團體業務相對較弱，這顯然是我們在第二季才看到的。我想當你得到的時候。當進入第四季度時，這種情況將會逆轉，因為你最終將進入一個更正常化的季度。

It will, the fourth quarter has a bit of a benefit from the Jewish holiday shift into the third quarter. But I think it's a little bit more normal quarter, and I think as a result, what you're going to see is pretty decent, we think leisure growth, but comparable business transient growth and then group, sort of leading the way, which is what, more recently we have been seeing, that our view on the fourth quarter, which we spent a lot of time on.

確實如此，猶太節日轉移到第三季對第四季有一定的好處。但我認為這是一個更正常的季度，因此，我認為你將看到相當不錯的業績，我們認為休閒業務有所增長，但可比業務也出現了短暫的增長，然後是集團業務，處於領先地位，這就是我們最近看到的，我們對第四季度的看法，我們對此花了很多時間。

And I mentioned in my prepared comments is based on sort of a few green shoots that we're seeing which I'll talk about, particularly in the group space as you look at the corporate group, you're starting to see up there as you look out in the '26 and '27 you see really strong position. Well, you've seen in group this year, sort of post liberation day was just like a lot of the segments, everybody got rattled and everything kind of froze up, as I said on the last call, it's a little bit of a wait and see attitude.

我在準備好的評論中提到，這是基於我們看到的一些復甦跡象，我將進行討論，特別是在集團領域，當你看企業集團時，你開始看到那裡，當你展望 26 年和 27 年時，你會看到非常強勁的地位。嗯，你已經在今年的小組中看到了，解放後的一天就像很多片段一樣，每個人都感到不安，一切都凍結了，就像我在上次通話中所說的那樣，這是一種觀望的態度。

Will that affect all segments, it even affected leisure, but in the second quarter that was distorted by, spring break and July 4. As you get in the fourth quarter, we're starting to see the early signs that is unfreezing, that people are getting out of the wait and see. Certainly, if you look at '26 and '27, you're seeing it.

這會影響所有部門嗎？它甚至影響了休閒，但在第二季度，春假和 7 月 4 日的影響有所扭曲。進入第四季度，我們開始看到經濟解凍的早期跡象，人們開始不再觀望。當然，如果你看看 26 年和 27 年，你會看到這一點。

The other thing that's going on in the fourth quarter is the comps are just easier. I mean, if you think about last year, we had a lot going on. We had major strikes in many of our major markets around the country, that had a pretty significant impact, and we had a US Presidential election. Nobody will forget that, and that's not good for, maybe good for Washington on occasion, but it's really probably not good because people are traveling, a bit less around that.

第四季發生的另一件事是，比較結果變得更容易。我的意思是，如果你想想去年，我們有很多事情要做。我們在全國許多主要市場都發生了大規模罷工，影響相當大，而且當時還舉行了美國總統大選。沒有人會忘記這一點，這對華盛頓來說可能不是好事，有時也可能是好事，但實際上可能並不好，因為人們出遊的次數減少了。

So, again, we're in, there's a lot of moving parts. We're ugly and so like last time, we're doing our, as a lot of people pulled guidance, we didn't. We tried to do our best. I think we were pretty darn close. I mean, we said plus or minus flat, and I think we ended up there. I think we're -- we have decent sight lines in the [Q2] through, feel good about that.

所以，再說一次，我們處於有很多活動部件的狀態。我們很醜陋，所以就像上次一樣，我們正在做我們的工作，因為很多人都撤下了指導，但我們沒有。我們盡力了。我認為我們已經非常接近了。我的意思是，我們說的是正負持平，我想我們最終就達到了這個水平。我認為我們在 [Q2] 中擁有不錯的視線，對此感覺很好。

And for Q4 again, I gave you the underpinning of why we feel better. We feel pretty good about it. I mean there's a lot of moving parts. I think, the green shoots, I talked about them are what we're seeing in booking behaviour on the group side and what we're seeing, very recently on the corporate, business transient side, which is saying that the wait and see that it's thawing, the freeze of April, May, and to a degree, June. We're starting to see a [thaw], but it's really early, which is why my comments, and I know this is quite a filibuster.

對於第四季度，我再次向您解釋了我們感覺更好的原因。我們對此感覺很好。我的意思是有很多活動部件。我認為，我談到的復甦跡象就是我們在團體預訂行為中看到的，以及我們最近在企業和商務臨時預訂行為中看到的，這表明，四月、五月以及某種程度上六月的凍結正在解凍。我們開始看到[解凍]，但現在還為時過早，這就是我發表評論的原因，我知道這是一種相當冗長的辯論。

I have going here and so there'll be no more questions probably, but I wanted to lift up because there's so much noise in the system right now politically and otherwise, and I'm not obviously going to get political, but if you really lift up and look at what's going on, I said in our largest market, the US, which is 75% of our business. You may hate or like what's going on, but it is, I think, pretty hard to deny that over the next several years we're not going to end up in a condition where we're going to have incremental economic growth.

我已經走了，所以可能不會再有其他問題了，但我想提出一些問題，因為現在政治和其他方面的系統噪音太大，我顯然不會談論政治，但如果你真的抬起頭來看看正在發生的事情，我說在我們最大的市場美國，這占我們業務的 75%。您可能討厭或喜歡正在發生的事情，但我認為，很難否認在未來幾年內我們不會實現經濟增量成長。

And a lot of that is going to be coming in the form, in my opinion -- of the in the area that has the highest correlation to growth and room nights for hospitality, which is NRFI, non-residential fixed investment. So you have a regulatory environment that's that is going to continue to be much easier, tax environment where you have certainty, corporate profits that remain quite strong and resilient, huge amounts of investments still to come in the core infrastructure that got done in the last administration, very little of which has still been spent, that is going to continue to be a gift that keeps giving.

在我看來，其中很大一部分將以與酒店業成長和客房晚數相關性最高的領域的形式出現，即 NRFI，非住宅固定投資。因此，監管環境將繼續變得更加寬鬆，稅收環境也將更加確定，企業利潤將保持強勁和韌性，上屆政府對核心基礎設施的投資仍將非常巨大，其中只有極小一部分已經投入使用，這些都將持續給予我們禮物。

On top of that, investment that's going on in terms of AI and related areas, data centers, energy around it, and the reshoring not of everything that our population consumes, but some of the critical elements, again, the chip spill, that's just getting rolling and there are other critical elements from a national defense point of view, where we are going to reassure some of these things, and all of those things require over the next two, three, four, probably you know the next five plus years.

除此之外，我們還在人工智慧和相關領域、資料中心、相關能源方面進行投資，雖然不是所有人口消費品的回流，但一些關鍵要素，例如晶片洩漏事件，正在開始，從國防的角度來看還有其他關鍵要素，我們將確保其中一些事情的安全，所有這些事情都需要在未來兩、三、四年，甚至五年以上的時間裡完成。

But I think it's hard to look five years over the next two or three years, huge amounts of activity and investment. What we have found, again, a very high [out] squared for on a slight lag on non-residential fixed investment. My belief is you're going to start, I mean, whether it's in the fourth quarter, I don't know. I gave you the reasons why we feel better about the fourth quarter, and we've been pretty good at forecasting, so I'd say we feel pretty good about that.

但我認為，很難預測未來兩三年內會出現的大量活動和投資。我們再次發現，非住宅固定投資略有滯後，其平方非常高。我相信你會開始，我的意思是，無論是在第四季度，我不知道。我向你們解釋了為什麼我們對第四季感覺更好，而且我們的預測一直都相當準確，所以我想說我們對此感覺相當良好。

But as I think about '26, '27, '28, I think lifting up above all this crazy noise, I actually, I am an optimist, self-declared, but I think there are legitimate reasons to feel really really good about demand and then at the same time, while we outperform from the same point of our growth and our development story, which I'm sure we'll get to, so I won't get into that on my current filibuster.

但是當我想到 26、27、28 年時，我認為拋開所有這些瘋狂的噪音，我實際上是一個樂觀主義者，自稱如此，但我認為有合理的理由對需求感到非常非常樂觀，同時，我們的表現也將超越我們的增長和發展歷程，我相信我們會達到這個目標，所以我不會在目前的冗長辯論中討論這個問題。

I'll wait supply growth in the industry is at the lowest levels that we've really ever seen because all the noise in the system coming out of COVID meant there wasn't a lot of money available. And now all the noise in the system around what's been going on in the last six or 12 months between an election and tariff issues and tax uncertainty, these things are getting nailed down, but there's a lag effect. And so you're going to be in a super cycle -- continued super cycle of very, very low over the next several years, increases in new supply.

我會等待行業的供應成長達到我們所見過的最低水平，因為系統中來自 COVID 的所有噪音意味著沒有太多可用資金。現在，圍繞過去六個月或十二個月選舉、關稅問題和稅收不確定性等事件的所有噪音都在不斷湧現，這些事情正在解決，但存在滯後效應。因此，你將進入一個超級週期——未來幾年將繼續處於非常非常低的超級週期，新供應將會增加。

So Again, we can talk about quarters. I know you have to -- I know our investors, many of them are, some care more than others. But my job, I think, is to like lift up above the noise and try and give you a sense of sort of the real, what I see the real -- the title shifts. And I think the title shifts are hard to see when you have this much noise, but I think if you lift up the title shifts feel awfully good to me.

因此，我們可以再次討論季度。我知道你必須——我知道我們的投資者，他們中的許多人都是，有些人比其他人更關心。但我認為，我的工作是超越噪音，試著讓你感受到真實的感覺，我所看到的真實——標題改變了。而且我認為，當有這麼多噪音時，標題的變化很難看出來，但我認為如果你抬起標題的變化，我會感覺非常好。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hey, thank you. Speaking of tidal shifts, you did mention that you're still expecting modest declines in China for RevPAR. Maybe pivoting to the development side in that market. What development trends are you seeing there? And if we continue to see weakness in that market or other factors maybe impacting development, where do you see the biggest opportunities to backfill any pockets of weakness, that could come up in that market, maybe looking around the world?

嘿，謝謝你。說到潮流變化，您確實提到過，您仍然預計中國的平均可售房收入 (RevPAR) 會略有下降。也許會轉向該市場的發展面。您在那裡看到了哪些發展趨勢？如果我們繼續看到該市場疲軟或其他因素可能影響發展，您認為填補該市場弱點的最大機會在哪裡，也許放眼全球？

Yeah, That's a great question. We do expect modest declines. I mean when we started the year, we had -- as you know, I think we talked about it on a prior call or two, we expected to have a little bit of growth in China same-store. I think we went to flat last time. And I think with what's going on in China at the moment, which is an austerity campaign to sort of make sure that they can get the real estate sector righted they can put themselves in a good position for whatever trade deals they need to make.

是的，這是一個很好的問題。我們確實預計會出現小幅下降。我的意思是，當我們今年年初時，我們——如你所知，我想我們在之前的一兩次電話會議上討論過這個問題，我們預計中國同店銷售額會略有增長。我想我們上次去的是公寓。我認為，鑑於中國目前正在採取的緊縮政策，他們確保能夠糾正房地產行業的問題，從而為任何必要的貿易協議做好準備。

At the moment, that is rippling through in a way that it's not dramatically impacting the business. But on the margin, we expect to be a little bit down. Having said that, I would say, listen, I wouldn't -- like right now, and I've said this on many calls and not that I'm in the middle of it, but I think we are sort of as two countries to a degree, inexorably linked to one another.

目前，這項影響還未對業務產生巨大影響。但在邊際上，我們預計會略有下降。話雖如此，我想說，聽著，我不會——就像現在一樣，我在很多電話會議上都說過這一點，並不是說我身處其中，但我認為我們在某種程度上就像兩個國家，密不可分地相互聯繫在一起。

I think our Treasury Secretary said this morning on Bloomberg or I thought I saw somewhere like the idea isn't to decouple. It's just to have a different kind of agreement with one another. You can sort of see that we already have some of the trade deal done. I think you can see a path to a rational outcome with China from a US, China trade point of view, which I think then makes their dealings with the rest of the world, much, much easier.

我認為我們的財政部長今天早上在彭博社上說過，或者我認為我在某個地方看到過類似的想法，即不要脫鉤。這只是彼此之間達成的一種不同協議。您可以看到我們已經完成了部分貿易協定。我認為，從中美貿易的角度來看，可以看到一條與中國達成合理結果的道路，這將使他們與世界其他國家的互動變得更加容易。

And so part of what's going on there, again, is austerity related to being braced for whatever might come. As those things sort of hopefully work themselves out, I think China is same-store business will pick up steam. China is a big population. We've talked about it 1,000 times.

因此，現在正在發生的部分事件是與為可能出現的任何情況做好準備有關的緊縮政策。隨著這些事情有望得到解決，我認為中國的同店業務將會加速發展。中國人口眾多。我們已經討論過這個問題一千次了。

They love to travel. They want to travel. It's just right now, they're sort of like clamping down on consumption in a bunch of different ways. I suspect that is a relatively short-lived experience. On the development side, we still see terrific activity again, you have to sort of -- again lifting way up.

他們喜歡旅行。他們想去旅行。只是現在，他們正在用各種不同的方式來限制消費。我懷疑那隻是一次相對短暫的經驗。在發展方面，我們仍然再次看到了出色的活動，你必須再次提升。

I mean China will have ups and downs. By the way, the US economy has ups and downs, recessions, like they're a big, complicated economy, they're going to have they're going to have the same thing. But underneath it is that the capacity, meaning the number of hotel rooms per capita in China is like crazy lower than other large economies, including our economy, like a fraction of it.

我的意思是中國會有起伏。順便說一句，美國經濟有起有落，有衰退，就像一個龐大而複雜的經濟體，他們會遇到同樣的事情。但背後的原因是，中國人均飯店客房數量，與其他大型經濟體（包括我國）相比，簡直是低得可憐，只是其中的一小部分。

So they are undersupplied in what we do in other forms of real estate, some of the [resi], some of the commercial retail, they may be oversupplied, certainly in certain markets. But in our business, they are broadly undersupplied. So you have people, large populations want to travel, eventually will travel.

因此，我們從事的其他形式的房地產供應不足，有些[住宅]、一些商業零售，在某些市場可能供應過剩。但在我們的業務中，它們普遍供應不足。所以，大量的人想要旅行，最後都會去旅行。

They will also travel outside the United States or outside of China, which is a big deal. You have a very -- much more limited supply hotels in that market. And importantly, you have a real estate market, which has been part of their problem that needs to be reformatted. And we are becoming a really important part of the solution of taking, as we've talked about on prior calls, some of these got cities and buildings and turn them into active, productive uses.

他們還將前往美國境外或中國境外，這是一件大事。該市場上的酒店供應量非常有限。重要的是，你們有一個房地產市場，這是他們的問題的一部分，需要重新格式化。正如我們在之前的電話會議中討論的那樣，我們正在成為解決方案中非常重要的一部分，將其中一些城市和建築物轉變為積極、富有成效的用途。

And so the net impact of all that is in the development world, and Kevin add whatever he wants to add. I mean, we're going to see all our metrics up year-over-year. We're going to sign more deals. We're going to start more under construction. This year in China than we did last year.

因此，所有這些的淨影響都集中在開發領域，而 Kevin 可以添加他想添加的任何內容。我的意思是，我們將看到我們的所有指標逐年上升。我們將簽署更多協議。我們將開始進行更多的建設。今年我們在中國的表現比去年好。

So we are continuing to be -- see quite favourable conditions. And eventually, I do believe the same store will come back and support it. And what we're hearing from owners in that market is the economics support it. And why would that be in a slower economy because it's undersupplied.

因此，我們將繼續看到相當有利的條件。最終，我相信同一家商店會回來並支持它。我們從該市場的業主那裡聽說，經濟狀況支持這樣做。為什麼在經濟放緩的情況下會出現這種情況，因為供應不足。

Dan Pulitzer, JP Morgan.

丹‧普立茲，摩根大通。

Hey, good morning, everyone. Thanks for taking my question. I just wanted to follow up on net unit growth. It sounds like, Chris, you are kind of reinforcing that 6% to 7%, which is, I think you're the term used was solidly in that range, this has been an area we've done a lot of very.

嘿，大家早安。感謝您回答我的問題。我只是想追蹤淨單位成長情況。聽起來，克里斯，你有點在強調 6% 到 7% 的說法，也就是說，我認為你使用的術語確實在這個範圍內，這是我們做了很多工作的領域。

I did very intentionally.

我故意這麼做的。

Yeah, it seems emphatic, so I wanted to kind of go back to that, I guess what's driving the reinforced confidence there -- has there been a pivot in the conversations, that you've had in the development community, or is this more of a reflection of some of those brands coming in line or just, elevated conversions if you can kind of parse it out.

是的，這似乎很有說服力，所以我想回到這個問題，我想是什麼推動了那裡增強的信心 - 您在開發社區中的對話是否發生了轉變，或者這是否更多地反映了其中一些品牌的加入，或者只是提高了轉化率，如果您可以分析一下的話。

Yeah, I think it's a little bit of everything, obviously we're continuing to have really good success on conversions with a bunch of great conversion brands we're going to add a. At least a couple more conversion brands probably by the end of the year that we think are going to add to that. The brands continue to perform really well, so the feedback from the owner community is strong, you know.

是的，我認為這是各方面都有所涉及，顯然，我們將透過一系列優秀的轉換品牌繼續在轉換方面取得良好的成功，我們將添加一些。我們認為，到今年年底，至少還會有更多轉換品牌加入其中。這些品牌繼續表現良好，因此來自業主社群的回饋很強烈，你知道的。

Things being, sort of disrupted around the world is good, it may be bad for new construction, but it's actually quite good for conversion activity. So, we feel good about that, and I would say the increase we've been confident, I've been saying we will be in the 6% to 7% range and I'm a little bit more emphatic because of that part of the story, but it's also starts.

目前，世界各地發生的一些混亂是好事，對新建築來說可能是壞事，但對轉換活動來說實際上相當好。因此，我們對此感到滿意，我想說我們對成長很有信心，我一直說我們將在 6% 到 7% 的範圍內，而且由於故事的這一部分，我更加強調這一點，但它也才剛剛開始。

I mean, our starts are going to be up 16%, 17% this year and once they start, almost 99%, 100% of the time they finish and so we've had -- we've seen those numbers even in a very, challenging environment, take up. So that makes us feel really good. I mean, we're the biggest pipeline in our history, half of it's under construction, we continue to see, more and more going under construction. The brands are performing well and when we model it out, we feel like we're solidly in that zone and feel good about it.

我的意思是，今年我們的開工率將上升 16% 到 17%，而且一旦開工，幾乎 99% 到 100% 的時間都能完工，所以我們已經看到——即使在非常具有挑戰性的環境中，這些數字也在上升。這讓我們感覺非常好。我的意思是，我們擁有歷史上最大的管道，其中一半正在建設中，我們繼續看到，越來越多的管道正在建設中。這些品牌表現良好，當我們將其模擬出來時，我們感覺我們穩固地處於那個區域並且對此感到滿意。

Dvid Katz, Jefferies.

傑富瑞的戴維‧卡茨 (Dvid Katz)。

Good morning, everybody. Thanks for thanks for taking my questions. Look, what I wanted to really get at is there's some building momentum on the luxury side of things. And if you could just give us some general commentary about what that implies about the economic intensity and the long-term potential, or volatility and RevPAR, that that brings your system, I'd love just some perspective on that. Thank you.

大家早安。感謝您回答我的問題。瞧，我真正想要了解的是，奢侈品方面的發展勢頭正在增強。如果您能給我們一些一般性的評論，說明這對您的系統帶來的經濟強度和長期潛力，或波動性和 RevPAR 意味著什麼，我很想聽聽您對此的看法。謝謝。

Not sure I fully understand the question, but I'll answer what I think it is, David, and you can.

我不確定我是否完全理解了這個問題，但我會回答我的想法，大衛，你可以。

I think, I can rephrase it --

我想我可以重新表達一下--

No, you can course correct me. Listen, we are super focused in luxury and lifestyle. Obviously, luxury is a relatively small smaller component. Lifestyle, we have a whole bunch of existing grains. We have a whole bunch of new brands. And the reason we're doing it luxury, while I've said many times, we're never going to that's not a bulk of the profitability of the company is ever going to come from.

不，你可以糾正我。聽著，我們非常注重奢侈品和生活方式。顯然，奢侈品是一個相對較小的組成部分。生活方式，我們有很多現有的穀物。我們有很多新品牌。儘管我已經說過很多次，但我們之所以選擇做奢侈品，是因為我們永遠不會把奢侈品當作公司獲利的主要來源。

It becomes an important part the whole halo effect of our broader network effect and Hilton Honors and loyalty, and giving people the choices they want when they want those. And we feel super good about what we have going on in luxury. The SLH deal is working really, really well in terms of what the metrics that the owners are the benefit that the owners that SLH are getting and the benefit that our Hilton Honors members are getting that we anticipated our core luxury brands, particularly Waldorf, I talked about New York, by the way.

它成為我們更廣泛的網路效應、希爾頓榮譽客會和忠誠度的整體光環效應的重要組成部分，並在人們需要時為他們提供他們想要的選擇。我們對於自己所擁有的奢華感到非常滿足。SLH 交易進展非常順利，從業主獲得的利益、SLH 業主獲得的利益以及希爾頓榮譽客會會員獲得的利益來看，我們預計我們的核心奢侈品牌，特別是華爾道夫，順便說一下，我談到了紐約。

If you haven't been in New York, go and see it, it's spectacular. I'm sure everybody that's in New York will eventually get through it, you'll be at some events there. But we're making tremendous progress with all our luxury brands, but particularly Waldorf, we have pretty open, 33 in the pipeline, we're going to open six Waldorfs this year. in some of the most -- New York, I would say, probably the most important luxury hotel, not just for us, but probably for anybody in the world. So we're making really good progress. Our customers like it and we'll continue to grind and those are complicated.

如果你還沒去過紐約，去看看吧，那裡非常壯觀。我相信每個在紐約的人最終都會度過難關，你會參加那裡的一些活動。但是，我們所有的奢侈品牌都在取得巨大的進步，尤其是華爾道夫酒店，我們已經開設了相當多的品牌，有 33 家酒店正在籌備中，今年我們將開設 6 家華爾道夫酒店。我想說，在一些最重要的地方——紐約，可能是最重要的豪華酒店，不僅對我們而言，而且對世界上任何人來說都可能如此。所以我們正在取得非常好的進展。我們的客戶喜歡它，我們會繼續努力，這些都是複雜的。

And as I said, they're part of the help prime the pump of loyalty and other things, but I think they are never going to be a disproportionate piece of the puzzle in terms of bottom line profitability, but they're important and that's why we focus on it. Lifestyle is a little bit different. I mean lifestyle can a collection brand that's upscale micro urban brand like Motto all the way up to NoMad and luxury lifestyle and everything in between and in the end, when you add it all up, lifestyle is a mega category, it can be thousands of hotels, that we have found like everybody else that there are customers, particularly younger customers, that love our core products, and they stay in them, but they really want these sometimes for some of their needs in certain -- for certain trip occasions.

正如我所說的，它們是幫助激發忠誠度和其他因素的一部分，但我認為，就底線盈利能力而言，它們永遠不會成為不成比例的一塊，但它們很重要，這就是我們關注它的原因。生活方式有點不同。我的意思是，生活方式可以是一個集合品牌，從像 Motto 這樣的高檔微型城市品牌一直到 NoMad 和奢華生活方式，以及介於兩者之間的一切，最後，當你把所有這些加起來時，生活方式是一個龐大的類別，它可以是數千家酒店，我們發現，像其他人一樣，有些顧客，特別是年輕，喜歡我們的核心，他們會住在某些產品中的需求。

And so we've obviously been super focused on it. As I mentioned, we're going to have two or three more brands that I mentioned on the last call, sort of in the upscale, upscale plus areas of lifestyle that we think have real scalability opportunities. And what we're trying to do, not to -- again, I like to lift up is just build the most powerful network effect.

因此我們顯然非常關注這一點。正如我所提到的，我們將新增兩到三個我在上次電話會議上提到的品牌，這些品牌屬於高檔、高檔及生活方式領域，我們認為這些領域具有真正的可擴展機會。而我們正在嘗試做的，不是為了——再說一遍，我想強調的是，只是建立最強大的網路效應。

I said when we went public and I say it to our teams all the time, the more that we can serve any customer for any need they have anywhere in the world they want to be, the more powerful the system is, the higher we can drive market share the more loyalty members we get, the lower distribution costs become and so it goes. And so lifestyle we hit 1,000 with luxury lifestyle.

當我們上市時，我就說過，而且我一直對我們的團隊說，我們越能滿足世界各地客戶的任何需求，我們的系統就越強大，我們就能提高市場份額，我們就能獲得越多的忠誠會員，分銷成本就越低，等等。因此，我們的生活方式達到了 1,000 種奢華生活方式。

I think that the addressable market is into the many of thousands, not necessarily the luxury piece of it is for the reasons I described. But with the broad range of lifestyle at different price points. And so we're super focused on it, super excited about it and I think making terrific progress.

我認為，可尋址市場有數千個，不一定是奢侈品市場，原因如上所述。但生活方式卻因價位不同而不同。因此，我們對此非常關注，非常興奮，我認為我們取得了巨大的進展。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Good morning everyone and thank you for taking our questions. Just wanted to try and expand on convergence a little more if we can. Can you talk about what you're seeing in the current environment, both domestically and internationally? How much key money is being used in addition, what do you view as the addressable market for conversions, including some of the bulkier 500-plus to 1,000-plus unit deals?

大家早安，謝謝你們回答我們的問題。如果可以的話，我們只是想嘗試進一步擴大融合。您能談談您所看到的當前國內和國際環境嗎？此外，使用了多少關鍵資金，您認為轉換的潛在市場是什麼，包括一些較大的 500 多到 1,000 多單位的交易？

I think it's a good question, Steve. I'll just give you some of the -- just some of the conversion stats. 33% of our deals in the quarter were conversions. That's up 50%. We expect it's going to be 40% for the year, that addressable market, there's -- look, if you think about parts of the world like Europe in particular, where there's a lot more unbranded hotels, then there are branded hotels and then you think about we take -- I think at the end of the day, you have to come back to we take share. I mean, Chris implied this in his early answer, but how do you have confidence in six to seven?

我認為這是個好問題，史蒂夫。我只會給你一些——一些轉換統計數據。本季我們的交易中有 33% 是轉換的。漲幅達 50%。我們預計今年的潛在市場份額將達到 40%，你看，如果你考慮一下世界部分地區，特別是歐洲，那裡有更多的非品牌酒店，然後也有品牌酒店，然後你想想我們的份額——我認為到最後，你必須回到我們的份額上。我的意思是，克里斯在他早期的回答中暗示了這一點，但是你怎麼對六到七有信心呢？

How do you have confidence that you can fill in conversions when the new construction environment is a little bit slower. Well, part of it is that you fish where the fish are, right? Developers want to do deals. And when new construction gets a little bit harder, by the way, our new construction is fine. And our brands are more financeable than our competitors' brands. And so we take share in new construction.

當新的施工環境稍微慢一點的時候，你怎麼有信心可以完成轉換。嗯，部分原因是你在有魚的地方釣魚，對嗎？開發商想要達成交易。順便說一句，當新建築變得有點困難時，我們的新建築就很好。我們的品牌比競爭對手的品牌更具融資能力。因此我們參與了新建築的興建。

So that's a good story. I don't want to discount that. But then you talk about brands that are perform less well, particularly in a softer demand environment, where people are seeking better performance and better RevPAR index driven by our network effect the addressable market, I mean, we could do the math is huge, right, because you have all the independent hotels and then you have all the hotels where you have an existing brand where either the contracts coming due who are the contracts coming due and it can perform better, right?

這是一個好故事。我不想忽視這一點。但是，然後您談到表現不佳的品牌，特別是在需求疲軟的環境中，人們尋求更好的表現和更好的 RevPAR 指數，這受到我們網絡效應可尋址市場的驅動，我的意思是，我們可以做的數學運算是巨大的，對吧，因為您擁有所有的獨立酒店，然後您擁有所有擁有現有品牌的酒店，這些酒店要么有即將到期的合同，要么您擁有

And so we have a lot of confidence in our conversion strategy. Bigger hotels, you're starting to see, you'll see a couple between now and the end of the year that we can't talk about yet, where there are larger hotels, right, 700, 800 room hotels that are independent and sort of in this environment don't want to go it alone. So we're coming in and converting to our brands. So it's sort of all of the above, and we really believe that the strength of our brands gives us a leg up in conversions.

因此，我們對我們的轉換策略非常有信心。您開始看到更大的酒店，從現在到年底，您會看到幾家更大的酒店，我們現在還不能談論這些酒店，這些更大的酒店有 700 間或 800 間客房，都是獨立的，在這種環境下，它們不想單獨行動。因此我們進入並轉向我們的品牌。所以，以上都是原因，我們確實相信，我們品牌的實力能讓我們在轉化上佔有優勢。

And then key money, I'd say not really that much, that it really hasn't changed all that much. It is a slightly more competitive environment. We have been very disciplined, right? We still have -- of our rooms under construction, we only use key money on 8% of the deals. And so that's sort of consistent with long-term trends even in an environment where our competitors are using a little bit more to try to claw back some of the share that we're taking from them.

至於禮金，我想說其實沒有那麼多，它實際上並沒有太大的變化。這是一個競爭稍微激烈一點的環境。我們一直都很自律，對吧？我們仍然有——在我們正在建造的房間中，我們只在 8% 的交易中使用禮金。因此，這與長期趨勢是一致的，即使我們的競爭對手正在加大投入，試圖奪回我們從他們手中奪走的部分市場份額。

And so it's not -- in the higher end, when you get into luxury and conversions of larger hotels, it does get competitive because you just have more brands chasing it. But I think overall, our ranges of use in terms of dollars and percentage of deals are going to remain very consistent.

所以事實並非如此——在高端領域，當你進入豪華酒店和大型酒店的改造時，它確實會變得有競爭力，因為你有更多的品牌追逐它。但我認為總體而言，我們在美元和交易百分比方面的使用範圍將保持非常一致。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great, I'm trying to figure out which are my two questions please for my one. I guess I'll go with that. Kevin, (laughter) I'm going to try and stick to it. Kevin, you had meant the timing of non-RevPAR fees. I wonder if you could just give a little bit of color around -- I don't know if that sounds like something pulled forward that you thought maybe would have come in the second half of the year, that kind of thing?

太好了，我正在嘗試弄清楚我的兩個問題是什麼。我想我會同意的。凱文，（笑聲）我會盡力堅持下去。凱文，你指的是非 RevPAR 費用的時間。我想知道您是否可以稍微解釋一下——我不知道這聽起來是否像是您認為可能會在下半年發生的事情之類的？

Or just kind of quantify that a little? And also, I assume that your guidance probably had included the idea that you would have had a couple of resorts that were owned by Playa, that you would get termination fees from. Was that in your guidance? Did that -- was that in Q2? Or is that more fall in Q3?

還是只是稍微量化一下？而且，我認為您的指導可能包括這樣的想法：您將擁有幾個由 Playa 擁有的度假村，您可以從中獲得終止費用。這是你的指導嗎？那是在第二季嗎？或者第三季還會進一步下滑？

Yeah, That's all fair. I'll take the second half first, because the second part first because it's easier. Yes, we -- there were some termination fees, that some of which has been highly publicized because it was part of a public transaction, that was timing from third -- we expected in the third quarter, came in the second quarter. It was all built into our guidance.

是的，這很公平。我會先講後半部分，因為第二部分比較簡單。是的，我們 - 有一些終止費用，其中一些已被廣泛宣傳，因為它是公開交易的一部分，這是從第三季度開始的時間 - 我們預計在第三季度，但實際上在第二季度。這一切都已納入我們的指導中。

The reason we said predominantly timing is it was almost all built into our guidance, right? You had a little bit of movement here and there on FX and a couple of other things on RevPAR. But largely, it was timing of you get termination fees some of the other ancillary lines of business that are non-RevPAR driven, and a little bit of corporate expense that we view as almost entirely timing, and that's why you saw us keep our guidance consistent for the year.

我們之所以說主要是時機，是因為它幾乎都融入了我們的指導中，對嗎？您在外匯和 RevPAR 的其他一些方面有一些變動。但很大程度上，這是您獲得終止費用的時機，其他一些非 RevPAR 驅動的輔助業務線，以及我們認為幾乎完全是時機的一點點公司費用，這就是為什麼您看到我們保持全年指導一致的原因。

Okay, great, thanks. And any, I don't know if you can break out like the dollar amount that sort of shifted maybe into Q2 from Q3, and then I'll hop back in line for my other question.

好的，太好了，謝謝。無論如何，我不知道您是否可以列出從第三季轉移到第二季的美元金額，然後我會回到我的另一個問題。

No, I'm just going to keep it to what I said, Robin, which is largely timing.

不，我只是要堅持我所說的，羅賓，這主要是時間問題。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning. Thanks for taking my question. So I just wanted to drill in on Spark. The prepared commentary is pretty clear, right? You have 170 open, 200 in the pipeline. I think there's a concern floating around out there that the first sort of wave of Spark are lower hanging fruit. And then the next wave would sort of take a little bit longer to get done and perhaps contribute less to net unit growth over sort of maybe the same period of time. Is there any sort of -- is there any truth to that? And if so, maybe you can just help us understand which conversion brands are going to -- would make up for that.

早安.感謝您回答我的問題。所以我只是想深入研究 Spark。準備好的解說已經很清楚了，對吧？您有 170 個已打開，200 個正在籌備中。我認為大家普遍擔心第一波 Spark 浪潮是比較容易實現的。然後，下一波浪潮可能需要更長的時間才能完成，並且在同一時間段內對淨單位成長的貢獻可能會較小。有沒有什麼──這是事實嗎？如果是這樣，也許你可以幫助我們了解哪些轉換品牌將會彌補這一點。

Yeah, well, the second part first, there's all our other conversion brands are performing well. And as I mentioned, we're going to have a couple more by the end of the year, that we think will add meaningfully to growth. But that doesn't take anything away from Spark. I don't know what the noise out there is probably most likely coming from our competitors, and I'll leave it at that. But Spark's doing great.

是的，首先是第二部分，我們所有其他轉換品牌都表現良好。正如我所提到的，到今年年底，我們將再推出幾款產品，我們認為這些產品將對成長產生重大影響。但這不會對 Spark 造成任何影響。我不知道外面的噪音最有可能來自我們的競爭對手，我就不多說了。但 Spark 表現很好。

We -- as I said, we have 170 open, 200 in the pipeline. My goal is by the end of next year to have 400 of those plus open, I think we will [Y400] because I think we can generally prove sort of semi scientifically that when you get a system size, if it's distributed, the right way, particularly here, it's largely starting out of the US, it starts to take on a life of its own.

正如我所說，我們有 170 個開放的項目，還有 200 個正在籌備中。我的目標是到明年年底有 400 個這樣的中心開放，我想我們能做到 [400] 因為我認為我們可以從半科學的角度來證明，當你達到一個系統規模時，如果它是以正確的方式分佈的，特別是在這裡，它主要是從美國開始的，它就會開始有自己的生命力。

The key to being able to get there and keep the momentum is obviously performance always and market share. Spark is now the highest if you look at our comparable hotels, which now is gone from a very small set of hotels to a growing and decent size set. It's the highest market share brand that we have. So it is performing exceptionally well. I've also heard noise out from others in the market that Spark is not all it's cracked up to be performance-wise. That's a bunch of [Hui].

實現這一目標並保持勢頭的關鍵顯然是始終保持業績和市場份額。如果你看一下我們可比的酒店，Spark 現在是最高的，它已經從一小群酒店發展成為一個不斷增長且規模相當大的酒店群。這是我們市佔率最高的品牌。因此它的表現非常出色。我還聽到市場上其他人的聲音說，Spark 的性能並不像人們所吹噓的那麼好。這是一堆[回]。

It's literally the highest market share brand, and we have some very high market share brands. So I feel very good about that. And as I mentioned in the prepared comments, we got a -- it's a big world out there, right? So we've got India that we've done deal. We've got -- we mentioned Saudi Arabia. We mentioned Puerto Rico, Europe is just getting cranked up. They're Latin America, we're just getting cranked up.

它確實是市場佔有率最高的品牌，而且我們還有一些市場佔有率非常高的品牌。所以我對此感覺非常好。正如我在準備好的評論中提到的那樣，我們得到了一個——外面的世界很大，對吧？因此，我們已經與印度達成協議了。我們提到了沙烏地阿拉伯。我們提到了波多黎各，歐洲才剛開始發展。他們是拉丁美洲人，我們才剛起步。

So No, I'm not -- I believe we are on course to deliver a spectacular brand, that will continue adding to our growth through conversions by driving extraordinary performance for those owners that sign up with us. Again, I'll go back to reinforce. That doesn't mean it's the only engine of growth. I think we have a bunch of others that continue to add significantly DoubleTrees, obviously a huge contributor as well as tapestry Curio and we are, as I mentioned last time, in the putting the finishing touches on another collection brand in lifestyle that is sort of in the Tapestry zone, but just for more unique assets.

所以，不，我不是——我相信我們正走在打造一個卓越品牌的道路上，它將通過為與我們簽約的業主帶來非凡的業績，繼續通過轉化來促進我們的成長。再一次，我會回去增援。這並不意味著它是唯一的成長引擎。我認為我們還有其他一些品牌繼續大幅增加我們的產品，例如 DoubleTrees，它顯然是一個巨大的貢獻者，還有 Tapestry Curio，正如我上次提到的那樣，我們正在對生活方式領域的另一個系列品牌進行最後的潤色，這個品牌有點像 Tapestry 領域，但只是為了獲得更多獨特的資產。

And we think the addressable market there is very, very large, and we already honestly are out talking to owners and putting deals together and we'll talk more about it when we have a name and a little bit more substance. But that gives you a sense of how excited ownership community is that we don't even have a name.

我們認為那裡的潛在市場非常非常大，我們已經在誠實地與業主進行交談並達成交易，當我們有了名字和更多實質內容時，我們會進一步討論這個問題。但這讓你感受到所有權社區是多麼興奮，因為我們甚至沒有名字。

We have the concept and and they're willing to sign up. So it's a multifaceted approach. It's not in any way overdependent on Spark, but Spark is doing great, and we'll will continue to be a great contributor for many, many, many years to come.

我們有這個概念，而且他們也願意簽約。所以這是一個多方面的方法。它不會以任何方式過度依賴 Spark，但 Spark 表現得很好，而且我們將在未來的許多年裡繼續成為偉大的貢獻者。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Good morning, thanks for taking the question. I guess also last year you did a couple, partnerships like with SLH and some inorganic things with NoMad and Graduate. I'm curious what your appetite is today and, on the go, forward into doing, more of these and whether that kind of 6% to 7% unit growth, that you're kind of talking about, if that's organic or if it includes any kind of other partnerships or small deals that you might do.

早上好，感謝您回答這個問題。我想去年您也做了一些合作，例如與 SLH 的合作，以及與 NoMad 和 Graduate 的一些無機合作。我很好奇您今天的興趣是什麼，以及在未來做更多這些事情的意願是什麼，以及您所說的 6% 到 7% 的單位增長，是有機增長還是包括您可能做的任何其他合作或小交易。

No. I think the way you should think about that is it's organic. And that -- like we're very happy with all three of those. Now I view as organic, although the bulk of that came into the system last year. There'll be a little bit that comes in this year, with NoMad and Graduate, we're super excited about how those are going. We even have some things to continue to offshoots in the Graduate world and all the accommodations and other approaches to being able to monetize our core business, that acquisition.

不。我認為你應該這樣看待這個問題：它是有機的。而且──我們對這三件事都非常滿意。現在我將其視為有機的，儘管其中大部分是去年進入系統的。今年還會有一些新作品，像是 NoMad 和 Graduate，我們對它們的進展感到非常興奮。我們甚至還有一些事情要繼續在研究生世界中開展，以及所有的住宿和其他方法，以便能夠將我們的核心業務（即收購）貨幣化。

And so we're super excited about the -- how those are going and the returns that we'll get on them. But you listen for -- I've been here 18 years and other than those two things really with SLH being a partnership, NoMad and Graduate. We've not acquired anything. So it's not to say this, and I'm required to never say never we could. But that's not what our focus is. Our focus was is why I put it in my comments, is on getting back to brand building the way we do it.

因此，我們對這些進展以及我們將獲得的回報感到非常興奮。但你聽著——我已經在這裡 18 年了，除了這兩件事之外，SLH 實際上是合作夥伴，NoMad 和 Graduate。我們什麼都沒得到。所以這並不是說，而且我被要求永遠不要說我們永遠不能。但這不是我們的重點。我們的重點是我在評論中提出它的原因，即以我們的方式重新進行品牌建設。

Where we see legitimate white spaces that are opportunities to continue to build our network effect and add to our growth. So the entire organizational focus is there. we're not out sort of bounty hunting to do acquisitions. So the way you should think about the 6% to 7% is that, that does not imply we're going to go out and buy anything. That implies our existing and new brands are going to deliver that kind of growth.

我們看到合法的空白領域是繼續建立我們的網路效應並促進我們成長的機會。所以整個組織的重點都在那裡。我們並不是出去進行某種形式的賞金狩獵來收購。因此，您應該這樣看待 6% 到 7% ：這並不意味著我們要出去購買任何東西。這意味著我們現有的和新的品牌將實現這種成長。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Thanks. Good morning. I just wanted to go back to fundamentals and your positive momentum comment. But are you seeing group leads actually convert to more signed contracts? Or is there still a [gap] there? And then similarly on BT. Are you seeing any momentum recently in terms of a pickup in demand or bookings? Thanks.

謝謝。早安.我只是想回到基本面和你對積極勢頭的評論。但您是否看到團體領導實際上轉化為簽署了更多合約？或者那裡仍然存在[差距]？然後在 BT 上也是如此。您最近是否看到需求或預訂量有所回升？謝謝。

Yeah, I sort of said it's a really good question, Michael. And I tried to address it in various comments I've made and I'll say it again. Yes, we are, but very early days. I mean we're coming out of this very noisy period. And I think there's sort of a recovery, we're in a recovery zone where things have definitely stabilized.

是的，我認為這是一個非常好的問題，邁克爾。我嘗試在各種評論中解決這個問題，我會再說一次。是的，我們正在這樣做，但還處於早期階段。我的意思是我們正走出這個非常喧鬧的時期。我認為這是一種復甦，我們正處於復甦區，一切已經完全穩定下來。

You can go look at what all the airlines said, and you can sort of get that same thing. Things have sort of stabilized. And if you look at very recent data trends, I think you could start to say what I said earlier that the great -- you're going from the great wait and see to the great [thaw] happening, but it's early. It is really early, which, again, not to be a Pollyanna. That's why I said like it's happening.

你可以看看所有航空公司的說法，你就會得到同樣的結論。情況已經趨於穩定。如果你看一下最近的數據趨勢，我想你就會開始說我之前說過的偉大——你正從偉大的觀望階段走向偉大的解凍階段，但現在還為時過早。現在確實還為時過早，但這並不意味著我們太樂觀了。這就是為什麼我說它正在發生。

I mean, these things are happening I think it's undeniable, sort of the bigger picture, the title movements that are going on, exactly what month you start to see it light up or the after merger, so to speak, to go on it. It's really -- that's very hard to judge. But I -- but we are seeing the far occur. It's clearly been stable, and now you're starting to see pockets and segments where people are booking.

我的意思是，這些事情正在發生，我認為這是不可否認的，從更大的角度來看，正在發生的標題運動，究竟在哪個月你會開始看到它亮起來，或者可以說是合併之後，繼續下去。這確實——很難判斷。但是我——但是我們看到的是遙遠的事情發生。它顯然已經穩定下來，現在你開始看到人們正在預訂的地區和部分。

And that's why I gave the booking data for group in '26 and '27 because people have the confidence to say, all right, I don't know what's going on right now, but I got a plan in advance, and they are booking to a point where we have high single-digit group position into '26 and '27.

這就是為什麼我提供了 26 年和 27 年團體預訂數據，因為人們有信心說，好吧，我不知道現在發生了什麼，但我提前有一個計劃，他們的預訂量已經達到了我們在 26 年和 27 年擁有高個位數團體排名的水平。

I think that's a super strong leading indicator of the psychology out there. But we're early in this reporting season, we're early in the third quarter, and we still have all this noise in the third quarter. I think it takes to the fourth quarter to get past some of the calendar shifts and holiday shifts.

我認為這是當前心理的一個超強領先指標。但我們正處於本報告季的初期，處於第三季的初期，而且在第三季我們仍然聽到各種噪音。我認為需要到第四季度才能度過一些日曆變化和假期變化。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi, thanks. I just wanted to ask you if you provide any kind of updated thoughts on your presence in the all-inclusive space noted a handful of properties were transitioned out due to M&A, is that still a big kind of focal area for your leisure guests? Are you kind of more focused on getting kind of near-term conversion opportunities there? Just kind of how do you think about, I guess, maybe backfilling some of those rooms.

你好，謝謝。我只是想問一下，您是否對您在全包式服務領域的存在提供了任何最新的想法，注意到由於併購，一些酒店被轉型，這對您的休閒客人來說仍然是一個重要的關注領域嗎？您是否更注重獲得近期的轉換機會？我想，您覺得如何，也許可以填滿一些房間。

Yeah, we feel -- listen, we've been focused in the AI space as everybody else. I think it's a good growth business. I don't -- it's obviously only applicable and limited market. So it's not the biggest growth opportunity that we see in the world, but it's an important one, which is why we focused on it.

是的，我們感覺——聽著，我們和其他人一樣一直專注於人工智慧領域。我認為這是一個很好的成長業務。我不這麼認為——它顯然只適用於有限的市場。因此，這不是我們看到的世界上最大的成長機會，但它是一個重要的成長機會，這就是我們關注它的原因。

The play, I think obviously worked out in a way that everybody knows, which set up reduced size by rooms of the portfolio that we open some other things. So we're not really particularly far off were 5,000 or 6,000 rooms that we have open if you look at the pipeline and other things that we have sort of under discussion, a similar level of active discussions. And we have found, again, for certain markets, it's a good outlet for redemptions for some of our most loyal honors members.

我認為，這個劇本顯然是以大家都知道的方式進行的，它透過縮小投資組合的房間來設置其他東西。因此，如果您看一下我們正在討論的管道和其他事項，您會發現我們距離開放 5,000 或 6,000 間客房的目標並不遙遠，而且我們也在進行類似程度的積極討論。我們再次發現，對於某些市場來說，這為我們最忠誠的榮譽會員兌換積分的良好管道。

So we will -- much like we've done in luxury and other areas, we will continue to move forward and continue to grow there. And we feel great about our performance and great about the growth opportunities, we just opened in the Dominican Republic last week, a beautiful big new Curio. We have a bunch of others of those coming. So again, it's important, it's not relative to a big global business. It's a relatively small part of our business.

因此，我們會——就像我們在奢侈品和其他領域所做的那樣，我們將繼續前進並繼續發展。我們對我們的業績和成長機會感到非常滿意，上週我們剛在多明尼加共和國開設了一家漂亮的全新 Curio 店。我們還有許多其他人即將到來。所以，再次強調，這很重要，它與大型全球企業無關。這只是我們業務中相對較小的一部分。

And I think when we wake up in five or 10 years, it will be a lot bigger than it is today, but it's not going to be a super large percentage of the overall business.

我認為，當我們在五年或十年後醒來時，它會比現在大得多，但它不會佔據整體業務的很大一部分。

Yeah, and I think, Smedes, we'll do both newbuilds and conversions. I mean, Chris referenced the Curio and the Dominican, that's a new build, but we also converted a Hilton on the beach in the hotel zone in Cancun there was a big conversion.

是的，我認為，Smedes，我們會進行新建和改裝。我的意思是，克里斯提到了 Curio 和 Dominican，那是新建的酒店，但我們也改造了坎昆酒店區海灘上的希爾頓酒店，這是一個很大的改造。

And so we'll do both. And I think, as Chris said, that space is important to us and important to our network effect, but you're also getting some pretty good concentration out there in that space, which should yield some conversion opportunities over time.

所以我們會同時做這兩件事。我認為，正如克里斯所說，這個空間對我們很重要，對我們的網路效應也很重要，但你也會在這個空間中獲得相當好的集中度，隨著時間的推移，這應該會產生一些轉換機會。

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 or closing remarks.

女士們、先生們，我們的問答環節到此結束。現在我想將電話轉回給克里斯·納塞塔 (Chris Nassetta)，請他發表任何補充或結束語。

Thanks, everybody. As always, we appreciate you spending an hour of your life with us to talk about it. As you can see in the dialogue today, obviously, coming out of liberation day and other things, there's been a decent amount of noise in the system. But I and we are very optimistic. I mean even in the middle of all that noise; we were able to give guidance sort of plus or minus media or beat it.

謝謝大家。像往常一樣，我們感謝您花一個小時與我們討論此事。正如您在今天的對話中看到的，顯然，在解放日和其他事件之後，系統中出現了相當多的噪音。但我和我們都非常樂觀。我的意思是，即使在所有這些噪音之中，我們仍然能夠給予一些指導，例如對媒體的正面或負面評價，或打敗它。

Even with declining modestly declining RevPAR is able to sort of deliver great bottom line results. I think it's a testament to the strength and resiliency of our model. development side, we're hitting on all cylinders. We are feeling incrementally better on the development, not worse, about delivering what we've said we're going to deliver in the 6% to 7% range. The biggest pipeline, great brand performance, more brands coming.

即使 RevPAR 略有下降，也能帶來豐厚的利潤。我認為這證明了我們模型的強度和彈性。在開發方面，我們正在全力以赴。我們對於實現我們所說的 6% 至 7% 範圍內的目標感到越來越好，而不是越來越差。最大的管道、出色的品牌表現、更多的品牌即將到來。

And I do believe that we have a reasonably very good setup coming from a fundamentals point of view in our largest market here in the US over the next two or three years. So notwithstanding a lot of noise, we feel very good about where we are. We will look forward to catching up with you after our third quarter and give you a little bit more insight as to what we see at that time.

我確實相信，從基本面的角度來看，未來兩三年內，我們在美國最大的市場將擁有相當不錯的基礎。因此，儘管有許多噪音，我們仍然對自己的處境感到非常滿意。我們期待在第三季結束後與您聯繫，並讓您更深入地了解我們當時所看到的情況。

Thanks again and enjoy the rest of the summer.

再次感謝並享受剩餘的夏天。

Thank you for attending today's presentation. This now concludes our 2025 second quarter investor conference call. You may now disconnect.

感謝您參加今天的演講。我們的 2025 年第二季投資者電話會議到此結束。您現在可以斷開連線。