希爾頓酒店 (HLT) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Hilton third quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Charlie Reuwer, Vice President, Corporate Finance and Investor Relations. You may begin.

早安，歡迎參加希爾頓 2025 年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給公司財務和投資者關係副總裁 Charlie Reuwer。你可以開始了。

Thank you, Chuck. Welcome to Hilton's third 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. We undertake no obligation to update or revise these statements.

謝謝你，查克。歡迎參加希爾頓 2025 年第三季財報電話會議。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。我們不承擔更新或修改這些聲明的義務。

For a discussion of some of the factors that could cause actual results to differ, please see the Risk Factors section of our most recently filed Form 10-K. 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某些因素的討論，請參閱我們最近提交的 10-K 表格中的風險因素部分。此外，我們將在本次電話會議中參考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 財務指標的對帳。

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 third quarter results and discuss our expectations for the year. Following their remarks, we will be happy to take your questions.

今天上午，我們的總裁兼執行長 Chris Nassetta 將概述當前的經營環境和公司前景。我們的執行副總裁兼財務長凱文·雅各布斯 (Kevin Jacobs) 將回顧我們的第三季業績並討論我們對今年的預期。在他們發言之後，我們很樂意回答您的問題。

With that, I'm pleased to turn the call over to Chris.

說完這些，我很高興將電話轉給克里斯。

Thank you, Charlie, and good morning, everyone. We certainly appreciate you joining us for our call today. Our third quarter results continue to demonstrate the resilience of our business as strong net unit growth discipline and cost control and our capital-light business model delivered solid bottom line performance.

謝謝你，查理，大家早安。我們非常感謝您今天參加我們的電話會議。我們的第三季業績繼續證明了我們業務的韌性，因為強大的淨單位成長紀律和成本控制以及我們的輕資本業務模式帶來了穩健的底線業績。

Adjusted EBITDA and adjusted EPS both meaningfully exceeded the high end of our expectations despite softer-than-expected industry RevPAR performance. Our strong portfolio of brands, powerful commercial engines and disciplined execution continue to drive meaningful free cash flow conversion which we expect to be greater than 50% of adjusted EBITDA for the full year. We remain on track to return $3.3 billion to our shareholders in the form of buybacks and dividends for the full year.

儘管行業 RevPAR 表現低於預期，但調整後的 EBITDA 和調整後的 EPS 均顯著超出了我們的預期上限。我們強大的品牌組合、強大的商業引擎和嚴謹的執行力繼續推動有意義的自由現金流轉換，我們預計全年調整後 EBITDA 將超過 50%。我們仍有望全年以回購和股利的形式向股東返還 33 億美元。

Turning to results for the quarter. Systemwide RevPAR was down approximately 1% year-over-year as unfavorable holidays and events, softer international inbound to the US declines in US government-related travel, and portfolio renovations weighed on results.

談到本季的業績。由於不利的假期和活動、美國國際入境遊客減少、美國政府相關旅行減少以及投資組合翻新對業績造成影響，全系統 RevPAR 年減約 1%。

In the quarter, leisure transient RevPAR was roughly flat, driven by strong demand in Europe and the Middle East, offset by unfavorable holiday shifts in the US. Business transient RevPAR decreased approximately 1%, driven by continued economic uncertainty. Group RevPAR decreased approximately 4% and driven by tougher comparables as we lap major international events, renovation impacts and holiday shifts. We did see group demand strengthen which is reflected in our stronger fourth quarter group position and our 2026 position, which is up in the mid-single digits.

本季度，休閒短途酒店每間可用客房收入 (RevPAR) 基本持平，這主要得益於歐洲和中東地區強勁的需求，但美國假期的不利變化抵消了這一影響。受持續的經濟不確定性影響，商務臨時 RevPAR 下降了約 1%。由於我們遭遇重大國際事件、裝修影響和假期變動，集團 RevPAR 下降了約 4%，原因是可比性更強。我們確實看到集團需求增強，這反映在我們第四季度集團地位的增強以及我們 2026 年地位的提升上，後者增長了中等個位數。

As we look to the fourth quarter, we expect RevPAR to be up approximately 1% and driven by holiday shifts, easier year-over-year comps and relative group strength. We now expect RevPAR for the full year to be flat to up 1%. And -- as I lift up and think about the opportunity ahead, I remain optimistic about the next few years.

展望第四季度，我們預計 RevPAR 將上漲約 1%，這得益於假期變化、同比銷售額增長更快以及集團相對實力的推動。我們現在預計全年 RevPAR 將持平或上漲 1%。而且——當我振作起來思考未來的機會時，我對未來幾年仍然充滿樂觀。

We continue to believe that in the US, lower interest rates, a more favorable regulatory environment certainty on tax policy and a significant investment cycle will result in accelerated economic growth and meaningful increases in travel demand. This, when paired with limited industry supply growth should drive stronger RevPAR growth over the next several years.

我們仍然相信，在美國，較低的利率、更有利的監管環境、稅收政策的確定性以及顯著的投資週期將導致經濟成長加速和旅遊需求的顯著增長。再加上有限的產業供應成長，未來幾年 RevPAR 將進一步成長。

Turning to development. During the third quarter, we opened 199 hotels totaling over 24,000 rooms and achieved net unit growth of 6.5%, openings increased more than 35% year-over-year on an organic basis. Our luxury and lifestyle brands continue to expand around the world, comprising approximately 20% of total openings in the third quarter.

轉向發展。第三季度，我們新開幕飯店 199 家，客房總數超過 24,000 間，淨單位成長 6.5%，新開幕飯店數量年增超過 35%。我們的奢侈品和生活風格品牌繼續在全球擴張，佔第三季總開業數量的 20% 左右。

In Asia Pacific, we announced our plans to exceed 250 luxury and lifestyle hotels in the coming years, representing portfolio growth of over 50%. In Europe, we opened the Conrad Hamberg to expand our award-winning luxury brand into one of Europe's most iconic destinations. Conversions remain integral to our growth story. We expect nearly 40% of openings in 2025 to be conversions across 12 of our brands, sourced from a mix of independent hotels and competitor brands.

在亞太地區，我們宣布計劃在未來幾年內開設超過 250 家豪華和生活方式酒店，這意味著酒店組合增長率將超過 50%。在歐洲，我們開設了康萊德漢堡酒店，將我們屢獲殊榮的豪華品牌擴展至歐洲最具代表性的目的地之一。轉化仍然是我們成長故事中不可或缺的一部分。我們預計，到 2025 年，我們旗下 12 個品牌的新開幕酒店中將有近 40% 是轉化型酒店，這些酒店來自獨立酒店和競爭品牌。

We recently celebrated Hilton's 9,000th hotel following the conversion of the Signia by Hilton Lock Antero Resort and Spa a landmark property set a top 550 acres overlooking the rolling hills of Texas Hill Country. We also added the 1,000-room Sunseeker Resort as part of our Curio collection. After eclipsing 8,000 hotels just a year ago, we opened nearly 3 hotels per day to reach this latest milestone, further underscoring our incredible growth momentum.

我們最近慶祝了希爾頓的第 9,000 家酒店，該酒店由希爾頓西格尼亞洛克安特羅度假村和水療中心改建而成，這是一座佔地 550 英畝的地標性建築，俯瞰著德克薩斯丘陵地帶連綿起伏的丘陵。我們還將擁有 1,000 間客房的 Sunseeker Resort 納入我們的 Curio 系列。繼一年前突破 8,000 家酒店之後，我們每天新開近 3 家酒店，達到這一最新里程碑，進一步彰顯了我們令人難以置信的增長勢頭。

In the years to come, we continue to believe the conversion opportunity is immense globally to help capture this opportunity and leverage our skill set in identifying white space and developing new brands. Earlier this month, we launched our newest brand, outset collection by Hilton, the company's 25th brand and eighth in our growing lifestyle portfolio.

在未來的幾年裡，我們將繼續相信全球範圍內的轉換機會是巨大的，以幫助抓住這個機會並利用我們的技能來識別空白和開發新品牌。本月初，我們推出了最新品牌——希爾頓精選系列 (Outset Collection by Hilton)，這是該公司的第 25 個品牌，也是我們不斷增長的生活方式產品組合中的第 8 個品牌。

Outset collection by Hilton is defined by so full story-led properties featuring a diverse range of hotels across urban destinations, small towns, adventure outpost and offbeat hubs. Grounded in deep research, we determined that the upper mid-scale to upscale collection space represents an enormous opportunity for unbranded or independent hotels that currently comprise more than 50% of the global hotel supply.

希爾頓旗下的 Outset 系列以充滿故事性的飯店為特色，提供遍布城市目的地、小鎮、探險前哨和非主流中心的各類飯店。經過深入研究，我們發現中高端到高檔的系列酒店空間對於非品牌酒店或獨立酒店而言是一個巨大的機遇，而這些酒店目前佔全球酒店供應量的 50% 以上。

To date, we have more than 60 hotels in development with a long-term growth potential of more than 500 hotels across North America alone, and we'll open our first several in the fourth quarter. Hilton has consistently delivered an industry-leading share of conversions in the United States, and we expect that to strengthen with the addition of Alta collection.

到目前為止，我們有 60 多家酒店正在開發中，僅在北美就具有 500 多家酒店的長期成長潛力，我們將在第四季度開設前幾家酒店。希爾頓在美國的轉換率一直處於行業領先地位，我們預計隨著 Alta Collection 的加入，這一地位將會進一步增強。

More broadly, we continue to deploy our brands into new markets around the world, driven by industry-leading premiums they deliver for owners. In the quarter, we marked brand us in 12 new countries and territories, including DoubleTree in Pakistan, Hampton in the US Virgin Islands, and Motto in Hong Kong, which also represented the brand's debut in Asia Pacific.

更廣泛地說，我們繼續將我們的品牌部署到世界各地的新市場，這要歸功於我們為業主提供的領先業界的優質服務。本季度，我們在 12 個新的國家和地區推出了我們的品牌，包括巴基斯坦的 DoubleTree 酒店、美屬維京群島的 Hampton 酒店以及香港的 Motto 酒店，這也是該品牌在亞太地區的首次亮相。

Globally, Hilton operates properties in 141 countries and territories with an average of only 4 of our 25 brands per country, demonstrating the huge runway of growth ahead. In addition to strong openings, we signed 33,000 rooms in the quarter, up over 25% year-over-year on an organic basis. We increased our development pipeline to more than 515,000 rooms growing both year-over-year and sequentially versus the second quarter with expansion in key strategic markets and across chain scales.

希爾頓在全球 141 個國家和地區經營飯店，平均每個國家僅擁有 25 個品牌中的 4 個，展現出未來巨大的成長空間。除了強勁的開業勢頭外，我們在本季度還簽了 33,000 間客房，較去年同期成長超過 25%。我們的開發客房數量增加至 515,000 多間，與去年同期相比有所增長，與第二季度相比也環比有所增長，並在關鍵戰略市場和連鎖規模上實現了擴張。

In Japan, we announced several agreements to further bolster our luxury and lifestyle portfolio, including Waldorf Astoria Residences in Tokyo, marking the region's first residences under the iconic Waller Astoria brand. We approved LXR, Curio and Tapestry properties at the foot of Mount Anapure Japan, offering guests easy access to Naseko's exceptional ski slopes when the hotels open later this year.

在日本，我們宣布了多項協議，以進一步增強我們的豪華和生活方式產品組合，其中包括東京的華爾道夫公寓，這是該地區首批以標誌性華爾道夫品牌打造的住宅。我們批准了位於日本安納普雷山腳下的 LXR、Curio 和 Tapestry 酒店，當這些酒店於今年稍後開業時，客人可以輕鬆前往那瑟科一流的滑雪場。

In Vietnam, we approved nearly 1,800 rooms across five hotels to debut our Conrad, LXR and DoubleTree brands and to expand the Hilton brand in one of Asia's most dynamic markets. We also signed our first LXR hotel in Phuket, Thailand, our first Canopy and Manila Philippines and announced three Curio hotels in key Italian destinations, including Geneva, Milan and Sorento.

在越南，我們批准了五家酒店近 1,800 間客房，以推出我們的康萊德、LXR 和逸林品牌，並在亞洲最具活力的市場之一擴大希爾頓品牌。我們還在泰國普吉島簽約了第一家 LXR 酒店，在菲律賓馬尼拉簽約了第一家 Canopy 酒店，並宣佈在日內瓦、米蘭和索倫託等意大利主要旅遊勝地開設三家 Curio 酒店。

New development construction starts in the US were strong during the quarter, and for the full year, we expect global new development starts to finish up nearly 20% and up over 25% in the US year-over-year. Even with this year-over-year growth, new development construction starts remain below 2019 levels implying strong continued runway for growth.

本季度，美國新開發案開工強勁，我們預計全年全球新開發案開工量將年增近 20%，美國將年增 25% 以上。即使同比增長，新開發項目開工量仍低於 2019 年的水平，這意味著強勁的成長空間仍在持續。

Our record-setting pipeline, combined with conversion momentum and acceleration in construction starts will continue to fuel our growth in the coming years. We expect to achieve net unit growth of between 6.5% and 7% in 2025 and 6% to 7% annually over the next several years.

我們創紀錄的管道，加上轉換動能和開工加速，將在未來幾年繼續推動我們的成長。我們預計，2025 年淨單位成長率將達到 6.5% 至 7%，未來幾年的年增率將達到 6% 至 7%。

Our development success is incumbent on us being the premier partner for our owner community. Thus, we're always innovating to continue delivering industry-leading RevPAR premiums and profitability for owners while exceeding guest expectations.

我們的開發成功取決於我們是否能夠成為業主社區的首要合作夥伴。因此，我們始終不斷創新，繼續為業主提供業界領先的 RevPAR 溢價和盈利能力，同時超越客人的期望。

During the quarter, we communicated a first of its kind program that offers owners system fee reductions, many of which are tied to hotel-specific product and service quality scores. The fee reductions will share the efficiencies we have gained through scale and technology with our owners, while reinforcing the need to continue maximizing the customer experience.

在本季度，我們推出了一項首創的計劃，為業主提供系統費用減免，其中許多費用與酒店特定的產品和服務品質評分掛鉤。費用降低將與我們的業主分享我們透過規模和技術所獲得的效率，同時強調繼續最大化客戶體驗的必要性。

We think we are well positioned to continue finding new efficiencies and strengthening our value proposition for guest owners, team members and shareholders. Our proprietary tech platform, which was envisioned a decade ago was built for agility, with 90% of our enterprise solutions in the cloud today, up from 20% in 2020 when we started deployment.

我們認為，我們已做好準備，繼續尋找新的效率，並加強我們對客人、團隊成員和股東的價值主張。我們的專有技術平台是十年前設想的，旨在實現敏捷性，目前我們 90% 的企業解決方案都在雲端，而 2020 年我們開始部署時這一比例僅為 20%。

This modern platform is established Hilton as a pioneering leader in hospitality technology and is allowing us to rapidly introduce new innovations that elevate guest experiences and drive greater value for our entire network. Because of where we are in our technology platform road map, we feel uniquely positioned in the industry to embrace AI and drive greater differentiation for our Hilton network.

這個現代化的平台確立了希爾頓作為酒店技術領域先驅領導者的地位，並使我們能夠快速推出新的創新，提升賓客體驗並為我們的整個網路創造更大的價值。由於我們在技術平台路線圖中的位置，我們感到在行業中擁有獨特的優勢，可以擁抱人工智慧並推動希爾頓網路的更大差異化。

During the quarter, we continued to drive our award-winning workplace culture, including being named number 1 Best Workplace in Australia, New Zealand and Sri Lanka, marking a total of 18 number 1 wins in the past year, the most since we began participating in the Great Place to Work survey. We're more confident than ever that our team is poised to deliver for our shareholders in the years ahead.

在本季度，我們繼續推動屢獲殊榮的工作場所文化，包括被評為澳洲、紐西蘭和斯里蘭卡第一名的最佳工作場所，在過去一年中共獲得 18 個第一名，這是我們開始參與「最佳工作場所」調查以來最多的一次。我們比以往任何時候都更有信心，我們的團隊將在未來幾年為股東帶來回報。

Overall, we're very optimistic about our business and what is on the horizon globally. Our brand-led network-driven and platform-enabled strategy will continue to help us achieve our dramatic growth trajectory and meet the evolving needs of our travelers around the world while delivering great returns to owners and shareholders.

總體而言，我們對我們的業務以及全球前景非常樂觀。我們以品牌為主導、網路驅動和平台支援的策略將繼續幫助我們實現顯著的成長軌跡，滿足全球旅客不斷變化的需求，同時為所有者和股東帶來豐厚的回報。

Now I'm going to turn the call over to Kevin for a few more details on the quarter and expectations for the full year.

現在我將把電話轉給凱文，以了解有關本季和全年預期的更多細節。

Thanks, Chris, and good morning, everyone. During the quarter, system-wide RevPAR decreased 1.1% versus the prior year on a comparable and currency-neutral basis, driven by modest declines in both occupancy and rate.

謝謝，克里斯，大家早安。本季度，由於入住率和房價均小幅下降，全系統平均可售客房收入 (RevPAR) 與上年相比在可比和貨幣中性基礎上下降了 1.1%。

Adjusted EBITDA was $976 million in the third quarter, up 8% year-over-year and exceeding the high end of our guidance range. Outperformance was predominantly driven by better-than-expected growth in non-RevPAR-driven fees disciplined cost control, ownership and some timing items outweighing RevPAR softness. Management franchise fees grew 5.3% year-over-year. For the quarter, diluted earnings per share adjusted for special items was $2.11.

第三季調整後的 EBITDA 為 9.76 億美元，年成長 8%，超過了我們預期範圍的高端。優異表現主要得益於非 RevPAR 驅動費用的成長超出預期、嚴格的成本控制、所有權和一些時間項目超過了 RevPAR 的疲軟。管理特許經營費年增5.3%。本季度，經特殊項目調整後的每股攤薄收益為 2.11 美元。

Turning to our regional performance. Third quarter comparable US RevPAR decreased 2.3%, largely driven by pressure across business transient and group as holiday shifts declines in government spend, portfolio renovations and softer international inbound demand weighed on performance. For full year 2025, we expect US RevPAR to be roughly flat versus 2024.

談談我們的區域表現。第三季美國可比 RevPAR 下降 2.3%，主要原因是假期轉變、政府支出下降、投資組合翻新和國際入境需求疲軟對業績造成影響，導致商務臨時和團體業務面臨壓力。我們預計 2025 年全年美國 RevPAR 將與 2024 年基本持平。

In the Americas outside the US, third quarter RevPAR increased 4.3% year-over-year, driven by strong demand in both leisure and group segments. For full year 2025, we expect RevPAR growth to be in the mid-single digits.

在美國以外的美洲地區，受休閒和團體市場強勁需求的推動，第三季 RevPAR 較去年同期成長 4.3%。我們預計 2025 年全年 RevPAR 成長率將達到中等個位數。

In Europe, RevPAR grew 1% year-over-year, driven by a rebound in the UK and Ireland and offset by a tough year-over-year comparison from major events last year. For full year 2025, we expect low single-digit RevPAR growth.

在歐洲，RevPAR 年成長 1%，這得益於英國和愛爾蘭的反彈，但被去年重大事件導致的同比下滑所抵消。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 9.9% year-over-year, driven by robust intra-regional travel growth for both business and leisure segments. For full year 2025, we expect RevPAR growth in the high single-digit range.

在中東和非洲地區，受區域內商務和休閒旅遊強勁成長的推動，RevPAR 年成長 9.9%。我們預計 2025 年全年 RevPAR 成長率將達到高個位數。

In the Asia Pacific region, third quarter RevPAR was up 3.8% in APAC, excluding China, led by strong group trends in Japan, Korea and South Asia. RevPAR in China declined 3.1% in the quarter largely driven by the impact of the government travel policy on business transient and group travel, particularly in Tier 2 and Tier 3 cities. For full year 2025, we expect RevPAR growth in the Asia Pacific region to be roughly flat assuming modest RevPAR growth -- assuming modest RevPAR declines in China.

在亞太地區，第三季亞太地區（不包括中國）的 RevPAR 成長了 3.8%，這得益於日本、韓國和南亞的強勁集團趨勢。本季中國平均每間可用客房收入下降 3.1%，這主要是由於政府旅遊政策對商務短期旅行和團體旅行的影響，尤其是在二線和三線城市。對於 2025 年全年，我們預計亞太地區的 RevPAR 成長將大致持平（假設 RevPAR 成長溫和），而中國地區的 RevPAR 則溫和下降。

Turning to development. As Chris mentioned, for the quarter, we grew net units 6.5% and have more than 515,000 rooms in our pipeline, of which nearly half are under construction. We expect to deliver 6.5% to 7% net unit growth for the full year.

轉向發展。正如克里斯所提到的，本季度，我們的淨單位增長了 6.5%，並且擁有超過 515,000 間客房，其中近一半正在建設中。我們預計全年淨銷量成長率將達到 6.5% 至 7%。

Moving to guidance. For the fourth quarter, we expect system-wide RevPAR growth to be approximately 1%. We expect adjusted EBITDA of between $906 million and $936 million and diluted EPS adjusted for special items to be between $1.94 and $2.03. For the full year, we expect RevPAR growth of 0% to 1%. Adjusted EBITDA of between $3.685 billion and $3.715 billion, and diluted EPS adjusted for special items of between $7.97 and $8.06. Please note that our guidance ranges do not incorporate future share repurchases.

轉向指導。對於第四季度，我們預計全系統 RevPAR 成長率約為 1%。我們預計調整後EBITDA將在9.06億美元至9.36億美元之間，經特殊項目調整後的稀釋每股收益將在1.94美元至2.03美元之間。我們預計全年RevPAR成長率將在0%至1%之間。調整後息稅折舊攤銷前利潤 (EBITDA) 在 36.85 億美元至 37.15 億美元之間，經特殊項目調整後的稀釋每股收益在 7.97 美元至 8.06 美元之間。請注意，我們的預期範圍不包含未來的股票回購。

Moving on to capital return. We paid a cash dividend of $0.15 per share during the third quarter, bringing dividends to a total of $108 million for the year-to-date. Our Board also authorized a quarterly dividend of $0.15 per share in the fourth quarter. For the full year, we expect to return approximately $3.3 billion to shareholders in the form of buybacks and dividends.

繼續討論資本回報。我們在第三季支付了每股 0.15 美元的現金股息，使今年迄今的股息總額達到 1.08 億美元。我們的董事會也批准在第四季派發每股 0.15 美元的季度股息。全年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 third 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 1 question.

有關我們第三季業績的更多詳情，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為 1 個。

Chuck, can we have our first question, please?

查克，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. Thank you for taking my questions. Chris, like usually around this time of the year, we start to think about the setup for next year. And I know it's hard to put you on the spot without guidance out there, but what kind of talk around it anyways a little bit. Could you just give us your thoughts about kind of the time line for the improvement you're hoping to see on the top line and operating environment.

大家好，早安。感謝您回答我的問題。克里斯，通常每年這個時候，我們都會開始考慮明年的安排。我知道如果沒有指導的話很難讓你當場回答問題，但無論如何都要談論這個問題。您能否向我們介紹您希望看到的營業收入和營運環境改善的時間表？

And then just we're getting a lot of feedback this morning about how well you've done on the cost side. So let's play the counterfactual if the top line -- and we're talking really RevPAR here, but if that environment doesn't get a little bit better -- could you just talk about what you can do in your comfort to kind of continuing to execute so well on the bottom line on the side of the business and drive some operating leverage across the Hilton enterprise worldwide. Thanks.

今天早上我們收到了很多關於你們在成本方面做得如何的回饋。那麼，讓我們來做一個反事實假設，如果頂線——我們在這裡談論的是 RevPAR，但如果環境沒有好轉——您能否談談您可以做些什麼來繼續在業務底線上表現得如此出色，並推動希爾頓全球企業的一些運營槓桿。謝謝。

Yeah. Thanks, Shaun. Happy to cover both. So Obviously, yeah, we're not giving -- we gave you a form of guidance on unit growth. For next year, we're not -- at this time, we're going to -- we're just starting to budget season. And so we don't we're not going to give guidance on RevPAR. But here's what I'd say. I said it at your conference, I said on the last call, I believe, we feel incrementally a lot better about the setup for 2026.

是的。謝謝，肖恩。很高興能涵蓋這兩個面向。所以顯然，是的，我們沒有給出——我們給你一種關於單位成長的指導形式。對於明年，我們還沒有——目前，我們才剛開始預算季。因此，我們不會就 RevPAR 給予指導。但這就是我要說的。我在你的會議上說過，我在上次電話會議上也說過，我相信，我們對 2026 年的安排感覺好多了。

I sort of said it briefly in my prepared comments. I mean, I think while there's certainly a lot of noise in the world, and you saw in Q3, industry numbers were lower than everybody expected. I still think if you sort of lift up and you get away from the noise that structurally in the US at the moment since that's still 75% of our business.

我在準備好的評論中簡要地講了這一點。我的意思是，我認為雖然世界上確實存在很多噪音，而且你在第三季度看到，行業數據低於所有人的預期。我仍然認為，如果你能振作起來，擺脫目前美國結構上的噪音，因為這仍然占我們業務的 75%。

There's a lot of really good things going on. I mean inflation is definitely coming down. Rates are coming down with an expectation that rates will continue to come down. You have certainty on tax policy, which is unusual and probably last for at least three to five years, you have some meaningful benefits in that tax policy like bonus depreciation and things that stimulate investment. You have a regulatory regime that is going to be much more friendly.

有很多非常好的事情正在發生。我的意思是通貨膨脹肯定正在下降。利率正在下降，並且預期利率將繼續下降。你們對稅收政策有確定性，這是不尋常的，可能至少持續三到五年，你們在稅收政策中會得到一些有意義的好處，例如獎金折舊和刺激投資的措施。你們將擁有一個更友善的監管制度。

And you have an investment cycle that is coming and sort of happening, but it takes time to get embedded in the economy. And what is that investment cycle? I mean, I hate being redundant, but it's worth noting. I mean you have the core infrastructure, Bill, that was done approved by Congress, by President Biden, if you add up all the pieces of it, roughly $1.6 trillion, Mike, less than 20% of that's been spent.

投資週期即將到來，但它需要時間才能融入經濟。那麼投資週期是怎麼樣的呢？我的意思是，我不喜歡重複，但這是值得注意的。我的意思是，比爾，你擁有核心基礎設施，這是由國會和拜登總統批准的，如果你把所有部分加起來，大約是 1.6 兆美元，麥克，其中花費的還不到 20%。

You had $800 billion from the CHIPS Act less than 5% of that's been spent because it takes time to get the money in the system. And then on top of that, you have the whole AI investment thesis that's going on, not just the tech companies that are obviously investing into the trillions when you put it all together, but all of the infrastructure that goes behind that. So all the data center development that's going on.

《CHIPS法案》撥付了8000億美元，但實際使用量不到5%，因為將資金轉入系統需要時間。除此之外，還有正在進行的整個人工智慧投資理論，不僅僅是科技公司（當你把所有這些加在一起時，它們顯然投資了數萬億美元），還包括背後的所有基礎設施。所有資料中心的開發都在進行中。

All the energy development that has to go because without energy, you don't have data centers without data centers, you don't have -- and so while it takes time to get all of that embedded and I can't -- I cannot tell you, like, I think it's like January '18, that -- I think it's like a benefit that we are going to be getting for several years. I do believe you will start to see it in the first half of next year. I almost think you have to.

所有的能源開發都必須進行，因為沒有能源，就沒有資料中心，沒有資料中心，就沒有——所以雖然需要時間才能將所有這些都嵌入其中，而且我不能——我無法告訴你，例如，我認為就像 2018 年 1 月一樣——我認為這是我們將在未來幾年獲得的好處。我相信你會在明年上半年開始看到它。我幾乎認為你必須這麼做。

And then another couple of reasons for optimism on next year is one obvious one is comps get a lot easier, right? I hate to rely on that. I mean obviously just gave you a pretty good set up for much better fundamentals. But the comps get easier. You've got some event-driven benefits next year.

那麼對明年持樂觀態度的另外幾個理由是，其中一個顯而易見的原因是，比較會變得容易得多，對吧？我不喜歡依賴那個。我的意思是，顯然只是為你提供了相當不錯的基礎設定。但比賽變得更容易了。明年您將獲得一些事件驅動的利益。

You have midterm elections, which means a lot of activity. These are big midterms. People are -- in every state in the union, people are going to be running around raising money campaigning, that's good for business. You have Americas 250, which is going to be a year around celebration. There's a lot of energy going into that from a lot of different places, including the administration. You have World Cup, which isn't like Super Bowl, where it's a weekend or whatever. It's a fairly extended sort of experience.

你們有中期選舉，這意味著很多活動。這些都是重要的中期選舉。在聯邦的每個州，人們都會四處奔走籌集競選資金，這對商業有利。你們將迎來美洲 250 週年慶典，這將是一年一度的慶祝活動。許多不同的地方都為此投入了大量精力，包括政府部門。世界盃不像超級碗，只是週末舉行的比賽。這是一種相當豐富的體驗。

And so all of those things are going to be good. And then, of course, on the other side of it, while we're benefiting from what I think is a pretty darn good development story and getting much greater than our fair share, you're still in a super cycle of under development in the industry where you're adding capacity at less than 1% against the 2.5%, 30-year average.

所以所有這些事情都會是好的。當然，另一方面，雖然我們受益於我認為相當不錯的發展歷程，並且獲得了遠遠超出我們應得份額的回報，但你們仍然處於行業發展的超級週期中，產能增加率不到 1%，而 30 年的平均水平為 2.5%。

So like, again, you can all get caught up in the noise and tariffs and like there's a lot geopolitically, listen, I'm not -- I don't have my head in the sand, but I like to try and lift up above noise. That's sort of what I do in my personal and professional life. And when I do that, it makes me feel pretty good about the next year.

所以，再說一次，你們都可能陷入噪音和關稅之中，而且還有很多地緣政治問題，聽著，我不是——我沒有把頭埋在沙子裡，但我喜歡嘗試超越噪音。這就是我在個人生活和職業生涯中所做的事情。當我這樣做的時候，我對明年的感覺就很好了。

So I would bet a lot of money, that '26 is going to be better than '25, and I bet a lot of money '27 is going to be better than '26. The exact slope of that is difficult to determine. We'll obviously try and do a little bit more precise job through the rest of this year in doing a very granular analysis market by market as we as we go through the budget season, but I feel really good about it.

所以我敢打賭，26 年會比 25 年更好，我敢打賭，27 年會比 26 年更好。其確切斜率很難確定。顯然，我們將在今年剩餘的時間裡嘗試做更精確的工作，在預算季節對每個市場進行非常細緻的分析，但我對此感覺非常好。

On the cost discipline side, listen, I think -- I would hope everybody would agree, we've been super disciplined forever on costs. Like since we went public, if you look at us versus core competitors relative to our size and scale, we've always been pretty efficient.

在成本控制方面，聽著，我想——我希望每個人都會同意，我們在成本方面一直非常嚴格。自從我們上市以來，如果你將我們與核心競爭對手的規模和範圍進行比較，你會發現我們一直非常有效率。

And I believe we will continue to be, as I said, very briefly in my prepared comments that there are a lot of tools available to us to continue to drive efficiencies, and we're going to use those. I mean in the world of AI by redefining a lot of processes, there are opportunities to continue to do things more efficiently and be able to accomplish more with less.

我相信我們將繼續這樣做，正如我在準備好的評論中非常簡短地說的那樣，我們有很多可用的工具來繼續提高效率，我們將使用這些工具。我的意思是，在人工智慧的世界裡，透過重新定義許多流程，我們有機會繼續更有效率地做事，並用更少的資源完成更多的事情。

And that, by the way, holds true for our G&A, but also importantly, very importantly because our job is ultimately deliver profitability for our owner community I think it affords us opportunities to continue to find efficiencies that can translate into higher margins by reducing incrementally system costs more.

順便說一句，這對我們的一般及行政費用 (G&A) 來說是正確的，但同樣重要的是，非常重要的是，因為我們的工作最終是為我們的業主社區帶來盈利，我認為這為我們提供了機會，通過逐步降低系統成本，繼續尋找可以轉化為更高利潤率的效率。

I noted very quickly -- and it's reasonably broadly known because we've communicated to our owner community. But we did a first-of-its-kind reduction in system fees, to be clear, not our royalty rates and not our license fees, but the fees that owners pay us to operate the system.

我很快就注意到了這一點——而且由於我們已經與業主社區進行了溝通，所以這一點相當廣為人知。但我們首次降低了系統費用，明確地說，不是我們的版稅率，也不是我們的授權費，而是業主為經營該系統而支付給我們的費用。

And that's been done because we've just found ways to be more efficient, whether that -- lots of different use cases in AI where we're redoing processes and getting efficiency and we think we're doing things better but more efficiently. And that's translating to benefit us, but it's also translating because the bulk of the cost structure of this whole enterprise really is running the system.

我們之所以能做到這一點，是因為我們找到了提高效率的方法，無論是人工智慧中的許多不同用例，我們都在重新制定流程並提高效率，我們認為我們做得更好，但效率更高。這對我們來說是有利的，但同時也是因為整個企業的成本結構的大部分實際上都在運行系統。

It's benefiting our owners. And we want to do more of that. Like we want to -- this has been a difficult time for the owner community in this sort of air pocket where I think really good things are coming. But at the moment, you're sort of in the US seeing modestly negative top line and while inflation has come down, it's still a little bit elevated.

這對我們的業主有利。我們希望做更多這樣的事。正如我們所希望的那樣——對於業主群體來說，這是一個困難的時期，但我認為真正的好事即將到來。但目前，美國經濟呈現溫和的負成長，通膨雖然下降，但仍略有上升。

That's not good for our owner community. And so that's why we put this program in place. But it's also why we want to continue as we're in this transition period to a faster growth period of time, utilize every weapon in our arsenal, and we have a lot to continue to drive efficiency.

這對我們的業主社區來說並不好。這就是我們實施該計劃的原因。但這也是為什麼我們希望繼續這樣做，因為我們正處於向更快成長的過渡期，利用我們武器庫中的每一種武器，我們有很多方法可以繼續提高效率。

So that's a long-winded way of saying, I think we've always been, frankly, on the tip of the spear and driving very efficient cost structures, and we will continue to do so. And that's sort of a mentality I have and we have that will never change. And now we just have more ways to do it.

所以，這是一種冗長的說法，坦白說，我認為我們一直處於領先地位，推動著非常高效的成本結構，我們將繼續這樣做。這就是我和我們的一種心態，它永遠不會改變。現在我們有更多的方法來實現這一點。

Thank you very much.

非常感謝。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Hey, thanks. Chris, I appreciate the comments you made about the tech stack and also some of the opportunities in AI, but just to dig in a bit on that. On the back of partnerships being formed by some retailers and e-commerce companies with large language models, how do you think about potentially partnering with some of these companies as another source of distribution? And maybe also remind us of some of the internal efforts on AI as we think about both direct and indirect opportunities.

嘿，謝謝。克里斯，我很欣賞你對技術堆疊以及人工智慧領域的一些機會的評論，但我只是想深入探討一下。在一些零售商和電子商務公司與大型語言模型建立合作夥伴關係的背景下，您如何考慮與其中一些公司建立合作夥伴關係作為另一個分銷來源？當我們思考直接和間接機會時，也許也會提醒我們在人工智慧方面的一些內部努力。

Yeah. We can spend the whole call plus we could spend the days together talking about this, and we're obviously like most spending a huge amount of time understanding where AI is the art of the possible. I mean we have to be exact, I think 41 use cases that are being utilized inside the company at this moment as we test and learn. I'm not going to torture everybody going through it and competitively, I'm not going to get into a great deal of detail for obvious reasons.

是的。我們可以花整個通話時間，甚至花幾天時間一起討論這個問題，顯然，我們和大多數人一樣，花費大量時間來了解人工智慧在哪些方面具有無限可能。我的意思是我們必須準確，我認為目前我們在測試和學習時公司內部正在使用 41 個用例。我不會折磨每一個經歷過這種事情的人，而且出於顯而易見的原因，我不會深入探討太多細節。

But I'd say broadly, I look at it as AI for us at the moment, and I think it will evolve and change and like you just have to be really agile with the speed at which this is moving. But I think for the foreseeable future meeting the next year in AI world, there's probably three buckets. I talked about one, which is reinventing processes to garner efficiencies. And that can be -- wherever we have a lot of process and historically, you have antiquated ways of doing things that require a lot of people.

但我想說的是，從廣義上講，我目前將其視為我們的人工智慧，我認為它會不斷發展和變化，而你必須對它的發展速度保持敏捷。但我認為，在可預見的未來，明年的人工智慧世界可能會出現三種情況。我談到了其中之一，那就是重塑流程以提高效率。這可能是因為——無論我們在哪裡都有很多流程，從歷史上看，你都有過時的做事方式，需要很多人力。

There are different ways to do it and repurpose people to do higher value things. And so again, I think that can benefit our G&A, which you've seen like some of the use cases are -- you're seeing a benefit. But again, we're at the tip of the spear and you've seen a little bit of it vis-a-vis the system relative to our owners, but there's more of that. That's one big bucket.

有許多方法可以做到這一點並重新利用人們去做更有價值的事情。因此，我再次認為，這可以使我們的 G&A 受益，正如您已經看到的一些用例一樣 - 您看到了好處。但是，我們再次處於領先地位，並且您已經看到了與我們的所有者相關的系統方面的一些情況，但情況還不止於此。那是一個大桶子。

The second big bucket is go-to-market like basically how you market distribution, the whole distribution landscape and that's what you started with, Stephen, and I agree wholeheartedly. I think there are all sorts of risks with AI like -- but in the end, here's the thing, we're in the business of fulfillment.

第二個大問題是進入市場，基本上就是你如何行銷分銷，整個分銷格局，這就是你開始做的，史蒂芬，我完全同意。我認為人工智慧有各種各樣的風險——但最終，問題是，我們從事的是實現目標的行業。

We're not -- yes, we have a platform and a network, but in the end, we have all -- we have 9,000 and growing hotels that we control rate, inventory and availability. And the only way you get it is through us, okay? No other way. You either get it from us or you don't get it. And we are in charge and control of fulfillment, the actual experience for the customer.

是的，我們有一個平台和一個網絡，但最終，我們擁有一切——我們擁有 9,000 家酒店，並且還在不斷增長，我們控制著價格、庫存和可用性。而你得到它的唯一方法就是透過我們，好嗎？沒有別的辦法了。您要么從我們這裡得到它，要么就不會得到它。我們負責並控制履行情況，即客戶的實際體驗。

In the world we're going into, having multiple LLMs and really, what I would argue much more competitive environment for how people get information I view that, again, I'm on my head in the sand. There's all sorts of risks. I view that as a very good thing, right?

在我們所處的世界中，擁有多個法學碩士學位，而且我認為，人們獲取資訊的環境競爭更加激烈，而我再次認為，我是在逃避現實。存在各種各樣的風險。我認為這是一件非常好的事情，對嗎？

If we do our job, we have control of our inventory if we do a really good job in delivering product service, loyalty to our customers and we are viewed, which we are as the best of the best at fulfillment then we're going to -- we have all sorts of new ways to think about how we distribute our products. So you can assume, yes, we're talking to all these people.

如果我們做好自己的工作，我們就能控制我們的庫存，如果我們在提供產品服務、忠誠於我們的客戶方面做得很好，並且我們被視為履行職責方面最好的，那麼我們將——我們有各種新的方式來思考如何分銷我們的產品。所以你可以假設，是的，我們正在與所有這些人交談。

And they're early days. They're in a bit of an arms race trying to figure out who the winners and losers are. And it is organized, but it's a little bit like the Wild West at the moment. But I think where it's going is super good for us and how we go to market and how we distribute our products if we are intelligent about how we control our inventory and how -- and making sure we always deliver on the fulfillment side.

現在還處於早期階段。他們正在進行一場軍備競賽，試圖確定誰是贏家，誰是輸家。它是有組織的，但目前有點像是狂野的西部。但我認為，如果我們能夠明智地控制庫存，並確保始終按時交付產品，那麼它的發展方向對我們來說非常有利，我們如何進入市場，如何分銷我們的產品。

The third bucket is CX, customer experience. We're already not just testing. We're doing like we -- because, as I said in my prepared comments, we've evolved our tech stack, and we're basically micro services, open source, cloud-based.

第三個是CX，即客戶體驗。我們已經不只是在進行測試了。我們正在這樣做——因為正如我在準備好的評論中所說的那樣，我們已經發展了我們的技術堆棧，我們基本上是微服務、開源、基於雲端的。

We have massive flexibility in how -- what we do with our tech stack, and we are already utilizing that in ways to deliver a much better customer experience, meaning mass customization, understanding your customer, being able to take all this data that we've had, manage the data, get outputs that actually allow people, enable people on property to do things, to customize the experience, to resolve a problem real-time in a way that we've never been able to do because you just -- you always had massive amounts of information.

我們在如何使用我們的技術堆疊方面擁有極大的靈活性，我們已經在利用它來提供更好的客戶體驗，這意味著大規模定制，了解您的客戶，能夠獲取我們擁有的所有數據，管理數據，獲得實際上允許人們、使現場人員能夠做事的輸出，定制體驗，以我們從未能夠做到的方式實時解決問題，因為你——你總是擁有大量的信息。

The question is, did you have the right information, could you manage the information -- could you translate the information in ways that could spit out a command to get somebody to take an action. And now we have that.

問題是，你是否擁有正確的訊息，你能否管理這些訊息——你能否以某種方式翻譯這些訊息，以便發出命令讓某人採取行動。現在我們已經擁有它了。

And so this isn't like a pipe dream that we -- like I'm thinking about this is like in action. We're doing it, we're testing, we're learning and we think there's a huge opportunity. I think the winners in fulfillment and back to my fulfillment, comment, are the winners in across all industries in a world where everybody wants what they want, right?

所以這並不是我們想像中的白日夢——我正在思考這是否真的會發生。我們正在這樣做，我們正在測試，我們正在學習，我們認為這是一個巨大的機會。我認為，在每個人都想要自己想要的東西的世界裡，實現自我價值的贏家，以及回到我的自我價值的評論中，是所有行業的贏家，對嗎？

And they get it now more and more is mass customization. I mean, I've been thinking this for 20 years. It just hasn't been quite as possible as it is with how technology has evolved, particularly with AI. And so the most -- I mean they're all very exciting to me, but the customer experience side of it, as you can probably tell, really excites me. The other two buckets are super important, and I think will ultimately all of them will allow us to differentiate ourselves in terms of how we serve customers and ultimately drive greater profitability into the network.

他們現在越來越意識到大規模客製化的重要性。我的意思是，我已經思考這個問題20年了。隨著科技的發展，特別是人工智慧的發展，這似乎還不太可能實現。所以最重要的是——我的意思是它們對我來說都非常令人興奮，但正如你可能已經看到的，它的客戶體驗方面真正讓我興奮。另外兩個方面也非常重要，我認為最終它們將使我們在服務客戶的方式上脫穎而出，並最終為網路帶來更大的獲利能力。

Got it. Thank you.

知道了。謝謝。

Daniel Politzer, JPMorgan.

摩根大通的丹尼爾‧波利策。

Hey, good morning, everyone. Thanks for all the great detail thus far. The net unit growth, obviously, it's a bit of an acceleration organically here from that 5% that you've been running at [XLH and graduate]. Can you maybe parse it out as we think about going forward between your expectations for conversions next year versus some of the newer brands that you've launched? And maybe if there's any element of that accelerating, albeit off a low base construction starts that you mentioned?

嘿，大家早安。感謝您迄今為止提供的所有詳細資訊。顯然，淨單位成長率比你之前 5% 的成長速度有了一些加速[XLH 和畢業生]。當我們考慮您對明年的轉換率與您推出的一些新品牌的預期時，您能否分析一下？也許存在任何加速因素，儘管您提到基礎建設開始得較低？

Yeah. Thanks, Dan. I think, look, the composition for the acceleration, I think, is just -- if you think about it, if you go -- as you said, if you go partnerships and look at it as just an acceleration still coming out of COVID, right? Because the development cycle picks back up and delivers on a lag. So what you're seeing here, we raised our $6.5 million from 6% to 7% to 6.5% to 7% for this year.

是的。謝謝，丹。我認為，看，加速的構成，我認為，只是——如果你考慮一下，如果你去——正如你所說的，如果你去建立合作夥伴關係，並將其視為仍然擺脫 COVID 的加速，對嗎？因為開發週期會重新加快並延遲交付。所以您在這裡看到的是，我們今年將 650 萬美元的利率從 6% 提高到 7%，再提高到 6.5% 到 7%。

That's really broad-based. There's really no one area we said we think nearly 40% of that is going to come from conversion. So we keep winning well more than our fair share conversions. But if you look at new development, and Chris mentioned, we think new development starts this year are going to be up 20% and then the US, over 25%. That bodes well for the set for new development going forward. And really is the underpinning of the 6% to 7% for the next couple of years and then you layer in with conversions.

這確實是廣泛的。事實上，我們認為沒有一個領域能帶來如此大的轉變，其中近 40% 的轉變都來自於轉換。因此，我們贏得的收益遠遠超過我們應得的份額。但如果你看看新的開發項目，正如克里斯所提到的，我們認為今年新開發案的開工量將成長 20%，而美國將成長 25% 以上。這預示著未來新的發展將取得良好進展。這實際上是未來幾年 6% 到 7% 的基礎，然後你再轉換。

And so look, new brands is going to be part of it, just like Spark's been an important part of it the last couple of years, the new brands that are oriented towards conversions will be part of the conversion story. But then -- a big part of the story is taking our core brands and exporting them around the world in emerging markets, right?

所以看，新品牌將成為其中的一部分，就像 Spark 在過去幾年中一直是其中的重要組成部分一樣，面向轉換的新品牌將成為轉換故事的一部分。但是，故事的很大一部分是將我們的核心品牌出口到世界各地的新興市場，對嗎？

So it really is pretty broad-based across the board, and we would expect something on the order of magnitude of in the 30 percentage points, 35, mid-30s, call it, to be from conversions versus new builds for the next couple of years.

因此，它確實在各方面都具有相當廣泛的基礎，我們預計，未來幾年，改建房屋與新建房屋的增幅將在 30 個百分點、35 個百分點或 35% 左右。

Got it. Thank you so much.

知道了。太感謝了。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Good morning, everybody. Thanks for taking my question for all the details. I wanted to just talk about -- frankly, I asked us a lot about the higher end of the luxury end of the scale. You've commented in the past how it provides somewhat of -- [but] as well as the financial benefit. We certainly hear and see this getting to be a more expensive arena to play in. Talk, please, about how you sort of balance that tangible and intangible return opportunity and sort of where you're at. Thank you.

大家早安。感謝您回答我的問題並告知所有細節。我只是想談談——坦白說，我問了很多關於高端奢華的問題。您過去曾評論過它如何提供某種——[但是]以及經濟利益。我們確實聽到並看到這場比賽的花費變得越來越高。請談談您如何平衡有形和無形的回報機會以及您所處的位置。謝謝。

Yeah, I'm happy to. And good question. The luxury is very important, not -- I mean, we do make money in the luxury space. But if you look at the -- you looked at our EBITDA driven by segment. It's not a huge contributor as a size of the slice of the pie. But it's important because it does help create halo effect that helps the whole system and network effect work, it's aspirational product that our customers want.

是的，我很樂意。好問題。奢侈品非常重要，不是——我的意思是，我們確實在奢侈品領域賺錢。但如果你看一下——你會看到我們的 EBITDA 是由細分市場驅動的。從份額來看，它並不是一個巨大的貢獻者。但它很重要，因為它確實有助於創造光環效應，有助於整個系統和網路效應發揮作用，它是我們的客戶想要的理想產品。

And so we have been very focused on it. You are right that if you looked at where our ultimately, where the bulk of our key money goes in any particular year. It is disproportionately at the high end of the business. It's not all luxury, but a big convention, resort convention and luxury hotels. And so by so doing those investments, we're saying it's important. And we'll continue to do that. But we're not going to go crazy doing that, meaning right now, if you look at where we are in luxury, I would I think we can prove scientifically, it's really working.

因此我們一直非常關注這一點。您說得對，如果您看一下我們的最終去向，看看我們的大部分關鍵資金在某一年都流向了哪裡。它不成比例地處於業務的高端。它並非全是奢華的，而是一個大型會議、度假會議和豪華酒店。因此，透過進行這些投資，我們表明這很重要。我們將繼續這樣做。但我們不會瘋狂地這樣做，也就是說，現在，如果你看看我們在奢侈品方面所處的位置，我認為我們可以用科學的方法證明，它確實有效。

We have as many dots on the map as anybody. As a result of the SLH deal, which was 100% capital-light deal, we have 600 dots on the map. We have 100-plus more in our core brands coming in terms of pipeline. We have, we think, all the most important destinations covered. I mean there are always a couple I'd like to see Waldorf in Paris. And there are a few places that are hard that we're focused on. But if you look at the whole world, where we think we're in all the right places.

我們在地圖上的點數和其他人一樣多。由於 SLH 交易是 100% 輕資本交易，我們在地圖上有 600 個點。我們的核心品牌中還有 100 多個正在籌備中。我們認為我們已經涵蓋了所有最重要的目的地。我的意思是，我總是想去巴黎看華爾道夫。我們正在重點解決一些困難的地方。但如果你放眼整個世界，我們就會認為自己處在正確的位置。

And the reality is, with all respect to the competition, our loyalty program is the best-performing loyalty program in the space. I mean we're approaching against the target, a multiyear target of 75% Honors occupancy, we're approaching 70% at a faster rate than we thought.

事實是，儘管面臨各種競爭，我們的忠誠度計劃仍然是業界表現最佳的忠誠度計劃。我的意思是，我們正在接近目標，即榮譽入學率達到 75% 的多年目標，我們正在以比我們想像的更快的速度接近 70%。

We're growing the program 15% to 20% a year, active members are increasing are crazy, healthy. People are really engaged with the program, the patterns that we've seen in redemption with luxury, including SLH have proven that what we were trying to do, we've accomplished that. And so we're going to continue to focus on luxury.

我們的項目每年增長 15% 到 20%，活躍會員數量正在瘋狂增長，而且增長勢頭良好。人們確實參與了該計劃，我們在奢侈品兌換中看到的模式，包括 SLH 已經證明，我們一直在努力做的事情已經實現了。因此我們將繼續關注奢侈品。

You're going to see us do things to continue. I mean SLH will continue to grow, not at a really not the way it has grown 0 to 500, but it will grow incrementally because we are helping them, and they are they are working on growing that business.

你會看到我們繼續做一些事情。我的意思是 SLH 將繼續成長，雖然不是像以前那樣從 0 成長到 500，但會逐步成長，因為我們正在幫助他們，他們也在努力發展業務。

So that will continue to grow. But you'll see most of the growth come in our core brands, and we're going to be sensible about it. We only -- even when we're making these investments, we don't make these investments to lose money.

因此，這一數字將持續成長。但你會發現大部分成長都來自我們的核心品牌，我們會明智地對待這一點。我們只是－即使我們進行這些投資，我們也不會進行虧損的投資。

I mean we're always investing against market, a deal opportunity where we think that whatever we're giving is a lot less than the value of what we're getting, and we'll continue to do those. But I don't -- we do not, I do not, and we do not feel particularly post SLH that we have to do anything unnatural.

我的意思是，我們總是根據市場情況進行投資，尋找交易機會，我們認為我們付出的遠低於我們所得到的價值，我們會繼續這樣做。但我不會——我們不會，我不會，我們也不覺得在 SLH 之後我們必須做任何不自然的事情。

And obviously, the luxury business has been performing really well, and we like that, my own belief is it will continue to perform well. But what you're going to see over the next two or three years on the basis of what I think is going to happen. You can disagree with me you're going to see broader economic growth in the US pickup and it's also going to be much broader based, and you're going to see all of the mid-market start to converge with the high end. It almost -- I mean, eventually, it has to because it always does.

顯然，奢侈品業務表現非常好，我們對此感到滿意，我相信它會繼續表現良好。但根據我的預測，未來兩三年你會看到什麼。你可以不同意我的觀點，但你會看到美國經濟出現更廣泛的成長，而且成長範圍也會更加廣泛，你會看到所有中端市場開始與高端市場融合。它幾乎——我的意思是，最終它必須這樣做，因為它總是這樣做。

And makeup of what's going on, which is really -- what's really driving it as an investment cycle, that's a middle-class game, like the investment cycle of building data centers, bridges, highways, power plants, that's getting everybody in the game.

而正在發生的事情的組成，實際上是——真正推動它成為投資週期的因素，這是一場中產階級的遊戲，就像建設資料中心、橋樑、高速公路、發電廠的投資週期，讓每個人都參與其中。

And so again, luxury is great performing really well. We're focused on it. It's a good halo effect. We think we have what we need, and we'll keep grinding it out with these deals, but I do believe that the relative performance gap will close in a meaningful way over the next couple of years.

所以，再次強調，奢侈品確實表現非常出色。我們專注於此。這是一個很好的光環效應。我們認為我們已經擁有了我們所需要的東西，並且我們將繼續努力完成這些交易，但我確實相信，在未來幾年內，相對績效差距將以有意義的方式縮小。

Thanks. Nice quarter.

謝謝。不錯的季度。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Hey, good morning, everyone. Thank you for taking our questions. Chris, just wanted to follow up on the offer to provide owners system-wide fee reductions tied to product and quality scores. If I heard you correct, can you elaborate on what the genesis of that was how we should think about any impact from our franchise and royalty fee perspective moving forward, if any at all? And does this incentivize more conversions from owners moving forward?

嘿，大家早安。感謝您回答我們的問題。克里斯，只是想跟進一下這項提議，為業主提供與產品和品質分數掛鉤的全系統費用減免。如果我理解正確的話，您能否詳細說明一下這件事的起因？我們應該如何看待從特許經營和特許權使用費的角度來看未來可能產生的影響（如果有的話）？這是否會激勵業主進一步轉變？

The answer to the last part is yes. I think it does. But the genesis of this was sort of what I implied. It started with the fact that, listen, in the end, our job is to deliver not just top line, we got to deliver bottom line owners or this wonderful virtuous cycle of getting them to reinvest and build us more hotels does not work as well. And so we know that they are having a difficult time, they had a great run in initial years coming out of COVID, but it's gotten much more challenging. And so we want to help.

最後一部分的答案是肯定的。我認為是的。但這件事的起源正是我所暗示的。首先要說的是，聽著，最終我們的工作不僅僅是實現營收成長，還要實現利潤成長，否則這種讓他們再投資並為我們建造更多飯店的良性循環就無法正常運作了。因此，我們知道他們正處於艱難時期，在新冠疫情爆發後的最初幾年裡，他們表現得非常出色，但現在情況變得更加具有挑戰性。因此我們想提供協助。

And we think we should be able to meeting same comments I won't repeat them about, we can garner efficiency. We can use AI. We can think about all of our processes where it's a big system in ways that will benefit them. So that was really the genesis.

我們認為我們應該能夠滿足同樣的評論（我就不再重複了），我們可以提高效率。我們可以使用人工智慧。我們可以考慮將所有流程視為一個大系統，以便讓它們受益。這才是真正的起源。

And the other thing we're trying to accomplish, and it was -- I said it very quickly, but it's an important note is that -- and this isn't unique to help the whole industry during COVID had a cycle of underinvestment in assets. That's because everybody -- the owner community rightfully had to survive, they were having to pay interest and like they didn't have the money that they would normally have to invest.

我們正在努力實現的另一件事是——我很快就說完了，但需要注意的是——這並不是唯一能幫助整個行業在 COVID 期間經歷資產投資不足週期的方法。這是因為每個人——業主社區都必須生存，他們必須支付利息，而且他們沒有通常需要投資的錢。

So you went through a unique cycle in my 40 years of doing this of underinvestment. Again, not just across the Board. Thankfully, we went into it in a very good place. So we feel pretty good about where we are, but we want more investment in the system.

所以，在我從事這一行的 40 年裡，你經歷了一個獨特的投資不足的週期。再次強調，這不只是全面的。值得慶幸的是，我們進入了一個非常好的地方。因此，我們對目前的狀況感到很滿意，但我們希望對該系統進行更多的投資。

And so we have been encouraging and by the way, I sort of mentioned, we have -- in the US, we have over 20% of the system is in renovation right now, so that we've been encouraging it and it's been happening, but we thought if we're going to do this, we want to help provide another incentive to accelerate it to go even faster.

因此，我們一直在鼓勵，順便說一句，我提到過，我們——在美國，我們現在有超過 20% 的系統正在進行翻新，所以我們一直在鼓勵它，而且它一直在發生，但我們認為，如果我們要這樣做，我們希望幫助提供另一種激勵措施來加速它的速度。

And so we did create, I think, a pretty unique setup where we have stay scores, et cetera, think about customer satisfaction scores and it's a complex equation, but one that they understand because it's the way we manage the system.

因此，我認為我們確實創建了一個非常獨特的設置，其中我們有停留分數等等，考慮客戶滿意度分數，這是一個複雜的等式，但他們理解，因為這是我們管理系統的方式。

The franchise system already where we provided gates essentially that people need to get through by brand with its stairstep. It's a very complex system. But again, sort of the way we've managed the business, they understand it. And so that's the secondary.

特許經營體系已經提供了大門，人們需要通過品牌的階梯式通道才能進入。這是一個非常複雜的系統。但同樣，他們理解我們管理業務的方式。所以這是次要的。

The first was we want to help our owners. The second was we want to help our owners also in the long term, which is to make sure that the product quality is where it needs to be. And even without it hitting it doesn't start until January, the relief doesn't start till Jan. We've seen a pretty meaningful uptick in activity. So I mean people get it, they want to get through the gate. And a large part of the system will. I think when we did it, it was like 50. I think it's -- last I looked at maybe approaching 60 without even having rolled out.

首先，我們想幫助我們的業主。第二，我們也希望長期幫助我們的業主，確保產品品質達到應有的水準。即使沒有發生攻擊，也要到一月才會開始，救援也要到一月才會開始。我們已經看到活動出現了相當明顯的上升趨勢。所以我的意思是人們明白了，他們想要通過大門。而係統的大部分都會如此。我認為當我們這樣做的時候，人數大概是 50 人。我認為——我上次看到可能已經接近 60 了，甚至還沒有推出。

To be clear, it doesn't -- I do think it will -- the more -- the higher our margins, the more people want to build this hotel. So I think it's helpful in that regard. And it doesn't have any impact on our royalty management rates and license fees, management fees, it's all in the other part -- the part of the system we manage on by half of owners for the whole system. So there's no impact on our P&L.

需要明確的是，事實並非如此——我確實認為是這樣——我們的利潤越高，想要建造這家酒店的人就越多。所以我認為它在這方面是有幫助的。而且它對我們的版稅管理費率和許可費、管理費沒有任何影響，這些都屬於另一部分——我們由一半的所有者管理整個系統的部分。因此這對我們的損益沒有影響。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great. Thank you. Looking at your fee revenue for the year kind of fee revenue per room, it's growing even with more economy rooms and more rooms in China that I think a lot of investors might worry would hurt that number. What's driving the economics there?

偉大的。謝謝。從今年的費用收入（即每間客房的費用收入）來看，即使中國的經濟客房和客房數量增加，費用收入仍在增長，我想很多投資者可能會擔心這會影響這個數字。是什麼推動了那裡的經濟發展？

And I guess, is there anything that you'll be comping next year for us to think about anything unusual in those numbers for this year that you'd be comping next year? Or do you feel good about those economics continuing next year? Thanks.

我想，您明年會提供什麼讓我們思考今年的數字中是否存在任何不尋常之處，以至於您明年會提供什麼呢？或者您對明年經濟情勢的持續發展感到樂觀嗎？謝謝。

You're talking about comps that would drive fee per room year-over-year, no.

您說的是每間客房的費用逐年上漲的比較，不是嗎？

Things like the non-revs, sorry. Go ahead. yeah.

諸如非轉速之類的事情，很抱歉。繼續吧。是的。

Well, non-RevPAR is different. But fees per room, no, there's nothing that would comp year-over-year. And yes, you are seeing a little bit of our mix shift over time in terms of what we're delivering shift to emerging markets, including China, which is normal as we continue to grow outside the US. But I think as we've said before, and I know -- we all know why you're asking because you get this question a lot from your clients and from investors and we get it a lot. So we get that it's on investors' mind.

嗯，非 RevPAR 則有所不同。但每間客房的費用，沒有，沒有任何東西可以與去年同期相比。是的，隨著時間的推移，你會看到我們的產品組合發生了一些變化，我們的產品轉向了包括中國在內的新興市場，這很正常，因為我們在美國以外地區繼續成長。但我認為，正如我們之前所說的那樣，而且我知道——我們都知道你為什麼問這個問題，因為你的客戶和投資者經常問你這個問題，我們也經常問你這個問題。因此，我們知道這是投資者關心的問題。

We've talked about this a lot in the sense that even if you take the mix of what we're delivering, which is slightly different. If you combine that with the existing mix, we're really not shifting the overall mix of contribution over time from higher fee paying things to lower fee paying things.

我們已經多次討論過這個問題，即使你接受我們提供的混合產品，也會發現它們略有不同。如果將其與現有組合結合，我們實際上並沒有隨著時間的推移將整體貢獻組合從收費較高的項目轉移到收費較低的項目。

The rooms were opening largely around the world, if you exclude China, are at the same fee per room rates or higher than our existing in-place fee for room rates. And then you think about other factors like RevPAR continuing to grow, our take rate continuing to increase as we regrow license fees. The bulk of our deliveries being in our strong mid-market brands, where we charge our highest fees per room.

如果不考慮中國，世界各地大部分地區開設的客房費用與我們現有的客房費用相同或更高。然後你再考慮其他因素，例如 RevPAR 的持續成長，隨著許可費的增加，我們的佣金率也持續增加。我們的大部分交付都是針對我們強大的中端市場品牌，我們對這些品牌收取的每間客房費用最高。

If you put all of that in the model -- and sorry, I should add that even in the case of emerging markets, we're starting to grow our higher-end brands. And in China, we're moving more towards our own brands versus in the MLAs. The MLAs are going to continue but we're growing our own brands that are 100% up at higher rates. So you put all that in the model, and we believe and we know that fees per room will continue to grow over time.

如果將所有這些都放入模型中——抱歉，我應該補充一點，即使在新興市場，我們也開始發展我們的高端品牌。在中國，我們正更多地轉向自有品牌而非 MLA 品牌。MLA 將繼續存在，但我們正在以更高的速度發展我們自己的品牌，其成長率將達到 100%。所以你把所有這些都放到模型中，我們相信並且我們知道每間客房的費用將隨著時間的推移而持續增長。

Yeah. We -- I know Kevin's right, it comes up often until right or wrong, it does. We've modeled it in the most granular way, which, by definition, is more granular than anybody else can model it in our 5 and 10 year models and it keeps going up for the reasons Kevin described.

是的。我們——我知道凱文是對的，這個問題經常出現，直到正確或錯誤為止，它確實出現。我們以最精細的方式對其進行了建模，根據定義，這種方式比任何其他人在我們的 5 年和 10 年模型中對其進行的建模都要精細，並且由於 Kevin 描述的原因，它還在不斷上升。

A little bit more visibility on the China thing, we did two MLAs. We're not planning to do any more. Those have been highly productive. They've helped us build an incredible network effect in China. Our market share in China is incredible.

為了進一步提高對中國問題的關注度，我們任命了兩名 MLA。我們不打算再做任何事了。這些都非常有成效。他們幫助我們在中國建立了令人難以置信的網路效應。我們在中國的市佔率令人難以置信。

I'm not going to -- but it's off the charts. It's is the highest market share that we have anywhere in the world. So it has worked. But we're not doing any more MLAs. We -- those are productive. We learn from those and now we're taking our mid-market brands like Garden Inn and others and doing it ourselves.

我不會這麼做——但這太不可思議了。這是我們在全球擁有的最高市場份額。所以它已經起作用了。但我們不會再做任何 MLA 了。我們——這些都是富有成效的。我們從中吸取了教訓，現在我們正在將花園酒店等中端市場品牌推向市場，並自己做這件事。

So if you look at even in China, with those continuing to grow just based on the velocity of growth that we have and the ones we're doing ourselves, the fees per room are going up in China, they're not going down. So you put all that together and when we do it bit by bit, fees per room are going up.

因此，如果你看一下中國的情況，你會發現，僅根據我們的成長速度和我們自己所做的業務，這些業務仍在繼續成長，中國的每間客房的費用只會上漲，而不會下降。所以，把所有這些加在一起，當我們一點一點地做的時候，每個房間的費用就會上漲。

Great. Thank you.

偉大的。謝謝。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Great. Good morning. Thanks for taking my question. So apologies for more of a near-term question, Chris or Kevin. I am just curious in terms of the corporate travel trends into the fourth quarter. I mean you do have tougher comps on that side of the ledger. But I think more of the question is, you guys talk to a lot of companies, you see a lot of data from your strength within your system.

偉大的。早安.感謝您回答我的問題。因此，對於克里斯或凱文，這是一個近期的問題，我深表歉意。我只是對第四季的商務旅行趨勢感到好奇。我的意思是，從帳簿的這一邊來看，你的競爭對手確實更強。但我認為更多的問題是，你們與許多公司進行了交談，從你們的系統實力中看到了很多數據。

Does it tell a bit of a story in terms of which corporates are putting their people on the road, large companies or small companies region by region. And when you speak to those companies, what are they sort of -- if they agree with your view of the sort of future economic tailwinds, what do you think that they're waiting for?

它是否講述了哪些公司讓員工上路的故事，是大公司還是小公司，按地區劃分。當您與這些公司交談時，他們會怎樣——如果他們同意您對未來經濟順風的看法，您認為他們在等待什麼？

Yeah. I mean, listen, it's a lot of -- yes, we talk to our customers. We do customer events all the time. We did a big one recently where I had tons of our customers and talk to our sales teams. And I'd say broadly, people are pretty constructive. I mean, it's anecdotal, but I don't really talk to any of our major customers that say like they're not going to be traveling more next year. I don't talk to any of our customers that don't understand they're going to be paying a little bit more for the product. next year. I think they, like everybody think inflation should come down.

是的。我的意思是，聽著，有很多——是的，我們與我們的客戶交談。我們經常舉辦客戶活動。我們最近舉辦了一次大型活動，我接待了大量客戶並與我們的銷售團隊進行了交談。我想說，整體來說，人們都相當具有建設性。我的意思是，這只是傳聞，但我並沒有真正與任何一位主要客戶交談過，他們說他們明年不會再出行了​​。我不會和任何不明白明年他們將為產品支付更多費用的客戶交談。我認為他們和所有人一樣認為通貨膨脹應該下降。

So maybe they don't want to see the big increases that they have been seeing. But they understand they're going to have an increase. I think what's been holding them up is the obvious, just noise in the system. I mean, I think the big guys, the tariff stuff has sort of affected them. They were way behind.

所以也許他們不想看到他們所看到的大幅成長。但他們知道工資將會上漲。我認為阻礙他們前進的顯然是系統中的噪音。我的意思是，我認為關稅問題對大公司產生了一定影響。他們遠遠落後了。

So I'd say, in a relative sense, maybe they have performed in the very short term a little bit better because they were so far behind. But they're rattled and then the SMB are always more resilient, but they're a little bit related.

所以我想說，從相對意義上來說，也許他們在短期內的表現會好一點，因為他們落後太多了。但他們很慌亂，而中小企業總是更有韌性，但他們之間有點關聯。

So I just think there's been a lot of noise in the system. The reason I'm more optimistic about next year, again, I can't prove it is just anecdotal. I'm talking to a lot of them. I think you're going to see these if I'm right about when you lift up, you see some of these broader macroeconomic trends start to take hold and people feel more confident and you get -- as you get closer to midterm, some of the tariff stuff sort of goes a little bit more in the back seat. I believe people will settle down and get back to their patterns.

所以我認為系統中存在著許多噪音。我對明年更加樂觀的原因，我無法證明這只是傳聞。我正在和他們中的許多人交談。如果我對何時採取行動的判斷正確的話，我想你會看到這些，你會看到一些更廣泛的宏觀經濟趨勢開始佔據主導地位，人們感到更加自信，而且隨著中期選舉的臨近，一些關稅問題似乎被擱置了。我相信人們會安定下來並恢復他們的模式。

And again, anecdotally, they're not telling us they're not telling me when I talk to the folks that run travel departments, anything, but we think we're going to travel more and we're going to have to pay more for it next year.

再說一次，有趣的是，當我與負責旅行部門的人交談時，他們沒有告訴我們任何事情，但我們認為明年我們將會出行更多，並且必須為此付出更多代價。

Great color. Thanks, Chris.

顏色很棒。謝謝，克里斯。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi there. Thanks for taking the question. You're clearly seeing amazing traction on the development side and with the conversion side of things, speaks to the strength of the brand and everything else. But maybe it would be helpful just to get like a pulse check on the key money side of things, like what you're seeing in terms of key money per room, the competitive environment? Any kind of shift there over the last few months?

你好呀。感謝您回答這個問題。您清楚地看到了開發方面和轉換方面的驚人進展，這說明了品牌和其他一切的實力。但也許只是對禮金方面的狀況進行一下了解會有所幫助，例如您所看到的每間客房的禮金情況、競爭環境如何？過去幾個月有什麼變化嗎？

I wouldn't say there's been a shift, Lizzie, over the last few months. I think you've had a shift over the last few years in the sense that it is a more competitive environment. I mean, with unit growth being an important part of all of our stories in the industry, it's really important. And then when some of us sort of take a little bit of a lead in that regard.

莉齊，我不認為過去幾個月發生了任何轉變。我認為過去幾年已經發生了變化，因為競爭環境變得更加激烈了。我的意思是，單位成長是我們行業所有故事的重要組成部分，它非常重要。然後我們中的一些人在這方面就發揮了一點帶頭作用。

Our competitors are sort of anxious to catch up and get out there and sort of deals get a little bit more expensive. But with that said, I would say, Chris mentioned it, something like 85% or 90% of the key mine we deploy is on full service and above. It tends to be on luxury. It tends to be on the big convention center type hotels.

我們的競爭對手急於迎頭趕上，因此交易價格會變得更高一些。但話雖如此，我想說，克里斯提到過，我們部署的關鍵礦山中大約有 85% 或 90% 都已全面服務及以上。它往往是奢侈的。它往往位於大型會議中心類型的酒店。

It tends to be -- the bigger projects, you garner the bigger checks, every once in a while, you have -- part of it depends on which brands are available for a certain deal, right, if you have a conversion and it's an independent hotel and all the brands are available, and that owner is fortunate enough to be able to create some that can make it a little bit more expensive.

通常情況下，專案越大，你能拿到的錢就越多，有時，你會有——部分原因取決於哪些品牌可以參與某項交易，對吧，如果你有一個轉換項目，它是一家獨立酒店，所有品牌都可以參與，而業主很幸運能夠創造一些品牌，這可以讓它的價格稍微貴一點。

But that said, if you look back, we're still broadly in terms of what is under construction, we're still under 10%, high single digits of our deals overall are using any form of key money. So you're still sort of 90% plus in terms of what's under construction has no key money associated with at all. with it at all.

但話雖如此，如果你回顧一下，我們仍然大體上處於在建階段，仍然低於 10%，我們整體交易中只有高個位數使用某種形式的押金。因此，就正在建造的項目而言，90% 以上根本不需要支付任何押金。

And if you look back in the last few years, we've had some years that are a little bit higher. We've had some years that are a little bit lower, but that tends to be more some of the big chunky deals that the timing of when they happen changes that answer.

如果你回顧過去幾年，你會發現有些年份的成長率還略高一些。有些年份我們的利潤率會稍微低一些，但這往往是因為一些大宗交易的發生時機改變了答案。

If you had asked us six months ago, a year ago, we even back to our most recent Investor Day, we would have set a good run rate for key money is $150 million to $200 million a year, and we would still say that's a good run rate. So it hasn't really changed dramatically. It is a more competitive world, a slightly more competitive world, but it isn't changing dramatically.

如果您在六個月前、一年前問我們，甚至在最近的投資者日問我們，我們會將關鍵資金的良好運行率設定為每年 1.5 億至 2 億美元，我們仍然會說這是一個良好的運行率。所以它實際上並沒有發生巨大的變化。這是一個競爭更加激烈的世界，一個稍微激烈一點的世界，但它並沒有發生巨大的變化。

And part of that is, and Kevin alluded to it, I mean we're training -- listen, our brands perform better than everybody else's. So like we have trained our development teams to have the dialogue with our partners, our owner partners to make sure, as they're thinking about key money that they're not being penny wise and pound fuller.

其中一部分是，凱文提到了這一點，我的意思是我們正在培訓——聽著，我們的品牌表現比其他所有人都好。因此，我們培訓了我們的開發團隊，讓他們與我們的合作夥伴、我們的業主合作夥伴進行對話，以確保他們在考慮關鍵資金時不會斤斤計較。

So they get a little bit more key money or they get some versus none, but they get 500 basis point to 1,000 basis point lower RPI or market share, obviously, that's a losing trade, and so we've worked really hard with our development teams.

因此，他們獲得了多一點的關鍵資金，或者獲得了一些而不是沒有，但他們獲得了 500 個基點到 1,000 個基點的較低 RPI 或市場份額，顯然，這是一筆虧本的交易，所以我們與我們的開發團隊一起努力工作。

We make it hard on them. I mean we basically don't believe we should have to do it. To Kevin's point, we think it should be consistent with where we've been. And we've been able to do it because I think we've got a really good story with really good performing brands. And I think our development teams are understanding how to make that argument. And it doesn't always win, but it's winning a lot more than it's not.

我們讓他們的日子很難過。我的意思是我們基本上不相信我們應該這樣做。對於凱文的觀點，我們認為它應該與我們一直以來的立場一致。我們之所以能夠做到這一點，是因為我認為我們有非常精彩的故事和表現非常出色的品牌。我認為我們的開發團隊理解如何提出這個論點。雖然它並不總是能獲勝，但獲勝的次數比失敗的次數多得多。

Mike Bellisario, Baird.

麥克貝利薩裡奧，貝爾德。

Thanks. Good morning, everyone. Just a question for you, just a question on pricing sort of broadly. Maybe help us understand what are you seeing in terms of how and where customers are booking, especially on the leisure side? And then how much more are you running promotions and discounts? And is that weighing on ADR and all looking at? Thanks.

謝謝。大家早安。我只是想問您一個問題，關於定價的一個大致問題。也許可以幫助我們了解您所看到的客戶預訂方式和地點，特別是在休閒方面？那你們還進行多少促銷和折扣？這是否會對 ADR 造成影響並引起人們的注意？謝謝。

We are running -- when it's weaker, we're always going to do honor specials and use a little bit more OTA business and access other distribution channels. And in third quarter, it was weaker. So we did those things. I mean if you look at the numbers, you'll see it was pretty -- we're not -- you haven't seen any sort of collapsing in rate integrity. I mean our declines were pretty much balanced between rate and occupancy, which is what you'd see.

我們正在經營——當它較弱時，我們總是會推出特別優惠，並利用更多的 OTA 業務並訪問其他分銷管道。而在第三季度，其表現則更為疲軟。所以我們做了這些事。我的意思是，如果你看一下這些數字，你會發現它相當不錯——我們沒有——你沒有看到任何形式的利率完整性崩潰。我的意思是，我們的房價和入住率的下降幅度基本上是平衡，正如您所看到的。

You definitely had in categories you had a lower in third quarter, lower group base. So that means you have more rooms to sell. You got to do more transient business transient was a bit weaker for the reasons I just described, everybody's rattled about everything going on in the world.

您的類別在第三季肯定較低，群體基數也較低。這意味著您有更多的房間可供出售。你必須做更多短暫的業務，短暫業務有點弱，原因我剛才描述過，每個人都對世界上發生的一切感到不安。

Leisure was pretty strong, but then leisure isn't the highest rated business. So what does that mean? it has impact on rate. What I would say is when you dissect so far, and you know my view now because I've said it three or four times that the world is coming our way, so far, if you dissect it, it's really been a mix shift that has affected rate. You're just taking lower-rated customers and they're substituting for higher-rated customers, meaning you're taking leisure customers that pay less, not necessarily that the leisure rates dumping.

休閒業務表現相當強勁，但休閒業務並非評價最高的業務。那麼這意味著什麼？它對速率有影響。我想說的是，當你剖析到目前為止的情況時，你現在就知道我的觀點了，因為我已經說過三四次了，世界正在朝著我們的方向發展，到目前為止，如果你剖析一下，就會發現這確實是一個影響利率的混合轉變。你只是在吸引評分較低的客戶，並用他們來取代評價較高的客戶，這意味著你吸引的是支付較少費用的休閒客戶，而不一定意味著休閒費率的降低。

It's just it's a lower rate than you're substituting in for business streams, which is a higher rate. So I think when you deconstruct it scientifically, I think you feel pretty good that rate integrity has been reasonably good, and not that shouldn't be surprising sort of intellectually to any of us in the sense that inflation is alive and well. And while it's come down, it's still somewhat stubbornly high.

只是它的費率比您替換業務流的費率要低，而業務流的費率則要高。因此，我認為，當你從科學的角度對其進行解構時，你會感覺到利率的完整性一直相當好，而且從通貨膨脹依然存在這一點來看，我們任何人都不應該感到驚訝。儘管已經下降，但仍居高不下。

And so we will be a beneficiary of that broader trend. So technically, it's pretty evenly split but -- things -- occupancies are off, so we replace it with lower-rated business. As a result, rate will come down a bit. Just the weighted average will bring it down.

因此，我們將成為這一更廣泛趨勢的受益者。因此從技術上講，它的分配相當均勻，但是——事情——入住率不高，所以我們用評級較低的企業來代替它。因此，利率將會略有下降。僅加權平均值就會將其降低。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi. Thank you. I know I covered a lot of territory here. I just wanted to ask you, I think the full year sort of trending on RevPAR and a slightly more modest outlook doesn't really come as a surprise. But as you think about the fourth quarter and kind of the implied guidance, is the government shutdown impacting your forecast at all? Or is that -- is everything just going on it's business as usual?

你好。謝謝。我知道我在這裡涉及了很多領域。我只是想問你，我認為全年 RevPAR 的趨勢和略微溫和的前景並不令人驚訝。但是，當您考慮第四季度和隱含的指導時，政府關門是否會對您的預測產生影響？或者說——一切都只是照常進行？

No. I mean, look, we're sort of almost a month into 22 days, I guess, into the government shutdown with them, so almost a month of that in the forecast. So we have factored for that into the forecast in the fourth quarter. And our full year scenarios, which is a range really encompass if the government -- even if the government shutdown keeps going, we think we'll be within that range. So it is affecting the numbers.

不。我的意思是，你看，政府關門已經持續了 22 天，現在已經快一個月了，所以預計還會持續一個月。因此，我們在第四季度的預測中已將此因素考慮在內。我們的全年預測範圍實際上涵蓋了政府的情況——即使政府關門持續下去，我們認為我們也會在這個範圍內。所以它影響了數字。

I think that who knows if our forecast would have come down anyway, probably given what came in the third quarter, we might have been a little bit lower for the fourth quarter anyway, but we are factoring forward and it is affecting the numbers somewhat.

我認為，誰知道我們的預測是否會下降？考慮到第三季的情況，第四季的預測可能會稍微低一些，但我們正在考慮未來因素，這會對數字產生一定影響。

Thank you. Appreciate it.

謝謝。非常感謝。

Sure.

當然。

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. Please go ahead.

女士們、先生們，我們的問答環節到此結束。我想將會議交還給 Chris Nassetta，請他發表任何補充或結束語。請繼續。

Thanks, Chuck. Thank you, everybody. As always, we appreciate the time. As you can see, I remain pretty darn optimistic about what the next several years are going to look like. And even I think if you look at all the numbers and everything we talked about today, even in the midst of what's been a bit of an air pocket as we sort of get through this time to a little bit higher growth time the resilience of our model, business model and our execution, I think, has been really, really good, and we're continuing to deliver and outperform on unit growth, deliver and outperform on the bottom line with taking what the world gives us and doing everything we can to make it better.

謝謝，查克。謝謝大家。一如既往，我們感謝您抽出時間。正如你所看到的，我對未來幾年的前景仍然非常樂觀。而且我認為，如果你看一下我們今天討論的所有數字和所有內容，即使在我們度過這段時間並實現更高增長的時期的過程中出現了一些小波動，我們的模式、商業模式和執行力的彈性，我認為，一直非常非常好，我們將繼續在單位增長方面實現並超越，在底線上實現並超越，接受世界給予我們的東西，並儘我們所能使它變得更好。

So we're feeling good about the business. feeling good about where we are feeling good about where the future is going, and we'll look forward on the next call to giving you a fulsome update once again. Thanks again, and talk soon.

因此，我們對業務感到滿意。對未來的發展方向感到滿意，我們期待下次通話時再次為您提供全面的更新。再次感謝，希望很快能再聊。

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

會議現已結束。感謝您的參與。您現在可以斷開連線。