萬豪國際 (MAR) 2023 Q2 法說會逐字稿

Good day, everyone, and welcome to today's Marriott International Q2 2023 Earnings Call. (Operator Instructions) Please note, this call may be recorded. I will be standing by should you need any assistance.

大家好，歡迎參加萬豪國際集團2023年第二季財報電話會議。 （操作說明）請注意，本次電話會議可能會被錄音。如有任何需要，請隨時與我聯繫。

It is now my pleasure to turn today's call over to Jackie McConagha, Senior Vice President of Investor Relations. Please go ahead.

現在我很高興將今天的電話會議交給投資者關係高級副總裁傑基·麥康納哈女士。請開始吧。

Thank you. Hello, and welcome to Marriott's Second Quarter 2023 Earnings Call. On the call with me today are Tony Capuano, our President and Chief Executive Officer; Leeny Oberg, our Chief Financial Officer and Executive Vice President, Development; and Betsy Dahm, our Vice President of Investor Relations.

謝謝。大家好，歡迎參加萬豪酒店集團2023年第二季財報電話會議。今天與我一同出席會議的有：總裁兼執行長托尼·卡普阿諾；財務長兼發展執行副總裁莉妮·奧伯格；以及投資者關係副總裁貝齊·達姆。

Before we begin, I would like to remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our SEC filings, which could cause future results to differ materially from those expressed in or implied by our comments.

在正式開始之前，我想提醒大家，我們今天所作的許多陳述並非歷史事實，而是聯邦證券法所界定的前瞻性陳述。這些陳述受到許多風險和不確定因素的影響，具體內容已在提交給美國證券交易委員會（SEC）的文件中闡述，這些風險和不確定因素可能導致未來的實際結果與我們在陳述中明示或暗示的內容有重大差異。

Please also note that, unless otherwise stated, our RevPAR occupancy and average daily rate comments reflect system-wide constant currency results for comparable hotels. Statements in our comments and the press release we issued earlier today are effective only today and will not be updated as actual events unfold.

另請注意，除非另有說明，我們的每間可供出租客房收入 (RevPAR) 入住率和平均每日房價數據均反映的是系統內同類酒店的固定匯率結果。我們今天早些時候發布的聲明和新聞稿中的表述僅對今天有效，不會隨著實際情況的變化而更新。

You can find our earnings release and reconciliations of all non-GAAP financial measures referred to in our remarks today on our Investor Relations website.

您可以在我們的投資者關係網站上找到我們的獲利報告以及我們今天演講中提到的所有非GAAP財務指標的調節表。

And now I will turn the call over to Tony.

現在我將把電話交給東尼。

Thanks, Jackie, and thank you all for joining us today. Our terrific second quarter results demonstrate the strength of global lodging demand and the success of our growth strategies. I've experienced a robust demand for lodging firsthand as I've been on the road a lot this year and I've had the privilege of visiting every one of our regions. It has been wonderful to spend time with our team of hard-working and dedicated associates at properties around the world and to see how quickly global travel has rebounded.

謝謝Jackie，也謝謝各位今天蒞臨。我們第二季的出色業績充分展現了全球飯店業強勁的需求以及我們成長策略的成功。今年我經常出差，親身感受到了酒店業的旺盛需求，並有幸走訪了我們所有區域。能夠與世界各地酒店勤奮敬業的員工們共度時光，並親眼見證全球旅遊業的迅速復蘇，我感到非常榮幸。

Second quarter worldwide RevPAR rose 13.5% versus the 2022 quarter, led by another quarter of meaningful recovery in Greater China. Less than 2 quarters after travel restrictions were lifted, RevPAR in Greater China has now surpassed 2019 levels, primarily due to the surge in domestic demand. Worldwide occupancy in the quarter reached 72%, 5 percentage points higher than the year ago quarter. With our unwavering focus on maximizing revenues, global ADR grew 6% year-over-year.

第二季全球每間可供出租客房收入（RevPAR）較2022年同期成長13.5%，主要得益於大中華區市場連續第二季的顯著復甦。在旅行限制解除不到兩個季度後，大中華區的RevPAR已超過2019年同期水平，主要歸功於國內需求的激增。本季全球入住率達72%，較去年同期成長5個百分點。在公司始終致力於實現收益最大化的背景下，全球平均房價（ADR）較去年同期成長6%。

Global leisure demand and ADR remained robust. Second quarter leisure transient room nights and ADR each increased 5% year-over-year, yielding 10% revenue growth. In the U.S. and Canada, leisure revenues rose 1% above last year's sensational second quarter. Demand in this market has been stabilizing on a year-over-year basis with travelers from the region increasingly taking vacations overseas now that pandemic-related travel restrictions are behind us.

全球休閒旅遊需求和平均房價依然強勁。第二季休閒旅遊客房入住夜數和平均房價均較去年同期成長5%，營收成長10%。在美國和加拿大，休閒旅遊收入較去年同期成長1%，而去年同期已呈現亮眼的成績。隨著疫情相關的旅行限制解除，該地區的遊客越來越多地選擇出國度假，因此該市場的需求較去年同期趨於穩定。

Leisure room nights from the U.S. and Canadian travelers jumped 90% in Asia Pacific and over 20% in Europe compared to the same period last year.

與去年同期相比，來自美國和加拿大的休閒旅客在亞太地區的休閒酒店住宿夜數增長了 90%，在歐洲增長了 20% 以上。

The group segment had another great quarter with revenues in the U.S. and Canada growing 10% year-over-year, driven by both rate and occupancy. Group revenues are expected to remain strong going forward. At the end of June, group revenue for the back half of 2023 was pacing up 11% to last year.

團體業務部門本季表現強勁，美國和加拿大地區的營收年增10%，主要得益於房價和入住率的雙雙提升。預計團體業務收入未來將保持強勁勢頭。截至6月底，2023年下半年的團體業務收入預計比去年同期成長11%。

Meeting planners are beginning to book further out, a trend we're also seeing with transient customers. Group revenue for full year 2024 was pacing up 14% year-over-year at the end of the quarter, an improvement from up 9% just 3 months prior. Recovery in business transient demand remained slow, but steady with demand from our top corporate accounts progressing modestly in the quarter. In the U.S. and Canada, ADR again rose nicely compared to 2022, thanks to high single-digit special corporate rate increases. This led to business transient revenues rising 12% year-over-year.

會議策劃者開始提前預訂更遠的日期，而散客預訂也呈現同樣的趨勢。截至本季末，2024 全年團體營收年增 14%，較三個月前的 9% 增幅有所提高。商務散客需求的復甦依然緩慢但穩定，主要企業客戶的需求在本季略有成長。在美國和加拿大，由於企業特惠價格實現了接近兩位數的漲幅，平均房價 (ADR) 較 2022 年再次顯著上漲。這使得商務散客收入年增 12%。

Overall, cross-border travel demand also rose again in the quarter, primarily driven by an increase in international visitors to the Asia Pacific region. The percent of total room nights from cross-border guests is now roughly 1 percentage point below 2019 levels of approximately 20%.

總體而言，跨境旅遊需求在本季再次上升，主要受亞太地區國際遊客數量成長的推動。目前，跨國遊客入住總房晚數的比例比2019年約20%的水平低約1個百分點。

Prior to the pandemic, international visitors accounted for nearly 1/4 of room nights in Greater China. With the region's international airlift still only around 40% of 2019 capacity at the end of the second quarter, we believe there is still meaningful growth opportunity in and from Greater China.

疫情前，國際遊客在大中華區飯店客房入住量中佔近四分之一。截至第二季末，該地區國際航空運力仍僅為2019年同期水準的40%左右，我們認為大中華區及其周邊地區仍存在巨大的成長潛力。

We remain keenly focused on strengthening our powerful Marriott Bonvoy loyalty program, which has over 186 million members. To further build engagement, we continued to enrich the platform with an enhanced booking experience, more choices for customers and complementary products that drive more value and capture share of wallet, such as our co-branded credit cards and travel insurance.

我們始終致力於加強擁有超過1.86億會員的強大的萬豪旅享家忠誠計畫。為了進一步提升會員參與度，我們不斷豐富平台內容，提供更優質的預訂體驗、更多客戶選擇以及能夠創造更多價值並提升客戶錢包份額的配套產品，例如我們的聯名信用卡和旅遊保險。

Our international credit cards had a record quarter, driving global card acquisitions up 25% and global card spend up 10% versus the year ago quarter.

我們的國際信用卡業務在本季創下歷史新高，全球信用卡業務新增額成長 25%，全球信用卡消費額較去年同期成長 10%。

We are increasingly leveraging technology to enhance the guest experience, to drive profitability for our owners and to simplify processes for our associates. As we've mentioned previously, we are in the process of a major global transformation of our digital and core technology. We will be launching new reservations, loyalty and property management platforms over the next several years and look forward to the numerous capabilities these new systems will offer our key constituents.

我們正日益利用科技提升賓客體驗，提升業主獲利能力，並簡化員工流程。正如我們之前提到的，我們正在進行一項重大的全球數位化和核心技術轉型。未來幾年，我們將推出全新的預訂、會員忠誠度和物業管理平台，並期待這些新系統能為我們的重要合作夥伴帶來許多便利。

As we focus on paths for growth, we are adding new offerings and experiences in segments where we believe there is strong consumer interest beyond our current brands. A great example is our recent announcement of an exclusive 20-year strategic license agreement with MGM Resorts International and the creation of MGM Collection with Marriott Bonvoy. The collection, which will launch beginning in October, encompasses 17 resorts with 40,000 rooms. This deal will provide us with significant presence in Las Vegas, one of the most popular destinations in the country with fantastic properties like Bellagio, the MGM Grand and ARIA, as well as additional distribution in 5 other key U.S. cities.

在專注於成長路徑的同時，我們正在現有品牌之外，拓展我們認為消費者興趣濃厚的細分市場，推出新的產品和服務體驗。近期，我們宣布與美高梅國際酒店集團 (MGM Resorts International) 達成一項為期 20 年的獨家戰略許可協議，並與萬豪旅享家 (Marriott Bonvoy) 共同打造美高梅精選酒店 (MGM Collection)，便是一個很好的例證。該精選酒店將於 10 月正式推出，涵蓋 17 家度假酒店，總計 4 萬間客房。這項合作將使我們在拉斯維加斯——美國最受歡迎的旅遊目的地之一——佔據重要地位，這裡擁有百樂宮酒店 (Bellagio)、美高梅大酒店 (MGM Grand) 和 ARIA 等眾多一流酒店，同時也將拓展至美國其他 5 個主要城市。

Beyond just hotels, our strategic agreement with MGM will also give our members access to more sports, music, culinary and entertainment experiences.

除了飯店之外，我們與美高梅的策略協議還將使我們的會員獲得更多體育、音樂、美食和娛樂體驗。

We also recently announced our plans of new affordable mid-scale extended stay offering in the U.S. and Canada. Our deep experience and leading position in extended-stay lodging, coupled with the recent trends toward increased work flexibility and longer stay travel, make us very optimistic about our growth potential. While it is still early days, initial interest from the development community has been extraordinary.

我們近期也宣布了在美國和加拿大推出全新經濟型中檔長住酒店的計畫。憑藉我們在長期住宿酒店領域的深厚經驗和領先地位，以及近年來工作靈活性增強和旅行時間延長的趨勢，我們對自身的發展潛力充滿信心。雖然目前仍處於初期階段，但開發商們的初步反應非常熱烈。

We are working on several hundred deals and hope to have our first deal signed by the end of this year.

我們正在洽談數百筆交易，希望在今年底前簽署第一筆交易。

In the Caribbean and Latin America, we're very excited about the recent addition of City Express to our brand lineup. These mid-scale properties have started to join our distribution channels, and we are thrilled with the noticeable uplift in conversion rates, ADR and bookings so far.

在加勒比海和拉丁美洲地區，我們非常高興地宣布City Express品牌近期加入我們的品牌陣容。這些中檔飯店已開始加入我們的分銷管道，我們對迄今為止轉換率、平均房價和預訂量的顯著提升感到非常興奮。

Our development team remains focused on driving conversions, especially multiunit opportunities, and interest from owners remains robust. In the first half of this year, convergence accounted for 21% of our organic rooms additions, including MGM, conversions represented 63% of our organic signings through June.

我們的開發團隊依然專注於推動物業轉換，尤其是多單元物業的開發機會，業主們的興趣依然濃厚。今年上半年，合併項目占我們新增客房總數的21%（包括美高梅酒店），而截至6月份，物業轉換項目占我們新增簽約項目的63%。

The MGM rooms entering our system beginning this fall will boost our rooms distribution in 2023 by 2.4%.

從今年秋季開始，米高梅酒店的客房將加入我們的系統，這將使我們在 2023 年的客房分佈增加 2.4%。

With more than half the year behind us, we have refined our full year net rooms growth expectations to 6.4% to 6.7%.

今年已過半，我們將全年淨客房成長預期調整為 6.4% 至 6.7%。

Driving valuable global growth is a top company priority, and we are very pleased with the strong rate at which we expect our industry-leading system to grow this year.

推動全球業務實現有價值的成長是公司的首要任務，我們對今年我們行業領先的系統預計將以強勁的速度成長感到非常滿意。

We look forward to sharing more about many key aspects of our business, including our broad global portfolio of over 30 brands, their exciting growth prospects all over the world, Marriott Bonvoy, the brand that brings it all together, our technology transformation and our multiyear financial model at our Investor Day on September 27.

我們期待在 9 月 27 日的投資者日上與大家分享更多關於我們業務的許多關鍵方面，包括我們擁有 30 多個品牌的廣泛全球組合、它們在世界各地令人興奮的增長前景、將所有這些品牌匯聚在一起的 Marriott Bonvoy、我們的技術轉型以及我們的多年財務模式。

Now I'll hand the call over to Leeny to discuss our second quarter financial results in more detail as well as our updated outlook for 2023. Leeny?

現在我將把電話交給Leeny，讓他更詳細地討論我們第二季度的財務業績以及我們更新後的2023年展望。 Leeny？

Thank you, Tony. Our strong second quarter results reflected solid demand in ADR growth around the world with Greater China RevPAR more than doubling, international RevPAR rose an impressive 39% over the 2022 second quarter. Occupancy for our international regions reached 68%, a 12 percentage point improvement versus the prior year quarter and ADR increased 14%.

謝謝托尼。我們強勁的第二季業績反映了全球平均房價（ADR）的穩健成長，其中大中華區每間可供出租客房收入（RevPAR）翻了一番以上，國際市場RevPAR較2022年第二季度增長了令人矚目的39%。國際市場的入住率達68%，較上年同期提升12個百分點，平均房價（ADR）成長14%。

RevPAR in the U.S. and Canada grew 6% versus the year ago quarter. Occupancy reached 74%, up 1 percentage point, while ADR increased 4%.

美國和加拿大的每間可供出租客房收入（RevPAR）較去年同期成長6%。入住率達74%，上升1個百分點，平均房價（ADR）上漲4%。

While demand from both business and leisure guests remained strong, growth rates are stabilizing as we return to more normalized year-over-year comparisons.

儘管商務和休閒旅客的需求仍然強勁，但隨著同比數據恢復正常水平，成長率正在趨於穩定。

Total company's gross fee revenues totaled $1.25 billion, rising 16%, led by meaningful growth in incentive management fees or IMF. IMF totaled $193 million in the quarter, with fees in Greater China up significantly, given the strong recovery in that region. Impressively, our IMF in the first half of 2023 were 19% higher than peak IMF in the first half of 2018.

公司總費用收入達12.5億美元，年增16%，主要得益於激勵管理費（IMF）的顯著成長。本季IMF總額達1.93億美元，其中大中華區費用成長尤為顯著，得益於該地區的強勁復甦。值得一提的是，我們預計2023年上半年的IMF收入將比2018年上半年的峰值高出19%。

Our owned, leased and other revenue net of direct expenses grew 24% despite lower termination fees, largely due to improved performance at our owned and leased hotels.

儘管終止費用有所降低，但由於我們自有和租賃酒店的業績有所改善，我們扣除直接費用後的自有、租賃和其他收入仍增長了 24%。

Our strong IMF and owned, leased performance demonstrate our operating team's terrific work at driving profitability.

我們強勁的 IMF 和自有、租賃業績證明了我們營運團隊在提高獲利能力方面所做的出色工作。

Corporate G&A rose to 4%, well above the rate of top line growth with the strong operating leverage inherent in our business, adjusted EBITDA reached a record $1.2 billion, up an impressive 20% year-over-year.

公司一般及行政費用成長至 4%，遠高於營收成長率，這得益於我們業務固有的強大經營槓桿作用，調整後 EBITDA 達到創紀錄的 12 億美元，同比增長 20%，令人矚目。

On the development front, we're closely monitoring the financing environment, which remains tight around the world. While the U.S. and Europe are facing the most lending challenges, even in these markets, financing has not come to a standstill. Over the past few months, many owners in these regions have been able to secure financing and begin construction. In most of our other regions, there's much less dependence on debt financing for new deals, so hotel construction generally continues apace.

在開發方面，我們正密切關注全球融資環境，目前全球融資環境依然緊張。雖然美國和歐洲面臨的貸款挑戰最大，但即使在這些市場，融資也並未完全停滯。過去幾個月，這些地區的許多業主已經成功獲得融資並開始建造。在我們其他大部分地區，新項目對債務融資的依賴程度要低得多，因此酒店建設總體上仍在穩步推進。

Properties in our industry-leading 547,000 room pipeline that are already under construction continue to move forward. And we've not seen the number of deals leaving the pipeline increase. Global fallout in the quarter was 1.3%, below our historic quarterly average of just over 2%.

我們業界領先的54.7萬間客房儲備項目（目前已在建）仍在穩步推進。而且，我們並未看到退出儲備項目的交易數量增加。本季全球市場下滑幅度為1.3%，低於我們略高於2%的歷史季度平均值。

Now let's talk about our 2023 outlook, the full details of which are in our earnings release. With the better-than-expected second quarter results and robust global booking trends, especially internationally, we're raising our full year guidance. While there is still a level of macroeconomic uncertainty, as we look into the third quarter, the consumer is generally holding up well and our forward bookings remain solid.

現在我們來談談2023年的展望，具體細節請參閱我們的獲利報告。鑑於第二季業績優於預期，以及全球預訂量（尤其是國際預訂量）強勁成長，我們上調了全年業績預期。雖然宏觀經濟仍存在一定程度的不確定性，但展望第三季度，消費者整體表現良好，我們的預訂量也保持穩健。

In the U.S., it now seems more likely that the U.S. economy could have a soft landing. Our updated guidance range assumes relatively steady global economic conditions throughout the remainder of 2023 with continued resilience of travel demand. Growth is expected to remain higher internationally than in the U.S. and Canada, where we're seeing a return to more normal seasonal patterns and year-over-year RevPAR growth is stabilizing.

在美國，目前看來美國經濟軟著陸的可能性較大。我們更新後的預期範圍基於以下假設：2023年剩餘時間內全球經濟狀況相對穩定，旅遊需求持續維持韌性。預計國際市場的成長將高於美國和加拿大，而美國和加拿大的季節性模式正在逐步恢復正常，同比每間可供出租客房收入（RevPAR）成長也趨於穩定。

For the full year, we now expect 7% to 9% RevPAR growth in the U.S. and Canada. We're raising our expectation for international RevPAR growth to 28% to 30%, leading to an expected 12% to 14% increase in global RevPAR.

我們現在預計，全年美國和加拿大的每間可供出租客房收入（RevPAR）將成長7%至9%。我們將國際市場RevPAR成長預期上調至28%至30%，將帶動全球RevPAR成長12%至14%。

Total fees for the full year could rise between 16% and 18% with the non-RevPAR-related component increasing 4% to 7%. Non-RevPAR-related fees are expected to benefit from higher credit card fees resulting from growth in average spend and in the number of cardholders.

全年總費用可能上漲16%至18%，其中與RevPAR無關的部分將上漲4%至7%。非RevPAR相關費用預計將受惠於信用卡手續費的上漲，而信用卡手續費的上漲則源自於平均消費額和持卡人數量的成長。

We still expect 2023 G&A expenses of $915 million to $935 million, an annual increase of 3% to 5%, but still below 2019 level.

我們仍預期 2023 年一般及行政費用為 9.15 億至 9.35 億美元，年增率為 3% 至 5%，但仍低於 2019 年的水準。

Compared to 2022, full year adjusted EBITDA could increase between 18% and 21% and adjusted EPS could rise 25% to 29%.

與 2022 年相比，全年調整後 EBITDA 可能成長 18% 至 21%，調整後每股盈餘可能成長 25% 至 29%。

Our powerful asset-light business model continues to generate a large amount of cash. In the first half of this year, our net cash provided by operating activities surpassed $1.5 billion, nearly 50% higher than the same period last year.

我們強大的輕資產業務模式持續產生大量現金流。今年上半年，我們經營活動產生的淨現金流超過15億美元，比去年同期成長近50%。

We've returned $2.3 billion to shareholders through June.

截至6月份，我們已向股東返還了23億美元。

With the increase in our adjusted EBITDA forecast, we now expect to return between $4.1 billion and $4.5 billion to shareholders in 2023. This assumes full year investment spending of $900 million to $1 billion, which includes the $100 million spent on the acquisition of the City Express brand portfolio.

隨著我們調整後 EBITDA 預測的增加，我們現在預計 2023 年將向股東返還 41 億美元至 45 億美元。這假設全年投資支出為 9 億美元至 10 億美元，其中包括用於收購 City Express 品牌組合的 1 億美元。

With our major technology transformation, we will also have elevated technology spending this year and over the next few years, though this investment is overwhelmingly expected to be reimbursed over time.

隨著我們進行重大的技術轉型，今年和未來幾年我們的技術支出也將增加，儘管預計這筆投資最終會得到回報。

Our capital allocation philosophy has not changed. We're committed to our investment-grade rating, investing in growth that is accretive to shareholder value, while returning excess capital to shareholders through a combination of a modest cash dividend and share repurchases.

我們的資本配置理念不變。我們致力於維持投資等級信用評級，投資於能夠提升股東價值的成長項目，同時透過適度派發現金股利和股票回購的方式將盈餘資本返還給股東。

Thank you for your interest in Marriott, and Tony and I are now happy to answer your questions.

感謝您對萬豪酒店的關注，我和托尼很高興能回答您的問題。

(Operator Instructions) We will take our first question from Stephen Grambling with Morgan Stanley.

（操作員說明）我們先回答摩根士丹利的史蒂芬‧格林布林提出的問題。

Maybe to start off, just on the non-RevPAR-related fees. You gave some color on that in the quarter. But I guess what are your expectations for the remainder of the year? And can you just remind us on how those contracts were structured in terms of length of term? Is there an opportunity to renegotiate those coming up?

或許我們可以先談談與RevPAR無關的費用。您在上個季度已經對此做了一些說明。那麼，您對今年剩餘時間的預期是什麼？您能否再簡單介紹一下這些合約的期限結構？未來是否有機會重新協商這些合約？

Yes. No, we've got several years left on them, Stephen, and are really pleased with the continued growth in the credit card fees, and frankly, really particularly pleased with adding so many new countries.

是的。不，史蒂芬，我們的合約還有好幾年才到期，我們對信用卡手續費的持續增長感到非常滿意，坦白說，我們尤其高興的是新增了這麼多國家。

So I think when you look at credit card fees for the year, I think, broadly speaking, a double-digit growth rate is right. Now for total non-RevPAR fees, we've talked about a 4% to 7% growth in non-RevPAR fees because of the lumpiness of things like residential fees. And the reality, as you remember, our timeshare fees are overwhelmingly a flat payment that go up only slightly.

所以我覺得，如果縱觀全年信用卡手續費，整體而言，兩位數的成長率是合理的。至於非RevPAR費用，我們之前提到過，由於住宅費用等項目的波動性，非RevPAR費用的成長率預計在4%到7%之間。但實際上，如您所知，我們的分時度假費用絕大多數是固定金額，漲幅很小。

So overall, I think we're looking at 4% to 7%. But again, on the credit card side, we continue to see really strong growth.

所以整體而言，我認為成長率會在4%到7%之間。但再次強調，信用卡業務方面，我們持續看到非常強勁的成長。

Great. And then as a follow-up, it's unrelated. Just on the technology investment. Obviously, a lot of talk about AI recently across all industries. How are you generally thinking about the tech investment with an eye on positioning yourself towards leveraging these types of new technologies?

好的。另外，還有一個後續問題，雖然和剛才的話題無關，但關於技術投資的。顯然，最近各行各業都在熱議人工智慧。您是如何考慮科技投資的，才能更好地利用這些新技術？

Sure, Stephen, I'll try and take that one. I think, obviously, AI has already incorporated into how we think about running our business. It has been for a while. We continue to look for opportunities to leverage evolving technologies like AI to remove friction for our guests, to create capacity for our associates. But we do it in a way that is mindful, mindful of how rapidly the technology is evolving and mindful of some of the real important considerations around facets of evolving technology like privacy.

當然，史蒂芬，我會盡量回答這個問題。我認為，人工智慧顯然已經融入我們經營業務的理念中。這種情況已經持續了一段時間。我們一直在尋找機會，利用人工智慧等新興技術來減少顧客的困擾，並為員工創造更多工作機會。但我們始終秉持謹慎的態度，既關注技術的快速發展，也關注新興技術中一些真正重要的方面，例如隱私問題。

Stephen, the only thing I'll add -- Stephen, the only thing I'll add to that is the reality that at the end of the day, we do believe that it is the person-to-person and the experiential part of our business that makes it so unique. So being able to use generational AI in a way that enhances that service, we see as a real benefit, but never to take away from the fundamental people-to-people part of our business.

史蒂芬，我唯一要補充的是——史蒂芬，我唯一要補充的是，歸根結底，我們堅信正是人與人之間的互動和體驗式服務使我們的業務如此獨特。因此，能夠以增強服務的方式運用新一代人工智慧，我們認為這確實是一項真正的優勢，但絕不會因此而削弱我們業務中人與人之間互動這一根本要素。

Right. Before, during and after the stay.

沒錯。入住前、入住期間及入住後。

Right.

正確的。

We'll take our next question from Shaun Kelley with Bank of America.

接下來，我們將回答來自美國銀行的肖恩凱利提出的問題。

So we continue to get a lot of questions from investors on the net unit growth side of the equation, and I appreciate all the color that you gave. So maybe we could just dig in a little further. It looks like at the very high end of the range of what you provided previously, you trimmed that very modestly, excluding sort of the deal with MGM.

因此，我們持續收到投資者關於淨單位成長的諸多問題，非常感謝您提供的詳細資訊。或許我們可以更深入地探討一下。看起來，在您之前提供的範圍上限，您已經進行了非常小幅度的調整，其中不包括與米高梅的交易。

So could you talk about just that change, and more broadly, what you're seeing in the environment?

那麼，您能否談談這種變化，以及更廣泛地說，您在環境中觀察到的情況？

And then I think the second part of the follow-up would be, as we look a little further out, and I don't want to steal too much thunder from the Analyst Day, but what are the preconditions necessary to think that maybe this year could actually be close to the trough. What would have to go right to see, let's call it, core growth ex City Express and ex MGM actually improve in 2024 or beyond?

接下來，我認為後續問題的第二部分是，當我們把目光放得更長遠時——我不想搶了分析師日的風頭——但要認為今年可能接近谷底，需要哪些前提條件？要看到剔除City Express和MGM後的核心成長在2024年或以後真正改善，需要哪些有利條件？

Sure. Shaun, let me start and then I'm sure Leeny will chime in. On your first question, you're right, there is a very modest kind of a 20 bps adjustment at the high end to the guidance. We are delighted with the impact of this terrific MGM deal to so meaningfully increase our guidance for net unit growth for 2023. That little tweak at the high end really is reflective of kind of normal ins and outs.

當然。肖恩，我先說，之後莉尼一定會補充。關於你的第一個問題，你說得對，績效指引的上限確實有20個基點的微調。我們很高興看到這筆與米高梅的重大交易顯著提高了我們對2023年淨增長的預期。上限的這點小調整，其實反映了正常的績效波動。

On the plus side, we've seen a little lower deletions to the system than we had visibility into a quarter ago. And then we've seen a handful of projects that we still are confident will open, but we've seen the timing of a handful of those openings slip into early 2024. And it's those ins and outs that led to that modest tweak to the high end of the guidance.

積極的一面是，我們看到系統刪除的數量比上個季度預期的要少一些。此外，我們仍然有信心一些項目能夠順利開業，但其中一些項目的開業時間推遲到了2024年初。正是這些因素導致了我們對績效指引上限的微調。

On your second question, I would suggest to you that last year was probably the bottom of the trough. The numbers we've seen, particularly on the conversion front are leading strong growth towards that mid-single-digit unit growth that you've become accustomed to in your time covering Marriott. I think in terms of continued improvement. You'll hear a little more of this from Leeny. I think the biggest thing we're hoping for now is continued relief from the constriction we see in the debt markets in the U.S. and Europe for new construction. We're seeing powerful interest on the conversion side. We're seeing no shortage of developer interest or availability of the equity. I think the one impediment we're seeing is it's not an absolute absence of debt, but we're not seeing the free-flowing debt we saw a few quarters ago.

關於你的第二個問題，我認為去年可能是低谷。我們看到的數據，尤其是在改建方面，正引領著強勁的成長，朝著你多年來報道萬豪酒店時所熟悉的個位數中段成長邁進。我認為這種成長勢頭會持續下去。你會從Leeny那裡聽到更多這方面的內容。我認為我們現在最希望的是，美國和歐洲新項目的債務市場能夠繼續放鬆。我們看到改建方面的需求非常旺盛。開發商的興趣和股權融資的可用性都不成問題。我認為我們目前遇到的唯一障礙是，債務並非完全消失，但我們沒有看到幾個季度前那種自由流動的債務。

So Shaun, the only other thing that I would add is the reality that you've heard us talk more and more about multiunit conversions, which does make things a little bit lumpier on the rooms growth. If you remember, when we added a big slug of all-inclusive rooms a couple of years ago, when you look at the MGM deal that we recently announced, I take your point that M&A would be looked at separately. But I do think on the conversion side, you should continue to see us chasing these lovely multi-unit conversion opportunities that can bounce the numbers around a little bit, but definitely give us confidence in our mid-single-digit net rooms growth number as we look forward.

肖恩，我唯一要補充的是，你也聽我們越來越多地談到多單元改造，這確實會讓客房增長的數據略顯波動。如果你還記得，幾年前我們大幅增加了全包式客房，再加上我們最近宣布的與美高梅的交易，我理解你的意思，併購交易需要單獨考慮。但我認為，在改造方面，我們應該繼續積極尋求這些優質的多單元改造機會，雖然這可能會讓數據略有波動，但絕對能讓我們對未來實現個位數中段淨客房增長率充滿信心。

Great. Congrats on the MGM deal.

太棒了！恭喜你們與米高梅達成協議。

Thanks, Shaun.

謝謝你，肖恩。

And we will take our next question from Jeff -- I'm sorry from Joe Greff with JPMorgan.

接下來，我們將回答 Jeff 的下一個問題——抱歉，是摩根大通的 Joe Greff 的問題。

I have 2 questions. One, what's embedded in your full year fee guidance for incentive management fees? It looked like in the 2Q IMF per managed room was up a nice 13% over 2019. How does -- what you have incorporated in full year guidance for IMF, how does that compare on a per-room management basis to '19, both domestically and internationally?

我有兩個問題。第一，你們的全年激勵管理費指導包含了哪些內容？第二季國際管理費（IMF）似乎比2019年同期成長了13%。那麼，你們在全年國際管理費指導中納入的這些內容，與2019年相比，在國內和國際市場，按每間客房計算的管理費有何不同？

So Joe, we can work through the per room. Obviously, we've got the reality that the system overall is about 11% bigger than it was in 2019. So those comparisons start to be a little bit less meaningful.

所以喬，我們可以逐個房間計算。顯然，實際情況是整個系統比2019年大了約11%。因此，這些比較的意義就有點小了。

But to your point about where IMF should be for the full year, I think what you've seen in what we reported today clearly points to the reality that we hope, assuming things continue the way our guidance predicts, is a number of IMF that exceeds our 2019 peak by a good amount. The amount of percentage of hotels earning incentive fees so far is 62% in Q2 versus 72% in 2019. So we're clearly getting much closer. And in Asia Pacific, it's in the mid-80s in both years.

關於您提到的全年IMF（國際獎勵資金）目標值，我認為您今天在我們報告中看到的情況清楚地表明，我們希望，如果一切繼續按照我們的預測發展，IMF值將大幅超過我們2019年的峰值。目前，第二季獲得獎勵費用的飯店比例為62%，而2019年同期為72%。因此，我們顯然正在朝著目標邁進。在亞太地區，這兩年的IMF值都達到了80%以上。

So I think it -- as you know, we've got a different structure of IMF in Asia Pacific. And as our growth has been outsized in that region, they have a very positive quality of behaving much more like base fees. So I think you should continue to see strong growth there.

所以我認為——正如您所知，亞太地區的國際貨幣基金組織架構有所不同。由於該地區的成長速度遠超其他國家，他們採取的措施更接近收取基本費用，這非常有利於提高收入。因此，我認為該地區的成長勢頭應該會繼續保持強勁。

In Q2, we were looking at about 41% coming from the U.S. and Canada and 30% coming from Asia Pacific. So we're getting much closer to our 2019 proportion of incentive fees. And again, as we talked about before, when we look for the rest of the year, we do see the reality that we expect IMF to be higher than our peak.

第二季度，我們預計約41%的營收來自美國和加拿大，30%來自亞太地區。因此，我們正越來越接近2019年的激勵費用比例。而且，正如我們之前提到的，展望今年剩餘時間，我們預期國際貨幣基金組織（IMF）的收入將高於我們預期的峰值。

Great. And then my follow-up relates to the MGM deal that you recently announced. Can you talk about broadly the economics and how it works for you?

好的。接下來我想問的是您最近宣布的與米高梅的交易。您能否大致談談這筆交易的經濟效益以及它對您有何影響？

And let's -- I know it kind of works in a couple of ways. What you put in MGM's portfolio and then what you get kind of 1/3 in the Marriott system as the newer people exporting out to your properties around the world.

而且——我知道這在某種程度上是行得通的。你把一些東西投入到美高梅的投資組合中，然後大約有三分之一會進入萬豪體系，因為新來的客人會把這些酒店轉移到你在世界各地的其他酒店。

But let's say, the direct channel is such where you're putting in 5% to 10% of MGM's occupied room nights per year, how much of that indirect annual fees could something like that generate? Or can you give us some sort of way of thinking about the fee magnitude? I know it's probably different than the average franchise and licensing fee per room. But helping us understand the economics there, I think, would be helpful.

假設直接通路每年能貢獻米高梅酒店集團5%到10%的入住客房夜數，那麼這樣的間接年費能產生多少？或是您可否幫我們估算一下這筆費用的金額？我知道這可能與每間客房的平均特許經營費和授權費有所不同。但幫助我們理解其中的經濟原理，我認為會很有幫助。

Yes. So it may not surprise you, Joe. We're not going to go into granular detail on the economics of a specific deal. What I can tell you is the structure of the transaction is akin -- much more akin to a traditional franchise deal. We are getting paid on room revenue across their U.S. portfolio of 17 resorts. It's not just some sort of loyalty lockup. It's structured to look a lot more like a franchise agreement.

是的。所以，喬，這或許不會讓你感到驚訝。我們不會深入探討具體交易的經濟細節。但我可以告訴你的是，這筆交易的結構類似於——或者說更類似於——傳統的特許經營協議。我們將根據他們在全美17家度假村的客房收入獲得報酬。這並非某種忠誠度鎖定協議，而是更像一份特許經營協議。

The reason is we talk about it as a strategic licensing agreement. It's more broad than what we had with the Cosmopolitan, which was, in fact, a straight franchise agreement. Here, we've got a much broader ability with the creation of the MGM Collection portfolio to make this a much bigger play for our 186 million Bonvoy members in terms of the ability to give them access to the wealth of content that MGM makes available, to link the 186 million Bonvoy members and the 40 million MGM Rewards members, and as a corollary, to be a loyalty partner with that MGM.

原因在於，我們將其視為一項策略性授權協議。它比我們之前與 Cosmopolitan 酒店簽訂的特許經營協議範圍更廣。而透過創建 MGM Collection 品牌組合，我們擁有了更廣泛的能力，可以為我們 1.86 億 Bonvoy 會員提供更豐富的 MGM 內容，並將這 1.86 億 Bonvoy 會員與 4000 萬 MGM Rewards 會員連接起來，並最終成為 MGM 的忠誠度合作夥伴。

So we've called it a strategic licensing agreement because of some of those complexities. But in terms of the way we've structured the financial arrangements, you should think about it more through the lens of a more traditional franchise agreement structure.

鑑於其中的一些複雜性，我們稱之為戰略許可協議。但就我們建立財務安排的方式而言，您應該更多地從傳統特許經營協議的角度來考慮它。

We'll take our next question from Richard Clarke with Bernstein.

接下來，我們將聽取理查德·克拉克和伯恩斯坦提出的問題。

I just got a question on the remaining occupancy slice you've got to get back. Your occupancy today is still sitting about 4% lower than it was in 2019. How much confidence you can get the rest of that back?

我剛剛收到一個關於剩餘入住率的問題，你們還需要恢復多少入住率。你們目前的入住率仍比2019年低約4%。你們有多大把握能恢復到之前的水準？

And is there any need to cut prices to get that back in? Is there any price elasticity you need to drive to get the remaining bit of occupancy back in the system?

那麼，是否需要降價才能恢復入住率？是否需要提高價格彈性才能讓剩餘的入住率恢復正常？

Go ahead.

前進。

No, you go, Tony.

不，你去吧，東尼。

No, I was just going to say, yes, you're right, Richard. We're still down about 3 points on a global basis. But we see some real opportunities for growth. As I mentioned in my prepared remarks, we continue to see steady recovery on the business transient side, which gives us some optimism. And we continue to see continued recovery on cross-border travel, which gives us another layer of optimism.

不，我正想說，是的，你說得對，理查。在全球範圍內，我們仍然下跌了大約3個百分點。但我們看到了一些真正的成長機會。正如我在準備好的演講稿中提到的，商務旅行方面持續穩步復甦，這讓我們感到樂觀。跨境旅行方面也持續復甦，讓我們更加樂觀。

And then I would say, third, as I mentioned, in Greater China, which is our second largest market, you've still only got about a 40% recovery of cross-border airline capacity. And so in terms of inbound and outbound international travel related to China, we think there's some real opportunity for occupancy recovery there as well.

第三，正如我之前提到的，在我們第二大市場——大中華區，跨境航空運力目前僅恢復了約40%。因此，就與中國相關的入境和出境國際旅行而言，我們認為客座率的復甦仍有很大的空間。

And then, lastly, you've heard us talk about this the last couple of quarters, but we continue to see in the data real legs to this phenomenon of blended trip purpose and we think that's going to continue to drive occupancy, particularly in the days of the week that historically we considered shoulder days.

最後，過去幾季你們也聽我們談過這個問題，但我們繼續從數據中看到混合出行目的現象的真正發展趨勢，我們認為這將繼續推動入住率，尤其是在我們歷來認為是淡季的那些日子裡。

Maybe just as a follow-up to that, your kind of composite U.S. and Canada luxury RevPAR down year-on-year in the quarter. I mean, how much are you putting that down to the international travel moving overseas from the U.S.? Or is there some overall price moderation going on within luxury properties there?

或許可以就此補充一下，您提到的美國和加拿大豪華飯店綜合RevPAR年減的情況。我的意思是，您認為這在多大程度上是由於國際旅行從美國轉移到海外造成的？還是說當地豪華飯店的整體價格正在趨於穩定？

So I'll jump -- I'll start, Tony, and feel free to jump in. So a couple of things. Certainly, we do attribute it to the reality that a year ago in Q2, there were meaningfully fewer choices for travel. They really were consistent restrictions for going overseas, [less] airlift, et cetera. And there's clear that when you look at the travel patterns this year that there is a big exodus of Americans going over to Europe and other places in the world. So that certainly had an impact.

那我就先說了，東尼，你也隨時可以插話。有幾點要說明。當然，我們認為這主要是因為去年第二季度，出行選擇明顯減少。當時出國旅行的限制很多，航班也減少了等等。而且很明顯，從今年的旅行模式來看，大量美國人湧向歐洲和世界各地。這無疑產生了影響。

The other thing I would say is that on luxury in the U.S., we actually saw a strengthening in the metropolitan areas. And they, in general, have a little bit lower RevPAR than some of the resorts. So some of this is a bit of a mix shift. And as you saw, the rate hardly moved in U.S. and Canada in Q2, and that was off of a year last year in Q2 where luxury rates were extraordinary.

我想補充一點，在美國的豪華飯店市場，我們看到大都市地區的市場實際上有所增強。但整體而言，這些地區的每間可供出租客房收入（RevPAR）略低於一些度假村。所以，這在某種程度上反映了市場結構的變化。正如您所看到的，第二季度美國和加拿大的房價幾乎沒有變化，而去年同期豪華酒店的價格卻異常高漲。

So just as a reminder, luxury rates have -- in U.S. and Canada have actually outpaced inflation when you compare to '19, and that still is the case. While the other segments are coming more and more in line with inflation adjusted rates as they continue to gain, as you saw ADR up 4% in the second quarter.

再次提醒，與2019年相比，美國和加拿大的豪華住宅價格實際上已經超過了通貨膨脹率，而且目前仍然如此。同時，其他細分市場的房價正隨著持續上漲而越來越接近經通膨調整後的水平，正如您所看到的，第二季平均房價上漲了4%。

And as we also said in our prepared remarks, there is a normalization going on. There's definitely a more seasonal pattern to travel, and frankly, a nice sturdy mix of leisure, business transient and group that supports pricing going forward for the industry, we think.

正如我們在事先準備好的演講稿中所說，旅遊業正在逐漸恢復正常。旅遊業的季節性法則確實更加明顯，坦白說，休閒旅遊、商務旅行和團體旅遊這種均衡穩定的組合，我們認為將支撐旅遊業未來的價格走勢。

We'll take our next question from David Katz with Jefferies.

接下來，我們將回答來自傑富瑞集團的戴維·卡茨提出的問題。

I wanted to just focus on the capital returns for a bit, which had a significant bump, and again, my sense is that this is something you'll discuss in analyst meeting.

我只想暫時關註一下資本回報，它出現了顯著增長，而且，我的感覺是，這將是你們在分析師會議上討論的內容。

But can you help us just look out a little bit and assume that the business momentum continues? And maybe just help us calibrate how you think about the growth in that capital return if we can make our own assumptions about where the business would go.

但是，您能否幫我們稍微展望一下，假設業務成長動能持續？如果我們可以自行假設業務發展方向，您能否也幫我們校準一下您對資本回報成長的看法？

Sure. Thanks for the question. You're right, the adjusted EBITDA and strong cash flow kind of move upward in our guidance has given us a view to increase our expected capital returns this year. And just in basic math, the midpoint of our EBITDA moved up approximately roughly $150 million, about half of it outperformance in Q2 and about half of it increased guidance in the back half of the year. And if you just kind of simply take that and lever it, it's pretty straightforward about how you see the increased capital returns.

當然。謝謝你的提問。你說得對，調整後的 EBITDA 和強勁的現金流預期上調，讓我們有理由提高今年的預期資本回報。簡單計算一下，我們 EBITDA 的中位數增加了約 1.5 億美元，其中約一半來自第二季業績超預期，另一半則來自下半年業績預期上調。如果你簡單地把這個數字乘以槓桿，就能很清楚看出資本報酬是如何增加的。

But I do want to go back to our first kind of the most important thing, which is that we first want to invest in our business to grow. And we want to do that in a way that provides returns that are attractive for our shareholders and do it in ways that kind of meet our strategic objectives.

但我確實想回到我們最初也是最重要的一點，那就是我們首先要投資於自身業務的成長。我們希望以一種能為股東帶來可觀回報的方式進行投資，並以符合我們策略目標的方式進行投資。

So that is always first on the list and then a consideration of how we see the business moving forward. We do have a more diversified earnings stream than we had before. We've got a more global earnings stream than we've had before. We've got strong operating leverage in the business. And so I would expect to continue to see this investing in the growth of our business, including our technology transformation. But then with the remaining cash, excess cash, being able to return it to our shareholders in this mix of a modest dividend and share repurchase.

所以，這始終是首要考慮因素，其次才是我們如何看待業務未來的發展。我們現在的獲利來源比以前更加多元化，也更加全球化。我們的業務擁有強大的營運槓桿。因此，我預計我們將繼續投資於業務成長，包括技術轉型。同時，我們將利用剩餘現金，也就是多餘的現金，以適度派發股利和股票回購的方式回饋給股東。

Got it. And if I can, as my follow-up, just ask about really the top tier corporate business. I know there was some of this in your prepared remarks. But as we talk through the industry or industry-related people, we get a sense that there is sort of a Fortune 100 that's been slower to come back versus the SME that was much, much faster. An update there would be really helpful if there is some movement at the top as well.

明白了。如果可以的話，我想再問一下關於頂級企業的情況。我知道您事先準備好的發言稿裡提到了一些。但是，當我們和業內人士交流時，我們感覺財富100強企業復甦的速度比中小企業慢得多。如果高層也有一些進展，能提供一些最新資訊就太好了。

Sure. So your characterization is accurate. The SMEs, which represent about 60% of our business transient segment, they were first fully recovered a quarter ago and their demand continues to be quite robust. The large corporate room nights continue to be recovering a bit more slowly. In Q1, we saw kind of slow and steady recovery, and that continues to be the pace.

沒錯。所以你的描述很準確。中小企業約占我們商務散客業務的60%，它們在一個季度前就已全面恢復，而且需求仍然強勁。大型企業客房預訂量的恢復速度則稍慢一些。第一季我們看到的是緩慢而穩定的復甦，目前仍保持著這種速度。

What we hear from them anecdotally on, from one perspective, they continue to meet a great deal as they hire new staff, as they immerse them in their culture and do training meetings. And we think that's one of the drivers of the strength we're seeing in the group segment. Their international travel has been probably the slowest component of their travel to recover. And so it's a segment that we're monitoring closely, but it is certainly recovering more slowly than the SMEs.

我們從他們那裡了解到，從某種角度來看，他們在招募新員工、讓他們融入企業文化以及進行培訓會議的過程中，仍然會舉辦大量會議。我們認為這是團體業務強勁成長的驅動因素之一。他們的國際旅行可能是其旅行業務中復甦最慢的部分。因此，我們正在密切關注這一領域，但它的復甦速度肯定比中小企業要慢。

The only thing I'll add, David, is that on the special corporate rate, I think it is worth noting that you've heard us talk before that we got nearly double-digit increases in negotiated rate this year. And as we look out to next year, we do -- we're starting to have those conversations and we are looking for an additional meaningful increase next year as well.

大衛，我唯一要補充的是，關於企業特惠價格，我認為值得一提的是，你之前也聽我們說過，今年我們協商的價格漲幅接近兩位數。展望明年，我們已經開始進行相關討論，並希望明年也能獲得顯著的漲幅。

And while you're right that the classic big 4 and tech firms are still down in night meaningfully compared to '19, overall business transient is up compared to '19 and we are continuing to see some recovery. So we do eventually think that it will kind of get back to levels that we saw in 2019 on the special corporate side eventually. And again, overall business transient is doing well from a revenue perspective.

您說得對，傳統四大和科技公司的業績與 2019 年相比仍然大幅下滑，但整體而言，企業流動性較 2019 年有所增長，而且我們持續看到復甦的跡象。因此，我們認為最終企業特殊業務的績效會恢復到 2019 年的水準。再次強調，從收入角度來看，整體企業流動性表現良好。

Yes. And Dave, maybe just one clarification and additional comment. On the recovery of the SMEs, we saw them fully recover in Q1 of '22, not '23, just to make sure I'm precise.

是的。還有，戴夫，或許我需要澄清一點，補充一點。關於中小企業的復甦，我們看到它們是在2022年第一季全面復甦的，而不是2023年，我只是想確保我說得準確一些。

The other thing I will tell you is while the recovery of the large corporates has been not as rapid as what we've seen with the SMEs, we do see strong enough demand even with the large corporates that it is giving us pretty good pricing power. As we talked about a couple of quarters ago, and one of the underpinnings of the rate growth we saw in the quarter was our ability to negotiate high single-digit special corporate rates for 2023. And as we start in earnest to go into corporate rate negotiations for 2024, we have every expectation that we will be emerging from that rate negotiation season, having achieved high single-digit rate negotiated rates for the second straight year.

我還要告訴大家的是，雖然大型企業的復甦速度不如中小企業那麼快，但即使是大型企業，我們也看到了足夠強勁的需求，這賦予了我們相當不錯的定價權。正如我們幾個季度前所討論的，本季利率成長的根本原因之一，是我們成功協商了2023年高個位數的企業特惠利率。隨著我們正式啟動2024年的企業利率談判，我們完全有信心在談判季結束後，連續第二年實現高個位數的協商利率。

We'll take our next question from Smedes Rose with Citi.

接下來，我們將回答花旗銀行的斯梅德斯·羅斯提出的問題。

I just wanted to ask you a little bit about the loyalty program. And I'm sorry if you've shared this already, but what percent of occupancy came through loyalty members in the quarter?

我想問一下關於會員忠誠計畫的一些問題。如果您之前已經分享過，請見諒，但我想問一下，本季透過會員忠誠計畫入住的飯店佔總入住率的百分比是多少？

And could you just touch on maybe what you're seeing on direct bookings versus the percentage of bookings coming through OTAs?

您能否談談您觀察到的直接預訂量與透過線上旅行社預訂量的比例有何不同？

Yes, sure. So just real quickly, overall, mid-50s for Bonvoy penetration, low 60s for U.S. and Canada. And when you look at -- we are still kind of mid-70s for a direct contribution -- direct channel contribution for our bookings, and the OTA is 11% to 12%. So again, fairly stable.

是的，當然。簡單來說，整體而言，萬豪旅享家的滲透率約50%左右，美國和加拿大則約60%。而直接管道的貢獻率——也就是我們預訂的直接管道貢獻率——仍然在70%左右，線上旅行社（OTA）的貢獻率在11%到12%之間。所以，整體來說，相當穩定。

The main point is that our -- when you think about the digital channels, they have gained meaningfully more share over the past several years than the OTAs and grown very nicely. And when you look just kind of one last data point for you, when you think about redemptions as a percentage of our total room nights, it's 6%. And digital is mid-30s.

關鍵在於，就數位管道而言，過去幾年它們的市場份額顯著超過了線上旅行社（OTA），並且成長勢頭良好。最後再舉一個數據點：客房兌換量佔總客房夜數的比例為6%，而數位管道的比例則高達30%以上。

Okay, okay. And then (inaudible), can you talk a little bit more about how you guys are thinking about credit card fee growth. And you mentioned it was up double digit. Is it -- I mean I don't know if you can say it, but is it driven by incremental spending sort of on a same-store basis? Or is it more driven by more cards going out there? And maybe how would you think about the sort of longer-term growth rate in that fee stream?

好的，好的。然後（聽不清楚），您能否再詳細談談你們是如何看待信用卡手續費成長的？您提到它增長了兩位數。我的意思是，我不知道您能不能這麼說，但這種成長是由同店消費的增加所推動的嗎？還是更多是由新發行的信用卡數量增加所推動的？您如何看待這部分手續費的長期成長率？

Sure. All of the above. You've got great news in terms of adding cardholders. That is obviously a critical component to this, is adding additional cardholders. And we're very pleased with adding additional cardholders. And then obviously, it's the average spend on those existing cardholders.

當然。以上所有方面。在增加持卡人方面，您有好消息。增加持卡人顯然是其中的關鍵環節。我們對新增持卡人的情況非常滿意。當然，還有現有持卡人的平均消費。

So as you see growth in those two, you get the growth in credit card, but just as importantly, is adding new countries. So when we add South Korea, Japan or China, it really opens up a new market that goes from 0 to thousands of cards with growth potential that goes off many years into the future. And we are continuing to add additional countries.

所以，隨著這兩個市場的成長，信用卡業務也隨之成長，但同樣重要的是，我們也正在拓展新的市場。當我們把韓國、日本或中國納入市場時，就真正開拓了一個全新的市場，信用卡發行量從零飆升至數千張，而且成長潛力巨大，可以持續多年。我們正在不斷拓展新的市場。

So we'll talk more in September about kind of how to think about that in a 3-year model. But as I said, for this year, I think you can be looking at them for overall total credit card branding fees to be in about the roughly 10% range.

所以我們會在九月更詳細地討論如何用三年模型來考慮這個問題。但正如我所說，就今年而言，我認為信用卡品牌推廣費的總總額應該在10%左右。

Well, I can attest that my kids are helping on the fee growth for you.

我可以作證，我的孩子確實在幫助你提高學費。

Well, thanks. We appreciate the support.

謝謝。我們非常感謝您的支持。

We'll take our next question from Dori Kesten with Wells Fargo.

接下來，我們將回答來自富國銀行的 Dori Kesten 提出的問題。

Where do you feel that your gap by region or brand type exists today?

您認為目前您的品牌在區域或品牌類型上有哪些差距？

So I'll start -- I'll start, Tony, and then you jump in. I think you've heard us talk about our entry into the affordable mid-scale space since the acquisition of City Express in CALA and with our conversation about MidX Studios, which is a mid-scale extended stay product that we're very excited about in the U.S. and are having great conversations with owners. And really, we look at that around the world as providing great opportunities for us in addition to growing all of our other brands. I mean I think it's important to note that we think there's lots of room for us to have growth across all segments around the world and our existing brands.

那我先說——東尼，然後你再補充。我想你們應該都聽我們說過，自從收購了洛杉磯的City Express之後，我們就一直在談論進軍中檔經濟型飯店市場。我們也談到了MidX Studios，這是一款中檔長住型飯店，我們非常看好它在美國的發展，並且正在與業主進行深入的洽談。實際上，我們認為在全球範圍內，除了發展我們其他品牌之外，這也能為我們帶來巨大的機會。我的意思是，我認為值得注意的是，我們相信我們在全球所有細分市場以及現有品牌中都擁有巨大的成長空間。

But for example, we're excited about what we see as the possibility for a conversion mid-scale brand in EMEA and look forward to some announcements in the back half of the year regarding that. So we'll continue to look to try to meet our customers' needs and expand our distribution in a way that strengthens Bonvoy.

例如，我們對在歐洲、中東和非洲地區打造一個轉型中的中端品牌的可能性感到興奮，並期待在今年下半年就此發布一些公告。因此，我們將繼續努力滿足客戶的需求，並以增強 Bonvoy 實力的方式拓展我們的分銷管道。

We'll take our next question from Bill Crow with Raymond James.

接下來，我們將回答來自 Raymond James 的 Bill Crow 提出的問題。

Tony, you talked about normalization in the U.S. We talked about it as well. And the last, I don't know, 6 weeks or so, we've seen RevPAR in the U.S. plus or minus 1%, maybe up to 2%.

東尼，你談到了美國市場的正常化，我們也談到了。在過去的六週左右，我們看到美國的每間可供出租客房收入（RevPAR）波動幅度在正負1%左右，可能最高達到2%。

Just curious what it is that you can look at and say, the real normalized rate might return more to 3% to 4%? What are the drivers out there to get us off this sub-inflationary growth rate?

我只是好奇，您認為實際正常化成長率可能會回升到3%到4%的原因是什麼？有哪些因素能讓我們擺脫這種低於通膨的成長率？

Yes. Good question, Bill. I'd point to a few things and maybe I'll try to answer you going segment by segment.

是的，問得好，比爾。我會指出幾點，然後試著逐段解答你的問題。

I talked in my prepared remarks about the leisure segment being up in the quarter 10%. One of the things that was really encouraging to me in the leisure segment was that, that 10% improvement was split almost perfectly evenly by both occupancy and rate improvement. We saw a 5% improvement in ADR, which I thought was quite encouraging. Similarly -- and that was a global number.

我在事先準備好的發言稿中提到，休閒旅遊部門本季成長了10%。休閒旅遊部門最令我鼓舞的是，這10%的成長幾乎完全是由入住率和房價的提升共同推動的。平均房價（ADR）也提升了5%，我認為這相當令人振奮。同樣，這是全球數據。

Pivoting to the U.S., which I think was your question. In the U.S. and Canada, we talked a little bit about group. Some of the pricing power we're seeing in group as evidenced by the revenue pace we're seeing, not only in the back half of 2023, where we're pacing up 11% in revenue, but also where we're seeing in '24 where we're now pacing up 14%, which is already up 5 points just 3 months since the last time we talked to you about group pace.

既然您問的是美國市場，那我們就來談談美國市場吧。我們之前簡單聊過美國和加拿大的團體業務。團體業務的定價能力很強，這點從我們目前的營收成長速度就能看出來。不僅在2023年下半年，我們的營收成長速度預計達到11%，而且在2024年，我們的營收成長速度也預計達到14%。要知道，距離我們上次討論團體業務成長速度僅三個月，就已經成長了5個百分點。

And then as you heard from Leeny, when she was asking one of the earlier questions about business transient, you have 6% ADR growth in business transient in the U.S. and Canada, which I think is another data point.

正如你從 Leeny 那裡聽到的，當她早些時候問到有關商務旅客的問題時，美國和加拿大的商務旅客平均房價增長了 6%，我認為這是另一個數據點。

When you throw all that in the blender together, all of that gives us some comfort that there is some opportunity.

當你把所有這些因素混在一起考慮時，所有這些都讓我們感到欣慰，因為其中蘊藏著一些機會。

The only thing I would say to you, and you heard Leeny referenced this, we do expect year-over-year ADR to moderate a bit given some of the comparisons, particularly as we get into year 3 -- or excuse me, Q3 and Q4 but we do expect ADR to continue to grow through the back half of the year.

我唯一想對你們說的是，你們也聽到了 Leeny 提到這一點，考慮到一些比較因素，我們預計同比平均房價 (ADR) 將略有放緩，尤其是在進入第三年——或者抱歉，是第三季度和第四季度——但我們預計 ADR 將在下半年繼續增長。

We'll take our next question from Duane Pfennigwerth with Evercore ISI.

接下來，我們將回答來自 Evercore ISI 的 Duane Pfennigwerth 提出的問題。

Congrats on these results. If we just play back your guidance revisions since the start of the year on international, we know Europe is strong. But how would you rank other international regions in terms of the contribution to that guidance revision?

恭喜取得這些成績。如果我們回顧一下您年初以來對國際市場的業績預期調整，就會發現歐洲市場表現強勁。但是，您如何評價其他國際市場對業績預期調整的貢獻呢？

And if you would, it might be early here, but any early thoughts on domestic versus international growth rates into '24.

如果您願意，現在可能還為時過早，但您對 2024 年國內和國際成長率有什麼初步看法嗎？

Sure. So let me talk maybe a little bit about China, and then I'll let Leeny do the balance of the tour around the world.

當然。那我就簡單談談中國，然後剩下的世界巡迴演講就交給李尼吧。

I talked in my prepared remarks about how encouraged we are about the recovery in China and the fact that Greater China as a market surpassed pre-pandemic RevPAR in the quarter. And it was able to achieve those results principally on the shoulders of domestic demand given some of the stats that I shared on the relatively modest recovery of international airline capacity.

我在事先準備好的發言稿中談到，我們對中國經濟的復甦感到非常鼓舞，大中華區市場本季每間可供出租客房收入（RevPAR）已超過疫情前水準。鑑於我先前提到的國際航空運力復甦相對溫和，大中華區能夠取得這樣的成績主要得益於國內需求的強勁成長。

One of the stats that was really encouraging to me, if you look at Q2 RevPAR in Greater China, we were up almost 125% to last year. I think that speaks to the strength and pace of recovery in that market, but it also speaks to the quality of our distribution particularly in the major markets like Beijing and Shanghai.

讓我倍感鼓舞的一項數據是，大中華區第二季的每間可供出租客房營收（RevPAR）較去年同期成長了近125%。我認為這不僅體現了該市場的強勁復甦勢頭和快速發展，也反映了我們分銷管道的卓越品質，尤其是在北京和上海等主要市場。

Leeny, you want to maybe talk a little about APAC and EMEA?

Leeny，你想不想稍微談談亞太地區和歐洲、中東及非洲地區的情況？

Sure. And I think a lot of this is just about acceleration of recovery. So if you think about it, it's a little bit hard to predict exactly how airlift is going to go and how cross-border travel and how a country is going to emerge from the pandemic.

當然。而且我認為這很大程度關乎加速復甦。所以仔細想想，要準確預測航空運輸的發展趨勢、跨境旅行的狀況以及一個國家將如何擺脫疫情，其實有點困難。

And so I think the reality is that the recovery in China has come faster than we expected. And cross-border, while it is still meaningfully lower in China than it was pre-COVID, we've got international airlift only at 40% of pre-COVID level. So there's clearly more room to go.

所以我認為，現實情況是，中國的經濟復甦速度比我們預期的還要快。跨境運輸方面，雖然國人目前的跨境運輸量仍遠低於疫情前的水平，但國際航空運力也僅恢復到疫情前水準的40%。顯然，復甦空間依然很大。

There's no doubt that as that country has rebounded. And as the rest of Asia Pacific has also really opened its borders completely, we've seen that all of the travel there has picked up very fast.

毫無疑問，隨著該國經濟復甦，以及亞太地區其他地區也全面開放邊境，我們看到這些地區的旅行量迅速回升。

So when I kind of go back to where at the beginning of the year, where you might have imagined Greater China and Asia Pacific outside of China, they are both up the most. I think the only other comment I would make is that, obviously, Europe this summer has dramatically outperformed expectations. And we continue to see really strong demand in Caribbean and Latin America and Middle East Africa.

所以，當我回顧年初的情況時，你可能會認為大中華區和中國以外的亞太地區成長最為強勁，而事實也的確如此。我想補充一點，顯然，今年夏季歐洲市場的表現遠遠超乎預期。此外，加勒比海地區、拉丁美洲以及中東和非洲的需求依然非常強勁。

So international really benefiting from all the cross-border travel. And frankly, from a global economy that has probably been a bit stronger than everyone anticipated at the beginning of the year.

因此，國際旅行確實受益匪淺。坦白說，全球經濟也比年初大家預期的還要強勁。

Appreciate the detailed response. And maybe just a quick follow-up on MGM, does that effectively franchise agreement cover all of their revenue or just revenue generated through your channels, through marriott.com, through Bonvoy, et cetera.

感謝您的詳細回覆。關於米高梅，我還有一個後續問題：該特許經營協議是否涵蓋其所有收入，還是僅涵蓋透過貴公司管道（例如 marriott.com、Bonvoy 等）產生的收入？

Sure. So...

當然。那麼…

Go ahead, Leeny.

請繼續，莉妮。

As you say, we're not going to get into the details of the calculation, but it is based on hotel revenues. So it is not an a la carte sort of sort of deal.

正如您所說，我們不打算深入探討計算細節，但它是基於酒店收入的。所以這不是那種按需付費的交易方式。

We'll take our next question from Robin Farley with UBS.

接下來，我們將回答瑞銀集團的 Robin Farley 提出的問題。

Great. Just circling back to the MGM deal, I guess it was my understanding that even though it's a great partnership, that MGM would not be paying you franchise fees the way we would normally think about rooms in your pipeline paying sort of 4% to 6% franchise fee. So I don't know if you can just clarify whether they would be paying franchise fees the way we would normally think of your franchise fees being?

好的。再說回和米高梅的合作，我之前的理解是，雖然這是個很棒的合作項目，但米高梅不會像我們通常理解的那樣，向你們支付4%到6%的特許經營費。所以我想請您澄清一下，他們支付的特許經營費是否和我們通常理解的特許經營費一樣？

And then my second question is the way the release is written, and I apologize if I'm interpreting this incorrectly, but it sounds like you're counting the MGM rooms in your rooms under construction. And I'm just wondering, is there some reason why you accounted them as new construction versus more of a conversion, if I'm interpreting that correctly.

我的第二個問題是關於新聞稿的措辭，如果我理解有誤，請見諒。但聽起來你們似乎把米高梅酒店的客房也算進了在建客房的行列裡。我想知道，如果我理解正確的話，你們為什麼把它們算作新建客房而不是改建客房呢？

And then also, if I'm interpreting that correctly, your rooms under construction, excluding the MGM rooms, is like 30-something percent of your pipeline, whereas kind of historically have been in the kind of the high 40% range, closer to 50%? And just thinking about rooms like physically under construction as a percent of your pipeline being a bit lower, obviously, there's -- we know what's going on in the macro environment, but it seems like that would have implications for 2024 openings if the rooms under construction are, in fact, that low, if I'm interpreting it correctly from how you're counting MGM in the construction pipeline.

而且，如果我理解正確的話，你們正在建造的客房（不包括米高梅的客房）大約只佔你們規劃專案的30%多一點，而以往這個比例通常在40%以上，接近50%？如果僅僅從實際在建客房佔規劃項目的比例來看，這個比例略低，顯然——我們知道宏觀環境正在發生變化——但如果你們把米高梅的客房也算進在建項目裡，而我的理解沒錯的話，那麼在建客房的數量確實這麼少，這似乎會對2024年的開業計劃產生影響。

Sure. So I think there's 3 questions in there, I'll try to hit all 3, Robin.

當然。我想這裡面有三個問題，我會盡量回答所有三個問題，羅賓。

On the first one, as Leeny mentioned, while we're not going to disclose the specific deal terms, this is structured very similar to a franchise agreement where we are receiving a royalty fee on rooms revenue. This is not as Leeny termed it, an a la carte, where we're only getting paid on fees generated just through our proprietary channels. So I do think you should think about it through the lens of a more traditional franchise fee structure.

關於第一點，正如Leeny所提到的，雖然我們不會透露具體的交易條款，但其結構與特許經營協議非常相似，我們會從客房收入中收取特許權使用費。這並非像Leeny所說的「單點式」模式，即我們僅從透過我們自有管道產生的費用中獲得收益。因此，我認為您應該從更傳統的特許經營費結構的角度來考慮這個問題。

On your second question, we typically do conversions pending opening in our system are typically included as rooms under construction because they typically have some measure of property improvement plan, improvements and construction before they come into our system. Even in the case of MGM with extraordinary quality assets, there are, for instance, some life safety improvements and some other physical improvements that are required to those assets before they will be plugged into the system. And that's why they're characterized in that way.

關於您的第二個問題，我們系統中的待開業客房通常被歸類為“在建客房”，因為這些客房在接入系統之前通常需要進行一定程度的物業改造、升級和施工。即使是像米高梅這樣擁有卓越品質資產的飯店，也需要進行一些安全改進和其他方面的設施升級，才能將其連接到系統。這就是為什麼它們會被這樣歸類的原因。

And on your third question, I'm doing the math just in my brain so we can do it more precisely for you. But if you take the quarter end pipeline and you back out those numbers or back out the MGM, we would have been a little over 500,000 rooms in the pipeline. And if you back the MGM numbers out of the under construction, we would have been a little over 200,000. So it would have been 40-ish percent under construction versus the 30% that you referenced.

關於你的第三個問題，我先在腦中估算一下，這樣我們才能更精確地告訴你。如果你把季度末的在建項目數量減去，或者把米高梅酒店的數量減去，那麼在建客房數量應該略高於50萬間。如果再把米高梅酒店的數量從在建項目中減去，那麼在建客房數量應該略高於20萬間。所以，在建客房的比例應該在40%左右，而不是你提到的30%。

And so in terms of implications going forward, I'd reference a response I gave you maybe a quarter ago, which is for, I don't recall the precise number, but 20-some-odd quarters despite really strong openings, we've continued consistently to have plus or minus 200,000 rooms under construction globally, which I don't think bodes quite well for our continued recovery to mid-single-digit net unit growth.

因此，就未來的影響而言，我想提及我大約一個季度前給您的答复，雖然我不記得確切的數字了，但在過去二十多個季度裡，儘管開業情況非常強勁，我們全球範圍內在建客房數量一直保持在 20 萬間左右，我認為這對於我們繼續恢復到個位數中段淨增長的目標來說，並不是一個好兆頭。

Okay. And just one quick clarification then. I wasn't counting when you gave rooms in your pipeline at quarter end, just since the MGM deal was announced in July. Are you including MGM in that number? It sounds like you are from the math you just walked us through. I just wanted to clarify.

好的。那我再確認一下。我之前沒把季度末你公佈的在建項目房間數算進去，只算了7月宣布收購米高梅之後的情況。你把米高梅也算進去了嗎？從你剛才的計​​算來看，好像是算進去了。我只是想確認一下。

In the pipeline, yes, we are in the 547,000, yes. So that would include -- to be more precise, that would include the roughly 37,000 incremental rooms that will come in, not the full 40,000 because the Cosmopolitan is already open and operating in the system as an Autograph as we sit here today.

是的，我們正在籌建中，目前是547,000間客房。更準確地說，這包括即將新增的約37,000間客房，而不是全部40,000間，因為就在我們今天在這裡的時候，大都會酒店已經開業並作為傲途格酒店集團旗下的酒店投入運營。

So it's included in your June 30 pipeline, even the...

所以它包含在您6月30日的計劃中，甚至包括…

Yes. The deal was signed before June 30. So it's appropriate that it was in -- it was not announced until a few weeks ago, but it was signed.

是的。協議是在6月30日之前簽署的。所以它出現在公告中是合情合理的——雖然直到幾週前才正式宣布，但協議確實已經簽署了。

We'll take our next question from Brandt Montour with Barclays.

接下來，我們將回答來自巴克萊銀行的布蘭特·蒙圖爾提出的問題。

Great. Just one for me, maybe for Tony. Maybe you could just give us a view into the development backdrop in China as it stands today, just sort of the latest lay of the land in terms of starts and construction progress and any sort of acceleration and sort of how things look on the ground, that would be helpful.

好的。就一個問題，也許對托尼也一樣。您能否為我們介紹一下中國目前的開發背景，例如最新的開工情況、建設進度以及任何加速發展的情況，以及實際情況，這將很有幫助。

Sure. Of course. So maybe I'll sort of go in sequence. We are seeing a very encouraging uptick in the pace of development inquiries, a parallel uptick in the number of signed MOUs and then parallel committee submissions and approvals.

當然。當然。那我大概會照順序來說。我們看到，發展諮詢的數量出現了令人鼓舞的增長，簽署的諒解備忘錄數量也相應增長，委員會提交的文件和批准數量也同步增長。

As you'll recall from some of our previous conversations, oftentimes, unlike many other markets around the world, new construction hotels often come into our development process when those structures are well under construction as opposed to a U.S. deal where it might come to us as a greenfield site. Many of those under construction buildings had been paused during the pandemic. We have seen parallel encouraging restart of many of those construction projects.

正如您從我們之前的幾次談話中了解到的，與世界其他許多市場不同，我們開發項目中的新建酒店通常是在施工進行到一定階段後才進入我們的開發流程，這與美國的情況不同，美國的項目通常是從零開始建設。許多在建工程在疫情期間都曾停工。我們看到，令人欣喜的是，許多建設項目已經重啟。

So when we think about each of the milestones in the development of a hotel project or the life cycle of the hotel project, we're seeing encouraging uptick at every one of those milestones across Greater China.

因此，當我們考慮到飯店專案開發或飯店專案生命週期中的每一個里程碑時，我們看到大中華區每個里程碑都出現了令人鼓舞的成長。

We'll take our next question from Aryeh Klein with BMO Capital Markets.

接下來，我們將回答來自 BMO 資本市場的 Aryeh Klein 所提出的問題。

Tony, you mentioned the strength of U.S. travel to overseas markets. Maybe can you update us on what you're seeing as far as international visitation into the U.S. and your outlook there and maybe what drives the resurgence.

東尼，你提到了美國赴海外旅遊市場的強勁動能。能否請你更新一下你觀察到的赴美國際遊客數量情況，以及你對這方面的展望，並談談推動旅遊業復甦的因素？

Sure. So I'm going to ask Leeny to remind me the exact percentage. But historically, the percentage of inbound international into the U.S. market has historically always been relatively modest, I think, sub-5%, if memory serves. And so as borders open, you're starting to see that recover, but it is not nearly as impactful as outbound U.S. into some of these international markets, as we've talked about in the past.

當然。我會請Leeny幫我回憶一下確切的百分比。但從歷史數據來看，國際遊客進入美國市場的比例一直都比較低，我記得好像是低於5%。隨著邊境開放，這個比例開始回升，但遠不及美國遊客出境進入某些國際市場的影響，我們之前也討論過這個問題。

Now the exception to that I will tell you is if you look at a couple of individual cities, Aryeh. And so just to give you a flavor, we were just looking at this the other day, use New York as an example and that may not surprise you a great deal. If you go back to 2019, the international traveler's share of transient room nights in New York in 2019. was 12%. In the second quarter, we actually exceeded that.

不過，我要指出一個例外，那就是如果你仔細觀察幾個城市，像是Aryeh。舉個例子，我們前幾天剛討論過這個問題，以紐約為例，這或許不會讓你感到太意外。回顧2019年，國際旅客在紐約飯店住宿夜數所佔的比例為12%。而到了第二季度，這個比例其實超過了12%。

In the second quarter of this year, 13% of transient room nights in the New York were international inbound. That city really stands out. There's only a handful of other U.S. -- major U.S. cities that are double digits. Washington -- or excuse me, Miami, is 12% in the quarter. It was about 15% back in 2019. San Francisco was 11% back in 2019. It was actually 10% in the second quarter. Hawaii, the state of Hawaii as a destination, was 12% in 2019 and it was actually 10% in the second quarter. So hopefully, that gives you a bit of a flavor.

今年第二季度，紐約飯店客房入住夜數中，有13%來自國際入境旅客。這座城市確實非常突出。美國其他主要城市中，只有少數幾個城市的比例達到兩位數。華盛頓——或者更準確地說，是邁阿密——本季佔12%，而2019年這一比例約為15%。舊金山2019年佔11%，但第二季實際上只有10%。夏威夷州作為旅遊目的地，2019年佔12%，而第二季也只有10%。希望這些資訊能讓您對此有所了解。

Yes, I appreciate it. And then in the U.S. specifically, on the development pipeline, are you seeing any differences in the ability for owners to finance higher end or bigger project hotels versus the smaller ones that are maybe more selective to focus?

是的，我很感激。那麼具體到美國，在開發項目中，您是否發現業主在為高端或大型酒店項目融資方面，與那些可能更注重選擇性的小型酒店項目融資方面，存在任何差異？

So I'll start, and Tony, jump in. So the old saying continues to be true that proven markets, proven brands, proven developers, proven owners always wins out. And that is still the case. So it really depends on the project.

那我先來，東尼，你也說說。老話說得好，成熟的市場、成熟的品牌、成熟的開發商、成熟的業主總是能勝出。這句話現在依然適用。所以，這真的取決於具體項目。

I will say that we've seen such great impact from renovated hotels that I think there is the reality that an existing hotel that is not a new development project, that's not kind of not earning money for quite a while, that those are easier to do, especially when they're turning it into a fantastic representation of a particular brand. And I think those are getting done. But I think the reality is that both with the level of interest rates and the loan-to-values that are being required is that it's tougher to make these deals penciled. So they are happening. They're getting done. They're just not getting done at the same pace that they were before.

我想說的是，我們已經看到翻新酒店帶來的巨大影響，因此我認為，對於一家並非新建項目、且長期虧損的現有酒店而言，翻新更容易，尤其是在將其打造成特定品牌的典範之作時。我認為這類翻新工程正在推進。但現實情況是，由於目前的利率水準和貸款價值比要求，達成這些交易變得更加困難。所以，翻新工程仍在進行，仍在完成，只是速度不如以前了。

We'll take our next question from Michael Bellisario with Baird.

接下來，我們將回答貝爾德的邁克爾貝利薩裡奧提出的問題。

Just wanted to follow-up on the MGM deal but focus on group. A couple of parts there. Maybe what's your view on the upside in Vegas for group business at these hotels. Maybe more broadly, how are your sales teams incentivized to put groups into certain hotels? And then presumably, Vegas is going to gain share. Maybe what's your view on the markets that lose share as group rotates into Vegas.

我想跟進米高梅的交易，重點談談團體業務。這其中有幾個面向。您認為這些飯店在拉斯維加斯的團體業務成長潛力如何？更廣泛地說，您的銷售團隊是如何激勵他們將團體客人安排到特定飯店的？而且，拉斯維加斯的市場份額肯定會增加。您認為隨著團體客人轉向拉斯維加斯，哪些市場的市佔率會下降？

Sure. So maybe I'll try at a high level, and then, Leeny, you might want to be a little more granular.

當然。那我先從宏觀層面入手，然後，莉妮，你可能需要更細緻一些。

Obviously, we think it's a huge win for our group customers. As you know, Michael, the way we sell group as we look at their multiyear rotational needs and for many of these particularly large groups, Las Vegas is always in their multiyear plan. While we had the ability to offer them the Cosmopolitan, the breadth of offerings we can now make available to them, particularly the largest of those groups that need very significant meeting space, we think we've got a terrific opportunity to keep them within the Marriott Group ecosystem much more effectively. Our sales teams will be collaborating closely, the Marriott and the MGM sales teams, to ensure we capture as much of that demand as possible.

顯然，我們認為這對我們的團體客戶來說是一次巨大的勝利。如您所知，邁克爾，我們銷售團體客戶的方式是著眼於他們多年的輪換需求，而對於許多規模特別大的團體來說，拉斯維加斯始終是他們多年計劃中的首選目的地。雖然我們之前已經能夠為他們提供大都會酒店，但現在我們能夠為他們提供更廣泛的選擇，特別是對於那些需要大型會議空間的團體而言，我們認為這是一個絕佳的機會，可以更有效地將他們留在萬豪集團的生態系統中。我們的銷售團隊，包括萬豪和美高梅的銷售團隊，將緊密合作，以確保我們盡可能滿足這些需求。

In terms of markets that might be impacted by that, most of those groups are rotating through Las Vegas as a destination anyway. And so I don't think we're deeply concerned that groups going there will be at the expense of those destinations. We just think we have a better probability of capturing that Las Vegas rotation within the Marriott ecosystem.

就可能受到影響的市場而言，大多數旅行團本來就會將拉斯維加斯作為目的地。因此，我們並不十分擔心前往拉斯維加斯的旅行團會損害其他目的地的利益。我們只是認為，在萬豪酒店集團的體系內，我們更有可能吸引這些前往拉斯維加斯的旅行團。

And at this time, this will conclude our Q&A as we are at allotted time. I will turn the call back over to Tony Capuano for closing remarks.

問答環節到此結束，時間已到。接下來我將把電話轉回給托尼·卡普阿諾，請他作總結發言。

Great. Well, thank you all for your interest this morning. I wish you safe travels, and we look forward to seeing all of you in Miami this September. Thank you.

太好了。非常感謝大家今天早上的關注。祝大家旅途平安，我們期待今年九月在邁阿密與大家相見。謝謝。

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。