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，歡迎參加今天的萬豪國際集團 2023 年第二季度財報電話會議。 （操作員說明）請注意，此通話可能會被錄音。如果您需要任何幫助，我將隨時待命。

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轉給投資者關係高級副總裁 Jackie McConagha。請繼續。

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。您好，歡迎參加萬豪 2023 年第二季度財報電話會議。今天與我通話的是我們的總裁兼首席執行官托尼·卡普阿諾 (Tony Capuano)； Leeny Oberg，我們的首席財務官兼開發執行副總裁；以及我們的投資者關係副總裁 Betsy Dahm。

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.

在開始之前，我想提醒大家，我們今天的許多評論都不是歷史事實，根據聯邦證券法被視為前瞻性陳述。這些陳述受到我們在 SEC 文件中所述的眾多風險和不確定性的影響，這可能導致未來的結果與我們的評論中表達或暗示的結果存在重大差異。

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 RevPAR 入住率和平均每日房價評論反映的是可比較酒店的系統範圍內的固定匯率結果。我們今天早些時候發布的評論和新聞稿中的聲明僅在今天生效，並且不會隨著實際事件的發展而更新。

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今天的評論中提到的收益發布和所有非公認會計原則財務指標的調節表。

And now I will turn the call over to Tony.

現在我將把電話轉給托尼。

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.

謝謝杰基，也謝謝大家今天加入我們。我們出色的第二季度業績證明了全球住宿需求的強勁以及我們增長戰略的成功。今年我經常出差，並且有幸參觀了我們的每一個地區，因此我親身體驗了對住宿的強勁需求。很高興能與我們在世界各地酒店的辛勤工作和敬業的員工團隊共度時光，並看到全球旅遊業的反彈速度有多快。

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.

第二季度全球每間可用客房收入較 2022 年季度增長 13.5%，其中大中華區又一個季度出現顯著復甦。旅行限制取消後不到兩個季度，大中華區的RevPAR現已超過2019年的水平，這主要是由於國內需求的激增。本季度全球入住率達到 72%，比去年同期高 5 個百分點。由於我們堅定不移地致力於收入最大化，全球 ADR 同比增長 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.

全球休閒需求和平均房價仍然強勁。第二季度休閒短暫間夜數和 ADR 同比分別增長 5%，帶來 10% 的收入增長。在美國和加拿大，休閒收入比去年第二季度的驚人收入增長了 1%。隨著大流行相關的旅行限制已經過去，該地區的遊客越來越多地到海外度假，該市場的需求逐年穩定。

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遊客在亞太地區的休閒客房過夜數增長了 90%，在歐洲的休閒客房過夜數增長了 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.

集團業務在本季度再次表現出色，在房價和入住率的推動下，美國和加拿大的收入同比增長 10%。預計集團收入未來將保持強勁。截至 6 月底，集團 2023 年下半年收入較去年增長 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.

會議策劃者開始預訂更遠的時間，我們在臨時客戶中也看到了這一趨勢。截至本季度末，集團 2024 年全年收入同比增長 14%，較 3 個月前的增長 9% 有所改善。業務臨時需求的複蘇仍然緩慢，但穩定，我們的頂級企業客戶的需求在本季度略有進展。在美國和加拿大，由於個位數的特別企業利率上漲，ADR 與 2022 年相比再次大幅上漲。這導致業務瞬時收入同比增長 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，本季度跨境旅行需求也再次上升，主要是由於前往亞太地區的國際遊客增加。目前，跨境客人佔總間夜數的比例比 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.

疫情爆發前，國際遊客佔大中華區間夜量的近 1/4。截至第二季度末，該地區的國際空運運力仍僅為 2019 年運力的 40% 左右，我們相信大中華區內外仍存在有意義的增長機會。

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.

我們仍然致力於加強強大的萬豪旅享家忠誠度計劃，該計劃擁有超過 1.86 億會員。為了進一步建立參與度，我們繼續豐富平台，提供增強的預訂體驗、為客戶提供更多選擇以及可帶來更多價值並佔領錢包份額的補充產品，例如我們的聯名信用卡和旅行保險。

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.

我們的國際信用卡季度業績創歷史新高，推動全球信用卡收購量同比增長 25%，全球信用卡支出同比增長 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.

我們越來越多地利用技術來增強賓客體驗、提高業主的盈利能力並簡化員工的流程。正如我們之前提到的，我們正處於數字和核心技術的重大全球轉型過程中。我們將在未來幾年推出新的預訂、忠誠度和物業管理平台，並期待這些新系統將為我們的關鍵組成部分提供眾多功能。

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.

當我們專注於增長路徑時，我們正在在我們認為除了我們現有品牌之外還有強烈消費者興趣的細分市場中添加新的產品和體驗。一個很好的例子是我們最近宣布與米高梅國際酒店集團簽署 20 年獨家戰略許可協議，並與萬豪旅享家創建米高梅精選酒店。該系列將於 10 月開始推出，涵蓋 17 個度假村、40,000 間客房。這項交易將為我們在拉斯維加斯提供重要的影響力，拉斯維加斯是美國最受歡迎的目的地之一，擁有貝拉吉奧(Bellagio)、米高梅大酒店(MGM Grand) 和ARIA 等一流酒店，並在美國其他5 個主要城市進行額外分銷。

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

除了酒店之外，我們與米高梅的戰略協議還將讓我們的會員獲得更多的體育、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.

我們最近還宣布了在美國和加拿大推出新的經濟實惠的中型長期住宿服務的計劃。我們在長住酒店方面擁有豐富的經驗和領先地位，再加上最近工作靈活性提高和長期住宿旅行的趨勢，使我們對我們的增長潛力非常樂觀。雖然現在還處於早期階段，但開發社區最初的興趣已經非常濃厚。

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

我們正在處理數百筆交易，希望在今年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，我們對最近將 City Express 添加到我們的品牌陣容感到非常興奮。這些中型酒店已開始加入我們的分銷渠道，到目前為止，我們對轉化率、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.

我們的開發團隊仍然專注於推動轉換，尤其是多單元機會，業主的興趣仍然強勁。今年上半年，融合占我們有機新增房間的 21%（包括米高梅），截至 6 月份，轉化率占我們有機簽約的 63%。

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

從今年秋天開始進入我們系統的米高梅客房將使我們的客房分佈在 2023 年增加 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%.

過去半年多了，我們將全年淨客房增長預期細化至 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.

推動有價值的全球增長是公司的首要任務，我們對行業領先的系統今年的強勁增長速度感到非常滿意。

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.

我們期待更多地分享我們業務的許多關鍵方面，包括我們由30 多個品牌組成的廣泛的全球產品組合、它們在世界各地令人興奮的增長前景、萬豪旅享家（Marriott Bonvoy）這個將這一切結合在一起的品牌、我們的技術轉型和我們的多年經驗。 9 月 27 日投資者日的財務模型。

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?

現在我將把電話轉給 Leeny，更詳細地討論我們第二季度的財務業績以及我們更新的 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%.

謝謝你，托尼。我們強勁的第二季度業績反映出全球 ADR 增長的強勁需求，大中華區的 RevPAR 增加了一倍多，國際 RevPAR 較 2022 年第二季度增長了 39%，令人印象深刻。我們國際地區的入住率達到 68%，比去年同期提高 12 個百分點，平均房價增長 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 RevPAR 與去年同期相比增長了 6%。入住率達到 74%，上升 1 個百分點，平均房價上升 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.

雖然商務和休閒客人的需求依然強勁，但隨著我們恢復到更加正常化的同比比較，增長率正在穩定。

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.

公司總費用收入總計 12.5 億美元，增長 16%，其中激勵管理費或 IMF 大幅增長。 IMF 本季度總額為 1.93 億美元，鑑於大中華區的強勁復甦，該地區的費用大幅上漲。令人印象深刻的是，我們 2023 年上半年的 IMF 比 2018 年上半年的 IMF 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.

儘管終止費用較低，我們自有、租賃和其他收入（扣除直接費用）仍增長了 24%，這主要是由於我們自有和租賃酒店業績的改善。

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

我們強大的基金管理和自有、租賃業績證明了我們的運營團隊在提高盈利能力方面的出色工作。

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.

憑藉我們業務固有的強大運營槓桿，企業 G&A 增長至 4%，遠高於營收增長率，調整後 EBITDA 達到創紀錄的 12 億美元，同比增長 20%，令人印象深刻。

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.

在發展方面，我們正在密切關注全球範圍內仍然緊張的融資環境。儘管美國和歐洲面臨著最大的貸款挑戰，但即使在這些市場，融資也並未陷入停滯。在過去的幾個月裡，這些地區的許多業主已經能夠獲得融資並開始建設。在我們大多數其他地區，新交易對債務融資的依賴要少得多，因此酒店建設總體上繼續快速發展。

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%.

我們行業領先的 547,000 間客房在建項目中的項目仍在繼續推進。我們還沒有看到正在醞釀中的交易數量有所增加。本季度的全球影響為 1.3%，低於剛剛超過 2% 的歷史季度平均水平。

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.

現在讓我們談談我們的 2023 年展望，詳細信息請參見我們的收益報告。由於第二季度業績好於預期，全球預訂趨勢強勁，尤其是國際預訂趨勢，我們正在上調全年指引。儘管宏觀經濟仍然存在一定程度的不確定性，但展望第三季度，消費者普遍保持良好狀態，我們的遠期預訂也保持穩定。

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，現在看來美國經濟軟著陸的可能性更大。我們更新的指導範圍假設 2023 年剩餘時間內全球經濟狀況相對穩定，旅行需求持續彈性。預計國際上的增長將繼續高於美國和加拿大，我們看到這兩個國家將恢復到更正常的季節性模式，並且每間可售房收入的同比增長正在趨於穩定。

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.

對於全年，我們目前預計美國和加拿大的 RevPAR 將增長 7% 至 9%。我們將國際 RevPAR 增長預期提高至 28% 至 30%，全球 RevPAR 預計將增長 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%，其中非 RevPAR 相關部分將上漲 4% 至 7%。由於平均支出和持卡人數量的增長，信用卡費用上漲，預計非與每間客房收入相關的費用將受益。

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.

我們仍預計 2023 年 G&A 費用為 9.15 億至 9.35 億美元，年增長率為 3% 至 5%，但仍低於 2019 年水平。

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 可能增長 18% 至 21%，調整後每股收益可能增長 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.

我們強大的輕資產商業模式持續產生大量現金。今年上半年，我們經營活動提供的淨現金超過15億美元，比去年同期增長近50%。

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

截至 6 月份，我們已向股東返還 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.

隨著調整後 EBITDA 預測的增加，我們現在預計 2023 年股東回報將在 41 億至 45 億美元之間。假設全年投資支出為 9 億至 10 億美元，其中包括收購 City 的 1 億美元表達品牌組合。

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.

隨著我們的重大技術轉型，我們今年和未來幾年的技術支出也將增加，儘管絕大多數人預計這項投資會隨著時間的推移而得到補償。

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沒有改變。我們致力於維持投資級評級，投資於能夠增加股東價值的增長，同時通過適度的現金股息和股票回購相結合的方式將多餘的資本返還給股東。

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，托尼和我現在很樂意回答您的問題。

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

（操作員說明）我們將回答摩根士丹利的 Stephen Grambling 提出的第一個問題。

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?

也許首先是與非 RevPAR 相關的費用。您在本季度對此進行了一些闡述。但我想你對今年剩餘時間的期望是什麼？您能否提醒我們這些合同的期限是如何構成的？是否有機會重新談判即將出現的問題？

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，我們還有幾年的時間，斯蒂芬，我們對信用卡費用的持續增長感到非常高興，坦率地說，我們對增加這麼多新國家感到特別高興。

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.

所以我認為，當你看看今年的信用卡費用時，我認為，從廣義上講，兩位數的增長率是正確的。現在，對於非 RevPAR 費用總額，我們已經討論過非 RevPAR 費用將增長 4% 到 7%，因為住宅費用等費用參差不齊。事實上，正如您所記得的，我們的分時度假費用絕大多數是固定付款，僅略有上漲。

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.

總的來說，我認為我們的目標是 4% 到 7%。但同樣，在信用卡方面，我們繼續看到真正強勁的增長。

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?

偉大的。然後作為後續，它是無關的。就技術投入而言。顯然，最近各行各業都在談論人工智能。您通常如何考慮技術投資，並著眼於利用這些類型的新技術？

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，斯蒂芬，我會嘗試接受那個。我認為，顯然，人工智能已經融入到我們經營業務的方式中。已經有一段時間了。我們繼續尋找機會利用人工智能等不斷發展的技術來消除客人的摩擦，為我們的員工創造能力。但我們這樣做的方式是要注意，注意技術的發展速度，並註意圍繞技術發展的各個方面（例如隱私）的一些真正重要的考慮因素。

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.

斯蒂芬，我唯一要補充的是——斯蒂芬，我唯一要補充的是現實，歸根結底，我們確實相信這是人與人之間的體驗部分。我們的業務使其如此獨特。因此，能夠以增強服務的方式使用新一代人工智能，我們認為這是一個真正的好處，但永遠不會剝奪我們業務中人與人之間的基本部分。

Right. Before, during and after the stay.

正確的。入住前、入住期間和入住後。

Right.

正確的。

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

我們將接受美國銀行 Shaun Kelley 的下一個問題。

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，我們繼續從投資者那裡收到很多關於淨單位增長方面的問題，我很欣賞你們給出的所有顏色。所以也許我們可以進一步挖掘一下。看起來您之前提供的範圍非常高端，您非常謹慎地進行了調整，排除了與米高梅的交易。

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，更廣泛地說，您在環境中看到了什麼？

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?

然後我認為後續的第二部分將是，當我們看得更遠一點時，我不想從分析師日中搶走太多的風頭，但是認為也許這可能是必要的先決條件是什麼今年實際上可能接近低谷。必須採取什麼措施才能看到（我們稱之為）除去城市快車和除去米高梅的核心增長在 2024 年或以後真正得到改善？

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，讓我開始，然後我相信 Leeny 會插話。關於你的第一個問題，你是對的，在指導的高端有一個非常溫和的 20 個基點調整。我們對米高梅這項出色的交易所產生的影響感到高興，它有意義地提高了我們對 2023 年淨單位增長的指導。高端的小調整確實反映了正常的細節。

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.

從好的方面來說，我們發現系統的刪除量比一個季度前要少一些。然後我們看到了一些我們仍然有信心開放的項目，但我們看到其中一些開放的時間推遲到了 2024 年初。正是這些細節導致了對項目的適度調整。指導的高端。

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.

關於第二個問題，我想告訴你，去年可能是谷底。我們看到的數字，特別是在轉換方面，正在引領強勁的增長，實現中個位數的單位增長，您在報導萬豪酒店時已經習慣了這種增長。我認為在持續改進方面。你會從 Leeny 那裡聽到更多關於這一點的內容。我認為我們現在最希望的是繼續緩解美國和歐洲債務市場對新建築的緊縮。我們看到人們對轉換方面表現出濃厚的興趣。我們看到開發商的興趣或可用股權並不缺乏。我認為我們看到的一個障礙是，債務並不是絕對不存在，但我們沒有看到幾個季度前看到的自由流動的債務。

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.

所以肖恩，我要補充的唯一一件事是，您已經聽到我們越來越多地談論多單元轉換，這確實使房間增長變得有點不穩定。如果您還記得，幾年前我們增加了大量全包客房時，當您查看我們最近宣布的米高梅交易時，我同意您的觀點，即併購將被單獨考慮。但我確實認為在轉換方面，您應該繼續看到我們追逐這些可愛的多單元轉換機會，這些機會可以使數字稍微反彈，但絕對讓我們對我們的中個位數淨房間增長數字充滿信心我們期望。

Great. Congrats on the MGM deal.

偉大的。恭喜米高梅達成交易。

Thanks, Shaun.

謝謝，肖恩。

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

我們將接受傑夫的下一個問題——我對摩根大通的喬·格雷夫表示抱歉。

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 2 個問題。第一，激勵管理費的全年費用指導中包含哪些內容？在第二季度，每個管理房間的 IMF 看起來比 2019 年增長了 13%。您在 IMF 的全年指導中納入的內容，在每個房間的管理基礎上與 19 年相比如何？國內和國際？

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.

喬，我們可以研究每個房間的情況。顯然，我們已經了解到整個系統比 2019 年大了約 11% 的現實。因此，這些比較開始變得沒有那麼有意義了。

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.

但就您關於國際貨幣基金組織全年應採取的行動的觀點而言，我認為您在我們今天的報告中看到的內容清楚地表明了我們希望的現實，假設事情按照我們的指導預測的方式繼續發展，那麼國際貨幣基金組織的一些遠遠超過 2019 年的峰值。到目前為止，第二季度賺取獎勵費的酒店比例為 62%，而 2019 年為 72%。因此，我們顯然已經更接近了。在亞太地區，這兩年都處於 80 年代中期。

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——正如你所知，我們在亞太地區有一個不同的國際貨幣基金組織結構。由於我們在該地區的增長規模過大，他們具有非常積極的品質，表現得更像基本費用。所以我認為你應該繼續看到那裡的強勁增長。

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，我們發現大約 41% 來自美國和加拿大，30% 來自亞太地區。因此，我們越來越接近 2019 年的獎勵費用比例。再次，正如我們之前談到的，當我們展望今年剩餘時間時，我們確實看到了現實，即我們預計國際貨幣基金組織將高於峰值。

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?

偉大的。我的後續行動涉及您最近宣布的米高梅交易。您能大致談談經濟學以及它對您有何作用嗎？

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.

讓我們——我知道它可以通過多種方式發揮作用。你在米高梅的投資組合中投入的東西，然後你在萬豪系統中得到的東西，就像新人輸出到你在世界各地的酒店的 1/3 一樣。

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.

但假設，直接渠道是這樣的，你每年投入米高梅入住間夜的 5% 到 10%，這樣的間接年費會產生多少？或者您能為我們提供某種思考費用大小的方法嗎？我知道這可能與每個房間的平均特許經營費和許可費不同。但我認為幫助我們了解那裡的經濟狀況會很有幫助。

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，你可能不會感到驚訝。我們不會詳細討論特定交易的經濟效益。我可以告訴你的是，交易的結構很相似——更類似於傳統的特許經營交易。我們從他們在美國 17 個度假村的客房收入中獲得報酬。這不僅僅是某種忠誠鎖定。它的結構看起來更像是特許經營協議。

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.

原因是我們將其視為戰略許可協議。它比我們與大都會酒店簽訂的協議更廣泛，事實上，這是一份直接的特許經營協議。在這裡，我們通過創建 MGM Collection 產品組合獲得了更廣泛的能力，使我們的 1.86 億 Bonvoy 會員能夠獲得 MGM 提供的豐富內容，從而發揮更大的作用，將1.86 億Bonvoy 會員和4,000 萬米高梅獎勵會員聯繫起來，並成為該米高梅的忠誠合作夥伴。

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.

由於其中一些複雜性，我們將其稱為戰略許可協議。但就我們構建財務安排的方式而言，您應該更多地從更傳統的特許經營協議結構的角度來考慮。

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

我們將回答理查德·克拉克和伯恩斯坦提出的下一個問題。

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?

我剛剛有一個關於您必須返回的剩餘佔用部分的問題。您今天的入住率仍比 2019 年低 4% 左右。您對恢復其餘的入住率有多大信心？

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?

是否需要降價才能恢復正常？您是否需要提高價格彈性才能使系統中剩餘的佔用率恢復正常？

Go ahead.

前進。

No, you go, Tony.

不，你走吧，托尼。

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，我只是想說，是的，你是對的，理查德。與全球相比，我們仍落後約 3 個百分點。但我們看到了一些真正的增長機會。正如我在準備好的發言中提到的，我們繼續看到業務瞬態方面的穩步復甦，這讓我們感到一些樂觀。我們繼續看到跨境旅行持續復甦，這給我們帶來了另一層樂觀情緒。

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.

然後我想說，第三，正如我提到的，在大中華區，這是我們的第二大市場，跨境航空運力仍然只恢復了 40% 左右。因此，就與中國相關的入境和出境國際旅行而言，我們認為那裡也存在一些真正的入住率恢復機會。

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，您在過去幾個季度中聽到我們談論過這一點，但我們繼續在數據中看到這種混合旅行目的現象的真正支撐，我們認為這將繼續推動入住率，特別是在歷史上我們認為一周中的哪幾天是肩日。

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?

也許作為後續行動，本季度美國和加拿大豪華酒店的綜合 RevPAR 同比下降。我的意思是，您在多大程度上將其歸因於從美國前往海外的國際旅行？或者那裡的豪華房產的整體價格是否正在放緩？

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.

所以我會跳——我會開始，托尼，並且隨意跳進去。所以有幾件事。當然，我們確實將其歸因於一年前第二季度的現實，旅行選擇明顯減少。他們確實對出國、空運等實行了一貫的限制。很明顯，當你觀察今年的旅行模式時，就會發現大量美國人流向歐洲和世界其他地方。所以這肯定產生了影響。

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.

我要說的另一件事是，在美國的奢侈品方面，我們實際上看到了大都市地區的加強。一般來說，他們的 RevPAR 比一些度假村要低一些。所以其中有些是混合轉變。正如您所看到的，美國和加拿大第二季度的奢侈品價格幾乎沒有變化，這與去年第二季度的奢侈品價格非常不同。

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.

提醒一下，與 19 年相比，美國和加拿大的奢侈品價格實際上已經超過了通貨膨脹，而且情況仍然如此。而其他細分市場隨著通脹調整後的利率繼續上漲，越來越符合通脹調整後的利率，正如您所看到的，第二季度的 ADR 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.

正如我們在準備好的發言中所說，正常化正在發生。我們認為，旅行肯定有更季節性的模式，坦率地說，休閒、商務短暫和團體的完美組合支持了該行業未來的定價。

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

我們將回答大衛·卡茨和杰弗里斯提出的下一個問題。

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.

我想稍微關註一下資本回報率，它有一個顯著的提升，而且，我的感覺是，這是你將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.

但您能否幫助我們稍微留意一下並假設業務勢頭仍在繼續？如果我們能夠對業務的發展方向做出自己的假設，也許可以幫助我們校準您對資本回報增長的看法。

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。你是對的，調整後的 EBITDA 和強勁的現金流在我們的指導中有所上升，這使我們能夠提高今年的預期資本回報。僅在基礎數學中，我們的 EBITDA 中點就上升了約 1.5 億美元，其中約一半超出了第二季度的表現，約一半增加了下半年的指導。如果你只是簡單地接受並利用它，那麼你如何看待資本回報的增加就非常簡單了。

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第一種最重要的事情，那就是我們首先要投資於我們的業務以實現增長。我們希望以一種能夠為股東提供有吸引力的回報並滿足我們的戰略目標的方式來做到這一點。

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.

因此，這始終是首要任務，然後才是我們如何看待業務發展的考慮因素。我們的收入來源確實比以前更加多元化。我們擁有比以前更多的全球收入來源。我們在該業務中擁有強大的運營槓桿。因此，我希望繼續看到這種投資對我們的業務增長，包括我們的技術轉型。但是，利用剩餘的現金，多餘的現金，能夠通過適度的股息和股票回購的組合將其返還給我們的股東。

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.

知道了。作為我的跟進者，如果可以的話，我只詢問真正的頂級企業業務。我知道你準備好的發言中有一些這樣的內容。但當我們與行業或行業相關人士交談時，我們感覺到財富 100 強企業的複蘇速度較慢，而中小企業的複蘇速度要快得多。如果高層也有一些變動，那麼更新將會非常有幫助。

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.

當然。所以你的描述是準確的。中小型企業約占我們臨時業務的 60%，他們在一個季度前首次完全復甦，並且需求仍然相當強勁。大型企業間夜數的恢復速度仍然稍顯緩慢。在第一季度，我們看到了緩慢而穩定的複蘇，而且仍然是這樣的步伐。

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.

我們從他們那裡聽到的軼事是，從一個角度來看，他們在僱用新員工、讓新員工沉浸在自己的文化中並舉行培訓會議時，會繼續遇到很多事情。我們認為這是我們在集團細分市場中看到的實力的驅動因素之一。他們的國際旅行可能是旅行中恢復最慢的部分。因此，我們正在密切關注這一領域，但它的複蘇速度肯定比中小企業慢。

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，關於特殊企業稅率，我認為值得注意的是，您之前曾聽我們談論過，今年我們的協議稅率增長了近兩位數。當我們展望明年時，我們確實開始進行這些對話，並且我們也在尋求明年進一步有意義的增長。

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.

雖然你說得對，與 19 年相比，經典的四大公司和科技公司在夜間仍然大幅下滑，但總體業務瞬態與 19 年相比有所上升，而且我們繼續看到一些復甦。因此，我們確實認為最終會回到我們在 2019 年在特殊企業方面看到的水平。同樣，從收入角度來看，整體業務瞬態表現良好。

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。戴夫，也許只是一項澄清和補充評論。關於中小企業的複蘇，我們看到它們在 22 年第一季度完全復甦，而不是 23 年，只是為了確保我的準確性。

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.

我要告訴你的另一件事是，雖然大型企業的複蘇速度不如我們所看到的中小企業那麼快，但我們確實看到即使大型企業的需求也足夠強勁，這給了我們相當好的定價能力。正如我們在幾個季度前談到的，我們在本季度看到的利率增長的基礎之一是我們有能力協商 2023 年高個位數的特殊企業利率。當我們認真開始討論企業利率時在2024年的談判中，我們完全期望我們能夠擺脫那個利率談判季節，並連續第二年實現高個位數的談判利率。

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

我們將回答花旗銀行 Smedes Rose 的下一個問題。

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?

我只是想問你一些關於忠誠度計劃的問題。如果您已經分享了這一點，我很抱歉，但本季度忠誠會員的入住率是多少？

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

您能否談談您所看到的直接預訂與通過 OTA 預訂的百分比？

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。所以，總體而言，Bonvoy 的滲透率很快就達到了 50 多歲，而美國和加拿大的滲透率則達到了 60 多歲。當你看到——我們的直接貢獻仍處於 70 年代中期——我們預訂的直接渠道貢獻，而 OTA 為 11% 到 12%。再說一遍，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.

主要的一點是，當你考慮數字渠道時，你會發現它們在過去幾年中比 OTA 獲得了更多的份額，並且增長得非常好。當你看最後一個數據點時，當你考慮兌換占我們總間夜數的百分比時，它是 6%。數字化已經是 30 多歲了。

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?

好吧好吧。然後（聽不清），您能多談談你們對信用卡費用增長的看法嗎？你提到它增長了兩位數。是嗎——我的意思是我不知道你是否可以這麼說，但它是由同店增量支出驅動的嗎？還是更多卡牌的推出推動了它的發展？也許您會如何看待該費用流的長期增長率？

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。上述所有的。您在添加持卡人方面收到了好消息。這顯然是一個關鍵組成部分，即增加更多持卡人。我們對增加更多持卡人感到非常高興。顯然，這是現有持卡人的平均支出。

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.

因此，當您看到這兩個國家的增長時，您就會看到信用卡的增長，但同樣重要的是，新國家/地區的增加。因此，當我們添加韓國、日本或中國時，它確實開闢了一個新市場，該市場從 0 張卡到數千張卡，並且具有未來許多年的增長潛力。我們正在繼續增加更多的國家。

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.

因此，我們將在 9 月更多地討論如何在 3 年模型中考慮這一點。但正如我所說，今年，我認為您可以看到信用卡品牌費用總額大約在 10% 左右。

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

好吧，我可以證明我的孩子們正在為您的費用增長提供幫助。

Well, thanks. We appreciate the support.

非常感謝。我們感謝您的支持。

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

我們將接受富國銀行多麗·凱斯滕 (Dori Kesten) 提出的下一個問題。

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

您認為目前按地區或品牌類型劃分的差距在哪裡？

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.

所以我要開始了——我要開始了，托尼，然後你就開始吧。我想你已經聽過我們談論自收購 CALA 的 City Express 以來我們進入經濟實惠的中型空間以及我們的談話關於MidX Studios，這是一個中型長住產品，我們對它在美國的表現感到非常興奮，並且正在與業主進行良好的對話。事實上，我們認為，除了發展我們所有其他品牌之外，世界各地的這還為我們提供了巨大的機會。我的意思是，我認為值得注意的是，我們認為我們在世界各地的所有細分市場和我們現有的品牌上都有很大的增長空間。

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.

但例如，我們對歐洲、中東和非洲地區中型品牌轉型的可能性感到興奮，並期待在今年下半年發布一些相關公告。因此，我們將繼續努力滿足客戶的需求，並以增強 Bonvoy 實力的方式擴大我們的分銷範圍。

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

我們將回答比爾·克勞和雷蒙德·詹姆斯提出的下一個問題。

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%.

托尼，你談到了美國的正常化，我們也談到了。最後，我不知道，大約 6 週以來，我們看到美國的 RevPAR 正負 1%，甚至可能高達 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?

只是好奇你能看到什麼並說，真正的標準化利率可能會回到 3% 到 4%？有哪些驅動因素可以讓我們擺脫低於通脹的增長率？

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。好問題，比爾。我會指出一些事情，也許我會嘗試逐段回答你。

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.

我在準備好的發言中談到休閒細分市場在本季度增長了 10%。在休閒領域，真正令我鼓舞的事情之一是，10% 的改善幾乎完全平均地由入住率和房價的改善所分配。我們看到 ADR 提高了 5%，我認為這非常令人鼓舞。同樣，這是一個全球數字。

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.

轉向美國，我認為這是你的問題。在美國和加拿大，我們討論了一些關於團體的話題。我們在集團中看到的一些定價能力可以從我們所看到的收入增長中得到證明，不僅在 2023 年下半年，我們的收入增長了 11%，而且在24 日，我們現在的速度提升了14 %，距離我們上次與您討論團隊速度僅3 個月，就已經提升了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.

然後，正如您從 Leeny 那裡聽到的那樣，當她詢問有關業務瞬態的早期問題之一時，美國和加拿大的業務瞬態的 ADR 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.

當你把所有這些都放在攪拌機裡時，所有這些都讓我們感到安慰，因為有一些機會。

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.

我唯一要對你說的是，你聽到Leeny 提到了這一點，考慮到一些比較，我們確實預計年同比ADR 會有所緩和，特別是當我們進入第三年時——或者對不起，第三季度和第四季度，但我們預計 ADR 將在今年下半年繼續增長。

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

我們將接受 Evercore ISI 的 Duane Pfennigwerth 提出的下一個問題。

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?

祝賀這些結果。如果我們回顧一下你們自今年年初以來對國際賽事的指導修訂，我們就知道歐洲很強大。但是，您如何評價其他國際地區對指導修訂的貢獻？

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

如果你願意的話，現在可能還為時過早，但關於國內與國際增長率的任何早期想法都進入了 24 世紀。

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。所以讓我來談談中國，然後我會讓 Leeny 來平衡世界各地的巡演。

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.

我在準備好的發言中談到了我們對中國的複蘇感到多麼鼓舞，以及大中華區作為一個市場在本季度超過了大流行前的 RevPAR 的事實。鑑於我分享的一些關於國際航空公司運力相對溫和復甦的統計數據，它能夠主要依靠國內需求來實現這些成果。

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.

其中一項統計數據對我來說非常令人鼓舞，如果你看看大中華區第二季度的 RevPAR，你會發現我們比去年增長了近 125%。我認為這說明了該市場復甦的力度和速度，也說明了我們的分銷質量，特別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，您想談談亞太地區和歐洲、中東和非洲地區嗎？

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。我認為這很大程度上只是為了加速恢復。因此，如果你仔細想想，要準確預測空運將如何進行、跨境旅行如何以及一個國家將如何擺脫這一流行病是有點困難的。

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.

所以我認為現實是中國的複蘇比我們預期的要快。在跨境方面，雖然中國的運輸量仍明顯低於新冠疫情前的水平，但我們的國際空運量僅為新冠疫情前水平的 40%。所以顯然還有更多的空間。

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，隨著該國的複蘇。由於亞太地區其他地區也真正完全開放了邊界，我們看到那裡的所有旅行都增長得非常快。

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.

因此，當我回到年初的時候，你可能想像到中國以外的大中華區和亞太地區，它們都是漲幅最大的。我想我唯一想說的是，顯然，今年夏天的歐洲表現大大超出了預期。我們繼續看到加勒比海、拉丁美洲和中東非洲的需求非常強勁。

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，國際確實受益於所有跨境旅行。坦率地說，全球經濟可能比年初所有人的預期要強一些。

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.

感謝詳細的回复。也許只是對米高梅的快速跟進，該特許經營協議是否有效涵蓋了他們的所有收入或僅通過您的渠道（通過 marriott.com、通過 Bonvoy 等）產生的收入。

Sure. So...

當然。所以...

Go ahead, Leeny.

繼續吧，萊尼。

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.

正如你所說，我們不會詳細介紹計算過程，但它是基於酒店收入的。所以這不是一種按菜單點菜的交易。

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

我們將回答瑞銀羅賓·法利 (Robin Farley) 提出的下一個問題。

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?

偉大的。回到米高梅交易，我想我的理解是，儘管這是一個很好的合作夥伴關係，但米高梅不會像我們通常認為的管道中的房間支付4% 到6% 的方式向您支付特許經營費特許經營費。所以我不知道你是否可以澄清他們是否會按照我們通常認為的特許經營費的方式支付特許經營費？

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.

然後我的第二個問題是新聞稿的編寫方式，如果我錯誤地解釋了這一點，我深表歉意，但聽起來您正在計算正在建設的房間中的米高梅房間。我只是想知道，如果我的解釋正確的話，你是否有某種原因將它們視為新建築而不是更多的轉換。

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.

另外，如果我的解釋正確的話，你們在建的房間（不包括米高梅房間）大約佔你們管道的 30% 左右，而歷史上一直處於 40% 的高範圍內，接近於50%？考慮一下正在建設中的房間佔管道的百分比要低一些，顯然，我們知道宏觀環境中正在發生什麼，但如果房間數量低於預期，這似乎會對 2024 年的空缺職位產生影響。事實上，如果我從建築管道中計算米高梅的方式正確解釋它的話，那麼建築成本就很低。

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

當然。所以我想裡面有 3 個問題，我會盡力回答所有 3 個問題，Robin。

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.

關於第一個，正如 Leeny 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，我們根據客房收入收取特許權使用費。這並不像 Leeny 所說的那樣，按菜單點菜，我們只能通過我們的專有渠道產生的費用獲得報酬。所以我確實認為你應該從更傳統的特許經營費用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.

關於你的第二個問題，我們通常會在我們的系統中進行待開放的轉換，通常將其列為在建房間，因為它們通常在進入我們的系統之前有一定的財產改進計劃、改進和施工措施。即使米高梅擁有非凡的優質資產，在將這些資產插入系統之前，也需要對這些資產進行一些生命安全改進和其他一些物理改進。這就是為什麼它們具有這樣的特徵。

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，我正在腦子裡進行數學計算，這樣我們就可以為你做得更精確。但如果你考慮季度末的籌建情況，並取消這些數字或取消米高梅，我們的籌建房間數量將略高於 500,000 間。如果你支持米高梅在建項目中的數字，我們的數字將略高於 200,000。因此，與您提到的 30% 相比，在建的比例將達到 40% 左右。

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，我想引用我大約一個季度前給你的回复，我不記得確切的數字，但儘管空缺非常強勁，但在 20 多個季度中，我們'全球在建客房數量持續保持正負200,000 間，我認為這對於我們持續恢復到中個位數淨單位增長來說不是一個好兆頭。

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。然後簡單澄清一下。我沒有數過你們在季度末分配房間的時間，就在 7 月份米高梅交易宣布之後。這個數字包括米高梅嗎？聽起來你是從剛剛向我們介紹的數學中得出的結論。我只是想澄清一下。

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.

正在籌備中，是的，我們是 547,000 人，是的。因此，更準確地說，這將包括大約 37,000 個增量房間，而不是全部 40,000 個房間，因為大都會酒店已經開放，並在我們今天坐在這裡的系統中作為 Autograph 運行。

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

所以它包含在您 6 月 30 日的管道中，甚至......

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。該協議是在 6 月 30 日之前簽署的。因此，它的簽署是恰當的——直到幾週前才宣布，但它已經簽署了。

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

我們將接受巴克萊銀行 Brandt Montour 的下一個問題。

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.

偉大的。只為我，也許為托尼。也許你可以讓我們了解一下中國今天的發展背景，從開工和建設進度以及任何形式的加速和實際情況來看，最新的情況，那會有幫助的。

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。所以也許我會按順序進行。我們看到開發調查的步伐出現了令人鼓舞的上升，簽署的諒解備忘錄的數量也隨之增加，委員會提交和批准的數量也隨之增加。

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一些對話中回想起的那樣，與世界上許多其他市場不同，新建酒店通常會在這些建築正在建設中時進入我們的開發流程，而不是我們可能會在美國達成的交易作為一個綠地站點。在大流行期間，許多在建建築已暫停。我們看到許多建設項目同時受到鼓勵重啟。

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，當我們思考酒店項目開發或酒店項目生命週期中的每一個里程碑時，我們發現大中華區的每一個里程碑都在令人鼓舞地上升。

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

我們將回答 BMO 資本市場的 Aryeh Klein 提出的下一個問題。

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.

托尼，您提到了美國海外市場旅遊的優勢。也許您可以向我們介紹一下您對美國國際旅遊的最新情況和您對美國的展望，以及推動復甦的因素。

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。所以我要請 Leeny 提醒我確切的百分比。但從歷史上看，進入美國市場的入境國際遊客所佔的比例歷來都相對較小，如果沒記錯的話，我認為是低於 5%。因此，隨著邊境開放，您開始看到這種複蘇，但正如我們過去討論的那樣，它的影響力遠不及美國對其中一些國際市場的影響力。

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.

現在我要告訴你的例外是，如果你看看幾個單獨的城市，Aryeh。因此，為了讓您了解一下，我們前幾天剛剛研究過這個問題，以紐約為例，這可能不會讓您感到驚訝。如果回到 2019 年，2019 年國際旅行者在紐約短暫住宿的比例為 12%。在第二季度，我們實際上超過了這個數字。

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 13% 的短暫住宿過夜是國際入境的。那個城市確實很突出。美國祇有少數其他主要城市的數字達到兩位數。華盛頓——或者對不起，邁阿密，本季度的增長率為 12%。 2019 年大約回升了 15%。舊金山 2019 年回升了 11%。第二季度實際上回升了 10%。作為目的地的夏威夷州，2019 年為 12%，第二季度實際為 10%。希望這能給你帶來一點味道。

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。然後，特別是在美國，在開發渠道上，您是否發現業主為高端或大型項目酒店提供資金的能力與可能更有選擇性地關注的小型酒店的能力有何差異？

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.

所以我要開始了，托尼插話。所以這句老話仍然是正確的：經過驗證的市場、經過驗證的品牌、經過驗證的開發商、經過驗證的所有者總是勝出。現在情況仍然如此。所以這實際上取決於項目。

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的巨大影響，我認為現實是，現有的酒店不是一個新的開發項目，也不是很長一段時間不賺錢，那些更容易這樣做，尤其是當他們將其轉變為特定品牌的精彩代表時。我認為這些正在完成。但我認為現實情況是，考慮到利率水平和所需的貸款價值比，要完成這些交易都更加困難。所以它們正在發生。他們快完成了。他們只是沒有按照以前的速度完成任務。

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

我們將回答邁克爾·貝利薩里奧和貝爾德提出的下一個問題。

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.

只是想跟進米高梅交易，但重點關注集團。那裡有幾個部分。也許您對拉斯維加斯這些酒店的團體業務有何看法。也許更廣泛地說，您的銷售團隊如何激勵將團體安排到某些酒店？然後想必，維加斯將會獲得份額。也許您對隨著團隊輪換到拉斯維加斯而失去份額的市場有何看法。

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

當然。所以也許我會嘗試高水平，然後 Leeny，你可能想要更細化一點。

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集團客戶來說是一個巨大的勝利。正如你所知，邁克爾，當我們考慮他們的多年輪換需求時，我們銷售團隊的方式，對於許多這些特別大的團隊來說，拉斯維加斯始終在他們的多年計劃中。雖然我們有能力為他們提供大都會服務，但我們現在可以為他們提供廣泛的服務，特別是那些需要非常大的會議空間的最大的團體，我們認為我們有一個絕佳的機會讓他們保持在萬豪集團生態系統更加有效。我們的銷售團隊將與萬豪和米高梅銷售團隊密切合作，以確保我們盡可能多地抓住這一需求。

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.

就可能受此影響的市場而言，大多數團體都將拉斯維加斯作為目的地。因此，我認為我們並不非常擔心前往那裡的團體會犧牲這些目的地。我們只是認為我們更有可能在萬豪生態系統中捕獲拉斯維加斯的輪換。

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.

此時，我們的問答將在指定時間結束。我將把電話轉回給托尼·卡普阿諾，讓他發表結束語。

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.

偉大的。好的，謝謝大家今天早上的關注。祝您旅途安全，我們期待今年九月在邁阿密見到大家。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。您可以隨時斷開連接。