萬豪國際 (MAR) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to today's Marriott International Third Quarter 2023 Earnings Call. (Operator Instructions) Please note today's call will be recorded, and I'll be standing by if you should need any assistance. It is now my pleasure to turn the call over to Jackie McConagha. Please go ahead.

大家好，歡迎參加萬豪國際集團2023年第三季財報電話會議。 （操作說明）請注意，本次電話會議將被錄音，如有任何需要，請隨時與我聯繫。現在，我榮幸地將電話會議交給Jackie McConagha女士。請開始吧。

Thank you. Good morning, and welcome to Marriott's Third 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, Vice President of Investor Relations.

謝謝。早安，歡迎參加萬豪酒店集團2023年第三季財報電話會議。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. Please also note that, unless otherwise stated, our RevPAR occupancy and average daily rate comments reflect system-wide constant currency results for comparable hotels.

在正式開始之前，我想提醒各位，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。另請注意，除非另有說明，我們對每間可供出租客房收入（RevPAR）入住率和平均每日房價的討論均基於系統範圍內可比酒店的固定匯率計算結果。

Statements in our comments in the press release we issued earlier today are effective only today and will not be updated as actual events unfold. 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. And now I will turn the call over to Tony.

我們今天早些時候發布的新聞稿中的聲明僅對今天有效，不會隨著實際情況的發展而更新。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今天發言中提及的所有非GAAP財務指標的調節表。現在我將把電話交給東尼。

Thanks, Jackie. Thank you all for joining us today. We reported terrific third quarter results this morning. Global demand for travel has remained strong and worldwide RevPAR in the quarter rose 9% versus 2022. RevPAR increased over 4% in the U.S. and Canada and 22% internationally, driven by significant gains across Asia Pacific. Robust RevPAR growth combined with nearly 5% year-over-year rooms growth resulted in adjusted EPS of $2.11, up 25% from 2022.

謝謝Jackie。感謝各位今天蒞臨。今天上午我們公佈了令人矚目的第三季業績。全球旅遊需求依然強勁，本季全球每間可供出租客房收入（RevPAR）較2022年同期成長9%。美國和加拿大的RevPAR成長超過4%，國際市場成長22%，主要得益於亞太地區的顯著成長。強勁的RevPAR成長，加上近5%的年成長，使得調整後每股盈餘（EPS）達到2.11美元，較2022年成長25%。

The third quarter tends to see a seasonally higher level of leisure transient travel, which accounted for 45% of global room nights during the quarter, about 4 percentage points above the first half of the year.

第三季休閒散客旅遊通常會迎來季節性高峰，該季度休閒散客旅遊佔全球客房夜數的 45%，比上半年高出約 4 個百分點。

Globally, demand in this segment was again quite strong with room nights up 7% over the 2022 third quarter, leading to 9% leisure transient revenue growth. In the U.S. and Canada, leisure revenues rose 4% from the year-ago quarter, even as many domestic guests traveled to international locations, particularly in Europe and Asia Pacific. In the third quarter, leisure room nights from U.S. and Canadian guests traveling outside the region were up nearly 25% over the last year, when cross-border travel was still constrained by COVID related restrictions.

全球範圍內，該細分市場的需求依然強勁，客房夜數較2022年第三季增長7%，帶動休閒散客收入增長9%。在美國和加拿大，休閒收入較去年同期成長4%，即便許多國內遊客前往國際目的地，尤其是歐洲和亞太地區。第三季度，美國和加拿大遊客前往亞太地區以外地區的休閒客房夜數較去年同期增長近25%，而去年同期跨境旅行仍受到新冠疫情相關限制的影響。

Business transient demand accounted for 32% of global room nights in the quarter while certain industries like technology and finance saw a nice sequential improvement in demand during the quarter. The overall growth for the segment remained slow and steady with business transient revenues rising to 4% versus 2022 in the U.S. and Canada. Global group room night shares stood at 23% in the third quarter. Compared to the year ago quarter, Group revenues rose 9% globally and 5% in the U.S. and Canada. The performance of group coming out of the pandemic has been remarkable and the segment is expected to continue to be a meaningful driver of revenue growth going forward.

本季度，商務散客需求佔全球客房夜數的32%，而科技和金融等特定產業的需求在本季較上季顯著成長。該板塊整體成長保持緩慢而穩定，美國和加拿大的商務散客收入較2022年同期成長4%。第三季度，全球團體客房夜數佔23%。與去年同期相比，全球團體收入成長9%，美國和加拿大成長5%。疫情後團體業務表現強勁，預計該板塊未來將繼續成為營收成長的重要驅動力。

In the U.S. and Canada, fourth quarter 2023 group revenues were pacing up 12% year-over-year at the end of September, leading to full year group revenue pacing up 19%. Of course, we have the most visibility into group given the longer booking windows. We're very pleased that as of the end of the third quarter, U.S. and Canada group revenue on the books for 2024 were pacing up 14% versus 2023, driven by a 9% rise in room nights and a 5% increase in average rate.

截至9月底，美國和加拿大2023年第四季團體營收年增12%，預計全年團體收入將成長19%。當然，由於團體預約窗口期較長，我們對團體業務的預測最為清晰。我們非常高興地看到，截至第三季末，美國和加拿大2024年團體預訂收入預計將年增14%，這主要得益於客房夜數成長9%和平均房價上漲5%。

Cross-border travel continued to strengthen, helping drive RevPAR growth in the third quarter. Asia Pacific, again, saw the most meaningful quarterly increase in international visitors, added and aided by global events like the Women's World Cup and improved airlift. The percent of global room nights from cross-border guests was about 1 percentage point below 2019 levels of approximately 20%. The most upside is still expected to come in Asia Pacific, as international airlift to China improves. International Airlift in Greater China was roughly 50% of 2019 capacity at the end of the third quarter and is expected to improve to around 60% by the end of the year.

跨境旅行持續走強，推動了第三季每間可供出租客房收入（RevPAR）的成長。亞太地區再次成為國際遊客數量增幅最大的地區，主要得益於女足世界盃等全球性賽事以及航空運力的提升。跨國遊客在全球客房夜數中所佔的比例比2019年約20%的水平低約1個百分點。隨著飛往中國的國際航空運力不斷改善，亞太地區預計仍將是成長潛力最大的地區。截至第三季末，大中華區的國際航空運力約為2019年同期水準的50%，預計到年底將提升至60%左右。

Turning to our powerful Bonvoy Loyalty Program. We remain focused on driving membership and fostering engagement with our 192 million members through our multiyear company-wide digital and technology transformation. We are increasingly leveraging the power of our more modern platform to create more seamless, engaging digital experiences for our members. Adoption of our Marriott Bonvoy mobile app which has become the channel of choice for the majority of our elite members continues to grow, with third quarter app downloads increasing 19% versus the same quarter last year.

接下來談談我們強大的萬豪旅享家忠誠計畫。我們始終致力於透過多年推進的全公司數位化和技術轉型，推動會員成長，並提升與1.92億會員的互動。我們正日益充分利用更現代化的平台，為會員打造更流暢、更具吸引力的數位體驗。萬豪旅享家行動應用程式已成為大多數菁英會員的首選管道，其使用率持續成長，第三季應用程式下載量較去年同期成長19%。

We also continue to drive engagement through our Bonvoy collaborations, including Uber, Eat Around Town and our co-branded credit cards, which are currently in 11 countries. We're very excited about the opportunities our Bonvoy customers will receive from our MGM strategic licensing arrangement, which is now expected to launch in early 2024.

我們也透過與萬豪旅享家 (Bonvoy) 的合作，持續提升顧客參與度，包括與 Uber、Eat Around Town 以及我們目前在 11 個國家推出的聯名信用卡。我們非常高興萬豪旅享家客戶能夠從與美高梅集團 (MGM) 的策略授權協議中獲得諸多機遇，該協議預計將於 2024 年初正式啟動。

As we think about our net rooms growth, full year 2023 growth is now expected to be 4.2% to 4.5% higher than our previous expectation, excluding the additional 37,000 MGMs. The MGM timing shift does not impact the 3-year net rooms growth CAGR of 5% to 5.5% through 2025 that we laid out in our financial model at our September Analyst Day. We are pleased that over the next few years, our net rooms growth is anticipated to be squarely in the mid-single-digit range.

展望2023年全年淨客房成長，我們預期（不計入新增的37,000間美高梅飯店）成長率將比先前預期高出4.2%至4.5%。美高梅飯店的調整不會影響我們在9月份分析師日財務模型中提出的2025年前三年淨房複合年增長率（CAGR）為5%至5.5%的預測。我們很高興地看到，未來幾年，我們的淨客房成長率預計將保持在中等個位數水準。

During the quarter, our pipeline reached a new record high of nearly 557,000 rooms, a record even excluding the MGM rooms. Strong interest in conversions continues, including multiunit opportunities. Conversions represented 20% of signings and nearly 30% of openings in the quarter. As we outlined in our Analyst Day, we are very excited about the global opportunity for mid-scale. We have real momentum with the City Express brand in CALA, Four Points Express in Europe and StudioRes in the U.S. with terrific interest across the development community.

本季度，我們的在建項目數量達到近55.7萬間客房，創歷史新高，即使不計入美高梅酒店集團旗下客房，也創下歷史新高。市場對改建項目（包括多單元項目）的興趣依然濃厚。本季度，改建項目佔簽約項目的20%，佔新開業項目的近30%。正如我們在分析師日活動中所述，我們對全球中檔飯店市場的發展機會感到非常興奮。我們在洛杉磯的City Express品牌、歐洲的Four Points Express品牌以及美國的StudioRes品牌都取得了顯著進展，並獲得了開發商的廣泛關注。

We already have 10 signed letters of intent for City Express and CALA, 9 of which are in new countries for the brand. Four signed deals for Four Points Express in Turkey and in London, and we're in numerous additional discussions for both brands. And while we just recently issued the franchise disclosure documents for StudioRes, we are already in talks for deals in over 300 markets across the U.S. We expect there will be shovels in the ground for StudioRes projects in the next few months.

我們已經與 City Express 和 CALA 簽署了 10 份意向書，其中 9 份是該品牌首次進駐新市場。此外，我們在土耳其和倫敦也簽署了四份 Four Points Express 的加盟協議，並且正在就這兩個品牌的眾多其他加盟項目進行洽談。雖然我們最近才發布了 StudioRes 的特許經營披露文件，但我們已經在與美國 300 多個市場的加盟商洽談合作事宜。我們預計 StudioRes 的專案將在未來幾個月內破土動工。

As a global company, we are keenly aware that we are living in a time of heightened geopolitical tension. We are heartbroken by the devastating loss of so many innocent lives in the Israel-Hamas conflict. Our thoughts are with everyone impacted by this tragic war as well as the ongoing war in Ukraine, and we remain hopeful for peace. I will now turn the call over to Leeny to discuss our financial results in more detail.

作為一家全球性公司，我們深切意識到我們正處於地緣政治局勢高度緊張的時代。以色列與哈馬斯衝突中眾多無辜生命逝去，我們深感痛心。我們與所有受這場悲劇戰爭以及烏克蘭持續衝突影響的人們同在，並且始終期盼和平的到來。現在，我將把電話交給Leeny，讓他更詳細地討論我們的財務表現。

Thank you, Tony. Our strong third quarter results reflect solid momentum in our business around the world and came in ahead of our expectations. As Tony noted, worldwide RevPAR grew 9%, above the top end of our guidance, led by meaningful gains in Asia Pacific. Global occupancy in the quarter reached 72%, 3 percentage points higher than a year ago and global ADR continued to rise, growing 4%.

謝謝托尼。我們強勁的第三季業績反映了我們全球業務的穩健成長勢頭，並超越了預期。正如托尼所指出的，全球每間可供出租客房收入（RevPAR）增長了9%，高於我們預期的上限，這主要得益於亞太地區的顯著增長。本季全球入住率達72%，比去年同期成長了3個百分點，全球平均房價（ADR）也持續上漲，成長了4%。

Total company gross fee revenues totaled $1.2 billion, in line with our guidance and 13% above the prior year quarter. Fees would have been higher given our RevPAR performance, but for the negative impact of the wildfires in Maui, which primarily affected our IMFs. Total IMF still grew meaningfully, rising 35% to $143 million in the quarter, international IMFs rose nearly 60%, benefiting from another quarter of significant RevPAR increases in Asia Pacific.

公司總手續費營收達12億美元，符合預期，較上年同期成長13%。若非毛伊島山火的負面影響（主要影響了我們的國際貨幣基金組織業務），鑑於我們每間可供出租客房收入（RevPAR）的優異表現，手續費收入本應更高。儘管如此，國際貨幣基金組織業務總額仍實現了顯著增長，本季增長35%至1.43億美元，其中國際貨幣基金組織業務增長近60%，這得益於亞太地區每間可供出租客房收入（RevPAR）連續第二個季度的大幅增長。

Our non-RevPAR-related franchise fees grew 8% to $208 million, boosted by another strong quarter for our co-brand credit cards, partially offset by lower residential branding fees. Co-brand credit card fees rose 11% in the quarter driven by another quarter of robust global card spend and new card acquisitions. Our owned leased and other revenue, net of direct expenses, reached $70 million in the quarter, given continued improved performance at our owned and leased hotels. With the operating leverage inherent in our business, adjusted EBITDA rose 16% to $1.14 billion. After another quarter of meaningful share buybacks, diluted adjusted EPS grew 25% year-over-year to $2.11.

我們的非RevPAR相關特許經營費成長8%至2.08億美元，主要得益於聯名信用卡業務的強勁成長，但部分被住宅品牌推廣費的下降所抵銷。聯名信用卡費用本季成長11%，主要受全球信用卡消費及新卡業務持續強勁成長的推動。由於自有和租賃飯店的業績持續改善，本季我們扣除直接費用後的自有、租賃及其他收入達到7,000萬美元。得益於我們業務固有的經營槓桿效應，調整後EBITDA成長16%至11.4億美元。在連續一個季度進行大規模股票回購後，稀釋後調整每股盈餘年增25%至2.11美元。

Our powerful asset-light business model continues to generate a large amount of cash and 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.

我們強大的輕資產商業模式持續產生大量現金流，我們的資本配置概念也未改變。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剩餘資本返還給股東。

In the first 9 months of this year, we returned $3.4 billion to shareholders. Over the last 7 years, which included 2 years of no share repurchases as a result of COVID, we have reduced our outstanding share count by 23%, while at the same time investing meaningfully in innovation and growth.

今年前9個月，我們向股東返還了34億美元。過去7年中，包括受新冠疫情影響而暫停股票回購的2年，我們已將流通股數量減少了23%，同時在創新和成長方面進行了大量投資。

Now let's talk about our fourth quarter and full year 2023 outlook, the full details of which are in our earnings press release. While there is heightened geopolitical risk and continued macroeconomic uncertainty, the consumer is still generally holding up well and our forward bookings through the end of the year in most regions around the world remain solid. We're raising our full year RevPAR guidance to incorporate the better-than-anticipated third quarter results as well as higher expectations for the fourth quarter.

現在我們來談談2023年第四季和全年的展望，具體細節請參閱我們的獲利新聞稿。儘管地緣政治風險加劇，宏觀經濟持續存在不確定性，但消費者整體表現依然良好，我們在全球大部分地區的年底前預訂量依然穩健。鑑於第三季業績優於預期，以及第四季度業績的更高預期，我們上調了全年每間可供出租客房收入（RevPAR）預期。

In the fourth quarter, RevPAR growth is expected to remain higher internationally than in the U.S. and Canada, where we've seen a return to more normal seasonal patterns and year-over-year RevPAR growth is stabilizing.

預計第四季度國際市場的每間可供出租客房收入 (RevPAR) 成長將高於美國和加拿大，因為美國和加拿大的季節性模式已經恢復正常，與 RevPAR 成長趨於穩定。

We now anticipate fourth quarter RevPAR growth of 3% to 4% in the U.S. and Canada and 14% to 16% internationally. This would lead to global RevPAR growth of 6% to 7.5% in the fourth quarter and 14% to 15% for the full year. We now expect full year total gross fee revenues could rise 17% to 18% with fourth quarter gross fees benefiting a bit from the higher RevPAR expectation. This is expected to be partially offset by lower than expected residential branding fees due to anticipated completion of certain projects slipping into next year as well as a bit softer results in Israel and surrounding countries.

我們現在預計美國和加拿大的第四季每間可供出租客房收入（RevPAR）成長3%至4%，國際市場成長14%至16%。這將帶動全球第四季RevPAR成長6%至7.5%，全年成長14%至15%。我們預期全年總費用收入可能成長17%至18%，其中第四季總費用收入將受惠於更高的RevPAR預期。但由於部分項目預計竣工時間推遲至明年，以及以色列及週邊國家業績略顯疲軟，預計住宅品牌推廣費用將低於預期，從而部分抵消上述增長。

We started to see some cancellations and softer demand for our 5 hotels in Israel as well as for the 27 hotels in Lebanon, Jordan, and Egypt. Fees for these 4 countries made up less than 1% of total company gross fees in full year '22. We've not seen a meaningful impact on demand in the rest of the Middle East. We're keeping a close eye on the situation and working closely with our teams on the ground as events unfold.

我們開始注意到以色列的5家飯店以及黎巴嫩、約旦和埃及的27家飯店出現了一些取消預訂和需求疲軟的情況。這四個國家在2022年全年的收入占公司總收入的不到1%。中東其他地區的需求尚未受到顯著影響。我們將密切關注事態發展，並與當地團隊緊密合作，共同應對。

Total non-RevPAR-related fees are expected to increase around 5% for the full year. benefiting from credit card fees rising roughly 10%, thanks to robust growth in average spend in the number of cardholders, partially offset by meaningfully lower residential branding fees this year versus our peak levels in 2022. Residential fees are tied to the sales of new units and tend to be lumpy as projects enter sales and closing spaces.

預計全年非RevPAR相關費用總額將增加約5%。這主要得益於信用卡費用上漲約10%，而信用卡費用上漲則歸功於持卡人平均消費額的強勁成長。不過，今年住宅品牌推廣費用較2022年的最高峰大幅下降，部分抵銷了上述成長。住宅推廣費用與新房銷售掛鉤，隨著專案進入銷售和成交階段，費用往往會出現波動。

Owned, leased and other net is now expected to be around $330 million for the full year at the low end of our previous guidance range primarily due to the restructuring of an existing lease on a hotel in New York that recently flipped to franchise. We expect 2023 G&A expenses to be around $935 million at the high end of our prior range, primarily due to higher compensation and legal expenses and to a lesser extent, MGM integration costs.

預計全年自有、租賃及其他淨收入約為3.3億美元，處於先前預期範圍的下限，主要原因是紐約一家酒店的現有租賃合約近期轉為特許經營，並進行了重組。預計2023年一般及行政費用約為9.35億美元，處於先前預期範圍的上限，主要原因是薪資和法律費用增加，以及（較小程度）美高梅整合成本。

Compared to 2022, full year adjusted EBITDA could increase 19% to 20% and adjusted EPS could rise 27% to 28%. We expect to return between $4.3 billion and $4.5 billion to shareholders for the full year 2023. This now assumes full year investment spending of $900 million to $950 million, which includes the $100 million spent on the acquisition of the City Express brand portfolio.

與2022年相比，全年調整後EBITDA可能成長19%至20%，調整後每股盈餘可能成長27%至28%。我們預計2023年全年將向股東返還43億美元至45億美元。這項預測是基於全年9億美元至9.5億美元的投資支出，其中包括用於收購City Express品牌組合的1億美元。

As we've discussed with our major technology transformation, technology spending will be elevated this year and over the next few years, though this investment is overwhelmingly expected to be reimbursed over time. As we look into 2024, we continue to be enthusiastic about healthy global lodging demand for our brands and our strong pipeline growth. While we are still in the middle of putting together our property budgets for 2024, we believe the modeled global RevPAR range for 2024 of 3% to 6% we discussed at September Security Analyst Meeting is appropriate.

正如我們在討論重大技術轉型時所指出的，今年及未來幾年技術支出將會增加，但預計這筆投資最終將得到回報。展望2024年，我們依然對旗下品牌在全球飯店市場的強勁需求以及我們不斷成長的在建項目充滿信心。雖然我們仍在製定2024年的物業預算，但我們認為在9月份安全分析師會議上討論的2024年全球每間可供出租客房收入（RevPAR）3%至6%的預期增長區間是合適的。

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

感謝您對萬豪酒店的關注。我和托尼現在很樂意回答您的問題。

(Operator Instructions) Our first question comes from Shaun Kelley with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的肖恩凱利。

Tony and Leeny, I just wanted to maybe start with the development side. Obviously, the pipeline number was very strong. It did look like the in-construction number, I think, slipped very modestly quarter-on-quarter. So could you maybe help -- first of all, just comment, big picture, Tony, on what you're seeing on the development side, particularly in the U.S.? And then secondarily, just have any comments on how we should expect maybe that in-construction portion to evolve just as, again, the development environment kind of levels off here a little bit.

Tony 和 Leeny，我想先談談開發方面的狀況。顯然，在建工程數量非常強勁。不過，在建工程數量似乎較上季略有下滑。所以，Tony，首先能否請你們從整體上談談你們觀察到的開發情況，特別是美國的情況？其次，鑑於目前的開發環境趨於穩定，你們能否談談在建工程數量將如何改變？

Sure. Shaun, I'll try to talk maybe macro and then I might ask Leeny to chime in with some perspective on the financing climate, particularly here in the U.S. and maybe some perspective on Europe because those tend to be the two markets where our development partners rely most heavily on conventional debt financing in the markets where we're seeing the most constriction in the availability of financing for new construction.

當然。肖恩，我先試著談談宏觀層面，然後可能會請莉妮就融資環境發表一些看法，特別是美國的融資環境，也可能談談歐洲的情況，因為這兩個市場往往是我們開發合作夥伴最依賴傳統債務融資的市場，而這兩個市場的新建項目融資渠道也最為緊縮項目。

With that said, the ebb and flow of under-construction is both good and bad, right, as hotels open and we had a good quarter of openings. You see under construction hotels beat the pipeline because they enter the system as opening hotels, and that's good news for us. We have talked over the last couple of quarters about, albeit a steady increase in the number of construction starts, which is good news for us, but that constriction in the debt markets that I talked about, precluding us from getting back to where we were prepandemic in terms of the pace of new construction starts, particularly here in the U.S.

話雖如此，在建工程的興衰起伏既有利也有弊，對吧？隨著酒店陸續開業，我們上一季開業情況良好。在建酒店之所以能搶得先機，是因為它們能以開業酒店的身份進入市場，這對我們來說是個好消息。過去幾季我們一直在討論，儘管開工建設項目數量穩步增長，這對我們來說是好事，但我之前提到的債務市場緊縮，阻礙了我們恢復到疫情前的新項目開工速度，尤其是在美國。

At the same time, we are encouraged by the continued increase in the pace of conversion activity both on individual conversions and portfolio conversions. And I think it's that increased pace, coupled with a steady improvement in construction starts that gives us confidence in reaffirming the multiyear net unit growth numbers we shared with you last month during the Security Analyst Conference. And maybe with that, I'll ask Leeny to just give a little more color on the financing environment.

同時，我們對單一專案轉換和投資組合轉換活動的持續加速感到鼓舞。我認為，正是這種加速，加上開工建設數量的穩定增長，讓我們有信心重申上個月在證券分析師大會上與大家分享的多年淨單位增長目標。或許，接下來我會請Leeny先生再詳細談談融資環境。

Yes, sure. So a couple of comments overall, Shaun. One is just a reminder that the under construction component of our pipeline, also very typically includes conversions that may be going through some element of renovation before they open. And so it's not quite the same as pre-Covid, which had a lower percentage of conversions for the company overall. So as we've talked about before, we would expect, for example, perhaps roughly 30% of the openings in 2024 to be from conversions, which means they can be in the pipeline a bit differently than the classic new build timing for being in the pipeline.

好的，當然。肖恩，我還有幾點要補充。首先，提醒大家一下，我們目前在建項目中，通常也包括一些改建項目，這些項目在開業前可能需要進行一些翻新。所以，這和疫情前的情況不太一樣，疫情前公司整體的改建工程比例較低。正如我們之前討論過的，例如，我們預計2024年開業的新店中，大約有30%是改建項目，這意味著它們的建設進​​度可能與傳統的新建項目有所不同。

So I think the nature of the under-construction pipeline could be perhaps a little bit different than pre-Covid. But as Tony was describing, you've clearly got the reality that in Asia Pacific and a number of other markets, there is meaningfully less dependence on the debt markets and those markets are seeing much more stereotypical signings and progress into rooms under construction. While in the U.S., what you see is that there is clearly still an open financing market for strong brands, strong market locations, demonstrated developer success and in those, we are absolutely continuing to see that the financing is happening and that the rooms are getting under construction.

所以我認為，在建工程的性質可能與疫情前略有不同。但正如托尼所描述的，亞太地區和其他一些市場對債務市場的依賴程度明顯降低，這些市場也出現了更多典型的簽約和在建項目進展。而在美國，我們看到，對於擁有強大品牌、優越地段和成功開發商的項目，融資市場依然開放，在這些項目中，我們確實看到融資正在進行，項目也正在開工。

The main difference, I would say, is they're taking a bit longer to actually get under construction. But as we kind of look going forward, the ones that are getting under construction are moving forward and then opening right on time. So as Tony said, overall, we're pleased to see the net rooms growth, for example, that we actually raised a bit for 2023 are reflecting continued strong demand for our brands and also rooms getting finished and open as well as really strong signings going into the pipeline.

我認為主要區別在於，這些項目實際開工所需時間稍長。但展望未來，那些已經開工的項目都在穩步推進，並按時開業。正如托尼所說，總體而言，我們很高興看到淨客房增長，例如，我們之前略微上調的2023年預期，反映了市場對我們品牌的持續強勁需求，以及客房的竣工和開業，還有許多優質項目正在籌備中。

So overall, we're actually quite pleased on the new rooms front.

總的來說，我們對新房間還是相當滿意的。

Our next question will come from Joe Greff with JPMorgan.

下一個問題將來自摩根大通的喬·格雷夫。

We'll take our next question from Stephen Grambling with Morgan Stanley.

接下來，我們將回答摩根士丹利的史蒂芬‧格林布林提出的問題。

I would love if you could put a little bit more meat on the bone for the 2024 RevPAR commentary. Specifically, if you can give any color on how you're thinking through North America versus other regions and how these assumptions may impact incentive management fees or other fees in the next year?

如果您能為2024年的RevPAR分析提供更多細節，那就太好了。特別是，您能否詳細說明您是如何看待北美與其他地區的差異，以及這些假設可能會如何影響明年的激勵管理費或其他費用？

Yes, sure. Thanks very much. As I've mentioned in my comments, we continue to feel good about the 3% to 6% range that we discussed at the Security Analyst Meeting. It's worth noting, however, Stephen, that we are smack in the middle of the process of building the budgets at the hotel level and moving up. So we're not prepared to give kind of formal guidance at this point. But when we look broadly speaking at seeing continued demand for travel, and as we talk about in the U.S., we would expect that, that will remain in this more normalized seasonal patterns that we've now come to see. You've seen our guidance for Q4 being 3% to 4%, which reflects that.

好的，當然。非常感謝。正如我在評論中提到的，我們仍然對在安全分析師會議上討論的3%到6%的成長區間持樂觀態度。不過，史蒂芬，值得注意的是，我們目前正處於酒店層面預算編制和向上推進的關鍵階段。因此，我們目前還不便給予正式的業績指引。但從整體來看，鑑於旅行需求持續旺盛，正如我們之前在美國討論的那樣，我們預計旅行需求將繼續保持目前這種較正常的季節性模式。您也看到了，我們對第四季的業績指引是3%到4%，這也反映了這一點。

But we've got some basic strong fundamentals. Low supply growth for several years, which looks to continue to be the way going into '24 and that's reflected in our higher percentage of conversions. And we do expect to see another year of strong growth in our special corporate rate on top of very strong growth in that rate in '23. As we talked about in seeing our group pace, which is up 14%, that's actually got strong, both rooms' growth as well as strong rate growth in the U.S. which does also bode well for continued sustainability in ADR.

但我們擁有一些強勁的基本面。多年來供應成長緩慢，這種情況預計在2024年仍將持續，這體現在我們更高的轉換率上。我們預計，在2023年企業特惠價格已實現強勁成長的基礎上，2024年該價格將持續保持強勁成長。正如我們之前提到的，我們的團體預訂速度增長了14%，這實際上非常強勁，包括客房數量和美國地區的房價都實現了強勁增長，這也預示著平均房價（ADR）將持續保持可持續發展。

And I'll probably throw in one extra, which is that in luxury, you probably remember, we talked about that having in Q2, our RevPAR was down ever so slightly in our luxury U.S. and Canada properties just down by 1% in Q2, but that actually moved positive again in Q3 and was actually up 2%. So if I put all those together, and of course, this does depend greatly on the overall macroeconomic conditions, and we will need to see where that goes. But given what we look at right now, we continue to feel good about the fundamentals.

我可能還會補充一點，那就是關於豪華酒店業務。您可能還記得，我們​​之前提到過，第二季我們在美國和加拿大的豪華飯店RevPAR略有下降，降幅僅1%。但第三季這一數字回升，實際成長了2%。所以，綜合所有因素來看，當然，這很大程度取決於整體宏觀經濟狀況，我們需要觀察其走向。但就目前的情況而言，我們仍然對基本面感到樂觀。

Our next question will come from Smedes Rose with Citi.

下一個問題將來自花旗銀行的斯梅德斯·羅斯。

Given those comments you've made with sort of like, kind of a peek into '24, I just wanted to ask you about maybe how we should think about capital return. I mean is it fair to assume that you would try to reach a lease level seeing this year and maybe more given the cash flow? The average levels still remain below longer-term targets.

鑑於您之前對2024年的一些展望，我想請教一下關於資本回報的問題。我的意思是，考慮到今年的現金流狀況，我們是否可以合理地假設您會努力將租賃水平提升到目前的水平，甚至更高？目前的平均值仍低於長期目標。

I think at this stage of the game, since we're really working through all of the budget work and kind of looking at investment spending, et cetera. Again, the broad guidelines that we provided at the Security Analyst Meeting remain consistent. You will remember that we talked about an expectation of having the Sheraton Grand Chicago put to Marriott in '24, which will be a use of cash, we would expect at the end of '24, and that was on top of the investment spending levels that were more normalized.

我認為，在現階段，由於我們正在認真完成所有預算工作，並仔細審視投資支出等等，因此，我們在安全分析師會議上提出的整體指導方針仍然有效。大家應該還記得，我們​​曾提到預計在2024年將芝加哥喜來登大酒店出售給萬豪酒店集團，這筆款項將用於現金支出，我們預計會在2024年底到位，而這筆支出是在更為正常的投資支出水平之外的。

But I think the philosophy, Smedes, remains exactly the same, which is to say, we do like where we are in terms of our credit ratios being at the lower end of our adjusted debt to adjusted EBITDAR and would expect to remain in that territory given the various kind of uncertainties that are out there. But other than that, the basic equation that you have seen us use for quite a number of years, I would expect to be similar, which would then result in substantial amounts of capital being returned to our shareholders.

但我認為，史梅德斯先生，我們的理念依然不變。也就是說，我們對目前的信貸比率（調整後債務與調整後EBITDAR之比）處於較低水平感到滿意，考慮到各種不確定因素，我們預計這一水平將保持下去。除此之外，我們多年來一直沿用的基本公式預計不會改變，這最終將為股東帶來可觀的資本回報。

Our next question will come from David Katz with Jefferies.

下一個問題將來自傑富瑞集團的戴維·卡茨。

I wanted to ask something a bit more strategic because there's been so much noise around the lower-end chain scales and the competitive landscape there and the competition for conversions and the launch of new brands, et cetera, that we've all heard. I'd love to talk about your strategy and where you are focusing more of your resources competitively? And is that just based on the assets that you have, is that strategic thought? Where are you putting more of your attention into your growth?

我想問一些更具策略性的問題，因為最近關於低端連鎖店規模、競爭格局、轉換率爭奪、新品牌推出等等方面的討論很多，我們都耳熟能詳。我很想了解你們的策略，以及你們在競爭方面將更多資源投入哪些方面？這只是基於你們現有的資源，還是基於策略思考？你們在哪些方面投入了更多精力來促進成長？

Great question. Maybe the way I would answer that is I'd like to describe those discussions as ever being binary. We don't look at it and say, let's pivot our focus away from our luxury leadership for instance, towards focus on mid-scale. They are not mutually exclusive. As I mentioned in my opening remarks, we are very excited about the early returns of the focused resources we've put against our entry into mid-scale.

問得好。或許我的回答是，我傾向於把這些討論描述為非此即彼的。我們不會簡單地說，例如，讓我們把重心從奢侈品領域的領先地位轉移到中端市場。它們並非互斥的。正如我在開場白中提到的，我們對投入資源進軍中端市場所取得的初步成果感到非常興奮。

The fact that we're already seeing letters of intent signed for City Express, even in almost 10 new countries that we've got signed deals very early in the launch of Four Points Express, and we've got hundreds of identified markets for StudioRes, almost as the ink is drying on the FDD here in the U.S. And so that's extraordinarily exciting for us. But that does not require us to hit the pause button on extending our lead in the very valuable luxury segment. And so that's a long-winded way of saying our strategy is to continue to strengthen our leadership position in luxury and upper upscale while expanding our growth potential in a new segment for us, which is midscale.

我們已經看到City Express計畫在近10個新國家簽署了意向書，而Four Points Express計畫也剛啟動不久，我們就達成了多項協議。同時，在美國，StudioRes計畫幾乎還在進行中，我們已經確定了數百個潛在市場。這讓我們倍感振奮。但這並不意味著我們要暫停在極具價值的奢侈品市場擴大領先地位的步伐。簡而言之，我們的策略是繼續鞏固我們在奢侈品和高端市場的領導地位，同時拓展我們在中端市場這一全新細分領域的成長潛力。

And so as we've rolled out mid-scale, you've got products like City Express which I think at least initially, will be largely new build. I think the same is true for StudioRes. On the other hand, if you look at a platform like Four Points Express. We think there are extraordinary opportunities to roll out conversions under that platform. And as we mentioned during the analyst presentation, we will continue to look at every market we operate in and determine, is there an opportunity for mid-scale? And if so, is it a new build opportunity, a conversion opportunity or both?

因此，隨著我們推出中型飯店產品，例如City Express，我認為至少在初期，它將主要針對新建案。 StudioRes的情況也類似。另一方面，如果您看看像Four Points Express這樣的平台，我們認為在該平台上推出改建項目蘊藏著巨大的機會。正如我們在分析師報告中提到的，我們將繼續關注我們營運的每個市場，並確定是否存在中型飯店市場的機會？如果有，是新建專案的機會、改建專案的機會，還是兩者兼具？

Am I permitted a follow-up. I would ask about the mid-scale stuff just to be clear that you're not finding that you have to do more either in hard and soft cost in order to capture deals there and the competition level is not intensifying meaningfully or noticeably there at all, right?

我可以再問一個後續問題嗎？我想問一下關於中等規模項目的情況，確認一下您是否發現為了拿下這些項目的訂單，您需要在硬成本和軟成本方面投入更多，而且那裡的競爭程度也沒有明顯加劇，對嗎？

No. I mean, obviously, it's early, but what I will tell you is we have a pretty extraordinary group of franchise partners who are bringing with excitement about our entry into this tier. And we're engaged with them on every continent talking about opportunities for mid-scale. So we don't find ourselves from a deal term perspective or a capital participation perspective doing anything out of the ordinary.

不。我的意思是，當然現在還為時過早，但我可以告訴你的是，我們擁有一群非常優秀的加盟合作夥伴，他們對我們進軍這個級別充滿熱情。我們與各大洲的合作夥伴都在積極探討中型企業的合作機會。因此，從交易條款或資本參與的角度來看，我們並沒有做任何不尋常的事情。

Our next question will come from Robin Farley with UBS.

下一個問題將來自瑞銀集團的 Robin Farley。

I wanted to ask about unit growth next year, and I know you're not giving specific guidance yet. But if we used the CAGR when you thought MGM was going to be in 2023, it kind of implied that each of the next 2 years would be in the 4% to 5% range. So with MGM kind of shifting into 2024, is it -- would something then in that sort of 6% to 7.5% range, right, just kind of adding MGM into 4% to 5%. Is that the range we should think about for unit growth next year?

我想問一下明年的單位成長情況，我知道您目前還沒有給出具體的指引。但如果我們按照您先前預測的2023年美高梅的複合年增長率來計算，那麼未來兩年的成長率應該會在4%到5%之間。那麼，考慮到美高梅的加入可能會延續到2024年，屆時成長率是否會在6%到7.5%之間？也就是說，把美高梅的加入加到4%到5%的成長率裡，我們明年的單位成長預期範圍應該在這個範圍內嗎？

Sure. So thanks, Robin. As we talked about in our comments and at the Security Analyst Meeting, I think when you've got a deal like MGM or City Express, things can be a little lumpy in terms of the specific year-over-year rooms growth. And so I do think it's much more important to be looking more broadly at the 2- to 3-year CAGR sort of numbers. And there, clearly, with the 2.4% higher room count that was a result of MGM. That's obviously going to help 2024s number a lot. And you saw that our 2023 number came down, although it actually went up apart from MGM compared to a quarter ago.

當然。謝謝，羅賓。正如我們在評論和證券分析師會議上討論的那樣，我認為，當有像美高梅或城市快捷酒店這樣的交易時，客房數量的同比增幅可能會有些波動。因此，我認為更重要的是關注未來兩到三年的複合年增長率（CAGR）。顯然，美高梅帶來的2.4%的客房數量成長，將對2024年的數據產生顯著影響。您也看到了，我們2023年的數據有所下降，但實際上，除了美高梅之外，其他部分與上個季度相比有所增長。

So I think the main thing I would focus on is that we continue to feel really good about the 5% to 5.5% net rooms growth over the '22 through '25 time period and we will obviously, as we get to full budget details when we get to February, we'll be more specific. But I think, again, the basic earnings equation and growth model of the company is exactly as we described in September at the Security Analyst Meeting.

所以我認為重點在於，我們對2022年至2025年期間5%至5.5%的淨客房成長率仍然非常樂觀。當然，到了2月公佈完整預算細節時，我們會給予更具體的數據。但我認為，公司的基本獲利模式和成長模型與我們在9月份證券分析師會議上所描述的完全一致。

Okay. I guess, so it sounds like you're saying your expectations for unit growth outside of MGM for next year have not changed, right? Is that the conclusion?

好的。我猜，所以你的意思是說，你對明年除米高梅以外的單位增長預期沒有改變，對嗎？是這樣嗎？

Again, as I described, we have talked about continuing to feel very confident about the 3-year 5% to 5.5% and are pleased to see the 2023 number move up a quarter of a point compared to a quarter ago. But we are in the middle of that process as we speak, and we'll be able to be more specific when we get to February.

正如我之前所說，我們仍然對未來三年5%至5.5%的成長目標充滿信心，並且很高興看到2023年的目標值比上個季度上升了0.25個百分點。但目前我們正處於預測過程中，到二月我們才能給出更具體的數據。

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。

Just firstly, on the incentive management fees. It looks like in the North American market, that was just 23%. Those look like those are down year-on-year. Is that all down to this Hawaii effect? Maybe you can just clarify exactly what that effect was? Or is there some other discretion in there about how much you've accrued for the quarter. And if I can add a little follow-up, I just want to know if the MGM delay has had any impact on anything other than the NUG guidance, i.e., has that impacted your EBITDA guidance for Q4 as well?

首先，關於激勵管理費。北美市場的這項費用似乎只有23%，較去年同期有所下降。這是否完全是受夏威夷的影響？能否具體說明一下具體影響是什麼？或者，您在計算本季應計費用時是否還有其他酌情因素？另外，如果可以的話，我還想補充一點，米高梅的延期是否對除NUG業績指引之外的其他方面產生了影響，例如，它是否也影響了您對第四季度EBITDA的預期？

You're a little muddied on the kind of the actual call on kind of some of your -- some of the words. So let me try to see what I can do -- I could do with what you asked. On -- let's just talk broadly speaking on IMFs, which is to say that overall for the company, we are up meaningfully in U.S. and Canada year-to-date Q3, $194 million compared to $221 million for the full year in 2022. So I would say we're going to end up higher and meaningfully higher than in 2019.

您對通話內容，尤其是某些措辭，似乎有些含糊不清。所以，讓我試著回答一下您的問題。我們先概括地談談國際貨幣基金組織（IMF）的情況，也就是說，就公司整體而言，今年迄今為止，我們在美國和加拿大的第三季度營收顯著增長，達到1.94億美元，而2022年全年營收預計為2.21億美元。因此，我認為我們最終的營收將會高於2019年，而且增幅相當可觀。

And we were impacted, as we talked about from the Maui fires and our IMFs by close to $10 million, which obviously are going to impact your IMF. So when I think about the percentage of hotels that are earning incentive fees, in the U.S. and Canada, we had -- let's see, year-to-date, U.S. and Canada is 31%, and that compares to year-to-date in '22 of 26%. And so I think from that standpoint, we're really pleased with the margin work that's been done in the U.S. and frankly, around the world.

正如我們之前提到的，毛伊島的火災和我們的國際貨幣基金組織（IMF）損失了近1000萬美元，這顯然會對你們的IMF造成影響。所以，當我想到美國和加拿大酒店賺取獎勵費用的比例時，我們——嗯，今年迄今為止，美國和加拿大的比例是31%，而2022年同期是26%。因此，我認為從這個角度來看，我們對在美國乃至全球範圍內取得的利潤率提升工作非常滿意。

The only other thing I'll point out is that IMFs for the year at $537 million year-to-date are higher than IMFs for the full year in 2022 already just through 3 quarters. So again, the margins there, I think, show really well. Was there a second question?

我還要指出一點，今年迄今的國際貨幣基金組織（IMF）投資額為5.37億美元，已經超過了2022年全年的預期，而這僅僅是前三個季度的數據。所以，我認為，這方面的差距非常明顯。還有其他問題嗎？

And then Richard, I think on your second question, if I heard it right, the way you want to think about the brief delay and the integration of MGM is the way you described it, if I can hear you clearly, which is that's principally an impact on the timing of the NUG impact, the impact on fees or EBITDA, if that was your question, is to minimis.

然後，理查德，關於你的第二個問題，如果我沒聽錯的話，你想思考的是短暫的延遲和米高梅的整合，正如你所描述的那樣（如果我沒聽錯的話），這主要影響的是 NUG 的影響時間，對費用或 EBITDA 的影響，如果你的問題是這個，那就是盡量減少影響。

We'll take our next question from Chad Beynon with Macquarie.

接下來，我們將回答麥格理銀行的查德貝農提出的問題。

Just in terms of the group booking trends, I believe you said 9% for '24 in terms of the number of rooms. We're still trying to get a sense if some of the current and future bookings are deferred or catch-up or if this is becoming kind of the new norm, kind of the foundational level. So any color in terms of multiyear bookings maybe into '25 or if you've been able to kind of crack that code if this is the new base level of group?

就團體預訂趨勢而言，我記得您說過2024年房間數量增加了9%。我們仍在努力了解目前和未來的預訂是否有些是延期預訂或補訂，或者這是否正在成為一種新的常態，一種基礎水平。那麼，關於2025年及以後的多年預訂，或者您是否已經掌握了這方面的信息，判斷這是否是團體預訂的新基準水平？

Chad, I'll talk about a couple of stats, and Tony may want to add anything kind of from a more broad perspective. Just one thing that's worth noting is that group is back to being about the same percentage of our business that it was pre-COVID. So very squarely almost a quarter of the business is related to group. So I think you are seeing it normalizing there. And the numbers that we've talked about in U.S. and Canada up 14%. That's obviously on a business that is really settled down into more normal seasonal pattern rather than still having lots of revenge travel.

查德，我來說說幾個數據，托尼可能想從更廣泛的角度補充一些內容。值得一提的是，團體業務在我們總業務中所佔的比例已經恢復到疫情前的水準。也就是說，團體業務幾乎占我們總業務的四分之一。所以我認為這方面正在恢復正常。我們之前提到的美國和加拿大的數據成長了14%。顯然，這是在業務真正穩定下來，回歸正常季節性模式，而不是像以前那樣仍然受到大量報復性旅行的影響的情況下實現的。

I think one of the interesting things is there, while some of the special corporate business has not returned in exactly the same form that it was pre-COVID, I think there is also the reality that companies are recognizing the value of getting together and are doing it in groups, maybe not in quite the same way they were doing some business transient. So when you look at the overall proportion of the business, it is really leisure and business transient that was swapped a little bit while group remains quite consistent to the way it was pre-COVID.

我認為有趣的一點是，雖然一些特殊的商務活動尚未完全恢復到疫情前的狀態，但企業也意識到了聚會的價值，並以團體形式開展活動，儘管方式可能與以往的商務旅行有所不同。因此，從整體業務比例來看，休閒和商務旅行的比例略有變化，而團體活動則基本上保持了疫情前的水平。

And maybe the only other color I would add, while it doesn't speak to '25. In my opening remarks, I talked about group revenue growth in the quarter, both globally and for the U.S. and Canada. And as Leeny and I have been traveling around the world, I mean one of the things that's really encouraging is this continued forward booking strengths we're seeing in group is not simply a U.S. and Canada phenomenon. We're seeing strong group pickup around the world.

也許我唯一想補充的是另一種顏色，雖然它與2025年無關。在我的開場白中，我談到了本季團體收入的成長，包括全球以及美國和加拿大的團體收入成長。我和Leeny一直在世界各地旅行，我發現一個非常令人鼓舞的現象：我們看到團體預訂的持續強勁增長並非僅限於美國和加拿大。我們看到全球各地的團體預訂都在強勁成長。

Our next question comes from Michael Bellisario with Baird.

下一個問題來自 Baird 公司的 Michael Bellisario。

I just want to dig into group a little bit more. Could you maybe pull out corporate group meetings and incentive travel? And are you seeing the same strength there? And is there any change maybe in the booking window that reflects some more of the layoff announcements that we've seen recently more broadly?

我想更深入了解團體旅遊的情況。您能否單獨分析企業團體會議和獎勵旅遊？您是否也觀察到了同樣的強勁勢頭？預訂窗口是否有所變化，反映出我們最近看到的更廣泛的裁員公告的影響？

No particular trends of notice relative to kind of your point about more kind of some trends in companies. We do have longer group booking windows overall which reflect the fact that people are finding that the hotels are full and then they need to get their groups on the books. So that part remains consistent. I would not say that we see any kind of notable difference between leisure group and business group, either kind of in the past several months or, frankly, over the last several years. There is a steady diet of both of those.

關於您提到的公司發展趨勢，目前並沒有發現任何特別明顯的趨勢。我們整體上確實看到了團體預訂窗口期的延長，這反映出酒店客滿，所以他們需要盡快預訂團體房間。因此，這部分情況保持穩定。我認為，無論是過去幾個月還是過去幾年，休閒團體和商務團體之間都沒有出現任何顯著差異。兩者的數量都比較穩定。

Our next question will come from Bill Crow with Raymond James.

下一個問題將來自 Raymond James 公司的 Bill Crow。

Tony, there's a difference between normalization in leisure demand and the consumer weakening. And I guess, given your broad scope across price points and globally, where are you seeing the consumer weaken?

托尼，休閒需求正常化和消費者購買力減弱是有區別的。而且，鑑於你的業務範圍涵蓋各個價格區間和全球市場，你認為消費者購買力減弱體現在哪些方面？

Well, on a macro basis, the consumer continues -- we continue to see fairly consistent strength in the consumer. We've seen a little bit of trade down. We obviously compete across price points. But as Leeny pointed out in response to one of the earlier questions, in the third quarter, we saw some strength in rate in the luxury tier, which suggests that maybe that's an ebb and flow as opposed to a multi-quarter trend.

從宏觀層面來看，消費者依然保持強勁勢頭。我們看到消費略有下降。顯然，我們在各個價格區間都展開了競爭。但正如Leeny在回答之前的問題時指出的那樣，第三季度我們看到高端市場的房價有所上漲，這表明這或許只是暫時的波動，而不是持續數個季度的趨勢。

We do think there is a value-driven consumer that perhaps we were not capturing before, which is one of the reasons we're so enthusiastic about entering the mid-scale tier for the first time. We think that's a segment of the traveling public that perhaps we have been priced out of capturing fully in the past. But beyond that, we continue to see strength really across the consumer. The one thing that's going to be really interesting to watch, I think I mentioned in my opening remarks, that we're within a percentage point of getting back to pre-pandemic levels of cross-border travel.

我們認為，或許我們之前沒有觸及到一部分注重性價比的消費者，這也是我們如此熱衷於首次進軍中端市場的原因之一。我們認為，過去我們可能因為價格原因而無法完全涵蓋這部分旅行者群體。但除此之外，我們仍然看到消費者整體需求強勁。我認為，正如我在開場白中提到的，跨境旅行量距離恢復到疫情前水平僅差一個百分點，這一點非常值得關注。

And you'll recall, we had lots of good conversations back and forth in '19 and about emerging middle classes in markets around the world and their appetite for cross-border travel. Much of the recovery we've seen in international markets has been on the shoulders of domestic demand. And as international airlift recovers, one of the things we're watching closely is how strong is that middle-class consumer and how strong has their appetite for cross-border travel looks like.

您可能還記得，2019年我們曾就全球新興中產階級及其跨國旅行需求進行過多次深入探討。國際市場的復甦很大程度上得益於國內需求的強勁成長。隨著國際航空運力的恢復，我們密切關注的重點之一是中產階級消費者的實力以及他們對跨境旅行的需求究竟有多強。

I realize that's a bit of a rambling answer. But I mean, we're watching the strength of the consumer around the world. And most of what we're seeing is either encouraging or wait and see. And I think wait and see applies to that cross-border question, but the early returns are encouraging.

我知道我的回答有點囉嗦。我的意思是，我們正在密切關注全球消費者的購買力。目前我們看到的大部分情況要么令人鼓舞，要么需要觀望。我認為跨境消費問題也應該採取觀望態度，但初步結果令人鼓舞。

The only thing I would add is that if this trend around experiences versus goods, which we continue to see a really positive element of demand. So whether it is for music concerts or professional sports games or for youth athletics or all of those pieces of people's lives, that continues to be a great driver of demand for travel and really is quite global. So again, kind of a realization on the part of people that travel as a fundamental part of life and one that is very much appreciated.

我唯一想補充的是，這種以體驗而非商品為中心的趨勢，我們持續看到需求的正面因素。無論是音樂會、職業運動賽事、青少年運動，或是人們生活中的其他方方面面，都持續推動著旅行需求，而且這種趨勢在全球範圍內都非常明顯。所以，這再次表明人們已經意識到旅行是生活中不可或缺的一部分，並且非常珍惜它。

And Bill, just to build on that point. As we talk to our credit card partners who obviously have rich consumer spending data, the trend that Leeny just described was much more prevalent in the younger generations pre-pandemic. When you look at current credit card spending data, it appears that that's a trend that really spans generations now, which is obviously great news for our business.

比爾，我再補充一點。我們與信用卡合作夥伴交流時發現，他們擁有豐富的消費者支出數據，萊尼剛才描述的這種趨勢在疫情前主要集中在年輕一代。但從目前的信用卡支出數據來看，這種趨勢似乎已經跨越了各個年齡段，這對我們的業務來說無疑是個好消息。

Our next question comes from Conor Cunningham with Melius Research.

我們的下一個問題來自 Melius Research 的 Conor Cunningham。

I just wanted to talk a little bit about your expectation for a recovery in large managed corporate. You talked about solid gains in lagging industries in the third quarter. Just curious on how your long-term expectation has changed on large manage? Like I realize that small and medium has been quite strong, but is a full recovery in large manage still possible at this point?

我想和您稍微聊聊您對大型企業管理產業復甦的預期。您提到第三季一些落後產業出現了穩健成長。我很好奇您對大型企業管理產業的長期預期發生了哪些變化？我知道中小企業表現相當強勁，但目前大型企業管理產業是否還有可能全面復甦？

Yes. So we've had a version of this conversation in the past. It often starts with a question, do you think business travel is permanently impaired? And I'll give you a version of the answer I've given in the past, which is I absolutely don't think travel is permanently impaired. I just think it's going to look a little different. The small and medium we've talked about ad nauseam, that has been recovered now for a number of quarters and continues to show strength.

是的。我們之前也討論過類似的話題。通常，話題會以這樣一個問題開頭：你認為商務旅行會受到永久性影響嗎？我的回答和以前一樣，那就是我絕對不認為旅行會受到永久性影響。我只是覺得它的形式會略有不同。我們已經反覆討論過中小企業，它們已經復甦好幾個季度了，而且持續保持強勁勢頭。

There are a number of factors that are impacting some of the big corporates, whether that be concerns they have about macroeconomic conditions, whether that be sustainability goals that they set for themselves, whatever it might be, it is having some impact on the pace at which their travel volumes recover. But we're seeing offsets to that impact on the strengths that you heard Leeny described in group. We're also seeing offsets in the amount of blended travel that's driving, for instance, the extraordinary recovery, excuse me, we saw on Sundays and Thursdays. And so I think the day of the week looks a little different, the segments look a little different, but the overall volumes are quite encouraging.

一些大型企業正受到諸多因素的影響，例如對宏觀經濟狀況的擔憂、自身設定的可持續發展目標等等，這些因素都對其差旅量復甦的速度產生了一定影響。但正如Leeny在小組討論中提到的，我們看到一些優勢因素抵消了這些影響。例如，混合出行模式的興起也推動了周日和周四的強勁復甦。因此，我認為一週中不同日期的出行情況略有不同，各個細分市場的出行情況也略有不同，但總體而言，出行量相當令人鼓舞。

Our next question comes from Meredith Jensen with HSBC.

下一個問題來自匯豐銀行的梅瑞迪絲‧詹森。

I was wondering if you could discuss a little bit about partnerships like Rappi and is that kind of collaboration might be a model for additional partnerships that we'll see going forward? And any color you could give to that and how that might compare to others?

我想請您談談像Rappi這樣的合作模式，以及這種合作方式是否可以作為未來其他合作模式的參考？您能否就此談談您的看法，以及它與其他合作模式有何不同？

Yes. Great question. The short answer is I hope so. Bonvoy is such an extraordinarily powerful platform for us. It's a platform that strengthens the connectivity to our guests, ties together the breadth of our brand portfolio and partnerships like Rappi give us greater stickiness with the platform and allow us to connect more deeply in the case of Rappi in markets like Latin America. They have to make sense for both sides to be obvious, but Bonvoy gives us a terrific opportunity to explore, create and take advantage of those sorts of partnerships. And so we will absolutely continue to look for those sorts of opportunities.

是的，問得好。簡而言之，我希望如此。萬豪旅享家對我們來說是一個非常強大的平台。它加強了我們與賓客之間的聯繫，整合了我們廣泛的品牌組合，而像Rappi這樣的合作夥伴則增強了我們與平台的互動，讓我們能夠更深入地與拉丁美洲等市場的Rappi建立聯繫。當然，合作必須對雙方都有利，萬豪旅享家為我們提供了絕佳的機會去探索、創造並利用這類合作關係。因此，我們一定會繼續尋找這樣的機會。

At this time, we have no further questions in queue. I'll now turn the call back over to Tony Capuano to close this out. Please go ahead.

目前我們沒有其他問題需要提問。現在我將把電話轉回給托尼·卡普阿諾，由他來結束本次通話。請開始吧。

Great. Well, thank you again for all your interest and great questions this morning. We appreciate your continued interest in Marriott and look forward to seeing you on the road. Have a great afternoon.

太好了。再次感謝您今天早上的關注和提出的精彩問題。我們非常感謝您對萬豪酒店的持續關注，並期待在旅途中與您相遇。祝您下午愉快。

This does conclude today's call. We thank you for your participation. You may disconnect at any time.

今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連線。