萬豪國際 (MAR) 2023 Q4 法說會逐字稿

Good day, everyone, and welcome to today's Marriott International Q4 2023 Earnings Call. (Operator Instructions) Please note, this call is being recorded (Operator Instructions)

大家好，歡迎參加今天的萬豪國際集團 2023 年第四季財報電話會議。 （操作員說明）請注意，此通話正在錄音（操作員說明）

It is now my pleasure to turn today's program over to Jackie McConagha.

現在我很高興將今天的節目交給傑基麥康納 (Jackie McConagh)。

Thank you. Good morning, everyone, and welcome to Marriott's fourth quarter 2023 earnings call. On the call with me today are Tony Capuano, our President and Chief Executive Officer; Leeny Oberg, our Chief Financial Officer and Executive Vice President, Development; and Betsy Dahm, our Vice President of Investor Relations.

謝謝。大家早安，歡迎參加萬豪 2023 年第四季財報電話會議。今天與我通話的是我們的總裁兼執行長 Tony Capuano； Leeny Oberg，我們的財務長兼開發執行副總裁；以及我們的投資人關係副總裁 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有重大差異。

Please note that our discussion of revenues across different customer segments refer to property level revenues. And unless otherwise stated, our RevPAR occupancy, ADR and property level revenue comments reflect system-wide constant currency results for comparable hotels.

請注意，我們對不同客戶群收入的討論是指財產層面的收入。除非另有說明，我們的 RevPAR 入住率、ADR 和飯店層級營收評論反映了可比較飯店的全系統固定匯率結果。

Statements and 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.

我們在今天早些時候發布的新聞稿中的聲明和評論僅在今天生效，並且不會隨著實際事件的進展而更新。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。

Thank you, Jackie, and good morning, everyone. Our team produced fantastic results in 2023. We continue to experienced strong momentum in our business around the world thanks to solid demand for travel and our diverse portfolio of 30-plus leading brands. Full year global RevPAR was nearly 15% and net rooms grew 4.7%, leading to excellent earnings and cash flow growth.

謝謝你，傑基，大家早安。我們的團隊在 2023 年取得了出色的業績。由於對旅行的強勁需求以及我們由 30 多個領先品牌組成的多元化產品組合，我們在全球的業務繼續保持強勁勢頭。全年全球 RevPAR 接近 15%，淨客房成長 4.7%，帶來了出色的獲利和現金流成長。

In the fourth quarter, global RevPAR increased over 7% year-over-year, driven by roughly equal gains in ADR and occupancy. Group, which comprised 23% of room nights, was again the standout customer segment. Compared to the year-ago quarter, Group revenues rose 9% globally and 7% in the U.S. and Can. And Group is shaping up to have another solid year in 2024. At the end of last year, full year 2024 Group revenues were pacing up nearly 13% globally and 11% in the U.S. and Canada on a year-over-year basis, driven by robust increases in both room nights and ADR.

第四季度，在平均房價和入住率成長大致相當的推動下，全球可出租客房收入較去年同期成長超過 7%。團體客房數佔客房夜數的 23%，再次成為最突出的客群。與去年同期相比，集團全球營收成長 9%，美國和加拿大營收成長 7%。集團將在 2024 年迎來又一個穩健的一年。截至去年底，集團 2024 年全年收入在全球範圍內同比增長近 13%，在美國和加拿大同比增長 11%，間夜數和平均房價的強勁增長。

Leisure transient accounted for 44% of global room nights in the quarter. This segment has, by far, grown the fastest coming out of COVID, with global leisure transient revenues in the fourth quarter nearly 50% above the same quarter in 2019. Even with this strong growth, demand has remained resilient. Fourth quarter global room nights rose 5% over the year-ago quarter, leading to a 6% leisure transient revenue growth worldwide. In the U.S. and Canada, leisure revenues were up 2%.

短暫休閒佔本季全球間夜數的 44%。迄今為止，該細分市場在新冠疫情影響下增長最快，第四季度全球休閒短暫收入比 2019 年同一季度增長近 50%。儘管增長強勁，但需求仍然保持彈性。第四季全球間夜數較去年同期成長 5%，帶動全球休閒短暫營收成長 6%。在美國和加拿大，休閒收入成長了 2%。

Business transient contributed 33% of global room nights in the fourth quarter. Demand from small- and medium-sized corporates remain robust. And while large corporates are still lagging, they continued to post volume increases. Solid gains in ADR drove business transient revenues up 7% globally and 3% in the U.S. and Canada.

第四季商務短暫住宿佔全球間夜數的 33%。中小型企業的需求依然強勁。儘管大型企業仍然落後，但它們的銷售仍持續成長。 ADR 的穩健成長推動全球業務瞬態營收成長 7%，美國和加拿大成長 3%。

Our powerful Marriott Bonvoy loyalty program grew to over 196 million members at the end of the year. Member penetration of global room nights reached new highs in the fourth quarter at 69% in the U.S. and Canada and 62% globally. Our digital channels and mobile in particular remain key drivers of growth at a lower cost to our owners. Our Marriott Bonvoy app contributed 22% more room nights in 2023 than in the prior year.

截至年底，我們強大的萬豪旅享家忠誠度計畫會員數已增至超過 1.96 億。第四季度，全球間夜會員滲透率創下新高，美國和加拿大為 69%，全球為 62%。我們的數位管道，尤其是行動管道仍然是成長的關鍵驅動力，並且對我們的所有者來說成本更低。我們的萬豪旅享家應用程式在 2023 年貢獻的間夜數比前一年增加了 22%。

We are focused on improving the customer experience across all our digital and other booking channels through the multiyear technology transformation we have underway.

我們致力於透過我們正在進行的多年技術轉型來改善所有數位和其他預訂管道的客戶體驗。

Enhancing engagement with our members outside of hotel stays through our numerous successful Marriott Bonvoy collaborations, including our co-branded credit cards, also remains a priority. Our growing portfolio of 31 credit cards across 11 countries had record global card member acquisitions last year, and card spend for the year grew 11%.

透過我們與萬豪旅享家的眾多成功合作（包括我們的聯名信用卡），加強與會員在飯店住宿之外的互動仍然是我們的首要任務。去年，我們在 11 個國家/地區不斷增加 31 種信用卡，全球持卡會員數量創歷史新高，全年信用卡支出增加了 11%。

On the development front, despite a challenging financing environment in the U.S. and Europe, we signed a record 891 organic management, franchise and license agreements in 2023, representing approximately 164,000 rooms. Additionally, we ended the year with a new high of roughly 573,000 rooms in our pipeline. We expect another year of strong global signings in 2024 and are already off to an incredible start.

在開發方面，儘管美國和歐洲的融資環境充滿挑戰，我們還是在 2023 年簽署了創紀錄的 891 份有機管理、特許經營和許可協議，相當於約 164,000 間客房。此外，我們在年底的籌建客房數量創下了約 573,000 間的新高。我們預計 2024 年將是全球引援強勁的一年，並且已經有了一個令人難以置信的開局。

We also saw a meaningful acceleration in net rooms growth last year to 4.7%, the highest growth since 2019. Conversions helped again in 2023, accounting for 25% of organic room additions and 40% of organic room signings. For 2024, we anticipate net rooms growth of 5.5% to 6%. This includes around 37,000 rooms from MGM. The first set of these rooms at New York, New York became available on our Marriott channels at the end of January, with the remaining properties expected to be available by the middle of March.

去年，我們也看到淨客房成長顯著加速，達到4.7%，這是自2019 年以來的最高增幅。轉換在2023 年再次發揮作用，佔有機客房新增量的25% 和有機客房簽約量的40%。 2024 年，我們預計淨客房成長率為 5.5% 至 6%。其中包括米高梅 (MGM) 的約 37,000 間客房。紐約州紐約市的第一套客房已於 1 月底透過萬豪管道發售，其餘飯店預計將於 3 月中旬發售。

While it is very early days, we are incredibly pleased with the initial booking pace. We're excited about adding these amazing properties to our portfolio and enhancing our distribution in Las Vegas and other cities across the U.S.

雖然現在還為時過早，但我們對最初的預訂速度感到非常滿意。我們很高興能夠將這些令人驚嘆的房產添加到我們的投資組合中，並加強我們在拉斯維加斯和美國其他城市的分銷。

We remain confident in the 3-year net rooms compound annual growth rate we discussed at our investor meeting in September of 5% to 5.5% from year-end 2022 to year-end 2025. As we focus on expanding our lodging offerings for owners, franchises and guests, we're making significant progress globally in the high-growth mid-scale space. We are in numerous deal discussions for City Express in the Caribbean and Latin America, or CALA region, and for Four Points Express in Europe, the Middle East and Africa.

我們對 9 月投資者會議上討論的從 2022 年底到 2025 年底的 3 年淨客房複合年增長率保持信心，即 5% 至 5.5%。隨著我們專注於擴大為業主提供的住宿服務，特許經營商和賓客，我們在全球高成長的中型空間領域取得了重大進展。我們正在就加勒比海和拉丁美洲（CALA 地區）的 City Express 以及歐洲、中東和非洲的 Four Points Express 進行大量交易討論。

Here in the U.S., we celebrated the first groundbreaking for StudioRes in Fort Myers, Florida in January, and have over 300 additional potential deals under discussion in around 150 markets. As we strive to offer more options for our stakeholders, we're also working on a new U.S. transient mid-scale brand for both new build and conversions.

在美國，我們在 1 月慶祝了 StudioRes 在佛羅裡達州邁爾斯堡的首次破土動工，並在約 150 個市場中討論了 300 多項額外的潛在交易。在我們努力為利害關係人提供更多選擇的同時，我們也致力於為新建和改建打造一個新的美國臨時中型品牌。

At the upper end of the chain scale, our luxury distribution is currently over 50% larger than our next closest competitor, and that lead has expanded. In 2023, we had record luxury signings with 58 new deals and we added 29 new luxury hotels to our portfolio.

在連鎖規模的高端，我們的奢侈品分銷目前比我們第二大的競爭對手大 50% 以上，而且這種領先優勢還在擴大。 2023 年，我們簽署了 58 筆新交易，創下了豪華酒店簽約紀錄，並在我們的投資組合中新增了 29 家豪華酒店。

In closing, 2023 was a banner year for Marriott, and I am optimistic about what lies ahead. The demand for all types of travel remains strong even as the rebound impact from the pandemic has waned. The fundamentals for our industry are outstanding, and we are determined to grow our industry-leading position. We remain focused on offering the best brands and experiences to the most valuable and engaged guests while expanding the broadest and deepest portfolio of global properties and offerings so we can continue to connect people around the world through the power of travel.

最後，2023 年對萬豪來說是輝煌的一年，我對未來感到樂觀。儘管疫情的反彈影響已經減弱，但各類旅行的需求仍然強勁。我們產業的基本面非常好，我們決心鞏固業界領先地位。我們始終致力於為最有價值和最忠誠的客人提供最好的品牌和體驗，同時擴大最廣泛和最深入的全球酒店和產品組合，以便我們能夠繼續透過旅行的力量聯繫世界各地的人們。

I want to thank our Marriott teams around the world for their remarkable dedication and excellent work. And now let me turn the call over to Leeny to discuss our financial results in more detail.

我要感謝世界各地的萬豪團隊的卓越奉獻和出色工作。現在讓我把電話轉給 Leeny，更詳細地討論我們的財務表現。

Thank you, Tony. I'll walk you through our strong 2023 financial results.

謝謝你，托尼。我將向您介紹我們 2023 年強勁的財務表現。

In the fourth quarter, U.S. and Canada RevPAR increased over 3% year-over-year, primarily due to higher ADR. International RevPAR rose 17%, driven by an 8 percentage point gain in occupancy and a 4% rise in ADR. Asia Pacific again experienced the largest year-over-year RevPAR increase. RevPAR rose 81% in Greater China, helped by the last quarter of easy comparisons to COVID-look lockdowns in the year-ago quarter, and grew 13% in Asia Pacific excluding China. Fourth quarter total gross fee revenues grew 10% to $1.24 billion, reflecting higher RevPAR, room additions and strong growth in our co-brand credit card fees.

第四季度，美國和加拿大的 RevPAR 年增超過 3%，這主要是由於 ADR 上升。在入住率成長 8 個百分點和平均房價成長 4% 的推動下，國際可出租客房收入 (RevPAR) 成長 17%。亞太地區的 RevPAR 再次達到最大的年增幅。由於上一季與去年同期因新冠疫情封鎖而進行的簡單比較，大中華區的每間可用客房收入增長了 81%，除中國以外的亞太地區增長了 13%。第四季的總費用收入成長了 10%，達到 12.4 億美元，反映出每間客房收入的增加、房間的增加以及我們的聯合品牌信用卡費用的強勁增長。

Incentive management fees, or IMF, rose 17%, reaching $218 million, driven by another quarter of significant increases in Asia Pacific. For the full year, gross fees rose 18%, with record IMFs that were nearly 20% higher than our prior peak in 2019.

受亞太地區又一個季度大幅增長的推動，激勵管理費（IMF）增長了 17%，達到 2.18 億美元。全年總費用上漲 18%，創紀錄的 IMF 比 2019 年之前的峰值高出近 20%。

Owned, leased and other revenue, net of direct expenses, reached $151 million in the quarter and included substantially higher termination fees, primarily due to $63 million associated with the termination of a development project.

本季自有、租賃和其他收入（扣除直接費用）達到 1.51 億美元，其中包括大幅上漲的終止費用，主要是由於與開發項目終止相關的 6,300 萬美元。

G&A of $330 million was impacted by a $27 million litigation reserve for an international hotel, as well as timing of performance-related compensation, and increase in bad debt expense, and higher professional fees, which included costs associated with our intellectual property restructuring transactions.

3.3 億美元的一般管理費用受到一家國際酒店2700 萬美元的訴訟準備金、與績效相關的補償時間、壞賬費用增加以及更高的專業費用（其中包括與我們的知識產權重組交易相關的費用）的影響。

Fourth quarter adjusted EBITDA grew 10% to nearly $1.2 billion. For the full year, adjusted EBITDA was 21% higher than in 2022.

第四季調整後 EBITDA 成長 10%，達到近 12 億美元。全年調整後 EBITDA 比 2022 年成長 21%。

Thanks to our team's excellent tax planning efforts that reflect evolving global tax laws, we had a tax benefit of $267 million in the quarter. This was due to over $400 million of favorable discrete items related to international IP restructuring strategies and the release of a tax valuation allowance. The fourth quarter effective tax rate was slightly higher than last year's and above our previous expectations due to jurisdictional mix shift.

由於我們團隊出色的稅務規劃工作反映了不斷發展的全球稅法，我們在本季度獲得了 2.67 億美元的稅收優惠。這是由於與國際智慧財產權重組策略相關的超過 4 億美元的有利離散項目以及稅收估價津貼的發放。由於管轄區組合的變化，第四季度的有效稅率略高於去年，並高於我們先前的預期。

At the hotel level, despite meaningful wage and benefit inflation, we maintained profit margins in our U.S.-managed hotels in the quarter and for the year compared to both 2022 and 2019, a strong performance.

在飯店層面，儘管薪資和福利大幅上漲，但與 2022 年和 2019 年相比，我們在美國管理的飯店在本季和全年保持了利潤率，表現強勁。

Importantly, our guest surveys indicate that customer satisfaction continues to rise. In December, our intent to recommend score achieved its highest monthly score in over 5 years. Our asset-light business model once again generated significant cash with almost $3.2 billion of cash provided by operating activities in 2023, up 34% year-over-year.

重要的是，我們的客人調查顯示客戶滿意度持續上升。 12月份，我們的意向推薦得分達到了5年來的最高月度得分。我們的輕資產業務模式再次產生了大量現金，2023 年營運活動提供的現金近 32 億美元，年增 34%。

Our loyalty program was a source of cash, even after factoring in the final year of reduced payments from the credit card companies resulting from the amendments we entered into in 2020. In 2024, we expect loyalty cash flow to be roughly neutral.

即使考慮到我們在 2020 年進行的修訂導致信用卡公司最後一年的付款減少，我們的忠誠度計劃仍然是現金來源。到 2024 年，我們預計忠誠度現金流將大致保持中性。

Now let's talk more about 2024. Our full year outlook assumes a steady, albeit slower growing, global economy. It also reflects normalized lodging demand in most regions around the world with Asia Pacific expected to see higher growth than other regions as it continues to have some benefit from COVID recovery as well as additional international airlift.

現在讓我們多討論 2024 年。我們的全年展望假設全球經濟成長雖然放緩但保持穩定。這也反映了全球大多數地區住宿需求的正常化，亞太地區預計將比其他地區出現更高的成長，因為該地區繼續受益於新冠疫情的復甦以及更多的國際空運。

In 2024, RevPAR growth is expected to be driven by another meaningful increase in Group revenue, continued improvement in business transient demand, which will be helped by mid-single-digit special corporate rate increases and slower but still growing leisure revenues. We're off to a strong start with January RevPAR up 7% globally, reflecting continued strong demand around the world, particularly in international markets.

到2024 年，預計每間可用客房收入的增長將受到集團收入再次大幅增長、業務短暫需求持續改善的推動，這將得益於中個位數的特殊企業利率增長以及休閒收入的放緩但仍在增長。我們迎來了一個良好的開端，1 月全球每間可售屋收入成長了 7%，反映出全球需求持續強勁，尤其是國際市場。

International RevPAR rose 14%, and U.S. and Canada RevPAR increased 4% in the month, with year-over-year comparisons easiest in January and Easter shifting from April to March this year, global RevPAR for the first quarter could increase 4% to 5%. For the full year, we anticipate a 3% to 5% rise in global RevPAR. Growth is expected to remain higher in international markets than in the U.S. and Canada, with particular strength in Asia Pacific.

國際RevPAR本月上漲14%，美國和加拿大RevPAR上漲4%，其中年比比較最容易發生在1月，而今年復活節從4月轉移到3月，第一季全球RevPAR可能上漲4%至5% %。我們預計全年全球 RevPAR 將成長 3% 至 5%。預計國際市場的成長將繼續高於美國和加拿大，尤其是亞太地區的成長。

The sensitivity of a 1% change in full year 2024 RevPAR versus 2023 could be around $50 million to $60 million of RevPAR-related fees. For the full year, gross fees could rise 6% to 8% to $5.1 billion to $5.2 billion, with non-RevPAR-related fees rising 9% to 10%, driven by strong credit card and residential branding fee growth. Owned, leased and other revenues, net of expenses, are expected to total $320 million to $330 million, 17% to 20% lower than 2023 due to meaningfully lower termination fees given the large termination fee in the fourth quarter of '23, a property we sold last summer in CALA, flipping from owned to managed and renovations at several owned hotels. We expect 2024 G&A expense could be flat to up 2% year-over-year.

2024 年全年 RevPAR 與 2023 年相比 1% 的變動可能會導致 RevPAR 相關費用約為 5,000 萬至 6,000 萬美元。全年總費用可能上漲 6% 至 8%，達到 51 億至 52 億美元，其中與 RevPAR 無關的費用在信用卡和住宅品牌費用強勁增長的推動下上漲 9% 至 10%。扣除費用後，自有、租賃和其他收入預計總計為 3.2 億至 3.3 億美元，比 2023 年下降 17% 至 20%，原因是考慮到 23 年第四季度的終止費大幅降低，房地產去年夏天，我們在CALA 出售了幾家自有酒店，從自有酒店轉為託管酒店並進行了翻修。我們預期 2024 年一般管理費用可能持平，年增 2%。

There are a few discrete onetime items from 2023 that are expected to offset wage and benefit increases. Full year adjusted EBITDA could increase between 5% and 8% to roughly $4.9 billion to $5 billion. Note that our 2024 effective tax rate is expected to be around 25% while we expect our underlying core cash tax rate to remain in the low 20s percent range. Guidance details for the full year and first quarter are in the press release. Please note that first quarter results are expected to be impacted by a few items. First, the timing of residential branding fees is expected to result in these non-RevPAR-related fees being meaningfully lower in the first quarter, but up nicely for the full year. Second, owned, leased and other revenue, net of expenses, will be lower due to the renovations of several owned properties as well as the CALA property that slipped from owned to managed. And finally, G&A in the year ago quarter benefited from several onetime items, while this year's first quarter includes MGM's integration costs.

從 2023 年開始，一些離散的一次性項目預計將抵消工資和福利的成長。全年調整後 EBITDA 可能成長 5% 至 8%，達到約 49 億至 50 億美元。請注意，我們 2024 年的有效稅率預計約為 25%，而我們預計我們的基本核心現金稅率將保持在 20% 的低水平範圍內。全年和第一季的指導細節請參閱新聞稿。請注意，第一季業績預計將受到一些因素的影響。首先，預計住宅品牌費用的時間安排將導致這些與每間客房收入無關的費用在第一季大幅下降，但全年將大幅上升。其次，由於幾處自有房產以及從自有轉為託管的 CALA 房產進行翻修，自有、租賃和其他收入（扣除費用）將會下降。最後，去年同期的一般管理費用受益於多項一次性項目，而今年第一季則包括米高梅的整合成本。

Our capital allocation philosophy remains the same. We're committed to our investment-grade rating, investing in growth that is accretive to shareholder value, and then returning excess capital to shareholders through a combination of a modest cash dividend and share repurchases. We're pleased with the significant value we returned to shareholders in 2023 and expect strong capital returns again in 2024.

我們的資本配置理念保持不變。我們致力於實現投資等級評級，投資於能夠增加股東價值的成長，然後透過適度的現金股利和股票回購相結合的方式將多餘的資本回饋給股東。我們對 2023 年為股東帶來的巨大價值感到滿意，並預計 2024 年將再次獲得強勁的資本回報。

For 2024, factoring in the $500 million of required cash in the fourth quarter for the purchase of the Sheraton Grand in Chicago, capital returns to shareholders could be between $4.1 billion and $4.3 billion. Full year investment spending could total $1 billion to $1.2 billion. This includes another year of higher than historical investment in technology, the vast majority of which is expected to be reimbursed over time. The $500 million for the Sheraton Grand Chicago consists of $200 million of CapEx and $300 million elimination of a previously reported guarantee liability.

到 2024 年，考慮到第四季度購買芝加哥喜來登大酒店所需的 5 億美元現金，股東的資本回報可能在 41 億美元至 43 億美元之間。全年投資支出總額可能為 10 億至 12 億美元。這包括另一年高於歷史的技術投資，其中絕大多數預計將隨著時間的推移而獲得補償。芝加哥喜來登大酒店的 5 億美元資金包括 2 億美元的資本支出和 3 億美元的先前報告的擔保責任消除。

Investment spending is also expected to incorporate roughly $200 million for our owned/leased portfolio, and includes spending for the renovation in the elegant portfolios in Barbados and the completion of the W Union Square renovations. We'll look to recycle these assets and sign long-term management contracts after renovations are complete.

投資支出預計還將包括約 2 億美元用於我們自有/租賃的投資組合，其中包括巴貝多優雅投資組合的翻新支出以及 W 聯合廣場翻新工程的完成。翻修完成後，我們將尋求回收這些資產並簽署長期管理合約。

As Tony mentioned, we're also thrilled about our development growth prospects both inside and outside the U.S. We continue to gain market share with 7% of open rooms and 18% of rooms under construction globally at the end of last year.

正如東尼所提到的，我們對美國境內外的發展成長前景也感到非常興奮。截至去年底，我們繼續以全球 7% 的開放房間和 18% 的在建房間的市場份額獲得市場份額。

Tony and I are now happy to take your questions. Operator?

托尼和我現在很樂意回答你的問題。操作員？

(Operator Instructions) We will take our first question from Joe Greff with JPMorgan.

（操作員說明）我們將回答摩根大通的 Joe Greff 提出的第一個問題。

Leeny, I was hoping you can review the MGM transaction and what's included in fee contribution for this year. And then if you could maybe clarify what the integration costs that you referred to in your prepared comments related to the MGM license deal?

Leeny，我希望您能回顧一下米高梅交易以及今年的費用貢獻包含哪些內容。然後，您能否澄清您在準備好的與米高梅許可交易相關的評論中提到的整合成本是多少？

Yes, sure. So it's really a modest amount of G&A. But it's just worth noting in the year-over-year comparison in Q1 that, that -- as we expect all of those hotels to transition on to Marriott systems, that will all be done in Q1. When we think about the fee contribution, as we've talked about before, Joe, they will be coming on in Q1, and we expect that business to ramp up over the year. There's not a particular number that I would give you now, but just a reflection that it is related to a percentage of the hotel revenues that fits into our franchise fee model as a result of the license agreement over the year.

是的，當然。因此，這確實是一筆適度的一般行政費用。但值得注意的是，在第一季的同比比較中，正如我們預計所有這些酒店都將過渡到萬豪系統一樣，這一切都將在第一季完成。當我們考慮費用貢獻時，正如我們之前談到的，喬，它們將在第一季出現，我們預計該業務將在一年內增加。我現在不會給你一個具體的數字，但只是反映了它與酒店收入的百分比有關，該收入符合我們的特許經營費模型，這是一年來許可協議的結果。

Great. And then I know you gave us some detail in terms of investment spends this year, and the Sheraton Chicago is a big chunk of that. Is the $500 million all cash out the door? I know there's the $200 million CapEx and $300 million to, I guess, satisfy the getting out of that guarantee. Can you provide a little bit more clarity on that? And then how much of the $1 billion is sort of aspirational and not spoken for at this point?

偉大的。然後我知道您向我們提供了今年投資支出的一些細節，芝加哥喜來登酒店是其中的一大部分。這5億美元都是現金嗎？我知道有 2 億美元的資本支出和 3 億美元，我想，以滿足擺脫這項保證。您能更清楚地說明這一點嗎？那麼這 10 億美元中有多少是出於某種願望而目前尚未兌現的呢？

Yes. No, no. It's a good clarification question, Joe. That $500 million is cash out the door, and we would expect that to occur in Q4 2024. But to help you understand what we're really considering capital investment, we wanted to clarify, to save a $200 million of the $500 million, relates to the purchase of the underlying land on the Sheraton Grand Chicago. And so that is in CapEx, while the rest reflects a liability that we established on the balance sheet, frankly, years ago, as part of the overall transaction. So it does obviously impact our available cash for the year, but is in there.

是的。不，不。這是一個很好的澄清問題，喬。這5 億美元是現金，我們預計這將在2024 年第四季度發生。但為了幫助您了解我們真正考慮的資本投資是什麼，我們想澄清一下，為了節省5 億美元中的2 億美元，相關人士表示購買芝加哥喜來登大飯店的底層土地。這就是資本支出，而其餘部分則反映了我們幾年前在資產負債表上建立的負債，作為整體交易的一部分。因此，這顯然會影響我們今年的可用現金，但確實存在。

And when you think about unidentified capital expenditures in that number of the $1 billion to $1.2 billion, it's really quite modest.

當你考慮到 10 億至 12 億美元的不明資本支出時，你會發現這確實是相當小的。

We'll take a question from Shaun Kelley from Bank of America.

我們將回答美國銀行 Shaun Kelley 的問題。

Tony, Leeny, just wondering if you could just start with maybe kind of current state of the development environment. Tony, obviously, global interest rates have cooperated a little bit for the hope of developers, and just sort of what your -- probably the same thing on the construction cost landscape. So as we sit here today, I know it's only 4 months or so from your big update at the Analyst Day, but could you just give us latest sense of the land, how some of those conversations went at ALIS and what people should expect on the organic side for signings and, more importantly, probably starting to move into construction?

Tony、Leenny，只是想知道你們是否可以從開發環境的當前狀態開始。東尼，顯然，全球利率為開發商的希望做出了一些合作，這在建築成本領域可能也是同樣的情況。因此，當我們今天坐在這裡時，我知道距離您在分析師日的重大更新只有4 個月左右的時間，但您能否向我們介紹一下這方面的最新情況、ALIS 的一些對話進展情況以及人們應該期待什麼簽約的有機面，更重要的是，可能開始進入建設階段？

Of course. So as we mentioned in the prepared remarks, on the heels of a record signings year, it's more anecdotal than anything else. But in terms of deal volume through the first month of the year, it's really encouraging. And we're seeing strong momentum both on submissions for new build projects around the world as well as continued really encouraging momentum on the conversion side.

當然。因此，正如我們在準備好的演講中提到的，在創紀錄的簽約年之後，這比其他任何事情都更具軼事性。但就今年第一個月的交易量而言，這確實令人鼓舞。我們看到世界各地新建專案提交的強勁勢頭以及轉換方面持續令人鼓舞的勢頭。

In terms of the environment coming out of the ALIS, I'm going to ramble here a little bit, because I think there are both some positives and negatives that we heard from the owner and franchise community about their expectations for 2024. On the positive side of the ledger as you point out, there is a sense that there will be continued relief on the interest rate side as we get in particularly the back half of 2024.

就 ALIS 的環境而言，我將在這裡閒聊一下，因為我認為我們從業主和特許經營社區那裡聽到了他們對 2024 年的期望，既有積極的一面，也有消極的一面。正如您所指出的，從帳面的角度來看，隨著我們進入2024 年下半年，利率方面將會持續緩解。

There is an expectation maybe in parallel that the hotel transaction market will start to be a bit more active in the back half of the year as well. And while there is still, admittedly, some gap in the bid and the ask between sellers and buyers, it feels like that gap is continuing to narrow, which will likely lead, we expect, to a little more active transaction environment, which has always historically been good news for us on the conversion front.

同時，預計酒店交易市場也將在今年下半年開始更加活躍。誠然，儘管賣家和買家之間的出價和要價仍然存在一些差距，但感覺這種差距正在繼續縮小，我們預計，這可能會導致交易環境更加活躍，而這一直以來都是如此。從歷史上看，這對我們在轉換方面來說是個好消息。

When you pivot to the more challenging side of the ledger, you do still have lenders thinking about compliance with proposed regulatory environment, that will perhaps impact their ability to really open the faucet in terms of the amount of debt that they -- debt financing that they make available for new construction. But there again, it's one of the reasons we're so enthusiastic about our entry into mid-scale, when we talk to our franchise partners on the mid-scale front. They feel like the size of those commitments is something that they're going to have a decent measure of success in procuring debt.

當你轉向帳本更具挑戰性的一面時，你仍然會讓貸方考慮遵守擬議的監管環境，這可能會影響他們真正打開債務數額水龍頭的能力——債務融資它們可用於新建築。但同樣，當我們與中型企業的特許經營合作夥伴交談時，這也是我們如此熱衷於進入中型企業的原因之一。他們認為這些承諾的規模是他們在獲得債務方面取得成功的一個相當大的衡量標準。

And then the last thing I would remind you is the obvious, that while we stay very focused on the availability of debt and its impact on our growth trajectory, that is largely a U.S., Canada and Western Europe attribute. When you look at the pace of growth we're seeing across Asia Pacific, across the Middle East, that growth does not seem to be particularly impacted by the ups and downs of the availability of debt.

我要提醒大家的最後一件事是顯而易見的，雖然我們仍然非常關注債務的可用性及其對我們成長軌蹟的影響，但這很大程度上是美國、加拿大和西歐的屬性。當你觀察整個亞太地區和整個中東地區的成長速度時，你會發現成長似乎並沒有特別受到可用債務波動的影響。

I think you also had a question about construction costs. And so maybe I'll expand my answer a little bit. When we think about potential impediments to growth, the availability of debt is the one that I think we're most focused on. Supply chain issues, which we were talking with you about a year ago, are not nearly as severe as we saw several quarters ago. Construction costs have come down a little bit and they're rising year-over-year at lower rates than we saw a year or 2 ago.

我想您也有關於建築成本的問題。所以也許我會稍微擴充一下我的答案。當我們考慮成長的潛在障礙時，我認為我們最關注的是債務的可用性。我們在一年前與您討論過的供應鏈問題並不像幾個季度前看到的那麼嚴重。建築成本略有下降，但同比增長速度低於我們一兩年前的水平。

So on that front, I think we're pretty encouraged. But it's really the ability to source debt for new construction is the area that Leeny and the team are most focused on.

因此，在這方面，我認為我們受到了極大的鼓舞。但實際上，為新建築籌集債務的能力才是 Leeny 和團隊最關注的領域。

We will take our next question from Smedes Rose with Citi.

我們將回答花旗集團 Smedes Rose 提出的下一個問題。

I was just wondering, when we look at the sort of core metrics that you guys provide in terms of EBITDA for the year, unit growth and capital return, all of those, at least relative to our forecast, are in line or better and look similar for consensus forecast. But your operating EPS outlook is quite a bit lower than consensus. And I was just wondering if there's any 1 or 2 things that you might point to would you think maybe there was a difference in sort of expectation versus what you expect to put up? Because it doesn't sound like it's -- like a tax rate issue, maybe there's something else there?

我只是想知道，當我們查看你們提供的年度 EBITDA、單位成長和資本回報方面的核心指標時，所有這些至少相對於我們的預測而言，都符合或更好，並且看起來與共識預測類似。但您的營運每股收益預期遠低於共識。我只是想知道您是否會指出一兩件事，您是否認為期望與您期望提出的內容可能存在差異？因為這聽起來不像是稅率問題，也許還有其他問題？

Yes. No, thanks, Smedes, very much. No, I appreciate that. Yes, tax rate is probably the biggest item when you think about it. First of all, just remember that in '23 there is the reality of this extra termination fee. So when you look at year-over-year growth, that then impacts how you look at '24 over '23.

是的。不，非常感謝，斯梅德斯。不，我很欣賞這一點。是的，當您考慮時，稅率可能是最重要的項目。首先，請記住，在 23 年，這筆額外的終止費用是現實存在的。因此，當您查看同比增長時，這會影響您對“24”與“23”的看法。

And so if you adjust out for the odd balls of both the litigation reserve and the performance, the termination fee, and you take into consideration that we've got probably about a 1 point higher book tax rate, and I do emphasize it's a book tax rate rather than cash. Our cash tax rate is essentially staying the same, thanks to the great work that the team has done in working through our global tax planning. But when you look at it from a book perspective, it's about 1 point higher overall.

因此，如果你調整訴訟準備金和履行、終止費的奇怪球，並且你考慮到我們的賬面稅率可能高出約 1 個百分點，我確實強調這是一本書稅率而不是現金。由於我們的團隊在全球稅務規劃方面所做的出色工作，我們的現金稅率基本上保持不變。但如果從書本的角度來看，整體高了1分左右。

And you put those together and you can do your math there, and that is where you then get to something that looks from an adjusted EPS that looks -- on '24 that looks close to double digits.

你把這些放在一起，你可以在那裡做你的數學，然後你就可以從調整後的 EPS 中得到一些東西，看起來 - 24 年看起來接近兩位數。

Okay. That's helpful. And then I was just wondering, Tony, you just mentioned in your opening remarks that some of the large corporate group bookings continued to lag, which is something we've kind of heard for a while relative to smaller groups. So I was just wondering, could you maybe just talk a little bit more about what you're hearing and maybe expecting as we go forward? Do you think that's just kind of impaired for the foreseeable future? Or is it something that you think could improve over time? Just maybe some more color there.

好的。這很有幫助。然後我只是想知道，托尼，您剛剛在開場白中提到，一些大型企業團體的預訂繼續滯後，這是我們一段時間以來聽到的相對於小型團體的情況。所以我只是想知道，您能否多談談您所聽到的以及我們在前進過程中的期望？您認為這在可預見的未來會受到損害嗎？或者您認為隨著時間的推移可以改進什麼？也許還有更多顏色。

Yes, of course. So really, my comment was that -- let me break it down into 2 buckets. When I talked about business transient, the small- and medium-sized corporates, the demand coming out of those groups continues to be quite robust. And my comment about large corporates lagging is really sort of in reference to a pre-pandemic environment. But with that said, we continue to see incremental growth even coming out of the large corporates quarter-over-quarter.

是的當然。事實上，我的評論是——讓我把它分成兩部分。當我談到業務瞬態、中小企業時，這些族群的需求仍然相當強勁。我對大企業落後的評論實際上是指大流行前的環境。但話雖如此，我們仍然看到大型企業逐季度出現增量成長。

Just to be clear, that was on the transient side. On the group side, we're actually, as we talked about on the group pace, it's really still a very strong number. And I think to me, one of the interesting things is we're now getting back to some of the way it looked before where 75% of the group that is on -- that is -- that we're expecting in '24, is already on the books, which if you look at that a year ago, that was only 65%. So it still really points out that, with this 11% pace that we're looking at for '24 and 12% for '25 in the U.S., that actually the corporate group as well as the other types of group is still quite strong.

需要明確的是，這是暫時的。在團體方面，實際上，正如我們談到的團體節奏一樣，這仍然是一個非常強勁的數字。我認為對我來說，有趣的事情之一是我們現在又回到了以前的樣子，75% 的人都在——也就是說——我們期望在 24 年，已經在賬面上了，如果你看一年前的話，這個比例只有65%。因此，它仍然確實指出，按照我們預計美國 24 年 11% 的成長率和 25 年 12% 的成長率，實際上企業集團以及其他類型的集團仍然相當強勁。

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。

Maybe just one on the SG&A cost. You gave some color on why it was a little bit higher. But just wondering whether you can just do the bridge from the 255 guidance you gave at Q3. What wasn't anticipated there? Was it this IP restructuring? And why did that suddenly happen in Q4? And maybe some color on the bad debt. Is there anything to read across from that as well?

也許只是 SG&A 成本中的一項。你給了一些解釋為什麼它有點高的原因。但只是想知道您是否可以根據您在第三季給出的 255 指引來進行橋接。那裡有什麼是沒有預料到的？這是IP重組嗎？為什麼第四季突然發生這種情況？也許還有一些壞帳的色彩。還有什麼值得閱讀的嗎？

Right. So this is really largely about timing. We've taken you through the litigation reserve. And then there's obviously the usual quarter-to-quarter fluctuations that reflect everything from closing deals and travel expense to, as you probably remember, when we go back to Q1 of 2023, we were still in the process of getting back to being fully staffed, which then ramps up during the year.

正確的。所以這很大程度取決於時機。我們已向您介紹了訴訟儲備金。然後，顯然還有通常的季度波動，反映了從完成交易和差旅費用到您可能還記得的一切，當我們回到 2023 年第一季時，我們仍在恢復人員配備充足的過程中，然後在年內逐漸增加。

And then as you know, the performance compensation -- performance-related compensation then takes into consideration how the company is doing against its targets. And you put all those together and the constant analysis of your positions of receivables from all of your hotels around the world and just really reflects some timing of when they fell in Q3 versus Q4. And there, again, when you think about looking at next year, you do see that we're talking about flat to up 2%, which really reflects that there were a number of items this year.

如您所知，績效薪酬－與績效相關的薪酬會考慮公司如何實現其目標。將所有這些放在一起，並對全球所有飯店的應收帳款狀況進行持續分析，就可以真實反映第三季與第四季應收帳款下降的時間。再次，當你考慮明年的情況時，你確實會看到我們正在談論持平到成長 2%，這確實反映出今年有很多項目。

Okay. That makes sense. Maybe if I can just ask a follow-up. Just at the CMD, you gave a RevPAR guidance for the 2-year stack of 3 to 6, net unit growth guidance of 4 to 5. Obviously, both of those are going to have to accelerate into 2025 to kind of get to the midpoint. Is that what you're anticipating, that they're drivers to get RevPAR and acceleration in 2025?

好的。這就說得通了。也許我可以問後續情況。就在 CMD，您給出了 2 年可售房收入 (RevPAR) 指導為 3 至 6，淨單位增長指導為 4 至 5。顯然，這兩者都必須加速到 2025 年才能達到中點。這就是您所期望的，他們是 2025 年實現 RevPAR 和加速的推動者嗎？

Yes. So Richard, maybe I'll take the (inaudible) question first. As we talked a little bit when we were together in Miami, we continue to think that, as you consider (inaudible) it is less constructive to look at a single year and much more instructive to look at rooms' growth over a multiyear period. In some ways, the MGM rooms coming into the system slipping from the back of '23 into early '24 is the best illustration of that, notwithstanding MGM sliding into '24.

是的。理查德，也許我會先回答（聽不清楚）問題。正如我們在邁阿密一起討論的那樣，我們仍然認為，正如您所考慮的（聽不清），僅關註一年的建設性較小，而關注多年期間的客房增長則更具啟發性。在某些方面，進入系統的米高梅房間從 23 年末滑入 24 年初就是最好的說明，儘管米高梅滑入了 24 年。

As you know, we ended up a little higher than anticipated in '23 at 4.7% net unit growth. We expect to be at a meaningfully higher number this year because of the impact of the MGM openings. And when we look at the 3-year CAGR that we discussed at the security analyst conference, we continue to be very confident in our ability to deliver that mid-single-digit range of about 5% to 5.5%.

如您所知，我們 23 年的淨單位成長率略高於預期，為 4.7%。由於米高梅開業的影響，我們預計今年的數字將顯著提高。當我們看到我們在安全分析師會議上討論的 3 年複合年增長率時，我們仍然對實現約 5% 至 5.5% 的中個位數範圍的能力非常有信心。

Then I think just on a more macro basis, we've not made any major changes in terms of our longer-term outlook. We obviously have a little more visibility and clarity into this year. Now that the teams around the world have gone through all their numbers, but we've really not revisited anything beyond '24 and continue to be quite confident in what we talked about from a RevPAR perspective.

然後我認為，從更宏觀的角度來看，我們的長期前景沒有任何重大變化。顯然，我們對今年有了更多的了解和清晰度。現在世界各地的團隊已經檢查了所有數據，但我們實際上沒有重新審視 24 年後的任何數據，並且仍然對我們從 RevPAR 角度討論的內容充滿信心。

And just a reminder that when we go through the process, a lot of what we're trying to do at the security analyst meeting is to help you understand a range from a modeling perspective, and it's done before we go through the budgeting process. So actually, as you know, we ended up with a really strong year in 2023. And when we look at it overall from a growth in our hotel revenue system, we're right where we would have expected to be and very pleased about the demand that we're seeing both on the OCC and rate side as we look into '24.

只是提醒一下，當我們完成這個過程時，我們在安全分析師會議上試圖做的很多事情都是幫助您從建模的角度理解一個範圍，並且它是在我們完成預算過程之前完成的。因此，實際上，如您所知，我們在 2023 年度過了非常強勁的一年。當我們從酒店收入系統的增長整體來看時，我們正處於我們預期的位置，並且對當我們研究“24 」時，我們在OCC 和利率方面都看到了這項要求。

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

我們將回答摩根士丹利的史蒂芬‧格蘭布林 (Stephen Grambling) 提出的下一個問題。

I know you touched on it in the introductory remarks, but could you help us bridge the gap from thinking about room growth and RevPAR growth versus the gross management franchise fee growth? I mean, essentially, is this a mismatch that should continue beyond 2025 due to what you see in the pipeline? Or is it more to do with the MGM contribution and how that may ramp?

我知道您在介紹性發言中談到了這一點，但您能否幫助我們彌合考慮客房增長和每間客房收入增長與總管理特許經營費增長之間的差距？我的意思是，從本質上講，由於您在管道中看到的情況，這種不匹配是否應該持續到 2025 年？或者這更多地與米高梅的貢獻以及其如何增長有關？

Yes, it's definitely not from an MGM perspective. I think as we talked about, the fundamental model still actually works very well. We had a couple of anomalies going on in 2023. But when you think about it broadly, the fundamental model of RevPAR plus fees continues to work fine. We've got the reality that, when you think about putting together the RevPAR scenario, you're getting benefit across the board from the growth in the rooms as well as from IMF. And as you saw, we're talking about really strong continued IMF growth.

是的，這絕對不是從米高梅的角度來看的。我認為正如我們所討論的，基本模型實際上仍然非常有效。 2023 年，我們出現了一些異常情況。但當你廣泛思考時，RevPAR 加費用的基本模型仍然運作良好。我們了解到的現實是，當您考慮將 RevPAR 方案整合在一起時，您將從房間的增長以及 IMF 中全面受益。正如您所看到的，我們正在談論國際貨幣基金組織的持續強勁成長。

And then, of course, the reflection that our non-RevPAR fees are expected to grow 9% to 10% in 2024. So I don't expect the fundamental kind of growth and fee algorithm to be different than we've talked about before.

當然，我們的非每間客房收入費用預計將在 2024 年增長 9% 至 10%。因此，我預計增長和費用演算法的基本類型不會與我們之前討論過的有所不同。

Great. And maybe one other quick follow-up to the last question, which was around the Investor Day in September. I guess just very, very big picture, what's changed from then to now as we think about that multiyear algorithm?

偉大的。也許還有一個對最後一個問題的快速跟進，這個問題是在 9 月的投資者日前後提出的。我想這只是非常非常大的圖景，當我們思考多年演算法時，從那時到現在發生了什麼變化？

I would say very little, in terms of the basic equation. I mean, frankly, '23 ended up being very strong. And if you think about the guidance that we gave, we ended up higher than the high end of what we gave at the Security Analyst Meeting by $6 million. So you are starting off with a higher base. And then again, we're looking, a lot of the numbers that we talked about at the Security Analyst Meeting were over a 3-year time frame, and now we're being able to give you more specificity about 2024. But the fundamental about RevPAR growth plus net rooms growth, some operating leverage, continues to work.

就基本方程式而言，我想說的很少。坦白說，我的意思是，'23 最終變得非常強大。如果你考慮我們給予的指導，我們最終會比我們在安全分析師會議上給出的最高值高出 600 萬美元。所以你是從一個更高的基礎開始的。話又說回來，我們在安全分析師會議上討論的許多數字都超過了 3 年的時間範圍，現在我們能夠為您提供有關 2024 年的更多具體信息。但基本面關於每間客房收入增長加上淨客房成長以及一些營運槓桿的影響繼續發揮作用。

One thing I do think is interesting, when you look back at G&A as a percentage of fees, which, being a fee-driven business, that is, I think, the best relationship given the fluctuations in owned/leased as we sell hotels, and that is, you look at 2019, we are in G&A as a percentage of gross fees around close to 25%. And the numbers that we've given you today show that number having dropped down to under 20%, which I think does show you the continued operating leverage that we're getting out of the model.

我確實認為有趣的一件事是，當你回顧總費用佔費用的百分比時，作為一項費用驅動的業務，我認為考慮到我們銷售酒店時自有/租賃的波動，這是最好的關係，也就是說，看看 2019 年，我們的 G&A 佔總費用的百分比約為 25%。我們今天給您的數字顯示該數字已降至 20% 以下，我認為這確實向您展示了我們從該模型中獲得的持續營運槓桿。

And I might just build on that a little bit. And as for those of you that have been covering us for a long time, you know there's a phrase that guides almost everything we do. That phrase being success is never final. And while we are very encouraged by the continued improvement in the G&A ratio, you can be rest assured that is a principal focus area for the senior leadership team, with an eye towards continuing to improve that efficiency.

我可能會在此基礎上進一步發展。對於那些長期關注我們的人來說，你們知道有一句話幾乎指導著我們所做的一切。成功這句話永遠不會是最終的。雖然我們對總費用比率的持續改善感到非常鼓舞，但您可以放心，這是高階領導團隊的主要關注領域，著眼於繼續提高效率。

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

我們將回答麥格理查德·貝農 (Chad Beynon) 提出的下一個問題。

I wanted to ask a question related to the RevPAR guidance, I guess, kind of looking at the chain scales. So based on how you report, I guess, premium, which some of us would consider upper upscale, continues to be the strongest in the third quarter and the fourth quarter, and that's kind of what we're seeing year-to-date. As you think about, I guess, luxury and upper upscale versus some of the other segments, do you have a view in terms of what will kind of lead 2024? And is there still a lot of room for ADR increases in upper upscale given what you're seeing with group pacing?

我想問一個與 RevPAR 指導相關的問題，我想，有點看連鎖規模。因此，根據您的報告，我猜，高端產品（我們中的一些人認為是高端產品）在第三和第四季度仍然是最強勁的，這就是我們今年迄今為止所看到的情況。我想，當您思考奢侈品和高端奢侈品牌與其他一些細分市場時，您對 2024 年的主導趨勢有何看法？考慮到您所看到的群體節奏，高檔飯店的 ADR 仍有很大的上升空間嗎？

Sure. So let me comment on a couple of things. First of all, when we think about special corporate rates, you've heard us talk about kind of continued building of that demand. And while it's not back to 2019 levels, it is continuing to, at the margin, grow a little bit faster. And we had high single-digit growth rate in that segment in '23, and we're looking at strong mid-single-digit rate growth in that segment in '24.

當然。讓我評論幾件事。首先，當我們考慮特殊企業利率時，您已經聽到我們談論這種需求的持續成長。雖然沒有回到 2019 年的水平，但仍在繼續以較快的速度成長。我們在 23 年該細分市場實現了高個位數成長率，並且我們預計該細分市場在 24 年將實現強勁的中個位數成長率。

So that is absolutely -- as you look at that, plus the group strength, which when I think about the group pace of that 11%, I would say, between rooms and ADR, that is probably 2/3, 1/3 rooms and ADR. So you're still seeing some very nice growth there. So clearly, the premium segment is, I think, going to be the biggest beneficiary of that increase in demand.

所以這絕對是——當你看到這一點，再加上團隊實力，當我考慮那11% 的團隊節奏時，我會說，在房間和ADR 之間，這可能是2/3、1/ 3 房間和 ADR。所以你仍然可以看到一些非常好的成長。很明顯，我認為高端市場將成為需求成長的最大受益者。

On the select service side, you saw that segment really come out of COVID the fastest and one that has moderated, as you've seen towards the end of this year. We would expect that to be Steady Eddy, but not really get the benefit of some of the things that I just mentioned.

在精選服務方面，您看到該細分市場確實是從新冠疫情中恢復最快的，而且正如您在今年年底看到的那樣，該細分市場已經有所放緩。我們期望它是穩定渦流，但並沒有真正從我剛才提到的一些事情中受益。

And then we continue to expect to see luxury continue to do really well. And so there is opportunity there, both on the rate and OCC side. But I think the 2 areas I mentioned before are probably the ones to highlight as you think about the tiers.

然後我們繼續期望看到奢侈品繼續表現出色。因此，在利率和 OCC 方面都存在機會。但我認為我之前提到的兩個領域可能是您在考慮層級時需要強調的領域。

And I might build on that last luxury comment from Leeny. You heard in my opening remarks about the momentum we have in extending our lead and luxury from a footprint perspective. And fourth quarter '23 versus fourth quarter '22 on a global basis, we saw luxury RevPAR up 10%. And so we continue to see pretty compelling economics in the luxury segment and are excited about the growth we're seeing in terms of our industry-leading footprint.

我可能會以 Leeny 最後的奢華評論為基礎。你們在我的開場白中聽到了我們從足跡的角度擴大領先地位和奢華的勢頭。與 2023 年第四季相比，22 年第四季全球豪華飯店的 RevPAR 成長了 10%。因此，我們繼續看到奢侈品領域相當引人注目的經濟效益，並對我們行業領先的足跡所看到的成長感到興奮。

Appreciate it. And then just a housekeeping. IMF at the end of the year, North American properties, what percentage were payers during the year maybe versus peak?

欣賞它。然後只是做家事。年末的國際貨幣基金組織、北美房地產、當年的付款人與高峰時期的比例是多少？

Yes, sure. This is where it gets a little complicated, but let's do it. And that is in '23, for the full year -- would you like quarter or year? Which do you prefer?

是的，當然。這就是事情變得有點複雜的地方，但讓我們開始吧。那是 23 年的全年——您想要季度還是年度？你喜歡哪一個？

Yes, year, unless the OCC rate is massively different.

是的，年份，除非 OCC 利率有很大不同。

Yes. So 31% for the full year in U.S. and Canada versus 56%. However, there's really, as you remember, there was a big change in our limited service portfolio as a result of the HPT hotels leaving the system. So full-service hotels in '23, 40% of our managed full service hotels were earning IMFs in the U.S., 45% at peak, really limited services, but big change of 19% in '23 versus 66% in '19. But many of those hotels are no longer in our system.

是的。美國和加拿大全年的比例為 31%，而美國和加拿大的比例為 56%。然而，正如您所記得的，由於 HPT 酒店離開系統，我們有限的服務組合確實發生了巨大變化。因此，23 年的全方位服務酒店中，我們管理的全方位服務酒店中有40% 在美國賺取IMF，高峰時為45%，服務確實有限，但23 年的19% 與19 年的66%相比，變化很大。但其中許多酒店已不再屬於我們的系統。

Then when you look at international, it's really overwhelmingly quite similar as to when it was in 2019. So for the entire company, at '23, 68% are earning IMFs, versus 72%. And if you adjust for that limited service portfolio that I discussed, it was 70% in 2019. So we're really getting to quite similar levels. And as I said, international is really overwhelmingly the same as it was in '19.

然後，當你看看國際市場時，你會發現它與 2019 年的情況非常相似。因此，對於整個公司而言，23 年時，68% 的人賺取 IMF，而這一比例為 72%。如果你根據我討論的有限服務組合進行調整，2019 年這一數字為 70%。所以我們確實達到了非常相似的水平。正如我所說，國際比賽與 19 年幾乎沒有什麼不同。

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。

Maybe for Tony. Just curious in terms of the development momentum going on in the ground in China today, what's sort of baked into the guidance in terms of China openings or maybe you could answer it qualitatively? Has that market's opening momentum changed now versus 3 or 6 months ago?

也許是為了托尼。只是好奇當今中國的發展勢頭，在中國開放方面的指導意見中包含了哪些內容，或者您​​可以定性地回答這個問題嗎？與 3 或 6 個月前相比，現在市場的開盤動能是否發生了變化？

Yes. So we continue to see the momentum on the development side in China that we talked about a quarter or 2 ago, both in terms of what I would call intake, meaning the volume of MOUs that we're signing, the volume of new deals that we're improving. But just as compelling in terms of driving opening volume, during the pandemic, we saw a variety of projects across the pipeline pause construction. And we're seeing the vast majority of those paused projects back under construction moving towards opening.

是的。因此，我們繼續看到我們一兩個季度前談到的中國發展勢頭，無論是在我所說的吸收量方面，還是在我們簽署的諒解備忘錄的數量以及新交易的數量方面。我們正在進步。但在推動開工量方面同樣引人注目，在大流行期間，我們看到多個項目暫停建設。我們看到絕大多數暫停的項目重新開工建設，並逐步開放。

So I think on early pipeline, if you will, approved and signed deals and under construction deals, we see encouraging trends in all 3 of those categories.

因此，我認為在早期管道中，如果您願意的話，批准和簽署的交易以及正在建設的交易，我們在所有這三個類別中都看到了令人鼓舞的趨勢。

Okay. That's encouraging. Go ahead.

好的。這令人鼓舞。前進。

I'd just add one thing that I think kind of helps frame your question, and that is when we look at our overall growth in rooms in Asia Pacific, we're in the high-single digits, that we're looking at, both in '23 and '24, including China and Asia Pacific outside of China. Just really strong demand for our brands across the various scales.

我只想補充一件事，我認為這有助於回答你的問題，那就是當我們看到亞太地區客房的整體成長時，我們處於高個位數，我們正在考慮， 23 年和24 年，包括中國和中國以外的亞太地區。各個層面對我們品牌的需求非常強勁。

Okay. And then just as a follow-up also on development, just a longer-term question, sort of thinking about reflecting back on '23 as a year where capital formation and debt financing was harder to come by and that sort of weighed on U.S. new hotel starts. Is this -- do you think we'll be looking back on '23 when we get to sort of '25 or '26 and be talking about something of an air pocket in terms of new hotel openings because of '23? Or do you think it's not as meaningful and there's other things that will offset? How do you think about that when you do your longer-term planning?

好的。然後，作為發展的後續行動，這只是一個長期問題，有點像回顧 23 年，資本形成和債務融資更難獲得，這給美國新的經濟帶來了壓力。酒店開始。這是--你認為當我們進入“25”或“26”時，我們會回顧“23”，並談論因為“23”而在新酒店開業方面出現的一些空洞嗎？還是你認為這沒有那麼有意義，還有其他事情可以抵銷？當您進行長期規劃時，您如何看待這一點？

Yes. No, I think you make a good point. As Tony talked about in his response to the question about the financing environment, there's no doubt that financing availability for new build construction of hotels is limited. And the strong brands get the most of it, but you've got some uncertainty around bank capital regulations, et cetera. So it is clearly down meaningfully from the kind of pace of new build that was in 2019.

是的。不，我認為你說得很好。正如托尼在回答融資環境問題時所說，毫無疑問，新建飯店的融資能力是有限的。強勢品牌可以充分利用這一優勢，但銀行資本監管等方面存在一些不確定性。因此，與 2019 年新建工程的速度相比，這顯然大幅下降。

I think what you have seen on the good side is that our conversions as a percentage of room signings has gone up meaningfully, and we look forward to that continuing. But yes, I hope that, that is the case and that we're kind of seeing a bit of an air pocket in the U.S. As we talked about, outside the U.S., we're not as dependent. I will call out Europe, which also has a lot of the same characteristics as the U.S. on the new build construction side.

我認為您所看到的好的一面是，我們的轉換率在簽約房間中所佔的百分比已顯著上升，我們期待這種情況繼續下去。但是，是的，我希望情況確實如此，我們在美國看到了一些空氣袋。正如我們所說，在美國之外，我們並不那麼依賴。我要提到歐洲，它在新建築方面也有很多與美國相同的特徵。

But we are really pleased with what we're seeing on the StudioRes demand side and ability to start getting those shovels in the ground. And so there, we are hopeful that you'll start to see that pace pick up as the construction costs, the demand side continues to be very strong, as well as financing ability improves.

但我們對在 StudioRes 需求方面看到的情況以及開始將這些鏟子投入使用的能力感到非常滿意。因此，我們希望隨著建築成本的提高、需求方持續強勁以及融資能力的提高，您將開始看到速度加快。

And I might just build on that comment about mid-scale. It's -- Leeny and I tend to climb over each other with enthusiasm to talk about mid-scale. We think there's a tremendous market opportunity from a demand perspective. There is a deep appetite from our franchise community. We think the cost of developing mid-scale will help our partners navigate what is still a challenging financing environment.

我可能只是以關於中等規模的評論為基礎。萊尼和我往往會熱情地互相攀爬，談論中規模的問題。我們認為從需求角度來看存在著巨大的市場機會。我們的特許經營社區對此有著濃厚的興趣。我們認為開發中型規模的成本將有助於我們的合作夥伴應對仍充滿挑戰的融資環境。

And the other thing that is exciting to us, you'll recall the last number of quarters, in select service broadly, we talked about a lengthening of the construction cycle, Leeny and I were both down in Fort Myers putting a shovel in the ground for the first StudioRes. And our partners there talked about an expectation of opening that hotel in at most 13 months with an eye trying -- towards trying to get it open in 12 months.

另一件讓我們興奮的事情，你會記得過去幾個季度，在廣泛的選擇服務中，我們討論了施工週期的延長，Leenny 和我都在邁爾斯堡把鏟子放在地上第一個StudioRes 。我們的合作夥伴表示，預計最多 13 個月內開業這家酒店，並著眼於在 12 個月內開業。

And so the ability to get mid-scale deals signed, shovels -- financed, shovels in the ground and open more quickly than what we've seen with a lot of other tiers in our portfolio, is another factor in our enthusiasm for our entry into midscale.

因此，與我們投資組合中的許多其他級別相比，能夠以更快的速度簽署中型交易、融資、鏟土和開業，是我們進入熱情的另一個因素進入中檔。

We'll take our next question from Kevin Kopelman with TD Cowen.

我們將回答 Kevin Kopelman 和 TD Cowen 提出的下一個問題。

Given how well the MGM deal is starting off, as you think about your pipeline talks, what's the outlook for other large partnerships akin to the MGM deal going forward?

考慮到米高梅交易的啟動情況，當您考慮管道談判時，類似於米高梅交易的其他大型合作夥伴的前景如何？

Yes. So Leeny and I were both in Las Vegas this past weekend for Super Bowl, and so I'll make a couple of comments. Number one, when you look at the vibrancy of that market, you look at how effectively the city was able to accommodate an event like that, you likely heard the NFL Commissioner talking about how anxious the league is to get back to Las Vegas, I think both of us left the market really enthusiastic about what this partnership is going to offer our guests around the world and our Bonvoy members.

是的。上週末，李尼和我都在拉斯維加斯參加超級盃比賽，所以我會發表一些評論。第一，當你看到那個市場的活力時，你會看到這座城市如何有效地容納這樣的活動，你可能會聽到 NFL 專員談論聯盟有多渴望回到拉斯維加斯，我認為我們離開市場時都非常熱衷於這種合作夥伴關係將為我們世界各地的客人和我們的旅享家會員提供的服務。

In terms of your specific question, as we talked about when we announced the transaction, it is a creative opportunity for us, where I think you will continue to see lots of activity for us is in traditional conversions, but in the category of multiunit conversions. You heard us a quarter ago talk about a terrific multiunit conversion in Vietnam with a partner called Vinpearl, and our teams around the world are actively working on a number of multiunit conversions.

就您的具體問題而言，正如我們在宣布交易時所討論的那樣，這對我們來說是一個創造性的機會，我認為您將繼續看到我們在傳統轉換方面的大量活動，但在多單位轉換類別中。四分之一前您聽到我們與一家名為 Vinpearl 的合作夥伴在越南談論了一次出色的多單元改造，我們在世界各地的團隊正在積極開展多項多單元改造工作。

To the extent a unique opportunity like MGM presents itself, I think we'll roll up our sleeves and see if we can make sense of it. We're really excited about what MGM does for Bonvoy. And if those sorts of opportunities present themselves, we are certainly open to pursuing.

就米高梅這樣的獨特機會而言，我認為我們會捲起袖子，看看我們是否能抓住它。我們對米高梅為 Bonvoy 所做的一切感到非常興奮。如果出現這類機會，我們當然願意追求。

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

我們將回答麥可貝利薩裡奧和貝爾德提出的下一個問題。

Just on the capital allocation front, been a handful of reports there's a few smaller brands for sale, particularly domestically. Are you seeing any more interesting tuck-in M&A opportunities? And does the math pencil any better or worse, especially relative to where your stock is trading today?

就資本配置而言，有一些報導稱，有一些較小的品牌正在出售，尤其是在國內。您是否看到了更多有趣的併購機會？數學鉛筆是更好還是更差，特別是相對於你的股票今天的交易價格？

Well, some great questions. And as we have said for a long time, we've been very consistent in our message about really always being willing to entertain the way that we grow. We have grown very successfully, both in terms of tuck-in brand acquisitions as well as growing organic new brands, and growing that way around the world. We will continue to do that. We also are going to stay very price disciplined in terms of looking at both the price that you would be paying for the existing distribution as well as for the growth opportunities.

嗯，有一些很好的問題。正如我們長期以來所說的那樣，我們始終如一地傳達我們的訊息，即始終願意以娛樂方式享受我們的成長。無論是在品牌收購方面，還是在發展有機新品牌方面，我們都取得了非常成功的發展，並在全球範圍內以這種方式發展。我們將繼續這樣做。我們還將在考慮您為現有分銷和成長機會支付的價格方面保持非常嚴格的價格紀律。

We are really aware of looking at where something could add something unique to our portfolio, whether it is in a certain part of the world, as we did with the City Express deal, that really was a tremendous way for us to enter the mid-scale space in a really attractive market like Mexico, at an absolutely reasonable price.

我們確實意識到在哪裡可以為我們的投資組合添加一些獨特的東西，無論是在世界的某個地方，就像我們在城市快車交易中所做的那樣，這確實是我們進入中期的絕佳方式。以絕對合理的價格在墨西哥等真正有吸引力的市場擴大空間。

So I think in that regard, you got to look at all the elements. And what's out there, as you know, depends very much on the sellers' expectations of what they're looking for. I would say that, over time, we hope to see that those opportunities continue to be there and that we're going to remain as disciplined as we have before in looking at them.

所以我認為在這方面，你必須考慮所有因素。如您所知，那裡的商品很大程度上取決於賣家對他們正在尋找的商品的期望。我想說，隨著時間的推移，我們希望看到這些機會繼續存在，並且我們在看待這些機會時將像以前一樣保持紀律。

I'll just build on Leeny's comment. I think this historical blend of considering acquisitions where we think they fill an opportunity in our brand architecture or accelerate our growth in a geography where we're not happy with our pace of organic growth, but also looking at the launch of organic platforms, is a strategy that has served us well and a strategy that will continue to guide our thinking about adding new platforms.

我將僅以 Leeny 的評論為基礎。我認為這種歷史性的結合是考慮收購，我們認為收購填補了我們品牌架構中的機會，或者加速了我們在我們對有機增長速度不滿意的地區的增長，同時也考慮了有機平台的推出，這是一種歷史性的結合。這個策略對我們很有幫助，並將繼續指導我們添加新平台的想法。

It's interesting, I was looking at some numbers last night. Autograph, which was a platform in the soft brand space that we launched from scratch, between the open and pipeline, we have more than 400 hotels. And AC by Marriott, which was a platform that we acquired in Spain, that at time of acquisition, I think, had 80 or 90 hotels, today between open and pipeline has nearly 400 hotels. And so there are a variety of strategies to add compelling platforms to the portfolio, and we'll continue to look at both.

很有趣，我昨晚看了一些數字。 Autograph，這是我們從頭開始推出的軟品牌空間的一個平台，在開放和管道之間，我們擁有超過 400 家酒店。 AC by Marriott 是我們在西班牙收購的一個平台，我認為收購時擁有 80 或 90 家酒店，如今已開業和籌建中的酒店已接近 400 家。因此，有多種策略可以為產品組合添加引人注目的平台，我們將繼續研究這兩種策略。

Got it. That's helpful. And then just one quick follow-up on midscale. What does the owner profile there look like, thinking about the mix of existing Marriott franchises versus new owners? And would you expect that mix to be similar for the new brand?

知道了。這很有幫助。然後只是在中規模上進行一次快速跟進。考慮一下現有萬豪特許經營店與新業主的組合，那裡的業主概況是什麼樣的？您認為新品牌的組合會類似嗎？

Yes, very similar. A great mix. Always welcoming new owners into our stable of owners and franchises. But I would say, when I think about the StudioRes, some of the blend of what we're seeing in terms of the what I call the onesies and twosies where somebody is kind of in a particular market, been very successful and wants to build a hotel there, I would say many of them in the StudioRes space reflect multi-unit expectations on the part of partners of ours who we've been working with for a long time.

是的，非常相似。很棒的組合。始終歡迎新業主加入我們的業主和特許經營店穩定。但我想說的是，當我想到 StudioRes 時，我們所看到的一些混合體就是我所說的連身衣和雙人衣，其中有人在特定市場中非常成功，並且想要建立那裡的酒店，我想說StudioRes 空間中的許多飯店都反映了我們長期合作的合作夥伴的多單位期望。

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

我們將回答大衛·卡茨和傑弗里斯提出的下一個問題。

Okay. I apologize. I wanted to just drill a little bit deeper into the conversion discussion, if I may. Just looking at the percentage of your pipeline versus what we've seen elsewhere. If you could talk more about where those are coming from, what the strategies are, whether there's any change in the landscape geographies, whether there's a change in pricing, what's new with it. It's been such an important discussion for the past year or so among everyone, including yourselves.

好的。我道歉。如果可以的話，我想更深入地討論轉換問題。只需看看您的管道與我們在其他地方看到的百分比。如果你能多談論這些來自哪裡，策略是什麼，景觀地理是否有任何變化，定價是否有變化，有什麼新變化。在過去一年左右的時間裡，這是每個人（包括你們自己）之間非常重要的討論。

Sure. So conversions have always been an important part of our growth story, in a climate where the debt markets for new construction are somewhat constricted, the importance of conversions is elevated. As we talked about in the opening, really compelling numbers in 2023 with 25% of our openings and 40% of our signings in the conversion category.

當然。因此，轉換一直是我們成長故事的重要組成部分，在新建築債務市場收縮的環境下，轉換的重要性就提高了。正如我們在開場白中談到的，2023 年的數字非常引人注目，我們 25% 的空缺職位和 40% 的簽約來自轉換類別。

They are coming in terms of type of project, pretty typical of what we've seen over the last number of years. A good mixture of conversions from other brands and with such a compelling stack of soft brands with Luxury Collection, Autograph and Tribute. Lots of conversions coming from the world of independents as well.

它們的項目類型非常典型，與我們過去幾年所看到的非常典型。來自其他品牌的轉變與一系列引人注目的軟品牌（如 Luxury Collection、Autograph 和 Tribute）的完美結合。許多轉變也來自獨立人士的世界。

From a geographical perspective, not necessarily a shift in strategy, but we are seeing in, for instance, some of the Asia Pacific markets, which historically had been disproportionately new build, we are seeing some uptick in conversion activity. Our pursuit of conversion opportunities is quite deliberate, and it's resulting in deals like the one I mentioned earlier in Vietnam.

從地理角度來看，不一定是策略上的轉變，但我們看到，例如，在一些亞太市場，這些市場歷來都是新建的，我們看到轉換活動增加。我們對轉換機會的追求是經過深思熟慮的，這導致了像我之前在越南提到的那樣的交易。

We will take our next question from Patrick Scholes with Truist Securities.

我們將回答 Truist Securities 的 Patrick Scholes 提出的下一個問題。

I want to drill down a little bit on the credit card fees. It looks like you're expecting a big step-up in, if I understand it correctly, a step up in growth rate for 2024, which actually, I think you said 9% to 10%, which, if I'm correct, is a little bit lower than the Investor Day of 12%. But specifically with that step up, are you expecting that from primarily new card sign-ups or more so from sort of same user spend?

我想深入了解信用卡費用。如果我理解正確的話，你似乎期望 2024 年的成長率會大幅提高，實際上，我認為你說的是 9% 到 10%，如果我沒理解錯的話，比投資者日的12% 略低一些。但具體而言，您是否期望主要從新卡註冊中獲得這一點，還是從相同的用戶支出中獲得更多？

Sure. So first of all, I want to kind of be clear. The difference between the growth rates between '23 and '24 I would not expect to be very different across the credit cards. They grew 9% to 10% in '23, and we would expect them to do fairly similarly in '24. That is overwhelmingly a function of increase in the number of cardholders. As you've heard us talk about, we've been really successful in adding credit cards in a number of countries. We've really expanded that program quite a bit. And in some of the markets, I'll point out Japan as an example, we've just seen really wonderful acceptance of the Bonvoy credit card.

當然。首先，我想澄清一下。我預計 23 年和 24 年信用卡之間的成長率差異不會有很大差異。他們在 23 年成長了 9% 到 10%，我們預計他們在 24 年的表現也相當相似。這很大程度上是持卡人數量增加的結果。正如您所聽到的，我們在許多國家/地區添加信用卡方面取得了巨大成功。我們確實對該計劃進行了相當大的擴展。在某些市場，我會以日本為例，我們剛剛看到 Bonvoy 信用卡的接受程度非常高。

So in that respect, I'd say the growth that we would expect in those fees comes overwhelmingly from additional -- having additional cardholders. And then overall, a really very small amount related to a typical cardholder spend.

因此，在這方面，我想說，我們預期這些費用的成長絕大多數來自於額外的持卡人。總的來說，與典型持卡人支出相關的金額非常小。

Now when I look at overall non-RevPAR fees, I think that's where it gets a little bit interesting, because you were dealing with things like residential where you see residential branding fees tied to when those units open for occupancy. So they're quite lumpy.

現在，當我查看總體非每間客房收入費用時，我認為這就是它變得有點有趣的地方，因為您正在處理諸如住宅之類的事情，您會看到住宅品牌費用與這些單元開放入住的時間相關。所以它們非常凹凸不平。

So as I explained in Q1, we expect them to be meaningfully lower in Q1 than Q1 in '23, while for the full year, we actually are seeing that business do very well. And we expect year-over-year to see fantastic growth in branding fees overall for the year in '24 over '23. So when you look overall at the non-RevPAR fees, we're excited about to see them continue to grow at these roughly double-digit sorts of numbers for another year.

因此，正如我在第一季所解釋的那樣，我們預計第一季的業績將顯著低於 23 年第一季度，而全年來看，我們實際上看到業務表現非常好。我們預計 24 年整體品牌費用將比 23 年大幅成長。因此，當您整體審視非每間客房收入費用時，我們很高興看到它們在接下來的一年中繼續以大約兩位數的數字增長。

And we will 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. Circling back to the unit growth, and I know you've given a lot of great color around it. Just looking at the kind of 2-year CAGR you've given at the Investor Day, excluding MGM when the timing of that wasn't quite known, so it's kind of implying that '24 and '25 would be up, excluding MGM, in the kind of 4% to 5% range. And I think the '24 guide today, ex MGM, is up in the kind of 3%, 4% range. So maybe expecting an acceleration to 5% to 6% growth next year.

偉大的。回到單位增長，我知道你已經為它賦予了許多精彩的色彩。只要看看你在投資者日給出的兩年複合年增長率，不包括米高梅，當時具體時間還不太清楚，所以這有點暗示“24”和“25”將會上升，不包括米高梅，在4%到5%的範圍內。我認為今天的 24 日指南（前米高梅）上漲了 3% 至 4% 的範圍。因此，也許預計明年的成長將加速至 5% 至 6%。

And just wondering, I know you talked about the likelihood that conversions will be a higher percent of that. You also recently announced a franchise agreement in China that the timing wasn't entirely clear. It was kind of potentially over the next 3 years it could be adding, I don't know if it would be like 50 basis points a year. I guess I wonder if you could tell us whether that franchising agreement, how much of that you expect to be driving the acceleration next year? Just kind of help put some color around the acceleration.

只是想知道，我知道您談到了轉換率可能會更高的可能性。你們最近也宣布了一項在中國的特許經營協議，但具體時間並不完全明確。未來 3 年可能會增加，我不知道是否會每年增加 50 個基點。我想知道您能否告訴我們，您預計該特許經營協議將在多大程度上推動明年的加速？只是幫助給加速度添加一些顏色。

Sure. So let me -- I'm going to do the last question first, and then, at some point, Tony, feel free to jump in to add more color. But let's first talk about Delonix, which we're really excited about our relationship there, where they're a terrific large hospitality company in China, and we're looking forward to having the opportunity to convert a number of hotels. And we actually didn't give a time frame.

當然。所以讓我——我將首先回答最後一個問題，然後，在某個時候，托尼，請隨意加入以添加更多顏色。但我們首先來談談Delonix，我們對我們在那裡的關係感到非常興奮，他們是中國一家非常棒的大型酒店公司，我們期待有機會改造一些酒店。我們實際上沒有給出一個時間框架。

So it would just be as part of our normal growth in China and as we look at our overall rooms growth. So there's not a particular kind of specific sort of 10, 20, 30, 40 basis points associated with the conversion of a number of those hotels into Tributes. We are, again, really excited about working with them on the opportunity, but it's just part of our overall rooms growth.

因此，這只是我們在中國正常成長的一部分，也是我們整體客房成長的一部分。因此，不存在與將其中一些酒店轉換為致敬酒店相關的特定類型的 10、20、30、40 個基點。我們再次對與他們合作的機會感到非常興奮，但這只是我們整體客房成長的一部分。

As I said, the signings that we're seeing in Greater China are very encouraging both in '23 and as we move into '24. That's really in addition to what you're talking to about the Delonix deal -- Delonix deal. And that is where I talked about the rooms growth in Asia in the high-single digits, which, again, is just a great reflection of the desire for our brands.

正如我所說，無論是 23 年還是進入 24 年，我們在大中華區看到的簽約都非常令人鼓舞。這實際上是您所談論的 Delonix 交易——Delonix 交易的補充。這就是我談到亞洲客房數高個位數成長的地方，這再次很好地反映了人們對我們品牌的渴望。

When you ask about the basic CAGRs for rooms growth relative to the Security Analyst Meeting that we made in September, I think you really have to kind of go back to what Tony said in his earlier comment, is that these deals can be lumpy, whether it's City Express, whether it's MGM, whether it's a large conversion deal that we do. And so you really need to think about the numbers that we gave that were 5% to 5.5% for the 3-year CAGR, which we continue to be really confident and excited about.

當你詢問相對於我們9 月舉行的證券分析師會議的房間增長的基本複合年增長率時，我認為你真的必須回到托尼在之前的評論中所說的，即這些交易可能會不穩定，無論是無論是城市快車，無論是米高梅，還是我們所做的大型轉換交易。因此，您確實需要考慮我們給出的 3 年複合年增長率為 5% 至 5.5% 的數字，我們對此仍然充滿信心和興奮。

We ended up a little bit higher on our net rooms growth in '23 than the 4.2% to 4.5% range that we gave. And that's really a reflection of the steady strong demand for our brands. So that then when we look at the MGM and the continuation of turning these rooms from our pipeline into openings, we actually see it as being essentially the same as where we were back at the SAM. And then again, you have to kind of be looking at it not solely within the context of 1 year.

我們最終得出的 23 年淨客房成長率略高於我們給出的 4.2% 至 4.5% 範圍。這確實反映了對我們品牌的穩定強勁需求。因此，當我們看到米高梅以及繼續將這些房間從我們的管道變成開口時，我們實際上看到它與我們回到 SAM 時的情況基本相同。話又說回來，你不能只在一年的背景下看待它。

And Robin, I think the only other question embedded was about conversion volume. And we mentioned in the open that our openings in '23 were about 25% conversions. Even if you look at '24 expected openings ex MGM, we expect some acceleration to about 30% of those openings being conversions. And when you think about 40% of our signings last year being in the conversion category, that's logical.

羅賓，我認為唯一的另一個問題是關於轉換量。我們公開提到，我們 23 年的空缺職位轉換率約為 25%。即使您查看 24 年米高梅 (MGM) 的預期空缺職位，我們也預計其中約 30% 的職缺將實現轉換。當你想到我們去年 40% 的簽約屬於轉換類別時，這是合乎邏輯的。

And we have reached our allotted time for questions. I would now like to turn the call back over to Tony for any additional or closing remarks.

我們已經到達了規定的提問時間。我現在想將電話轉回給托尼，以徵求任何補充或結束語。

Well, as always, thank you again for your interest in Marriott. We are coming off a terrific year in 2023. Tremendously enthusiastic about '24 or what '24 holds. And we look forward to seeing all of you on the road. Safe travels.

一如既往，再次感謝您對萬豪酒店的關注。 2023 年我們將迎來美好的一年。我們對「24 小時」或「24 小時」充滿熱情。我們期待在路上見到你們所有人。安全旅行。

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

今天的會議到此結束。感謝您的參與。您可以隨時斷開連線。