萬豪國際 (MAR) 2024 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Marriott International First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note today's call will be recorded, and I'll be standing by if you should need any assistance.

大家好，歡迎參加今天的萬豪國際集團 2024 年第一季財報電話會議。 （操作員說明）請注意，今天的通話將被錄音，如果您需要任何幫助，我將隨時待命。

It is now my pleasure to turn the conference over to Jackie McConagha, Senior Vice President, Investor Relations. Please go ahead.

現在我很高興將會議交給投資者關係資深副總裁 Jackie McConagha。請繼續。

Thank you. Good morning, everyone, and welcome to Marriott's First Quarter 2024 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 2024 年第一季財報電話會議。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。這些陳述受到我們向美國證券交易委員會提交的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。

Unless otherwise stated, our RevPAR occupancy, average daily rate and property level revenues comments reflect system-wide constant currency results for comparable hotels, and all changes refer to year-over-year changes for the comparable period. Statements in our comments and the press release we issued earlier today are effective only today and will not be updated as actual events unfold. 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.

除非另有說明，我們的 RevPAR 入住率、平均每日房價和酒店收入水平評論反映了可比較酒店全系統範圍內的固定貨幣結果，所有變化均指可比期間的同比變化。我們今天早些時候發布的評論和新聞稿中的聲明僅在今天生效，並且不會隨著實際事件的發展而更新。您可以在我們的投資者關係網站上找到我們今天的評論中提到的收益發布和所有非公認會計原則財務指標的調節表。

And now, I will turn the call over to Tony.

現在，我將把電話轉給托尼。

Thanks, Jackie, and good morning, everyone. 2024 is off to a solid start, as Marriott continues to deliver great experiences to travelers around the world. First quarter global RevPAR rose 4.2% with ADR increasing around 3% and occupancy reaching almost 66%, up nearly 100 basis points year-over-year.

謝謝，傑基，大家早安。 2024 年有了一個良好的開端，萬豪將繼續為世界各地的旅客提供卓越的體驗。第一季全球 RevPAR 成長 4.2%，平均房價成長約 3%，入住率接近 66%，較去年同期成長近 100 個基點。

While overall industry RevPAR growth is normalizing post-COVID, we continue to gain RevPAR index across our portfolio and increase our market share of global hotels. Once again, we saw RevPAR growth across all 3 of our customer segments, Group, leisure transient and business transit.

雖然整個行業的 RevPAR 成長在新冠疫情之後正在趨於正常化，但我們的投資組合中的 RevPAR 指數繼續提高，並增加了我們在全球酒店的市場份額。我們再次看到我們所有 3 個客戶群體（團體、休閒短暫和商務交通）的每間可用收入 (RevPAR) 均出現成長。

Group, which comprised 24% of global room nights in the first quarter was again the strongest customer segment. Compared to the year ago quarter, Group RevPAR rose 6% globally. Full year 2024 worldwide Group revenues were pacing up 9% year-over-year at the end of the first quarter, with a 5% increase in room nights and a 4% rise in average daily rate. Leisure transient accounted for 42% of worldwide room nights in the quarter. Globally, both leisure demand and ADR growth have remained remarkably resilient, driving leisure RevPAR up 4% year-over-year.

集團在第一季佔全球間夜數的 24%，再次成為最強勁的客戶群。與去年同期相比，集團全球 RevPAR 成長了 6%。 2024 年全年，截至第一季末，集團全球營收年增 9%，間夜數成長 5%，日均房價成長 4%。本季度，休閒短暫住宿佔全球住宿過夜數的 42%。在全球範圍內，休閒需求和 ADR 成長都保持了顯著的彈性，推動休閒 RevPAR 年成長 4%。

Business transient, which contributed the remaining 34% of global room nights in the first quarter, had a 1% increase in RevPAR. We are making great progress on the multiyear digital and technology transformation of our 3 major systems, reservations, property management and loyalty.

商務瞬態貢獻了第一季全球剩餘 34% 的間夜數，其每間可用客房收入 (RevPAR) 增加了 1%。我們在預訂、物業管理和忠誠度三大系統的多年數位化和技術轉型方面取得了巨大進展。

Through this transformation, we expect to unlock new revenue opportunities, further strengthen our efficient operating model, enhance Marriott Bonvoy and elevate the associate and customer digital experience. We still expect to begin rolling out our new cloud-based systems to properties next year. In the meantime, we're enhancing the digital experiences that matter most to customers, primarily how they shop and both through our channels.

透過這項轉型，我們期望釋放新的收入機會，進一步加強我們高效的營運模式，增強萬豪旅享家並提升員工和客戶的數位體驗。我們仍預計明年開始向酒店推出新的基於雲端的系統。同時，我們正在增強對客戶最重要的數位體驗，主要是他們的購物方式以及透過我們的管道進行的購物方式。

We also recently celebrated the 5-year anniversary of Marriott Bonvoy, which added nearly 7 million members during the quarter and had around 203 million members at the end of March. Member penetration of global room nights reached record highs in the first quarter at 70% in the U.S. and Canada and 64% globally.

我們最近也慶祝了萬豪旅享家成立 5 週年，該公司在本季新增了近 700 萬會員，截至 3 月底擁有約 2.03 億會員。第一季度，全球間夜會員滲透率創下歷史新高，美國和加拿大為 70%，全球為 64%。

Since its introduction, Marriott Bonvoy has evolved to become a travel and loyalty platform, encompassing a portfolio of more than 30 brands across nearly 8,900 properties and other travel offerings such as Homes & Villas by Marriott Bonvoy and the Ritz-Carlton Yacht Collection. Marriott Bonvoy also spans numerous additional collaborations and member benefits, including co-brand credit cards in 11 markets and counting and access to a broad range of unique, curated experiences through Marriott Bonvoy modes, including select Taylor Swift Eras Tour concert performances.

自推出以來，萬豪旅享家已發展成為一個旅遊和忠誠度平台，涵蓋 30 多個品牌、近 8,900 家酒店以及其他旅遊產品，例如萬豪旅享家住宅及別墅和麗思卡爾頓遊艇系列。萬豪旅享家還涵蓋眾多額外合作和會員福利，包括 11 個市場的聯名信用卡，以及透過萬豪旅享家模式獲得各種獨特、精心策劃的體驗，包括精選的 Taylor Swift Eras Tour 音樂會表演。

Looking ahead, we continue to focus on new ways to enhance the platform and connect with our members in their daily lives and across their traffic churns. We had a very busy first quarter on the development front. We added a record 46,000 net rooms, growing our distribution by 7.1% compared to the end of the first quarter last year. MGM Collection with Marriott Bonvoy has now launched with 16 properties in Las Vegas and other key U.S. cities now available on our system.

展望未來，我們將繼續專注於新的方式來增強平台，並在會員的日常生活和流量波動中與他們建立聯繫。我們在開發方面度過了非常忙碌的第一季。我們新增了創紀錄的 46,000 間淨客房，與去年第一季末相比，我們的分佈增加了 7.1%。萬豪旅享家 (Marriott Bonvoy) 旗下米高梅精選酒店 (MGM Collection) 現已推出，拉斯維加斯和美國其他主要城市的 16 家酒店現已在我們的系統上推出。

While it's still early days, we've been extremely pleased with the initial booking pace and Marriott Bonvoy room contribution, which have both outpaced expectations. While the financing environment in the U.S. and Europe is still challenging, we have strong momentum in global signings after a record 2023 and have tremendous optimism for the full year. Both Greater China and APAC had notable deal production in the first quarter.

雖然現在還處於早期階段，但我們對最初的預訂速度和萬豪旅享家客房貢獻感到非常滿意，這都超出了預期。儘管美國和歐洲的融資環境仍然充滿挑戰，但在經歷了創紀錄的 2023 年後，我們的全球簽約勢頭強勁，並對全年充滿樂觀。第一季大中華區和亞太地區的交易量均顯著。

Year-over-year, our open and pipeline rooms grew 6.7%, excluding the addition of our 17,000 City Express rooms. Conversions, including multiunit opportunities. Continue to be a meaningful driver of growth, representing 30% of global signings in the first quarter. Our new mid-scale brands, City Express by Marriott, Four Points Express and StudioRes are seeing significant developer interest.

與去年同期相比，我們的開放客房和籌建客房成長了 6.7%（不包括新增的 17,000 間城市快捷客房）。轉換，包括多單元機會。繼續成為成長的重要推動力，佔第一季全球簽約人數的 30%。我們的新中型品牌 City Express by Marriott、Four Points Express 和 StudioRes 引起了開發商的濃厚興趣。

Earlier this year, we signed our first City Express deal in the region since acquiring the brand and we are in multiple deal discussions for other properties across the CALA region. We have also now opened our first Four Points Express in Turkey and have other properties in the pipeline. We also recently signed our first mid-scale deal in the APAC, a portfolio of more than a dozen hotels that are expected to be added to our system later this year.

今年早些時候，我們簽署了自收購該品牌以來在該地區的首個 City Express 協議，並且我們正在就 CALA 地區的其他物業進行多項交易討論。我們現在也在土耳其開設了第一家四點快車，並正在籌建其他物業。我們最近還簽署了在亞太地區的第一個中型協議，該協議由十幾家酒店組成，預計將在今年稍後添加到我們的系統中。

In the U.S. & Canada, we have commitments for around 140 StudioRes properties and are actively working on deals for over 100 more. Additionally in about a month, we look forward to unveiling details on our next exciting brand launch, a conversion-friendly mid-scale brand in the region. As always, I've spent much of my time this year traveling around the world. It's been a pleasure to visit many of our amazing hotels and speak with our incredible associates. I want to express my gratitude to all of our associates for their continued hard work and dedication.

在美國和加拿大，我們已承諾購買約 140 處 StudioRes 房產，並正在積極處理另外 100 多處房產的交易。此外，在大約一個月後，我們期待公佈下一個令人興奮的品牌發布的詳細信息，該品牌是該地區易於轉換的中型品牌。像往常一樣，今年我花了很多時間環遊世界。很高興參觀我們許多令人驚嘆的酒店並與我們出色的同事交談。我想對我們所有員工的持續辛勤工作和奉獻精神表示感謝。

As Leeny will now discuss further as part of her financial review, we are raising our full year 2024 earnings and capital returns guidance on the back of the strength of our diverse global portfolio, the continued resilient and steady demand for travel, our strong international performance and our continued rooms growth. Leeny?

Leeny 現在將在其財務審查中進一步討論，由於我們多元化的全球投資組合的實力、持續彈性和穩定的旅行需求、我們強勁的國際業績，我們將提高 2024 年全年收益和資本回報指引以及我們客房的持續成長。利尼？

Thank you, Tony. Our first quarter global RevPAR rose 4.2%. RevPAR in the U.S. & Canada, where demand has normalized, rose 1.5%. Growth in the U.S. & Canada was led by strong Group and large corporate business with our top 100 accounts seeing the most sequential improvement in 8 quarters. Leisure RevPAR was flat in the U.S. & Canada, with more customers going abroad to find warmer weather.

謝謝你，托尼。我們第一季的全球 RevPAR 成長了 4.2%。需求已正常化的美國和加拿大的 RevPAR 上漲了 1.5%。美國和加拿大的成長由強勁的集團和大型企業業務帶動，我們的前 100 名客戶在 8 個季度中實現了最大的連續改善。美國和加拿大的休閒 RevPAR 持平，更多顧客出國尋找溫暖的天氣。

Our quarterly RevPAR results in the region was impacted by negative growth in March, due to the timing of Easter, given less business and Group travel that we booked before the holiday. The impact on the month's RevPAR was roughly negative 300 basis points. Of course, we expect a similar favorable impact in April's RevPAR. First quarter international RevPAR increased 11%. Growth was led by a remarkable 16.5% RevPAR gain in APAC, helped by strong macro trends, sustained leisure and business growth and an uptick in cross-border demand especially from Mainland China as international airlift improved.

我們在該地區的季度 RevPAR 結果受到 3 月負成長的影響，原因是復活節的時間，以及我們在假期前預訂的商務和團體旅行減少。對當月 RevPAR 的影響約為負 300 個基點。當然，我們預計 4 月的 RevPAR 也會產生類似的有利影響。第一季國際 RevPAR 成長 11%。強勁的宏觀趨勢、持續的休閒和商業增長以及隨著國際空運改善而帶來的跨境需求（尤其是來自中國大陸的需求）的增長，帶動了亞太地區每間可用客房收入(RevPAR) 顯著增長16.5%。

RevPAR and CALA rose nearly 12% in the quarter, with excellent leisure demand coming from the U.S. RevPAR grew 10% in EMEA with strong growth across most of our largest markets. Greater China experienced a 6% increase in RevPAR while growth was strong in January and February, rising 10% for those 2 months. Demand weakened a bit after the Chinese New Year with slower macroeconomic growth and more outbound travel especially from high-income travelers.

本季的 RevPAR 和 CALA 成長了近 12%，其中來自美國的休閒需求強勁。大中華區的 RevPAR 成長了 6%，而 1 月和 2 月成長強勁，兩個月成長了 10%。農曆新年後，由於宏觀經濟成長放緩以及出境旅遊（尤其是高收入旅行者）的增加，需求略有減弱。

First quarter total gross fee revenues were above our expectations, rising 7% year-over-year to $1.21 billion. The increase reflects higher RevPAR, rooms growth and 10% higher co-brand credit card fees. [Global] card acquisitions grew 18% and card spend rose 10%, driven by significant growth in our international card programs. Incentive management fees, or IMF, rose 4%, reaching $209 million in the first quarter. Significant increases in each of our international regions were offset by a decline in the U.S. & Canada, in part due to lower fees in Mali. First quarter adjusted EBITDA grew 4% to nearly $1.14 billion.

第一季總費用收入超出我們的預期，年增 7% 至 12.1 億美元。這一增長反映了 RevPAR 的提高、客房數量的增長以及聯合品牌信用卡費用提高 10%。在我們的國際卡計劃顯著增長的推動下，[全球]卡收購量增長了 18%，卡支出增長了 10%。第一季激勵管理費（IMF）上漲 4%，達到 2.09 億美元。我們每個國際地區的顯著成長被美國和加拿大的下降所抵消，部分原因是馬裡的費用較低。第一季調整後 EBITDA 成長 4%，達到近 11.4 億美元。

Now let's talk about our outlook for the full year. Our 2024 outlook still assumes continued sturdy travel demand and a continuation of current macroeconomic trends. Global RevPAR is expected to grow 4% to 5% in the second quarter and 3% to 5% for the full year. By customer segment, RevPAR growth is still anticipated to be driven by another year of strong growth in Group revenue, continued improvement in business transient revenues and slower but still growing leisure revenues.

現在讓我們談談我們對全年的展望。我們對 2024 年的展望仍然假設旅行需求持續強勁，並且當前的宏觀經濟趨勢將持續下去。預計第二季全球 RevPAR 將成長 4% 至 5%，全年成長 3% 至 5%。按客戶細分來看，預計每間客房收入的成長仍將受到集團收入另一年的強勁成長、業務瞬態收入的持續改善以及休閒收入放緩但仍在成長的推動。

RevPAR growth is expected to remain higher in our international markets than in the U.S. & Canada. While our full year global RevPAR guidance is not changing compared to our prior expectations, we now expect higher year-over-year RevPAR growth in APAC, EMEA and CALA and lower RevPAR growth in the U.S. & Canada and Greater China. As a result, we are raising our full year adjusted EBITDA and adjusted EPS expectations, primarily due to higher of (inaudible) from our international regions. In the second quarter, RevPAR grow benefits from Easter timing. Fee growth is expected to be in the 7% to 8% range.

預計我們國際市場的每間可用收入成長將繼續高於美國和加拿大。雖然我們的全年全球每間可用房收入指引與我們之前的預期相比沒有變化，但我們現在預計亞太地區、歐洲、中東和非洲和卡拉奇地區的每間可用房收入同比增長較高，而美國、加拿大和大中華區的每間可用房收入成長較低。因此，我們提高了全年調整後 EBITDA 和調整後每股收益預期，這主要是由於我們國際地區的（聽不清楚）更高。第二季度，RevPAR 受惠於復活節時機的成長。費用增長預計在 7% 至 8% 範圍內。

Our owned, leased and other revenues, net of expenses, are anticipated to be lower than the prior year, largely as a result of a few favorable items in the year ago quarter. For the full year, gross fees could now rise 7% to 9% to $5.2 billion to $5.3 billion with non-RevPAR-related fees rising 9% to 10%, driven by strong credit card and residential branding fee growth. 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.

我們的自有、租賃和其他收入（扣除費用）預計將低於上年，這主要是由於去年同期出現了一些有利的項目。在信用卡和住宅品牌費用強勁增長的推動下，全年總費用可能上漲 7% 至 9%，達到 52 億至 53 億美元，其中非 RevPAR 相關費用將上漲 9% 至 10%。 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。

Owned, leased and other revenues, net of expenses, could now total $335 million to $345 million. We now expect 2024 G&A expense could rise 1% to 3% year-over-year. Recall that there are a few discrete onetime items from 2023 that are expected to offset wage and benefit increases. Full year adjusted EBITDA is now expected to rise between 7% and 9% to roughly $5 billion to $5.1 billion. Our 2024 effective tax rate is expected to be just above 25%.

自有、租賃和其他收入（扣除費用）目前總計可達 3.35 億至 3.45 億美元。我們現在預計 2024 年的一般管理費用可能會年增 1% 至 3%。回想一下，從 2023 年開始，有一些離散的一次性項目預計將抵消工資和福利的成長。目前預計全年調整後 EBITDA 將成長 7% 至 9%，達到約 50 億至 51 億美元。我們 2024 年的有效稅率預計略高於 25%。

2024 adjusted EPS is now expected to be between $9.31 and $9.65. We still anticipate net rooms growth of 5.5% to 6% for the full year. Additionally, we remain confident in the 3-year net rooms compound annual growth rate we discussed at last year's investor meeting of 5% to 5.5% from year-end '22 to year-end 2025. For more details on second quarter and full year metrics, please see our press release.

目前預計 2024 年調整後每股盈餘將在 9.31 美元至 9.65 美元之間。我們仍預計全年淨客房成長率為 5.5% 至 6%。此外，我們對去年投資者會議上討論的從 22 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%。請參閱我們的新聞稿。

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 but rising cash dividend and share repurchases. For 2024, factoring in the $500 million of required cash in the fourth quarter for the purchase of the Sheraton Grand Chicago, given our higher adjusted EBITDA expectation, capital returns to shareholders could now be between $4.2 billion and $4.4 billion.

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，然後透過適度但不斷增加的現金股利和股票回購的結合，將多餘的資本回饋給股東。對於 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，考慮到我們更高的調整後 EBITDA 預期，股東的資本回報現在可能在 42 億美元至 44 億美元之間。

Full year investment spending is still expected to 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. As a reminder, the $500 million for the Sheraton Grand Chicago consists of $200 million of CapEx and $300 million elimination of a previously recorded guarantee liability. Investment spending is also expected to incorporate roughly $200 million for our owned lease portfolio.

預計全年投資支出總額仍為 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。需要提醒的是，芝加哥喜來登大酒店的 5 億美元包括 2 億美元的資本支出和 3 億美元的先前記錄的擔保責任消除。預計投資支出還將包括約 2 億美元用於我們自有的租賃投資組合。

It includes spending for the elegant portfolio in Barbados as well as the renovations for the fabulous W Union Square in Manhattan. We'll ultimately look to recycle these assets and sign long-term management contracts after renovations are complete.

其中包括巴貝多優雅的投資組合的支出以及曼哈頓神話般的 W 聯合廣場的翻修。我們最終將尋求回收這些資產，並在翻修完成後簽署長期管理合約。

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) 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 Shaun Kelley。

Leeny or Tony, I'd love to dig in actually on China a little bit. I thought the comment in Leeny's prepared remarks about some of the slowdown you're seeing there was incremental. So my questions are two-fold. One, seeing that continue at all into April? If you could give us just kind of a little bit of a real-time feel. And Tony, I'm sure you've probably been over in that region. So maybe if you could help us break it down by, is this in Hong Kong, Macau? Or is this sort of more broadly across some of the cities? And then secondarily, probably as importantly, is any of this translating into what you're seeing on the development front?

Leeny 或 Tony，我很想深入了解中國。我認為 Leeny 準備好的評論中關於您所看到的一些放緩的評論是漸進的。所以我的問題有兩個。一，看到這種情況持續到四月嗎？如果你能給我們一點即時的感覺就好了。東尼，我相信你可能已經去過那個地區了。那也許你可以幫我們細分一下，這是在香港、澳門嗎？或者說這種情況在某些城市更廣泛？其次，也許同樣重要的是，這些是否會轉化為您在開發方面所看到的情況？

So let me answer the latter part first because that's very easy to point out, and that has absolutely no impact on the development front. Matter of fact, as Tony pointed out, we actually had a tremendous quarter of signings in Greater China in the first quarter as well as APAC for that matter. So really excellent continued demand for our brands and from owners there.

所以讓我先回答後一部分，因為這很容易指出，而且對開發方面絕對沒有影響。事實上，正如托尼指出的那樣，第一季我們在大中華區以及亞太地區實際上簽下了巨大的四分之一球員。因此，對我們的品牌和那裡的業主的持續需求非常好。

From Q1 was a little interesting in Greater China, Shaun, a little bit of a tail of each month. And from that standpoint, you've had a really strong domestic demand coming in January and February and with the Chinese New Year, but also reflecting the fact that last year in Q1, for example, Hainan, we're seeing stunning increase in demand, all domestic as they were coming out of COVID.

從第一季開始，肖恩在大中華區就有點有趣，每個月都有一點尾巴。從這個角度來看，一月和二月以及農曆新年期間的國內需求非常強勁，但也反映出去年第一季的事實，例如海南，我們看到需求的驚人增長，都是國內的，因為他們剛從新冠疫情走出來。

So when you think about it for the full quarter, Hainan actually had a decline in RevPAR year-over-year, although very strong demand. And in Hong Kong and then Macau with much more relaxed restrictions, we had almost 30% increase in RevPAR in Q1. So super strong. The Tier 1 cities were very strong. Classic Shenzhen, Shanghai, Beijing, they did really well. It's really where we saw, interestingly in March, the new Tier 1 cities is where I think you were seeing the impact of the overall macroeconomic picture in China where it wasn't quite as strong as we might have expected.

因此，當你考慮整個季度時，海南的每間可用房收入實際上同比下降，儘管需求非常強勁。在香港和澳門，限制更加寬鬆，第一季的 RevPAR 成長了近 30%。所以超強。一線城市的實力都很強。經典的深圳、上海、北京，他們做得非常好。這確實是我們在三月看到的地方，有趣的是，我認為在新的一線城市中，您看到了中國整體宏觀經濟形勢的影響，其影響並不像我們預期的那麼強勁。

But again, overall, still really strong RevPAR for Greater China at 6%. And again, for the full year, we still expect nice strong RevPAR for Greater China. But yes, a bit of a view that the macroeconomic situation there may mean that RevPAR is a little bit lower than we expected a quarter ago.

但總體而言，大中華區的 RevPAR 仍然非常強勁，達到 6%。再次強調，對於全年而言，我們仍然預計大中華區的 RevPAR 會非常強勁。但是，有一種觀點認為，那裡的宏觀經濟狀況可能意味著 RevPAR 略低於我們一個季度前的預期。

And Shaun, the only maybe qualitative observation I would share with you, and I'll try to underpin it with one statistic. I was there recently. I was in Shenzhen, I was in Hong Kong, I was in Macau. And while it certainly does not feel as balanced and populated with international visitors as maybe we were accustomed to pre-pandemic world, it felt better than when I was there a year ago.

肖恩，我想與你們分享的唯一可能定性觀察，我將嘗試用一項統計數據來支持它。我最近在那兒。我在深圳，我在香港，我在澳門。雖然它肯定不像我們習慣的大流行前的世界那樣平衡和充滿國際遊客，但感覺比我一年前在那裡時要好。

And in fact, if you look at the first quarter, international guest represented about 15% of our room nights in Greater China. That compares to about 28% in the same quarter back in 2019. So it is improving steadily and the availability of airline seats is improving steadily. But I think over time, that represents some additional upside for us as more and more international visitors return to China.

事實上，如果你看看第一季度，國際客人約占我們大中華區間夜數的 15%。相較之下，2019 年同一季度的成長率約為 28%。但我認為隨著時間的推移，隨著越來越多的國際遊客返回中國，這對我們來說意味著一些額外的好處。

Our next question will come from Stephen Grambling with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的史蒂芬·格蘭布林。

Would love to just clarify a couple of things on the guidance. On the fee increase to the guidance. Is that all IMS? Or is there any change as we think about non-RevPAR-related contributions? And then I would love to just hear some of the moving parts for the increase on the owned and lease side, too.

我很想澄清指南中的一些事情。關於收費增加的指導意見。這就是IMS的全部嗎？或者，當我們考慮與非 RevPAR 相關的貢獻時，是否有任何變化？然後我也很想聽聽自有和租賃方面的成長的一些動態部分。

Yes, sure. Absolutely. So again, I'm going to do one of the last ones first, and that is this does not -- this increase in fees does not reflect an increase in the non-RevPAR-related fees. We still do expect really strong growth as we talked about the 9% to 10% year-over-year in those fees, but not an increase in those from our prior guidance. I would say, Stephen, it's about 75% of the increase is from IMF really overwhelmingly essentially entirely from our international markets.

是的，當然。絕對地。再說一次，我要先做最後一項，那就是這不是——費用的增加並不反映非 RevPAR 相關費用的增加。我們仍然預計會出現真正強勁的成長，因為我們談到這些費用將年增 9% 至 10%，但不會比我們之前的指導增加。我想說，史蒂芬，大約 75% 的成長來自國際貨幣基金組織，絕大多數基本上完全來自我們的國際市場。

Just to give you a sense. A year ago in the first quarter, international was 58% of our IMFs and this year in the first quarter, it was 64%. And again, just as an example, in APAC, 90% of our managed hotels paid IMF in the first quarter and in tallow, it was almost 80%. So they both saw some really nice increases. So we clearly outperformed particularly in the IMF space. The remainder of the growth is really a reflection of non RevPAR-related growth fees.

只是為了給你一個感覺。一年前第一季度，國際貨幣基金組織占我們國際貨幣基金組織的 58%，今年第一季度，這一比例為 64%。再次舉個例子，在亞太地區，我們管理的飯店中有 90% 在第一季向國際貨幣基金組織支付了費用，而在牛油中，這一比例幾乎達到 80%。所以他們都看到了一些非常好的成長。因此，我們的表現明顯優於國際貨幣基金組織領域。其餘的成長實際上反映了與 RevPAR 無關的成長費用。

For example, when you have in international and hotels, very strong food and beverage sales, et cetera, where we're also getting fees as well as the ramp-up of our fast-growing segments in Asia Pacific. When you think about a new hotel that's [waking] up, we're getting nice fee growth there as well. but 75% is really from the IMF and obviously, including the outperformance in Q1.

例如，當你在國際和酒店、食品和飲料銷售等方面有非常強勁的表現時，我們也可以獲得費用以及亞太地區快速成長的細分市場的成長。當你想到一家正在[甦醒]的新酒店時，我們的費用也得到了不錯的增長。但 75% 實際上來自國際貨幣基金組織，顯然包括第一季的優異表現。

Our next question comes from Joe Greff with JPMorgan.

我們的下一個問題來自摩根大通的喬·格雷夫。

Leeny, in your prepared remarks, you went through the 3 main customer segments going through your full year '24 outlook and you talked about leisure seeing slow but still positive RevPAR growth. I think that was on a worldwide global basis, what baked in for U.S. leisure RevPAR growth for the balance of the year?

Leeny，在您準備好的演講中，您介紹了 3 個主要客戶群，並回顧了 24 年全年的展望，並談到了休閒業看到緩慢但仍然積極的 RevPAR 增長。我認為在全球範圍內，今年餘下時間美國休閒 RevPAR 的成長有何影響？

Well, so generally speaking, we do see leisure relatively speaking, at the lower end of the growth, but still being positive. But I would put it towards the lower end. Group is going to be the home run hitter. Again, for the full year, we do see BT being up as well and continuing to progress. As you know, Joe, in Q1, obviously, BT was weaker because of the month of March.

嗯，總的來說，我們確實看到休閒相對而言處於增長的低端，但仍然是積極的。但我會把它放在低端。小組將成為本壘打擊球手。同樣，對於全年而言，我們確實看到英國電信也在上漲並繼續進步。喬，如您所知，在第一季度，BT 顯然由於 3 月份而表現較弱。

But when we look at it overall for the year, we do expect BT to continue to gain ground. And if I can, I'm going to go back for 1 second and answer Shaun's question on owned lease, which the increase in guidance there is overwhelmingly from a stronger performance in our international owned, leased hotel portfolio. Sorry, Joe, I'm going to hijack your question there to make sure I answer what I was asked before.

但當我們縱觀今年的整體情況時，我們確實預期英國電信將繼續取得進展。如果可以的話，我將回過頭來回答肖恩關於自有租賃的問題，指導的增加絕大多數來自於我們國際自有、租賃酒店組合的強勁表現。抱歉，喬，我將劫持你的問題，以確保我回答了之前被問到的問題。

And I think, Joe, the further answer to your question, the differences we're seeing in leisure in the U.S. & Canada relative to global leisure are broadly reflective of demand patterns we're seeing across segments. If you look at the guidance we're giving, we're not changing our RevPAR guidance, but it's shifting a little bit.

喬，我認為，對你的問題的進一步回答是，我們在美國和加拿大的休閒方面看到的相對於全球休閒的差異廣泛反映了我們在各個細分市場看到的需求模式。如果你看看我們給予的指導，你會發現我們並沒有改變我們的 RevPAR 指導，但它發生了一些變化。

We're seeing a little more normalization in the U.S. & Canada but continued increases in strength in the international markets. And I think that applies specifically to your question on the leisure.

我們看到美國和加拿大的正常化程度有所提高，但國際市場的實力持續增強。我認為這特別適用於你關於休閒的問題。

Great. And then, Tony, I think in your prepared comments talking about the MGM licensing deal. I think you used the words, " We're extremely pleased and outpacing expectations." Can you talk a little bit what that specifically means? And maybe kind of throw -- I don't know, if it's adoption measures or share of occupancy? Any kind of details would be helpful.

偉大的。然後，托尼，我認為您在準備好的評論中談到了米高梅許可協議。我想你用了這樣的話：“我們非常高興並且超出了預期。”能簡單談談這具體意味著什麼嗎？也許有點投擲——我不知道，這是採取措施還是佔用份額？任何類型的細節都會有幫助。

Yes. Not yet, Joe. I mean I think it's so early. We just brought them on the platform. So it's more anecdotal than anything else. My guess is, Bill, and our friends at MGM will talk about it from their perspective as well. But having done these sorts of deals over the years, both parties have expectations about how quickly we'll start to get traction on booking volumes and Bonvoy penetration. And we make some assumptions as we do those deals. And I think it's safe to say from Marriott's perspective, those expectations have been exceeded in the early days.

是的。還沒有，喬。我的意思是我覺得現在還太早了。我們剛剛將它們帶到了平台上。所以這比其他任何事情都更具軼事性。我的猜測是，比爾和我們在米高梅的朋友也會從他們的角度談論這件事。但經過多年的此類交易，雙方都對我們能多快開始提高預訂量和旅享家滲透率抱有期望。我們在進行這些交易時會做出一些假設。我認為可以肯定地說，從萬豪的角度來看，這些期望在早期就已經超越了。

Our next question will come from Patrick Scholes with Truist Securities.

我們的下一個問題將來自 Truist Securities 的 Patrick Scholes。

I wonder if you can talk a little bit about how 2025 and 2026 group revenue pace is looking. Maybe break that out both by occupancy and ADR. Certainly seeing a very good group business this year, but comps do get harder going forward. And I'm curious if you could give us some color on the future years with that segment?

我想知道您是否可以談談 2025 年和 2026 年集團收入增速的情況。也許可以透過入住率和平均房價來區分。當然，今年的集團業務非常好，但未來的競爭確實會變得更加困難。我很好奇您能否為我們介紹一下該細分市場的未來幾年？

Yes. So Patrick, it's early to start talking about 2026, but I'll try to give you some visibility into a Group pace in 2025. Right now, we're tracking up about 13%, and it is driven by both gains in demand and ADR. We're up about 7% in definite rooms and up about 5% in ADR.

是的。所以派崔克，現在開始談論 2026 年還為時過早，但我會盡力讓您了解 2025 年集團的步伐。我們的特定客房價格上漲了約 7%，平均房價上漲了約 5%。

Our next question will come from Brandt Montour with Barclays.

我們的下一個問題將來自巴克萊銀行的布蘭特·蒙圖爾。

I wanted to talk a little bit about construction activity. Your pipeline went up. It looks like nicely quarter-over-quarter. You back out MGM out of the construction pipeline. And so I guess, Tony, is there a sense that there's been any change in the developer mood with sort of latest notion that the Fed could be on hold for longer? And maybe you could talk through the lens of U.S. starts?

我想談談建築活動。你的管道上升了。看起來季度環比表現不錯。你讓米高梅退出了建設計劃。所以我想，托尼，隨著美聯儲可能會更長時間地按兵不動，開發商的情緒是否有任何變化？也許你可以從美國新創公司的角度來談談？

Sure. So maybe I'll go follow Leeny's trend of going in reverse order. I'll talk a little bit about the pipeline and then let Leeny provide some insights on both developer sentiment and construction starts. I agree with your observation. I think the trends on the pipeline are really encouraging. And the thing that was really encouraging to me, if you look at the pipeline and just compare Q1 '24 to Q1 '23, because it's a decent apples-to-apples comparison because neither of those would have had MGM, were up 9% year-over-year on the pipeline. And I think that's reflective of some of the broad trends that Leeny described in her prepared remarks.

當然。所以也許我會跟著 Leeny 的趨勢，以相反的順序進行。我將稍微討論一下管道，然後讓 Leeny 提供一些關於開發商情緒和施工開工的見解。我同意你的觀察。我認為管道中的趨勢確實令人鼓舞。對我來說真正令人鼓舞的是，如果你看看管道並比較24 年第一季和23 年第一季度，因為這是一個不錯的同類比較，因為這些都沒有米高梅，增長了9 %逐年在管道上。我認為這反映了 Leeny 在她準備好的演講中描述的一些廣泛趨勢。

And when you think about the kind of the overall environment, I think you've got a couple of things going on. You've still got a constrained lending environment, certainly in the U.S. and Europe. I think at the same time though, there is more confidence in a steadier economic picture, if you will, so that we are, for example, we've seen an increase in construction starts in the U.S. at about 25% compared to a year ago. So really seeing nice pickup as people start to move forward and look at a more positive environment with perhaps not quite as much volatility.

當你考慮整體環境時，我認為有幾件事正在發生。貸款環境仍然受到限制，尤其是在美國和歐洲。我認為，同時，如果你願意的話，人們對更穩定的經濟狀況更有信心，因此，例如，我們看到美國的建築開工量比一年前增長了約 25%前。因此，隨著人們開始前進並尋找一個更積極的環境，而波動性可能不會那麼大，確實會看到不錯的回升。

And again, as Tony is always quick to remind everyone, this is a long-term business where folks are used to weathering the economic cycles and recognize that if there's a great place to put a hotel with strong demand fundamentals, it's good to get it going, especially with a beautiful new product. So from that perspective, we feel really good. We added 31,000 rooms to our pipeline in the first quarter and really had strong momentum around the world in terms of developer interest across all brands.

再次，正如托尼總是很快提醒大家的那樣，這是一項長期業務，人們習慣於經受經濟週期的考驗，並認識到，如果有一個很好的地方來開設一家有著強勁需求基本面的酒店，那麼最好得到它繼續前進，尤其是推出漂亮的新產品。所以從這個角度來看，我們感覺非常好。我們在第一季增加了 31,000 間客房，並且就所有品牌的開發商興趣而言，在全球範圍內確實擁有強勁的勢頭。

Well, that's super helpful. And then just as a quick follow-up, maybe not so quick. Tony, you mentioned that you guys gained RevPAR index. Is there any brands or regions or segments you would highlight where you're taking the most share?

嗯，這非常有幫助。然後作為快速跟進，也許沒那麼快。東尼，你提到你們獲得了 RevPAR 指數。您是否想強調一下您佔據最多份額的品牌、地區或細分市場？

Yes. So certainly, I think that the strength of our luxury footprint is an area where we continue to lengthen our [lead]. We're pleased with RevPAR Index and the substantial premium that we enjoy really across the portfolio. I think the one maybe caveat I would give you is that as our scale continues to grow, I don't know that RPI is as informative as it might have been a decade or 2 ago.

是的。當然，我認為我們在奢侈品領域的實力是我們繼續擴大[領先優勢]的一個領域。我們對 RevPAR 指數以及我們在整個投資組合中真正享受到的可觀溢價感到滿意。我想我要向您提出的一個警告是，隨著我們的規模不斷擴大，我不知道 RPI 是否像一兩年前那樣提供資訊。

Particularly in a post-Starwood world. We've got many competitive sets now where the bulk of [asset] is our own distribution. And so I don't know that it's as relevant, but it's certainly a metric we track, and we're certainly pleased with the continued progress that we make.

尤其是在後喜達屋時代。我們現在有很多有競爭力的系列，其中大部分[資產]是我們自己的發行版。所以我不知道它是否相關，但這肯定是我們追蹤的一個指標，我們當然對我們取得的持續進展感到滿意。

The only thing I'll add to it is that as we look over time, we are very pleased to see these RevPAR indices really globally and also generally in the -- within the continent at some of the strongest levels that we've seen over time. So I think it's a great sign of the power of Bonvoy and our brands to see that it's kind of consistently some of the strongest numbers that we've seen over time.

我唯一要補充的是，隨著時間的推移，我們非常高興地看到這些 RevPAR 指數確實在全球範圍內，而且在非洲大陸內也處於我們所見過的最強水平。因此，我認為這是 Bonvoy 和我們品牌力量的一個很好的標誌，因為它一直是我們長期以來看到的最強勁的數字。

And when you look at the regions of the world that are outperforming, I'll use APAC as an example. One of the powerful drivers to the strength of our index in a market like that is our leading footprint. I mean when you look across some of the best-performing markets there, having the industry's largest footprint in markets like India, Japan, South Korea is helping us drive really strong RevPAR performance.

當您查看世界上表現出色的地區時，我將使用亞太地區作為範例。在這樣的市場中，我們的指數走強的強大推動力之一就是我們的領先足跡。我的意思是，當你縱觀一些表現最好的市場時，你會發現，在印度、日本、韓國等市場擁有行業最大的足跡，正在幫助我們推動真正強勁的 RevPAR 表現。

Our next question comes from Richard Clarke with Bernstein.

我們的下一個問題來自伯恩斯坦的理查德·克拉克。

Maybe just to start off with, you made a couple of comments about strong outbound travel out of the U.S. and China. How well hedged do you see yourself for that? Do those consumers stay in Marriott hotels when they travel to other cities? Or if that normalizes, does that become in a tailwind for you, if domestic travel begins to pick back up again?

也許首先，您對美國和中國出境旅遊的強勁表現發表了一些評論。您認為自己對此的對沖程度如何？這些消費者去其他城市旅行時會入住萬豪酒店嗎？或者，如果這種情況正常化，如果國內旅行開始再次復蘇，這會對您有利嗎？

Yes, it's a great question. I think the way I would answer it is to point to the comments I made at the outset about the Bonvoy penetration. It is not a coincidence against the backdrop of the environment you described that we set all-time records for Bonvoy penetration, both in the U.S. and globally. And to me, the strength of the loyalty platform, combined with the breadth of our footprint in the international destinations where our guests want to travel, I think does create a tailwind for us.

是的，這是一個很好的問題。我認為我回答這個問題的方式是指出我一開始就 Bonvoy 滲透率發表的評論。在您所描述的環境背景下，我們在美國和全球範圍內創下了 Bonvoy 滲透率的歷史記錄，這並非巧合。對我來說，忠誠度平台的實力，加上我們在客人想要旅行的國際目的地的廣泛足跡，我認為確實為我們創造了一股順風。

And the only thing I'll add is kind of the interesting fact that we're really essentially back to where we were in terms of cross-border penetration. And while it may vary a bit here and there, we clearly still got lower cross-border penetration in China. And we've got, in some other areas, a bit higher. I think CALA was particularly high in Q1. In the U.S., it's very steady as she goes, where we've got basically only 5% of the customers in the U.S. are coming from outside the U.S. And that broadly speaking, our global distribution is just tremendously helpful as folks find the places they want to go within our system. But that overall, a lot of the variations really don't drive that big of a change in RevPAR.

我唯一要補充的是一個有趣的事實，即我們在跨境滲透方面實際上已經回到了原來的狀態。儘管各地情況可能有所不同，但我們在中國的跨境滲透率顯然仍然較低。在其他一些領域，我們的水平更高一些。我認為 CALA 在第一季特別高。在美國，隨著她的發展，情況非常穩定，我們在美國的客戶基本上只有5% 來自美國以外的地區。地方想要進入我們的系統。但總體而言，許多變化實際上並沒有導致 RevPAR 有那麼大的變化。

Okay. Great. Maybe just as a follow-up on the loyalty comment there. One of your peers has been making I guess, a bit of noise out the fact that they think they will overtake you in terms of total loyalty members. Is that a relevant metric to you? And is any of that tech investment you're doing looking to engage a higher number of customers overall?

好的。偉大的。也許只是作為忠誠度評論的後續行動。我猜你的一位同行一直在發出一些噪音，他們認為他們在忠誠會員總數方面會超過你。這對你來說是一個相關的指標嗎？您正在進行的技術投資是否旨在吸引更多的客戶？

Well, without a question, on the long list of loyalty metrics we look at, I think we have enthusiasm about having the industry's largest platform. But from my perspective, it goes much deeper than that. Size is important, of course. Engagement to me is a much more important facet of the program and the work that we are doing to drive that engagement through our large, powerful and growing credit card portfolio through the breadth of experiences that we offer our members, those are the powerful drivers of engagement with our members.

好吧，毫無疑問，在我們查看的一長串忠誠度指標中，我認為我們對擁有業界最大的平台充滿熱情。但從我的角度來看，它的意義遠不止於此。當然，尺寸很重要。對我來說，參與度是該計劃的一個更重要的方面，我們正在做的工作是透過我們為會員提供的廣泛經驗，透過我們龐大、強大且不斷增長的信用卡組合來推動參與度，這些是推動參與度的強大驅動力。

I think the penetration is, obviously, critically important as you look at making sure that you are helping your customers understand the value of the program and of all the options that they have, whether it be going to 141 countries or actually thinking about things like Ritz-Carlton Yacht and things like the Bonvoy moments that Tony talked about. So a number is a number but I think it's -- it can actually not be a true guide for the power of a program.

我認為滲透率顯然是至關重要的，因為您要確保幫助客戶了解該計劃的價值以及他們擁有的所有選擇，無論是前往 141 個國家還是實際考慮諸如此類的事情麗思卡爾頓遊艇以及托尼談到的Bonvoy 時刻之類的事情。所以數字就是數字，但我認為它實際上不能成為程序威力的真正指南。

Our next question comes from Smedes Rhodes with Citi.

我們的下一個問題來自花旗銀行的 Smedes Rhodes。

I just wanted to ask a little bit more about the trends you're seeing in the U.S. It sounds like you revised your U.S. expectations down a little bit, and it sounds like that's primarily due to the leisure component, maybe more people going abroad staying with your hotel there. And I get that your worldwide RevPAR outlook hasn't changed. But is there anything else you're seeing in the U.S. that you can share that maybe led you to expect a little bit lower coming out here nationwide for the year? Or is it all just because of what you're seeing on the leisure side?

我只是想多問一些關於您在美國看到的趨勢。的酒店。我了解到您的全球 RevPAR 前景並沒有改變。但是，您在美國看到的其他情況是否可以分享，這可能會讓您預計今年全國範圍內的房價會略低一些？還是這一切都只是因為您在休閒方面所看到的？

Yes. No, it's absolutely solely because of what we're seeing on the leisure side. And again, we still do expect to see that it roughly will be up a little for the year, but on the leisure side. But we do view that BT and group are absolutely as strong as we expected. And leisure is still fine. But when you look at the change, which I would say kind of broadly speaking, maybe a point lower in the U.S. than we expected a quarter ago, and maybe a little bit more than one point higher internationally kind of gets us to roughly the same place from a RevPAR picture globally.

是的。不，這絕對完全是因為我們在休閒方面看到的情況。再說一遍，我們仍然預期今年的消費額會大致上漲一點，但在休閒方面。但我們確實認為 BT 和集團絕對像我們預期的那樣強大。而且休閒還是可以的。但當你看到這種變化時，我想說的是，從廣義上講，美國的變化可能比我們一個季度前的預期低一個點，而國際上的變化可能比我們預期的高一點點，這會讓我們的情況大致相同。

The other thing I'll point out is as we do expect that our [tiers] across the segments in the U.S., we do expect that they will all be up for the year in terms of RevPAR from select service all the way up through luxury. But again, to your point, yes, it was the leisure segment. It was a bit lower.

我要指出的另一件事是，正如我們確實預計我們在美國各個細分市場的[層級]一樣，我們確實預計今年它們的 RevPAR 都會有所上升，從精選服務一直到豪華酒店。但同樣，就你的觀點而言，是的，這是休閒部分。有點低。

Okay. And then I just wanted to ask you, you mentioned in your opening remarks a conversion-friendly brand. Could you just talk a little bit more about that, kind of what are you targeting there? And is that primarily, I guess, for the U.S. or?

好的。然後我只是想問你，你在開場白中提到了一個轉換友好的品牌。您能否再多談談這一點，您的目標是什麼？我想這主要是針對美國的還是？

Sure. No, it's global. And I think while we have a terrific track record of doing conversions across many of the brands in the portfolio, when we find ourselves in an environment like this where conversions are particularly important given some of the challenges in the debt markets. We feel like our transactors are very well armed with brands like the 3 soft brand platforms. So Luxury Collection, Autograph, Tribute. Great examples where they have a level of flexibility, not on quality, but on aesthetic that is particularly appealing to a broad cross-section of the owner and franchisee community.

當然。不，這是全球性的。我認為，雖然我們在投資組合中的許多品牌進行轉換方面擁有出色的記錄，但當我們發現自己處於這樣的環境時，考慮到債務市場的一些挑戰，轉換就顯得尤為重要。我們覺得我們的交易者擁有像 3 個軟品牌平台這樣的品牌。奢華系列、親筆簽名、致敬。很好的例子，他們具有一定程度的靈活性，不是在品質上，而是在美學上，這對業主和加盟商社區的廣泛橫截面特別有吸引力。

Thank you. Our next question comes from Dan Politzer with Wells Fargo.

謝謝。我們的下一個問題來自富國銀行的 Dan Politzer。

Leeny, I think you mentioned that within group, the Fortune 100, you've seen the strongest quarter-over-quarter growth in quite some time. Can you maybe give a little bit additional color in how that maybe compares with the small and medium-sized business customers? And maybe remind us, which typically leads the other within the cycle?

Leeny，我想您提到過，在《財星 100 強》集團內部，您已經看到了相當長一段時間以來最強勁的季度環比增長。您能否就與中小型企業客戶的比較提供一些額外的資訊？也許提醒我們，哪一個通常會在循環中領先另一個？

So a couple of things. One reminder that small and medium-sized businesses, that is probably the hardest segment to actually pinpoint all the specifics on the travel. I think you did see in Q1, you did see relatively speaking, slightly lower percentage of small- and medium-sized BT business across the portfolio, showing up in the lower end. On the special corporate on the larger company side, we absolutely continue to see recovery of that business, as you saw, for example, finance. The finance segment is now 8% up relative to 2019. You saw a really strong continued momentum in manufacturing and communications.

有幾件事。需要提醒的是，中小型企業可能是最難真正確定旅行的所有細節的部分。我想你在第一季確實看到了，相對而言，中小型BT業務在整個投資組合中所佔的比例略低，出現在低端。在大公司方面的特殊公司方面，我們絕對會繼續看到該業務的復甦，正如您所看到的，例如金融業務。與 2019 年相比，金融領域目前成長了 8%。

And actually, while accounting, consulting and technology are still down meaningfully compared to 2019, they also continue to see meaningful momentum into Q1. When you think about the typical trends in a cycle, I think one quarter does not a trend make. We know that the month of March had some real calendar issues. And you also know that January tends to be a little online in terms of being able to determine trends because of the timing of when Christmas and New Year's are. So I think it will take a little time.

事實上，雖然與 2019 年相比，會計、諮詢和技術仍然大幅下降，但他們在第一季也繼續看到了有意義的勢頭。當你考慮一個週期中的典型趨勢時，我認為四分之一併不能形成趨勢。我們知道三月確實存在一些日曆問題。而且你也知道，由於聖誕節和新年的時間，一月份在確定趨勢方面往往會有點在線。所以我認為這需要一點時間。

We aren't expecting a big difference. You may remember that we used to have pre-COVID kind of a 60-40 split between classic negotiated rate versus the small and medium, but it flipped coming out of COVID. And now, I would say we're kind of more towards the 55-45 with the small and medium still being the 55%. But yes, from a relative growth perspective, we did see that it was the special corporate end of things that really grew.

我們預計不會有太大差異。您可能還記得，在新冠疫情之前，經典協議費率與中小型企業之間的比例是 60-40，但在新冠疫情爆發後，這種情況發生了逆轉。現在，我想說我們更傾向於 55-45，其中中小型企業仍然佔 55%。但是，是的，從相對成長的角度來看，我們確實看到真正成長的是特殊的企業目的。

Got it. And just for my follow-up, I think non-RevPAR fees, they were up maybe 6% in the quarter. I think you had been talking about them being down and credit card fees in there, I think you also said were up. So within that residence and timeshare and other bucket, was there a shift around in terms of the fees there from 1Q to maybe 2Q? Or is there something else that we should be aware of?

知道了。就我的後續行動而言，我認為非 RevPAR 費用在本季可能上漲了 6%。我想你一直在談論他們的下降和信用卡費用，我想你也說過上升。那麼，在居住、分時度假和其他方面，費用是否從第一季到第二季發生了變化？或者還有什麼我們該注意的嗎？

Yes. I think as you're probably familiar that our residential branding fees tend to be quite lumpy. Literally can go from $10 million, one quarter down to $3 million next quarter because as units are sold, we burn those fees. They are onetime fees on the residential sales, branding fees. So if a unit sells out, we get them all at once. So that is purely timing. For the full year perspective, we don't anticipate anything different from what we thought before.

是的。我想您可能很熟悉，我們的住宅品牌費用往往相當不穩定。實際上可以從一個季度的 1000 萬美元減少到下個季度的 300 萬美元，因為隨著單位的出售，我們會燒掉這些費用。它們是住宅銷售的一次性費用、品牌費。因此，如果一個單位售罄，我們會立即全部購買。所以這純粹是時機問題。對於全年的前景，我們預計不會有任何與我們之前的想法不同的情況。

Thank you. Our next question comes from Bill Crow with Raymond James.

謝謝。我們的下一個問題來自比爾·克勞和雷蒙德·詹姆斯。

I wanted to follow up on Smedes' question from earlier. And Tony, you talked about normalization in U.S. demand and certainly, we've written the same thing. But industry-wide demand has been flat to down over the past year, which really doesn't seem so much as a normalization as it does a slowdown, especially given the economic growth, which is surprise to the upside. I'm just curious at what point do we start to worry about the consumer and maybe a change in spending patterns.

我想跟進斯梅德斯早些時候提出的問題。東尼，您談到了美國需求的正常化，當然，我們也寫了同樣的內容。但過去一年全行業的需求一直持平甚至下降，這實際上與其說是正常化，不如說是放緩，特別是考慮到經濟成長，這是令人驚訝的上行。我只是好奇我們什麼時候開始擔心消費者，也許擔心消費模式的改變。

Yes. That's a fair question. I might have a deeper concern if we were reporting to U.S. & Canada, negative RevPAR. The fact that we were up 1.5% in the quarter, even with the holiday timing impact that Leeny described gives me some comfort. And if you kind of tick through the segments, leisure was flat relative to last year's first quarter, but still meaningfully ahead of where we were back in 2019.

是的。這是一個公平的問題。如果我們向美國和加拿大報告負面的 RevPAR，我可能會有更深層的擔憂。事實上，儘管 Leeny 描述的假期時間影響，我們本季仍實現了 1.5% 的成長，這一事實讓我感到一些安慰。如果你仔細查看各個細分市場，你會發現休閒活動與去年第一季持平，但仍明顯領先 2019 年的水準。

In response to one of the earlier questions, I shared what I think are really encouraging statistics on the continued strength we're seeing in group. We were talking to the team yesterday that is selling -- doing advanced selling for the Gaylord Pacific project that's under construction, and they are hitting it out of the park. I mean they are seeing extraordinary volumes and demand on the Group side.

在回答之前的問題時，我分享了一些我認為非常令人鼓舞的統計數據，顯示我們在團隊中看到了持續的優勢。昨天我們與正在銷售的團隊進行了交談——為正在建造的蓋洛德太平洋項目進行預售，他們正在全力以赴。我的意思是，他們看到了集團方面的龐大數量和需求。

And then even on business transient, I mean to me, when I think about 1 of Leeny's comments, the fact that the growth in the U.S. & Canada we saw a large corporate business with our top 100 accounts in the most sequential improvement we've seen in the last 8 quarters. I throw all of that in the blender and it does feel a little more like settling into a more normalized pattern versus a really systemic falling off the cliff.

然後，即使在業務瞬態方面，我的意思是，當我想到Leeny 的評論之一時，事實上，我們看到美國和加拿大的大型企業業務的增長，我們的前100 個帳戶處於我們所經歷過的最連續的改善中過去 8 個季度出現的情況。我把所有這些都扔進了攪拌機，感覺確實更像是適應了一種更正常化的模式，而不是真正系統性地從懸崖上掉下來。

If I can, I'm going to throw in a little bit of a glass half full relative to what I think seems like a little bit of a glass half empty question. And that is when we look at the rest of the year, we are looking both U.S. and international, like gains in both OCC and rate for the full year. We also saw that in the first quarter, you saw through luxury, premium and select, you saw that you had generally rate and OCC gains overall with the exception that in the select, you saw a slight decline in OCC..

如果可以的話，相對於我認為看起來像是半空的問題，我會拋出一點半滿的杯子。也就是說，當我們審視今年剩餘時間時，我們會關注美國和國際市場，例如全年 OCC 和利率的成長。我們還看到，在第一季度，你看到了豪華、高端和精選，你看到你的整體利率和 OCC 總體上有所增長，但在精選中，你看到 OCC 略有下降。

But for the full year, we are expecting that we will continue to see growth. So broadly speaking, we still feel like we really benefit from these different types of travel demand. There's no doubt that we appreciate when route strengthens, when leisure quiets down a little bit, and there is overall more normalization of travel types than a couple of years ago. But when we think about the overall demand levels, we feel really good about it.

但就全年而言，我們預計將繼續成長。從廣義上講，我們仍然覺得我們確實受益於這些不同類型的旅行需求。毫無疑問，當航線加強、休閒活動稍微平靜下來以及旅行類型總體上比幾年前更加正常化時，我們會感到高興。但當我們考慮整體需求水準時，我們感覺非常好。

That's really helpful. If I could just do a follow-up -- a quick follow-up here. I think there's been a lot of optimism that especially the summer, we'd see the inbound-outbound travel relationship in the United States kind of normalize and that would propel demand. And I'm just curious whether there's been a shift in that thinking at all since you moved on the margin, your RevPAR growth more in favor of international from domestic. Maybe a strong dollar is not helping things. Any thoughts you have there would be helpful.

這真的很有幫助。如果我能做一個跟進——在這裡快速跟進。我認為人們非常樂觀，尤其是在夏天，我們會看到美國的出入境旅遊關係趨於正常化，這將推動需求。我只是很好奇，自從你的利潤率上升以來，這種想法是否發生了轉變，你的每間可用客房收入的增長從國內轉向國際。也許強勢美元無濟於事。您的任何想法都會有所幫助。

I honestly couldn't quite hear the question.

老實說我沒聽清楚這個問題。

Yes. I think the question is really just around U.S. travel versus international. I think, Bill, your comment about the continued strength of the dollar is a pretty relevant data point to consider. I was at the -- as you may or may not know, 2024 is the year of U.S.-Japan tourism. There's a big collaboration between the United States and Japan. And I met with the Japanese Ambassador on Monday of this week, and he talked about the extraordinarily strong flow of U.S. visitors to Japan and maybe innocently I asked him, how we can drive strong Japanese visitation to the U.S. And his response was, well, you can weaken the dollar against the yen.

是的。我認為問題其實在於美國旅行與國際旅行。我認為，比爾，你對美元持續走強的評論是一個值得考慮的非常相關的數據點。我當時在──你可能知道，也可能不知道，2024 年是美日旅遊年。美國和日本之間存在著巨大的合作。這週星期一我會見了日本大使，他談到了美國遊客到日本的人數異常強勁，也許我天真地問他，我們如何才能推動日本遊客到美國旅遊。兌日圓的匯率。

So I do think it's a relevant data point. It bodes well for our international distribution. And I think that is reflected in -- while our overall RevPAR guidance hasn't modified, you're seeing meaningfully more strength in the international markets for exactly that reason.

所以我確實認為這是一個相關的數據點。這對我們的國際發行來說是個好兆頭。我認為這反映在——雖然我們的整體 RevPAR 指導沒有改變，但正是因為這個原因，你會看到國際市場的實力明顯增強。

So the only other thing I'll add is that one of the interesting parts is that when you look at Asia Pacific's RevPAR, while some of that benefits from Tony's comment about U.S. traveler, a whole lot of that is the reality that now China is opening up more for cross-border. So you are seeing global travel preferences, not just U.S. travelers. Interestingly, our U.S. proportion of domestic travelers has been remarkably consistent over time, where -- it was, for many years, it was roughly only 5% are from outside the U.S. and that the domestic business is overwhelmingly 95% U.S. traveler, and that is still the case now. So we aren't seeing that the U.S. business is really suffering from everybody leaving the U.S. I think it is more the reality of global growth travel in general.

因此，我要補充的唯一另一件事是，有趣的部分之一是，當您查看亞太地區的RevPAR 時，雖然其中一些受益於托尼對美國旅行者的評論，但其中很大一部分是現在中國的現實進一步擴大跨境開放。因此，您看到的是全球的旅行偏好，而不僅僅是美國旅行者。有趣的是，隨著時間的推移，我們在美國的國內遊客比例一直非常穩定，多年來，大約只有 5% 來自美國境外，而國內業務絕大多數是 95% 的美國遊客，而且現在依然如此。因此，我們並沒有看到美國企業真的因為每個人離開美國而受到影響。

Our next question will come from David Katz with Jefferies.

我們的下一個問題將來自傑弗里斯的大衛·卡茨。

Tony, one of the last notes that you dropped in was about your forthcoming conversion brand and not to steal any thunder, but if we could borrow a couple of cracks of lightning. And just talk about sort of why, why now? What the sort of philosophical thought processes about sort of bringing that to market would be great.

東尼，你最後留下的筆記之一是關於你即將推出的轉換品牌，不是為了搶風頭，而是希望我們能藉用幾道閃電。只是談談為什麼，為什麼現在？將其推向市場的哲學思考過程將是偉大的。

Of course. I think, David, you and I have had the chance to talk in the past about our overarching growth strategy, and that strategy is really guided by this desire to make sure our portfolio offers the right product everywhere our guests want to travel for every trip purpose.

當然。我想，大衛，你和我過去曾有機會談論我們的整體成長策略，而該策略實際上是由這樣的願望指導的，即確保我們的產品組合在客人每次旅行想去的地方提供合適的產品目的。

And we learn with increasingly fluence -- increasingly frequency, excuse me, that more and more members and prospective members of Bonvoy for certain trip purposes, seek the price point and the value proposition of platforms in the mid-scale tier. The reality is, given the climate for new construction debt in the U.S. having a platform that can easily pivot between both new build and conversion opportunities, the timing seems ideal to launch something in that space. Leeny, I don't know if you want to add.

我們了解到，越來越多的影響力——對不起，越來越頻繁地，越來越多的旅享家會員和潛在會員出於某些旅行目的，尋求中端平台的價格點和價值主張。現實情況是，考慮到美國新建建築債務的環境，擁有一個可以輕鬆地在新建和轉換機會之間進行轉換的平台，在該領域推出一些東西的時機似乎是理想的。 Leeny，我不知道你是否要補充。

And the only thing I would add is that a lot of this is both market research and conversations with our owners and franchisees. So when you think about the supply that's out there, where supply is growing and where it is not, we definitely believe that there is some great opportunity for us to add more new Bonvoy members, choices for them across the spectrum. And then frankly, also need owner and franchisee demand for Marriott product that allows for conversions in markets that over time may have moved and changed, et cetera.

我唯一要補充的是，其中許多都是市場研究以及與我們的所有者和特許經營商的對話。因此，當您考慮現有的供應情況時，無論哪裡的供應量在增長，哪裡的供應量沒有增長，我們絕對相信我們有很好的機會來增加更多新的Bonvoy 會員，為他們提供各種選擇。坦白說，還需要所有者和特許經營商對萬豪產品的需求，以允許隨著時間的推移可能發生移動和變化的市場進行轉換，等等。

So we think it's a tremendous opportunity. As you know, StudioRes, which is also a new mid-scale brand for us is overwhelmingly new build, and it's extended stay. And we just think from our conversations that there'll be great demand for us in this space as well.

所以我們認為這是一個巨大的機會。如您所知，StudioRes 對我們來說也是一個新的中型品牌，絕大多數是新建的，而且是長期住宿。從我們的談話中我們認為，這個領域對我們的需求也會很大。

Our next question will come from Robin Farley with UBS.

我們的下一個問題將來自瑞銀集團的羅賓法利。

Great. When we think about -- I think when investors think about the algorithm for sort of top line growth, it's usually unit growth plus RevPAR growth kind of getting to your top line growth. And this quarter, that would have been the other [4 plus 7] getting to 11%, but the your top line is more up in the sort of 6% to 7% range. And is there -- anything that you would say how investors should think about that going forward? I know there's sort of different types of rooms unit, unit growth. So is that sort of RevPAR plus unit growth not the way to think about top line?

偉大的。當我們思考時，我認為當投資者考慮某種營收成長的演算法時，通常是單位成長加上每間可售房收入成長才能達到營收成長。而本季度，其他 [4 加 7] 的成長率將達到 11%，但您的收入則在 6% 到 7% 的範圍內上漲。您有什麼想說的，投資人該如何看待未來的發展？我知道有不同類型的房間單元、單元增長。那麼，這種 RevPAR 加上單位成長不是考慮營收的方式嗎？

So a couple of things. I think, first of all, the algorithm absolutely works over time. You've got to be careful about looking quarter-to-quarter or kind of really looking at specifics that are happening in a printed number versus what the trend is over time because absolutely, over time, we believe then it proves out well.

有幾件事。我認為，首先，隨著時間的推移，該演算法絕對有效。你必須小心地查看季度與季度之間的情況，或者真正查看印刷數字中發生的具體情況與隨著時間的推移的趨勢，因為絕對，隨著時間的推移，我們相信事實證明會很好。

And if you think about it this year, our rooms guidance, 5.5% to 5.9% at a midpoint of 4% on RevPAR, and we've talked about gross fee revenues having a high of roughly 9%. I mean these are -- even within the year, pretty close to that algorithm. So we do believe that the algorithm works and really just have to look at it not just one year in isolation.

如果您考慮今年的情況，我們的客房指引為 5.5% 至 5.9%，RevPAR 的中點為 4%，我們已經討論過總費用收入約為 9%。我的意思是，即使在一年之內，這些演算法也非常接近該演算法。因此，我們確實相信該演算法是有效的，並且實際上只需要觀察它，而不僅僅是孤立地觀察一年。

Okay. And then just a follow-up question on conversions. I don't know what -- I don't know if you broke out the conversion percent outside of the MGM deal. Just sort of looking at the traditional conversions as a percent of total unit growth. I think that your guidance for next year assumes an acceleration in conversions as a percent of unit growth.

好的。然後是關於轉化的後續問題。我不知道——我不知道你是否列出了米高梅交易之外的轉換百分比。只是看看傳統的轉換佔總單位成長的百分比。我認為你們明年的指導假設轉換率加速成長（佔單位成長的百分比）。

And is this the brand that you haven't -- that you're going to launch in the mid-scale segment, you mentioned is conversion friendly. Is that, in your mind, what investors should think of as the driver for that acceleration? In conversions in '25 versus '24? Or -- and maybe there are other things that you haven't yet talked about that other brands to come or something. But just wondering if that -- if this upcoming one would be the main driver for that.

這是您尚未推出的品牌嗎？在您看來，投資者應該將其視為加速成長的驅動力嗎？ '25 與 '24 的轉換情形？或者——也許還有其他事情你還沒有談論過其他品牌的到來或其他什麼。但只是想知道即將到來的這個是否會成為主要驅動力。

So just as a reminder, conversions were roughly 30% of our signings this year in the first quarter, and we've got a very strong stream of conversions moving through the pipeline. So no, while we do see tremendous opportunity there, the kind of numbers that we've talked about and talked about last September did not include, assumed expectations, would be from this new brand on conversions. We said roughly 30% of the room adds ex-MGM would be from conversions, and we continue to believe that, but that's not really a change for us over the last couple of quarters.

提醒一下，今年第一季的轉換率大約占我們簽約人數的 30%，而且我們正在透過管道進行大量的轉換。所以，雖然我們確實看到了巨大的機會，但我們去年九月討論過的數字並不包括假設的預期，來自這個新品牌的轉換。我們說過大約 30% 的房間增加來自前米高梅公司的改造，我們仍然相信這一點，但這對我們來說在過去幾個季度中並不是真正的變化。

Our next question will come from Chad Beynon with Macquarie.

我們的下一個問題將來自麥格理的查德·貝農。

Two-parter for me on the -- or ahead of the domestic election. I recall last presidential election, there was a little bit of softness in D.C. as people were just kind of out hustling elsewhere. Does that factor into 4Q, should that be meaningful? Or is that meaningless? And then secondly, on that, -- is there anything kind of hinge on the election that you're looking at that could change the outlook in travel based on what you're seeing from the candidates?

對我來說，是在國內選舉之前——或者說是在國內選舉之前。我記得上次總統選舉時，華盛頓特區有一點疲軟，因為人們都在忙於其他地方。這是否會影響到第四季度，這應該有意義嗎？或者說這毫無意義？其次，基於您從候選人身上看到的情況，您所關注的選舉是否存在某種可能改變旅遊業前景的因素？

Yes. Well, we better add another hour to the call to take the second part of your question, I think. Maybe the way I would answer the second part of your question, the -- on a global basis, travel and tourism thrives in relative stability. I think uncertainty around the election creates all sorts of question marks. We'll get through the election and then post results. We hope we'll settle into a little bit more stability. In terms of some of the policy issues that directly impact Marriott and travel more broadly, my sense is we will likely still end up with a bit of division in Congress. So you may not see strong moves one direction or the other. And I'm sorry, your first question was on impact of the election itself in D.C., I think.

是的。好吧，我想我們最好再增加一個小時來回答你問題的第二部分。也許我會回答你問題的第二部分，在全球範圍內，旅行和旅遊業相對穩定地蓬勃發展。我認為選舉的不確定性會帶來各種各樣的問號。我們將完成選舉，然後公佈結果。我們希望我們能夠穩定一點。就直接影響萬豪和更廣泛的旅遊業的一些政策問題而言，我的感覺是，我們最終可能仍會在國會中出現一些分歧。因此，您可能看不到一個方向或另一個方向的強勁走勢。抱歉，我想你的第一個問題是關於選舉本身對華盛頓特區的影響。

Right. And generally speaking, I would say we do see that there is a dip in government travel after Labor Day and that group and business transient, obviously, is going to not be traveling during election week. But our forecast incorporates the experiences that we've seen before in presidential elections.

正確的。總的來說，我想說的是，我們確實看到勞動節後政府旅行有所減少，而團體和商業人員顯然不會在選舉週期間旅行。但我們的預測結合了我們之前在總統選舉中看到的經驗。

Thank you. Our next question comes from Michael Bellisario with Baird.

謝謝。我們的下一個問題來自邁克爾·貝利薩裡奧和貝爾德。

Question on your owned assets. When might we see some of those hotels get sold, especially international? I think [they come about] an improved outlook would suggest maybe the market or at least the transaction backdrop is better there. And if not, could you expand on that? And then secondarily, any CapEx plans next year for the Sheraton in Chicago? Or should we expect a big year-over-year step down in owned CapEx?

關於您擁有的資產的問題。我們什麼時候會看到其中一些酒店被出售，尤其是國際酒店？我認為[他們的]前景改善表明市場或至少交易背景可能會更好。如果沒有，你能擴充一下嗎？其次，芝加哥喜來登酒店明年有什麼資本支出計畫嗎？或者我們應該預期自有資本支出將比去年同期大幅下降？

Right. So I'm going to do the second one first, which is that the Sheraton Grand Chicago it actually has had a rooms redo over the past 3 years. And so with the exception of, of course, what you normally need to do, I would not expect to see big CapEx spend beyond the norm as you move into 2025 on that hotel. We will be working on a comprehensive view of that hotel or public space, for F&B, for the rooms, et cetera.

正確的。所以我要先做第二件事，那就是芝加哥喜來登大酒店在過去的三年裡實際上已經重新裝修了房間。因此，當然，除了您通常需要做的事情之外，當您進入 2025 年時，我預計該酒店不會出現超出正常水平的巨額資本支出。我們將致力於對酒店或公共空間、餐飲、客房等進行全面的了解。

And ideally, we'd be working with the partner so that you can really in essence, do it together so that it wouldn't be on Marriott's balance sheet, but that we would sell the hotel and then work towards what the hotel should look like with a partner. As you talk about the other owned leased assets, as is often the case with the ones that are still on our balance sheet, each one has a bit of a story.

理想情況下，我們會與合作夥伴合作，這樣您就可以真正本質上一起做，這樣它就不會出現在萬豪的資產負債表上，但我們會出售酒店，然後努力實現酒店應有的外觀就像和夥伴在一起一樣。當您談論其他擁有的租賃資產時，就像仍在我們資產負債表上的資產一樣，每一項都有一個故事。

And so for the ones that are in Caribbean Latin America, for example, the elegant portfolio, which we are midway through a very comprehensive capital improvement program. We're thrilled with what is coming out of that and look forward to recycling that capital when it's done with a view of how we think about the AI, the all-inclusive product for those hotels. So continue to march along.

因此，對於拉丁美洲加勒比地區的企業來說，例如優雅的投資組合，我們正在進行一項非常全面的資本改善計劃。我們對由此產生的結果感到興奮，並期待在完成後回收這些資本，並考慮我們如何看待人工智慧（這些酒店的全包產品）。於是繼續前進。

The W Union Square, we're very close to being finished with that renovation. Again, absolutely thrilled with the product. I encourage all of you to go by and for sure, make sure you stop by the living room, which has a spectacular bar. The rooms are incredible, and we're very excited about how that represents the W brand in North America. And so yes, from that standpoint, before too long, we'll be beginning to work on the process of determining when and at what price is the right time for the sale of that asset.

W 聯合廣場飯店的翻修工作即將完成。再次，我對這個產品感到非常興奮。我鼓勵你們所有人都過去，並且一定要在客廳停下來，那裡有一個壯觀的酒吧。房間令人難以置信，我們對它如何在北美代表 W 品牌感到非常興奮。因此，是的，從這個角度來看，不久之後，我們將開始致力於確定何時以及以什麼價格出售資產的適當時機。

All of the rest are in that same ballpark. Clearly as there appears -- starts to appear to be a bit more of a stable view about where interest rates are going, I think we do expect that, that will help free up the transaction market a bit. I think it's a little too soon to predict the timing of it, but we are, of course, hopeful that as we get into the back half of the year, you see -- start to see a bit more clarity around exactly what the next couple of years are looking like clearly, and there's a view that interest rates are likely to stay a bit higher a bit longer. And from that perspective, stability of outlook is always very hopeful when you're looking at asset sales as well as the markets that those assets are in.

其餘的都在同一個範圍內。顯然，對於利率走向，人們開始有了更穩定的看法，我認為我們確實預計，這將有助於稍微釋放交易市場。我認為現在預測它的時間還為時過早，但我們當然希望，當我們進入今年下半年時，你會看到 - 開始更清楚地了解接下來會發生什麼幾年的情況看起來很明顯，並且有一種觀點認為利率可能會保持較高的水平並持續更長的時間。從這個角度來看，當你專注於資產銷售以及這些資產所在的市場時，前景的穩定性總是充滿希望的。

Our last question will come from Duane Pfennigwerth with Evercore ISI.

我們的最後一個問題將來自 Evercore ISI 的 Duane Pfennigwerth。

Saving the best for last. I like it. Just wanted to follow up on the SMB commentary at the lower-end chain scales. I know it's a much smaller percentage of your mix. But can we think about maybe the drivers or any industries that may stick out if we want to call it, drive to business travel? Maybe less goods transportation, maybe less disaster relief in some markets? I know it's harder to analyze these trends because in many cases, they book direct. But wonder if you had any industry commentary on the lower-end SMB trends.

把好東西留到最後。我喜歡。只是想跟進中小型企業對低端連鎖規模的評論。我知道它在你的組合中所佔的比例要小得多。但是，如果我們想稱之為“駕車商務旅行”，我們是否可以考慮司機或任何可能脫穎而出的行業？也許貨物運輸減少，也許某些市場的救災減少？我知道分析這些趨勢比較困難，因為在很多情況下，他們是直接預訂的。但想知道您是否對低端中小企業趨勢有任何行業評論。

Yes. I think it's a little hard to look at maybe individual industries. Probably the one demand source we're keeping a close eye on is government-related business, which in that tier, is quite relevant.

是的。我認為也許要審視單一行業有點困難。我們密切關注的一個需求來源可能是政府相關業務，在這一層中，這是非常相關的。

Thank you. That concludes our question-and-answer session. I will now turn the call back to Tony Capuano for closing remarks.

謝謝。我們的問答環節到此結束。現在我將把電話轉回給托尼·卡普阿諾，讓其致閉幕詞。

Great. Well, thank you again for your participation and interest. We all hope to see you on the road soon. Safe travels.

偉大的。好的，再次感謝您的參與和興趣。我們都希望很快能在路上見到您。安全旅行。

This does conclude the Marriott International Q1 2024 Earnings Conference Call. You may now disconnect your line, and have a wonderful day.

萬豪國際集團 2024 年第一季財報電話會議至此結束。您現在可以斷開線路，度過美好的一天。