萬豪國際 (MAR) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to today's Marriott International Q2 2024 earnings.

大家好，歡迎閱讀今天的萬豪國際集團 2024 年第二季財報。

(Operator instructions) Please note this call is being recorded.

（接線生說明）請注意此通話正在錄音。

I will be standing by if you should need any assistance.

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 Senior Vice President, Investor Relations, Jackie McConagha.

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

Thank you.

謝謝。

Good morning, and welcome to Mariott's second-quarter 2024 earnings call.

早安，歡迎參加 Mariott 2024 年第二季財報電話會議。

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.

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.

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。

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.

這些聲明受到我們在 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。

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.

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的全系統固定貨幣結果，所有變化均指可比期間的同比變化。

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.

我們今天早些時候發布的評論和新聞稿中的聲明僅在今天生效，並且不會隨著實際事件的發展而更新。

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

您可以在我們的投資者關係網站上找到我們今天的評論中提到的收益發布和所有非公認會計原則財務指標的調節表。

And now I will turn the call over to Tony.

現在我將把電話轉給托尼。

Thanks, Jackie, and good morning, everyone.

謝謝，傑基，大家早安。

We delivered another strong quarter, as travel demand will remain robust in most markets around the world and our net rooms grew by 6% year-over-year.

我們再次實現了強勁的季度業績，因為全球大多數市場的旅行需求將保持強勁，而且我們的淨客房量同比增長 6%。

Second quarter global RevPAR rose nearly 5%.

第二季全球RevPAR上漲近5%。

Average daily rate increased rose 3% and occupancy reached 73%, up about 150 basis points compared to last year's second quarter.

日均房價上漲 3%，入住率達 73%，與去年第二季相比上升約 150 個基點。

RevPAR rose nearly 4% in the US and Canada, benefiting from the shift of the Easter holiday.

受益於復活節假期的轉變，美國和加拿大的 RevPAR 上漲了近 4%。

All chain scales in the US and Canada from select service to luxury posted positive second quarter year-over-year RevPAR RevPAR increased over 7% internationally, led by a remarkable 13% RevPAR gain in Asia Pacific, excluding China or APAC.

美國和加拿大的所有連鎖店規模，從精選服務到豪華酒店，第二季度的國際可出租客房收入同比增長超過7%，亞太地區（不包括中國或亞太地區）的可出租客房收入顯著增長13 %。

APAC benefited from strong macro trends and increased cross border traffic, especially from Mainland China.

亞太地區受益於強勁的宏觀趨勢和跨境流量的增加，尤其是來自中國大陸的跨境流量。

Growth in APAC was broad-based, but particularly robust in Japan, where RevPAR rose 21%.

亞太地區的成長基礎廣泛，但日本尤其強勁，每間可用客房收入 (RevPAR) 成長了 21%。

RevPAR grew nearly 10% in the EMEA region with continued strong regional and cross-border demand and about 9% in the CALA region.

由於區域和跨境需求持續強勁，歐洲、中東和非洲地區的每間可用客房收入增長了近 10%，CALA 地區的平均可出租客房收入增長了約 9%。

To date, in 2024, the City Express portfolio has meaningfully outperformed the overall Mexican market as well as our own internal RevPAR expectations.

迄今為止，到 2024 年，City Express 產品組合的表現明顯優於整個墨西哥市場以及我們內部的 RevPAR 預期。

And Bonvoy penetration of the hotels continues to improve steadily.

而Bonvoy酒店的滲透率持續穩定提升。

RevPAR in Greater China declined roughly 4% in the quarter as macroeconomic pressures led to softer domestic demand.

由於宏觀經濟壓力導致國內需求疲軟，大中華區的每間可用客房收入本季下降了約 4%。

The region was also impacted by an increase in outbound high end travelers.

該地區也受到出境高端遊客增加的影響。

Positive RevPAR growth in Tier one cities, Hong Kong, Macau and Taiwan was more than offset by declines in all other markets with Hainan seeing a meaningful RevPAR decline.

一線城市、香港、澳門和台灣的每間可用房收入的正增長被所有其他市場的下降所抵消，其中海南的每間可用房收入大幅下降。

Despite the adverse market conditions, we outperformed our peers and gained RevPAR index across the region in the second quarter.

儘管市場環境不利，我們的表現仍優於同行，第二季該地區的 RevPAR 指數上升。

Our global RevPAR index, which is at a substantial premium, also rose again in the quarter.

我們的全球 RevPAR 指數有大幅溢價，本季也再次上升。

As we look ahead to the full year, we are narrowing our global RevPAR range to 3% to 4% growth, largely due to anticipated continued weakness in Greater China, as Leeny will discuss in more detail.

展望全年，我們將全球 RevPAR 增幅縮小至 3% 至 4%，這主要是由於預計大中華區將持續疲軟，Leenny 將對此進行更詳細的討論。

On a global basis, in the second quarter, we saw RevPAR growth across all three of our customer segments, group leisure transient and business transient, with each segment experiencing increases in both room nights and average daily rates.

在全球範圍內，第二季度，我們的所有三個客戶群（團體休閒短暫性和商務短暫性）的RevPAR 均出現增長，每個細分市場的間夜數和平均每日房價均有所增加。

Group, which comprise 24% of worldwide room nights in the quarter remained the strongest customer segment.

該集團佔本季全球間夜量的 24%，仍是最強勁的客戶群。

Compared to the year ago quarter, group RevPAR rose 10% globally.

與去年同期相比，全球集團 RevPAR 成長了 10%。

Full year 2024 worldwide Group revenues were still pacing up 9% year-over-year at the end of the second quarter with a 5% increase in room nights and a 4% rise in ADR.

2024 年全年，截至第二季末，集團全球營收仍年增 9%，間夜數成長 5%，平均房價成長 4%。

Business transient which contributed 33% of global room nights in the quarter saw a 4% increase in RevPAR.

商務瞬態佔本季全球間夜數的 33%，RevPAR 成長了 4%。

Leisure transient, which accounted for 43% of worldwide room nights in the quarter posted a 2% rise in RevPAR.

休閒瞬態佔本季全球間夜數的 43%，RevPAR 成長了 2%。

Within the business transient segment, demand from small and medium-sized corporates, which now account for nearly 55% of business transient room nights has grown significantly over the last few years.

在商務短期住宿領域，中小型企業的需求在過去幾年中顯著增長，目前中小型企業佔商務短期住宿過夜數的近 55%。

Earlier this month, we announced business access by Marriott Bonvoy, a new comprehensive online booking travel program that we launched to ease and expand the booking experience and travel management process for these customers.

本月早些時候，我們宣布了萬豪旅享家的商務訪問，這是我們推出的一項新的全面線上預訂旅行計劃，旨在簡化和擴展這些客戶的預訂體驗和旅行管理流程。

While it is still early days, this new offering is already seeing great interest, and we're extremely pleased with the initial account sign-ups and users of the platform, both of which have outpaced expectations.

雖然現在還處於早期階段，但這項新產品已經引起了人們的極大興趣，我們對該平台的初始帳戶註冊和用戶感到非常滿意，兩者都超出了預期。

We continue to enhance our powerful Marriott Bonvoy loyalty program, which had over 210 million members at the end of June.

我們持續加強強大的萬豪旅享家忠誠度計劃，截至 6 月底該計劃已擁有超過 2.1 億會員。

We continue to see real success driving enrollments and engagement internationally in part due to our Bonvoy partnerships with Rakuten in Japan, Alibaba in China and Rappi in Cali.

我們繼續看到真正的成功推動了國際註冊人數和參與度，部分原因是我們與日本樂天、中國阿里巴巴和卡利 Rappi 的 Bonvoy 合作夥伴關係。

Member penetration of global room nights rose again reaching new record highs in the second quarter at 71% in the US and Canada and 65% globally.

第二季度，全球間夜數的會員滲透率再次創下歷史新高，美國和加拿大為 71%，全球為 65%。

Our new collaboration with Starbucks is the latest example of how we're connecting our members with people, places and passions that they truly love.

我們與星巴克的新合作是我們如何將會員與他們真正喜愛的人、地方和熱情聯繫起來的最新例子。

We also remain laser focused on providing our guests with excellent experiences in our hotels and are pleased with our intent to recommend scores, which have continued to steadily rise.

我們也繼續專注於為客人提供卓越的飯店體驗，並對我們推薦分數的意圖感到滿意，分數持續穩定上升。

Our leading global portfolio continues to grow meaningfully faster than overall industry supply, and we added approximately 15,500 net rooms to end the quarter with nearly 1.66 million rooms.

我們領先的全球產品組合的成長速度持續顯著高於整個產業的供應量，本季末我們淨增約 15,500 間客房，達到近 166 萬間。

Global signing activity has remained strong.

全球簽約活動依然強勁。

Record signings in APAC and Greater China for the first half of the year helped to grow our pipeline to over 559,000 rooms around the world.

上半年，亞太地區和大中華區的簽約客房數創下紀錄，幫助我們將全球客房數量增加至超過 559,000 間。

Conversions, including multiunit opportunities remain a significant driver of growth, as owners continue to value the depth and breadth of our brand portfolio and our powerful revenue engines.

由於業主繼續重視我們品牌組合的深度和廣度以及強大的收入引擎，包括多單元機會在內的轉換仍然是成長的重要推動力。

In the second quarter, conversions represented 37% of openings and 32% of signings.

第二季度，轉換率佔空缺職位的 37% 和簽約人數的 32%。

This conversion activity has been broad-based with hotels converting into 23 different Marriott brands over the last 12 months.

這項轉變活動範圍廣泛，在過去 12 個月裡，飯店已轉變為 23 個不同的萬豪品牌。

While still below 2019 levels, we're also pleased with the continued upward trend in monthly construction starts.

雖然仍低於 2019 年的水平，但我們也對月開工量持續上升的趨勢感到滿意。

In the second quarter, construction starts in the US and Canada rose 14% year-over-year.

第二季度，美國和加拿大的建築開工量年增 14%。

In June, we signed three marquee luxury conversion deals in the US.

六月，我們在美國簽署了三筆大型豪華改裝交易。

The renowned resort of Pelican Hill in Newport Beach, California and the Luxury Collection Hotel Manhattan Midtown have already joined our system.

加州紐波特海灘著名的鵜鶘山度假村和曼哈頓中城豪華精選酒店已加入我們的系統。

The iconic Turtle Bay Resort in Hawaii is joining the Ritz-Carlton brand today.

夏威夷標誌性的海龜灣度假村今天正式加入麗茲卡爾頓品牌。

We are thrilled to welcome these incredible properties as we further extend our global leading position in the high value luxury segment.

我們很高興地歡迎這些令人難以置信的物業，因為我們進一步擴大了我們在高價值奢侈品領域的全球領先地位。

Our momentum in the mid-scale space is that developers are showing significant interest in our new brands in the tier, City Express by Marriott, Four Points Express by Sheraton, StudioRes and our latest transient conversion friendly brand in the US.

我們在中型空間的發展勢頭是，開發商對我們在這一層的新品牌表現出了濃厚的興趣，包括萬豪城市快捷酒店、喜來登四點快捷酒店、StudioRes 以及我們在美國最新的瞬態轉換友好品牌。

In CALA, we continue to sign deals for City Express and are engaged in numerous discussions across the region.

在 CALA，我們繼續簽署 City Express 協議，並參與整個地區的大量討論。

Our First Four Points Express opened in Turkey and over a dozen hotels from our recent multi-unit conversion deal in APAC are expected to join our system later this year.

我們的第一家四點快捷酒店在土耳其開業，我們最近在亞太地區進行的多單元改建交易中的十幾家酒店預計將在今年晚些時候加入我們的系統。

We're also in talks for StudioRes hotels in over 300 markets, and we continue to execute on and pursue numerous types of opportunities from large development deals to one-off projects.

我們也在 300 多個市場就 StudioRes 酒店進行洽談，並繼續執行和尋求從大型開發交易到一次性專案的多種類型的機會。

Before I turn the call over to Leeny to discuss our financial results, I want to say thank you to all of our associates around the world for the hard work they do each and every day to advance our business and help connect people through the power of travel.

在我把電話轉給 Leeny 討論我們的財務業績之前，我想對我們世界各地的所有員工表示感謝，感謝他們每天為推動我們的業務發展所做的辛勤工作，並通過旅行。

Leeny?

利尼？

Thank you, Tony.

謝謝你，托尼。

Second quarter gross fee revenues rose 7% year-over-year to $1.34 billion, the increase reflects stronger global RevPAR, rooms growth and entire non-RevPAR related franchise fees.

第二季總費用營收年增 7%，達到 13.4 億美元，這一成長反映出全球 RevPAR、客房成長以及整個非 RevPAR 相關特許經營費的強勁成長。

Co-branded credit card fees rose 10% and residential branding fees were significantly higher than in the same quarter last year, as we continue to benefit from our top positions in branded residences globally.

聯名信用卡費用上漲 10%，住宅品牌費用顯著高於去年同期，因為我們繼續受益於我們在全球品牌住宅領域的領先地位。

Incentive management fees or IMF amounts totaled $195 million in the second quarter.

第二季的激勵管理費或國際貨幣基金組織金額總計 1.95 億美元。

Growth in these fees was led by mid teens percentage increases in APAC and EMEA, partially offset by an $8 million decline in Greater China.

這些費用的成長主要由亞太地區和歐洲、中東和非洲地區百分之十幾的百分比成長所帶動，但部分被大中華區 800 萬美元的下降所抵銷。

IMF in the US and Canada were flat year-over-year in part impacted by continued softness in Hawaii.

美國和加拿大的國際貨幣基金組織較去年持平，部分原因是受到夏威夷持續疲軟的影響。

Second quarter adjusted EBITDA grew 9% to $1.32 billion and adjusted EPS increased 11% to $2.50.

第二季調整後 EBITDA 成長 9%，達到 13.2 億美元，調整後每股盈餘成長 11%，達到 2.50 美元。

Now let's talk about our outlook for 2024.

現在讓我們來談談我們對 2024 年的展望。

Global RevPAR is expected to grow 3% to 4% in the third quarter and for the full year.

預計第三季和全年全球 RevPAR 將成長 3% 至 4%。

RevPAR growth is expected to remain higher in the vast majority of our international markets than in the US and Canada.

預計我們絕大多數國際市場的 RevPAR 成長仍將高於美國和加拿大。

The primary change in our full-year outlook is Greater China's updated expectation of negative RevPAR growth for the rest of the year.

我們對全年展望的主要變化是大中華區對今年剩餘時間的 RevPAR 負增長的最新預期。

We expect a continuation of current weak demand and pricing trends in the region with the third quarter anticipated to see the most meaningful RevPAR declines, as outbound travel accelerates during summer holidays.

我們預計該地區當前疲軟的需求和價格趨勢將持續下去，隨著暑假期間出境旅遊的加速，第三季的每間可用房收入預計將出現最大幅度的下降。

Note that given Greater China is lower overall average RevPAR compared to the rest of our systems and typically makes up around 7% of RevPAR related fees, although it accounts for 10% of open rooms.

請注意，與我們系統的其他地區相比，大中華區的總體平均 RevPAR 較低，通常佔 RevPAR 相關費用的 7% 左右，儘管它佔開放房間的 10%。

While we also expect marginally lower full year RevPAR in the US and Canada than we had previously anticipated in part due to less group business, the first two weeks of November, given the intense focus on the US presidential election.

雖然我們也預期美國和加拿大的全年 RevPAR 將略低於我們先前的預期，部分原因是由於 11 月前兩週集團業務減少，因為人們對美國總統選舉的高度關注。

Overall, RevPAR trends in the US and Canada in the back half of the year are expected to remain relatively steady with the first six months of the year.

總體而言，美國和加拿大下半年的 RevPAR 趨勢預計將與今年前六個月保持相對穩定。

On customer segment, worldwide 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.

在客戶領域，全球每間可出租客房收入的成長預計仍將受到集團收入又一年的強勁增長、業務瞬態收入的持續改善以及休閒收入放緩但仍在增長的推動。

In the third quarter, gross fee growth is expected to be in the 6% to 8% range.

第三季度，總費用成長預計在 6% 至 8% 範圍內。

Our owned leased and other revenues net of expenses are anticipated to be roughly $75 million.

我們自有的租賃收入和其他收入扣除費用後預計約為 7,500 萬美元。

For the full year, gross fees could rise 6% to 7% to $5.1 to$ 5.2 billion.

全年總費用可能上漲 6% 至 7%，達到 510 至 52 億美元。

Compared to last quarter's expectations, roughly two-thirds of the reductions is from IMFs, largely from Greater China and select markets in the US and Canada like Hawaii and Washington DC. There's also additional negative currency impact from a still strong dollar, as well as slightly lower than previously expected non-RevPAR related franchise fees and then timing of hotel openings.

與上一季的預期相比，大約三分之二的削減來自國際貨幣基金組織，其中主要來自大中華區以及夏威夷和華盛頓特區等美國和加拿大的特定市場。美元依然堅挺，以及與RevPAR無關的特許經營費和酒店開業時間略低於先前預期，還會帶來額外的負面貨幣影響。

Owned, leased and other revenues, net of expenses could now total $345 to $350 million.

扣除費用後，自有收入、租賃收入和其他收入總計可達 3.45 至 3.5 億美元。

We now expect full year, G&A expense could rise just 1% to 2% year-over-year.

我們現在預計全年 G&A 費用可能年增 1% 至 2%。

Full year adjusted EBITDA is now expected to rise between 6% and 8% to roughly $4.95 to $5 billion.

目前預計全年調整後 EBITDA 將成長 6% 至 8%，達到約 4.95 至 50 億美元。

Our 2024 effective tax rate is expected to be just above 25%.

我們 2024 年的有效稅率預計略高於 25%。

2024, adjusted EPS is now expected to be between $9.23 and $9.40. As Tony mentioned, we're very pleased with the robust signings and openings activity across our global portfolio, demonstrating owners and franchisees continued confidence in our brand's performance.

到 2024 年，調整後每股盈餘預計將在 9.23 美元至 9.40 美元之間。正如托尼所提到的，我們對我們全球產品組合中強勁的簽約和開業活動感到非常滿意，這表明所有者和特許經營商對我們品牌的表現始終充滿信心。

We're focused on driving strong growth and still expect full year net rooms growth of 5.5% to 6%.

我們專注於推動強勁成長，仍預計全年淨客房成長率為 5.5% 至 6%。

Full year investment spending is still expected to total $1 to $1.2 billion.

預計全年投資支出總額仍為 1 至 12 億美元。

As you'll recall, this spending includes higher than historical investment in technology associated with the multiyear transformation of our property management, reservations and loyalty systems, the vast majority of which is expected to be reimbursed over time.

您可能還記得，這筆支出包括高於歷史的技術投資，這些投資與我們的物業管理、預訂和忠誠度系統的多年轉型有關，其中絕大多數預計將隨著時間的推移而得到補償。

We look forward to the many benefits expected to accrue from elevating our three major tech platforms.

我們期待著提升我們的三大技術平台所帶來的許多好處。

Our investment spending outlook also incorporates roughly $200 million for our owned, lease portfolio, including renovation spending for the W Union Square in Manhattan and the elegant portfolio in Barbados.

我們的投資支出展望還包括約 2 億美元的自有租賃投資組合，包括曼哈頓 W 聯合廣場的翻新支出和巴貝多的優雅投資組合。

When all renovations are complete, we'll ultimately look to recycle these assets and sign long-term management contracts for these properties.

當所有翻修完成後，我們最終將尋求回收這些資產並簽署這些房產的長期管理合約。

Our capital allocation philosophy remains the same.

我們的資本配置理念保持不變。

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 share repurchase and a modest dividend, which has risen meaningfully over time.

我們致力於我們的投資等級評級，投資於能夠增加股東價值的成長，然後透過股票回購和適度的股息（隨著時間的推移，股息大幅增加）將多餘的資本返還給股東。

We continue to generate strong levels of cash, including from our loyalty program, and our leverage ratio remains at the low end of our target range of 3 to 3.5 times debt to EBITDA.

我們繼續產生大量現金，包括來自我們的忠誠度計劃的現金，我們的槓桿率仍處於債務與 EBITDA 的 3 至 3.5 倍目標範圍的低端。

We currently expect approximately $4.3 billion of capital returns to shareholders for the full year.

我們目前預計全年股東資本回報約 43 億美元。

This factors in the $500 million of required cash in the fourth quarter for the purchase of the Sheraton Grand Chicago.

這包括第四季度購買芝加哥喜來登大酒店所需的 5 億美元現金。

In closing, we have a lot of momentum in our business and strong growth prospects across our over 30 brands around the world.

最後，我們的業務發展勢頭強勁，全球 30 多個品牌的成長前景強勁。

Thanks to our terrific team.

感謝我們出色的團隊。

As we look ahead, we're incredibly optimistic about Marriott's future.

展望未來，我們對萬豪的未來非常樂觀。

Tony and I are now happy to take your questions.

托尼和我現在很樂意回答你的問題。

Operator?

操作員？

Thank you.

謝謝。

(Operator instructions)

（操作員說明）

Stephen Grambling, Morgan Stanley.

史蒂芬‧格蘭布林，摩根士丹利。

Hey, thanks for taking the question.

嘿，謝謝你提出問題。

I guess on the guidance in the second half, it looks like you kind of lowered overall RevPAR by about 50 basis points, the reduction in EBITDA, about 2%.

我想根據下半年的指導，看起來你們將整體 RevPAR 降低了約 50 個基點，EBITDA 減少了約 2%。

I realize that a lot of that looks like incentive management fee related.

我意識到其中很多看起來都與激勵管理費有關。

But is that the appropriate kind of operating leverage to consider going forward?

但這是未來考慮的適當營運槓桿嗎？

And what levers do you have to pull if you were to see the backdrop deteriorate further and try to take additional action?

如果您看到情況進一步惡化並嘗試採取額外行動，您必須採取哪些措施？

Sure, thanks, Steven.

當然，謝謝，史蒂文。

So, a couple of things in that question.

所以，這個問題中有幾件事。

One is the reality that when we typically talk about one point of RevPAR being $50 to $60 million in fees, that's assuming that's equally across all markets around the world and doesn't have any FX impact.

現實是，當我們通常談論每間可用收入 (RevPAR) 的一點是 5000 至 6000 萬美元的費用時，這是假設全球所有市場的費用都是相同的，並且不會產生任何外匯影響。

And so I think you are clearly seeing with the drop that we talk today that the impact of the change in our outlook for Greater China has a disproportionate impact.

因此，我認為您可以從我們今天討論的下跌中清楚地看到，我們對大中華區前景的變化產生了不成比例的影響。

When I think about Greater China is mix between base fees and IMF, is obviously quite different than it is in the US where you have an owner's priority return.

當我想到大中華區時，基本費用和國際貨幣基金組織的混合，顯然與美國有很大不同，在美國，業主有優先回報。

So for one point of RevPAR in Greater China, that is typically something more like [$3 billion] in fees, which is going to be more heavily weighted towards IMF than it would be in the US where it would have a dramatically smaller impact.

因此，對於大中華區的 RevPAR 來說，這通常更像是 [30 億美元] 的費用，與美國相比，國際貨幣基金組織的權重將更大，而美國的影響力要小得多。

So I think we really have to look at the geography rather than necessarily just thinking about it as being a half point overall because it is overwhelmingly related to Greater China with just a slight truly a tad bit lower expectation in the US and Canada.

因此，我認為我們確實必須關注地理位置，而不是僅僅將其視為總體上的半點，因為它絕大多數與大中華區相關，而美國和加拿大的期望確實稍微低一點。

Got it.

知道了。

That's helpful.

這很有幫助。

Maybe one kind of unrelated, could be related follow-up is just there is always in these questions around fees per room and and how the NUG plus RevPAR translates to overall fees.

也許一種不相關但可能相關的後續行動是，這些問題總是圍繞著每間客房的費用以及 NUG 加 RevPAR 如何轉化為整體費用。

There's a lot of puts and takes in the quarter, but has anything changed in your thought process or as we look at the longer-term algorithm as we think about that fee being related to net unit growth plus RevPAR?

本季有很多調整和調整，但您的思考過程或當我們考慮與淨單位成長加上 RevPAR 相關的費用時考慮長期演算法時，有什麼變化嗎？

Yes.

是的。

No, we think you're absolutely right.

不，我們認為你是完全正確的。

We believe the algorithm absolutely holds up over time.

我們相信隨著時間的推移，該演算法絕對有效。

You do have, as you described, the impact of certain elements changing unevenly.

正如您所描述的，某些元素變化不均勻確實會產生影響。

So in this particular situation, it is one market having a potentially large change in expected RevPAR for the rest of the year.

因此，在這種特殊情況下，今年剩餘時間的預期 RevPAR 可能會發生巨大變化。

But what we've talked before about our expectation of fees per key is actually rising over time, especially as we think about also having our rapidly growing non RevPAR fees.

但我們之前談到的每項費用的預期實際上隨著時間的推移而上升，特別是當我們考慮到非 RevPAR 費用也快速增長時。

So we're very pleased with those continuing trends and do not believe that the fundamental algorithm is any different.

因此，我們對這些持續的趨勢非常滿意，並且不認為基本演算法有任何不同。

Great.

偉大的。

Thank you.

謝謝。

I'll jump back in the queue.

我會跳回到隊列中。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Good morning, everyone.

大家，早安。

Tony (multiple speakers) Just wanted to start with the RevPAR guidance.

托尼（多名演講者）只想從 ​​RevPAR 指南開始。

So if we kind of take the pieces here, obviously, we know where we came in, in the first half of the year, and you've given us color on Q3, believe in the prepared remarks, you said Q3 would be the weakest point for China.

因此，如果我們在這裡採取一些措施，顯然，我們知道我們在今年上半年的表現，並且您為我們提供了第三季度的色彩，相信準備好的言論，您說第三季度將是最弱的為中國點。

But when we kind of do the pieces, I think Q4, the implied guidance is below Q3.

但當我們做這些事情時，我認為第四季的隱含指引低於第三季。

So what's driving that sort of weaker Q4?

那麼是什麼原因導致第四季表現如此疲軟呢？

Is it group timing?

是分組計時嗎？

Is it some other shift and you mentioned the election, but I think you also said US is pretty stable.

這是其他的轉變嗎？

So kind of what's driving, check the math.

到底是什麼在驅動，檢查一下數學。

But if the math is right, what's driving the weaker Q4?

但如果數學正確，是什麼推動了第四季的疲軟呢？

Is there anything in that Q4 run rate, anybody needs to be concerned about or aware of?

在第四季的運作率中，有什麼需要人們關注或註意的嗎？

Yes.

是的。

Thank you, Shaun.

謝謝你，肖恩。

And you're right, we can point out that kind of an interesting distinction there between Q3 and Q4.

你是對的，我們可以指出第三季和第四季之間的一個有趣的差異。

With China only being roughly 10% of our rooms that impact of the lowest quarter in the back half of the year being Q3 doesn't have that much of an impact on Q4.

由於中國客房僅占我們客房的 10% 左右，因此下半年最低季度（即第三季）的影響不會對第四季度產生太大影響。

What's going on in Q4 is, as we described that we are seeing a bit lower group bookings, specifically in Q4 around the election, which is having an impact on the expectations for US and Canada in Q4 versus Q3, though as we described, we look at the entire back half of the year, we do expect to see really a similar sort of RevPAR growth number as you see in the first half of the year.

正如我們所描述的，第四季度的情況是，我們看到團體預訂量有所下降，特別是在選舉前後的第四季度，這對美國和加拿大第四季度與第三季度的預期產生了影響，儘管正如我們所描述的，我們看看整個下半年，我們確實預計會看到與上半年類似的 RevPAR 成長數字。

And then on top of that, you've got your other international markets just continuing to normalize.

最重要的是，其他國際市場正在繼續正常化。

So when I look at the first half of APAC, and EMEA and CALA, I would expect that their back half is a little bit lower.

因此，當我查看亞太地區、歐洲、中東和非洲和卡拉地區的前半部分時，我預計他們的後半部分會稍微低一些。

And so in that regard, as you move towards Q4, you continue to see additional normalization, although still quite strong RevPAR in those markets and you put all that together, and that's where you get the bit lower outlook for RevPAR in Q4 than Q3.

因此，在這方面，當您進入第四季度時，您將繼續看到更多的正常化，儘管這些市場的RevPAR 仍然相當強勁，您將所有這些放在一起，這就是您在第四季度的RevPAR 前景比第三季稍低的地方。

And maybe just to add a little more context to Shaun.

也許只是為了給肖恩添加更多背景資訊。

The obviously, we knew there was an election this year and backed what we've seen as historical softness.

顯然，我們知道今年將舉行選舉，並支持我們所認為的歷史疲軟。

But when you look back over prior election cycles, we tended to see a little bit of group softness the week of election.

但當你回顧先前的選舉週期時，我們往往會在選舉週看到一些團體的疲軟。

Given sort of the unique attributes of this election cycle, we're seeing that bleed into the week after the election as well.

考慮到本次選舉週期的獨特屬性，我們也看到這種情況會滲透到選舉後的一周。

So it's, from a group perspective, about ha;f of November is feeling the impact on the group side.

因此，從集團的角度來看，11 月中旬左右，我們感受到了對集團方面的影響。

Great.

偉大的。

Thanks.

謝謝。

And just as my follow-up, just to kind of hit on China specifically.

正如我的後續行動，只是為了專門針對中國。

Obviously, I think you gave us a little bit of the heads up that this was softening last quarter.

顯然，我認為您給了我們一些提示，表明上季度情況有所緩解。

The real question that I expect we'll get some is this bleeding it all into the development side, right?

我希望我們會遇到的真正問題是，這一切都融入了開發方面，對嗎？

The signings and the development, I think side was a highlight for the quarter broadly.

我認為，簽約和發展是本季的一大亮點。

But what are you seeing on the ground there?

但你在地面上看到了什麼？

And is that softness at all starting to impact developer conversations or signing conversations in Greater China?

這種疲軟是否已經開始影響大中華區的開發者對話或簽約對話？

It's a great question and it's sort of an interesting riddle.

這是一個很好的問題，也是一個有趣的謎語。

As you heard in my prepared remarks, we had record signings in the first half of the year in China.

正如你在我準備好的講話中聽到的，今年上半年我們在中國的簽約人數創下了紀錄。

I think it's really about the long-term prospects in China.

我認為這確實關係到中國的長期前景。

Our owner community, certainly the SOEs there, continue to believe in the long-term dynamics of travel and continue to both sign and started construct them.

我們的業主社區，當然那裡的國有企業，仍然相信旅遊業的長期動力，並繼續簽署並開始建造它們。

So we really have seen no slowdown at all on that front.

所以我們在這方面確實沒有看到任何放緩。

In fact, it's interesting.

事實上，這很有趣。

We signed 63 select service deals in the first half of the year in China.

上半年，我們在中國簽署了 63 份精選服務協議。

Almost half of those are expected to open within 12 months.

其中近一半預計在 12 個月內開業。

So as we look at the pace, we ask the same question as you.

因此，當我們關注速度時，我們會問與您相同的問題。

Are we stacking paper or are we signing deals that are materialized as openings and the pace of construction is really encouraging.

我們是在堆放紙張，還是在簽署以空缺形式實現的協議，建設步伐確實令人鼓舞。

And the only thing I'll add is that I think with our continued strength in RevPAR index in Greater China, especially as you see demand softening over the past six months or so.

我唯一要補充的是，我認為我們在大中華區的 RevPAR 指數持續走強，尤其是在過去六個月左右的時間裡，需求疲軟。

We have seen increased order appetite for being with the really strong brands that we have and across the full range of brands.

我們發現，對於我們擁有的真正強大的品牌以及整個品牌的訂單興趣有所增加。

So we're really pleased to see kind of from the limited service segment all the way up through luxury, the really strong demand for the brands, including conversions in China.

因此，我們非常高興地看到，從有限的服務領域一直到奢侈品領域，對品牌的需求非常強勁，包括在中國的改裝。

I think, really demonstrating that it's frankly in the weaker times that sometimes the brands can prove the most powerful.

我認為，坦白說，這確實表明，在較弱的時期，有時品牌可以證明是最強大的。

Thank you so much.

太感謝了。

Amedes Rose, Citi.

阿梅德斯·羅斯，花旗銀行。

Hi, thank you.

嗨，謝謝你。

I wanted to ask you a little bit more, I mean, you mentioned some weakness in Hawaii.

我想問你更多一點，我的意思是，你提到了夏威夷的一些弱點。

And I just was wondering, are you seeing across all regions?

我只是想知道，您是否看到了所有地區的情況？

Or is it maybe more isolated analogy Maui with what's been going on there?

或者這可能是毛伊島與那裡發生的事情的更孤立的類比？

Or kind of, and is it sort of leisure or is it sort of group incentive meetings?

還是某種休閒，還是集體激勵會議？

What's sort of driving relative weakness in that region?

是什麼導致該地區相對疲軟？

Yes, sure, Smedes.

是的，當然，斯梅德斯。

And yes, I think Maui is definitely still seeing the slowest recovery.

是的，我認為毛伊島的復甦絕對是最慢的。

You still have the reality that the dollar is very strong and why it's been always been a very popular place for Japanese travelers.

你仍然可以看到美元非常強大的現實，以及為什麼它一直是日本遊客非常受歡迎的地方。

And so we overall, in Hawaii, we've still not seen the level of Japanese travelers back in the state.

因此，總的來說，在夏威夷，我們仍然沒有看到日本遊客回到該州的水平。

But obviously, the tragedy in Lahaina has clearly had a huge impact on the island.

但顯然，拉海納的悲劇顯然對該島產生了巨大的影響。

And while we were there with Tony with the senior team a couple of weeks ago, and there's been fabulous progress and it is really coming along well.

幾週前，我們與托尼和高級團隊一起在那裡，取得了驚人的進展，而且進展順利。

But clearly, still that island, in particular, is having a slower recovery than the other parts of Hawaii.

但顯然，該島的復甦速度仍比夏威夷其他地區慢。

But Hawaii overall, is still feeling the impact of the strong dollar.

但夏威夷整體仍感受到強勢美元的影響。

Okay.

好的。

And then I just wanted to ask you, you mentioned that IMF fees were flat in North America.

然後我想問你，你提到國際貨幣基金組織的費用在北美是固定的。

I think, can you just remind us what percentage of your system in North America is currently paying IMF?

我想，您能否提醒我們，您在北美的系統目前向國際貨幣基金組織支付的比例是多少？

Sure, absolutely.

當然，絕對。

So interestingly, it's the same percentage as a year ago in the second quarter. 26% of the hotels in the US are paying incentive fees in the second quarter and just as a reference point in China, in Greater China, we went from 86% to 80%.

有趣的是，第二季的比例與一年前相同。美國有 26% 的飯店在第二季支付獎勵費用，作為中國的參考點，在大中華區，我們從 86% 上升到 80%。

So you see that that really large delta given the structure of the management agreements.

所以你會看到，考慮到管理協議的結構，這個增量確實很大。

Overall, we're managed contracts for Marriott, we went from 62% paying incentive fees last year in the second quarter to 61% this year.

總體而言，我們為萬豪管理合同，我們支付獎勵費的比例從去年第二季度的 62% 上升到今年的 61%。

So you can see that in the US, it's fairly steady and more limited to certain pockets geographically that weren't quite as strong.

所以你可以看到，在美國，它相當穩定，而且更局限於某些地理上不太強大的地區。

Great.

偉大的。

Thank you.

謝謝。

Appreciate it.

欣賞它。

Joe Greff, JPMorgan.

喬‧格雷夫，摩根大通。

Good morning, everybody.

大家早安。

Good morning.

早安.

Morning, Joe.

早安，喬。

Good morning.

早安.

Your gross fee guidance for the full year is lower by about $50 to $100 million versus what you gave in May.

您全年的總費用指引比 5 月份的費用低約 50 至 1 億美元。

I was hoping you can break that out between the net impact from China, the election impact in the US and FX?

我希望你能在中國的淨影響、美國大選的影響和外匯之間進行區分？

Yes.

是的。

So, let's do this.

那麼，讓我們這樣做吧。

IMF are definitely two-thirds of that.

國際貨幣基金組織絕對佔其中的三分之二。

And I would say if you're looking at that a solid half, if not a bit more is from Greater China.

我想說的是，如果你看的話，有一半甚至更多來自大中華區。

Now that you've got to get into how much is the group RevPAR versus how much is FX, and there is a bit of both.

現在您必須了解團體 RevPAR 是多少，FX 是多少，兩者都有一點。

Then you're also looking in IMF and some in the US, which let's call it broadly speaking, roughly 10 from various markets not performing as well as we expected a quarter ago.

然後，您還會關注國際貨幣基金組織和美國的一些國家（我們泛泛地說），來自各個市場的大約 10 個國家的表現不如我們一個季度前的預期。

Then you've got also FX overall, is affecting both some base fees and IMF.

然後，總體而言，外匯也會影響一些基本費用和國際貨幣基金組織。

So to separate it out, you get into a bit, into kind of which element are you describing.

因此，為了將其分開，您需要深入了解您所描述的元素。

But I would say that China is the biggest impact on the change in IMFs, which is two-thirds of the overall $75 million in reduction.

但我想說的是，中國對國際貨幣基金組織變化的影響最大，佔7,500萬美元削減總額的三分之二。

And then you've got a bit from the US and a bit from FX.

然後你有一些來自美國和一些外匯。

Obviously, the lower RevPAR globally has a little bit of an impact and then ever, so truly ever so slightly as related to non- RevPAR fees.

顯然，全球較低的 RevPAR 會產生一點影響，而且與非 RevPAR 費用相比，影響確實很小。

Great.

偉大的。

I think, Tony, in your prepared remarks, you talked about construction starts in the US and Canada, up 40% year-over-year.

東尼，我想，在您準備好的發言中，您談到了美國和加拿大的開工率，年增 40%。

And we're hearing that from some others as well.

我們也從其他一些人那裡聽到了這一點。

Can you talk about construction starts outside the US, how that has been trending?

能談談美國以外的建築開工情況嗎？

Yes, of course.

是的當然。

So as I said, here in the US, up about 40%, which is really encouraging.

正如我所說，在美國，成長了約 40%，這確實令人鼓舞。

In Greater China, I might refer to the comment I made earlier.

在大中華區，我可能會參考我之前的評論。

Again in China, as you know, oftentimes projects that come to us are well under construction.

如您所知，在中國，我們收到的項目通常都在順利建設中。

So we tend to look more at what percentage of those deals might open within 12 months of signing and to see nearly half in Greater China are really encouraging.

因此，我們傾向於更關注這些交易中可能在簽署後 12 個月內達成的百分比，並發現近一半來自大中華區的交易確實令人鼓舞。

In APAC, Asia Pacific, excluding China, there is still some challenges getting projects financed.

在亞太地區（不包括中國），專案融資仍面臨一些挑戰。

And there is a continued wait for a little easing in the interest rate environment.

利率環境仍需繼續等待小幅寬鬆。

And in EMEA, you've got a similar circumstance.

在歐洲、中東和非洲地區，也有類似的情況。

Financing is continuing to be a bit of an impediment, but despite everything I just described between all the regions that we talked about, construction starts on a global basis are up that same number about 40%.

融資仍然是一個障礙，但儘管我剛才描述了我們所討論的所有地區之間的一切，但全球範圍內的開工建設數量仍增長了約 40%。

And the other thing I would tell you is the combination of some improvement in construction start activity and continued really strong performance on the conversion side.

我要告訴你的另一件事是施工開工活動的一些改善和轉換方面持續強勁的表現相結合。

We've now had 27 straight quarters with about 200,000 rooms or more under construction.

目前，我們已經連續有 27 間宿舍、約 20 萬間或更多房間在建。

So even with really strong openings, we continue to see those starts fueled the under construction pipeline.

因此，即使有非常強勁的空缺，我們仍然看到這些開工推動了正在建造的管道。

Great.

偉大的。

Thank you very much.

非常感謝。

Welcome.

歡迎。

David Katz, Jefferies.

大衛‧卡茨，傑弗里斯。

Hi, good morning, everyone.

嗨，大家早安。

Thanks for taking my questions.

感謝您回答我的問題。

What I wanted to do is just get a little further insight on the NUG guidance broadly speaking, which is the same.

我想做的只是進一步了解 NUG 指南，總的來說，這是一樣的。

And the makeup of that NUG where we're focused on, let's say, the MGM deal, which is a sort of different kind of fee structure than what you have.

我們關注的 NUG 的組成，比方說，米高梅交易，這是一種與現有的不同的費用結構。

And should we be looking at that NUG in that pipeline through a more updated lens, where there are going to be more of those kinds of deals in there?

我們是否應該透過更新的視角來看待管道中的 NUG，那裡將會有更多此類交易？

And just thinking about how we model fees in response to that NUG over time, if my question is clear enough?

如果我的問題夠清楚的話，想想我們如何隨著時間的推移對 NUG 進行收費建模？

Yes, it is.

是的。

And I think the short answer is, I don't think it should cause you to think materially differently about our NUG, about the value of our NUG, about our fee structures.

我認為簡短的答案是，我認為這不會導致您對我們的 NUG、我們的 NUG 的價值以及我們的費用結構產生重大不同的看法。

MGM was an extraordinarily exciting and unique opportunity to bring two powerhouse sets of brands together and that caused us to be creative on the deal structure.

米高梅是一個非常令人興奮和獨特的機會，將兩個強大的品牌集合在一起，這使我們在交易結構上發揮了創意。

But the vast majority of the entirety of the pipeline fits squarely in our traditional approach to managed and franchise deals.

但整個管道中的絕大多數完全符合我們管理和特許經營交易的傳統方法。

And then the only thing I would add, David, is that we are really pleased with the number of multiunit deals that we're signing.

大衛，我唯一要補充的是，我們對我們簽署的多單位交易數量感到非常滿意。

But overwhelmingly they're multiunit franchise or manage deals that our typical, but they represent an owner of wanting to sign a number of properties up with Marriott rather than a

但絕大多數情況下，他們是多單位特許經營或管理我們典型的交易，但他們代表的是希望與萬豪簽約多個物業的業主，而不是一家酒店

[onesies or twosies].

[連身衣或兩件套]。

So in that regard, it's great for our growth, and we're really pleased with the continuation of those relationships, but they don't represent a fundamental change in the nature of the agreement.

因此，從這方面來說，這對我們的成長非常有利，我們對這些關係的延續感到非常高興，但它們並不代表協議性質的根本變化。

It's really, really helpful.

這真的非常非常有幫助。

While we're on the subject, as my follow-up, could we just touch on the MDM deal and talk about how it's going, any data points or anything like that would be helpful.

當我們討論這個主題時，作為我的後續行動，我們能否談談 MDM 交易並討論它的進展情況，任何數據點或類似的東西都會有所幫助。

Thanks.

謝謝。

Yes, the short answer is, it's really going great.

是的，簡短的回答是，一切都很順利。

I talked to Bill not long ago, I think, from both companies' perspectives, we are elated at the volume of both transient and group leads that are coming through our systems.

不久前我與比爾交談過，我認為，從兩家公司的角度來看，我們對透過我們的系統提供的臨時和團體銷售線索的數量感到高興。

The number of folks that are considering linking their MGM rewards and Marriott Bonvoy accounts, the number of groups that are unique groups, that are now available to the MGM portfolio.

正在考慮將其米高梅獎勵與萬豪旅享家帳戶關聯起來的人數，以及現在可供米高梅投資組合使用的獨特團體的數量。

So I think on all fronts, we are thrilled.

所以我認為在各方面，我們都感到興奮。

Thank you.

謝謝。

Appreciate.

欣賞。

Welcome.

歡迎。

Thank you.

謝謝。

Brandt Montour, Barclays.

布蘭特·蒙圖爾，巴克萊銀行。

Good morning, everybody.

大家早安。

Thanks for taking my question.

感謝您提出我的問題。

So I want to talk about group and group pace for '25.

所以我想談談 25 年的團隊和團隊節奏。

Have you guys seen that pace remained consistent?

你們看到節奏保持一致了嗎？

Has it strengthened or softened quarter-over- quarter?

季度環比是走強還是走弱？

And have you seen any booking hesitation from large groups for '25 in relation to the election and the uncertainty around the election?

您是否看到大型團體因選舉和選舉的不確定性而在預訂 25 週年時猶豫不決？

Yes.

是的。

So good questions.

這麼好的問題。

As I mentioned in my prepared remarks, the forward bookings for the balance of '24 are consistent with last quarter with about 9% improvement.

正如我在準備好的發言中提到的，24 年剩餘時間的遠期預訂量與上季一致，增加了約 9%。

In 2025, as we look ahead.

展望2025年。

Right now, 2025 is pacing at 9%, which is a little erosion from last quarter.

目前，2025 年的成長率為 9%，較上季略有下降。

But most of the changes to the pace in room nights.

但大部分的變化是在客房夜晚的節奏。

Some of that is around the [pay or] the length of time that folks are booking now, but group continues to be a standout.

其中一些與人們現在預訂的[付費或]時間長度有關，但團體仍然是一個突出的領域。

That's great, Tony, thanks for that.

太好了，托尼，謝謝你。

And then just a second question on owned and leased.

然後是關於擁有和租賃的第二個問題。

It looks like the 2Q came in nicely ahead of plan and you raised the full year, maybe just highlight which regions stood out there and then the second half outlook for owned and how that squares with your broader sort of shifting in thoughts for that portfolio?

看起來第二季度的業績遠遠超出了計劃，而且您提高了全年業績，也許只是強調哪些地區表現突出，然後是下半年的自有前景，以及這與您對該投資組合的更廣泛的想法轉變有何關係？

Thanks.

謝謝。

Sure.

當然。

As you know, our owned lease portfolio is a bit disparate around the world, and so it can depend on certain markets.

如您所知，我們擁有的租賃投資組合在世界各地有點不同，因此它可能取決於某些市場。

Obviously in Europe and its business has been good and so those results are strong.

顯然，在歐洲，其業務一直很好，因此業績強勁。

But it also contains termination fees in that category.

但它也包含該類別的終止費用。

And I think the reality is the outlook for termination fees is a bit higher than it was a quarter ago.

我認為現實是終止費的前景比一個季度前要高一些。

It's, as you noted, a very modest change in the overall guidance.

正如您所指出的，這是整體指導方針的一個非常溫和的變化。

So we're pleased with how well the hotels are doing in that portfolio.

因此，我們對酒店在該投資組合中的表現感到滿意。

We've got a little bit of renovation impact that goes on.

我們正在進行一些改造工作。

But otherwise overall, really view of the results in that segment with a little bit more termination fees.

但總體而言，真正考慮到該細分市場的結果，但終止費用要高一些。

Great.

偉大的。

Thanks, everyone.

感謝大家。

Dan Politzer, Wells Fargo.

丹‧波利策，富國銀行。

Hey, good morning, everyone.

嘿，大家早安。

Thanks for taking my question.

感謝您提出我的問題。

In terms of the unit growth, certainly pacing well, and you've given a lot of color in terms of both China as well as ex-China.

就單位成長而言，當然進展順利，而且您在中國和中國以外地區都給出了很多色彩。

But as we think about kind of the exit pace for this year and the setup for next year, to what degree do you have confidence in achieving that 5% to 5.5% CAGR that you laid out at your Analyst Day last year?

但當我們考慮今年的退出速度和明年的安排時，您對實現去年分析師日所設定的 5% 至 5.5% 複合年增長率有多大信心？

So first of all, it won't surprise you.

所以首先，它不會讓你感到驚訝。

We're not ready to talk about specifics for next year, but we certainly continue to believe that the 5% to 5.5% guidance that we gave in September of '23 is appropriate.

我們還沒有準備好談論明年的具體細節，但我們當然仍然相信我們在 2023 年 9 月給出的 5% 到 5.5% 的指導是合適的。

Whether it, we've got a specific budget that looks at a number that is higher or not, we will get there as we move through the process.

無論我們是否有一個具體的預算來考慮更高或更低的數字，我們都會在整個過程中實現這一目標。

The thing I'd like to point out is conversion and also the adaptive reuse numbers that Tony talked about relative to Greater China.

我想指出的是托尼談到的與大中華區相關的轉換和適應性重用數字。

Given that we are looking at a roughly 30% of our room openings coming from conversions and then the adaptive reused numbers that we've talked about, I think we do continue to see a great horizon of near-term openings over the next 18 months around the world.

鑑於我們正在研究大約 30% 的房間空缺來自轉換，然後是我們討論過的自適應重用數字，我認為我們確實會在未來 18 個月內繼續看到大量近期空缺世界各地。

Tony pointed out the three luxury conversions that opened this year in the US, and those were in the year for the year conversions for the company.

托尼指出了今年在美國開業的三座豪華改建項目，這些改建項目屬於該公司的年度改建項目。

So those deals were signed this year and opened this year.

因此，這些交易是在今年簽署並在今年開業的。

So from that perspective, we do continue to feel really good about the demand for the brands and then we talked a little bit about the uptick in construction starts, and I think you put that together and that bodes well for the company's continued net rooms growth.

因此，從這個角度來看，我們確實繼續對品牌的需求感到非常滿意，然後我們談到了建築開工率的上升，我認為你把這些放在一起，這對公司的持續淨房間增長來說是個好兆頭。

Got it.

知道了。

Thank you.

謝謝。

And then just, I think, Lenny, you mentioned that leisure is still growing, albeit slowly.

然後，我想，萊尼，你提到休閒仍在增長，儘管增長緩慢。

Can you maybe unpack that a bit and talk a little bit about the underlying trends there either by chain scale or booking window or any changes you've seen in that customer base?

您能否稍微解開一下這個問題，並透過連鎖規模或預訂窗口或您在該客戶群中看到的任何變化來談談那裡的潛在趨勢？

Yes, sure.

是的，當然。

You're right.

你說得對。

We saw leisure grew 2% and whilst that's clearly nothing like group that was at 10%.

我們看到休閒成長了 2%，而團體成長了 10%。

It's still encouraging given they came out of COVID rapid fire and with huge increases in RevPAR.

考慮到他們已經擺脫了新冠疫情的快速打擊，並且每間可用房收入大幅增加，這仍然令人鼓舞。

So very pleased.

所以非常高興。

Global Leisure nights were up 2%, ADR was up 1%, and even the US and Canada leisure RevPAR was up 1%.

全球休閒過夜數成長了 2%，平均房價成長了 1%，甚至美國和加拿大的休閒 RevPAR 也成長了 1%。

And when you look at the various segments, global luxury resorts were up 41% in terms of RevPAR and US luxury resorts were up almost 1%.

從各個細分市場來看，全球豪華度假村的 RevPAR 成長了 41%，美國豪華度假村成長了近 1%。

So while I think there is at the margin I hear more caution from the US customer.

因此，雖然我認為存在一定的邊際，但我從美國客戶那裡聽到了更多的謹慎態度。

We do see that there continues to be very strong demand on the leisure front.

我們確實看到休閒方面的需求仍然非常強勁。

The other thing I'd point out is that we clearly are seeing a stronger performance in the upper chain scales than compared to the lower chain scale.

我要指出的另一件事是，我們顯然看到上游連鎖規模的表現比下游連鎖規模的表現更強。

And you're seeing that throughout the industry as well.

你在整個產業也看到了這一點。

So when you look at premium and luxury that overall is stronger than it is at the lower chain scales.

因此，當你觀察高端和豪華品牌時，你會發現整體上比低端連鎖品牌更強。

And Dan, just to provide a little more context, I mean, Leeny referenced the strength we've seen in leisure.

丹，只是為了提供更多背景信息，我的意思是，利尼提到了我們在休閒中看到的力量。

I remind yourself, leisure was the fastest customer segment to recover.

我提醒自己，休閒是恢復最快的客戶群。

And over the last five years, RevPAR in the leisure segments of 40% and so to continue to see quarter-over-quarter improvement in leisure RevPAR on the shoulders of that sort of recovery for us is quite encouraging.

在過去的五年裡，休閒領域的 RevPAR 達到了 40%，因此，在這種復甦的推動下，休閒 RevPAR 繼續實現季度環比的改善，這對我們來說是相當令人鼓舞的。

And the last thing I'll say is we do expect for the full year, while it will not be that will be relatively slower growing segment compared to group in BT.

我要說的最後一件事是，我們確實預計全年的業績，但與英國電信集團相比，該細分市場的成長速度不會相對較慢。

We still do expect it to be up for the full year as well.

我們仍然預計全年也會有所成長。

Understood.

明白了。

Thank you so much.

太感謝了。

Bill Crow, Raymond James.

比爾·克勞，雷蒙德·詹姆斯。

Hey, good morning.

嗨，早安。

If I could just start with a follow-up on that last question.

如果我可以從最後一個問題的後續行動開始。

Are you seeing the sluggishness that the low end creeping into higher income levels at this point?

您是否看到低端人群此時向高收入水平蔓延的緩慢勢頭？

No, not really.

不，不是真的。

I think one thing is just interesting is that ancillary spend around the world, US and Canada and frankly, all of the other regions, ancillary spend with a hair softer than we anticipated.

我認為有趣的是，世界各地的輔助支出，美國和加拿大，坦白說，所有其他地區的輔助支出都比我們預期的要軟。

And I think it does show that the consumer in general is perhaps being a bit more judicious about the fancy dinner or going on that extra trip when they're on vacation.

我認為這確實表明，總體而言，消費者在度假時可能對豐盛的晚餐或額外的旅行更加明智。

And that is really the only thing.

這確實是唯一的事情。

It's not trade down in any meaningful way.

這並不是以任何有意義的方式進行交易。

And as we pointed out, the resort RevPAR was sturdy, but that's really the only item that I can point to.

正如我們所指出的，度假村的 RevPAR 非常強勁，但這確實是我唯一可以指出的。

Yes, I think, Bill, the empirical data that supports Leeny's observation, when you look during the quarter at occupancy improvement by quality tier.

是的，比爾，我認為，當您在本季度按品質等級查看入住率改善情況時，這些經驗數據支持了 Leeny 的觀察。

Luxury was actually the tier that had the best improvement at almost 2.5 points of occupancy year-over-year.

豪華酒店實際上是入住率改善最好的級別，同比增長了近 2.5 個百分點。

And so again, that high end consumer continues to show real resilience and real appetite for travel.

同樣，高端消費者繼續表現出真正的韌性和對旅行的真正興趣。

I think the one thing we're watching is what Leeny pointed out and that's the ancillary spend.

我認為我們正在關注的一件事是 Leeny 指出的，那就是輔助支出。

Yes.

是的。

Okay, thanks.

好的謝謝。

If I could just follow-up with a quick one about the balance of travel between inbound and outbound international.

如果我能快速跟進國際入境和出境旅行之間的平衡問題就好了。

This was supposed to be the summer where kind of equaled out and that's not happening.

這本來應該是個夏天，但這種情況並沒有發生。

Could you just update us your thoughts on how you see that recovery playing out, especially inbound in the United States?

您能否向我們介紹一下您對復甦的看法，尤其是美國入境的復甦？

Yes.

是的。

So interestingly, inbound is about the same as it was prior to COVID, your 4.5% of the nights in the US are from cross border.

有趣的是，入境人數與新冠疫情爆發之前大致相同，在美國 4.5% 的夜晚來自跨國。

And it's the same as usual.

而且和平常一樣。

We're big cities like New York and Miami are continuing to get outsized presence from cross border travel.

我們像紐約和邁阿密這樣的大城市繼續透過跨境旅行獲得巨大的影響力。

But they also continue to be from the markets like Canada and Mexico coming to the US. case.

但他們也繼續從加拿大和墨西哥等市場來到美國。案件。

As we look at going to other markets, we are seeing that we've got a hair higher than '19 levels.

當我們考慮進入其他市場時，我們發現我們的水平比 19 年的水平高出一點點。

We're almost 20% of our business around the world as cross border.

我們全球業務的近 20% 是跨國業務。

Now part of that, the reality is we've got more international routes than we had in 2019.

事實上，我們的國際航線比 2019 年還要多。

But you continue to see with the strong US dollar, you continue to see great travel from US travelers, for example, going to Japan, going to Europe, Middle Eastern travelers traveling to many other countries.

但隨著美元走強，你會繼續看到美國遊客的大量旅行，例如前往日本、歐洲、中東遊客前往許多其他國家。

So I think the global nature of travel is only increasing, which from our perspective is fabulous.

因此，我認為旅行的全球性只會增加，從我們的角度來看，這是非常棒的。

Thank you.

謝謝。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO 資本市場。

Thank you.

謝謝。

Good morning.

早安.

Going back to China historically, that region has been a sizable outsource of travel demand globally.

回顧中國的歷史，該地區一直是全球旅遊需求的大量外包地區。

And based on the commentary that heat still appears to be largely holding.

根據評論，熱度似乎仍然在很大程度上持續。

What do you think that's the case?

您認為情況如何？

And is that something you anticipate changing?

您預計這種情況會改變嗎？

Could you repeat it?

你能重複一下嗎？

You broke up some on the question.

你在這個問題上分解了一些。

Do you mind repeating it, please?

您介意重複一遍嗎？

Sorry about that.

對於那個很抱歉。

Yes.

是的。

So just China has been a sizable outsourcer of travel demand globally.

因此，中國一直是全球旅遊需求的重要外包國。

And based on the commentary that heat still appears to be holding.

根據評論，熱度似乎仍在持續。

Why do you think that's the case?

你認為為什麼會這樣？

And is that something you expect to change given the broader weakness in China?

考慮到中國整體的疲軟狀況，您預計這種情況會改變嗎？

So I'll give you a couple of facts and also a reminder that a year ago, you were just starting to see Chinese travelers leaving the country.

因此，我將向您提供一些事實，並提醒您，一年前，您剛開始看到中國遊客離開該國。

So one of the big differences in Q2 is that with meaningfully better airlift out of China to other parts of the world.

因此，第二季的最大差異之一是從中國到世界其他地區的空運明顯改善。

And while the US airlift is still not back to where it was.

而美國的空運仍然沒有恢復到原來的水準。

Overall, they're about 75% back to where they were in terms of airlift to other countries and particularly to other countries in Asia Pacific.

總體而言，在向其他國家（尤其是亞太地區其他國家）的空運方面，他們大約恢復了 75%。

So no doubt, our Asia Pacific hotels outside of Greater China have benefited from the higher income travelers in China wanting to go outside of China.

因此，毫無疑問，我們大中華區以外的亞太地區飯店受益於中國想要出國旅遊的高收入旅客。

Now that, frankly, it was a fairer opportunity to do so on the heels of the recovery from COVID.

坦白說，在新冠疫情復甦之後，這是一個更公平的機會。

So we are seeing that.

所以我們正在看到這一點。

I will say the travel to and from the US is definitely not back to the levels that it was and we do continue to expect to see really strong outbound demand from Greater China, but I will point you again to the overall macroeconomic picture there in Greater China, which is, frankly, meant that overall levels of travel spend have not recovered as fast as perhaps might have been expected.

我想說的是，往返美國的旅行肯定不會回到原來的水平，我們確實預計大中華區的出境需求會非常強勁，但我會再次向您指出大中華區的整體宏觀經濟狀況。說，中國意味著旅行支出的整體水準尚未恢復得像預期的那麼快。

The only thing I would add or the other catalyst we've seen is the Chinese government has been more and more aggressive in striking Visa deals with preferred destinations, removing one more layer of friction for outbound Chinese travelers, especially at the high end, and we're seeing that, particularly in our results across APAC.

我唯一要補充的，或者我們看到的另一個催化劑是，中國政府越來越積極地與首選目的地達成簽證協議，為中國出境遊客（尤其是高端遊客）消除了又一層摩擦。看到了這一點，特別是在我們整個亞太地區的業績中。

Thanks for that.

感謝那。

And then just on the 40% increase in US construction starts, is there any notable difference between the starts on select service hotels versus full-service hotels?

那麼，就美國建築開工量成長 40% 而言，精選服務飯店的開工率與全方位服務飯店的開工率之間是否存在顯著差異？

No.

不。

Overwhelmingly, our pipeline, as you might imagine, is overwhelmingly limited service in any event.

正如您可能想像的那樣，無論如何，我們的管道絕大多數都是有限的服務。

And most of the full service deals that we're doing are our conversions.

我們正在進行的大部分全方位服務交易都是我們的轉換。

So this is quite similar to 2019, where they're overwhelmingly select service newbuilds.

所以這與 2019 年非常相似，他們絕大多數選擇了服務新建。

Thank you.

謝謝。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great, thank you.

太好了謝謝。

Just going back to the topic of unit growth.

回到單位成長的話題。

You talked about the increased construction starts.

您談到了開工的增加。

But if you look at sort of overall under construction as a percent of pipeline, it's still, I want to say it's 37% still quite a bit lower than that historic.

但如果你看一下整體在建工程佔管道建設的百分比，我想說，它仍然比歷史水準低很多，即 37%。

So I'm just wondering, you mentioned it's not really China is not the issue there.

所以我只是想知道，你提到這不是中國的問題。

Is it, it's a lot of projects that are sitting that haven't gotten the financing or is it actually churn and like projects falling out, new projects coming in.

是的，是許多專案尚未獲得融資，還是實際上正在流失，就像專案退出一樣，新專案進來。

So that percent of under construction isn't necessarily ticking up?

那麼在建工程的百分比不一定會上升？

Just any color around that?

周圍有任何顏色嗎？

Thanks.

謝謝。

Yes, definitely not sure.

是的，絕對不確定。

And I mean, we continue to see kind of historic low levels of dropdowns from the pipeline.

我的意思是，我們繼續看到管道中的跌幅處於歷史低點。

I think here in the US, while we're encouraged by that pickup of 40%, you still, and it's a bit ironic because when you talk to the lenders, often the hospitality component of their commercial real estate portfolios are the best subset of that portfolio.

我認為在美國，雖然我們對40% 的增長感到鼓舞，但你仍然感到鼓舞，這有點諷刺，因為當你與貸方交談時，他們的商業房地產投資組合中的酒店部分通常是最好的子集。

But the availability of construction debt is still relatively constricted to where we were in a pre pandemic situation.

但建築債務的可取得性仍相對局限於疫情前的情況。

And as a result, we're not back to where we were pre-pandemic terms as shovels in the ground.

結果，我們並沒有回到大流行前的狀態，即鏟子在地上。

Trends are going in the right direction, but we're just not all the way back yet.

趨勢正在朝著正確的方向發展，但我們還沒有完全回歸正軌。

Okay, thank you.

好的謝謝。

And just as a follow-up, looking at 2025, and I know you haven't guided specifically, but you had that sort of two year guidance that kind of implies for 2025.

作為後續行動，展望 2025 年，我知道您沒有具體提供指導，但您有那種暗示 2025 年的兩年指導。

That conversions will kind of accelerate, I think as a percent of volume new units next year.

我認為這種轉換將加速，佔明年新單位銷售的百分比。

And I think conversions are already a greater contributor to your net unit growth and historic, just looking at that 30% this maybe you can refresh us maybe that's, I'm not remembering that right.

我認為轉化已經對你的淨單位成長和歷史貢獻做出了更大的貢獻，只要看看那 30%，也許你可以讓我們耳目一新，也許是這樣，我記錯了。

But from if you're already at sort of the higher that historic percent, help us think about what dynamics you're expecting that will sort of drive incremental conversions as a percent of total for 2025.

但是，如果您已經處於歷史百分比較高的水平，請幫助我們思考您期望哪些動態將推動 2025 年增量轉換佔總轉換的百分比。

And because of there's acceleration overall, your unit growth expectation.

由於整體加速，您的單位成長預期。

It's not just acceleration in percent of total, acceleration in absolute units as well.

它不只是以總百分比表示的加速度，更以絕對單位表示的加速度。

Thanks.

謝謝。

Yes.

是的。

So again, as Leeny pointed out earlier, we're not quite ready to put a stake in the ground on specific guidance for '25.

因此，正如 Leeny 之前指出的那樣，我們還沒有準備好在 25 年的具體指導方針上下注。

But we continue to see conversion volume at 30-plus percent of both signings and openings.

但我們仍然看到簽約量和空缺職位的轉換量都超過 30%。

It feels like our momentum in conversions is accelerating and it's really encouraging to see the way the owner and franchise community is gravitating towards the strength of our revenue engines.

感覺我們的轉換動能正在加速，看到業主和特許經營社區被我們的收入引擎的力量所吸引，真是令人鼓舞。

Thank you.

謝謝。

You're welcome.

不客氣。

Patrick Scholes, Truist Securities.

帕特里克·斯科爾斯 (Patrick Scholes)，Truist 證券公司。

Great.

偉大的。

Good morning, everyone.

大家，早安。

My first question, how would you describe your visibility as far bookings in China as opposed to the US?

我的第一個問題，您如何描述您在中國（而不是美國）的預訂知名度？

Even more granular, what would you say the typical booking window looks like for China versus over here?

更具體地說，您認為中國和美國的典型預訂窗口是什麼樣的？

Thank you.

謝謝。

Yes.

是的。

So I think our visibility is pretty good, but the booking window is historically short right now.

所以我認為我們的能見度非​​常好，但目前的預訂窗口從歷史上看很短。

And so that's making it challenging for us to look much beyond the end of this year.

因此，這使得我們很難展望今年年底後的情況。

Right now, you are seeing very, very short term booking window kind of one to three days versus what we see around most of the rest of the world is closer to 20 days.

現在，您會看到非常非常短期的預訂窗口，大約 1 到 3 天，而我們在世界其他大部分地區看到的預訂窗口接近 20 天。

Okay, thank you.

好的謝謝。

And then a different topic here.

然後這裡有一個不同的主題。

I'm wondering if you could give us an update on your recent trends for spending key money to make development happen?

我想知道您能否向我們介紹一下您最近花費大量資金來實現發展的趨勢？

Thank you.

謝謝。

Of course, it's a trend that we analyze quite a bit ourselves.

當然，我們自己對這一趨勢進行了大量分析。

And so I'm going to give you a couple statistics.

因此，我將向您提供一些統計數據。

We're only halfway through '24.

24 年才剛過一半。

So I'm going to compare 2019 to 2023 full year.

所以我將比較 2019 年和 2023 年全年。

It's interesting the percentage of deals in full year 2023 that required key money is actually a bit lower than what we saw in 2019.

有趣的是，2023 年全年需要關鍵資金的交易百分比實際上比我們在 2019 年看到的要低一些。

And similarly, the amount of key money offered in deals that had key money in 2023 was almost 10% lower than what we saw in 2019.

同樣，2023 年有關鍵資金的交易中提供的關鍵資金金額比 2019 年低了近 10%。

Now to be sure, there's a couple of other trends below the surface of those encouraging statistics.

現在可以肯定的是，在這些令人鼓舞的統計數據的表面之下還存在一些其他趨勢。

To be sure the environment is becoming more and more competitive, and we continue to apply the same lens we've always supplied, which is in deals that are strategic and have significant fee upside that's when we consider leveraging the company's balance sheet.

為了確保環境變得越來越有競爭力，我們繼續應用我們一直提供的相同鏡頭，即在策略性交易中，並且當我們考慮利用公司的資產負債表時，會產生顯著的費用上漲。

And number two, back in 2019, I don't know the precise statistic, but the bulk of the key money we deployed would have been in the upper upscale and luxury, and I think now you are seeing selectively the opportunity or the need to deploy key money or other capital tools lower in the quality tier frameworks.

第二，早在 2019 年，我不知道確切的統計數據，但我們部署的大部分關鍵資金都將用於高端和奢侈品領域，我認為現在您正在選擇性地看到機會或需要在品質層框架中部署關鍵資金或其他較低的資本工具。

Thank you for the color.

謝謝你的顏色。

Michael Bellisario, Baird.

邁克爾貝利薩裡奧，貝爾德。

Thanks.

謝謝。

Good morning, everyone.

大家，早安。

Just first question, just to follow up on the ancillary spend.

只是第一個問題，只是為了跟進輔助支出。

Is the lower non-RevPAR fee outlook, is that being driven by lower card spending?

非RevPAR費用前景較低是否是因為信用卡支出減少所致？

And then are you also seeing that softer ancillary spend within the group segment?

那麼您是否也看到集團內部的輔助支出疲軟？

Or is that comment just specific to leisure transient?

還是這個評論只是針對休閒短暫的？

Yes.

是的。

No.

不。

So good questions.

這麼好的問題。

I would say the lower ancillary spend is across the board.

我想說的是，輔助支出全面下降。

So a little bit, only a little bit, but a little bit everywhere both leisure as well as group.

所以一點點，只有一點點，但無論是休閒還是團體，到處都是一點點。

And then on the non- RevPAR spend, overall, we are still seeing credit card spend go up very nicely.

然後，在非 RevPAR 支出方面，總體而言，我們仍然看到信用卡支出成長得非常好。

We're still looking at credit card fees being up 10% in 2024.

我們仍預期 2024 年信用卡費用將上漲 10%。

It is the average spend that has moderated a little bit in terms of a typical cardholder in the US, but again, only very, very small amount.

就美國典型持卡人而言，平均支出略有下降，但金額也非常非常小。

And just as a reminder, the ancillary spend is related to credit card spend because obviously, people use their credit cards to buy these things.

提醒一下，輔助支出與信用卡支出有關，因為顯然，人們使用信用卡購買這些東西。

But our ancillary revenues are going to come through the RevPAR line because those are earned at hotels.

但我們的輔助收入將透過 RevPAR 線獲得，因為這些收入是在飯店賺取的。

The non-RevPAR fees are entirely a function of what's going on, obviously, in residential and timeshare and in the credit cards.

顯然，非每間客房收入費用完全取決於住宅、分時度假以及信用卡領域的情況。

And that's where to your point, we're seeing average spend moderate a bit.

這就是您的觀點，我們看到平均支出略有下降。

But again, overall, credit card spend will go up very nicely because we're really pleased with the adding of new cardholders to our portfolio.

但總的來說，信用卡支出將大幅成長，因為我們對新持卡人加入我們的投資組合感到非常滿意。

Got it.

知道了。

Understood.

明白了。

And just one follow-up just on your lower-end chain scales.

只需針對您的低端連鎖秤進行後續行動。

You noted a lot of discussions and signings, but where are you at with shovels in the ground, say, for StudioRes, and then are you still focused on the multiunit development deals?

您注意到了很多討論和簽約，但是您在 StudioRes 上的鏟子處於什麼位置，那麼您是否仍然專注於多單元開發交易？

And then when do you switch to single asset deals?

然後什麼時候轉向單一資產交易？

Thank you.

謝謝。

Yes.

是的。

So as we spoke about before, we are really pleased with the large number of multiunit conversion deals that we've had under discussion and in some cases closed around the world.

正如我們之前談到的，我們對世界各地正在討論的大量多單元轉換交易感到非常滿意，這些交易在某些情況下已經完成。

So that is great.

所以那太好了。

And then we've talked about specifically in the mid-scale as having over 300 hotels under discussion with multiunit developers.

然後我們特別討論了中型酒店，即正在與多單元開發商討論 300 多家酒店。

And we are seeing more of them actually put the shovels in the ground.

我們看到越來越多的人實際上把鏟子埋在地裡。

Operator?

操作員？

We have used up our allotted time for questions.

我們已經用完了分配的提問時間。

I will now turn the call over to Tony for closing remarks.

現在我將把電話轉給托尼做總結發言。

Great.

偉大的。

Well, as always, thank you again for your interest in Marriott.

一如既往，再次感謝您對萬豪酒店的關注。

I hope you enjoy the balance of the summer.

我希望你享受夏天的平衡。

Hope you're out on the road, and we'll look forward to speaking to you next quarter.

希望您能夠上路，我們期待下個季度與您交談。

Thanks.

謝謝。

This does conclude today's Marriott International Q2 2024 earnings.

今天的萬豪國際集團 2024 年第二季財報就到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at any time.

您可以隨時斷開連線。