萬豪國際 (MAR) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to the Marriott International Q4 2024 earnings call. (Operator Instructions) Please note today's call will be recorded. (Operator Instructions) It is now my pleasure to turn today's conference over to Jackie McConagha, Senior Vice President of Investor Relations.

大家好，歡迎參加萬豪國際 2024 年第四季財報電話會議。（操作員指示）請注意，今天的通話將會被錄音。（操作員指示）現在我很高興將今天的會議交給投資者關係資深副總裁 Jackie McConagha。

Thank you. Good morning, everyone, and welcome to Marriott's fourth 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 Pilar Fernandez, our new Senior Director of Investor Relations.

謝謝。大家早安，歡迎參加萬豪 2024 年第四季財報電話會議。今天與我一起通話的有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；以及我們新任投資者關係高級總監 Pilar Fernandez。

Before we begin, I would like to remind everyone that many of our comments today are not historical facts that 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.

在我們開始之前，我想提醒大家，我們今天的許多評論並不是根據聯邦證券法被視為前瞻性陳述的歷史事實。這些聲明受到我們提交給美國證券交易委員會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 revenue comments reflect system-wide constant currency result or 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層面收入評論反映的是全系統固定匯率結果或可比酒店，並且所有變化均指可比期間的同比變化。我們今天早些時候發表的評論和新聞稿中的聲明僅在今天有效，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報告和所有非 GAAP 財務指標的對帳表。

And now I will turn the call over to Tony.

現在我將電話轉給托尼。

Thanks, Jackie, and good morning, everyone. Marriott had excellent results in 2024, reflecting continued robust demand for customers, owners and franchisees for our more than 30 brands. For the full year, we achieved net rooms growth of 6.8% and global RevPAR rose over 4%. We ended the year on a high note with fourth quarter worldwide RevPAR increasing 5%. ADR rose 3%, and occupancy increased over 1-percentage-point. All of our regions produced better RevPAR growth than we had previously expected, with strength across all of our customer segments.

謝謝，Jackie，大家早安。萬豪在 2024 年取得了出色的業績，反映出我們 30 多個品牌的客戶、業主和特許經營商的需求持續強勁。全年，我們實現了淨客房成長 6.8%，全球 RevPAR 成長超過 4%。我們以第四季度全球 RevPAR 成長 5% 的良好業績結束了這一財年。平均房價上漲 3%，入住率增加超過 1 個百分點。我們所有地區的 RevPAR 成長都超出了我們先前的預期，所有客戶群都表現強勁。

The US and Canada saw its best quarterly RevPAR growth for the year with fourth quarter RevPAR rising over 4%, primarily driven by a higher ADR. The drop in occupancy around November's US selection was not as severe as we had anticipated with demand rebounding quickly after the election.

美國和加拿大的季度 RevPAR 增幅為今年最佳，第四季 RevPAR 增幅超過 4%，主要得益於 ADR 的提高。11 月美國大選前後的入住率下降並不像我們預期的那麼嚴重，大選結束後需求迅速反彈。

International RevPAR rose over 7% in the quarter, driven by a 4% rise in ADR and a 2-percentage-point gain in occupancy. APAP RevPAR increased 12.5%, led by strong growth in Japan, India and Thailand and aided by strong cross-border demand, especially from Greater China. RevPAR in the EMEA region rose 8%, with broad-based growth across the region led by strong leisure demand.

本季國際 RevPAR 成長超過 7%，主要得益於 ADR 成長 4% 以及入住率上升 2 個百分點。APAP RevPAR 成長 12.5%，主要得益於日本、印度和泰國的強勁成長，以及強勁的跨境需求，尤​​其是來自大中華區的需求。歐洲、中東和非洲地區的 RevPAR 成長了 8%，該地區的全面成長主要得益於強勁的休閒需求。

RevPAR in Greater China declined 2% better than prior expectations as the region benefited from the recent expanded visa-free transit policy and better-than-anticipated demand across multiple holidays and citywide events.

大中華區平均每間可用客房收入下降 2%，降幅好於此前預期，主要由於該地區受益於近期擴大的免簽過境政策，以及多個節假日和城市活動期間好於預期的需求。

By region, RevPAR growth was positive in Tier 1 cities, Hong Kong, Macau and Taiwan, while Hainan Island again saw the largest RevPAR decline. Hainan was again impacted by weak domestic leisure demand as wealthier travelers continue to vacation across other parts of the region. However, Hainan did see nice sequential improvement with RevPAR down 16% in the quarter compared to down 24% in Q3.

從區域來看，一線城市及香港、澳門、台灣的RevPAR均實現正成長，海南島則再次遭遇最大幅度的RevPAR跌幅。由於富裕的遊客繼續前往該地區的其他地區度假，海南再次受到國內休閒需求疲軟的影響。不過，海南航空的 RevPAR 環比成長確實較快，本季 RevPAR 下降 16%，第三季則下降了 24%。

Turning to trends by customer segment, leisure, which comprises the largest portion of global room nights at 44% had its strongest RevPAR growth quarter of the year and was the fastest growing of our customer segments. Fourth quarter leisure RevPAR was 6% globally and 4% in the US and Canada, driven by gains in both room nights and ADR with strength across all tiers from luxury to select service.

從顧客細分趨勢來看，休閒旅遊佔全球客房預訂間夜量的最大份額（44%），是今年第一季 RevPAR 成長最強勁的旅遊客群，也是我們客戶細分中成長最快的客群。第四季度，全球休閒飯店 RevPAR 成長 6%，美國和加拿大成長 4%，這得益於間夜量和平均房價的上漲，從豪華飯店到精選服務等各個層級的飯店均有成長。

Business transient contributed 33% of global room nights in the fourth quarter. Solid gains in ADR drove business transient RevPAR up 3% globally and up 4% in the US and Canada. Group RevPAR, which comprised 23% of room nights rose 3% in the quarter. As expected, this was group's lowest growth quarter of the year due to fewer group events in the US around November's election and a decline in group RevPAR in Greater China.

商務臨時住宿貢獻了第四季全球間夜量的33%。平均房價的穩定成長推動全球業務瞬間每間可用客房收入上漲 3%，美國和加拿大上漲 4%。集團 RevPAR 佔客房晚數的 23%，本季上漲了 3%。正如預期，由於十一月大選前後美國團體活動減少，以及大中華區的團體 RevPAR 下降，這是該集團今年增長最低的季度。

Looking at full year 2024, all customer segments experienced solid RevPAR growth on a global basis. Group increased an impressive 8% and leisure and business transient rising 3%, respectively. As Leeny will discuss during her remarks, we are pleased with the solid momentum we have in our business as we start off 2025. At the end of 2024, global group revenues were pacing up 6% for 2025 and 10% for 2026 on increases in both room nights and average daily rate.

展望 2024 年全年，全球所有客戶群的 RevPAR 均經歷了穩健的成長。團體客流量成長了 8%，休閒和商務客流量分別成長了 3%。正如 Leeny 在發言中所說，我們對 2025 年開始業務的強勁發展勢頭感到滿意。截至 2024 年底，由於客房晚數和平均每日房價均有所增加，全球集團營收在 2025 年將成長 6%，在 2026 年將成長 10%。

Shifting to development, 2024 was another terrific year. Net rooms grew 6.8%, helped by the addition of around 38,000 rooms from our agreement with MGM and approximately 9,000 rooms from Sander. Conversions were again a large driver of growth in 2024, contributing about a third of our signings and over half of our openings. Our industry-leading global lodging portfolio now goes over 1.7 million rooms across 144 countries and territories. With a record of over 1,200 deals signed last year, we ended the year with over 577,000 rooms in our pipeline.

從發展角度來看，2024 年又是輝煌的一年。淨客房數量增加了 6.8%，這得益於我們與米高梅簽訂的協議增加了約 38,000 間客房，以及與桑德簽訂的協議增加了約 9,000 間客房。轉換再次成為 2024 年成長的主要動力，貢獻了我們簽約量的三分之一和開業量的一半以上。我們業界領先的全球住宿組合現已覆蓋 144 個國家和地區的 170 多萬間客房。去年，我們創下了超過 1,200 份協議的記錄，年底，我們計劃提供超過 577,000 間客房。

In the US and Canada, our largest market, we led the industry in growth room additions with around one-third of all rooms opened during the year flying one of Marriott's flags. While financing in the US remains particularly challenging for new construction, we also had the leading share of new build construction starts in 2024 as banks have shown preference for deals associated with our strong brands and an experienced player like Marriott.

在我們最大的市場美國和加拿大，我們的客房新增量成長速度居行業首位，全年開幕客房總數的約三分之一都是萬豪旗下酒店。儘管在美國，新建築的融資仍然特別具有挑戰性，但我們在 2024 年的新建築開工量中也佔據領先地位，因為銀行傾向於與我們強勢品牌和萬豪等經驗豐富的參與者相關的交易。

During the year, we also meaningfully expanded the breadth and depth of our portfolio across customer tiers, from luxury to mid-scale and across both traditional and alternative lodging product offerings. We continue to have strong owner interest in all of our mid-scale brands, given their compelling brand design, the power of our revenue engines and their simple bundled affiliation costs, which we believe were the lowest in the industry. At the end of the year, we had over 300 open and pipeline Four Points Flex, Studio Res and City Express by Marriott properties, just 1.5 years after entering the mid-scale tier.

這一年，我們也大幅拓展了飯店產品組合的廣度和深度，涵蓋了從豪華飯店到中檔飯店等不同客戶層級，以及傳統和另類住宿產品。鑑於我們所有中型品牌的引人注目的品牌設計、我們強大的收益引擎以及簡單的捆綁加盟成本（我們認為這些成本是業內最低的），我們所有的中型品牌仍然擁有強烈的業主興趣。截至年底，我們已擁有超過 300 家已開業和正在建造的 Four Points Flex、Studio Res 和 City Express by Marriott 酒店，而這距離我們進入中端酒店市場僅過去了 1.5 年。

We also continue to expand our incredible luxury portfolio with the opening of several notable hotels, including the St. Regis on the Bund in Shanghai and Ws in Prague and Sao Paulo. In the nontraditional lodging space, in December, we announced our plan to launch an outdoor-focused collection, which will be anchored by founding deals with postcard cabins and trail 2 innovative outdoor hospitality brands. Ellman, the second luxury super yacht in the Ritz-Carlton Yacht collection had its maiden voyage in the Mediterranean last September, our third super yacht Luminara is expected to set sale this summer. with itineraries in the Mediterranean, Asia, Alaska and Canada.

我們也繼續擴大我們令人難以置信的豪華酒店組合，開設了幾家著名酒店，包括上海外灘瑞吉酒店以及布拉格和聖保羅的 Ws 酒店。在非傳統住宿領域，我們於 12 月宣布了推出以戶外為重點的系列產品的計劃，該系列產品將以與明信片小屋和小徑 2 個創新戶外酒店品牌達成的創始協議為基礎。麗茲卡爾頓遊艇系列的第二艘豪華超級遊艇「Ellman」去年9月在地中海首航，我們的第三艘超級遊艇「Luminara」預計將於今年夏天發售。行程包括地中海、亞洲、阿拉斯加和加拿大。

Our focus on offering fantastic travel experiences for every trip purpose is key to ensuring that Marriott Bonvoy remains the industry's leading travel platform. We added over 31 million new members to our loyalty program last year, growing to nearly 228 million members at year-end. Bonvoy member penetration of room nights achieved historic size in the fourth quarter at 73% in the US and 66% globally.

我們專注於為每位旅行目的提供精彩的旅行體驗，這是確保萬豪旅享家繼續保持業界領先旅行平台地位的關鍵。去年，我們的忠誠度計畫新增了 3,100 多萬名新會員，年底會員總數成長至近 2.28 億名。第四季度，Bonvoy 會員間夜滲透率達到歷史最高水平，在美國達到 73%，在全球達到 66%。

As we grow that member base and our global portfolio and add travel adjacent products and collaborations like our 33 co-brand credit cards and tie-ups with partners like Uber and Starbucks, we are deepening engagement with our members and capturing more of our customers' share of wallet.

隨著我們會員基礎和全球投資組合的擴大，以及旅遊相關產品的增加和合作，例如我們的 33 張聯名信用卡以及與優步和星巴克等合作夥伴的合作，我們正在深化與會員的互動，並吸引更多客戶的錢包份額。

Driven by a strong increase in global card spend, our co-brand credit card fees rose nearly 10% last year. Our digital channels and mobile in particular, remain key drivers of direct clocking at a lower cost to our owners. In 2024, Marriott Bonvoy app downloads rose nearly 30% year-over-year. We're excited about enhancing the customer experience across all our digital channels through the multiyear digital transformation we have underway that we expect to begin rolling out a little later this year.

受全球信用卡消費強勁成長的推動，我們的聯名信用卡費用去年上漲了近 10%。我們的數位管道，尤其是行動管道，仍然是我們以較低成本為業主提供直接計時服務的關鍵驅動力。2024 年，萬豪旅享家應用程式下載量年增近 30%。我們很高興能夠透過正在進行的多年數位轉型來提升所有數位管道的客戶體驗，我們預計將在今年稍後開始推出這項轉型。

Before I turn the call over to Leeny to discuss our financial results in more detail, I want to thank our teams around the world for their hard work and dedication and for making Marriott a place where innovation and excellence (inaudible). Leeny?

在我將電話轉給 Leeny 詳細討論我們的財務表現之前，我想感謝我們全球團隊的辛勤工作和奉獻精神，感謝他們讓萬豪成為一個創新和卓越的地方。（聽不清楚）。李尼？

Thank you, Tony. I'll start by reviewing our solid financial performance. Fourth quarter total gross fee revenues grew 7% to $1.3 billion, primarily due to higher RevPAR, room additions, 13% increase in credit card fees and a near doubling of residential branding fees. Incentive management fees are IMF decreased year-over-year as strength in APAC was offset by declines in Greater China and in the US and Canada. The decline in the US and Canada was primarily driven by lower fees in Maui given the timing of fee recognition in the prior year.

謝謝你，托尼。首先我想回顧一下我們穩健的財務表現。第四季總費用收入成長 7% 至 13 億美元，主要由於 RevPAR 增加、客房增加、信用卡費用增加 13% 以及住宅品牌費用增加近一倍。激勵管理費用較去年同期下降，因為亞太地區的強勢被大中華區、美國和加拿大的下滑所抵銷。美國和加拿大的下降主要是由於毛伊島的費用降低，因為考慮到上一年費用確認的時間。

G&A declined 12% year-over-year to $289 million, primarily due to lower administrative bad debt and litigation expenses. Fourth quarter adjusted EBITDA grew 7% to $1.29 billion. At the hotel level, profit margins at our worldwide managed hotels rose 110 basis points in the quarter and 40 basis points for the year helped by continued productivity improvements. We are also pleased that our guest surveys indicated that customer satisfaction continued to rise with our 2024 intent to recommend scores increasing in every one of our regions.

一般及行政開支年減 12% 至 2.89 億美元，主要由於行政壞帳和訴訟費用減少。第四季調整後 EBITDA 成長 7% 至 12.9 億美元。在飯店層面，由於生產效率的持續提高，我們在全球範圍內管理的酒店的利潤率在本季度上漲了 110 個基點，全年上漲了 40 個基點。我們也很高興地看到，我們的客人調查顯示，隨著我們 2024 年每個地區的推薦意向分數不斷提高，客戶滿意度持續上升。

For the full year, gross fees and adjusted EBITDA both increased 7%. We were pleased that with the power of our strong cash-generating asset-light business model and our disciplined investment, we returned over $4.4 billion to shareholders through a combination of dividends and buybacks. I'll now talk about our 2025 expectations, starting with net rooms growth. With our industry-leading pipeline and strong momentum in conversions, we expect net rooms growth of 4% to 5%.

全年總費用和調整後 EBITDA 均成長 7%。我們很高興，憑藉強大的現金創造輕資產業務模式和嚴謹的投資，我們透過股利和回購的方式向股東返還了超過 44 億美元。現在我將談談我們對 2025 年的期望，首先是淨客房增長。憑藉我們行業領先的管道和強勁的轉換勢頭，我們預計淨客房成長率將達到 4% 至 5%。

Conversions, of course, can enter the system quickly. Conversions that were added to our system in 2024 have been in the pipeline for 14 months on average and nearly 20% of conversions opened so quickly, they were not in any quarter end pipeline number. Over the three year period from year-end '22 to year-end '25, we continue to expect net rooms to grow at a compound annual growth rate of 5% to 5.5% we discussed at our 2023 Investor Meeting.

當然，轉換可以快速進入系統。2024 年添加到我們系統中的轉換平均已在管道中待了 14 個月，並且近 20% 的轉換打開得非常快，以至於它們不在任何季度末的管道編號中。從 2022 年底到 2025 年底的三年內，我們預計淨客房數量將繼續以 5% 至 5.5% 的複合年增長率增長，正如我們在 2023 年投資者會議上討論的那樣。

For full year '25, we expect global RevPAR growth of 2% to 4%. With the exception of Greater China, RevPAR growth in international regions, though continuing to normalize is again expected to be higher than in the US and Canada. We currently anticipate RevPAR in Greater China to be roughly flat year-over-year. As Tony discussed, we're off to a great start with January RevPAR rising 6% globally.

我們預計 2025 年全年全球 RevPAR 成長率將達到 2% 至 4%。除大中華區外，國際地區的 RevPAR 成長儘管繼續正常化，但預計將高於美國和加拿大。我們目前預計大中華區的 RevPAR 將與去年同期大致持平。正如 Tony 所說，我們開局良好，1 月全球 RevPAR 成長 6%。

The sensitivity of 1-percentage-point change in full year 2025 RevPAR versus 2024 could be around $50 million to $60 million of RevPAR-related fees and $5 billion in owned leased profits. For the full year, gross fees could rise 4% to 6% to around $5.4 billion to $5.5 billion. Co-brand credit card fee growth could be a couple of hundred basis points lower than the nearly 10% growth in '24, primarily due to the normalization of international card fee growth.

2025 年全年 RevPAR 與 2024 年相比，1 個百分點的變化敏感度可能約為 5,000 萬至 6,000 萬美元的 RevPAR 相關費用和 50 億美元的自有租賃利潤。就全年而言，總費用可能上漲 4% 至 6%，達到 54 億美元至 55 億美元左右。聯名信用卡費用成長可能比24年的近10%的增幅低幾百個基點，這主要是因為國際卡費用成長正常化。

Residential branding fees could decline nearly 50%, solely due to the timing of unit sales. While timeshare fees as usual are expected to be relatively in line with the prior year at around $110 million. FX is expected to negatively impact gross fees by roughly $25 million. Owned, leased and other revenues, net of expenses, is expected to total $345 million to $355 million, relatively in line with 2024's results somewhat impacted by a larger number of renovations at our owned and leased hotels. 2025 G&A expense is anticipated to decline 8% to 10% to $965 million to $985 million. This decline is the result of the expected $80 million to $90 million of above property savings from our enterprise-wide initiative to enhance our effectiveness and efficiency across the company.

住宅品牌費用可能會下降近 50%，這完全是由於單位銷售的時間表。而分時度假費用預計將與去年基本持平，約 1.1 億美元。特效預計將對總費用產生約 2500 萬美元的負面影響。扣除費用後的自有、租賃和其他收入預計總計 3.45 億至 3.55 億美元，與 2024 年的業績相對一致，但受到我們自有和租賃酒店大量翻新工程的影響。預計 2025 年 G&A 費用將下降 8% 至 10%，至 9.65 億美元至 9.85 億美元。這一下降是由於我們採取了全公司範圍的措施來提高整個公司的效力和效率，預計可節省 8,000 萬至 9,000 萬美元的財產費用。

As we previously noted, this process should also yield cost savings to our owners and franchisees. In December, we announced that we would reduce our loyalty charge-out rates by roughly 5%. Full year adjusted EBITDA could increase between 6% and 9% to roughly $5.3 billion to $5.4 billion. Full year adjusted diluted EPS could total $9.82 to $10.19. EPS growth will be impacted by an expected effective tax rate of around 26%, compared to under 25% in 2024, reflecting certain international tax rate changes.

正如我們之前提到的，這個過程還可以為我們的業主和特許經營商節省成本。12 月，我們宣布將忠誠度收費率降低約 5%。全年調整後 EBITDA 可能成長 6% 至 9%，達到約 53 億美元至 54 億美元。全年調整後攤薄每股收益可能總計 9.82 美元至 10.19 美元。預計每股收益成長將受到約 26% 的有效稅率的影響，而 2024 年的有效稅率將低於 25%，這反映了某些國際稅率的變化。

Our underlying core cash tax rate is anticipated to remain in the low 20s percent range. For the first quarter, global RevPAR could increase 3% to 4%, benefiting from Easter shifting from March to April this year as well as January's inauguration and the Super Bowl in New Orleans benefiting the US and Canada. First quarter gross fees could increase 2% to 3.5%. Solid growth in management and franchise fees are expected to be partially offset by a decline in IMS partly due to a decline in Greater China, given their strong first quarter a year ago as well as certain properties in the US and Canada undergoing renovations.

我們的核心現金稅率預計將維持在 20% 以下。第一季度，全球 RevPAR 預計將成長 3% 至 4%，這得益於今年復活節從 3 月移至 4 月，以及 1 月份的就職典禮和新奧爾良超級盃賽事將對美國和加拿大有利。第一季的總費用可能增加 2% 至 3.5%。管理和特許經營費用的穩健成長預計將被 IMS 的下滑部分抵消，IMS 的下滑部分歸因於大中華區的下滑，因為去年第一季大中華區表現強勁，而且美國和加拿大的部分物業正在進行翻新。

First quarter owned, leased and other revenue net of expenses of around $55 million is expected to decline year-over-year, primarily due to the elegant portfolio undergoing renovations as well as the timing of termination fees. We expect $1 billion to $1.1 billion of investment spending in 2025. There are three major areas of expected spending that are each around a third of this total.

第一季自有、租賃和其他收入扣除費用後預計約為 5,500 萬美元，較上年同期下降，主要原因是優雅的投資組合正在進行翻新，以及終止費用的時機。我們預計 2025 年的投資支出將達到 10 億至 11 億美元。預計支出的三大領域各佔總數的三分之一左右。

The first bucket is another year of higher than historical investment in technology. Over half of this investment is associated with the multiyear transformation of our property management, reservations and loyalty systems, the overwhelming portion of which is expected to be reimbursed over time. The second bucket is spending for our owned lease portfolio. This spending is expected to be above historical levels in '25 with about half of the expected investment driven by the completion of renovations on the elegant portfolio in Barbados as well as renovations on a handful of other hotels.

第一個時段是另一年高於歷史水準的技術投資。超過一半的投資與我們多年對物業管理、預訂和忠誠度系統的轉型有關，其中絕大部分預計將隨著時間的推移而償還。第二個支出項目是用於我們自有的租賃組合的支出。預計這筆支出將在25年高於歷史水平，其中約一半的預期投資來自巴貝多優雅酒店組合以及其他幾家酒店的翻新工程。

We expect to sell the elegant portfolio after renovations are complete, subject to long-term contract to remain in our system. The last bucket is expected investment in our contracts, largely for new units as we continue to expand our global portfolio. Our capital allocation philosophy has not changed. We're committed to our investment-grade rating and investing in growth that's accretive to shareholder value. Excess capital is returned to shareholders through a combination of share repurchase and a modest cash dividend, which has risen meaningfully over time.

我們預計在裝修完成後出售這套優雅的建築組合，但需簽訂長期合約以保留在我們的系統中。最後一個部分是預期對我們的合約進行的投資，主要用於新單位，因為我們將繼續擴大我們的全球投資組合。我們的資本配置理念沒有改變。我們致力於我們的投資等級評級並投資於能夠增加股東價值的成長。剩餘資本透過股票回購和適度現金股利相結合的方式返還給股東，並且隨著時間的推移，剩餘資本大幅增加。

In 2025, we expect another year of strong capital returns of approximately $4 billion. Full guidance assumptions and details for the first quarter and the full year are in the press release. Tony and I are now happy to take your questions. Operator?

2025 年，我們預計資本回報將再次強勁，約 40 億美元。第一季和全年的完整指導假設和詳細資訊請參閱新聞稿。托尼和我現在很高興回答你們的問題。操作員？

(Operator Instructions)

（操作員指令）

Shaun Kelley, Bank of America.

美國銀行的肖恩·凱利（Shaun Kelley）。

Tony, Leeny, I was hoping you could just update us on your cost kind of transformation and efficiency program, if you could. Obviously, this is sort of a unique initiative to Marriott. What did you learn out of that? What areas have been a focus on? We've heard a little bit about select service management. And sort of what's been some of the response from the ownership community and internally?

東尼、萊尼，如果可以的話，我希望你們能向我們介紹一下你們的成本轉型和效率計劃。顯然，這對萬豪來說是一種獨特的舉措。你從中學到了什麼？重點關注哪些領域？我們聽說過一些有關選擇服務管理的事情。所有權社群和內部的一些反應如何？

Sure. Well, thanks for the question, Shaun. It's obviously a little early the resultant impact to our org structure and model are really just -- have just been put in place. So I think most of my responses are going to be a little more qualitative where I will tell you internally, I think there is energy across the enterprise, about how streamlined our decision-making will be as a result of this, particularly in the field.

當然。好吧，謝謝你的提問，肖恩。顯然，現在說這個還為時過早，因為它對我們的組織結構和模式的影響才剛剛產生。因此，我認為我的大部分回答都會更加定性一些，我會從內部告訴你，我認為整個企業都充滿活力，我們的決策將因此變得多麼精簡，特別是在現場。

And I have heard parallel enthusiasm from the owner and franchisee community. Their ability to engage with the continent teams who they deal with each and every day. They can already feel the empowerment in the continents. And I think they have high hopes for how that will improve the relationship we have with the owner and franchisee community.

我還聽到了業主和特許經營商群體同樣的熱情。他們與每天打交道的大陸團隊互動的能力。他們已經可以在各大洲感受到這種力量。我認為他們對如何改善我們與業主和特許經營商社群之間的關係寄予厚望。

And then maybe, Leeny, just as a quick follow-up, the investment spending buckets are a bit higher than what was outlined kind of back at the Analyst Day a couple of years -- 18 months ago or so. Could you just expand on that a little bit, sort of what's kind of a little different than maybe your expectations a little while ago? And then kind of back to the capital recycling point, when do you expect to get some of that, especially that technology spending back? Or when should we see that level off or start to decline?

然後也許，Leeny，只是作為一個快速的後續問題，投資支出範圍比幾年前（大約 18 個月前）分析師日上概述的要高一些。您能否稍微詳細說明一下這一點，與您之前的預期有什麼不同？然後回到資本回收點，您預計什麼時候可以收回部分資金，特別是技術支出？或者我們何時應該看到這一趨勢趨於平穩或開始下降？

Yes. Sure, Shaun. When I outlined those three, as I pointed out, in the one-third that is largely around investing in our owned leased properties. That is higher than normal because, as I pointed out, our investment in the Barbados properties, which will be largely this year and should be completed at the end of this year, and then that is towards $100 million of that overall amount.

是的。當然，肖恩。當我概述這三項時，正如我指出的那樣，其中三分之一主要是圍繞著投資我們擁有的租賃物業。這個數字高於正常水平，因為正如我指出的，我們對巴貝多房產的投資大部分將在今年進行，並將於今年年底完成，屆時總額將達到 1 億美元。

And then you've also got a handful of a bit larger than normal renovations in leased properties. And I would say those are also not ones that you should continue to expect on a normal run rate basis. So that's part of it, getting you down to the $800 million to $900 million that we do believe is the appropriate kind of post '25 and post the transformational tech investing that we're doing levels.

然後你也會對租賃物業進行一些比正常規模稍大的裝修。我想說的是，在正常的運行率基礎上，你不應該繼續期待這些。所以這是其中的一部分，我們認為將投資額度降至 8 億到 9 億美元是 2025 年後以及在我們進行的轉型技術投資之後的適當水平。

As we've talked about, both in '24 and '25, we got higher than typical tech investments in the system that we do expect to start rolling out later in '25. When you think about how those will be paid back by the owners, I think one of the things you probably noticed in our reimbursed depreciation calculation for adjusted EBITDA in '25 is this level that is a bit higher. And that again reflects exactly your question about the normal charges going to the owners reflecting kind of the repayment of some of these CapEx expenditures. So I think you'll see it over the next several years, as we move into implementing this throughout the system. So again, the normal levels that we talked about, I think, are still the right ones for your longer-term model.

正如我們所討論的，無論是在24年還是25年，我們對該系統的技術投資都高於典型的投資，我們預計這些投資將在25年晚些時候開始推出。當您考慮業主將如何償還這些債務時，我想您可能注意到，在我們 25 年調整後的 EBITDA 的補償折舊計算中，這個水平要高一些。這再次準確地反映了您的問題，即向業主支付的正常費用反映了部分資本支出的償還。所以我認為，隨著我們開始在整個系統中實施這項舉措，您將在未來幾年內看到它。所以，我認為，我們所討論的正常水平仍然適合您的長期模型。

Patrick Scholes, Truist Securities.

Truist Securities 的 Patrick Scholes。

Great. What do you feel is your appetite for additional tuck-in acquisitions this coming year? Or would you see this year more as a Europe, should we say, digestion of previous acquisitions? And then I have a follow-up question.

偉大的。您覺得來年您對其他附加收購有什麼興趣？或者您認為今年歐洲將更多消化先前的收購？然後我有一個後續問題。

Sure. So just as Leeny talked about our capital allocation philosophy remaining intact. I would say the same thing in response to your question. We obviously, if you look at our history over the last decade or so, when we have identified a gap either in our brand portfolio or in our geographic footprint that we thought could be more effectively filled through tuck-in acquisition. We've done that.

當然。正如 Leeny 所說，我們的資本配置理念保持不變。對於你的問題，我也會做出同樣的回答。顯然，如果回顧我們過去十年左右的歷史，我們會發現我們的品牌組合或地理覆蓋範圍內存在差距，我們認為可以透過收購更有效地填補這一差距。我們已經做到了。

In some instances, we filled those gaps through the development of organic platforms. And we'll continue to look at both the breadth of the brand portfolio and our expanding global footprint. And if we think there's an opportunity to fill those gaps, we will certainly consider a tuck-in acquisition, but that will apply the same sort of rigor in terms of evaluating the economics. But you should certainly assume going forward, the vast, vast majority of our range growth will be organic growth.

在某些情況下，我們透過開發有機平台來填補這些空白。我們將繼續關注品牌組合的廣度和不斷擴大的全球影響力。如果我們認為有機會填補這些空白，我們肯定會考慮進行附加收購，但在評估經濟效益方面也將同樣嚴格。但你絕對應該假設，展望未來，我們範圍成長的絕大部分將是有機成長。

Okay. And then my follow-up question. I've been reading some news articles very recently regarding Canadian and Mexican travelers canceling reservations or pulling back their travel plans, and this is related to recent political tensions related to tariffs, et cetera. Is that something that you are seeing as well in your reservations and bookings from these customers from these two regions?

好的。然後是我的後續問題。最近我讀到一些新聞文章，關於加拿大和墨西哥遊客取消預訂或撤回旅行計劃，這與最近與關稅等有關的政治緊張局勢有關。您在這兩個地區的客戶的預訂和預約中也看到了同樣的情況嗎？

Yes. Sure. Yes, it would be too soon to say that we're seeing anything of note. Just as a reminder, when you look overall, the US and Canada is overwhelmingly driven by domestic travelers. The two largest international markets of travelers coming to the US are from Canada and Mexico, but they make up really a very small part overall, call it, 1% to 2% of our nights in the US. So we'll see over time, but certainly too early to say and overwhelmingly a very small part of our business in the US.

是的。當然。是的，現在說我們看到任何值得注意的事情還為時過早。需要提醒的是，從整體來看，美國和加拿大主要是國內遊客。美國最大的兩個國際遊客市場是加拿大和墨西哥，但總體而言，他們只占美國遊客總數的一小一部分，大約占美國遊客總數的 1% 到 2%。因此，我們會隨著時間的推移看到結果，但現在說還為時過早，而且這絕對只是我們在美國業務的一小部分。

Conor Cunningham, Melius Research.

康納·坎寧安（Conor Cunningham），Melius Research。

So there's been -- just going back to the whole -- the tech migration. Can you just -- it seems like you're going to be down with that at year end. Can you just talk about how that's going to be implemented. And then what that actually means for your business going forward? I assume it's going to be a benefit to the 2026. So if you could just talk about that a little bit more, that would be helpful.

所以，讓我們回顧一下整體的——技術遷移。你能不能——看起來你年底的時候就會遇到這種情況。您能談談將如何實施這項計劃嗎？那麼這對您未來的業務實際上意味著什麼？我認為這對 2026 年有利。所以如果您能再多談一下這個問題的話，那將會很有幫助。

Sure. So as we mentioned in the prepared remarks, elements of that tech transformation will start to roll out later this year. We've talked about this a bit in the past. We think there are far-reaching impacts to this transformation to all the constituents we serve. Starting with Marriott Associates, the simplicity and the streamlined training, we think will be a big advantage as we go out there and try to attract best-in-class talent, especially from a next-generation workforce. For our guests, we think the transformation will create tremendous capacity at the hotel level so that our associates can better engage the guests in person.

當然。正如我們在準備好的演講中提到的那樣，技術轉型的各項要素將在今年稍後開始推出。我們過去曾討論過這個問題。我們認為，這種轉變將對我們服務的所有選民產生深遠的影響。從萬豪員工計畫開始，我們認為簡單而精簡的培訓將是一個巨大的優勢，因為我們可以藉此吸引最優秀的人才，尤其是來自下一代勞動力的人才。對於我們的客人來說，我們認為這次轉型將在酒店層面創造巨大的容量，以便我們的員工能夠更好地與客人進行面對面的交流。

It will also meaningfully help our call agents and their ability to help with broader travel planning questions. And then we think for the owners really advantages or opportunities both on the revenue and expense side. Certainly, on the expense side, we expect there to be enhanced efficiency. But one of the things that our older community is most excited about, there are a wide range of products and services that we offer our guests every day beyond guest rooms, food and beverage, spa, golf, et cetera. the ease with which a guest can shop across all of those categories on our new reservations platform, we believe represents meaningful revenue upside for our owners.

這也將極大地幫助我們的呼叫代理解決更廣泛的旅行規劃問題。然後我們認為對於業主來說，無論是收入方面還是支出方面，都確實存在優勢或機會。當然，在費用方面，我們預期效率會提高。但最讓我們的老年社區興奮的事情之一是，除了客房、食品和飲料、水療、高爾夫等等之外，我們每天還為客人提供各種各樣的產品和服務。我們相信，客人可以透過我們的新預訂平台輕鬆購買所有類別的商品，這將為我們的業主帶來可觀的收入成長。

And given the only thing I would add is -- just one more thing to add is that given the size scale of this transformation, which is, as you heard, involves our reservations, our property management systems and our loyalty program. This is going to be something that will take a number of quarters to roll out around the world. So you should expect this over the next couple of years or so.

我唯一想補充的是——再補充一點，考慮到這次轉型的規模，正如您所聽到的，它涉及到我們的預訂、我們的物業管理系統和我們的忠誠度計劃。這項舉措將需要數個季度的時間才能在世界各地推廣。因此，您應該可以在未來幾年內預料到這種情況。

Okay. And then on the composition of RevPAR, can you just talk about ADRs versus occupancy. Obviously, you saw a nice cadence in the fourth quarter. But just curious on how you're thinking about it for 2025 in general and just to be a level set around that thought that would be great.

好的。然後關於 RevPAR 的組成，您能否談談 ADR 與入住率。顯然，你看到了第四節的良好節奏。但我只是好奇你對 2025 年的整體看法是什麼，如果能達到這個水平就太好了。

Yes. So the way I think about it is, as you've heard, we've had in the full year this year, kind of grow with the was the big winner, up 8% for the full year with BT and leisure, both also very strong. When I think about '25, I would say, (inaudible) group with the pace that's up right now of 6% for 2025, that, that will likely be the leader in the clubhouse for RevPAR with BT continuing to be sturdy in this macroeconomic environment in the low single digits and probably leisure in the flat to slightly up.

是的。所以我認為，正如你所聽到的，我們今年全年實現了成長，我們是最大的贏家，全年成長了 8%，其中 BT 和休閒業務都非常強勁。當我思考 25 年時，我會說，（聽不清楚）集團目前的成長率為 2025 年的 6%，這很可能成為 RevPAR 俱樂部的領導者，而 BT 將繼續在這種宏觀經濟環境下保持穩固，保持在個位數的低位，而休閒業務可能會持平或略有上升。

And I would say overwhelmingly like ADR driven, we do expect a little bit of occupancy gains as well. But when I compare it to this year, I would say it's going to be more -- we would expect it to be more heavily weighted towards ADR in '25.

我想說的是，在很大程度上，受 ADR 的推動，我們確實預期入住率也會上升。但當我將其與今年進行比較時，我會說它將會更加 — — 我們預計它在 25 年將更加側重於 ADR。

Richard Clarke, Bernstein.

理查克拉克、伯恩斯坦。

I appreciate you gave some of this color for the first quarter. But just on the full year basis, RevPAR plus net unit growth is 7.5%. It sounds like you're going to grow the non-RevPAR fees a bit above that, but you're getting to gross fee growth of only around 5%. So what's the bridge we should think about to get down to that 5% there?

我很感激你為第一季提供了一些這樣的色彩。但僅從全年來看，RevPAR 加上淨單位成長率為 7.5%。聽起來你會將非 RevPAR 費用稍微提高一點，但總費用成長率只有 5% 左右。那麼，我們應該考慮怎樣的橋樑才能將這一比例降至 5% 呢？

Sure. As you probably heard in my comments, there are a couple elements impacting fees that are not necessarily repeated every year. I'd say the first one is FX, which is a headwind for us of about $25 million then the other is lower residential brand fees, and that could be as much as almost 15% reduction next year. Part of that is because they were so particularly strong in closings this year. We do expect, for example, by the time you get to '26, we'd expect them to pop back up. This is all around when these buildings are built and the units are closed so that the sales can occur and the fees recognized. So those fees tend to be fairly lumpy.

當然。正如您可能在我的評論中聽到的那樣，有幾個影響費用的因素不一定每年都會重複出現。我想說，第一個因素是外匯，這對我們來說是一個約 2500 萬美元的阻力，另一個因素是住宅品牌費用的降低，明年這一數字可能會降低近 15%。部分原因是他們今年的收尾表現特別強烈。例如，我們確實預計，到 26 歲時，它們會重新出現。這一切都圍繞著這些建築物的建造和單元的關閉，以便進行銷售和確認費用。因此這些費用往往相當高。

And then the last thing I'll point out is that you do have IMS really only changing slightly next year, and that is a function of two things. One is obviously greater China continues to have headwinds on the RevPAR front and their Q1 is particularly challenging because in Q1 of '24, they had a 6% our RevPAR growth quarter. So for the full year in '25, I would expect to see their IMF decline. And then the US and Canada, we've got some renovations going on that are going to also impact their IMFs in '25. And you put that together, and that's where you'll see the overall fee growth perhaps slightly lower than you might have expected given our strong rooms growth and RevPAR.

我最後要指出的是，IMS 明年實際上只會發生輕微的變化，這是由兩件事引起的。一是大中華區在 RevPAR 方面顯然繼續面臨阻力，其第一季尤其具有挑戰性，因為在 2024 年第一季度，其 RevPAR 成長率為 6%。因此，對於 25 年全年而言，我預計他們的 IMF 將會下降。然後是美國和加拿大正在進行一些改革，也將影響25年的國際貨幣基金組織。把這些綜合起來，你會發現，考慮到我們客房量和 RevPAR 的強勁增長，整體費用增長可能略低於你的預期。

Maybe just a follow-up on that then. I guess at your CMD, you guided to non-RevPAR fees growing 12% across 2024 and 2025. Where do you actually expect that to come out across those two years? Maybe I think I interpret it as credit card growth, but all in, what do the non-RevPAR fees grow at across '24 and '25 --

或許只是對此跟進。我想，在您的 CMD 中，您指導非 RevPAR 費用在 2024 年和 2025 年將增加 12%。您實際上預計這兩年內會出現什麼結果？也許我認為我將其解釋為信用卡成長，但總的來說，2024 年和 2025 年非 RevPAR 費用的成長如何？

Yes. It's really -- I think there are lots of moving parts in there. I think the biggest drivers are the ones that I mentioned, which credit card fees being a couple of hundred basis points lower growth than this year. And then obviously, residential branding fees dropping from the $80 million this year to likely roughly half and then timeshare fees being essentially flat. Those are the three big drivers.

是的。確實——我認為其中有很多活動部件。我認為最大的驅動因素是我提到的那些，即信用卡費用的成長比今年低了幾百個基點。顯然，住宅品牌費用將從今年的 8,000 萬美元下降到大約一半，而分時度假費用基本上持平。這就是三大驅動因素。

Robin Farley, UBS.

瑞銀的羅賓法利（Robin Farley）。

Just circling back to your unit growth guide for the year. Roughly what percent of that are you expecting to come from conversions versus new construction?

回顧今年的單位成長指南。您預計其中大約有多少百分比來自改建，有多少百分比來自新建？

So I think as you've seen this year, particularly high this year, Rob, and as we were able to fold in the MGM Sonder rooms. So it was over half. I think this year's signs at 34% reflects how I think you could think about it going forward, which that clearly could be 30% to 40% coming from conversions in our openings in '25.

所以我認為正如你今年所看到的，特別是今年的高點，羅布，而且我們能夠折疊米高梅桑德房間。因此超過了一半。我認為今年 34% 的跡象反映了我對未來的看法，其中顯然有 30% 到 40% 來自於我們 25 年開業時的轉換。

Okay. And maybe just one final question. On the one-third of the capital spend that's for contract investments for new units. Are those -- is that a mix of that key money, some loans, some equity slivers sort of how should we think about if it's showing up in capital spend that's probably not a loan that you get back from a hotel owner? Or how should we think about the return on that?

好的。也許我還有最後一個問題。資本支出的三分之一用於新單位的合約投資。這些是關鍵資金、一些貸款和一些股權的混合嗎？如果它出現在資本支出中，而這可能不是您從酒店業主那裡獲得的貸款，我們應該如何看待它？或者我們應該如何考慮其回報？

Sure. So Robin, as you point out, we've got lots of financial tools in our toolbox for those deals that we think will provide outsized volumes of fees. Here in the US and Canada, the competitive landscape has really shifted towards key money being the tool of preference in a lot of ways. As we look at trends in key money, we are seeing a bit more key money required across more tiers, meaning occasionally, we're seeing it used in lower chain scales, which is a bit of a new development.

當然。所以羅賓，正如你所指出的，對於我們認為將帶來巨額費用的交易，我們的工具箱裡有很多金融工具。在美國和加拿大，競爭格局已真正轉向，禮金在許多方面成為首選​​工具。當我們觀察禮金的趨勢時，我們發現更多層級需要更多的禮金，這意味著偶爾我們會看到它在較低的連鎖規模中使用，這是一個新的發展。

Given our rapidly growing scale, we saw slightly less key money used per deal, which I think is interesting if you compare 2019 to 2024. The absolute volume of dollars kind of grows as our system grows dramatically, but key money investment per deal is (technical difficulty) down compared to where we were back prepandemic.

鑑於我們快速成長的規模，我們發現每筆交易使用的關鍵資金略有減少，如果將 2019 年與 2024 年進行比較，我認為這很有趣。隨著我們的系統的急劇發展，美元的絕對數量也在增長，但與疫情前相比，每筆交易的關鍵資金投資（技術難度）有所下降。

And Robin, when you think about the makeup, I would think about investments in growth to be overwhelmingly key money. We do have obviously debt service guarantees, operating profit guarantees. But when you think about the broad brush of it, that's going to be a relatively smaller amount. We do, from time to time, we'll do a (inaudible) loan into a deal which is recyclable, and you've actually seen some of that recycling going on this year as we get that money back. But I think the biggest component of that investment is in the form of key money.

羅賓，當你考慮組成時，我會認為對成長的投資是壓倒性的關鍵資金。我們確實有債務償還擔保和營業利潤擔保。但如果從廣義上考慮，這個數字相對來說較小。我們確實會不時向可回收物品交易提供（聽不清楚）貸款，而且今年我們收回這些錢時，您實際上已經看到一些回收活動正在進行中。但我認為這項投資的最大組成部分是押金。

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林 (Stephen Grambling)。

There's been a number of kind of puts and takes that people have been asking about regarding the September Analyst Day back in 2023. And I guess if you could zoom out to compare kind of the 2025 outlook versus then what perhaps surprised to the upside? What's been a bit more of a challenge? And what do you think all these puts and takes mean for the trajectory of EBITDA and free cash flow as we think about the longer-term growth potential?

關於 2023 年 9 月的分析師日，人們已經詢問了多種利弊。我想，如果您可以縮小範圍來比較一下 2025 年的前景，那麼可能會出現什麼令人意外的上升趨勢？什麼事情更有挑戰性？當我們考慮長期成長潛力時，您認為所有這些損失和利得對於 EBITDA 和自由現金流的走勢意味著什麼？

Yes, I think -- thanks for the question. I think when you get the classic question that I know we are often asked is around this equation, around rooms growth and RevPAR. And as you can tell, this year, with the midpoint of the guidance that we've given in '25 being around 7.5% to 8% that kind of fits pretty squarely in this view of RevPAR and rooms growth.

是的，我認為—感謝您的提問。我想當你遇到經典問題時，我知道我們經常被問到的是圍繞這個等式，圍繞著客房增長和 RevPAR。正如您所看到的，今年，我們在 25 年給出的指導中點約為 7.5％ 到 8％，這與 RevPAR 和客房增長的觀點非常吻合。

I think we see a lot of opportunity for us to continue to grow and think about the pace of that with the work that we've been doing over the past year, as Tony described about being as efficient and effective as we can be for opportunities to improve on that. I think the basic equation that we laid out in September of '23 has held up very, very well. You have had a few puts and takes relative to things like FX and kind of what's going on with RevPAR in certain parts of the world. But I think overwhelmingly, the equation has worked really well. And when you think about the capital return and the growth in EBITDA that we see for many years to come, it's very robust.

我認為我們看到了很多繼續發展的機會，並且思考我們過去一年來所做的工作的步伐，正如托尼所描述的，我們要盡可能地提高效率和效果，以獲得改進的機會。我認為我們在 1923 年 9 月提出的基本方程式仍然非常有效。您已經對外匯等方面的情況以及世界某些地區的 RevPAR 情況進行了一些了解。但我認為，絕大多數情況下，這個等式確實運作良好。當你考慮到未來幾年我們看到的資本回報和 EBITDA 成長時，它是非常強勁的。

And the only thing I would add, Stephen, you'll recall at that Investor Day was the first time we maybe zoomed in a little on thinking about net unit growth on a CAGR basis rather than a specific point in time. And since the time of that Investor Day, there have been some instances that underscore the importance from our perspective of looking at it over a multiyear basis, the shift in timing of MGM maybe being most relevant illustration. But we continue to feel really confident in our ability to deliver the 5% to 5.5% CAGR that we laid out on the Investor Day.

史蒂芬，我唯一想補充的是，你會記得，在投資者日，我們第一次稍微深入思考了以複合年增長率為基礎的淨單位增長，而不是特定的時間點。自投資者日以來，已經出現了一些事例，從我們的角度來看，以多年期為基礎進行研究的重要性，其中米高梅時機的轉變可能是最相關的例證。但我們仍然對我們實現投資者日所製定的 5% 至 5.5% 複合年增長率的能力充滿信心。

The last thing I'll mention is just a reflection that on that day when we talked about a tax rate, we gave one that was over the entire three year period. And as you heard me describe in '25, we had seen with some jurisdictional tax rate changes in certain parts of the world that when we look at '25. And frankly, from what we can tell, probably a view of how you should think about it going forward is that 26% -- roughly 26% effective tax rate is the updated one as compared to what we talked about in September of '23. And then obviously, RevPAR has been excellent.

我最後要說的是，那天我們討論稅率時，給出的是整個三年期間的稅率。正如您在 25 年聽到我所描述的一樣，當我們回顧 25 年時，我們已經看到世界某些地區的一些司法管轄區稅率發生了變化。坦白說，從我們目前所知來看，您可能對未來的看法是，與我們在 23 年 9 月談論的相比，26% 左右的有效稅率是更新後的稅率。顯然，RevPAR 一直非常出色。

David Katz, Jefferies.

傑富瑞（Jefferies）的戴維·卡茨（David Katz）。

A lot of talk about key money. Can you just sort of walk us around the rest of the terms as you're seeing them in the market, right? If key money, and I heard correctly, is starting to become more of a bigger button to do the return shrink? Does the length of the contracts get longer? How does that all sort of fit together compared to where it would have, say, five years ago?

關於禮金的討論很多。您可以向我們簡單介紹一下您在市場上看到的其他術語嗎？如果我沒有聽錯的話，禮金是否開始成為一個更大的按鈕來減少退還金額？合約期限會延長嗎？與五年前相比，這一切是如何結合在一起的？

Yes. I mean I think, David, it's a good question. And I'm going to probably repeat myself a bit. The fundamental philosophy we have around dealmaking remains consistent. We believe the best model for Marriott is to do long-term stable contracts. We consider using the company's balance sheet in deals where we believe the use of those capital tools will drive outsized fees. And so it's not a circumstance where we're getting -- the castle is getting attacked on all four walls, meaning we're not seeing deals where we're making a key money contribution being forced to do shorter terms, being forced to deviate materially from the sorts of base and incentive fees or franchise fees that we've established.

是的。我的意思是，我認為，大衛，這是一個好問題。我可能要重複。我們在交易方面所秉持的基本理念始終如一。我們認為，對萬豪來說，最好的模式是簽訂長期穩定的合約。我們考慮在交易中使用公司的資產負債表，因為我們認為使用這些資本工具將產生高額費用。因此，我們不會遇到城堡四面牆壁受到攻擊的情況，這意味著，我們不會看到我們做出關鍵資金貢獻的交易被迫縮短期限，被迫大幅偏離我們已經確定的基本費用、激勵費用或特許經營費用。

Right. So at the end of the day, it feels like it's become just a bit more competitive, but you feel like you're steadfast in the structure of what those management contracts are?

正確的。所以到最後，感覺好像競爭變得更激烈了，但是您覺得您對這些管理合約的結構還是很堅定的嗎？

So I'll just add a couple of numbers to help on this, David. When I think about the amount of money that we're going to put out the door in cash for key money in '25. It's not materially different than '24. And we have talked before about getting a premium in net present value on contracts where we use key money and there continues to be a good premium for the deals that involve key money compared to deals that don't involve key money.

因此，我只需添加幾個數字來幫助解決這個問題，大衛。當我想到我們在 25 年要花多少錢作為押金現金。這與’24’並無實質區別。我們之前曾討論過在使用禮金的合約中獲得淨現值溢價，與不涉及禮金的交易相比，涉及禮金的交易仍然有較好的溢價。

So I think it's -- the best way to think about it is the way Tony described, which is that it's a tool in the toolbox and owners and franchisees use these various tools in a variety of ways. Sometimes it's a fee ramp. Sometimes, it's how we're thinking about how we participate in renovation, et cetera. But I think overall, it is -- we continue to see the contracts coming in with very, very strong returns on invested capital.

所以我認為——最好的思考方式就是托尼描述的方式，即它是工具箱中的一個工具，業主和特許經營者可以以各種方式使用這些不同的工具。有時這是一個收費坡道。有時，我們會思考如何參與改造等等。但我認為總體而言，我們繼續看到合約的投資資本回報率非常非常高。

And David, the last point I would make on key money, while I mentioned in the first part of my response that we are seeing it leak into some of the lower quality tiers. Occasionally, it is much more prevalent in the highest value tiers, upper upscale and luxury. And that represents 40% of our pipeline. And so our shareholders should want us to be holding those tools largely for those most valuable opportunities. And I think our focus on leading in those tiers is reflected in nearly or over 40% of the pipeline being in those two quality tiers.

大衛，我最後要說的是有關禮金的問題，我在回答的第一部分提到，我們看到禮金滲入一些品質較低的層級。有時，它在最高價值層、高檔和豪華領域更為普遍。這占我們管道的 40%。因此，我們的股東應該希望我們持有這些工具主要用於那些最有價值的機會。我認為，我們對在這些層級的領先地位的關注體現在將近或超過 40% 的管道處於這兩個品質層級。

Brandt Montour, Barclays.

巴克萊銀行的 Brandt Montour。

I want to drill in on the leisure commentary, Tony, which sounded like it was the big surprise for you in the fourth quarter. And yet, the commentary about the full year guide was sort of flat to up leaning. And so just kind of curious, I wouldn't have thought that the first through third quarter comps were any tougher than the fourth quarter '23, but maybe is it just sort of conservatism because there's not a ton of visibility on that business? Or what are you kind of seeing in that segment?

東尼，我想深入討論休閒評論，這聽起來像是第四季帶給你的大驚喜。然而，關於全年指南的評論卻有點持平或上漲。所以只是有點好奇，我不會認為第一季到第三季的比較會比23年第四季更艱難，但也許這只是一種保守主義，因為這項業務的可見度並不高？或者您在那片段中看到了什麼？

Yes. I mean I think there's a little bit of everything you identified. The booking windows are still relatively short kind of sub three weeks. And so the ability to predict there, maybe we don't have as much visibility as we might like or we've had historically. But we looked at those fourth quarter numbers as really encouraging. I mean there have been many predictions of the end of the run on leisure and understandably so. I mean, since '19, you've seen a 40% improvement in leisure RevPAR. And so to me, I think the fourth quarter numbers are reflective that there are still some legs in leisure and the guidance that Leeny walked you through is reflective of an expectation that while we'll continue to see growth, it's kind of normalizing a bit.

是的。我的意思是，我認為你所指出的一切都與此有關。預訂窗口仍然相對較短，不到三週。因此，就預測能力而言，我們可能沒有像我們希望的那樣或像過去那樣具有足夠的可視性。但我們認為第四季的數據確實令人鼓舞。我的意思是，很多人預測休閒時代將會結束，這是可以理解的。我的意思是，自 2019 年以來，休閒飯店的 RevPAR 已經提高了 40%。因此對我來說，我認為第四季度的數據反映出休閒產業仍有一些發展空間，而 Leeny 為您提供的指導反映了這樣一種預期，即雖然我們將繼續看到成長，但它會逐漸正常化。

I'll just add, to your point. It was encouraging to see that our RevPAR at our luxury and resort hotels, RevPAR in Q4 grew at 6%. And obviously, that's helped by both room and BT and also this leisure that we saw. I think as Tony talked about it being a little bit harder to predict, I would point to just the overall macroeconomic picture that will always be a huge element to how leisure business developed at our hotels, and we'll all be watching that very closely.

我只是想補充你的觀點。令人鼓舞的是，我們的豪華酒店和度假酒店的 RevPAR 在第四季度增長了 6%。顯然，這得益於房間和 BT 以及我們所看到的休閒活動。我認為正如托尼所說的那樣，預測起來有點困難，我想指出的是，整體宏觀經濟狀況始終是我們酒店休閒業務發展的一個重要因素，我們都會密切關注這一點。

Okay. And then, Tony, I have a question about the other side of the key money coin. Just sort of the availability of capital is something you've talked a lot about at panels and conferences and things. I mean rates are high, but they've been high for a while. It's the availability of capital, which is the problem, and that's sort of a separate issue. Do you think there's anything in the horizon that could sort of unlock that?

好的。然後，托尼，我有一個關於押金硬幣另一面的問題。您在小組討論、會議和其他活動中多次討論過資本的可用性問題。我的意思是利率確實很高，而且已經高了一段時間了。問題在於資本的可用性，這是另一個問題。您認為有什麼東西能夠解決這個問題嗎？

I mean do you have to see deregulation from the sort of -- within capital markets? Or is it just sort of a getting past the hangover of the post-COVID office loan issues that are still a problem for some regional banks. What do you think is sort of the factors that could or should alleviate over time? Are you optimistic about that for '25?

我的意思是，您是否必須從資本市場內部來看待放鬆管制？或者這只是一種擺脫新冠疫情後辦公室貸款問題的方法，這些問題仍然是一些地區性銀行面臨的問題。您認為哪些因素可以或應該隨著時間的推移而得到緩解？你對 25 年的前景樂觀嗎？

Yes, there is certainly a regulatory element here. The irony is when we talk to lenders, often, the hospitality loans in their commercial real estate portfolios are the best-performing sector. And so there -- if they have reluctance to lend on new construction, it has little to do with the fundamentals of hospitality projects and much more to do with unknown about what Basel III or other regulatory requirements might be imposed upon them.

是的，這裡確實有監管因素。諷刺的是，當我們與貸方交談時，往往發現其商業房地產投資組合中的酒店業貸款是表現最好的部分。所以，如果他們不願意為新建築項目提供貸款，這與酒店項目的基本面關係不大，而更多是因為他們不知道巴塞爾協議 III 或其他監管要求會對他們施加什麼。

I think Lenny talked about this earlier. We are seeing an uptick in construction starts not back to pre-pandemic levels to be sure, but that's encouraging. And the other thing I felt really encouraging, and I mentioned this in my opening remarks. Largely, this is a US and Canada issue, although there's a bit of it in Europe as well. But in the US and Canada, we had a leading share of the new build construction starts out there, which would suggest that the lenders that are active in lending for new build, they are using the same criteria they've always used.

我認為 Lenny 之前談過這個。我們看到建築開工量回升，但還未恢復到疫情前的水平，但這令人鼓舞。另一件事讓我感到非常鼓舞，我在開場白中提到了這一點。在很大程度上，這是美國和加拿大的問題，儘管歐洲也存在一些這樣的問題。但在美國和加拿大，我們在新建築中佔有領先地位，這表明積極為新建築提供貸款的貸款機構所使用的標準與以往相同。

They're looking at the track record of the developer and they're looking at the affiliation with the right brand family. And I think that speaks really well to our ability to over-index in terms of capturing the new construction originations that are out there. But our sense is barring some significant regulatory change, slow and steady improvement in the lending.

他們正在查看開發商的業績記錄並查看其與合適的品牌家族的合作關係。我認為這充分說明了我們在捕捉新建築項目方面具有超指標的能力。但我們的感覺是，除非出現一些重大的監管變化，否則貸款將會緩慢且穩定地改善。

Duane Pfennigwerth, Evercore ISI.

Duane Pfennigwerth，Evercore ISI。

Can you just remind us your view regarding how recovered business transient is both from a volume and a revenue basis. And then as you're thinking about the year, any deeper insights you can offer on how you see that recovering either from a geographic or industry vertical perspective?

您能否從數量和收入兩個角度回顧一下您對業務恢復短暫性的看法？然後，當您思考這一年時，您能從地理或行業垂直角度就如何看待復甦提供任何更深入的見解嗎？

Yes. So I'll start and Tony can follow up with anything he's got. First of all, business transient has recovered to 2019 levels. just in a little bit different form -- the small- and medium-sized businesses came back faster than the largest corporates when you think about the large companies that have had more load work since COVID, et cetera. You still see their nights meaningfully behind 2019 levels, although I will say that some other of those large corporates like in the financing sector of the economy, they are actually back to more than recovered.

是的。因此我先開始，然後 Tony 可以跟進他所掌握的任何資訊。首先，業務瞬時已恢復至2019年的水準。只是形式上略有不同——當你想到自疫情以來工作量較大的大公司時，你會發現中小型企業的復甦速度比大型企業更快。您仍然會看到他們的表​​現明顯落後於 2019 年的水平，不過我想說的是，其他一些大型企業，例如經濟融資領域的企業，實際上已經恢復到了復甦的水平。

So overall, the business has recovered. You have seen more growth in leisure as compared to the BT sector. One thing I thought was interesting when I looked at overall nights of the week, for example, you are seeing overall occupancy of our global system as being higher than 2019 levels. But Monday, Tuesday, Wednesday are still the nights whose occupancy has not recovered while the other nights of the week are actually higher occupancy than we had pre-COVID. So we continue to see bid by bit additional recovery in those large corporates during the year, and we expect that to continue into '25, but they are still not back to the level of 2019, while BT overall is.

所以整體來說，業務已經復甦。與 BT 領域相比，您看到休閒領域的成長更為迅猛。例如，當我查看一周內的整體夜晚情況時，我發現一件很有趣的事情，我們發現我們全球系統的整體入住率高於 2019 年的水平。但週一、週二、週三晚上的入住率仍未恢復，而一週中其他晚上的入住率實際上高於疫情之前的入住率。因此，我們繼續看到這些大型企業在今年逐漸復甦，我們預計這種復甦將持續到2025年，但它們仍未回到2019年的水平，而英國電信整體已經恢復了。

And then maybe just for a follow-up, maybe you could speak to it at a high level. Can you just remind us the structure of your co-brand relationships. Are those global in nature? Are they country specific? And when would we see an opportunity for a significant renewal or extension?

然後也許只是為了後續問題，也許您可以從高層次上談論這個問題。您能否提醒我們您的聯合品牌關係的結構。它們是全球性的嗎？它們是特定於特定國家的嗎？我們什麼時候會看到重大更新或延期的機會？

Yes. So the -- our two biggest relationships are with JPMorgan Chase and American Express, which is largely a domestic set of relationships around the world. We tend to partner with local banks. We've got cards in 11 countries and continue to evaluate other countries where it might make sense to establish a local relationship. We're in great shape as evidenced by the numbers on growth that Leeny shared, and we're not ready to really talk about when we might enter into a renewal.

是的。因此，我們最大的兩個合作夥伴是摩根大通和美國運通，這主要是全球範圍內的國內關係。我們傾向與當地銀行合作。我們已在 11 個國家發行了卡片，並將繼續評估可能適合建立本地關係的其他國家。從 Leeny 分享的成長數據可以看出，我們的狀況很好，我們還沒有準備好談論何時可能進行續約。

They're multiyear agreements. So there is not a particular pressure on them, but always in discussions.

這些是多年期協議。因此他們不會承受特別的壓力，但總是在討論中。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

I wanted to ask you, you mentioned investing in the elegant portfolio in Barbados and then looking to sell that. Are you actively seeking investors now or potential buyers? And I was just wondering if are there challenges to selling an all-inclusive portfolio that might be unique to that sector or that region of the world. I was just wondering if you could maybe just talk about your sort of time line there a little bit.

我想問你，你提到投資巴貝多的優雅投資組合，然後尋求出售它。您現在是否正在積極尋找投資者或潛在買家？我只是想知道，出售某個行業或某個地區獨有的全包投資組合是否有挑戰。我只是想知道您是否可以稍微談一談您的時間線。

Yes, sure. I wouldn't have any particular expectations. I think given COVID and what would not be surprising to you and some supply chain challenges related to that following COVID. We've got all the plans in place. We're executing. Some of it was done in '24, and we're really going to get the vast majority completed in '25. So that would be kind of the normal pathway for us to complete that and then execute the sale where you're not in a position where somebody is having to kind of do a quarter or a third of the renovation themselves. It makes it for a nice clean sale of the hotels.

是的，當然。我不會抱持任何特別的期望。我認為，考慮到新冠疫情，以及與新冠疫情相關的一些供應鏈挑戰，這對您來說並不令人意外。我們已經做好了一切計劃。我們正在執行。其中一些是在 24 年完成的，而絕大多數將在 25 年完成。因此，這對我們來說是一種正常的途徑，可以完成這個過程，然後執行銷售，而不需要有人自己完成四分之一或三分之一的裝修工作。這使得飯店的銷售十分順利。

Nothing in particular at this point to talk about the marketing process for that. Obviously, as you've seen us do, Smedes, over time, we're constantly evaluating market opportunities, buyer opportunities and thinking about when is the appropriate time to sell it.

目前沒有什麼特別的關於行銷過程的討論。顯然，正如您所看到的那樣，Smedes，隨著時間的推移，我們會不斷評估市場機會、買家機會，並思考何時是出售的適當時機。

And the only thing I would add, Smedes, the part of your question was any particular concerns. I think as we watch the competitive landscape as we watch the transaction market, you are seeing more and more institutional investment dollars going into the all-inclusive space. And I think that bodes well when we're ready to recycle this cap.

我唯一想補充的是，Smedes，你的問題的一部分是關於任何特別的擔憂。我認為，當我們觀察競爭格局和交易市場時，你會看到越來越多的機構投資資金進入全包領域。我認為，當我們準備回收這頂帽子時，這是一個好兆頭。

And we have -- frankly, since we have acquired it, the performance has been excellent of those hotels. It is a wonderful addition for us for our global Bonvoy traveler. We have not had a presence in Barbados before. So it's been a really wonderful set of hotels to add to the portfolio. It's done quite well.

坦白說，自從我們收購以來，這些酒店的業績一直非常出色。對於我們的全球 Bonvoy 旅行者來說，這是一個很棒的補充。我們之前從未在巴貝多設立過辦事處。因此，這確實是一組值得加入到我們的投資組合中的出色的酒店。做得相當好。

Great. And then just one small one, but did you complete the purchase of the Chicago Sheraton in the quarter? And is that would be included in your owned and leased outlook, I guess, going forward?

偉大的。然後只有一個小問題，但是您在本季度完成了對芝加哥喜來登酒店的購買嗎？我想，這是否會包含在您未來的自有和租賃前景中？

Yes, we did. So we are the proud owners of the Sheraton Chicago and our value is performing well. We think it will be a good cash flow generator in the owned leased line. and we will embark on an evaluation of the assets capital needs.

是的，我們做到了。因此，我們是芝加哥喜來登酒店的驕傲擁有者，我們的價值表現良好。我們認為它將成為自有租賃線路中良好的現金流來源。我們將著手對資產資本需求進行評估。

Aryeh Klein, BMO Capital Markets.

Aryeh Klein，BMO資本市場。

Maybe just going back to key money. I was curious to say from a little bit of a different perspective, if there was an opportunity to actually be more aggressive on that front given that it's accretive to growth, and you have such a strong cost of capital. Maybe what are some of the puts and takes on that front from your point of view?

也許只是回到禮金。我很好奇，想從稍微不同的角度來看，是否真的有機會在這方面採取更積極的行動，因為它可以促進成長，而且你的資本成本如此之高。或許從您的角度來看，這方面有哪些優缺點？

Yes. Maybe I'll start, and then I'll turn it over to our Head of Development here in a minute. Again, at the risk of repeating myself, key-money is a valuable tool in the right circumstances from our perspective. we are not anxious to go buy growth at any cost. We use the same discipline and the same evaluation of the value creation of each individual transaction. Marriott investment, whether it's key money or one of the other tools we have available is obviously incorporated into that calculation. And to the extent we see opportunities for deals that will generate higher than typical fees. We are certainly not shy about using that tool, but it's got to be through that disciplined lens.

是的。也許我會開始，然後我會在一分鐘內將其交給我們的開發主管。我再說一遍，儘管我可能會重複，但從我們的角度來看，押金在適當的情況下是一種有價值的工具。我們並不急於不惜一切代價購買成長。我們採用相同的原則和相同的評估來評估每筆交易所創造的價值。萬豪的投資，無論是禮金還是我們可用的其他工具之一，顯然都納入了這一計算之中。在某種程度上，我們看到了產生高於典型費用的交易機會。我們當然不會羞於使用該工具，但必須透過嚴謹的視角。

Chad Beynon, Macquarie.

麥格理的查德貝農 (Chad Beynon)。

Tony, at the outset, you talked about continued strength in '24 with the Bonvoy members. Can you just kind of touch on where you're seeing the growth? Or maybe a particular age or region and if this saw a nice benefit from the MGM deal?

東尼，一開始，你和 Bonvoy 成員談到了 2024 年將繼續保持強勁勢頭。您能否簡單談談您看到的成長點在哪裡？或者也許是某個特定的年齡或地區，以及這是否從米高梅的交易中獲得了良好的利益？

Yes, of course, Chad. The good news is we're seeing it everywhere. The continent teams around the world, the property teams around the world have really embraced our efforts to continue to add high-value members to the program. I think we talked in my prepared remarks about the rapid progress we've made in our entry into the mid-scale tier. My view is that creates a great opportunity to open the aperture and bring in younger Bonvoy members, maybe less frequent those that are just starting their -- the evolution of their travel journey.

是的，當然，查德。好消息是我們隨處可見它。世界各地的洲際團隊、世界各地的房地產團隊都十分讚賞我們為該計劃繼續增加高價值會員的努力。我想，我們在準備好的發言中談到了我們在進入中型市場方面所取得的快速進展。我的觀點是，這為打開局面並吸引更年輕的 Bonvoy 會員創造了一個絕佳的機會，也許那些剛開始旅行旅程的會員較少。

So I think that's a big opportunity for us. But it's really around the globe where we're seeing those opportunities. We'll continue to push at the property level in '25. And I think you'll see a renewed focus on leveraging some of the amazing partners we have like Starbucks and MGM to try to continue to grow the platform.

所以我認為這對我們來說是一個巨大的機會。但事實上，我們在全球範圍內都看到了這些機會。2025年，我們將繼續在房地產層面加大力度。我認為，您會看到我們重新專注於利用我們一些出色的合作夥伴，例如星巴克和米高梅，來嘗試繼續發展這個平台。

And then lastly, just in terms of the China recovery curve. Can you talk about anything that you saw maybe outside of the Tier 1 cities in China with respect to maybe Chinese New Year, some of the near-term data points, if you're starting to see a recovery from those lower tier provinces or regions in China and maybe if stimulus would be the big catalyst to get that going?

最後，僅就中國復甦曲線而言。您能否談談在中國農曆新年期間，您看到中國一線城市以外的一些情況，一些近期數據，您是否開始看到中國二三線省份或地區的經濟復甦，以及刺激措施是否會成為推動這一進程的巨大催化劑？

Yes, I think we all hope that, but it's really too soon to say. As you heard in Leeny's remarks, while we're quite encouraged by the January performance. We've also got to temper that enthusiasm a little bit because some of that is a byproduct of the timing of Chinese New Year. So we'll continue to watch. We are seeing some very small encouraging signs. The fact that the Tier 1 cities were positive is a good sign. The fact that sequentially, the weakness in [INAV] is improving, albeit not anywhere close where we'd like it to be is encouraging.

是的，我想我們都希望如此，但現在說還太早。正如您在 Leeny 的演講中聽到的那樣，我們對 1 月份的表現感到非常鼓舞。我們也必須稍微抑制一下這種熱情，因為這種熱情部分是農曆新年時間的副產品。因此我們將繼續關注。我們看到了一些非常小的令人鼓舞的跡象。一線城市表現積極，是個好兆頭。事實上，[INAV] 的弱點正在逐步改善，儘管還遠遠沒有達到我們的期望水平，但這是令人鼓舞的。

We've seen some stimulus programs coming out of the central government. None of which to date, at least, we believe will have a material impact on demand patterns or for that matter on the property sector. But long term, we continue to be really bullish on Greater China. It's quite interesting to us that even in the face of some short-term operating weakness, we had record level of deal volume performance in 2024. And I think that's indicative of the development community's confidence long term about China growth trends.

我們看到中央政府出台了一些刺激方案。至少到目前為止，我們認為這些都不會對需求模式或房地產行業產生實質影響。但從長遠來看，我們仍然看好大中華區。對我們來說非常有趣的是，即使面臨一些短期營運疲軟，我們的交易量在 2024 年仍然創下了歷史新高。我認為這顯示發展界對中國長期成長趨勢充滿信心。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

I'm wondering if you can just expand on your comments around international RevPAR being higher than the US. You mentioned China would be flat, but anything you can share there, whether that's Middle East or Europe? I know you're lapping the Olympics, but you have Jubilee in Italy. So just any kind of color you can give around that?

我想知道您是否可以詳細闡述有關國際 RevPAR 高於美國的評論。您提到中國市場將會持平，但可以分享一下中東或歐洲的情況嗎？我知道你們正在籌備奧運會，但你們在義大利還有 Jubilee 活動。那麼您可以給任何一種顏色嗎？

Well, obviously, first of all, basics on RevPAR are very much tied to GDP. And you've got -- in some markets around the world, I'll point out India as an example, you've got meaningfully faster growth in GDP, and those are areas where our rooms are growing at double-digit rates. So there's obviously benefits like that. You've also seen when we talk about cross-border travel, the strong dollar has been very encouraging for travelers to be going overseas. I think in particular, when you think about Europe and Japan, for example, we've seen really outstanding demand. We had stronger percentage of cross-border guests at our hotels than pre-COVID this year. And I think trends like that continue to emphasize the fact that they could be on the higher end of the RevPAR growth as compared to the US, a little bit lower.

嗯，顯然首先，RevPAR 的基本內容與 GDP 密切相關。而且在世界的一些市場，我以印度為例，那裡的 GDP 成長速度明顯加快，而這些地區的我們的客房數量正以兩位數的速度成長。因此顯然有這樣的好處。您還應該看到，當我們談論跨境旅行時，強勢美元對出國旅行者非常有吸引力。我認為，尤其是當你想到歐洲和日本時，我們看到了非常突出的需求。今年，我們飯店的跨境客人比例比疫情之前更高。我認為這樣的趨勢繼續強調這樣一個事實，即與美國相比，他們的 RevPAR 成長可能處於較高水平，也可能略低一些。

And that does conclude our allotted time for questions. I'll now turn the program back to Tony for any additional or closing remarks.

我們的提問時間到此結束。現在我將節目單交還給托尼，請他發表任何補充意見或結束語。

Great. Well, thank you again for your interest and your questions. As we mentioned at the outset, our teams are energized by fantastic performance in '24 and excited to welcome you in 144 countries around the world. So safe travels, and we'll talk to you soon.

偉大的。好吧，再次感謝您的關注和提問。正如我們一開始所提到的，2024 年的出色表現激勵著我們的團隊，並很高興在全球 144 個國家歡迎您。祝您旅途平安，我們很快會再與您聯繫。

This does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。