萬豪國際 (MAR) 2025 Q2 法說會逐字稿

Good day and welcome to the Marriott International Q2 2025 earnings conference call. (Operator Instructions) Please note, today's call may be recorded. And it is now my pleasure to turn the conference over to Jackie McConagha, Senior Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加萬豪國際 2025 年第二季財報電話會議。（操作員指示）請注意，今天的通話可能會被錄音。現在我很高興將會議交給投資者關係資深副總裁 Jackie McConagha。請繼續。

Thank you. Good morning, everyone, and welcome to Marriott's second quarter of 2025 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 Senior Director of Investor Relations.

謝謝。大家早安，歡迎參加萬豪 2025 年第二季財報電話會議。今天與我一起參加電話會議的有我們的總裁兼執行長 Tony Capuano、我們的財務長兼開發執行副總裁 Leeny Oberg 以及我們的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 and are considered forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our SEC filing which could cause future results to differ materially from those expressed in or implied by our comments. 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 referred to year-over-year changes for the comparable period. Statements in our comments in the press release we issued earlier today are effective only today and will not be updated as actual events unfold. You can find our earnings release and reconciliations of all non-GAAP financial measures referred to in our remarks today on our investor relations website.

在我們開始之前，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，它們被視為前瞻性陳述。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。除非另有說明，我們的每間可用客房收入 (RevPAR)、入住率、平均每日房價和酒店層面收入評論反映的是可比較酒店的全系統恆定貨幣結果。所有變化均指可比較期間的同比變化。我們今天早些時候發布的新聞稿中的評論聲明僅在今天有效，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.

現在我將把電話轉給托尼。

Thank you, Jackie, and good morning, everyone. Marriott reported strong second quarter financial results this morning, ahead of our previous guidance during a period of notable macroeconomic uncertainty. The company's pipeline reached a record level and net rooms grew 4.7% since the end of the 2024 second quarter. Second quarter global RevPAR rose 1.5%. Our industry-leading portfolio continued to gain share and our RevPAR index, which is already at a substantial premium to peers, rose again in the quarter.

謝謝你，Jackie，大家早安。萬豪今早公佈了強勁的第二季財務業績，在宏觀經濟明顯不確定的時期，業績超出了我們先前的預期。該公司的酒店儲備量達到創紀錄水平，自 2024 年第二季末以來淨客房數量增加了 4.7%。第二季全球 RevPAR 上漲 1.5%。我們行業領先的酒店組合繼續獲得市場份額，我們的 RevPAR 指數已大幅高於同行，並在本季度再次上漲。

International RevPAR rose over 5%, led by growth in both APAC and EMEA. RevPAR in APAC rose 9%, driven by strong ADR growth and higher demand from international guests. Key markets like Japan and Australia saw double-digit RevPAR increases.

國際 RevPAR 成長超過 5%，主要得益於亞太地區和歐洲、中東和非洲地區的成長。受平均每日房價 (ADR) 強勁增長和國際客人需求增加的推動，亞太地區的每間可用客房收入 (RevPAR) 上漲了 9%。日本和澳洲等主要市場均實現了兩位數的 RevPAR 成長。

Second quarter RevPAR in EMEA rose 7% on solid increases in both ADR and occupancy with strong transient demand from both in-country and cross-border guests. Despite June being impacted by the conflict in the Middle East, second quarter RevPAR rose over 10% in the Middle East and 4% in Europe.

由於國內和跨境客人的短暫停留需求強勁，平均房價和入住率均穩步上升，歐洲、中東和非洲地區第二季度的每間可用客房收入 (RevPAR) 上漲了 7%。儘管 6 月受到中東衝突的影響，但第二季度中東地區的 RevPAR 仍成長了 10% 以上，歐洲地區則成長了 4%。

With its high reliance on US travelers, Canada was impacted by weaker leisure and government-related demand. But strong ADR, especially at our luxury hotels drove RevPAR up 3%. RevPAR in Greater China declined 0.5% year-over-year due to the weaker macro environment with lower business and group results, though our properties continue to gain market share.

由於高度依賴美國遊客，加拿大受到休閒和政府相關需求減弱的影響。但強勁的 ADR，尤其是我們的豪華酒店，推動 RevPAR 上漲了 3%。由於宏觀環境較弱，業務和集團業績下降，大中華區平均每間客房營收年減 0.5%，但我們的物業市佔率持續成長。

RevPAR in the US and Canada region was flat year-over-year and grew nearly 1% when adjusting for the Easter shift. RevPAR growth was again strongest at the high end with luxury RevPAR up 4%, and it weakened going down the chain scales where results came in below our prior expectations.

美國和加拿大地區的 RevPAR 與去年同期持平，但根據復活節的影響調整後增長了近 1%。高級飯店的 RevPAR 增幅再次最為強勁，豪華飯店的 RevPAR 成長了 4%，而連鎖飯店的 RevPAR 增幅則有所減弱，因為其業績低於我們先前的預期。

Second quarter US and Canada select service and extended stay RevPAR declined around 1.5% year-over-year, primarily due to a decline in government demand as two-thirds of government revenues are in the select service segment as well as weaker demand from smaller business customers.

第二季度，美國和加拿大精選服務和長期住宿飯店的 RevPAR 年減約 1.5%，主要原因是政府需求下降（政府收入的三分之二來自精選服務領域），以及小型企業客戶的需求減弱。

Across chain scales, group RevPAR in the US and Canada was also softer than previously anticipated, primarily due to fewer near-term bookings and elevated attrition rates. Looking at RevPAR by customer segment, leisure transient grew the fastest this quarter with leisure transient RevPAR rising 3% globally and 1% in the US and Canada.

綜觀各連鎖飯店業，美國和加拿大的集團平均每間可用客房收入 (RevPAR) 也低於先前的預期，主要原因是近期預訂量減少以及流失率上升。從顧客區隔來看，本季休閒短程飯店的 RevPAR 成長最快，全球休閒短程飯店的 RevPAR 成長 3%，美國和加拿大的 RevPAR 成長 1%。

Group RevPAR rose 2% globally and 1% in the US and Canada. Second quarter business transient RevPAR declined 2% globally and in the US and Canada, in part because of the shift in Easter timing. With ongoing economic uncertainty, we now estimate full-year RevPAR growth to be in the lower end of our prior range, an increase between 1.5% and 2.5% over last year.f

該集團全球平均每間可用客房收入 (RevPAR) 成長 2%，美國和加拿大的平均每間可用客房收入 (RevPAR) 成長 1%。第二季度，全球以及美國和加拿大的商務臨時 RevPAR 下降了 2%，部分原因是復活節時間的變化。由於持續的經濟不確定性，我們現在估計全年 RevPAR 成長率將處於我們先前預測範圍的低端，比去年增長 1.5% 至 2.5%。 f

Leeny will share more details on our outlook during her remarks. We still expect strong net rooms growth in 2025 and beyond as owners continue to show preference for our brands. Even with higher construction costs and the challenging financing environment in the US and Europe, second quarter deal signings rose 35% with every region signing more projects than in the same quarter last year.

Leeny 將在演講中分享有關我們展望的更多細節。由於業主繼續青睞我們的品牌，我們仍然預計 2025 年及以後淨客房數量將強勁增長。儘管美國和歐洲的建築成本較高且融資環境充滿挑戰，但第二季的簽約專案數量仍增加了 35%，每個地區簽約的專案數量都超過了去年同期。

As a result, our pipeline grew to a record of over 590,000 rooms at the end of the quarter with 40% of those pipeline rooms under construction. Conversions remain a significant driver of growth, representing nearly 30% of both room signings and openings during the first half of the year.

因此，截至本季末，我們的在建客房數量創歷史新高，超過 59 萬間，其中 40% 的客房正在興建中。轉換率仍然是成長的重要驅動力，佔上半年客房簽約量和開業量的近 30%。

As we continue to focus on being in more places with the best brands and experiences, we are making excellent development progress across all of our chain scales. With their highly efficient operating models and strong value propositions, our existing mid-scale brands, City Express by Marriott, Four Points Flex and StudioRes are attracting significant interest from owners.

隨著我們繼續致力於在更多地方提供最佳品牌和體驗，我們在所有連鎖店規模上都取得了出色的發展進步。我們現有的中檔品牌萬豪城市快速飯店 (City Express by Marriott)、福朋喜來登飯店 (Four Points Flex) 和 StudioRes 憑藉其高效的營運模式和強大的價值主張，吸引了眾多業主的濃厚興趣。

At the end of the second quarter, we had around 200 open mid-scale hotels with another nearly 200 in the pipeline. In May, we announced the global launch of our latest collection brand in the mid-scale to upscale segment Series by Marriott. We created Series by Marriott to bring established quality regional hotels into our portfolio and to further our reach among value-conscious travelers, provide additional choice for our existing Marriott Bonvoy members and guests and offer more affiliation opportunities and growth for local owners.

截至第二季末，我們已開業約 200 家中檔飯店，另有近 200 家正在籌備中。五月，我們宣佈在全球推出萬豪系列中檔至高檔飯店領域的最新精選品牌。我們創建了萬豪系列酒店，將知名的優質區域酒店納入我們的組合，進一步擴大我們在註重價值的旅行者中的影響力，為我們現有的萬豪旅享家會員和客人提供更多選擇，並為當地業主提供更多的合作機會和發展空間。

In conjunction with the launch, we announced a founding deal to affiliate the firm portfolio, which has over 100 open and pipeline hotels across India with Series by Marriott. We also recently closed on the acquisition of the innovative Tech Forward lifestyle brand, citizenM. We see meaningful opportunity for global growth for both of these recent brand additions. At the upper end of the chain scale, we continue to expand our leading global luxury portfolio, where our distribution of nearly 168,000 rooms across 670 open luxury properties is currently over 40% larger than our next closest competitor.

在此次發表會的同時，我們也宣布了一項創始協議，將萬豪系列酒店與該公司旗下在印度各地擁有 100 多家已開業和籌建中的酒店組合進行合併。我們最近也完成了對創新 Tech Forward 生活風格品牌 CitizenM 的收購。我們認為這兩個新加入的品牌都具有全球成長的重要機會。在高端連鎖酒店領域，我們繼續擴大我們領先的全球豪華酒店組合，目前我們在 670 家開業豪華酒店中分佈著近 168,000 間客房，比我們最接近的競爭對手多 40% 以上。

This year, we plan to open an additional 27 luxury properties, and we have an additional 270 projects in the pipeline as we look to provide new opportunities to deliver bespoke experiences in iconic destinations. Recent notable highlights include the openings of the all-inclusive W Punta Cana and the JW Marriott Creek Resort and Spa. And last month, we celebrated the inaugural voyage of Luminara, the third addition to the Ritz-Carlton Yacht Collection.

今年，我們計劃再開設 27 家豪華酒店，另外還有 270 個項目正在籌備中，我們希望提供新的機會，在標誌性目的地提供客製化體驗。最近引人注目的亮點包括全包式 W 蓬塔卡納酒店和 JW 萬豪克里克度假村及水療中心的開幕。上個月，我們慶祝了麗茲卡爾頓遊艇系列的第三艘新船「Luminara」的首航。

Delivering exceptional guest experiences helps fuel the growth of our powerful global loyalty program. With an acceleration in enrollments, our Marriott Bonvoy loyalty program grew to nearly 248 million members at the end of June. Marriott Bonvoy member penetration rose again reaching a record of 69% of rooms globally and 74% in the US and Canada. In June, we announced the introduction of the Marriott Media Network, a media network that will help brands connect more meaningfully with guests across their travel journey.

提供卓越的客戶體驗有助於推動我們強大的全球忠誠度計畫的發展。隨著註冊人數的加速成長，我們的萬豪旅享家忠誠度計畫會員數量截至 6 月底已成長至近 2.48 億。萬豪旅享家會員滲透率再次上升，全球客房滲透率達 69%，美國和加拿大客房滲透率達 74%，創歷史新高。今年 6 月，我們宣布推出萬豪媒體網絡，該媒體網絡將幫助品牌在旅行過程中與客人建立更有意義的聯繫。

Leveraging our leading scale and Marriott Bonvoy loyalty program Marriott Media Network will allow advertisers to use our deep insights into traveler behavior and preferences to reach high-value audiences through curated touch points like the Marriott Bonvoy app and in-room televisions.

利用我們領先的規模和萬豪旅享家忠誠度計劃，萬豪媒體網絡將允許廣告商利用我們對旅行者行為和偏好的深入了解，透過萬豪旅享家應用程式和客房內電視等精心策劃的接觸點來接觸高價值受眾。

Everyone has likely seen the news that Leeny will be retiring from Marriott in March of next year. As you all know, we needs an incredible leader with an unwavering commitment to excellence and the creation of shareholder value. It has been an absolute privilege to work with her, and I am one of the many, many people who will miss her greatly when she retires next year.

大家可能已經看到Leeny將於明年3月從萬豪酒店退休的消息了。眾所周知，我們需要一位堅定不移地致力於追求卓越和創造股東價值的傑出領導者。能夠與她共事是我的榮幸，明年她退休時，我和眾多人一樣，會非常懷念她。

Leeny will remain the company's CFO through the filing of this year's 10-K in early 2026, and I am pleased that upon her retirement, two long-time veterans will succeed Leeny. Jen Mason, our current Global Officer, Treasurer and Risk Management will become our CFO; and Shawn Hill, currently the Head of Development of APAC will become our global head of development.

Leeny 將繼續擔任公司財務官，直到 2026 年初提交今年的 10-K 報表，我很高興看到她退休後，兩位資深員工將接替 Leeny 的職位。我們現任全球長、財務主管和風險管理 Jen Mason 將成為我們的財務長；現任亞太區開發主管 Shawn Hill 將成為我們的全球開發主管。

I'll now turn the call over to Leeny. Leeny?

我現在將電話轉給 Leeny。李尼？

Thank you, Tony, and thank you for your kind words. This was a hard decision and very bitter sweet, and it's never easy to leave a company and job that you love. I have the utmost confidence in Jen and Shawn and look forward to working with them on a smooth transition. As Tony noted, I've not leaving anytime soon. So now let's talk about our financial results and outlook.

謝謝你，托尼，謝謝你的善意言辭。這是一個艱難的決定，苦樂參半，離開自己熱愛的公司和工作從來都不是一件容易的事。我對 Jen 和 Shawn 充滿信心，並期待與他們合作，實現順利過渡。正如托尼所說，我不會很快離開。現在讓我們來談談我們的財務表現和前景。

Second quarter global RevPAR increased 1.5%, driven by nearly 2% ADR growth, offsetting a 30 basis point decline in occupancy largely reflecting declines in US and Canada select service hotels. Average daily rate has held up well in most regions, demonstrating excellent revenue management across our system despite short booking windows.

第二季全球 RevPAR 成長 1.5%，受 ADR 成長近 2% 的推動，抵銷了入住率 30 個基點的下降，這主要反映了美國和加拿大精選服務酒店的下滑。大多數地區的平均每日房價都保持良好，儘管預訂窗口很短，但表明我們的整個系統的收入管理非常出色。

Second quarter total gross fee revenues increased 4% year-over-year to $1.4 billion. The increase reflects rooms growth in higher RevPAR and co-branded credit card fees partially offset by an $8 million decline in residential branding fees related to the timing of unit sales.

第二季總費用營收年增 4%，達到 14 億美元。這一增長反映了客房 RevPAR 和聯名信用卡費用的增長，但部分抵消了與單位銷售時間相關的住宅品牌費用 800 萬美元的下降。

Incentive management fees, or IMF, rose 3% to $200 million in the second quarter with roughly two-thirds earned by international hotels. Higher IMFs in all international regions were partially offset by declines in the US and Canada, primarily due to some large hotels undergoing renovation.

激勵管理費（IMF）在第二季上漲 3%，達到 2 億美元，其中約三分之二來自國際飯店。所有國際地區的 IMF 均有所增加，但美國和加拿大的 IMF 有所下降，這部分抵消了這一影響，主要原因是一些大型酒店正在進行翻新。

Owned, leased and other revenue net of expenses was ahead of expectations, and rose 14% compared to the prior year, largely driven by contributions from the Sheraton Grand Chicago, improved performance at other hotels in the portfolio and favorable currency impacts.

自有、租賃和其他收入扣除費用後超出預期，比上年增長 14%，主要得益於芝加哥喜來登大酒店的貢獻、投資組合中其他酒店業績的改善以及有利的貨幣影響。

Second quarter G&A declined 1% year-over-year, primarily due to lower compensation costs as we continue to benefit from the work we did last year across the enterprise to enhance our efficiency and productivity.

第二季的一般及行政費用較去年同期下降 1%，主要原因是薪酬成本降低，因為我們繼續受益於去年整個企業為提高效率和生產力所做的工作。

Our adjusted EBITDA rose 7% to $1.42 billion. Now let me talk about our third quarter and full-year 2025 outlook. With ongoing economic uncertainty, we expect global RevPAR to be flat to up 1% in the third quarter and up 1.5% to 2.5% for the full year.

我們的調整後 EBITDA 成長 7%，達到 14.2 億美元。現在讓我談談我們對 2025 年第三季和全年的展望。由於經濟不確定性持續存在，我們預計第三季全球 RevPAR 將持平至成長 1%，全年將成長 1.5% 至 2.5%。

Our full-year RevPAR growth is still expected to be meaningfully stronger internationally than in the US and Canada, even with greater China RevPAR still anticipated to be around flat compared to last year. The luxury and full service segments, where we are extremely well positioned, accounting for over half of our open mobile rooms are expected to continue to nicely outperform lower-end chain scales.

儘管大中華區的 RevPAR 預計與去年相比仍將持平，但我們預計全年國際 RevPAR 增幅仍將顯著高於美國和加拿大。我們在豪華酒店和全套服務酒店領域佔據了非常有利的地位，佔據了我們一半以上的開放移動客房，預計這些酒店的表現將繼續優於低端連鎖酒店。

Globally, fourth quarter RevPAR growth is anticipated to accelerate from the third quarter, in part due to holiday shifts and the timing of certain large events. Examples include the positive impact of the Paris Olympics and the Euro Cup in the 2024 third quarter, the positive impact of the Republican and Democratic conventions in the 2024 third quarter and then the negative impact of the U.S Presidential election in the 2024 fourth quarter plus F1 in Singapore is shifting from the third quarter last year to the fourth quarter this year.

從全球來看，第四季度 RevPAR 的成長預計將從第三季開始加速，部分原因是假期的變化和某些大型活動的時間表。例如，2024 年第三季巴黎奧運和歐洲盃的正面影響，2024 年第三季共和黨和民主黨全國代表大會的正面影響，以及 2024 年第四季美國總統大選的負面影響，再加上新加坡的 F1 賽事從去年第三季轉移到今年第四季。

At the end of June, on a global basis, revenues for group, the customer segment where we have the lowest visibility we're pacing down 2% for the third quarter and pacing up 6% for the fourth quarter reflecting some of these calendar impacts.

截至 6 月底，在全球範圍內，集團收入（我們可見度最低的客戶細分市場）第三季度下降 2%，第四季度增長 6%，反映了部分日曆方面的影響。

Full-year 2025 revenues were pacing up 3% below the pace we saw a quarter ago primarily due to fewer near-term bookings. However, group bookings for future periods have strengthened, with group revenues for 2026, pacing up 8% in the US and Canada and globally, up from 7% a quarter ago.

2025 年全年營收增幅比上一季低 3%，主要原因是近期預訂量減少。不過，未來時期的團體預訂有所增強，2026 年美國、加拿大和全球的團體收入將成長 8%，高於上一季的 7%。

On a global basis, for the full year, we now expect leisure transient and group RevPAR to grow in the low single-digit range business transient RevPAR is now expected to be around flat year-over-year with government demand expected to remain weak.

從全球範圍來看，我們目前預計全年休閒短途酒店和團體 RevPAR 將以低個位數增長，而商務短途酒店 RevPAR 預計將同比持平，政府需求預計將保持疲軟。

Government room nights in the US and Canada were down 16% year-over-year in the second quarter, more than in March, but do appear to have stabilized around these levels.

美國和加拿大政府酒店客房夜數在第二季度同比下降了 16%，降幅大於 3 月份，但目前看來已穩定在這一水平附近。

Turning to the P&L. In the third quarter, gross fee growth could be in the 2% to 3% range. Third quarter growth will be impacted by the timing of residential branding fees, which are expected to be down significantly year-over-year.

轉向損益表。第三季度，總費用成長率可能在 2% 至 3% 之間。第三季的成長將受到住宅品牌費用時間的影響，預計住宅品牌費用將比去年同期大幅下降。

IMFs are expected to see declines around 15% in the third quarter, largely reflecting tougher year-over-year RevPAR comps, continued renovations at some large properties in the US and Canada region and the receipt of business interruption insurance proceeds at certain Florida hotels in the last year third quarter.

預計 IMF 第三季度的營收將下降 15% 左右，這主要反映了 RevPAR 同比下滑、美國和加拿大地區部分大型酒店繼續進行翻新以及去年第三季度部分佛羅裡達州酒店收到營業中斷保險收益等因素。

Fourth quarter IMFs are expected to increase in the mid- to high single-digit range partly due to easier comps as a result of hurricanes impacting some Florida hotels last year as well as improved performance at renovating hotels. Full year IMFs are anticipated to be flattish to slightly down year-over-year. Third quarter adjusted EBITDA is expected to increase 5% to 7%.

預計第四季度 IMF 將實現中高個位數成長，部分原因是去年颶風襲擊佛羅裡達州部分飯店導致可比銷售額下降，以及飯店裝修業績改善。預計全年國際貨幣基金組織 (IMF) 數據將與去年同期持平或略有下降。預計第三季調整後 EBITDA 將成長 5% 至 7%。

For the full year, with a reduction in the upper end of our RevPAR range, we now expect gross fees of $5.37 billion to $5.42 billion, up 4% to 5% year-over-year. For the full year, co-branded credit card fee growth is still expected to be a couple of hundred basis points lower than a nearly 10% growth in 2024, and timeshare fees are still expected to be around $110 million.

就全年而言，由於我們的 RevPAR 範圍上限有所下降，我們目前預計總費用將達到 53.7 億美元至 54.2 億美元，年增 4% 至 5%。就全年而言，聯名信用卡費用增長預計仍將比 2024 年近 10% 的增幅低幾百個基點，分時度假費用預計仍將在 1.1 億美元左右。

With a shift in the expected timing of sales for certain properties, full year residential branding fees are now anticipated to decline around 30%. Owned, leased and other revenue, net of expenses, is now expected to total $360 million to $370 million, primarily reflecting the flow-through of second quarter results. 2025 G&A expense is still anticipated to decline 8% to 10% to $965 million to $985 million.

隨著某些房產預期銷售時間的變化，預計全年住宅品牌費用將下降約 30%。扣除費用後的自有、租賃和其他收入預計總額為 3.6 億美元至 3.7 億美元，主要反映第二季業績的流入。預計 2025 年一般及行政費用仍將下降 8% 至 10%，至 9.65 億美元至 9.85 億美元。

This decline reflects 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 that is also expected to yield cost savings to our owners.

這一下降反映了我們為提高整個公司的效率和效益而採取的企業級舉措預計帶來的 8,000 萬至 9,000 萬美元的財產節省，同時預計也將為我們的業主節省成本。

Full year adjusted EBITDA could increase between 7% and 8% to $5.3 billion to $5.4 billion. Full year adjusted diluted EPS could total $9.85 to $10.08. Our full year adjusted effective tax rate is still expected to be roughly 1 percentage point higher than a year ago, given a shift in earnings to higher tax rate jurisdictions.

全年調整後 EBITDA 可能成長 7% 至 8%，達到 53 億美元至 54 億美元。全年調整後攤薄每股收益預計為9.85美元至10.08美元。鑑於獲利向高稅率管轄區轉移，我們預計全年調整後有效稅率仍將比去年同期高出約1個百分點。

Our underlying full year core cash tax rate is still anticipated to be in the low 20% range. Let me also share some sensitivities to help with modeling, the sensitivity of 1% change in full-year 2025 US RevPAR versus 2024 could be around $35 million to $40 million of total RevPAR related fees. The impact of a 1% change in full-year 2025 global RevPAR versus 2024, assuming equal changes across all hotels around the world could be $50 million to $60 million.

我們預計全年核心現金稅率仍將在 20% 的低點範圍內。我還想分享一些有助於建模的敏感度，2025 年全年美國 RevPAR 與 2024 年相比變化 1% 的敏感度可能約為 RevPAR 相關費用總額 3500 萬至 4000 萬美元。假設全球所有飯店的 RevPAR 都發生相同變化，那麼 2025 年全年全球 RevPAR 與 2024 年相比變化 1% 的影響可能達到 5,000 萬至 6,000 萬美元。

Our 2025 net rooms growth is still anticipated to approach 5%. As we look ahead with our strong momentum in global signings, we still expect long-term global net rooms growth in the mid-single-digit range.

我們預計 2025 年淨客房成長率仍將接近 5%。展望未來，鑑於我們在全球簽約方面的強勁勢頭，我們仍然預計長期全球淨客房成長率將保持在中等個位數的範圍內。

Total investment spending is still expected to be $1.36 billion to $1.46 billion or $1 billion to $1.1 billion, excluding $355 million for the citizenM transaction. Our capital allocation philosophy remains the same. We're committed to our investment-grade rating, investing in growth that is accretive to shareholder value, and then returning excess capital to shareholders through a combination of a modest cash dividend, which has risen meaningfully over time and share repurchases.

預計總投資支出仍為 13.6 億美元至 14.6 億美元或 10 億美元至 11 億美元，不包括用於 CitizenM 交易的 3.55 億美元。我們的資本配置理念保持不變。我們致力於維持我們的投資等級評級，投資於能夠增加股東價值的成長，然後透過適度的現金股利（隨著時間的推移，股利大幅增加）和股票回購等方式將多餘的資本回饋給股東。

We're pleased with the company's strong year-to-date cash flow performance and outlook. Given strong cash flow generation, we still expect full year capital returns to shareholders to be around $4 billion while maintaining our leverage in the lower part of our net debt-to-EBITDA range of 3 to 3.5 times. Before ending our prepared remarks, Tony and I want to express our gratitude to our incredible team of associates around the world for their continued hard work and dedication.

我們對公司今年迄今強勁的現金流表現和前景感到滿意。鑑於強勁的現金流產生，我們仍然預計全年股東資本回報將在 40 億美元左右，同時將我們的槓桿率維持在淨債務與 EBITDA 比率 3 至 3.5 倍的較低範圍內。在結束我們的準備好的演講之前，托尼和我想對我們在世界各地的優秀團隊的持續努力和奉獻表示感謝。

The operator can now open the lines for questions. Please ask just one question each so we can speak with as many of you as possible. Thank you.

接線員現在可以開通熱線來回答問題。請每人只問一個問題，以便我們能夠與盡可能多的人交談。謝謝。

(Operator Instructions)

（操作員指示）

Stephen Grambling, Morgan Stanley.

摩根士丹利的史蒂芬‧格蘭布林。

Leeny, I know you still have time, but congratulations, and thanks for all of your consistent insight and support.

Leeny，我知道你還有時間，但還是要祝賀你，並感謝你一貫的洞察力和支持。

Thank you, Stephen.

謝謝你，史蒂芬。

So I think we've talked about this in the past, but maybe this is a big picture question, but given all the advances in technology, particularly around AI, where are we in the technology transformation project as it relates to timing and spend, and what are some of the major changes both owners and travelers can expect to see over the next few years?

所以我認為我們過去已經討論過這個問題，但也許這是一個大問題，但考慮到技術的所有進步，特別是在人工智慧領域，我們在與時間和支出相關的技術轉型項目中處於什麼位置，以及業主和旅行者在未來幾年可以期待看到的一些重大變化是什麼？

Sure. Thank you, Stephen, for the question. As you know, we are in the midst of a multiyear transformation of our three main systems; loyalty, reservations and PMS. We expect to start deploying the new cloud-based central reservations, PMS in the US and Canada select service hotels later this year.

當然。謝謝史蒂芬提出的問題。如您所知，我們正在對三大主要係統進行多年的轉型：忠誠度、預訂和 PMS。我們預計將於今年稍後開始在美國和加拿大的精選服務酒店部署新的基於雲端的中央預訂 PMS。

The strategy is intended to do a few things. It's intended to meaningfully enhance the ease with which our associates are trained on those platforms. In turn, enhancing our competitiveness, particularly for next-generation future associates. It should make the experience for our guests, both on property and when they're engaging with our customer engagement centers, much more seamless, much more efficient.

該戰略旨在實現以下幾個目標。其目的是顯著提高我們的員工在這些平台上接受培訓的便利性。反過來，增強我們的競爭力，特別是對於下一代未來員工。它應該讓我們的客人無論是在酒店內還是在與我們的客戶互動中心互動時都能獲得更無縫、更有效率的體驗。

And then from an owner perspective, it should drive both some opportunities to improve the efficiency of our operations, but maybe even more compelling the ability to better merchandise and sell the full range of products and services that we want to make available to our guests ideally representing some revenue upside for the owners.

然後從業主的角度來看，它應該帶來一些機會來提高我們的營運效率，但也許更引人注目的是，它能夠更好地銷售商品並銷售我們希望為客人提供的全部產品和服務，理想情況下，這代表著業主的一些收入增長。

Pivoting to AI, I think I talked about this last quarter. We have stood up a Marriott AI incubator that is working on a variety of proof of concepts. Some of those early proof of concepts were in areas like reimagining the concierge function where we think there's a real opportunity to take advantage. We're also looking at pilots in our customer engagement centers to help those agents navigate such a broad and diverse portfolio.

轉向人工智慧，我想我上個季度談過這個問題。我們已經建立了萬豪人工智慧孵化器，致力於各種概念驗證。一些早期的概念驗證涉及重新構想禮賓功能等領域，我們認為這些領域確實存在可以利用的機會。我們也在客戶互動中心進行試點，以幫助這些代理商駕馭如此廣泛和多樣化的產品組合。

As you may know, we've incorporated AI into the Marriott Homes and Villas platform. And while it's early, the early reaction of our guests has been terrific. And then we've also launched an ambassador trip planning tool that is fueled by AI. So lots of work going on in the AI space.

您可能知道，我們已將人工智慧融入萬豪住宅和別墅平台。雖然時間還早，但我們的客人的早期反應非常棒。然後我們也推出了一款由人工智慧驅動的大使旅行規劃工具。因此，人工智慧領域正在進行大量工作。

But again, all of it focused on, number one, serving each of the constituents that we serve every day. And number two, creating capacities for our associates to better engage guests.

但同樣，所有這一切都集中於第一點，即服務於我們每天服務的每一位選民。第二，為我們的員工創造能力，以便更好地與客人互動。

And Stephen, just on your question about the funding of the project, for the tech transformation, the heaviest spend levels are really '24, '25 and '26. And as you know, there will be several hundred million that will go on to Marriott's balance sheet be paid off over time. But the delta is not huge kind of compared to normal, but probably is, call it, $100 million more than you might typically expect on the tech spend side for those years.

史蒂芬，關於你提出的專案資金問題，對於技術轉型來說，支出最大的年份實際上是 24 年、25 年和 26 年。如你所知，數億美元將進入萬豪的資產負債表，並隨著時間的推移而償還。但與正常情況相比，這個差額並不是很大，但可能比你通常預期的這些年技術支出多出 1 億美元。

Shaun Kelley, Bank of America.

美國銀行的肖恩凱利 (Shaun Kelley)。

Good morning, everyone. And And Leeny, I'll pass along my sentiments as well. You'll be sorely missed when we get to that moment, but I think we have another quarter or two together. So appreciate all you've done.

大家早安。還有 Leeny，我也會傳達我的感受。當我們到達那一刻時，我們會非常想念你，但我想我們還會在一起度過一兩個季度。非常感謝你所做的一切。

Thank you.

謝謝。

But Shaun, you can share those sentiments the next two quarterly calls as well.

但是肖恩，您也可以在接下來的兩次季度電話會議上分享這些觀點。

It's just going to be a really long farewell. So Tony, where I wanted to go with my question was actually some of the implications on the one big beautiful bill. So obviously, some certainty here for the sort of broader kind of investment community and the way people think about it.

這會是一場漫長的告別。托尼，我的問題實際上是想探討這張美麗的大鈔的一些含義。因此顯然，對於更廣泛的投資界和人們的看法而言，這具有一定的確定性。

But if you could put your development hat on for us for a second, given some of the expensing features in that legislation, I'm curious on whether or not you think this can drive some renovation capital to the space, possibly some more development or optimism on that side?

但是，如果您可以為我們稍微談談開發方面的問題，考慮到該立法中的一些費用功能，我很好奇您是否認為這可以為該領域帶來一些翻新資金，可能帶來更多的開發或樂觀情緒？

And then, Leeny, for you, anything on the Marriott corporate side in terms of interest deduction, accelerated depreciation or anything that would matter for Marriott corporate? Thank you.

然後，Leeny，對於您來說，萬豪公司方面在利息扣除額、加速折舊或任何對萬豪公司重要的事情方面有什麼要求嗎？謝謝。

Yes. Thank you, Shaun. Maybe I'll talk macro and Leeny can be a little more granular. In some ways, the best thing about the big beautiful bill is it's done, right? And so the level of uncertainty, both among consumers and among our owners and franchisees, improves meaningfully with the signature on that bill.

是的。謝謝你，肖恩。也許我會談論宏觀問題，而 Leeny 可以講得更詳細一些。從某種程度上來說，這張美麗的大鈔最好的地方就在於它已經完成了，對吧？因此，隨著該法案的簽署，消費者以及我們的業主和特許經營者的不確定性程度都有了顯著改善。

Most of our owners, we've talked about this in the past, are long-term investors in the sector. They don't tend to jump in and out based on the ups and downs and what's going on in Washington. But I do think the stability that comes from no more talk about it and the implementation of the various components of that bill are a net positive for us.

我們過去曾談到這個問題，我們的大多數業主都是該行業的長期投資者。他們不會根據華盛頓的局勢起伏和所發生的事而隨意進出。但我確實認為，不再談論該法案以及實施該法案各項內容所帶來的穩定對我們來說是有利的。

With that said, the factors that our owners consider as they think about putting shovels in the ground are all around yields. And so to the extent that there remains uncertainty around tariffs, that will give them some measure of pause. But again, they're long-term investors. And so we've seen a bit of an uptick in the construction starts, certainly not to where we'd like to see it in pre-pandemic world.

話雖如此，我們的業主在考慮開工時考慮的因素都是產量。因此，如果關稅問題仍存在不確定性，他們就會在一定程度上暫停行動。但同樣，他們是長期投資者。因此，我們看到建築開工量略有上升，但肯定沒有達到我們希望在疫情前看到的水平。

We continue to see really strong and accelerating traction on the conversion front. You heard in my prepared remarks in just a quarter, we've seen our global pipeline of mid-scale doubled from 100 projects a quarter ago to 200 at the end of Q2. Leeny, I don't know if you want to add any color there?

我們繼續看到轉換方面的強勁和加速發展。在我的準備好的發言中，您聽到了，僅僅一個季度，我們的全球中型項目數量就翻了一番，從上個季度的 100 個增加到第二季度末的 200 個。Leeny，我不知道你是否想在那裡添加任何顏色？

Yes. So let's talk for a minute about the broader picture that you're asking about, Shaun. And clearly, as it relates to certain kind of depreciation factors, et cetera. That is one element that can be encouraging, but I think it's, again, it's a broader picture about economic stability about interest rates, about kind of where the transaction market is and bid-ask spreads, et cetera.

是的。那麼讓我們花一點時間來談論一下你所詢問的更廣泛的情況，肖恩。顯然，這與某些折舊因素等有關。這是一個令人鼓舞的因素，但我認為，這是一個關於經濟穩定性、利率、交易市場狀況和買賣價差等更廣泛的圖像。

And I do think that with, as Tony said, the bill passing and hopefully, a more concrete view about where tariffs are going to end up, that we've got the possibility of the transaction market starts to open up some more is certainly helpful as we think about having some assets that we're finishing fantastic renovations, and we would like to recycle that capital. So from that standpoint, we're looking forward to opportunities on that front.

我確實認為，正如托尼所說，隨著法案的通過，以及對關稅最終走向的更具體的看法，我們有可能開始進一步開放交易市場，這無疑是有幫助的，因為我們正在考慮擁有一些資產，我們正在完成出色的翻修，我們希望回收這些資本。因此從這個角度來看，我們期待這方面的機會。

Dan Politzer, J.P. Morgan.

摩根大通的 Dan Politzer。

Good morning, everyone. And Leeny, thanks for everything. I'm glad we'll help you for a bit longer though to help us out. I wanted to go zooming on the group business a bit. It seems like it's been choppier near term, but you mentioned 2026 is actually tracking a little bit better than even last quarter.

大家早安。還有 Leeny，謝謝你所做的一切。我很高興我們能再幫您一段時間，以幫助我們。我想稍微擴大一下團體業務。看起來短期內情況會更加動盪，但您提到 2026 年的情況實際上比上一季要好一些。

Can you maybe unpack that a little bit in terms of what you're seeing in terms of lead volumes versus some of the deferrals possibly? And is it an actual change in the type of customer or booking that you're seeing? Or what exactly is going on there?

您能否根據所看到的潛在客戶數量與一些延期情況來解釋一下這一點？您所看到的客戶類型或預訂是否發生了實際變化？或者那裡到底發生了什麼事？

Sure. I'll give it a try. As you rightly point out, the -- a quarter ago when we gave you visibility into group pace for 2026. We were tracking up 7%. That's ticked up 100 basis points.

當然。我會嘗試一下。正如您正確指出的那樣，一個季度前，我們向您介紹了 2026 年的團體步伐。我們的漲幅達到 7%。這上升了 100 個基點。

We're now tracking at 8%, not a meaningful shift in distribution across the various sources of group.

我們現在追蹤的比例是 8%，在各個群體來源的分佈中並沒有出現明顯的變化。

I mean as you know, we get 45-ish percent of all group comes from corporate. That seems to be staying pretty consistent. About one-fourth comes from association that is remaining fairly consistent as well. We are not seeing any sort of above normal volume of cancellations in the group segment.

我的意思是，如你所知，我們集團的 45% 左右的收入來自企業。這似乎保持相當一致。大約四分之一來自於保持相當一致的關聯。我們沒有看到團體預訂取消量有任何超出正常水平的情況。

I think in our prepared remarks, we may have mentioned a little uptick in attrition here in Q2 and into the back half of '25. But again, those pace numbers for 2026 are really encouraging.

我想，在我們準備好的發言中，我們可能提到了第二季和 2025 年下半年員工流動率略有上升。但再次強調，2026 年的速度數字確實令人鼓舞。

I would -- the other thing I would say, we talked in response to one of the earlier questions about some of the fluidity in the macro environment. That's really, I think, been the driver and a little drop in the year, for the year bookings, certainly in Q2 of this year and an expectation for the back half of the year.

我想說的另一件事是，我們在回答之前的一個關於宏觀環境流動性的問題時進行了討論。我認為這確實是今年預訂量略有下降的原因，尤其是今年第二季的預訂量，以及下半年的預期。

And just to -- for one follow-up, when you think about how much of the drop in Q2 group relative to our expectations a quarter ago, not quite half was from attrition and the rest was from weaker in the quarter for the quarter bookings. So kind of a fairly even mix of the two.

再說一次後續問題，當你考慮一下第二季度相對於我們上一季的預期下降了多少時，你會發現，其中不到一半是由於人員流失，其餘的是由於本季度預訂量較弱。因此，這兩者是相當均勻的混合。

And then as Tony said, I think some real uncertainty around the state of play in the economy. The other thing that's worth noting is that, obviously, with a number of both holidays and event shifting. That's also partly what you're seeing in the group outlook for Q3 and Q4 being different between those two quarters. Thank you.

正如托尼所說，我認為經濟狀況確實存在一些不確定性。另一個值得注意的是，顯然假期和活動的數量都會改變。這也是您在第三季和第四季的集團前景中看到的兩個季度不同的部分原因。謝謝。

Conor Cunningham, Melius Research.

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

Hi everyone. Thank you. And congrats, Leeny, on the retirement. I also look forward to getting some more insights over the next couple of quarters. But I was hoping you could talk a little bit about the Marriott media opportunity. I realize it's still very, very new, but other travel companies talk about this opportunity on media and ads.

大家好。謝謝。祝賀 Leeny 退休。我也期待在接下來的幾季獲得更多的見解。但我希望您能談談萬豪媒體機會。我知道這仍然非常非常新，但其他旅遊公司在媒體和廣告上談論這個機會。

And just a significant driver of profits and whatnot. And I'm just trying to understand the potential opportunity set ahead? Is it on the level of like a co-branded credit card contribution at full maturation? And maybe you could just talk about how you view it. Is it -- is it companies that are coming into the Marriott ecosystem? Or is it an ad-based type platform? Just any thoughts would be helpful. Thank you.

並且是利潤和其他方面的重要動力。我只是想了解未來的潛在機會？它是否與聯名信用卡完全到期時的貢獻水準相同？也許您可以談談您對此的看法。是進入萬豪生態系的公司嗎？或者它是一個基於廣告的平台？任何想法都會有幫助。謝謝。

Yes. Conor, happy to talk about it. And I was with Peggy Roe and her team at Cannes Lions earlier this summer, where we did our official launch and certainly, if the early level of interest that we saw from prospective advertisers is any indication, I think we ought to be really optimistic about the future of the network.

是的。康納，很高興談論這件事。今年夏初，我和佩吉·羅以及她的團隊一起在坎城國際創意節上正式發布了我們的產品。當然，如果我們從潛在廣告商看到的早期興趣程度可以作為參考的話，我認為我們應該對網路的未來感到非常樂觀。

It's really fundamentally Conor, a network that helps brands connect with audiences throughout the guest journey. It allows us to take both the deep insights we have into travelers and their preferences and then provide that guidance and then access for those advertisers across our digital platforms and our physical environments in our guest rooms to try and offer really bespoke campaigns that appeal to traveler interest.

從根本上來說，Conor 是一個幫助品牌在整個賓客旅程中與觀眾建立聯繫的網絡。它使我們能夠深入了解旅行者及其偏好，然後透過我們的數位平台和客房中的實體環境為廣告商提供指導和訪問權限，嘗試提供真正吸引旅行者興趣的客製化活動。

It's really too early to give you a sense of what the economics might look like. We're in very early days. But again, the level of interest, I think, has exceeded our expectations, and it gives us a lot of optimism about the future of the network.

現在就讓你了解經濟狀況還為時過早。我們尚處於早期階段。但我認為，人們的興趣程度已經超出了我們的預期，這讓我們對網路的未來充滿信心。

The only thing I would add to that is we do expect to be sharing the returns with our owners as well. I think it's one of these great examples of complementary adjacent businesses that help our overall power of Bonvoy but also help the P&L of both the company and our owners.

我唯一想補充的是，我們也確實希望與我們的業主分享回報。我認為這是互補性相鄰業務的一個很好的例子，它不僅有助於增強 Bonvoy 的整體實力，還有助於公司和我們所有者的損益。

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

Hi. Thanks for taking my questions and just continue the thanks for Leeny. It's been a pleasure working with you the last few years. I guess I just want to ask a question on the residential branded fees. It seems to be coming up every quarter as piece of volatility. And I guess investors in hotel stocks don't like volatility very much. So just your commitment to the residential business and how you're feeling about the long-term outlook in continuing to pursue that opportunity.

你好。感謝您回答我的問題，並繼續向 Leeny 表示感謝。過去幾年與您合作非常愉快。我想我只是想問一個有關住宅品牌費用的問題。它似乎每個季度都會出現波動。我猜酒店股的投資者不太喜歡波動性。因此，您對住宅業務的承諾以及您對繼續追求這一機會的長期前景的看法。

Sure. Thank you very much for the question. And I will kind of double down, emphasize our excitement about this business. We are the clear leader in the branded residential business across a number of our brands around the world, and we are thrilled with what we see in terms of continued openings, continued strength of the prices that these units are selling for, which then feeds into branding fees for us, it's worth mentioning that we also do get management fees from these, which are in our base management fees.

當然。非常感謝您的提問。我會加倍強調我們對這項業務的興奮之情。我們在全球多個品牌的住宅業務中佔據明顯領先地位，我們對持續的開業、這些單元售價的持續強勁感到興奮，這為我們帶來了品牌費用，值得一提的是，我們也從中獲得了管理費，這些費用已包含在我們的基本管理費中。

They are obviously a smaller amount, and they do not have the same volatility associated with them. But as an example, last year was $80 million. So while I hear your point about investors not liking the volatility of them, it's still not a huge part of our overall fee stream -- and this year, we now expect down to just from a timing perspective to be more like 30% down.

它們的量顯然較小，並且不具有相同的波動性。但舉個例子，去年是 8000 萬美元。因此，雖然我聽到了您關於投資者不喜歡其波動性的觀點，但這仍然不是我們整體費用流的很大一部分——而今年，我們預計從時間角度來看，費用將下降 30% 左右。

That's actually better than it was a quarter ago when we had talked about them being down close to 50%. And again, in the big scheme of things, not such a huge impact on earnings, but they are high return on investment fees and typically also associated with a hotel next door and provide tremendous value to those hotels as well. So no, we are huge fans of our residential business, and I would be remiss not to thank that team for the extraordinary work that they do in delivering these results.

這實際上比一個季度前的情況要好，當時我們談到他們的股價下跌了近 50%。再說一次，從總體上看，這對收益的影響並不大，但它們的投資回報率很高，而且通常也與隔壁的酒店有關，也為這些酒店帶來了巨大的價值。所以，我們非常熱愛我們的住宅業務，如果我不感謝團隊為實現這些成果所做的出色工作，那我就是失職了。

And Richard, the only other color commentary I would add, I talked both in my prepared remarks and in response to an earlier question about the continued strength we see in luxury. I think the impact that our branded residential business has on the perception of those brands, on the confidence in the quality and service delivery in those brands. Residential is a meaningful contributor to that growing lead that we enjoy in the most valuable tier.

理查德，我想補充的唯一另一個有趣的評論，我在準備好的發言中和在回答之前關於我們看到的奢侈品持續強勁的問題時都談到了。我認為我們的品牌住宅業務對這些品牌的認知、對這些品牌的品質和服務交付的信心都有影響。住宅市場對我們在最有價值層級中不斷增長的領先地位做出了有意義的貢獻。

Brandt Montour, Barclays.

巴克萊銀行的布蘭特‧蒙圖爾 (Brandt Montour)。

Good morning, everybody. I want to extend a heartfelt congratulations to Leeny. You'll definitely be missed. I wanted to ask about business transient trends, obviously, down in the quarter and low visibility within this business. But maybe if you could break out nongovernment business transient and just give us a sense on what you've sort of baked into your assumptions going into the third and fourth quarter within guidance. What are you hearing, Tony, from the larger corporates, especially that we know you have good relations with and what they're thinking?

大家早安。我要向 Leeny 表示衷心的祝賀。我們一定會想念你的。我想問一下業務的瞬時趨勢，顯然，本季業務下滑，而且業務的可見度較低。但是，如果您可以突破非政府業務的短暫性，並讓我們了解您在指導第三季和第四季時考慮到了哪些假設。東尼，你從大公司聽到了什麼消息，特別是我們知道你與那些公司關係良好的公司，他們是怎麼想的？

Yes. So maybe I'll start with the government piece. just to ground you and remind you that last year, in full year '24, about 3% of global room nights and about 4% of US and Canada room nights were US government workers.

是的。因此，也許我應該從政府部分開始。只是為了讓您了解情況並提醒您，去年，即 24 年全年，全球約 3% 的住宿夜數以及美國和加拿大約 4% 的住宿夜數來自美國政府工作人員。

That's federal, state, local.

即聯邦、州和地方。

And we've done our best to try to estimate government adjacent room nights as well. And in the US and Canada, we would guess that would be about another 1%. And it sort of scales by chain scale, meaning if you go to the select service scale, about 6% of room nights come from government, about 3% in full service and about 2% in the luxury tier, which maybe speaks a little bit to some of the trends that we've seen.

我們也盡力估算了政府相鄰的房間晚數。在美國和加拿大，我們猜測這個比例還會達到 1% 左右。而且它是按照連鎖規模來衡量的，也就是說，如果你看一下精選服務規模，大約 6% 的房晚來自政府，大約 3% 來自全方位服務，大約 2% 來自豪華級別，這也許可以說明我們所看到的一些趨勢。

Talking more broadly about business transient, most of the corporates that we work with are, to a certain extent, I would characterize them as back to normal. A lot of the travel restrictions they had coming out of the pandemic are largely gone. You're seeing more and more return to the office, either voluntary or mandated.

更廣泛地談論業務瞬變，我們合作的大多數企業在某種程度上都已恢復正常。疫情爆發後，許多旅行限制基本上都取消了。你會看到越來越多的人重返辦公室，無論是自願的還是強迫的。

And I think that's having some impact on business transient volume as well. But the volatility and the uncertainty that both Leeny and I talked about in our prepared remarks appears to be the biggest contributor to the bit of softness we saw in the quarter.

我認為這也會對業務瞬時量產生一定的影響。但 Leeny 和我在我們的準備好的發言中談到的波動性和不確定性似乎是本季經濟疲軟的最大因素。

And Brandt, to break out kind of your specific question about the impact without the government, globally, business transient RevPAR was down 1% if you exclude the government because government transient RevPAR was down 17% in the quarter.

布蘭特，針對您提出的關於不計入政府因素的影響的具體問題，在全球範圍內，如果不計入政府因素，企業臨時 RevPAR 將下降 1%，因為本季度政府臨時 RevPAR 下降了 17%。

And that's a bit more than it was, say, in March of 2025. But it does appear to be kind of steadying out. So I think if you kind of unpack that a bit, you continue to see that BT apart from government is experiencing this kind of lower growth that fits what's going on with global economic activity, which is clearly lower than what was expected at the beginning of the year, but also not falling dramatically.

這比 2025 年 3 月的情況要多一點。但它確實看起來有點穩定。所以我認為，如果你稍微分析一下，你會發現，除了政府之外，英國電信也正在經歷這種較低的成長，這與全球經濟活動的狀況相符，這明顯低於年初的預期，但也沒有大幅下降。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great. Thank you. And I want to echo everyone's sentiment about Leeny as well. My question is on the pipeline and rooms under construction. Obviously, the development environment is different than it's been historically that looks like about 40% of your pipeline is under construction.

偉大的。謝謝。我也想附和大家對 Leeny 的看法。我的問題是關於正在建造的管道和房間。顯然，開發環境與歷史上的情況不同，看起來大約 40% 的管道正在建設中。

And if we with change in how you count conversions, that would be somewhere in the 30% range. And if we think about how that was close to 50% kind of pre-pandemic or like what the old normal was. Can you help us think about what conversions as a percent of openings needs to grow to next year for to hit that same kind of mid-single-digit range in unit growth, just what conversions in the percent would have to grow to kind of offset maybe what's not kind of new being newly built? Thank you.

如果我們改變計算轉換次數的方式，這個數字將會在 30% 左右。如果我們想想，這個數字接近疫情前的 50%，或者像過去的正常水平一樣。您能否幫助我們思考一下，為了達到同樣的中位數個位數成長範圍，明年轉換率佔開業總數的百分比需要成長到多少，轉換率百分比需要成長多少才能抵銷新建的非新建專案？謝謝。

So Robin, I think the best way to talk about this is the reality that conversions have been, call it, 30%, even a little bit over often a percentage of our signings for several years now. So you really -- it's not as comparable to the specific of the pipeline in 2019 because you've now seen some rolling years of these higher percentages of conversions that stay in your pipeline or in general, a shorter period of time.

所以羅賓，我認為談論這個問題的最好方式是，現實情況是，幾年來，轉換率一直保持在 30% 左右，甚至略高於我們簽約人數的一定比例。因此，您實際上 - 它與 2019 年管道的具體情況並不具有可比性，因為您現在已經看到了這些更高百分比的轉換連續幾年停留在您的管道中，或者一般而言，停留的時間較短。

So we would expect to continue to see over the next few years that we would have, call it, roughly one-third rooms opening that are conversion rooms at that includes adaptive reuse in Greater China, which are kind of a mix of new construction and conversion rooms and continue to see this strong amount of signings being in the conversion space.

因此，我們預計，在未來幾年內，大中華區將有大約三分之一的酒店客房是經過改建的酒店客房，其中包括經過適應性再利用的酒店客房，這些酒店客房是新建酒店客房和經過改建的酒店客房的混合體，並且改建酒店客房領域的簽約數量將繼續保持強勁。

And as we look at a pipeline that is over 5% higher than a year ago, with, again, this heightened element of several years of conversions. We're confident that we're building the track record for this mid-single-digit net rooms growth over the next several years.

我們看到，該管道比一年前高出了 5% 以上，這再次體現了幾年轉換的增強因素。我們有信心在未來幾年內創造中等個位數淨客房成長的記錄。

And Robin, the only thing I'd add two things to that. I would -- I think I mentioned this in my prepared remarks. We're just getting started in the mid-scale tier where we think there is tremendous opportunity.

羅賓，我只想補充兩件事。我會——我想我在準備好的發言中提到過這一點。我們才剛進入中型市場，我們認為這裡面蘊藏著巨大的機會。

As I mentioned, the number of mid-scale deals in the pipeline globally doubled just from a quarter ago. And with the introduction of something like Series, that really enhances an effort that we've talked about the last few quarters around portfolio conversions, which is really encouraging to us.

正如我所提到的，全球範圍內正在進行的中型交易數量僅比一個季度前就翻了一番。隨著 Series 之類的產品的推出，這確實增強了我們在過去幾個季度中談到的有關投資組合轉換的努力，這對我們來說確實令人鼓舞。

Duane Pfennigwerth, EVERCORE ISI.

杜安‧芬尼格沃斯 (Duane Pfennigwerth)，EVERCORE ISI。

Good morning. As you think about the expected improvement from third quarter to fourth quarter, just a couple of assumptions I wanted to check with you. Is this primarily a domestic pickup? Or are there other regions of the world where you also expect sequential improvement and then relatedly, by segment, it sounds from your commentary, clearly, group -- the group pace is higher. Is that the biggest sequential driver? I mean our sense is BT is actually improving. Business travel is improving. -- we're in a peak leisure period now, so it's a little bit hard to measure. But how are you thinking about pickup for BT specifically into the fall?

早安.當您考慮從第三季到第四季的預期改善時，我只想與您核實幾個假設。這主要是國產皮卡嗎？或者您是否也期望世界其他地區會出現連續改善，然後從各個細分市場來看，從您的評論來看，顯然各個群體的步伐更快。這是最大的連續驅動因素嗎？我的意思是，我們的感覺是 BT 實際上正在改進。商務旅行正在改善。 ——我們現在正處於休閒高峰期，因此有點難以衡量。但是您如何考慮在秋季特別提倡 BT 的回升呢？

Yes. So I think you make a couple of good points. And let me first talk about your broad question about Q4 over Q3, which is, again, the items clearly that we mentioned, clearly pointed out in the US But you've also got things like easier comps in China as you move through the year and that becomes even more heightened as you get to Q4 which obviously at close to 10% of our systems is a nice help as you look at the overall pickup. And then obviously, you pointed out the group difference.

是的。所以我認為你提出了幾個很好的觀點。首先，讓我來談談您關於第四季度與第三季度相比表現如何的廣泛問題，這些是我們在美國明確提到的項目，但隨著一年的推進，您還會發現中國市場的競爭更加激烈，而進入第四季度後，這種競爭會變得更加激烈，顯然，在我們系統中，接近 10% 的競爭對整體回升有很大幫助。然後顯然，你指出了群體差異。

But I would also agree with you that just from a BT standpoint that it is a generally heavier period of BT travel and with some of the resolution of things like either the bill or continued progress about tariffs that there is and potentially interest rates that there is a bit more of an open view about where the economy is going. We are not assuming a fundamental shift in business transient, but more seasonality impacts, as you pointed out.

但我同樣同意你的觀點，從英國電信的角度來看，這是一個英國電信出行較為繁忙的時期，隨著一些問題的解決，例如法案或關稅方面的持續進展以及潛在的利率，人們對經濟走向有了更加開放的看法。正如您所指出的，我們並沒有假設業務瞬態會發生根本性轉變，而是更受季節性影響。

But from a general level of economic activity, we are assuming pretty much steady as she goes and not some sort of big pickup in the economy is different than what we're generally seeing overall.

但從總體經濟活動水準來看，我們假設經濟活動將保持穩定，不會大幅回升，這與我們普遍看到的情況不同。

And Duane, the only thing I would add, we talk about group, one, the trends are encouraging. Two, we've got a little longer-term visibility than we have on the transient side. And so just to remind you, in the quarter, the global average booking window for transient was only 20 days. And for BT, it was only 16 days and so I think your observations are spot on. We just don't have as much visibility into transient as we do in group.

杜安，我唯一想補充的是，我們討論的是第一組，趨勢令人鼓舞。第二，與短期相比，我們的長期可見度高一些。需要提醒您的是，本季全球短程航班平均預訂窗口僅為 20 天。對於 BT 來說，只有 16 天，所以我認為您的觀察是正確的。我們對瞬態的了解不如在團體中那麼多。

That's a great point.

這是一個很好的觀點。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi. Thanks. I know it's a long goodbye but will definitely miss you. I just wanted to follow up on the group a little bit because it sounds like maybe the pace has stalled a little bit through the balance of this year, but you and other companies are talking about picking up into next year.

你好。謝謝。我知道這是一個漫長的告別，但我一定會想念你。我只是想稍微跟進一下這個集團的情況，因為聽起來今年的平衡速度可能有點停滯不前，但您和其他公司正在討論明年的回升。

And I'm just wondering, at this point of the year, like how much confidence do you have that, that pace can continue? Because it doesn't really feel like -- I mean you said sort of constant economic growth, but it feels like I don't know.

我只是想知道，在今年的這個時候，你有多大信心，這種步伐能夠持續下去？因為它確實感覺不像——我的意思是你說過某種持續的經濟成長，但感覺不像，我不知道。

I mean there just seems to be much more uncertainty, I guess, on a lot of levels despite maybe some tax certainty and things. And I guess I was just wondering how confident do you feel in that, that pace can continue? Or do you think people are just holding space and they might just cancel later?

我的意思是，儘管稅收等方面可能存在一些確定性，但在許多層面上似乎仍然存在更多的不確定性。我只是想知道您對此有多大信心，這種步伐能否持續下去？或者您認為人們只是在等待，稍後可能會取消？

Yes. It's a good question, Smedes. But as I said, while it's a little early, the -- I might have a different answer for you. It's the weakness we saw in the back half of this year was the result of wholesale cancellations. The fact that the contracts are holding pretty firm.

是的。這是個好問題，斯梅德斯。但正如我所說，雖然現在有點早，但我可能會給你一個不同的答案。我們在今年下半年看到的疲軟是因為批發取消造成的。事實上，合約仍然相當穩固。

And really, as you heard from Leeny, it's a matter of some attrition likely related to some of the macro uncertainty coupled with the fact that we're up 100 basis points since a quarter ago on definites on the books for '26 don't give us a measure of confidence about the continued strength in the group segment.

事實上，正如您從 Leeny 那裡聽到的，這是一個人員流失的問題，可能與一些宏觀不確定性有關，再加上自一個季度前以來，我們在 26 年賬面上的確定性上已經上漲了 100 個基點，這讓我們對集團部門的持續強勁沒有信心。

The other thing I'd point out, which is a smaller fact, but just interesting is that the food and beverage component of this group business has not been bad. I mean, F&B has been about 4%, and it's generally been sturdy. So sometimes what you see is everybody scales back down to the bare nub on the group meeting that they're having.

我想指出的另一件事，雖然不是很重要，但很有趣的是，該集團業務的食品和飲料部分錶現還不錯。我的意思是，餐飲業一直保持在 4% 左右，而且總體上表現強勁。因此，有時你會看到，每個人都會縮減會議內容，只專注於他們正在召開的小組會議的核心內容。

And what we're seeing is that it has continued to be robust. They're clearly -- I would say there is more uncertainty about the near term in the year for the year bookings in '25 than we thought a quarter ago. But I will say for the group that continues to roll through the quality of it is excellent.

我們看到的是，它繼續保持強勁勢頭。顯然——我想說，25 年的短期預訂量比我們一個季度前想像的更加不確定。但我要說的是，對於這個繼續前進的團隊來說，它的品質是優秀的。

And maybe just to build on Leeny's point, we've talked a lot on this call about luxury. Those numbers in food and beverage spend are even more compelling in the luxury tier. In the quarter, globally, luxury F&B spend was up 6% and up 7% and in the US and Canada. And if you just look at food and beverage spend for meetings and events, it was up 9% globally and 10% in the US and Canada within the luxury tier.

也許只是為了鞏固 Leeny 的觀點，我們在這次電話會議上討論了很多關於奢侈品的話題。在奢侈品層面，食品和飲料支出的數字甚至更具吸引力。本季度，全球的奢侈餐飲支出增加了 6%，美國和加拿大的奢侈餐飲支出增加了 7%。如果你只看會議和活動的餐飲支出，全球範圍內的餐飲支出增加了 9%，而美國和加拿大的豪華酒店支出增加了 10%。

David Katz, Jefferies.

傑富瑞的戴維·卡茨。

Morning, everybody. Thanks for taking my question. Good morning, everybody. Leeny, thanks is probably not enough, but I'd rather spend the next two quarters trying to talk you out of it. Look, I think we've covered a lot on sort of the cadence of quarters and I'd rather sort of talk a little big picture. With the discussion about residential and some of the affiliation deals that we've seen, Leeny, you hosted a bunch of us on a tour of a yacht not too long ago.

大家早安。感謝您回答我的問題。大家早安。Leeny，也許一句感謝還不夠，但我寧願花接下來的兩個季度來勸阻你。瞧，我認為我們已經討論了很多關於季度節奏的問題，我寧願談一些宏觀方面的問題。關於住宅和我們所看到的一些聯盟交易的討論，Leeny，不久前你接待了我們一群人參觀了遊艇。

Can we just sort of talk about those other channels? And what could be for Marriott longer term? And the follow-up to it, obviously, is thinking about the economic intensity of those other channels and how attractive they may or may not be relative to the core business that you've grown so far? Thanks.

我們可以談談其他管道嗎？那麼，萬豪的長期發展前景如何呢？顯然，接下來要考慮的是其他管道的經濟強度，以及相對於您迄今為止發展的核心業務，它們有多大的吸引力？謝謝。

Yes, David, thank you for the question. Maybe I'll talk a little strategically and then let Leeny chime in. You and I talked about this maybe last time we were together in person in New York. Broadly, as demonstrated by some of the recent deals we've done, our strategy continues to be on this focus of keeping our loyal guests within the Marriott ecosystem.

是的，大衛，謝謝你的提問。也許我會從策略上講一些，然後讓 Leeny 插話。您和我上次在紐約見面時也許討論過這個問題。總體而言，正如我們最近達成的一些交易所表明的那樣，我們的策略仍然以將我們的忠實客人留在萬豪生態系統中為重點。

And so it is not adding brands for the sake of adding brands. It's not adding things like homes and villas, outdoor collection, Ritz-Carlton Yacht simply to have stuff to talk about on the earnings call.

因此，增加品牌並不是為了增加品牌。它並不是為了在收益電話會議上談論一些事情而添加住宅和別墅、戶外系列、麗思卡爾頓遊艇等內容。

It's about really listening to our guests across every tier understanding how their preferences and how they travel continues to evolve and filling in gaps -- making additions to our core lodging business in a way where irrespective of trip purpose irrespective of destination, we have a platform that allows them to satisfy all their travel needs within that Bonvoy ecosystem without ever looking outside.

這需要真正傾聽各個層級客人的意見，了解他們的偏好和旅行方式如何不斷發展變化，並填補空白——以某種方式補充我們的核心住宿業務，無論旅行目的如何，無論目的地如何，我們都有一個平台，讓他們能夠在 Bonvoy 生態系統內滿足他們所有的旅行需求，而無需向外求助。

So on the economic model, David, I'd point to a couple of things, and that is that kind of let's first talk about the ever-widening range of travel opportunities with Marriott. And I would say what you're seeing, for example, with the Fern announcement that we talked about is kind of classic franchise economics. MGM to be fair, while it is essentially franchise economics is a different structured sort of contract, given that we are largely sharing two incredibly powerful brands.

因此，大衛，就經濟模式而言，我想指出幾件事，那就是，我們先來談談萬豪不斷擴大的旅行機會。我想說的是，你所看到的，例如，我們所談論的 Fern 公告，是一種典型的特許經營經濟學。公平地說，米高梅雖然本質上是特許經營經濟，但卻是一種不同結構的合同，因為我們基本上共享兩個非常強大的品牌。

But when you think about some of these other multiunit deals we are doing, they do fall much more in the classic sort of franchise super high ROIC sort of economic models. And then when you think about broadening it to things like co-brand credit cards, there you again are seeing also a very high return sort of adjacency that actually extends beyond just earning on travel expenses, but on the ability for people to be buying gas and we ultimately earn branding fees.

但是，當你考慮我們正在進行的一些其他多單位交易時，它們確實更符合經典的特許經營超高 ROIC 類型的經濟模型。然後，當您考慮將其擴展到諸如聯名信用卡之類的東西時，您再次看到一種非常高回報的鄰接關係，它實際上不僅限於旅行費用的收入，還包括人們購買汽油的能力，我們最終賺取品牌費用。

Tony talked about the Marriott Media Network with the opportunity to kind of there, again, expand our adjacency to be able to help link customers to great experiences and great products in a way that economically advantages both Marriott and the owners without, frankly, a tremendous amount of investment. So I think the opportunities are terrific as we look longer term. And I think we all believe we're just beginning.

托尼談到了萬豪媒體網絡，它有機會再次擴大我們的鄰接範圍，以便能夠以一種對萬豪和業主都有經濟優勢的方式，將客戶與美好的體驗和優質的產品聯繫起來，坦率地說，這種方式不需要大量的投資。因此，我認為，從長遠來看，機會是巨大的。我想我們都相信我們才剛開始。

Steve Pizzella, Deutsche Bank.

史蒂夫‧皮澤拉，德意志銀行。

Good morning. And thank you for taking our questions. I also wanted to echo the comments to you, Leeny. Just wanted to follow up on conversions, if we could. Can you talk about what you're seeing in the current environment, both domestically and internationally from a competitive standpoint, including how much key money is being used. And in addition, what do you view as the addressable market for conversions and licensing agreements, including some of the more bulkier, say, 500 to 1,000-plus room deals?

早安.感謝您回答我們的問題。我也想附和你的評論，Leeny。如果可以的話，我們只是想跟進轉換情況。您能否從競爭的角度談談您所看到的當前國內和國際環境，包括使用了多少關鍵資金。此外，您認為轉換和授權協議的潛在市場是什麼，包括一些規模較大的交易，例如 500 到 1,000 多間客房的交易？

I didn't hear the last part of the question, but I'll start in terms of kind of what we're seeing broadly. Just as a reminder, globally, about half the hotels in the world are branded. Obviously, that's dramatically higher in the US and dramatically lower outside the US So we see just extraordinary opportunities for conversions extending as far as you can see into the future, particularly with the layout of soft brands that we have when you think about luxury collection, series, Autograph, Tribute, et cetera.

我沒有聽到問題的最後一部分，但我將從我們所看到的整體情況開始。需要提醒的是，在全球範圍內，大約一半的飯店都是品牌飯店。顯然，美國的比例要高得多，而美國以外的比例則要低得多，因此，從長遠來看，我們看到了非凡的轉化機會，特別是當您想到奢侈品系列、系列、Autograph、Tribute 等軟品牌的佈局時。

And then you've also got just from a standpoint of the ability to make that work economically. In many cases, you've got hotel owners who are evaluating taking an existing hotel rather than building a whole new one, it's a question of how much do they need to reinvest in it to make it fit one of these conversion brands.

然後，你也從經濟角度考慮了實現這個目標的能力。在許多情況下，酒店業主正在評估是收購現有酒店還是建造一家全新的酒店，問題是他們需要對現有酒店進行多少再投資才能使其適合這些轉換品牌之一。

And also with the affiliation costs efficiencies we've been able to drive. In that case, you see just really great returns for the owner for being able to put a little bit of money into their hotel and then not having to pay too much to affiliate with one of our brands. So we see great possibilities on the conversion front.

而我們也能夠提高聯盟成本效率。在這種情況下，你會看到業主能夠獲得非常豐厚的回報，因為他們只需在自己的酒店上投入少量資金，而不必支付太多費用來與我們的某個品牌建立合作關係。因此，我們在轉換方面看到了巨大的可能性。

On the use of key money, frankly, it's the same as we've talked about before. There's really not a substantial difference this year relative to what is required is an extremely competitive? Absolutely, and key money is part of that. So are the terms of the contracts and the way that the investment is required as well. We do see a bit more key money in the lower chain scale than we saw, for example, in 2019.

關於禮金的使用，坦白說，和我們以前談的都是一樣的。今年相對於要求的競爭真的沒有實質的差異嗎？當然，禮金也是其中的一部分。合約條款和投資要求的方式也是如此。我們確實看到，較低連鎖規模的關鍵資金比 2019 年增加。

But when you think about it, broadly speaking, this year over last, it hasn't changed dramatically.

但如果你仔細想想，從整體來看，今年與去年相比並沒有太大的變化。

And then just to remind you, we may have talked about this a quarter ago. Nearly 40% of the pipeline rooms are luxury and full service which, by their nature, tend to command a bit more key money investment, but obviously generate meaningfully higher fees.

然後提醒你一下，我們可能在一個季度前就討論過這個問題。近 40% 的管道客房都是豪華且提供全套服務的客房，從本質上講，這些客房往往需要更多的禮金投資，但顯然會產生更高的費用。

Lizzie Dove, Goldman Sachs.

高盛的莉齊‧多夫 (Lizzie Dove)。

Hi. Thanks for taking the question. Congratulations, Leeny. I echo everyone's sentiments and thank you for everything you've done. Just on the development side, going back there for a second. I'm curious specifically just around China and what you're seeing there. It feels like so far, the development trends have kind of defied the mixed RevPAR outlook or environment. So just curious kind of what you're seeing the latest there.

你好。感謝您回答這個問題。恭喜你，Leeny。我贊同大家的感受並感謝你們所做的一切。就開發方面而言，我們先回顧一下。我特別好奇中國的情況以及你在那裡看到了什麼。感覺到目前為止，發展趨勢有點違反混合 RevPAR 前景或環境。所以我只是好奇你在那裡看到了什麼最新情況。

So yes, we have continued to see fantastic room signings this year in Greater China. And again, I really appreciate all the team's hard work. We've seen particular strength in the select service brands, which if you think about it makes sense given the perspective of hotel owners. These are relatively speaking, lower risk, less complex assets require kind of allow for greater diversification. They are lower cost for key and have solid returns.

是的，今年我們在大中華區繼續看到了出色的客房簽約情況。我再次衷心感謝整個團隊的辛勤工作。我們已經看到了精選服務品牌的特殊優勢，如果你從酒店業主的角度來看的話，這是有道理的。相對而言，風險較低、複雜程度較低的資產需要實現更大程度的多樣化。它們的成本較低，但回報豐厚。

And so in that regard, that's where we've seen -- about 70% of the rooms in the first half of this year have been in select service brands in China, and we're very excited about how our select service brands are performing against competitors for these signings.

從這個方面來看，我們看到今年上半年中國約有 70% 的客房來自精選服務品牌，我們對這些簽約的精選服務品牌相對於競爭對手的表現感到非常興奮。

And we continue to see solid movement as they go into pipeline and then start moving through to come through opening. The rooms growth that we have in Greater China is in the high single digits and I think reflects the success that we're having with all of our brands there.

當它們進入管道並開始通過開口時，我們繼續看到堅實的運動。我們在大中華區的客房數量成長率達到了較高的個位數，我認為這反映了我們所有品牌在該地區的成功。

And just to give you a little more quantitative context to Leeny's remarks, if you look at the first half of 2025, our room signings are up almost 20% year-over-year.

為了讓您對 Leeny 的言論有更量化的背景了解，如果您看一下 2025 年上半年，我們的客房簽約量同比增長了近 20%。

Kevin Kopelman, TD Cowen.

凱文·科佩爾曼（Kevin Kopelman），TD Cowen。

Thanks so much. And I'll add my congratulations to Leeny. Thank you for your help and for your kindness. I have just a question on leisure transient. Can you touch on how you would characterize current underlying leisure transient trends after you strip out any calendar changes?

非常感謝。我還要向 Leeny 表示祝賀。謝謝您的幫助和善意。我只是想問一下關於休閒行程的問題。您能否談談在剔除日曆變化之後，如何描述當前潛在的休閒瞬時趨勢？

Yes. So I have to admit this has probably been the surprise outperformer for us. And again, I will point to the luxury and certain parts of the premium segment. For example, resorts have just performed extremely well. So I think kind of when you think about kind of wealth and wealth movements in age groups around the world that demographics probably plays a role.

是的。所以我不得不承認這對我們來說可能是令人驚訝的表現。再次，我將重點討論豪華車和高端市場的某些部分。例如，度假村的表現就非常好。因此，我認為，當你考慮到世界各地不同年齡層的財富和財富流動時，人口統計數據可能發揮了一定的作用。

But the reality is people with these levels of unemployment, you're still sort of seeing people take vacation and they love to travel. This desire for experiences over goods continues and the underlying trends that we see are excellent.

但現實情況是，在這種失業率下，你仍然會看到人們休假，他們喜歡旅行。這種對體驗而非商品的追求仍在繼續，而且我們看到的潛在趨勢非常好。

Now as Tony pointed out earlier, the booking window is obviously quite short. So you can't really predict much more than three weeks in advance. But so far, we continue to see solid leisure trends. But again, I would not call them that they're accelerating.

正如托尼之前指出的那樣，預訂窗口顯然很短。因此，你實際上無法預測超過三週的情況。但到目前為止，我們仍然看到穩固的休閒趨勢。但再次強調，我不會稱他們正在加速。

Thank you. At this point, we have used up our alloted time, but we'd like to thank everyone for their questions. I will now turn it back to Mr. Capuano for closing remarks.

謝謝。此時，我們已經用完了分配的時間，但我們還是要感謝大家提出的問題。現在我請卡普阿諾先生作最後發言。

Great. Well, thank you all again. I promised I wouldn't make Leeny cry on this call, but there's more of that to come. So thank you all for your kind sentiments. Thank you for your continued interest in Marriott, and we look forward to seeing you on the road in the coming weeks and months. Thanks.

偉大的。好吧，再次感謝大家。我保證過我不會讓 Leeny 在這次通話中哭泣，但接下來還會發生更多這樣的事情。非常感謝大家的善意。感謝您對萬豪的持續關注，我們期待在未來幾週和幾個月內與您相見。謝謝。

Thank you.

謝謝。

We would like to thank everybody for their participation today. Please feel free to disconnect your line at any time.

我們感謝大家今天的參與。請隨時斷開您的線路。