萬豪國際 (MAR) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Marriott International Q3 2025 earnings. (Operator Instructions) Please be advised that today's call is being recorded. (Operator Instructions)

大家好，歡迎收看萬豪國際集團2025年第三季財報。（操作員指示）請注意，今天的通話將會被錄音。（操作說明）

I'd now like to turn the floor over to Jackie McConagha, Senior Vice President, Investor Relations. Please go ahead.

現在我謹將發言權交給投資人關係資深副總裁 Jackie McConagha。請繼續。

Thank you. Good morning, everyone, and welcome to Marriott's third quarter 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。各位早安，歡迎參加萬豪酒店集團2025年第三季財報電話會議。今天與我一起通話的有：我們的總裁兼執行長 Tony Capuano；我們的財務長兼發展執行副總裁 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 filings, which could cause future results to differ materially from those expressed in or implied by our comments.

在開始之前，我想提醒大家，我們今天所說的許多話並非歷史事實，而是聯邦證券法意義上的前瞻性陳述。這些聲明受到我們在提交給美國證券交易委員會的文件中所述的許多風險和不確定性的影響，這些風險和不確定性可能導致未來的結果與我們在評論中明示或暗示的結果有重大差異。

Unless otherwise stated, our RevPAR occupancy, average daily rate, and property level revenues comments reflect system-wide constant currency results for comparable hotels and all changes refer to year-over-year changes for the comparable period. Statements in our comments and the press release we issued earlier today are effective only today and will not be updated as actual events unfold. You can find our earnings release and reconciliations of all non-GAAP financial measures referred to in our remarks today on our Investor Relations website.

除非另有說明，我們的每間可供出租客房收入、平均每日房價和物業層面的收入評論均反映了系統範圍內可比酒店的固定匯率結果，所有變化均指可比期間的同比變化。我們今天早些時候發布的評論和新聞稿中的聲明僅在今天有效，不會隨著實際情況的發展而更新。您可以在我們的投資者關係網站上找到我們的獲利報告以及我們今天演講中提到的所有非GAAP財務指標的調節表。

And now I will turn the call over to Tony.

現在我將把電話交給東尼。

Thanks, Jackie, and good morning, everyone. We are pleased with our third-quarter financial results, which were ahead of our previous expectations. Development activity remained strong, and we grew our industry-leading global portfolio of rooms by 4.7% year over year to over 1.75 million rooms across more than 9,700 properties at the end of September.

謝謝傑基，大家早安。我們對第三季的財務業績感到滿意，該業績超出了我們先前的預期。發展活動依然強勁，截至 9 月底，我們業界領先的全球客房組合年增 4.7%，達到 175 萬多間客房，遍佈 9,700 多家飯店。

As expected, RevPAR growth in the quarter was modest, reflecting ongoing global macroeconomic uncertainty. Our hotels continued to gain RevPAR index. Third full quarter global RevPAR rose 0.5%. International RevPAR grew 2.6%, again outperforming the US & Canada, where RevPAR was down 0.4%.

如預期，本季每間可供出租客房收入（RevPAR）成長溫和，反映出全球宏觀經濟持續存在不確定性。我們的飯店每間可供出租客房收入（RevPAR）指數持續成長。第三季全球每間可供出租客房收入成長0.5%。國際市場每間可供出租客房收入成長了 2.6%，再次超過美國和加拿大市場，而美國和加拿大市場的每間可供出租客房收入下降了 0.4%。

By region, RevPAR growth was strongest in APEC, which has been benefiting from solid macroeconomic growth in many countries and double-digit rooms growth. Third-quarter RevPAR in APEC increased nearly 5% driven by robust ADR growth and higher demand from international travelers, particularly from Greater China and Europe.

按地區劃分，亞太經合組織 (APEC) 的每間可供出租客房收入 (RevPAR) 成長最為強勁，該地區許多國家受益於穩健的宏觀經濟成長和兩位數的客房成長。亞太經合組織第三季每間可供出租客房收入成長近 5%，主要得益於強勁的平均房價成長和國際旅客（尤其是來自大中華區和歐洲的旅客）需求增加。

Third-quarter RevPAR in EMEA rose 2.5% on increases in both ADR and occupancy, led by strong regional demand. Excluding the impact of the Olympics in France and the Euro 2024 in Germany last year, EMEA RevPAR would have been up 5%.

受強勁的區域需求推動，歐洲、中東和非洲地區第三季每間可供出租客房收入 (RevPAR) 成長 2.5%，平均房價 (ADR) 和入住率均有所提高。如果排除去年法國奧運會和德國歐洲盃的影響，EMEA 地區的每間可供出租客房收入 (RevPAR) 將成長 5%。

RevPAR in CALA rose nearly 3% with gains in both ADR and occupancy and helped by citywide events in Puerto Rico and Rio. City Express hotels across the region are seeing meaningful benefit from being integrated into our ecosystem and are performing very well.

CALA 的每間可供出租客房收入 (RevPAR) 增加了近 3%，平均房價 (ADR) 和入住率均有所提高，這得益於波多黎各和里約熱內盧舉辦的全市性活動。該地區的 City Express 酒店因融入我們的生態系統而獲得了顯著收益，並且業績表現非常出色。

The operating environment in Greater China remains challenged by weaker macro conditions, though our market share across the region continued to grow. With year-over-year comps easing and demand stabilizing, RevPAR was flat and would have been slightly positive, excluding the impact of multiple typhoons. Leisure demand was solid, offsetting a decline in business transient demand.

儘管大中華區的宏觀經濟形勢疲軟，但我們在該地區的市佔率持續成長，經營環境仍面臨挑戰。由於年減幅有所緩解，需求趨於穩定，每間可供出租客房收入 (RevPAR) 持平，如果不計入多次颱風的影響，RevPAR 將會略有增長。休閒旅遊需求強勁，抵銷了商務旅客出遊需求的下降。

The slight RevPAR decrease in the US & Canada was driven by declines in select service brands, which offset nice gains in luxury along with calendar shifts impacting group. Third-quarter group RevPAR decreased 3%, while leisure was up slightly, and business transient was down slightly compared to last year. Business transient was further impacted by government RevPAR declining 14%.

美國和加拿大的每間可供出租客房收入 (RevPAR) 略有下降，這是由於部分服務品牌的下滑所致，抵消了奢侈品牌的良好增長，以及影響集團的日曆變化。第三季集團每間可供出租客房收入（RevPAR）下降了3%，休閒旅遊收入略有上升，商務旅客收入略有下降，與去年同期相比。政府提供的每間可供出租客房收入下降 14%，進一步影響了商務旅客的流動收入。

Globally, RevPAR growth was again strongest at the higher end as high-end consumers have demonstrated resilience to macroeconomic uncertainties and continue to prioritize traffic.

在全球範圍內，高端市場的RevPAR成長再次最為強勁，因為高端消費者已經展現出對宏觀經濟不確定性的韌性，並繼續將客流量放在首位。

Luxury RevPAR rose 4% as performance weakened down the chain scales. Our portfolio is well positioned to benefit from outperformance at the upper end as 10% of our rooms are in the luxury segment and another 42% are in the full-service premium segment.

豪華飯店每間可供出租客房收入成長了 4%，而連鎖飯店中低檔飯店的業績則有所下滑。我們的投資組合佔據有利地位，能夠從高端市場的優異表現中受益，因為我們 10% 的客房屬於豪華酒店，另有 42% 的客房屬於全方位服務的高級酒店。

By customer segment on a global basis, leisure transient continue to lead RevPAR performance, rising 1%. Business transient RevPAR was flat, and group RevPAR declined 2%, reflecting timing of events.

從全球客戶群來看，休閒散客持續引領RevPAR業績成長，成長率達1%。商務旅客RevPAR持平，團體旅客RevPAR下降2%，反映了事件發生的時機。

As Leeny will discuss further, RevPAR growth is anticipated to accelerate from the third quarter, with RevPAR expected to increase 1% to 2% in Q4 compared to the prior year. Full year 2025 RevPAR is still anticipated to rise between 1.5% and 2.5% year over year.

正如Leeny將進一步討論的那樣，預計從第三季度開始，每間可供出租客房收入（RevPAR）的增長將會加速，第四季度RevPAR預計將比上年同期增長1%至2%。預計 2025 年全年每間可供出租客房收入 (RevPAR) 仍將年增 1.5% 至 2.5%。

We also still expect strong net rooms growth in 2025 and beyond, as owners continue to show preference for our brands. Despite higher construction costs and the challenging financing environment in both the US and Europe, we still have excellent momentum in our global signings.

我們也預計，2025 年及以後淨客房數量將保持強勁成長，因為業主將繼續偏愛我們的品牌。儘管美國和歐洲的建築成本較高，融資環境也充滿挑戰，但我們在全球簽約方面仍然保持著良好的勢頭。

During the first nine months of the year, signings reached a record year-to-date level. Our pipeline grew to a new high of more than 596,000 rooms at quarter end with over 250,000 pipeline rooms under construction. Conversions remain a key driver of our portfolio expansion, reflecting the many revenue and cost-related benefits of being part of the Marriott ecosystem. Conversions accounted for around 30% of both signings and openings in the first nine months of the year.

今年前九個月，簽約人數達到了年初至今的最高紀錄。截至季末，我們的在建工程客房數量達到59.6萬間的新高，其中超過25萬間客房正在興建中。轉換率仍然是我們投資組合擴張的關鍵驅動力，這反映了加入萬豪生態系統所帶來的許多收入和成本的優勢。今年前九個月，轉換率約佔簽約量和開業量的 30%。

We remain keenly focused on driving growth and are being in more places around the world with the best brands and experiences. In September, we launched outdoor collection by Marriott Bonvoy, which includes Postcard cabins and Trailborn hotels. This new portfolio offers guests unique outdoor-focused stays with easy access to popular activities like skiing, snowboarding, biking and hiking.

我們始終專注於推動成長，並將最好的品牌和體驗帶到世界各地的更多地方。9 月，我們推出了 Marriott Bonvoy 戶外系列，其中包括 Postcard 小屋和 Trailborn 酒店。這個全新系列為客人提供以戶外活動為主題的獨特住宿體驗，方便客人參與滑雪、單板滑雪、騎自行車和健行等熱門活動。

We also announced the US debut of Series by Marriott less than three months after the brand's initial launch with an agreement to convert five select-service found hotels in major US cities. As the largest global lodging loyalty program, Marriott Bonvoy serves as a powerful engine for guest engagement and bring significant value to our owners and franchisees. Membership grew to nearly 260 million members at the end of September, up 18% year over year.

在萬豪系列品牌首次推出不到三個月後，我們宣布該品牌將在美國首次亮相，並達成協議，將美國主要城市的五家精選服務型酒店改造為萬豪系列酒店。作為全球最大的飯店忠誠度計劃，萬豪旅享家是提升賓客參與度的強大引擎，並為我們的業主和加盟商帶來巨大價值。截至9月底，會員人數成長至近2.6億，年增18%。

The power of Marriott Bonvoy is evident across our many adjacent businesses, including Marriott Bonvoy boutiques, Marriott Media Network, Homes & Villas by Marriott Bonvoy, and our portfolio of 32 co-branded credit cards across 11 countries.

萬豪旅享家的強大實力在我們眾多相關業務中顯而易見，包括萬豪旅享家精品店、萬豪媒體網絡、萬豪旅享家別墅以及我們在 11 個國家/地區推出的 32 張聯名信用卡。

Our US cards are by far the largest contributor of our credit card fees. Our current US deals were signed in 2017 and extended in 2020 and we are currently in active discussions with our current credit card partners. Our best estimate right now is that we could have new deals in place, sometimes next -- sometime next year that reflect the increased relevance of Marriott Bonvoy and the significant growth of our global lodging portfolio.

我們的美國信用卡是信用卡手續費的最大來源。我們目前的美國合作協議於 2017 年簽署，並於 2020 年續簽，我們目前正在與現有信用卡合作夥伴積極洽談。我們目前的最佳估計是，我們可能會在明年某個時候達成新的協議，以反映萬豪旅享家日益增長的重要性以及我們全球酒店業務的顯著增長。

On the technology front, we continue to progress in the multiyear evolution of our property management, reservations, and loyalty platforms and the deployment of new cloud-based systems across our global portfolio, which we believe will enable Marriott to have an industry-leading technology stack, leveraging best-in-class technology architecture and proprietary innovations, this tech transformation is expected to deliver a new ecosystem of capabilities and revenue-driving opportunities on property.

在技​​術方面，我們繼續推動物業管理、預訂和忠誠度平台的多年發展，並在全球酒店組合中部署新的雲端系統。我們相信，這將使萬豪擁有業界領先的技術堆疊，利用一流的技術架構和專有創新，這種技術轉型有望為飯店帶來新的功能生態系統和創收機會。

Owners are excited about the potential top and bottom line benefits at their hotels. The first few hotels recently started to transition onto the new systems and associates have shared very positive feedback about the new capabilities and how they empower them to deliver on the customer experience.

酒店業主們對酒店潛在的營收和利潤增長感到興奮。最近，首批幾家飯店開始過渡到新系統，員工們對新功能以及這些功能如何幫助他們提升客戶體驗給予了非常積極的回饋。

We plan to continue deploying our systems to hotels around the world over the next few years. We're also excited about increasingly leveraging AI across our business with a focus on areas like content creation, augmented business intelligence for associates and more efficient processes that help associates deliver elevated customer experiences.

我們計劃在未來幾年繼續向世界各地的酒店部署我們的系統。我們也對在業務中不斷利用人工智慧感到興奮，重點關注內容創作、增強員工商業智慧以及提高流程效率等領域，以幫助員工提供更優質的客戶體驗。

Before I turn the call over to Leeny, I want to thank our fantastic teams around the world for all that they do. Their commitment and perseverance are invaluable to our continued success and among the many reasons I remain incredibly optimistic about Marriott's future. Leeny?

在將電話交給 Leeny 之前，我想感謝我們在世界各地優秀的團隊所做的一切。他們的投入和毅力對我們持續的成功至關重要，這也是我對萬豪的未來仍然充滿信心的眾多原因之一。莉妮？

Thank you, Tony. Our results today demonstrate the power of Marriott's business model and the numerous levers driving our earnings growth. Despite continued macroeconomic uncertainty and modest global RevPAR growth, our third-quarter adjusted EBITDA rose 10% and our adjusted EPS grew 9%. As Tony noted, third quarter global RevPAR increased 50 basis points, in line with expectations, driven by nearly 1% ADR growth, offsetting a 30 basis point decline in occupancy.

謝謝你，托尼。我們今天的業績證明了萬豪商業模式的強大實力，以及推動我們獲利成長的眾多因素。儘管宏觀經濟持續存在不確定性，全球每間可供出租客房收入 (RevPAR) 增長溫和，但我們第三季度調整後的 EBITDA 增長了 10%，調整後的每股收益增長了 9%。正如托尼指出的那樣，第三季度全球每間可供出租客房收入增長了 50 個基點，符合預期，這主要得益於平均房價增長近 1%，抵消了入住率下降 30 個基點的影響。

Third-quarter total gross fee revenues increased 4% year over year to $1.34 billion. The increase primarily reflects rooms growth and strong co-branded credit card fee growth. Co-branded credit card fees rose 13%, reflecting robust card acquisitions and meaningfully higher global card spending as well as the timing of point transfer promotions.

第三季總毛營收年增 4%，達到 13.4 億美元。成長主要反映了客房數量的成長和聯名信用卡手續費的強勁成長。聯名信用卡手續費上漲了 13%，反映出信用卡業務的強勁成長、全球信用卡消費額的顯著提高以及積分轉移促銷活動的時機。

Fees from our international cards, which continue to ramp nicely, rose nearly 20%, driven by particularly strong performance in Japan and the UAE. Incentive management fees, or IMF, totaled $148 million, higher than previously anticipated, down 7% year over year. The change was primarily due to declines in the US & Canada, reflecting some large hotels undergoing renovations in the third quarter this year and certain hotels in Florida benefiting from insurance proceeds in the third quarter last year.

我們的國際信用卡手續費持續穩定成長，漲幅接近 20%，這主要得益於日本和阿聯酋市場的強勁表現。激勵管理費（IMF）總額為 1.48 億美元，高於先前預期，年減 7%。這項改變主要是由於美國和加拿大的下滑，反映出一些大型飯店在今年第三季進行了翻新，以及佛羅裡達州的某些飯店在去年第三季受益於保險賠償。

Owned, leased, and other revenue, net of expenses, surpassed expectations, I think, 16% compared to the prior year. The year-over-year increase was largely driven by contributions from the Sheraton Grand Chicago, which we purchased in the fourth quarter last year as well as improved performance at other hotels in the portfolio.

自有資產、租賃資產和其他收入（扣除支出後）超出預期，我認為比上年增長了 16%。年比成長主要得益於去年第四季我們收購的芝加哥喜來登大酒店的貢獻，以及旗下其他酒店業績的改善。

Third-quarter G&A declined 15% compared to last year's third quarter, which included a $19 million operating guarantee reserve for a US hotel. The year-over-year decline also reflects timing and lower compensation costs as we continue to benefit from the work we did last year across the enterprise to enhance our efficiency and productivity. The strong growth in gross fee revenues and owned leased and other net coupled with the decline in G&A led to adjusted EBITDA increasing 10% to $1.35 billion, above the high end of our guidance.

第三季一般及行政費用較去年同期下降 15%，其中包括為一家美國飯店提列的 1,900 萬美元營運擔保準備金。與去年相比，下降幅度也反映了時機因素和較低的薪酬成本，因為我們繼續受益於去年在全公司範圍內為提高效率和生產力所做的工作。總費用收入、自有租賃和其他淨收入的強勁增長，加上一般及行政費用的下降，使得調整後的 EBITDA 增長 10% 至 13.5 億美元，高於我們預期的上限。

Now let's talk about our outlook. With ongoing economic uncertainty, we expect global RevPAR to increase 1% to 2% in the fourth quarter. The acceleration in global RevPAR growth from the third quarter to the fourth quarter is partially due to calendar shifts and onetime events. RevPAR growth is anticipated to still be meaningfully stronger internationally than in the US & Canada, and higher-end chain scales are expected to continue to outperform lower-end chain scales.

現在我們來談談我們的前景。鑑於經濟狀況持續不明朗，我們預計第四季全球每間可供出租客房收入（RevPAR）將成長 1% 至 2%。全球每間可供出租客房收入 (RevPAR) 從第三季到第四季的加速成長，部分原因是日曆變更和一次性事件。預計國際市場的每間可供出租客房收入 (RevPAR) 成長仍將明顯強於美國和加拿大，高端連鎖飯店的規模預計將繼續優於低端連鎖飯店。

As we look ahead to next year, while we're still working on our budget, our preliminary view is that 2026 year's year-over-year global RevPAR growth could be similar to the 1.5% to 2.5% growth expected this year. Growth is expected to a gain internationally than in the US & Canada. And next summer's World Cup could contribute around 30 to 35 basis points to full year global RevPAR growth.

展望明年，雖然我們仍在製定預算，但我們的初步看法是，2026 年全球每間可供出租客房收入 (RevPAR) 的同比增速可能與今年預期的 1.5% 至 2.5% 的增速相似。預計國際市場的成長將高於美國和加拿大。明年夏天的世界盃可能會為全年全球每間可供出租客房收入 (RevPAR) 成長貢獻約 30 至 35 個基點。

Turning to this year's P&L in the fourth quarter. Gross fee growth could be in the 4% to 5% range. Compared to prior expectations, this outlook reflects slightly lower expectations for IMF and fees on F&B revenues in Asia. Fourth-quarter IMF are now expected to rise in the low to mid-single-digit range, partially reflecting the timing of some fees that shifted to the third quarter. Full-year IMFs are anticipated to be around flat with last year.

接下來我們來看看今年第四季的損益表。總費用增長可能在 4% 到 5% 之間。與先前的預期相比，這項展望反映出亞洲對國際貨幣基金組織和餐飲收入手續費的預期略有下調。預計第四季國際貨幣基金組織（IMF）利率將出現個位數低至中等幅度的成長，部分原因是某些費用的結算時間轉移到了第三季。預計全年國際貨幣基金組織（IMF）數據將與去年基本持平。

Fourth-quarter RevPAR fee growth will still be impacted by the timing of residential branding fees, which are expected to be down year over year. Fourth-quarter adjusted EBITDA is expected to increase 7% to 9%.

第四季每間可供出租客房收入 (RevPAR) 的成長仍將受到住宅品牌推廣費時間安排的影響，預計該費用將年減。預計第四季度調整後 EBITDA 將成長 7% 至 9%。

For the full year, we expect gross fees to increase around 4.5% to 5% year over year. Full-year co-brand credit card fees are now anticipated to grow roughly 9%, primarily reflecting stronger-than-expected third quarter performance. Timeshare fees are still expected to be around $110 million, and full year residential branding fees are now anticipated to decline around 20%, a meaningful improvement compared to expectations at the beginning of the year, reflecting the continued success of our residential business and the volatility in the timing of residential project sales.

我們預計全年總收入將比上年增長約 4.5% 至 5%。預計全年聯名信用卡手續費將成長約 9%，主要原因是第三季業績強於預期。分時度假費用預計仍將達到 1.1 億美元左右，全年住宅品牌推廣費預計將下降約 20%，與年初的預期相比，這是一個顯著的改善，反映了我們住宅業務的持續成功以及住宅項目銷售時間的波動性。

Owned, leased, and other revenue, net of expenses, is expected to total around $370 million. 2025 G&A expense is anticipated to decline 8% to 9% to $975 million to $985 million. This decline reflects roughly $90 million of above property savings from our enterprise-wide initiatives to enhance our effectiveness and efficiency across the company that is also expected to yield cost savings to our owners.

扣除各項支出後，自有資產、租賃資產及其他收入預計總計約 3.7 億美元。 2025 年一般及行政費用預計支出將下降 8% 至 9%，至 9.75 億美元至 9.85 億美元。這一下降反映了我們透過全公司範圍內的舉措，為提高公司效率和效益而節省了約 9000 萬美元的上述物業成本，預計這些舉措也將為我們的所有者帶來成本節約。

Full-year adjusted EBITDA could increase between 7% and 8% to $5.35 billion to $5.38 billion. Full-year adjusted EPS could total $9.98 to $10.06. Our full-year adjusted effective tax rate is expected to be just over 1 percentage point higher than a year ago, given the shift in earnings to higher tax rate jurisdictions. Our underlying full-year core cash tax rate is still anticipated to be in the low 20% range.

全年調整後 EBITDA 可能成長 7% 至 8%，達到 53.5 億美元至 53.8 億美元。全年調整後每股盈餘可能在9.98美元至10.06美元之間。鑑於獲利轉移到稅率較高的地區，我們預計全年調整後實際稅率將比去年同期略高1個百分點。我們預計全年核心現金稅率仍將維持在 20% 左右。

Our 2025 net rooms growth is still anticipated to approach 5%. As we look ahead to the next few years with our strong momentum in global signings and conversions in particular, we still expect global net rooms growth in the mid-single-digit range. Full-year total advertisement spending is expected to be roughly $1.1 billion or $1.45 billion, you include around $350 million for the citizenM transaction.

我們預計 2025 年淨客房成長率仍將接近 5%。展望未來幾年，憑藉我們在全球簽約和轉化方面的強勁勢頭，我們仍然預計全球淨客房成長將達到中等個位數水準。預計全年廣告總支出約為 11 億美元或 14.5 億美元，其中包括 citizenM 交易的約 3.5 億美元。

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.

我們的資本配置理念保持不變，我們致力於保持投資級評級，投資於能夠增加股東價值的增長，然後透過適度的現金股息（隨著時間的推移，現金股息已顯著增加）和股票回購將多餘的資本返還給股東。

We're pleased with the company's strong year-to-date cash flow performance and outlook. Given strong cash flow generation, we expect full-year capital returns to shareholders to be roughly $4 billion while maintaining our leverage in the lower part of our net debt to EBITDA range of 3 to 3.5 times.

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能力，我們預計全年股東資本回報約為 40 億美元，同時將淨債務與 EBITDA 的比率維持在 3 至 3.5 倍的較低區間。

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

操作員現在可以開通問答線了。請每人提一個問題，以便我們能與盡可能多的人交流。謝謝。

(Operator Instructions) Shaun Kelley, Bank of America.

（操作員說明）肖恩凱利，美國銀行。

Tony or Leeny, obviously, the language around the credit card program and renewal conversation there is new. So I think we're going to field a lot of questions on the parameters of what that deal could look like. So obviously, these things are delicate while they're in negotiation. But maybe you could put it in perspective, a couple of things for us: one, just current size of the program; two, how we should think about maybe what's on the table or what be renegotiated relative to maybe some of the growth rates that you saw back when you combined the programs and did the renegotiation back in 2017. I think just some parameters around that would be helpful.

顯然，托尼或利尼，信用卡計劃和續卡相關的措辭是新的。所以我認為我們會收到很多關於這項交易具體細節的問題。很顯然，這些事情在談判過程中都很微妙。但或許您可以幫我們理清一些事情：第一，目前項目的規模；第二，我們應該如何看待擺在桌面上或需要重新談判的內容，以及您在 2017 年合併項目並重新談判時看到的一些增長率。我認為設定一些相關的參數會很有幫助。

And then third, if I can sort of add it into the general gist. Earlier late in the year would be helpful just because it could be a meaningful earnings contributor. So just any timing refinement would be useful, too. Thanks.

第三，如果我能把它補充到大局就好了。如果能在年初晚些時候進行，將會很有幫助，因為它可能對收益做出重要貢獻。所以，任何時間上的最佳化調整也會很有用。謝謝。

Thank you, Shaun. Well, the good news is you've been asking for a few quarters, so I'm going to make you happy that we talked about it. That news, I'm probably not going to give you the specificity you want for exactly the reason you described that we are still -- we are in active and fluid negotiations. But maybe I can give you a little bit of atmospherics around how we're thinking about it. And then if it would be helpful, I might ask Leeny, just to remind you about how the mechanics of the program work.

謝謝你，肖恩。好消息是，你之前一直想要幾塊錢，所以我要讓你高興，因為我們談到了這件事。至於這個消息，我可能不會給你想要的具體訊息，原因正如你所說，我們仍在積極且不斷變化地進行談判。但我或許可以稍微透露一下我們思考這個問題時的氛圍。如果這有幫助的話，我可能會問莉妮，只是為了提醒你這個程式的運作機制。

As we said in the prepared remarks, we're in active discussions with our current partners. The power of Bonvoy, the value that Bonvoy owing to our customers, the strength of the portfolio and the brands, the broad array of experiences that we offer without question, make us one of the most attractive customer groups in any industry for our partners in financial services as they think about credit card products, number one.

正如我們在準備好的演講稿中所說，我們正在與現有合作夥伴積極進行討論。萬豪旅享家的實力、萬豪旅享家對客戶的價值、強大的產品組合和品牌、以及我們提供的豐富體驗，毫無疑問，使我們成為金融服務合作夥伴在任何行業中最具吸引力的客戶群之一，因為他們首先考慮的是信用卡產品。

Number two, as Bonvoy continues to grow, that growth translates to more cardholders, more spend. And we expect to see that reflected in growing co-brand credit card fees. And you heard Leeny talk a little bit about that. And then I would just remind you that when we did the deals originally in 2017 and then extended them in '20, the value that Marriott and Bonvoy brings to these partnerships has grown exponentially.

第二，隨著萬豪旅享家不斷發展壯大，這種成長意味著更多的持卡人和更多的消費。我們預計這將反映在聯名信用卡手續費的成長。你也聽到了利尼談到這件事。然後我還要提醒大家，當我們最初在 2017 年達成這些協議，然後在 2020 年延長這些協議時，萬豪和 Bonvoy 為這些合作關係帶來的價值已經呈指數級增長。

So I mean, when we did the deal in '17, Bonvoy didn't even exist. We launched it in '19. The membership in our loyalty platform has more than doubled from 110 million members back in '17 to the nearly 260 million that we described earlier in the call. Since the end of '17, the number of co-brand accounts and global spending on our cards have both grown by about 80%. And our system size has grown from around -- or has grown around 50% from 6,400 properties globally back in 2017 to over 9,700 at the end of Q3.

我的意思是，當我們在 2017 年達成交易時，萬豪旅享家甚至還不存在。我們在2019年推出了它。我們忠誠度平台的會員數量已經翻了一番多，從 2017 年的 1.1 億會員增加到我們在電話會議前面提到的近 2.6 億會員。自 2017 年底以來，聯名帳戶數量和我們信用卡的全球消費額均增加了約 80%。我們的系統規模已經成長了約 50%，從 2017 年全球 6,400 個物業成長到第三季末的 9,700 多個物業。

So with that, Leeny, I might ask you to remind Shaun and the rest of the participants just exactly how the mechanics of the program work.

那麼，Leeny，我或許可以請你提醒一下Shaun和其他參與者，這個計畫的具體運作機制究竟是如何進行的。

Yeah, sure. And thanks for the question, Shaun. I think it's definitely too early to talk about potential upside from these deals. But I think kind of a reminder about how the basic economics of the credit card partnerships work is useful. Our credit card partners basically pay us overwhelmingly variable amounts with the funding mostly based on the volume of cardholder spend with some additional smaller payments based on items like number of free night certificates, et cetera, a number of loyalty program points actually purchased by cardholders.

當然可以。謝謝你的提問，肖恩。我認為現在談論這些交易的潛在收益還為時過早。但我認為，回顧一下信用卡合作關係的基本經濟運作方式是有用的。我們的信用卡合作夥伴基本上會向我們支付金額不等的款項，資金主要取決於持卡人的消費額，此外還會根據免費住宿券的數量、持卡人實際購買的忠誠度計劃積分等項目支付一些較小的額外款項。

And it's really worth remembering that the co-brand card payments actually account for more than half of the Marriott Bonvoy program funding. And the co-brand financial services companies actually pay a higher amount per point than what our hotel owners pay. So it's an important part of the overall benefit to our hotel owners and frankly, to the power of Marriott Bonvoy and what we can provide in value to our Bonvoy members.

值得注意的是，聯名卡支付實際上佔萬豪旅享家計畫資金的一半以上。而且，這些聯名金融服務公司支付的每點費用實際上比我們飯店業主支付的費用還要高。因此，這對我們的酒店業主而言是整體利益的重要組成部分，坦白說，對於萬豪旅享家的實力以及我們能夠為旅享家會員提供的價值而言，也是重要的一部分。

And then as you think about what then flows into Marriott's income statement, obviously, we recognized revenue in our franchise schemes that gives a compensation for the licensing of our intellectual property. And so we take a royalty rate to earnings that is essentially a percentage of the total credit card funding. And so as we move forward, well, it would actually, of course, not make any sense for us to talk about specifics in the negotiations, I think Tony was clear in pointing out the increased relevance of Bonvoy overall. And we're very excited about the how our cards have done and how they continue to perform and are very optimistic about the outcome next year of these discussions.

然後，當你思考萬豪的損益表會包含哪些內容時，顯然，我們在特許經營計劃中確認了收入，這是對我們知識產權許可的補償。因此，我們對收益收取版稅，該版稅本質上是信用卡總融資額的一定百分比。因此，隨著談判的推進，當然，現在討論談判的具體細節是沒有任何意義的，我認為托尼已經明確指出萬豪旅享家整體的重要性日益增加。我們對我們的信用卡表現以及它們持續的表現感到非常興奮，並且對明年這些討論的結果非常樂觀。

And then I think, Shaun, your last question was you were hoping for some specificity on timing. Again, we are in the throes of negotiation, hard to give you a specific other than to tell you, given the value we think these projects will unlock for our financial services partners, for Bonvoy and our owner community and for Marriott International, the teams will work diligently to try to get them done as reasonably quickly as possible.

然後我想，肖恩，你最後一個問題是，你希望在時間安排上得到一些具體資訊。再次強調，我們目前正處於談判階段，很難給出具體答复，但考慮到我們認為這些項目將為我們的金融服務合作夥伴、萬豪旅享家和我們的業主社區以及萬豪國際集團帶來巨大價值，團隊將努力工作，爭取盡快完成這些項目。

And just as a reminder about how we're performing this year, in 2024, our credit card branding fees were $660 million, and we're looking at that growing this year, 9% in 2025 from, again, the continued powerful combination of the credit card partners and Marriott Bonvoy.

再次提醒大家我們今年的業績狀況，2024 年我們的信用卡品牌推廣費為 6.6 億美元，我們預計今年將成長 9%，2025 年將再次成長 9%，這再次得益於信用卡合作夥伴和萬豪旅享家持續強勁的成長。

Michael Bellisario, Baird.

Michael Bellisario，貝爾德。

Can we dig into the health of the franchise, I think just this year, you've reduced loyalty chargebacks, you've expanded your renovation scopes framework, I think, to our brands. And obviously, RevPAR has slowed. So I guess two parts. What are owners still asking for? What else can you provide them to ensure that economics remain attractive and you can go back to your mid-single-digit net unit growth target? Thanks.

我們能否深入探討特許經營的健康狀況？我認為就在今年，你們減少了忠誠度退款，擴大了翻新範圍框架，我認為，這已經擴展到了我們的品牌。顯然，每間可供出租客房收入（RevPAR）成長率已經放緩。所以我想應該是兩個部分。業主還在要求什麼？你還能提供他們什麼，以確保經濟效益保持吸引力，並能重回個位數中段淨單位成長目標？謝謝。

Yeah. So there's a lot in that question. I'll try to unwrap. I think the fact that through the first nine months of the year, we have on a global basis, achieved record signings is indicative that I think we're hitting the right mark with the owner and franchise community. We are focused on driving enhanced top-line performance. And we think that that's one of the most compelling features of technology transformation journey that we're on. We think that represents some really exciting opportunity to continue to drive top line.

是的。所以這個問題包含的資訊量很大。我試著把它拆開。我認為，今年前九個月，我們在全球範圍內取得了創紀錄的簽約成績，這表明我們與業主和特許經營社區的聯繫非常緊密。我們致力於提升公司整體業績。我們認為，這是我們正在進行的技術轉型之旅中最引人注目的特點之一。我們認為這代表著一個非常令人振奮的機會，可以繼續推動營收成長。

The reduction in the loyalty charge-out rate was an example of an ongoing effort to identify across the landscape opportunities to reduce affiliation costs. And then we continue from the work we started last year, not just to lower corporate G&A expense, but to look for opportunities for margin enhancement across the portfolio.

降低忠誠度收費率是持續努力尋找降低會員成本機會的一個例子。然後，我們將繼續去年開始的工作，不僅要降低公司一般及行政費用，還要尋找提高整個產品組合利潤率的機會。

And I'd just add to that that as we do all the normal comparisons of our affiliation costs against our competitors, we believe we have the lowest affiliation costs relative to revenue in the industry, and we expect that our economies of scale to continue to work on improving that even more.

我還要補充一點，當我們對聯盟成本與競爭對手進行所有常規比較時，我們相信，相對於收入而言，我們的聯盟成本是業內最低的，而且我們預計，我們的規模經濟將繼續進一步改善這一狀況。

David Katz, Jefferies.

David Katz，傑富瑞集團。

One of the observations is the investment spending has sort of moved up to the high -- I think the higher end of the range for what the guidance was before. I can venture some guesses as to what's driving that, but I'd love to have you sort of unpack that a little bit. And in particular, give us some color on key money and how that is trending because I suspect that's one of the drivers there. Thank you.

其中一個觀察結果是，投資支出已經上升到較高水準——我認為是先前指導範圍的較高水準。我可以猜測一下背後的原因，但我很希望你能詳細解釋。尤其要詳細介紹關鍵資金及其趨勢，因為我懷疑這是其中一個驅動因素。謝謝。

Yeah. Well, thanks, David very much for the question. I'm happy to. As you remember, when we talked at the beginning of the year, we talked about these expenses, these investments breaking up into roughly three fairly even categories, which is key money, tech investments and then CapEx expenditures in our owned, leased and existing portfolio.

是的。非常感謝大衛的提問。我樂意。您應該還記得，年初我們談到這些支出和投資時，大致分為三個相當均衡的類別，即關鍵資金、技術投資以及我們自有、租賃和現有投資組合中的資本支出。

And from that standpoint, it's actually not development-related key money. The increase is really around clear visibility around the nondevelopment-related expenditures. So for example, the timing of tech transformation investments, owned, leased CapEx, timing, investment in our existing hotel base when there may be a particular asset sale, et cetera.

從這個角度來看，這其實並不是與發展相關的關鍵資金。此次成長實際上與非發展相關支出的透明度提高有關。例如，技術轉型投資的時機、自有、租賃資本支出、時機、對我們現有酒店基礎的投資（例如，可能進行特定資產出售時）等等。

So in that regard, it's really not reflective of any sort of change in our key money philosophy or actually the amounts that we're spending relative to key money. As you know, very often, the deals that you signed or for hotels that are either converting over the next year or so or for new build hotels, which then don't actually open for several years. And the comments that we've made about our key money used in new unit development are actually quite consistent in terms of both amounts and the way that we're using it.

所以從這個角度來看，這實際上並沒有反映出我們關鍵資金理念的任何變化，也沒有反映出我們相對於關鍵資金的支出金額的任何變化。如您所知，很多時候，您簽署的協議要么是針對未來一年左右將要進行改造的酒店，要么是針對新建酒店，而這些新建酒店實際上幾年內都不會開業。我們對用於新單元開發的關鍵資金所做的評論，實際上在金額和使用方式上都相當一致。

Dan Politzer, JPMorgan.

丹‧波利策，摩根大通。

I wanted to go back to the 2026 outlook, the 1.5% to 2%, 2.5% RevPAR growth. I mean it seems like you guys are kind of extending or assuming a status quo mostly hold here, but maybe you can unpack that a bit in terms of what you're seeing across leisure, business transient and group for next year? And any kind of color on pacing there, too. Thanks.

我想回到 2026 年的展望，即 1.5% 至 2%，RevPAR 成長 2.5%。我的意思是，你們似乎在某種程度上延續或假設現狀基本上保持不變，但或許你們可以就明年休閒、商務旅行和團體旅遊方面的情況，稍微分析一下？而且，任何形式的色彩變化也會影響步態。謝謝。

Yeah, sure. Absolutely. We'd be happy talk about that. So first of all, just a reminder that we have talked -- we said in our prepared remarks, we continue to expect that US will be lower than international and that overall, broadly speaking, we'd expect it to be roughly the same globally. I will say that we would expect the US to end up slightly higher next year than this year, and a lot of that benefit is related to the World Cup. So when you think about the World Cup next year having a very healthy impact on US and Canada that from that standpoint, this extra 30 to 35 basis points globally is heavily squarely in the US and Canada benefit side of things.

當然可以。絕對地。我們很樂意談論這個話題。首先，提醒一下，我們已經說過——我們在準備好的演講稿中說過，我們仍然預計美國的經濟成長將低於國際平均水平，而且總體而言，我們預計全球經濟成長率大致相同。我想說的是，我們預計美國明年的最終排名會比今年略高，而這很大程度上與世界盃有關。所以，考慮到明年世界盃對美國和加拿大將產生非常積極的影響，從這個角度來看，全球這額外的 30 到 35 個基點主要有利於美國和加拿大。

When I think about group, I think it is, again, very encouraging to see that our group pace for next year is up 7%. That's similar to a year -- to a quarter ago. And actually, group pace for the US is up 8%. So I think as we look into next year, I do agree with you that I expect leisure to continue to be a stronger performer on a relative basis and particularly in the upper chain scales. But overall, a fairly similar environment globally.

當我想到團隊時，我認為非常令人鼓舞的是，我們團隊明年的發展速度提高了 7%。這和一年前——或者說三個月前——的情況差不多。事實上，美國隊的小組速度提高了 8%。所以，展望明年，我同意你的看法，休閒產業預計將繼續保持相對強勁的成長勢頭，尤其是在高端產業鏈中。但整體而言，全球環境相當相似。

Yes. And I might just reemphasize the comment I made in the prepared remarks, and that is to remind yourself of the distribution of our portfolio with 10% of the rooms in the luxury tier and another 42% in upper upscale. We've had questions the last couple of quarters about the sustainability of the high end and to post another quarter with 4% RevPAR index leading the charge, I think, is a pretty powerful illustration of the strength and appetite of that luxury consumer.

是的。我還要再次強調我在準備好的發言稿中提到的內容，那就是提醒大家我們酒店組合的分佈情況，其中 10% 的客房屬於豪華級別，另有 42% 屬於更高檔次的級別。過去幾個季度，我們一直受到關於高端市場可持續性的質疑，而本季度 RevPAR 指數再次達到 4%，領先市場，我認為這有力地證明了奢侈品消費者的實力和需求。

Conor Cunningham, Melius Research.

康納‧坎寧安，梅利烏斯研究公司。

Sorry to go back to the credit card for a quick second here. Can you talk about the benefits of being between Amex and Chase? Is there anything that that's helpful having two partners rather than one? And then if you could just high-level talk a little bit about the opportunity there. Like is it further -- is there just like a scale opportunity from having two different providers in general? Thank you.

抱歉，我得稍微再說一下信用卡的事。能談談介於美國運通和摩根大通之間的優勢嗎？有兩個合夥人比只有一個合夥人有什麼優勢嗎？然後，您能否簡要地談談那裡的機會？例如，擁有兩家不同的供應商是否會帶來規模上的機會？謝謝。

Yeah. Thanks for the question. Happy to take it. We are obviously delighted with the success of the dual insurer strategy we've had since 2017. Having two issuers, it's really the success of that strategy is demonstrated by the growth of our branding fees and our partners' contributions to the loyalty program.

是的。謝謝你的提問。樂意接受。我們顯然對自 2017 年以來實施的雙保險策略的成功感到非常高興。我們擁有兩家發卡機構，這項策略的成功真正體現在我們品牌推廣費的成長以及合作夥伴對忠誠度計畫的貢獻。

And you heard Leeny provides some context to that. Going with the dual issuer approach gives us access to what we think are two very complementary customer bases, gives us the ability to achieve really broad market coverage while providing customers with a unique set of choices. So we think it's a really powerful opportunity for us. It also gives us -- gives our cardholders greater trial and point transfer sales with their proprietary card base.

你也聽到了，Leeny 對此做了一些解釋。採用雙發卡機構模式，我們可以接觸到我們認為非常互補的兩個客戶群體，使我們能夠實現真正廣泛的市場覆蓋，同時為客戶提供一系列獨特的選擇。所以我們認為這對我們來說是一個非常難得的機會。它還為我們的持卡人帶來更多試用和積分轉讓銷售機會，這得益於我們專有的卡片基礎。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

Just wanted to dig into the pipeline a little bit. I think you touched on this a little bit in your intro remarks, but it looks like you had a sequential improvement in the under construction in particular, also grew pretty substantially year over year. So just curious where some of that strength is coming from? And if you've seen any kind of change in the environment from changes in rates or otherwise? Thank you.

只是想稍微了解一下這條管道的狀況。我想你在開場白中已經稍微提到了這一點，但看起來你在建設中的項目尤其取得了持續的進步，而且每年都有相當大的增長。所以，我很好奇他們的力量源自於哪裡？如果你觀察到環境因利率或其他方面的變化而發生任何變化，請告知我們。謝謝。

Yeah. Sure, absolutely. First, I'm going to point out, Stephen, what has continued -- which continues to be a real trend, and that's all around conversions. So the momentum around conversions has not stopped, and that obviously feeds into our under-construction pipeline in a material way. And we fully expect a third of our room openings this year to be conversion rooms. And frankly, when you look at our signings that trend, it's not doing anything except staying the same, if not actually moving up a little bit. So I think that's very encouraging as you look at rooms growth.

是的。當然可以。首先，史蒂芬，我要指出一點，那就是轉換率一直在上升——這確實是一個趨勢。因此，轉換率的上升勢頭並未停止，這顯然對我們正在建造的項目產生了實質的影響。我們預計今年新增客房中將有三分之一是改建客房。坦白說，看看我們的簽約情況，這個趨勢除了保持不變之外沒有任何變化，甚至可能略有上升。所以我覺得，從房間成長的角度來看，這是一個非常令人鼓舞的消息。

But when you talk about the under construction pipeline is probably a good reminder that in the US that Marriott has kind of the leading share of both signings for new build construction hotels as well, it's actually what's under construction at 29% of signed and 28% of under construction. And we did see a pickup in Q3 of rooms going under actually digging the shovel in the ground.

但說到在建項目，或許應該提醒大家，在美國，萬豪酒店集團在新建酒店的簽約量和在建項目數量上都佔據領先地位，簽約量佔 29%，在建項目佔 28%。我們在第三季確實看到，地下室施工的數量增加，人們開始真正地動鏟子挖地了。

But I would say overall, the trend is fairly similar. We are still meaningfully below construction starts for compared to 2019. And when you think about the environment, we don't see a major trend. Clearly, as you look at dropping rates that should help. We are seeing a bit of a pickup in asset sale transactions in proven markets with proven brands.

但總的來說，趨勢相當相似。與 2019 年相比，我們目前的開工建設數量仍然顯著偏低。而當我們思考環境問題時，並沒有看到任何明顯的趨勢。顯然，隨著利率下降，這應該會有所幫助。我們看到，在擁有成熟品牌的成熟市場中，資產出售交易略有回升。

But I would say we still need to see more improvement on the financing environment to see a dramatic pickup in new build construction starts. But again, every little bit of momentum is appreciated that we are seeing a little bit.

但我認為，我們仍需要看到融資環境的進一步改善，才能看到新建築開工量的大幅成長。但是，我們仍然要感謝目前取得的任何一點進展。

Patrick Scholes, Truist.

Patrick Scholes，Truist。

In relation to the last question, can we drill down a little bit about the development -- the latest trends in the development environment and APAC and China? Thank you.

關於最後一個問題，我們能否深入探討一下發展情況──亞太地區和中國的最新發展趨勢？謝謝。

Yeah, sure. So basically, we're thrilled with what we see in terms of both rooms growth and continued signings in Asia. Let me talk first about Greater China, again, broadly speaking, both areas are seeing double-digit rooms growth and continued disproportionate share of signings as we move forward. So when you look at the pipeline, I would say we've got a situation where in APAC, you've got 8% of our existing rooms while 15% of our pipeline and in Greater China 11% of our existing rooms and 18% of our pipeline. So really great progress there.

當然可以。總的來說，我們對亞洲地區的客房成長和持續簽約感到非常興奮。首先讓我談談大中華區，總的來說，這兩個地區都實現了兩位數的客房增長，並且隨著我們不斷向前發展，它們在簽約量方面也繼續保持不成比例的份額。所以，從專案儲備來看，亞太地區現有客房佔 8%，而專案儲備佔 15%；大中華區現有客房佔 11%，專案儲備佔 18%。所以這方面進展非常順利。

And they have different situations where in APAC, you've got a number of economies that are growing rapidly and meaningful need of greater lodging supply to meet the demand growth. And so when we think about markets like India, Indonesia, Japan, we just see continued outperformance for Marriott as compared to our competitors in signing new deals across all the chain scales. We're continuing to do lots of premium deals there, but also now seeing more extension down into the upscale and even mid-scale space.

亞太地區的情況各不相同，許多經濟體正在快速成長，因此需要更多的住宿供應來滿足不斷增長的需求。因此，當我們考慮印度、印尼、日本等市場時，我們看到萬豪酒店在各個連鎖規模的新交易簽約方面，與競爭對手相比，持續表現出色。我們繼續在那裡開展許多高端交易，但現在也看到業務進一步擴展到高檔甚至中檔市場。

In Greater China, it's obviously a little bit of a different story, where there, while we see the same big increase in signings growth, it is much more concentrated in the upscale tier. And from that standpoint, you're seeing investors appreciate the relatively lower volatility and lower unit costs for developing a hotel as compared to a luxury hotel in a Tier 1 city, for example.

在大中華區，情況顯然有所不同，雖然簽約量也出現了同樣的大幅成長，但成長主要集中在高端市場。從這個角度來看，投資者們更欣賞開發一家酒店的相對較低的波動性和較低的單位成本，例如，與在一線城市開發豪華酒店相比。

So as we see the continued growing strength of our brands in Greater China, the demand for a strong model that has the power of Marriott Bonvoy and also very competitive affiliation costs and operating costs, those brands are doing particularly well. So we've seen very strong improvement there.

因此，隨著我們在大中華區的品牌實力不斷增強，市場對擁有萬豪旅享家強大實力且加盟成本和營運成本極具競爭力的強大模式的需求不斷增長，這些品牌的表現尤其出色。所以我們看到這方面有了非常顯著的改善。

And again, just as a reminder from a Greater China perspective, we are right now still seeing a bit higher percentage of domestic travelers than we did pre-COVID in the low 80 percentage. And I think it's a good reminder that our hotels provide jobs for Chinese citizens. They're overwhelmingly for Chinese customers. And as our brands grow in strength, you are seeing this growth across markets and across chain scales for Marriott International.

再次提醒大家，從大中華區的角度來看，目前國內旅客的比例仍比新冠疫情前略高，約 80%。我認為這很好地提醒了我們，我們的酒店為中國公民提供了就業機會。它們絕大多數是面向中國客戶的。隨著我們旗下品牌實力的不斷增強，萬豪國際集團在各個市場和各個連鎖規模上都實現了成長。

And Patrick, just to quantify some of that greater China momentum that Leeny described. Year to date, through the end of the third quarter, our room signings in Greater China are up 24% year over year.

派崔克，我只是想量化利尼所描述的大中國發展動能。今年迄今，截至第三季末，我們在大中華區的客房簽約量年增 24%。

Brandt Montour, Barclays.

Brandt Montour，巴克萊銀行。

I was hoping we could double-click on business transient. It doesn't sound like you guys are baking in a dramatic recovery in the fourth quarter or your comments on '26, but trends did seem to sort of worsen as of late. So just wondering how much of that was the government shutdown or government-related and ex government, have you seen trends stabilize or any sort of green shoots there you can talk about? Thank you.

我原本希望我們可以雙擊「商務旅客」選項。從你們對 2026 年的評論來看，你們似乎並沒有預期第四季會大幅復甦，但最近的趨勢似乎確實有所惡化。所以我想知道，其中有多少是由於政府停擺或與政府相關的因素造成的，又有多少是由於前政府官員造成的？您是否看到趨勢趨於穩定，或者出現了任何可以談論的復甦跡象？謝謝。

Yeah. Let me give it a try. The global business transient in the quarter was effectively flat, but there was a sequential improvement versus Q2 when global BT was down 2%. Global BT RevPAR, if you exclude government, to your point, was actually up 1% year over year, but we saw government transient down 15% year over year. And I think as we look into 2026, a little bit more of the same, the larger companies that make up BT, we're seeing actually pretty encouraging strength, but you are seeing a bit of hesitancy from some of the SMEs as they try to navigate the volatile economic environment.

是的。我來試試。本季全球業務波動基本持平，但與第二季全球業務波動下降 2% 的情況相比有所改善。如您所說，如果排除政府部門，全球 BT RevPAR 實際上同比增長了 1%，但我們看到政府部門的臨時客流量比去年同期下降了 15%。我認為展望 2026 年，情況可能與此類似。組成 BT 的大型公司展現了相當令人鼓舞的實力，但一些中小企業在努力應對動盪的經濟環境時，則顯得有些猶豫不決。

And the only thing I'll add is that on a -- from a kind of relative basis of the larger corporate BT versus the small and medium-sized businesses, we did see relatively more weakness in the smaller and medium-sized businesses, which, as you might imagine, has a bit greater impact on our select service brands.

我唯一要補充的是，從大型企業 BT 與中小企業的相對角度來看，我們確實看到中小企業的相對疲軟程度更高，正如你可能想像的那樣，這對我們精選的服務品牌產生了更大的影響。

Aryeh Klein, BMO.

Aryeh Klein，BMO。

Going back to the credit cards, there's been some pretty big program renewals for premium cards at both Capes and AMEX with their own offerings. I'm curious if you view that as competition in any way? And what, if anything, that might mean for the upcoming? Thanks.

回到信用卡方面，Capes 和 AMEX 都推出了各自的高階信用卡續約計劃，規模相當大。我很好奇你是否認為這在某種程度上構成競爭？那麼，這對未來可能意味著什麼呢？謝謝。

Yeah. Listen, I think it's not limited to those companies. There is a broad recognition across the financial services players about the strength and the long runway for travel-related spending. Certainly, in the context of the discussions we've been having with our partners. We think those cards can exist and be complementary, but it's something that will be incorporated into the ongoing discussions.

是的。聽著，我認為這不僅限於這些公司。金融服務業普遍認識到旅遊相關支出的強勁勢頭和長期成長潛力。當然，這與我們和合作夥伴之間的討論密切相關。我們認為這些卡片可以存在並相互補充，但這需要納入正在進行的討論中。

Richard Clarke, Bernstein.

理查克拉克，伯恩斯坦。

I guess you gave some helpful color on how you're using AI artificial intelligence internally. Just any comments on the sort of external use, making your hotel discoverable, bookable through ChatGPT and other platforms. Do you see that as an opportunity? Is that something that's being worked on at Marriott?

我想你對貴公司內部如何使用人工智慧（AI）做了一些很有幫助的介紹。關於飯店對外推廣，例如透過 ChatGPT 和其他平台進行推廣和預訂，您有什麼建議嗎？你認為這是一個機會嗎？萬豪酒店正在著手解決這個問題嗎？

Yeah. Without question, when we think about our distribution strategy broadly, we are increasingly certain that AI platforms can and will be helpful new distribution channel for us. more and more guests are going to use them for trip suggestions, trip planning.

是的。毫無疑問，從整體上審視我們的分銷策略，我們越來越確信人工智慧平台能夠並且將會成為我們新的有效分銷管道。越來越多的客人將會使用它們來獲取旅行建議和規劃行程。

While the search and the commerce models are still, you could argue in their infancy, we are certainly optimizing the content across our platforms to take advantage of GenAI services. Our channel strategy broadly is designed to ensure we've got broad reach across all traditional and emerging channels. And certainly, generative AI, Agentic AI falls squarely in that emerging category.

雖然搜尋和商業模式仍處於起步階段，但我們無疑正在優化我們各個平台上的內容，以充分利用 GenAI 服務。我們的通路策略總體上旨在確保我們能夠廣泛覆蓋所有傳統管道和新興管道。當然，生成式人工智慧和智慧體人工智慧也完全屬於這一新興類別。

Duane Pfennigwerth, Evercore ISI.

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

Wanted to ask you about any changes you're seeing in underlying seasonality. One of the things we've heard from the airlines has been a shift in the underlying seasonality to Europe, a little less focus on peak summer, July and August and better trend in the fall with October seeing more demand versus maybe the pre-pandemic period. I wonder if you're seeing this elongated peak seasonality too? And can you just remind us how much of your Europe demand comes from US point of sale?

想問您，您觀察到的潛在季節性變化方面有什麼變化嗎？我們從航空公司那裡了解到，潛在的季節性變化正在向歐洲轉移，對夏季高峰期（7 月和 8 月）的關注度有所降低，秋季趨勢更好，10 月份的需求可能比疫情前時期更高。我想知道你是否也觀察到了這種旺季高峰期延長的現象？請問您能否告知我們，您在歐洲的需求中有多少來自美國的銷售點？

Yeah. While Leeny's pointing that, I want to give you the precise number, I'll give you maybe a more anecdotal answer. I've been on the road for the last six or seven weeks. I was in a few cities in Europe, I was in Rome and Milan and Venice. And walking around in October in those markets felt like the traditional rounds in June and July.

是的。既然Leeny指出了這一點，我想給你一個確切的數字，那我只能給你一個更偏向軼事的回答了。過去六、七週我一直在路上。我去過歐洲的幾個城市，包括羅馬、米蘭和威尼斯。十月在這些市場逛逛，感覺就像六、七月的傳統市場巡遊一樣。

I do think some of that is weather related. I was in Florence talking to our teams there, and they said the pretty significant press coverage about elevated temperatures during traditional peak season caused a bunch of rebookings into the fall. As I talk to our operators across Europe, there is certainly a view that the season, it's extending earlier into the spring and later into the fall. And Leeny and I were in Japan for the opening of our new JW Marriott in Tokyo. And I think we saw the same thing there, a really strong extension of peak season into the fall.

我確實認為其中一些與天氣有關。我當時在佛羅倫薩和我們那裡的團隊交談，他們說，媒體對傳統旺季期間氣溫升高的報道相當多，導致許多行程被重新預訂到秋季。當我與歐洲各地的業者交談時，他們普遍認為，旺季正在提前延伸到春季，延後延伸到秋季。我和莉妮當時在日本，參加我們在東京新開的 JW 萬豪酒店的開幕典禮。我認為我們在那裡也看到了同樣的情況，旺季確實強勢地延續到了秋天。

Yeah. So just from a just straightforward numbers perspective, the mix of US customers in Europe in Q3 this year was 36%. For the full year last year, it was 33%. So there's not really a huge shift.

是的。因此，僅從簡單的數位角度來看，今年第三季美國客戶在歐洲的佔比為 36%。去年全年，這一比例為 33%。所以其實並沒有發生巨大的轉變。

I think, generally speaking, looking to see if there are any other of kind of categories that look meaningfully higher. And just a little bit more from certain other parts like APAC, et cetera. But I'd say overwhelmingly, pretty similar.

總的來說，我認為應該看看是否有其他類別看起來明顯更高。還有來自亞太地區等其他一些地區的少量資金。但我認為絕大多數情況下，它們都非常相似。

You would have thought that with FX, with the weakening dollar that you might have seen more of an impact, but we still saw a very strong summer results. And then just as a reminder, there were certain events that happened in Q3 a year ago as compared to this Q3, like the Paris Olympics, which I think also is just a point to mention. But from an overall seasonality, we've got the boomers, obviously traveling all over, but I'd say no major shifts.

你可能會認為，隨著美元走弱，外匯市場可能會受到更大的影響，但我們仍然看到了非常強勁的夏季業績。另外，需要提醒的是，去年第三季與今年第三季相比發生了一些事件，例如巴黎奧運會，我認為這一點也值得一提。但從整體季節性來看，嬰兒潮世代顯然正在四處旅行，但我認為不會有重大變化。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

I just wanted to go back to the rooms growth expectations. Just a little bit, just because we keep hearing a lot of discussion, which we have for some time now around kind of the Canada economy the lower end consumer not doing that well, and we certainly see it showing up in kind of select service, limited service RevPAR numbers and that softness, I think, in general, is expected to continue.

我只是想回到房間增長預期這個話題上來。稍微有點，因為我們一直聽到很多關於加拿大經濟的討論，低端消費者的處境不太好，而且我們確實在精選服務和有限服務的RevPAR數據中看到了這一點，我認為這種疲軟的局面總體上預計還會持續。

Do you have a sense of how developers in the US are thinking about returns on that kind of products have they come down? Do you feel like you'll take more share given the strength of your brands within what is being built or -- just kind of curious like how does the developer decide to put a shovel on the ground now, given what we're seeing at least on the revenue side?

您認為美國開發商對這類產品的報酬率有什麼看法？回報率是否已經下降？鑑於貴公司品牌在當前專案中的強大實力，您是否覺得貴公司能夠獲得更多市場份額？或者——我只是有點好奇，鑑於我們目前在收入方面看到的情況，開發商現在是如何決定動工的？

So I'm going to talk about aspects effects of this, and one is on conversions and one is on new build because I do appreciate the opportunity to have a little advertisement regarding our growth in mid-scale. We've only been in the mid-scale space a couple of years. We've already got 200 rooms open, and we've got well over 200 more in the pipeline in the mid-scale space across our StudioRes, City Express, and Four Points Flex.

所以我要談談這方面的一些影響，其中一方面是轉換率，另一方面是新建項目，因為我非常珍惜這個機會，可以稍微宣傳我們在中型企業領域的成長。我們進入中型市場才幾年時間。我們已經開放了 200 間客房，並且在我們的 StudioRes、City Express 和 Four Points Flex 等中檔飯店中，還有 200 多間客房正在籌備中。

Hotels.

飯店.

Hotels. Yeah. And in the US and Canada, for example, we've got 150 mid-scale hotels in the pipeline. So it's really very excited about the opportunities there. And to your point, we actually see meaningful interest in the conversions to our brands for the strength that we provide relative to revenues as well as extremely competitive affiliation costs.

飯店.是的。例如，在美國和加拿大，我們有 150 家中檔飯店正在籌建中。所以他們對那裡的機會感到非常興奮。正如您所說，我們確實看到，由於我們提供的品牌在收入方面的優勢以及極具競爭力的聯盟行銷成本，消費者對我們的品牌轉換率表現出了濃厚的興趣。

I think on the new build side, there continues to be a host of factors that have meant that there is a bit more reluctance and part of this is around expectations on interest rates, i.e., when might it be that money is cheaper on the financing side and when the constraints around exactly how much debt and equity have to be put in, whether that will change.

我認為在新房屋建設方面，仍然存在許多因素導致人們更加猶豫不決，其中一部分原因是對利率的預期，即融資成本何時會降低，以及債務和股權投入的限制何時會改變。

Now we've also got the reality that you've seen labor cost and construction costs also have gone up meaningfully over the last few years. And so seeing those moderates would be helpful as well. That being said, we continue to see a steady drumbeat of new hotels going under construction. But I think we all have to recognize that compared to 2019 when the financing costs were close to 0, that it is a different environment.

現在我們也不得不面對現實，過去幾年裡，勞動成本和建築成本也大幅上漲。因此，與那些溫和派人士交流也會有所幫助。儘管如此，我們仍然看到大量新酒店正在建設中。但我認為我們都必須認識到，與 2019 年融資成本接近 0 的情況相比，現在的環境已經不同了。

But we think from an attractiveness of the asset standpoint that it still fits many of the qualities for a limited service hotel, where you see strong cash on cash yields, fairly steady performance over time and a good environment. So I think some of this is about standing on the sidelines and waiting to go back in rather than not doing the deals at all.

但我們認為，從資產吸引力的角度來看，它仍然符合有限服務酒店的許多特質，例如強勁的現金回報率、長期相當穩定的業績以及良好的環境。所以我認為這其中一部分原因在於袖手旁觀，等待時機重新入場，而不是完全放棄交易。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

I just wanted to ask if you have any kind of appetite for whether it's kind of small tuck-in M&A or partnerships similar to kind of citizenM. And if so, if there's any kind of areas of the portfolio you'd be looking to kind of fill out more?

我只是想問您是否有興趣進行類似 citizenM 的小型併購或合作關係。如果是這樣的話，您希望在作品集的哪些方面進行更深入的拓展？

Sure. So at the risk of being repetitive, I'll give you the answer I've given you in the past, which is I don't think the team feels any burning need to chase M&A in pursuit of scale. Thankfully, we enjoy industry-leading scale. We'll apply the same lens that we've applied historically to opportunities that may present themselves.

當然。所以，冒著重複的風險，我再給你一個我過去給你的答案，那就是我認為團隊並沒有迫切需要透過併購來追求規模擴張。值得慶幸的是，我們擁有領先業界的規模。我們將沿用以往的視角來看待可能出現的機會。

And the lenses we have applied if we see a geographic area that we think represents real opportunity for growth and/or represents an important outbound demand generation market, and we are dissatisfied with our pace of organic growth, we might look for an opportunity.

如果我們看到某個地理區域，我們認為它代表著真正的成長機會和/或重要的對外需求產生市場，而我們對自身的有機成長速度不滿意，我們可能會尋找機會。

If we scan our brand architecture and we see a gap that we think is more effectively filled by a tuck-in M&A acquisition versus the launch of an organic platform, we would consider it there. But again, I think we'll be quite deliberate, and we'll apply same financial rigor that we always do and as was evidenced in a deal like citizenM.

如果我們審視我們的品牌架構，發現存在一個我們認為透過併購來填補比推出有機平台更有效的空白，我們就會考慮這樣做。但我認為我們會非常謹慎，並像以往一樣運用嚴格的財務管理，就像在 citizenM 這樣的交易中得到證明的那樣。

Meredith Jensen, HSBC.

Meredith Jensen，匯豐銀行。

Maybe following on a little bit from what Richard and Lizzie asked. On the launch of the Bonvoy Outdoor, I was hoping you might speak a little bit about how this sort of dedicated digital vertical within Bonvoy might sort of serve as a framework for future loyalty sub kind of ecosystems or if this was more opportunistic given that homes and villas and some of the properties were already on a sort of separate platform for digital integration.

或許可以稍微補充理查德和莉齊提出的問題。在 Bonvoy Outdoor 推出之際，我希望您能談談 Bonvoy 內部這種專門的數位垂直領域如何能為未來的忠誠度子生態系統提供框架，或者這是否更多的是一種機會主義行為，因為房屋、別墅和一些房產已經在某種獨立的數位整合平台上。

And maybe just to add on to that, if sort of looking at these platforms like citizenM or the outdoor platform sort of shift your way of thinking about digital distribution in a broader sense. Thanks a lot.

或許還可以補充一點，看看像 citizenM 或戶外平台這樣的平台，或許能從更廣泛的意義上改變你對數位發行方式的看法。多謝。

Yeah. Let me give it a try. The -- some of this is really inexorably linked to the central reservations transformation, which we think will be quite reflective of how our customers want to shop. So the ability to search our portfolio through passions as opposed to simply a geographic search. Homes and villas is a good example of that. Outdoor collection is a great example of that.

是的。我來試試。其中一些確實與中央預訂系統的轉型密不可分，我們認為這將很好地反映出我們的客戶希望如何購物。因此，我們能夠根據興趣愛好而非地理位置來搜尋我們的作品集。住宅和別墅就是一個很好的例子。戶外收藏就是一個很好的例子。

So rather than saying I want to go to Costa Rica or I want to go to Hawaii, I made search surfing options within the portfolio. And the new central res system will give our guests a seamless ability to do that. CitizenM, I would view as a little more traditional. It's a terrific product, but I think that will likely benefit from a more traditional geographic search.

所以，與其說我想去哥斯達黎加或我想去夏威夷，不如說我在作品集中設定了搜尋瀏覽選項。新的中央預訂系統將使我們的客人能夠輕鬆地做到這一點。CitizenM，我認為它更偏向傳統一些。這是一款很棒的產品，但我認為它或許能從更傳統的地理搜尋中受益。

I think the only thing I would add is as you talk about kind of the broader view of what our digital channels provide and how we think about that platform, obviously, we want people to be coming to the Bonvoy platform and then being able to do their shopping and their communication with us however they choose, whether it's by city or whether it's by activity.

我覺得我唯一要補充的是，正如您談到我們的數位管道所提供的更廣泛的視角以及我們如何看待這個平台一樣，顯然，我們希望人們來到萬豪旅享家平台，然後能夠以他們選擇的任何方式進行購物和與我們溝通，無論是按城市還是按活動。

But one thing just as a really critical piece that we view an ultimate critical component of it is that we control the experience that our customers have. And that is where we really want to be the providers of fantastic experiences of being able to communicate with them about what they want, what they need, how they want that to go. And so while yes, the digital shopping is very important, at the end of the day, the face-to-face person-to-person way that people experience their lodging stays is something that we feel very strongly about, and we'll want that to be part of the overall advantage.

但我們認為，真正至關重要的一點，也是最終的關鍵組成部分，就是我們掌控客戶的體驗。而這正是我們真正想要成為的，能夠與他們溝通，了解他們想要什麼、需要什麼以及他們希望事情如何發展，從而提供絕佳體驗的提供者。所以，雖然數位化購物非常重要，但歸根結底，我們非常重視人們面對面體驗住宿的方式，我們希望這能成為整體優勢的一部分。

And ladies and gentlemen, we have further questions at this time. I'd like to turn the floor back over to Tony Capuano for any additional or closing comments.

女士們、先生們，我們現在還有一些問題。我想把發言權交還給托尼·卡普阿諾，讓他補充一些內容或總結發言。

Great. Well, thank you all again for your continued interest and coverage of Marriott. Leeny and I have both been on the road quite a bit. We have some extraordinary hotels and some new additions to the portfolio. Our teams continue to be as passionate as engaged as you would hope. And we look forward to seeing you on the road and hosting you. Have a great afternoon.

偉大的。再次感謝大家一直以來對萬豪酒店的關注與報導。我和莉妮都常出差在外。我們擁有一些非常出色的酒店，並且新增了一些酒店。我們的團隊一如既往地充滿熱情和投入，正如您所期望的那樣。我們期待在路上與您相遇，並熱情地接待您。祝您下午愉快。

Thank you. Ladies and gentlemen, that will conclude today's event. Thank you for your participation. You may disconnect at this time, and have a wonderful rest of your day.

謝謝。女士們、先生們，今天的活動到此結束。感謝您的參與。您可以斷開連接了，祝您今天餘下的時間愉快。