萬豪國際 (MAR) 2025 Q4 法說會逐字稿

(Operator Instructions)

（操作說明）

Hello and welcome to today's Marriott International Q4 2025 earnings call.(Operator Instructions)

大家好，歡迎參加萬豪國際集團2025年第四季財報電話會議。 （操作說明）

Please note that this call is being recorded and we're standing by should you need any assistance. It is now my pleasure to turn the meeting over to Jackie McConagha, Senior Vice President of Investor Relations. Please go ahead, ma'am.

請注意，本次通話正在錄音，如有任何需要，我們隨時為您提供協助。現在我很高興將會議交給投資者關係高級副總裁傑基·麥康納哈 (Jackie McConagha)。請便，女士。

Good morning everyone and welcome to Marriott's fourth 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, Senior Director of Investor Relations.

各位早安，歡迎參加萬豪酒店集團2025年第四季財報電話會議。今天與我一起通話的有：我們的總裁兼執行長 Tony Capuano；我們的財務長兼發展執行副總裁 Leeny Oberg；以及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.

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。

These statements are subject to numerous risks and uncertainties as described in our SEC filings, which could cause future results to differ materially from those expressed in or implied by our comments.

這些聲明受到我們在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, ADR, 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、入住率、平均房價和物業層面的收入評論均反映了可比較酒店的系統性固定匯率結果，所有變化均指與上年同期相比的變化。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。

As you all know, this is Leeny's last earnings call. There is no doubt that everyone listening has benefited greatly from her leadership, wisdom, and insight. Leeny thank you for everything. You will be greatly missed by us all. And now I will turn the call over to Tony.

大家都知道，這是Leeny最後一次的財報電話會議。毫無疑問，所有聽眾都從她的領導能力、智慧和洞察力中受益匪淺。Leeny，謝謝你所做的一切。我們都會非常想念你。現在我將把電話交給東尼。

Thanks, Jackie, and good morning, everyone. I'll have some comments about Leeny and her incredible career with Marriott at the end of the call. But, for now, let's move on to our prepared remarks.

謝謝傑基，大家早安。在通話結束時，我會對莉妮以及她在萬豪酒店集團的輝煌職業生涯發表一些看法。但現在，讓我們進入我們準備好的發言環節。

Our team produced excellent results in 2025, as Marriott continued to experience solid momentum in our business around the world. With Room's growth as one of the top company priorities, I'm proud that Marriott's industry-leading global portfolio stood at nearly 1.78 million rooms across more than 9,800 properties in 145 countries and territories at the end of December.

2025年，我們的團隊取得了優異的成績，萬豪酒店集團在全球的業務持續保持強勁的發展勢頭。客房成長是該公司的首要任務之一，我為此感到自豪，截至 12 月底，萬豪酒店集團在 145 個國家和地區的 9800 多家酒店擁有近 178 萬間客房，其全球客房數量在業內領先。

Conversions remained a key driver of growth, contributing around 1/3 of our signings and openings during the year.

轉換率仍然是成長的關鍵驅動力，貢獻了我們全年簽約和開業總量的約三分之一。

With an incredibly strong fourth quarter for signings, our team inked nearly 1,200 deals representing 163,000 rooms, excluding M&A during the year.

第四季簽約量非常強勁，我們的團隊在年內簽署了近 1200 筆交易，涉及 163,000 間客房，還不包括併購交易。

At the end of December, our pipeline had grown to a record 610,000 rooms, up 2% from the prior quarter and up 6% from the prior year. Nearly 265,000 of the pipeline rooms were under construction, including rooms that are pending conversion, up 15% year over year.

截至 12 月底，我們的專案儲備已增長至創紀錄的 61 萬間客房，比上一季增長 2%，比上年增長 6%。近 265,000 個管道機房正在建設中，包括待改造的機房，年增 15%。

In 2025, 75% of our conversion rooms joined the system and began contributing to fee growth within 12 months of signing. For full year 2026, net room's growth is expected to accelerate up to 4.5% to 5%.

到 2025 年，我們 75% 的轉換客房都加入了該系統，並在簽約後的 12 個月內開始為費用成長做出貢獻。預計 2026 年全年淨客房成長率將加快至 4.5% 至 5%。

Our intent to recommend scores rose in every region around the world, and we continued to gain market share, with RevPAR index increasing globally year over year.

我們向世界各地所有地區推薦評分的意願都在增強，市場份額也持續增長，全球每間可供出租客房收入 (RevPAR) 指數逐年上升。

Full-year global RevPAR rose 2%, with RevPAR in the US and Canada rising 0.7% and international RevPAR increasing over 5%. Leisure and luxury led the way, with leisure RevPAR up 3%, while Group RevPAR rose 2%, and Business Transient RevPAR was flat for the full year.

全年全球每間可供出租客房收入 (RevPAR) 成長 2%，美國和加拿大的 RevPAR 成長 0.7%，國際 RevPAR 成長超過 5%。休閒豪華旅遊引領成長，休閒旅遊每間可供出租客房收入成長 3%，團體旅遊每間可供出租客房收入成長 2%，而商務散客旅遊每間可供出租客房收入全年持平。

Full-year luxury RevPAR increased over 6%, while Select Service RevPAR declined 30 basis points. Our portfolio is well positioned to benefit from continued expected strength at the upper end, as higher-end consumers remain resilient and continue to prioritize spending on experience and travel over goods. 10% of our open rooms globally and 10% of our pipeline rooms are in the luxury segment.

全年豪華飯店每間可供出租客房收入成長超過 6%，而精選服務飯店每間可供出租客房收入下降 30 個基點。我們的投資組合佈局合理，預計將受益於高端市場持續強勁的成長勢頭，因為高端消費者仍然保持韌性，並繼續將支出優先於體驗和旅行而非商品。我們全球已開放客房的10%以及正在籌建的客房的10%均屬於豪華飯店領域。

Turning to the fourth quarter, we were pleased that worldwide RevPAR ended up at the high end of our guidance range. RevPAR increased 1.9% thanks to a strong end of the year, with December RevPAR coming in well ahead of our prior expectations. December global RevPAR rose 2.8%, showing the strongest monthly year over year growth since February, led by strong leisure demand, particularly for our luxury and resort hotels.

展望第四季度，我們很高興全球每間可供出租客房收入 (RevPAR) 達到了我們預期範圍的高端。由於年底表現強勁，RevPAR 成長了 1.9%，其中 12 月的 RevPAR 遠遠超出我們先前的預期。12 月全球每間可供出租客房收入 (RevPAR) 成長 2.8%，創下自 2 月以來最強勁的月度同比增幅，主要得益於強勁的休閒需求，尤其是豪華酒店和度假酒店的需求。

By region, fourth quarter RevPAR was, again, strongest in APEC, which continues to benefit from double-digit rooms growth, as well as solid macroeconomic growth in many countries. Fourth quarter, RevPAR and APEC increased nearly 9%, with growth broad-based across the region and double-digit RevPAR gains in key markets, including India, Japan, and Australia.

按地區劃分，第四季度每間可供出租客房收入 (RevPAR) 再次在亞太經合組織 (APEC) 中表現最為強勁，該地區繼續受益於兩位數的客房增長，以及許多國家穩健的宏觀經濟增長。第四季度，每間可供出租客房收入 (RevPAR) 和亞太經合組織 (APEC) 的收入增長近 9%，整個地區普遍增長，包括印度、日本和澳大利亞在內的主要市場的 RevPAR 增長達到兩位數。

Fourth quarter RevPAR in EMEA rose 7%, with strong growth across most of the region, led by 17% growth in the UAE.

第四季 EMEA 地區的每間可供出租客房收入 (RevPAR) 成長了 7%，該地區大部分地區均實現了強勁成長，其中阿聯酋的成長最為顯著，達到了 17%。

RevPAR in CALA rose over 2% as resilient leisure demand, especially during the festive season, was partially offset by the impact of comparisons to some citywide events in 2024. Citi Express hotels across the region are benefiting from being integrated into our ecosystem and are performing very well, contributing to strong signings for this brand in CALA during the year.

CALA 的每間可供出租客房收入 (RevPAR) 增長超過 2%，這主要得益於休閒需求的韌性，尤其是在節日期間，但部分增長被與 2024 年一些全市性活動的比較所抵消。整個地區的 Citi Express 酒店都受益於融入我們的生態系統，並且表現非常出色，為該品牌在 CALA 地區今年的強勁簽約做出了貢獻。

While the operating environment in Greater China remains challenged by weak macro conditions and soft consumer sentiment, Robust leisure trends and continued inbound travel recovery helped RevPAR return to growth in the fourth quarter. RevPAR rose over 3%, driven by ADR. ADR growth was driven by stronger rates in Hong Kong, Taiwan, Hainan, and Tier 1 markets, offsetting continued softness in tertiary markets within the Chinese mainland.

儘管大中華區的經營環境仍然受到宏觀經濟疲軟和消費者信心低迷的挑戰，但強勁的休閒趨勢和入境旅遊的持續復甦幫助第四季度每間可供出租客房收入（RevPAR）恢復成長。受平均房價 (ADR) 的推動，每間可供出租客房收入 (RevPAR) 成長超過 3%。ADR成長主要得益於香港、台灣、海南和一線城市市場的強勁利率，抵消了中國大陸三線城市市場的持續疲軟。

In the US and Canada, fourth quarter RevPAR was around flat. Luxury again saw solid growth, which was offset by declines in the select service tier. Leisure transient RevPAR rose 2% in the quarter, while group RevPAR increased 1%. These gains were offset by a 3% decline in business transient RevPAR, largely due to a meaningful decline in government RevPAR in the quarter.

在美國和加拿大，第四季每間可供出租客房收入（RevPAR）基本持平。奢侈品市場再次實現穩健成長，但精選服務等級的下滑抵消了這一增長。本季休閒臨時住宿RevPAR成長2%，而團體住宿RevPAR成長1%。這些成長被商務散客RevPAR下降3%所抵消，這主要是由於本季度政府RevPAR大幅下降所致。

Government RevPAR was down over 30% during the 43-day US government shutdown, though it has since moderated to down around 15%. During the year, we meaningfully expanded the breadth and depth of our portfolio across customer tiers, from luxury to mid-scale and across traditional as well as alternative lodging product offerings.

在美國政府停擺的 43 天期間，政府每間可供出租客房收入下降了 30% 以上，不過此後下降幅度有所緩和，約為 15%。今年，我們大幅擴大了產品組合的廣度和深度，涵蓋了從豪華到中檔的各個客戶層級，以及傳統和另類的住宿產品。

We extended our lead in luxury with the opening of several notable hotels, including the St. Regis Aruba, the Lake Como dition, and Nekahui, a Ritz-Carlton reserve in Costa Rica. We also signed a record 114 luxury deals during the year.

我們透過開設幾家著名的酒店，進一步鞏固了我們在豪華酒店領域的領先地位，其中包括阿魯巴島聖瑞吉酒店、科莫湖畔酒店以及哥斯達黎加麗思卡爾頓度假酒店 Nekahui。我們年內也簽署了創紀錄的 114 筆奢侈品交易。

We continue to have growing owner interest in all of our mid-scale brands, given their compelling brand design, the power of our revenue engines, and their simple bundled affiliation costs, which we believe are the lowest in the industry.

鑑於我們所有中型品牌的引人注目的品牌設計、強大的收入引擎以及簡單便捷的捆綁式加盟費用（我們相信這是業內最低的），我們所有中型品牌都持續受到越來越多所有者的關注。

Since entering the segment less than three years ago, we've experienced incredible growth. At the end of the year, we had over 450 Open and Pipeline, Four Points Flex, Studio res, and City Express by Marriott Properties in 26 countries and territories around the world. We also had 100 open and pipeline series by Marriott Properties.

自從不到三年前進入該領域以來，我們經歷了驚人的成長。截至年底，我們在全球 26 個國家和地區擁有超過 450 家已開業和正在籌建的萬豪福朋酒店、萬豪酒店靈活型酒店、萬豪酒店工作室公寓和萬豪城市快捷酒店。我們也舉辦了萬豪酒店集團旗下的 100 場公開賽和系列賽。

During 2025, we were pleased to add several new brands to our portfolio Lifestyle Brands Citizenm, which was fully integrated onto our platforms in November, Ceres by Marriott, our new global collection brand for the mid-scale and upscale segments, and the outdoor collection by Marriott Bonvoy.

2025 年，我們很高興地宣布，我們的生活方式品牌組合新增了幾個品牌，包括 Citizenm（已於 11 月全面整合到我們的平台）、Ceres by Marriott（我們面向中高端市場的新全球精選品牌）以及 Marriott Bonvoy 戶外精選系列。

Our focus on being in more places with the best brands and experiences helps fuel the growth of our powerful Marriott Bonvoy loyalty program. Last year alone, 43 million new members joined Bonvoy, propelling the membership base to 271 million members worldwide at year-end.

我們致力於在更多地方提供最好的品牌和體驗，這有助於推動我們強大的萬豪旅享家忠誠計畫的發展。光是去年，就有 4,300 萬新會員加入萬豪旅享家，使年底全球會員總數達到 2.71 億人。

We continue to augment the Bonvoy platform with popular collaborations like Uber and Starbucks, and with new bespoke Bonvoy moments and immersive experiences. We recently won the Point Sky Award for the best hotel loyalty program for the third year in a row. And we're thrilled that Marriott Bonvoy is now the official hotel supporter of the 2026 FIFA World Cup with our extensive portfolio of hotels across the 16 host cities and curated fan activations poised to provide incredible memorable experiences throughout the 104 match tournament.

我們持續透過與 Uber 和星巴克等熱門合作夥伴的合作，以及推出全新的 Bonvoy 專屬體驗和沈浸式體驗，來增強 Bonvoy 平台的功能。我們最近連續第三年榮獲 Point Sky 最佳飯店忠誠度計畫獎。我們非常興奮地宣布，萬豪旅享家現已成為 2026 年 FIFA 世界盃的官方酒店贊助商，我們在 16 個主辦城市擁有廣泛的酒店網絡，並精心策劃了一系列球迷互動活動，旨在為 104 場比賽的賽事提供令人難以置信的難忘體驗。

We are actively investing in technology, data, and AI, both internally and with partners, to transform the guest and the associate experience. The multi-year transformation of Marriott's three major tech systems, property management, reservations, and loyalty is well underway, and we're rolling out the new systems to a meaningful number of our hotels around the world in 2026.

我們正在積極投資於技術、數據和人工智慧，包括內部投資和與合作夥伴共同投資，以改變顧客和員工的體驗。萬豪酒店集團三大主要技術系統（物業管理、預訂和會員忠誠度）的多年轉型正在順利進行，我們將在 2026 年向全球相當數量的酒店推出新系統。

We see AI as an opportunity to potentially redefine the customer acquisition paradigm that has governed our industry for the past several decades. We believe our industry-leading scale, the breadth and depth of our global portfolio, our large and engaged customer base, and our strong relationships with partners across the ecosystem position us well to capitalize on the significant opportunities Gen AI represents.

我們認為人工智慧是一個契機，它有可能重新定義過去幾十年來主導我們行業的客戶獲取模式。我們相信，我們領先業界的規模、全球產品組合的廣度和深度、龐大且活躍的客戶群，以及與整個生態系統合作夥伴的牢固關係，使我們能夠很好地掌握人工智慧世代帶來的巨大機會。

While AI search and commerce models are still emerging, We're excited about AI's ability to further personalize and simplify the travel search and the booking process, and we're optimistic about the potential for AI to bring more consumers into the Marriott Bonvoy ecosystem and help strengthen our direct booking channels in a very efficient manner.

雖然人工智慧搜尋和商務模式仍在發展中，但我們對人工智慧進一步個性化和簡化旅行搜尋和預訂流程的能力感到興奮，並且我們對人工智慧將更多消費者引入萬豪旅享家生態系統並以非常高效的方式幫助我們加強直接預訂管道的潛力持樂觀態度。

In the first half of this year, we plan to start deploying natural language search on marriott.com and on the Bonvoy mobile app. We're also optimizing our content for generative AI technologies so our properties are well positioned wherever and however consumers are searching.

今年上半年，我們計劃在 marriott.com 和 Bonvoy 行動應用程式上開始部署自然語言搜尋功能。我們也在優化內容，使其適應生成式人工智慧技術，以便我們的房源無論消費者以何種方式搜索，都能獲得良好的排名。

Furthermore, we are actively collaborating with numerous tech companies across the space. For example, we are one of the initial companies working with Google on their forthcoming Google AI Mode travel product and with OpenAI on their ad pilot program. Before I end my prepared remarks, I want to thank our team around the world for their hard work and care that they bring to Marriott every day. And Leeny, for the last time, I'll turn the call over to you to discuss our financial results in more detail.

此外，我們正積極與該領域的眾多科技公司合作。例如，我們是最早與Google合作開發即將推出的 Google AI Mode 旅行產品，以及與 OpenAI 合作開展廣告試點專案的公司之一。在我結束準備好的演講之前，我想感謝我們世界各地的團隊，感謝他們每天為萬豪所付出的辛勤努力和悉心關懷。莉妮，最後一次，我把電話交給你，請你更詳細地討論我們的財務表現。

Thank you, Tony. Good morning. I'll start by reviewing our strong financial performance. Fourth quarter, total gross fee revenues grew 7% to $1.4 billion ahead of expectations.

謝謝你，托尼。早安.我先來回顧一下我們強勁的財務表現。第四季總毛營收成長7%，達14億美元，超乎預期。

Growth was primarily due to higher RevPAR, room additions, and an 8% increase in credit card fees, partially offset by a 20% decline in residential branding fees. Growth in credit card fees reflected higher spending on our co-brand credit cards, with particularly strong increases in international markets, including Japan and the UAE.

成長主要歸功於每間可供出租客房收入 (RevPAR) 的增加、客房數量的增加以及信用卡手續費增長 8%，但部分被住宅品牌推廣費下降 20% 所抵消。信用卡手續費的成長反映了聯名信用卡消費的增加，其中國際市場（包括日本和阿聯酋）的成長尤為強勁。

Incentive management fees or IMFs rose 16% to $239 million, primarily due to strong results in the US and Canada, where IMFs rose over 30%, led by New York City and resorts in Florida.

激勵管理費（IMF）成長了 16%，達到 2.39 億美元，這主要是由於美國和加拿大的強勁業績，這兩個國家的 IMF 增長超過 30%，其中紐約市和佛羅裡達州的度假村表現尤為突出。

Fourth quarter adjusted EBITDA rose 9% to $1.4 billion. Our adjusted results for the fourth quarter and the full year exclude the one-time charges related to Sonder exiting our system in November. For full year 2025, gross fee revenues rose 5% to $5.4 billion, with IMF's up 3%.

第四季調整後 EBITDA 成長 9% 至 14 億美元。我們調整後的第四季和全年業績不包括與 Sonder 於 11 月退出我們係統相關的一次性費用。2025 年全年，總費用收入成長 5% 至 54 億美元，其中 IMF 的營收成長 3%。

Co-branded credit card fees rose over 8% to $716 million and residential branding fees declined 10% to $72 million. As noted in our press release during the fourth quarter, we moved the other costs that had been in our G&A and other line. To owned, leased, and other expense. This should help enhance understanding of our G&A costs, as our G&A line now captures only true general and administrative expenses, the above property costs needed to support and operate Marriott's business.

聯名信用卡手續費上漲超過 8%，達到 7.16 億美元；住宅品牌手續費下降 10%，至 7,200 萬美元。正如我們在第四季度的新聞稿中所述，我們將原本計入一般管理費用和其他費用的項目轉移了。用於自有、租賃及其他費用。這將有助於更好地了解我們的一般及行政費用，因為我們的一般及行政費用現在只包含真正的行政費用，即支持和運營萬豪業務所需的上述物業成本。

The other expenses that were reclassified from general administrative and other are certain costs associated with our property-related fee revenues, such as guarantee expense, bad debt expense, and certain brand-related or property-related expenses, as well as costs associated with certain third-party agreements.

從一般管理和其他費用重新分類的其他費用包括與我們的物業相關費用收入相關的某些成本，例如擔保費用、壞帳費用和某些品牌相關或物業相關費用，以及與某些第三方協議相關的成本。

Unlike T&A expenses like wages, benefits, and rent, these other expenses tend to vary more with RevPAR and system size. In the new presentation format, fully owned, leased, and other revenue net of owned, leased, and other expense total 218 million, including 23 million of Sonder-related charges. Owned, lease, and other revenues net results prior to the reclassification were 378 million, which was ahead of our prior expectations.

與薪資、福利和租金等差旅費用不同，這些其他費用往往會隨著每間可供出租客房收入 (RevPAR) 和系統規模的變化而變化更大。在新列報格式中，自有、租賃及其他收入扣除自有、租賃及其他支出後總計 2.18 億，其中包括 2,300 萬 Sonder 相關費用。在重新分類前，自有、租賃和其他收入淨額為 3.78 億，超出我們先前的預期。

The year over year increase in the amounts prior to the reclassification reflects the inclusion of the Sheridan Grand Chicago and strong property results, more than offsetting the impact of renovating hotels and lower termination fees.

重新分類之前的金額同比增加反映了芝加哥喜來登大酒店的納入和強勁的物業業績，足以抵消酒店翻新和終止費用降低的影響。

In 2025, the company benefited from over $90 million of above property cost savings related to our enterprise-wide initiative to enhance productivity across the company that is also yielding cost savings to our owners.

2025 年，公司受益於超過 9,000 萬美元的上述物業成本節約，這得益於我們旨在提高公司整體生產力的企業級舉措，該舉措也為我們的所有者帶來了成本節約。

Full year G&A declined to 8% to $870 million. G&A and other before the reclassification totaled $1.03 billion, and excluding the [$23 million] of Sonder-related charges totaled just over $1 billion a decline of 6% year over year.

全年一般及行政費用下降8%至8.7億美元。重新分類前的其他費用總計 10.3 億美元，不包括與 Sonder 相關的 2,300 萬美元費用，總計略高於 10 億美元，年減 6%。

G&A expenses were a bit above prior expectations, primarily due to compensation expenses. Full year adjusted EBITDA rose 8% to $5.38 billion, and adjusted EPS rose 7% to $10.02. We were pleased that with the power of our strong cash-generating asset-like business model and our disciplined investment approach, we returned over $4 billion to shareholders through dividends and buybacks in 2025.

一般及行政費用略高於預期，主要是因為薪資支出。全年調整後 EBITDA 成長 8% 至 53.8 億美元，調整後每股盈餘成長 7% 至 10.02 美元。我們很高興，憑藉我們強大的現金流生成資產業務模式和嚴謹的投資方法，我們在 2025 年透過分紅和股票回購向股東返還了超過 40 億美元。

I'll now talk about our 2026 expectations. With our growing pipeline and strong momentum in conversions, we expect net rooms growth between 4.5% and 5%, including our typical assumption of between 1% and 1.5% room deletion.

接下來我將談談我們對2026年的預期。隨著我們不斷成長的業務儲備和強勁的轉換勢頭，我們預計淨客房成長率在 4.5% 到 5% 之間，其中包括我們通常假設的 1% 到 1.5% 的客房減少量。

For full year 2026, we expect similar global RevPAR growth to 2025, between 1.5% and 2.5%. This assumes a relatively steady macroeconomic environment. With the exception of Greater China, RevPAR growth in international regions is expected to remain higher than it was in the US and Canada. Although we do expect RevPAR growth in the US and Canada to be a bit stronger than in 2025.

我們預計 2026 年全年全球每間可供出租客房收入 (RevPAR) 成長率與 2025 年類似，介於 1.5% 至 2.5% 之間。這假設宏觀經濟環境相對穩定。除大中華區外，國際地區的每間可供出租客房收入 (RevPAR) 成長率預計將高於美國和加拿大。儘管我們預計美國和加拿大的每間可供出租客房收入 (RevPAR) 成長將比 2025 年略強一些。

We currently anticipate RevPAR in Greater China to again be roughly flat year over year. The World Cup is expected to contribute around 30 basis points to 35 basis points of global RevPAR growth for the full year. The sensitivity of 1% change in full year 2026 RevPAR versus 2025 could be around $55 million to $65 million of RevPAR related fees.

我們目前預計大中華區的每間可供出租客房收入（RevPAR）將再次與去年同期基本持平。預計世界盃將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。2026 年全年 RevPAR 與 2025 年相比 1% 的變動可能會導致 RevPAR 相關費用減少約 5,500 萬美元至 6,500 萬美元。

For the full year, gross fee revenues could rise 8% to 10%, to $5.9 billion to $5.96 billion. IMFs are expected to be flat to up slightly year over year.

全年總費用收入可能成長8%至10%，達到59億美元至59.6億美元。國際貨幣基金組織預計與去年同期相比持平或略有成長。

As we have discussed, we're currently in discussions with Visa, Chase, and American Express and expect to have new deals in the US in place later this year. At this point, our guidance does not include any impact from these new deals.

正如我們之前討論過的，我們目前正在與 Visa、Chase 和 American Express 進行洽談，預計今年稍後將在美國達成新的協議。目前，我們的指導意見尚未包含這些新交易的任何影響。

As a reminder, our program is already the largest by far in the industry and has been for some time. If you remember, we combined the Starwood, American Express and the Marriott Chase Visa program when we acquired Starwood, and these two programs have been the strong power leaders in this industry since then.

再次提醒大家，我們的專案規模在業界遙遙領先，而且這種情況已經持續了一段時間。如果你還記得的話，我們在收購喜達屋時，將喜達屋、美國運通和萬豪大通Visa卡計劃合併了，從那以後，這兩個計劃一直是該行業的強大領導者。

However, our guidance does include a meaningful expected year over year increase of around 35% in co-branded credit card fees going into our franchise fees line. The increase is primarily the result of two factors. The first is continued strong growth in spending across our global card portfolio. The second is an increase in the royalty rate or the share of payments from the card companies that Marriott recognizes in our franchise fees line.

不過，我們的預期是，聯名信用卡費用將年增約 35%，這部分費用將計入我們的特許經營費收入。這一增長主要是由兩個因素造成的。首先，我們全球信用卡產品組合的消費性持續強勁成長。第二點是特許經營費率的提高，或萬豪在特許經營費中確認的信用卡公司付款份額的增加。

We receive money from the credit card companies to pay for points, to, permit funding, the benefits and our loyalty program, and Marriott receives a royalty for our licensed intellectual property that we recognize in the franchise fee line. Since the launch of Marriott Bonvoy in early 2019, we've dramatically grown our global. Global portfolio of hotels and the number of loyalty program members and bonvoy penetration has increased from 58% to 68%. We've added six countries to our co-branded credit card program since 19 and now have 34 cards in 11 countries, and we expect to continue to add cards in new countries around the world.

我們從信用卡公司獲得資金，用於支付積分、提供資金、福利和我們的忠誠度計劃，而萬豪酒店則因我們授權的知識產權而獲得特許權使用費，我們在特許經營費項中予以確認。自 2019 年初 Marriott Bonvoy 推出以來，我們的全球業務已大幅成長。全球飯店組合、忠誠度計畫會員數和萬豪旅享家滲透率已從 58% 增加到 68%。自 2019 年以來，我們已在聯名信用卡計畫中新增了 6 個國家，目前在 11 個國家擁有 34 張卡，我們預計未來將繼續在世界各地的新國家增加卡片。

With COVID now in the rearview mirror and a very strong Marriott Bonvoy program, we have increased Marriott's royalty rate. We were able to do this because we recently amended a long-standing contractual limitation affecting the royalty rate. The increase in the royalty rate is supported by gap-required valuation analyses that were performed by third parties when the credit card deals were signed.

隨著新冠疫情逐漸過去，萬豪旅享家計畫也發展得非常強勁，我們提高了萬豪的會員費率。我們之所以能夠做到這一點，是因為我們最近修改了一項影響特許權使用費率的長期合約限制。提高特許權使用費率的依據是第三方在信用卡交易簽署時進行的缺口估值分析。

We remain keenly focused on enhancing the value Bonvoy brings to each of its constituencies, our customers, our hotel owners, and the company.

我們將繼續致力於提升 Bonvoy 為其所有成員（包括我們的客戶、酒店業主和公司）帶來的價值。

Moving on to fully residential branding fees, these fees could increase around 40% in 2026. As a reminder, this powerful fee stream that reflects our industry leading position in residential branded properties is very lumpy, depending on the timing of unit sales. Timeshare fees, as usual, are expected to be relatively in line with the prior year at $110 million to $115 million.

接下來是完全住宅品牌推廣費，這些費用到 2026 年可能會增加約 40%。需要提醒的是，這項強大的費用流反映了我們在住宅品​​牌物業領域的行業領先地位，但其金額波動很大，取決於單位銷售的時間。與往年一樣，預計分時度假費用將與上年基本持平，為 1.1 億美元至 1.15 億美元。

Owned, lease, and other revenue net of owned, lease, and other expense is expected to total $230 million to $240 million. Results are expected to be impacted by renovations at certain large hotels in the portfolio, including W Barcelona and the Ritz-Carlton, Tokyo.

自有資產、租賃資產及其他收入扣除自有資產、租賃資產及其他支出後，預計總額為 2.3 億美元至 2.4 億美元。預計業績將受到其某些大型酒店（包括巴塞隆納 W 酒店和東京麗思卡爾頓酒店）翻新工程的影響。

2026 G&A expense is anticipated to be up just 1% to 3% compared to 2025 levels. Full year adjusted EBITDA could increased between 8% to 10% to roughly $5.8 billion to $5.9 billion. Our adjusted effective tax rate for 2026 is expected to remain between 26% and 26.5%, and our underlying core cash tax rate is anticipated to remain in the low 20% range.

預計 2026 年一般及行政費用將比 2025 年水準僅成長 1% 至 3%。全年調整後 EBITDA 可能成長 8% 至 10%，達到約 58 億美元至 59 億美元。我們預計 2026 年的調整後實際稅率將保持在 26% 至 26.5% 之間，而我們的基本核心現金稅率預計將保持在 20% 左右。

Strong adjusted EBITDA growth combined with a meaningful reduction in share count leads to expected full year adjusted diluted EPS growth between 13% and 15%. For the first quarter, global RevPAR had increased 1% to 2%, reflecting the positive impact of the Olympics in EMEA being offset by the negative impact of the timing of Easter and Chinese New Year, as well as the US and Canada having tough comparisons versus the US inauguration last year.

強勁的調整後 EBITDA 成長，加上股份數量的大幅減少，預計全年調整後攤薄每股收益將成長 13% 至 15%。第一季度，全球每間可供出租客房收入增長了 1% 至 2%，這反映出奧運會對歐洲、中東和非洲地區的積極影響被復活節和中國新年時間安排的負面影響所抵消，此外，美國和加拿大與去年美國總統就職典禮相比，面臨著嚴峻的比較。

First quarter gross fee revenues could increase 7% to 8%. The increase is expected to be driven by meaningful growth in co-branded credit card fees, partially offset by an approximately 10% to 15% decline in residential branding fees due to timing. IMFs are expected to be around flat compared to the first quarter of last year.

第一季總費用收入可能成長 7% 至 8%。預計此次成長將主要由聯名信用卡手續費的顯著增長推動，但由於時間因素，住宅品牌費將下降約 10% 至 15%，部分抵消聯名信用卡手續費的增長。預計國際貨幣基金組織（IMF）的利率將與去年第一季基本持平。

Owned, leased, and other revenue net of owned, leased, and other expense is expected to ramp up over the year. In the first quarter, it could total around $15 million compared to $29 million in the first quarter of '25, largely due to renovations at several large hotels and a couple other small items. Of course, this is with our new reclassification.

自有、租賃及其他收入扣除自有、租賃及其他支出後，預計年內將逐步成長。第一季總收入可能約為 1500 萬美元，而 2025 年第一季為 2900 萬美元，這主要是由於幾家大型酒店的翻新以及其他一些小項目。當然，這是基於我們新的重新分類。

Our first quartered adjusted effective tax rate is expected to be around 24.5%, 2% points higher than last year's first quarter tax rate, which was lower due to last year's release of a reserve. We expect $1 billion to $1.1 billion of investment spending in 206, similar to 2025 spending, excluding citizenM. Let me talk about the three broad buckets of investment.

我們預計第一季調整後的實際稅率約為 24.5%，比去年第一季的稅率高出 2 個百分點，去年的稅率較低是因為去年釋放了儲備金。我們預期 2026 年的投資支出為 10 億至 11 億美元，與 2025 年的支出類似，但不包括 citizenM。讓我來談談三大類投資。

First, around 25% is related to renovations to owned and leased hotels. Second, roughly 35% to 40% is expected to come from continued spending on our digital tech transformation, the overwhelming portion of which is expected to be reimbursed over time, as well as other corporate systems.

首先，約 25% 與自有和租賃飯店的翻新有關。其次，預計約 35% 至 40% 的資金將來自我們對數位化技術轉型的持續投入，其中絕大部分資金預計將在一段時間內得到補償，以及其他企業系統方面的投入。

The remaining 35% to 40% is expected investment in our contracts for both existing units typically used in connection with valuable contract renewals, extensions, or renovations that result in incremental fee revenue over time and for new units as we continue to expand our global portfolio.

剩餘的 35% 至 40% 預計將用於我們的合約投資，包括現有單位（通常用於有價值的合約續約、延期或翻新，隨著時間的推移，這些單元將帶來增量費用收入）以及新單位（隨著我們不斷擴大全球投資組合）。

Our approach to using key money has not changed, and deals that use key money historically have yielded significantly more value than deals without key money. Our capital allocation philosophy has not changed. We're committed to our investment grade rating and investing in growth that is accretive to shareholder value.

我們使用關鍵資金的方式沒有改變，而且從歷史來看，使用關鍵資金的交易比不使用關鍵資金的交易產生了更大的價值。我們的資本配置理念沒有改變。我們致力於保持投資級評級，並投資於能夠提升股東價值的成長項目。

Excess capital is returned to shareholders through a combination of share repurchases and a modest cash dividend, which has risen meaningfully over time. In 2026, we expect another year of strong capital returns of over $4.3 billion. Full guidance details for the first quarter and the full year are in the press release, and Tony and I are now happy to take your questions. Operator.

公司將多餘的資本透過股票回購和適度的現金分紅的方式返還給股東，而現金分紅的金額已經隨著時間的推移而顯著增長。預計 2026 年將再次迎來強勁的資本回報，超過 43 億美元。第一季和全年的完整業績指引詳情已在新聞稿中公佈，我和托尼現在很樂意回答大家的問題。操作員。

Thank you. (Operator Instructions) Shaun Kelley, Bank of America.

謝謝。（操作員說明）肖恩凱利，美國銀行。

Hi, good morning, everyone. Leeny, it's hard to believe it's been a decade of working together, so congratulations on an outstanding career and thanks for all you've done. It's been a real privilege, so appreciate it.

大家早安。Leeny，很難相信我們已經一起工作了十年，祝賀你擁有如此傑出的職業生涯，感謝你所做的一切。這真是我的榮幸，非常感激。

Thank you, Shaun.

謝謝你，肖恩。

So, for, forever who wants to take it, Tony, I think, as is often the case with these calls, a lot of attention on net rooms' growth, and this is our first look for 2026, so, an acceleration is obviously great to see, and especially your size and scale. So can you just talk a little bit about what you think is kind of most important and driving. The pipeline forward and obviously what you're seeing in terms of openings this year, what brands you're going to lean on the most within that pipeline to drive the numbers that you're seeing on the 4.5% to 5%. Thanks.

所以，對於永遠想接受它的人來說，托尼，我認為，就像這些電話會議經常出現的情況一樣，人們非常關注淨客房的增長，這是我們對 2026 年的首次展望，所以，加速增長顯然是件好事，尤其是你們的規模和體積。那麼，您能否簡單談談您認為最重要、最驅動的事情是什麼？展望未來，以及今年開幕的情況，你會專注於哪些品牌，才能推動業績達到你看到的 4.5% 到 5% 的成長。謝謝。

Sure, I'll give you a broad answer and then I'll let my head of global development chime in with some color commentary. I think, again, you heard in the prepared remarks that both in terms of signings and openings, about one- third are coming from conversions. We've talked about that phenomenon in some of the prior quarters.

當然，我會先給你一個大致的回答，然後讓我的全球發展主管補充一些細節評論。我想，你們在事先準備好的演講稿中也聽到了，無論是簽約還是開球，大約有三分之一來自轉換。我們在之前的幾季中討論過這種現象。

We, it, it's a combination of factors, Sean, that gives me a lot of confidence about the momentum we have in conversions. Number one, we have a more attractive stack of conversion-friendly brands than at any time in my career. I think we've got dedicated resources in the continents that are specifically focused on both individual asset conversions and portfolio conversions.

肖恩，正是多種因素的綜合作用，讓我對我們在轉換率方面取得的進展充滿信心。首先，我們擁有比我職業生涯中任何時候都更具吸引力、更有利於轉化的品牌組合。我認為我們在各大洲都投入了專門的資源，致力於單一資產轉換和投資組合轉換。

And I think the organization has rallied around a level of creativity in terms of how we both identify, close transactions for conversions and get them open. You heard in the the opening comments, it is a remarkable statistic that about 75% of our conversion openings opened within 12 months of signing. So, to be sure, conversions and some of the conversion-friendly brands, like our soft brand collections, luxury collection, Autograph and Tribute, certainly Ceres, some of those sorts of brands will be among the biggest drivers. And then, when you look internationally, there is an almost insatiable demand for luxury. We're seeing that across many of our markets, and we're seeing a a parallel momentum in luxury demand.

我認為，在識別、完成轉換交易和打開帳戶方面，該組織已經展現了相當的創造力。正如您在開場白中聽到的，這是一個驚人的統計數據，我們約 75% 的轉換機會是在簽約後的 12 個月內實現的。因此，可以肯定的是，轉換率以及一些有利於轉化的品牌，例如我們的軟品牌系列、奢侈品系列、Autograph 和 Tribute，當然還有 Ceres，這些類型的品牌將成為最大的驅動力之一。然後，放眼國際，你會發現人們對奢侈品的需求幾乎是永無止境的。我們在許多市場都看到了這種情況，奢侈品需求也呈現類似的成長動能。

Finally, mid-scale, it's hard to believe we haven't even been in the mid-scale tier for three years, but we shared some of the statistics by brand and across our mid-scale portfolio. I expect that to continue to accelerate.

最後，中端市場，很難相信我們進入中端市場不到三年，但我們按品牌和整個中端市場產品組合分享了一些統計數據。我預計這種趨勢還會繼續加速。

The only thing I would add, Sean, is a reminder of the work that we've been doing over the last 18 months, a chunk of it was about making Sure that we were as streamlined as possible from an expense perspective, as we really saw the back end of COVID, but more importantly was to be able to be quicker, to be faster, and that was really through every single part of the company, whether it was through Bonvoy, whether it was through development, in everything that we do to try to really accelerate the pace at which we grow and from that perspective. I think you see in the pipeline when you look at the year over year pipeline and even the pipeline growth from the end of the year, you can see those numbers show forth, and frankly I'm really, proud to say I expect the company to do a lot more of that after I retire and that I'm excited about their opportunities to do that going forward, and that we're very comfortable with this 4.5% to 5%.

肖恩，我唯一想補充的是，提醒大家我們在過去 18 個月裡所做的工作，其中一部分是為了確保我們在支出方面盡可能地精簡，因為我們真正感受到了新冠疫情的後遺症，但更重要的是要能夠更快、更高效地運作，這實際上貫穿了公司的每個部門，無論是萬豪旅家，還是研發我認為，當你查看同比專案儲備，甚至是年末專案儲備成長情況時，你就能看出這些數字的趨勢。坦白說，我非常自豪地說，我期望公司在我退休後能在這方面取得更大的成就，我對他們未來在這方面的機會感到興奮，我們對 4.5% 到 5% 的成長目標非常滿意。

Thank you very much.

非常感謝。

Thank you. Dan Politzer, JPMorgan.

謝謝。丹‧波利策，摩根大通。

Hey, good morning, everyone. Thanks for taking my questions and Leni certainly echo that sentiment. Congratulations. It's been a pleasure working with you and we wish you the best of luck.

嘿，大家早安。感謝您回答我的問題，萊尼也完全同意您的看法。恭喜。與您共事非常愉快，祝您一切順利。

I wanted to touch on the credit card fees and that 35% step up. Can you maybe talk about, why now, why were you able to kind of increase the royalty rate? What drove that? Any order of magnitude on that rate and is this something you've done in the past and as you think about going forward and you, the credit card deal that you, you're in the process of negotiating, is this effectively a market mark to market that could lead to some element of a pull forward from that? Thanks.

我想談談信用卡手續費以及那 35% 的階梯式增長。您能否談談，為什麼現在，為什麼您能夠提高版稅率？是什麼原因導致這種情況？該利率的幅度是多少？您過去是否做過類似的事？考慮到您目前正在談判的信用卡交易，這是否實際上是按市價計價，這可能會導致某種程度的提前還款？謝謝。

Yes. So maybe we'll try the same approach. I'll make some overarching comments, and then Leeny can get a little more granular.

是的。所以或許我們可以嘗試同樣的方法。我先做一些總體性的評論，然後 Leeny 可以更詳細地闡述一下。

As you heard in Leni's remarks, there was an existing contractual agreement that had to be modified, and we did that. But I think the other two important factors in response to your question of why now, we wanted to ensure that we preserve the financial strength and stability of the bon voy program. And simultaneously we want to ensure that we preserve the value proposition for our 271 million members. And so the confluence of those three factors really were the catalyst to making this adjustment.

正如你從萊尼的演講中聽到的那樣，現有的合約協議需要修改，而我們也確實修改了。但我認為，對於你提出的「為什麼是現在」這個問題，還有另外兩個重要因素：我們希望確保保持 Bonvoy 專案的財務實力和穩定性。同時，我們希望確保為我們的 2.71 億會員保留價值主張。因此，這三個因素的共同作用才是促成這項調整的真正催化劑。

Yeah, and I'll point to my prior answer, which is a reminder that we have spent a lot of time and energy in making sure that we found efficiencies that certainly. Is a helpful component, to making sure that we're balancing the needs of all our constituents. It's really critical the value of our bond void program to our customers and to our owners, and also to the company itself. And so, it's been a very careful, evaluation of the appropriate level, and we're confident and comfortable, with this new level of royalty fee percentage.

是的，我還要指出我之前的回答，這提醒我們，我們花了大量時間和精力來確保我們找到了提高效率的方法，這當然是可行的。這是確保我們平衡所有選民需求的一個有用組成部分。我們的債券失效計畫對我們的客戶、業主以及公司本身都具有至關重要的價值。因此，我們經過非常謹慎的評估，確定了合適的水平，我們對這個新的版稅百分比水平充滿信心，也感到很滿意。

Thank you. Stephen Grambling, Morgan Stanley.

謝謝。史蒂芬‧格林布林，摩根士丹利。

Hi, Leni, thanks as well for all the, insight, and look forward to keeping the dialogue going in the future. Tony, I think you mentioned that the Google and OpenAI partnerships, were something that's. In the nascent stages, but I was hoping to get a bit more detail on what these partnerships entail. Are these more about testing distribution channels and are you providing access to inventory and data, or is it more about comparing these as an advertising channel? And if so, how do those costs compare to traditional search channels? Thanks.

嗨，Leni，也感謝你提供的所有見解，期待未來繼續與你交流。東尼，我想你曾提到Google和 OpenAI 的合作關係，這是…雖然還處於初期階段，但我希望能夠更詳細地了解這些合作關係的具體內容。這些測試更多是關於測試分銷管道，並提供庫存和資料存取權限，還是更多是關於將這些管道作為廣告管道進行比較？如果屬實，這些成本與傳統搜尋管道相比如何？謝謝。

Thank you. I'll try and answer that, although I would give you the caveat. Often in our industry, people talk about various facets of the business through the lens of what inning are we in. I would suggest to you that we're pulling into the players' parking lot. We're not even in uniform or on the field. So it is quite early.

謝謝。我會盡量回答這個問題，不過我得先說明一點。在我們的行業中，人們經常以我們目前所處的階段為視角來談論業務的各個方面。我建議我們駛入球員停車場。我們甚至都沒穿制服，也沒上場。現在時間還很早。

But, with that said, we are End of last year, November of '25, we be began working with Google, and that was really to design a property search experience that will help facilitate bookings through Google's AI mode. As part of that experience, users will get to describe exactly what they're looking for.

但是，話雖如此，我們在去年年底，也就是 2025 年 11 月，開始與谷歌合作，其目的是為了設計一種房產搜尋體驗，以幫助透過谷歌的 AI 模式促進預訂。作為該體驗的一部分，用戶可以準確地描述他們正在尋找什麼。

Were in plain language, and then they'll get to compare different hotels and browse information, room photos, amenities, reviews, prices, and the like, and then they'll be able to follow-up and refine those options, and then the booking will be processed through AI mode.

我們會用簡單易懂的語言，讓用戶比較不同的飯店，瀏覽資訊、房間照片、設施、評論、價格等等，然後他們可以跟進並完善這些選項，最後透過人工智慧模式處理預訂。

With OpenAI, this is really just the early days of their ad pilot program. So what I would say to you is, philosophically, we are working very closely and very collaboratively with the subject matter experts, the biggest, most innovative and creative companies in the space, both to learn from them but also to shape or have some word in shaping this evolving distribution landscape.

對於 OpenAI 而言，這實際上只是其廣告試點計畫的早期階段。因此，我想對你們說的是，從理念上講，我們正在與該領域的專家、規模最大、最具創新性和創造力的公司進行非常密切和非常協作，既向他們學習，也參與塑造或影響這個不斷變化的經銷格局。

Thank you. Michael Bellisario, Baird.

謝謝。Michael Bellisario，貝爾德。

Thanks. First, congrats, Lay on a great run. My questions, for Tony you recently talked about, in an interview just sort of the economic model for franchisees becoming less favorable, but I mean maybe that was more about new construction. But, could you just expand on that a little bit, I guess what are you doing to make the math better pencil for, both existing and prospective franchisees? Thanks.

謝謝。首先，恭喜萊伊跑出了好成績。關於托尼，你最近在一次採訪中談到了加盟商的經濟模式變得越來越不利，但我的意思是，也許那更多的是關於新建項目。但是，您能否再詳細解釋一下，您為了使現有加盟商和潛在加盟商的財務狀況更加明朗，都做了哪些努力？謝謝。

Thanks for the question. I appreciate it. The the reality is, while you've seen tremendous performance from the big global brand companies, we recognize and focus every day on the fact that the owner and franchise community is at a different stage in their recovery. From the damage done by the pandemic. And our recognition of that really drives our focus around looking at and attacking every variable in the equation that drives owner returns. To state the obvious, we are an asset-like business model.

謝謝你的提問。謝謝。現實情況是，雖然大家已經看到了全球大型品牌公司取得的巨大成功，但我們每天都認識到並專注於這樣一個事實：業主和加盟商群體正處於復甦的不同階段。疫情造成的損害。我們正是認識到這一點，促使我們專注於研究和解決影響所有者回報的等式中的每一個變數。顯而易見，我們採用的是資產型商業模式。

With a focus on high growth. So we have got to do everything in our power to ensure that those returns recover and recover quickly. So what does that mean precisely? Of course, the work we do every day to drive top-line revenue. The work we do every day to enhance margins, looking at every facet of affiliation costs with a Marriott brand and seeing if there are opportunities. You'll recall from a few quarters ago we shared with you that we had lowered the charge-out rate for a Bonvoy program. We'll continue to look at every aspect of the affiliation costs and see what we can do to try and drive margins. We're also maybe the last piece.

專注於高成長。因此，我們必須竭盡全力確保這些收益能夠恢復，並且盡快恢復。那麼，這究竟意味著什麼呢？當然，還有我們每天為提升營收所做的工作。我們每天的工作就是提高利潤率，仔細研究與萬豪品牌合作的各個成本，看看是否有改善的機會。您可能還記得，幾個季度前我們曾向您宣布，我們降低了萬豪旅享家計畫的收費標準。我們將繼續審視聯盟成本的各個方面，看看我們能做些什麼來提高利潤率。我們或許也是最後一塊拼圖。

We are in some ways looking with a blank sheet of paper at the entirety of the hotel operating model, the services we provide, the staffing models that we use, how we schedule, how we purchase, all of the things that influence the profitability at the property level are being evaluated by our teams around the world.

在某種程度上，我們就像一張白紙，審視著整個酒店營運模式、我們提供的服務、我們使用的員工模式、我們的排班方式、我們的採購方式，所有影響酒店盈利能力的因素，都由我們世界各地的團隊進行評估。

Thank you. Lizzie Dove, Goldman Sachs.

謝謝。莉齊·多芙，高盛集團。

Hi there, thanks for taking the question and echo everyone's sentiments, Leni. You'll definitely be missed. I'm wondering if you could maybe expand a little, on what you're seeing in a bit of a pulse check on the consumer here, I suppose, particularly in the US, you mentioned US and Canada RevPAR be a little bit better this year, some World Cup in that, but any more details you can share and just what you're seeing, whether in booking windows, leisure, business, transient groups, kind of across the board any more color. Thanks.

你好，感謝你回答這個問題，我也和大家一樣感同身受，Leni。你一定會被人想念的。我想請您再詳細說說您對消費者需求的觀察，特別是美國的情況。您提到今年美國和加拿大的每間可供出租客房收入（RevPAR）會略有改善，這可能與世界盃有關。您能否分享更多細節，以及您在預訂窗口、休閒旅遊、商務旅行、散客團體等方面的觀察，以及更全面的資訊？謝謝。

Yeah, sure, thanks, Lizzie, very much. So I, I'd say steady as she goes, clearly leisure, continues to be the meaningful outperformer, up Q4 globally, leisure was up 4%, group up 2%, while BT was down. Some of that was related to the government shutdown, but clearly when you look overall, you continue to see both nights and rate. Very strong globally in the leisure sector, and that extends down into our premium resorts, and certain large cities where you've got great leisure demand.

好的，謝謝您，莉齊，非常感謝。所以，我認為她會穩步前進，顯然休閒產業仍然是表現最突出的行業，第四季度全球休閒產業增長了 4%，集團增長了 2%，而 BT 則下降了。其中一些與政府停擺有關，但顯然，從整體來看，夜間入住率和入住率都在持續下降。我們在全球休閒產業實力非常強勁，這種實力也延伸到了我們的高端度假村，以及一些休閒需求旺盛的大城市。

And when I think about, kind of group, it also continues to be steady. Attrition has actually been positive, and as we look at the group pace going into, next year, it's up 6%. And while that's down 1% point compared to a quarter ago, that's quite normal as you enter a year and we actually expect to see across all three segments in 26 that they will be up low single-digits when you look about leisure, BT and group. In terms of the booking window again fairly similar 22 days, in the fourth quarter, business transient always about a week shorter and, leisure a little bit longer, and we continue to see the same trend in greater China which is. That they have a meaningfully shorter booking window.

而且，當我思考這類群體時，它也一直保持穩定。人員流失其實是正面的，從明年的團隊發展速度來看，成長了 6%。雖然與上一季相比下降了 1 個百分點，但這在新年開始時是很正常的，我們預計 2026 年休閒、BT 和集團這三個細分市場都將實現個位數低成長。就預訂窗口而言，第四季的情況也相當相似，為 22 天。商務旅行的預訂窗口總是比上一季短一周左右，而休閒旅行的預訂窗口則稍長一些。我們在大中華區也繼續看到同樣的趨勢。他們的預訂窗口期明顯較短。

So I think, we've clearly got some extraordinary events in the US and Canada that will help us, to the tune of probably 40-ish basis points from our expectations from World Cup. But I think you'll also, you can recognize that we really start to see extraordinary events and experiences happening almost every year that we start explaining the benefit from it because the reality is people love to travel to have experiences.

所以我認為，美國和加拿大顯然發生了一些非同尋常的事件，這將幫助我們，使我們的世界盃預期成績提高約 40 個基點。但我認為你也會意識到，我們幾乎每年都會看到一些非凡的事件和經歷發生，我們開始解釋這些事件和經歷帶來的好處，因為現實情況是，人們喜歡旅行是為了獲得體驗。

So that trend of those. Expenditures by consumers growing faster than, goods continues, and we expect that to go forward at the same time that view of decay, distribution where our lower end, consumer and guest have had a tougher time, I think that we expect to also stay the same, government business ended up, the year about 15%. Down and that clearly impacts our lower end hotels so this disparity between the top end and the bottom end we expect to continue, although perhaps not to be quite as wide as it was in '25.

所以，這種趨勢就是這樣。消費者支出成長速度超過商品成長速度，我們預期這種情況會持續下去。同時，衰退和分銷方面的情況有所改善，我們的低端消費者和顧客的日子更難過了，我認為我們預計這種情況也會保持不變。政府業務最終在這一年成長了約 15%。下降，這顯然會影響我們的低端酒店，因此我們預計高端酒店和低端酒店之間的這種差距將繼續存在，儘管可能不會像 2025 年那樣大。

Thank you. Richard Clarke, Bernstein.

謝謝。理查克拉克，伯恩斯坦。

Hi, thanks for taking my questions and yeah, just echoing, been a pleasure working with you the last six or seven years, Lenny. Just a couple of sort of follow-ups I guess on the credit card points you've made.

您好，感謝您回答我的問題。另外，我再次重申，過去六、七年與您共事非常愉快，Lenny。關於您提到的信用卡積分，我還有一些後續問題。

Would you have expected credit card spending to have accelerated, or is the acceleration up to sort of 35% growth all to do with the royalty changes, and secondly, is there been any sort of change, in anything, maybe your negotiations with Chase or American Express, since those concerns around interest rate caps or the, CCCA, reform negotiations, like does that changed those negotiations or those fully on track as they were before?

您是否預期信用卡消費會加速成長？或者說，高達 35% 的成長完全是由於版稅變化造成的？其次，自從圍繞利率上限或 CCCA 改革談判的擔憂出現以來，您與 Chase 或 American Express 的談判是否有任何變化？這些變化是否改變了談判進程，或者談判仍然像以前一樣順利？

So thanks very much Richard and likewise so good reminder no we do expect the basic credit card business to show the same high single-digit growth rate. That we've been seeing continue on into '26, and that again is separate and apart from, a new credit card deal and, then it is the other component that, leads us to the approximately 35% increase. In the credit card guidance for 2026.

非常感謝 Richard，也謝謝你的提醒，我們預期基礎信用卡業務將持續維持較高的個位數成長率。我們看到這種情況一直延續到 2026 年，而且這與新的信用卡交易是分開的，而正是另一個因素導致了大約 35% 的增長。在 2026 年信用卡指引中。

On the second question, Richard, obviously, we are in close contact with both Chase and American Express, but, broadly, we've not seen some of the discussions on Capitol Hill have any measurable impact on the pace or the progress we've made on our credit card deal negotiations.

關於第二個問題，理查德，顯然我們與 Chase 和 American Express 都保持著密切聯繫，但總的來說，我們還沒有看到國會山的一些討論對我們信用卡交易談判的速度或進展產生任何可衡量的影響。

Thank you. David Katz, Jeffries.

謝謝。David Katz，杰弗里斯。

Good morning and thanks for taking my questions, leaning at the risk of dating both of us, for a new person picking up the space, the patience and grace of the IR team, sets the tone for everything, all the best.

早安，感謝您回答我的問題，冒著和我們倆約會的風險，對於一個剛入行的新人來說，投資者關係團隊的耐心和寬容為一切定下了基調，祝一切順利。

I wanted to ask about, Nug and the investment spending, there, at the risk of parsing your words, Leni, I think you said your policy on key money and investment hasn't changed. Is the amount year over year that's included in this guide versus, last year's 11. Changing in some way and hypothetically if you wanted to accelerate your nug, right, we always look at the growth rates, versus everyone else's, could you theoretically spend more to drive it higher, just curious what's all in there.

我想問一下關於Nug和投資支出的問題，Leni，恕我冒昧，我想你說過你對關鍵資金和投資的政策沒有改變。本指南中包含的同比數字是與去年的 11 相比而言的。以某種方式進行改變，假設你想加速你的 nug 成長，對吧？我們總是會查看成長率，並與其他人的成長率進行比較。理論上，你可以透過投入更多資金來提高成長率嗎？我只是好奇這裡面都包含些什麼。

Thank you.

謝謝。

Yeah, sure, absolutely, great question. I'll try to cover what I can and leave the rest for Tony. There were several questions in there, so first, to your point, over time we have seen a bit more key money required across all the tiers, and I emphasize the a bit, when you think about the way that financing, interest rates, cost of construction. And you think about the cap stack for a hotel, that makes sense, and you can be sure it is industrywide, that is the case. We also have a distinctly strong pipeline in luxury and full service, which at the margin. And tend to have a bit more key money but generate meaningfully higher fees and NPV, from that perspective. The other thing is that when I talk about that roughly 40%, remember that there is, it is in the borderline of.

當然可以，問得好。我會盡力承擔我能承擔的部分，剩下的就交給東尼了。裡面有很多問題，所以首先，就你提到的這一點而言，隨著時間的推移，我們看到各個層級都需要更多的關鍵資金，我強調一下“更多”，當你考慮到融資方式、利率、建設成本時。想想酒店的資本結構，這很合理，可以肯定的是，這種情況在整個行業中都是如此。我們在豪華酒店和全方位服務酒店領域也擁有非常強大的產品線，這在利潤方面也佔優勢。而且往往需要更多的關鍵資金，但從這個角度來看，也能產生更高的費用和淨現值。還有一點是，當我提到大約 40% 的時候，請記住，它處於臨界值。

Kind of close to 50% that you will see spent on extending renovating, getting new and better agreements for existing hotels, that then also improve our fee stream as well as for new development. So when I look at the overall new development, the numbers relative to last year for new development are not. Meaningfully different, and I remind you of our business model. We don't have an issue with having to constrain key money when we have great deals come to us. We have, as the free cash flow to absolutely go and spend it. However, we're. Very disciplined and we do find that the where we use our key money those deals are more valuable per key than deals that don't require key money so I think that financial discipline to make sure that we're getting a great ROICC, is very important overall and I'll turn to Tony and.

大約 50% 的資金將用於擴建、翻新、為現有酒店爭取新的、更好的協議，這不僅能改善我們的收入來源，還能用於新的開發案。所以，當我查看整體新發展時，與去年相比，新發展的數量並沒有增加。意義截然不同，我再提醒您我們的商業模式。如果有很好的交易機會，我們不介意限制關鍵資金的使用。我們有足夠的自由現金流，完全可以隨意支配。然而，我們是。我們非常自律，而且我們發現，當我們使用關鍵資金時，每筆交易的價值都高於不需要關鍵資金的交易，所以我認為，財務紀律對於確保我們獲得良好的投資回報率至關重要，接下來我將請托尼發言。

David, the only thing I would add the. I might just double click on Leni's comment about the discipline we we use.

大衛，我唯一要補充的是…我可能會雙擊查看萊尼關於我們所使用的紀律的評論。

I suppose there is a path out there to just buy deals in a non-economic way. That has not ever been our model, nor will it be going forward. We deploy the company's capital when we think we can drive outsized economics for the shareholders, as you heard from Lenny. And I'll just give you one statistic maybe that underscores that a little bit.

我想，或許存在著一種不以經濟方式購買交易的途徑。那從來都不是我們的模式，將來也不會是。正如你從 Lenny 那裡聽到的，當我們認為能夠為股東帶來超乎尋常的經濟效益時，我們就會部署公司的資本。我再舉一個數據來佐證這一點。

While the aggregate amount of key money may have increased when you're driving the sort of record deal volumes we have with 11,200 deals signed just last year, the amount of key money per deal signed last year was actually lower than what it what it was back in 2019 and about flat to where it was in 24. So I think that's a good illustration of the continued discipline we apply to the deployment of MI Capital.

雖然去年我們簽署了 11,200 筆交易，創下了交易量紀錄，關鍵資金的總額可能有所增加，但去年每筆交易的關鍵資金數額實際上低於 2019 年的水平，與 2024 年的水平基本持平。所以我認為這很好地說明了我們在部署 MI Capital 時所秉持的持續嚴謹的態度。

Thank you. Brandt Montour, Barclays.

謝謝。Brandt Montour，巴克萊銀行。

Good morning, everybody. Congratulations, Leeny. Thank you for everything you will be missed.

大家早安。恭喜你，莉妮。感謝你所做的一切，我們會想念你的。

So I'm just going to ask the credit card question in a slightly different and perhaps a little bit more direct way, but does this adjustment change the way that we should think about upside, from the ongoing negotiations?

所以我打算換一種稍微不同、或許更直接的方式來問信用卡的問題，但這種調整是否會改變我們對目前談判中潛在收益的看法？

So again, I'll reiterate what I said, Grant, in my comments during the script is that first of all, the two are totally separate. There, this is a function of an agreement that has been changed as well as the strength and the power and size and scale of Bonvoy and the efficiency with which we run it. So that is really regarding the royalty rate relative to the credit cards. I just point you to the fact that we already have, by far the largest credit card program in the industry, combining the former Amex, SPG program as well as Chase Bonvoy. We were by far the largest then.

所以，格蘭特，我再次重申我在劇本評論中說過的話，首先，這兩者是完全不同的。在那裡，這取決於協議的變更，以及萬豪旅享家的實力、權力、規模和影響力，以及我們經營它的效率。所以，這其實是指信用卡相關的版稅率。我只想指出，我們已經擁有業內最大的信用卡項目，該項目整合了之前的美國運通卡、SPG 卡以及 Chase Bonvoy 卡。當時我們是規模最大的公司。

So again, that's not anything to do with what's going on with the royalty rate, but just a reminder that you've really got already a huge program with over $700 million in fees and then also just to know that the way these credit card deals roll out is they involve, introduction of new cards and refresh and that all has to be put. Through the systems for the consumers and we do expect that that will take some time, for that to roll out and stabilize. So, again, the two items are separate, but it's also a good reminder of the size and scale and the amount that we are already producing from our credit card programs.

所以再說一遍，這與版稅率無關，只是想提醒大家，你們已經有一個龐大的項目，費用超過 7 億美元。另外，也要知道這些信用卡交易的推出方式是，它們涉及新卡的推出和更新，所有這些都必須落實到位。透過面向消費者的系統，我們預計這需要一些時間才能推出並穩定下來。所以，再次強調，這兩件事是分開的，但這也能很好地提醒我們，我們的信用卡項目已經產生了多大的收入和規模。

Thank you. Ari Klein, BMO Capital.

謝謝。Ari Klein，BMO Capital。

Thanks and I'll echo the congrats Leeny. Tony, I think you talked a little bit about some of the investments you're making on the tech side. I was hoping you can unpack a little bit where you think we are in that investment process and could this spend potentially accelerate as you invest in AI and then just separately a quick one on the World Cup. Curious what you're seeing, as far as international demand. I know it's early, but I just, I imagine booking windows there might be a little bit longer.

謝謝，我也要祝賀Leeny。東尼，我想你剛才稍微談到了你在科技領域的一些投資。我希望您能詳細解釋一下您認為我們目前處於投資流程的哪個階段，以及隨著您在人工智慧領域的投資，這種支出是否有可能加速成長，然後再單獨快速地談談世界盃。很好奇你觀察到的國際需求狀況。我知道現在說這些還為時過早，但我只是覺得那裡的預訂窗口期可能會稍微長一些。

Thank you.

謝謝。

Sure. So, as we've talked about in in multiple discussions, we are replat the bulk of the investment is the replatforming of our three most important technology platforms, central reservations, property management system, and the loyalty platform.

當然。正如我們在多次討論中提到的，我們正在對三個最重要的技術平台進行重新平台化，這筆投資的大部分用於重新平台化：中央預訂系統、物業管理系統和忠誠度平台。

We have moved from development into deployment. We have started Portfolio of test hotels. Those rollouts are going great. A lot fewer bugs than we expected and a lot more rapid resolution of those bugs than maybe we had hoped. So you should start to see that ramp up in a. Really meaningful way throughout the balance of 2026. By design, we've started to deploy these platforms in select-service hotels, which have few less layers of complexity.

我們已經從開發階段過渡到部署階段。我們已啟動測試酒店組合項目。這些推廣活動進展順利。出現的漏洞比我們預期的要少得多，而且解決這些漏洞的速度也比我們希望的要快得多。所以你應該開始看到這種成長勢頭。在2026年剩餘的時間裡，這真是一種有意義的方式。我們刻意選擇在精選服務型飯店部署這些平台，因為這些飯店的系統複雜度相對較低。

As we start to roll out into the full-service tier and even into the luxury tier, we'll move as judiciously as we have to date to ensure we identify and resolve any bugs, but we're feeling really good about the pace of spending, and I don't know that it'll be materially different than what we've described over the last few quarters.

隨著我們開始向全方位服務等級乃至豪華等級推出服務，我們將像以往一樣謹慎行事，以確保發現並解決任何漏洞，但我們對支出速度感到非常滿意，而且我認為它不會與我們在過去幾個季度所描述的情況有實質性的不同。

And then I think, on the second question about World Cup, Again, it's early. I happened to be with the FIFA leadership over the weekend. I asked them specifically whether they were seeing any hesitancy from inbound international visitors for the World Cup, and they, these are their words, they were stunned by the volume of ticket requests. They've seen from around the world as soon as the website launched. So it's early, but we're feeling really good about the early returns.

至於關於世界盃的第二個問題，我想說，現在談論這個還為時過早。我上週末碰巧和國際足總領導層在一起。我特意問他們，他們是否注意到入境觀看世界盃的國際遊客有任何猶豫，他們的回答是，他們對大量的門票申請感到震驚。網站上線後，他們立即看到了來自世界各地的用戶。現在下結論還為時過早，但我們對目前的初步結果感到非常滿意。

And just as a reminder, we did see in 2025 a decline in guests to the US, although for our entire system, cross-border was actually up 1%. Because of international travel, and we do so far, see some increase in international guests booking in our hotels. It, it's still quite early days, as on many of the match dates, you don't know exactly yet which countries are going to be playing, but, we are very pleased at what we're seeing so far. We went through an exhaustive set of work to really evaluate the number of matches 104, the attendance expected, comparing to other events like this, to come up with our estimates and obviously it is early days. I could expect that as you get closer and closer to the finals that you see these booking windows really. Get smaller and smaller, but for now, we are very pleased with what we're seeing from broad demand, but I would say it's too soon to say any more than that.

需要提醒的是，儘管我們整個系統的跨境遊客數量實際上增加了 1%，但我們在 2025 年確實看到赴美遊客數量有所下降。由於國際旅行的增加，到目前為止，我們看到入住我們酒店的國際客人數量有所增加。現在還為時過早，因為很多比賽日期你還不知道哪些國家會參賽，但是，我們對目前為止看到的情況非常滿意。我們進行了詳盡的工作，真正評估了比賽數量 104、預期出席人數，並與其他類似活動進行了比較，從而得出我們的估計，顯然現在還處於早期階段。我可以預見，隨著決賽臨近，這些預訂窗口將會越來越明顯。規模會越來越小，但就目前而言，我們對市場需求的普遍成長感到非常滿意，但我認為現在下更多結論還為時過早。

Thank you. Connor Cunningham, Melius Research.

謝謝。康納‧坎寧安，梅利烏斯研究公司。

Hi everyone, thank you, and congrats again Leeny. Just maybe two points of clarification just on the change in royalty rate, sorry to talk about this more, but just is it a change in revenue recognition or is there an increased cash, conversion rate, as well? And then if you could just give a little bit more color on owned and owned and leased, I think you talked a little bit about that in your prepared Mars, but just any more color that would be helpful.

大家好，謝謝大家，再次恭喜Leeny。關於版稅率的變化，我可能還有兩點需要澄清，抱歉又要討論這個問題了，但這究竟是收入確認方式的變化，還是現金流和轉換率也有所提高？如果您能再詳細解釋一下自有資產和租賃資產，我想您在準備的火星報告中已經稍微談到了這一點，但再詳細解釋一下也會很有幫助。

Thank you.

謝謝。

Yeah, so, just real quick on the owned lease that is really, I'd say all things fairly, similar, with the exception that we've clearly got a couple large owned lease renovations. We do also later in the year have the Barbados hotels coming back into the system more fully. Which does offset some of that. The other thing in the owned lease and net is where the payment that we make, to a third-party, they do share a very modest, immaterial amount, and as our royalty rate goes up they will also, share in that increase, but again of a very modest immaterial amount and it is not related to revenue recognition.

是的，關於自有租賃物業，簡單說一下，我認為所有方面都相當相似，唯一的區別是我們顯然有一些大型的自有租賃物業翻新項目。今年晚些時候，巴貝多島的飯店也將更全面地回歸營運體系。這確實能抵消一部分影響。在自有租賃和淨額方面，還有一點需要注意，那就是我們向第三方支付的款項，他們會分享非常少、微不足道的金額；隨著我們的特許權使用費率的提高，他們也會分享這部分增長，但同樣只是非常少、微不足道的金額，而且這與收入確認無關。

This is a function that as we have the payments that are negotiated with our credit card companies of what they pay to be associated with bond Boy, we then, divide that. Into the buckets that I talked about before to make sure that the program has the resources it needs to provide great value to our guests and our members as well as paying for the actual cost of the points to support the program and then also to compensate Marriott for its licensed IP.

這是一個函數，因為我們有與信用卡公司協商的付款，也就是他們為與 Bond Boy 合作而支付的費用，然後我們將其分配。按照我之前提到的方式，將資金投入到各個資金池中，以確保該計劃擁有所需的資源，為我們的客人和會員提供巨大的價值，同時支付積分的實際成本以支持該計劃，並補償萬豪的授權知識產權。

And given, both the size and scale and work we've done on efficiencies and the relief from a contractual requirement, we are now able to increase that royalty rate to a level that we're comfortable with. Awesome, thank you.

鑑於公司規模和範圍，以及我們在提高效率方面所做的工作，再加上合約要求的解除，我們現在能夠將版稅率提高到我們能夠接受的水平。太棒了，謝謝。

Thank you. Smedes Rose, Citi.

謝謝。Smedes Rose，花旗銀行。

Hi, thank you. With the best of everything to you going forward. It's been a pleasure. I wanted to ask you guys have covered a lot of ground, but I just wanted to ask a little bit. You mentioned the strength in leisure, that's obviously been sort of a highlight, in hotel world, especially for you guys over the course of this year, and I just wanted to ask you, are you seeing, is there anything with this comment sort of underlying trends within leisure?

您好，謝謝。祝你未來一切順利。非常榮幸。我想問的是，你們已經討論了很多內容，但我還想問一點。您提到了休閒產業的強勁表現，這顯然是飯店業的一大亮點，尤其是對你們而言，在今年更是如此。我想問的是，您是否注意到，這種評論中是否蘊含著休閒產業的潛在趨勢？

Are you seeing an uptick in interest in all inclusive platforms? Are you seeing incremental redemptions for loyalty points to support, your leisure stays or anything that, you could just point to? I'm just wondering. Kind of just the sort of overall changes if anything within the leisure category.

您是否注意到人們對全包式平台的興趣上升？您是否看到積分兌換量逐步增加，用於支持您的休閒住宿或其他任何您可以直接使用的服務？我只是好奇而已。基本上就是休閒娛樂領域整體的變化。

Sure, I'll start and Tony can fill in, on your question about redemptions, it continues to be roughly about 5% of nights, that is, frankly where it's been. For a while with some slight variations, so, that part, remains, fairly stable. We obviously are much more dynamic in our pricing now when we are able to, help for hotels that are seeing a low occupancy period can then make it more attractive to customers to redeem.

當然，我先來，托尼可以補充。關於你問的兌換問題，兌換率仍然大約在 5% 左右，坦白說，一直都是這個水準。雖然略有變化，但整體上還是比較穩定的。顯然，我們現在在定價方面更加靈活，如果條件允許，我們可以幫助入住率低的酒店，使酒店更容易獲得優惠，從而吸引顧客兌換。

And then similarly make sure that the highest end are getting rates that reflect the demand that they have there and then I would also say that within the leisure space overall that obviously the fundamental strength of the economy matters a lot and.

同樣地，要確保高端市場的價格能夠反映出其需求。此外，我認為，就整個休閒領域而言，經濟的基本面實力顯然非常重要。

So continued strong economic performance in the markets where our hotels are is a big driver. And then when you look at the leisure demand overall, resorts and luxury continue to be the leaders.

因此，我們酒店所在市場的持續強勁經濟表現是重要的驅動因素。從整體休閒需求來看，度假村和奢侈品仍然佔據主導地位。

And Smedes, maybe the only thing I would tack on. We were talking about this yesterday. At some point, there are so many tent-pole special events around the world that we shouldn't call them special anymore. They become sort of the norm. But this the phenomenon of event travel is becoming more and more consistent. You heard some of the comments at the open about the impact we expect to hear and see from the World Cup. We've got the Winter Olympics now going on in Italy. We expect a Q1 impact of about 100 basis points on EMEA RevPAR as a byproduct of travel to both Milan and Cortina. And so I think The reality is we'll continue to see in sports and music, these major events that will just be a further bolster to the trend, the base trends we're already seeing in leisure.

而斯梅德斯，或許是我唯一想補充的。我們昨天就討論過這件事。在某種程度上，世界各地有太多轟動一時的特別活動，我們不該再稱它們為特別活動了。它們逐漸成為一種常態。但這種因活動而產生的旅行現象正變得越來越普遍。在公開賽上，你們聽到了一些關於我們預期世界盃將產生的影響的評論。現在義大利正在舉辦冬季奧運。我們預計，由於前往米蘭和科爾蒂納的旅行，第一季 EMEA 地區的每間可供出租客房收入 (RevPAR) 將受到約 100 個基點的影響。所以我認為，現實情況是，我們將繼續在運動和音樂領域看到這些重大事件，這將進一步鞏固我們已經在休閒領域看到的基本趨勢。

The several percentage points, means that leisure gained in share of nights since COVID has absolutely stuck. So you're seeing leisure at 45% of our nights globally. Group continues to be in the ballpark of a quarter, and BT is the one that's still several percentage points lower than it was in 2019.

這幾個百分點意味著，自新冠疫情以來休閒度假夜晚數量的增長勢頭已經完全保持了下來。所以，在全球範圍內，休閒度假占我們夜晚總數的 45%。集團整體業績仍維持在四分之一左右，而BT的表現仍比2019年低幾個百分點。

Thank you. Robin Farley, UBS.

謝謝。羅賓法利，瑞銀集團。

Great, thank you, and Leeny definitely best wishes. I want to add that to, I know, to everyone else's comments. 22 clarifications. One is, on the unit growth, increase 4.5% to 5%. Can you just clarify is that all organic would acquisitions be on top of that or could that 4.5% to 5% be a mix of organic and acquisitions, to be determined.

太好了，謝謝，也衷心祝福Leeny一切順利。我知道，其他人的評論裡也提到了這一點，但我還要補充一點。共有22項澄清說明。一是單位成長率，提高 4.5% 至 5%。您能否澄清一下，所有有機成長是否都包含在收購成長之中，還是說這 4.5% 到 5% 的比例可能是有機成長和收購成長的混合，待定？

And then my other question, and I think you've pretty much answered it. I know there's been a number of questions on the, step up in the credit card co-brand fees. So the royalty rate, this sort of 20% or so of the step up in credit card fees, is that sort of a one-time adjustment, but, you're not giving guidance for 2027 yet. But in other words, the idea is you really probably that high single-digit increase from you. And things is what the ongoing increase would be after this sort of step up that's more of a one-time step up in 206.

還有一個問題，我想你已經基本回答過了。我知道大家對信用卡聯名卡費用的上漲有很多疑問。因此，這種信用卡手續費上漲約 20% 的版稅率屬於一次性調整，但您尚未給出 2027 年的指導意見。換句話說，你很可能真的會獲得接近兩位數的成長。而接下來的發展方向，就是在206年這種一次性的成長之後。

Thank you.

謝謝。

So thanks, Robin, very much. And yes, our 4.5% to 5% is organic. That is organic growth from the work that the team has been diligently going after. And also all the work that goes into opening, so yes, that's all organic, and then yes, on the royalty rates, we have, as we have described earlier in this call, we've worked very hard to make sure, that we are, doing what's in the best interest of our constituencies and we're very comfortable, with the change that we've made and where we are.

非常感謝你，羅賓。是的，我們4.5%到5%的成分是有機的。這是團隊一直以來辛勤工作所取得的自然成長。還有開業所需的所有工作，所以是的，這一切都是自然而然發生的。至於特許權使用費率，正如我們之前在這次通話中所描述的那樣，我們已經非常努力地確保我們所做的一切都符合我們選民的最大利益，我們對我們所做的改變以及我們所處的位置感到非常滿意。

Thank you. Trey Bowers, Wells Fargo.

謝謝。Trey Bowers，富國銀行。

Hey guys, Leeny, sorry to see you go, especially as I transitioned to this side of the aisle, but it's been great working with you all these years. I'm just going to build on an earlier question around business transient travel.

嘿，Leeny，很遺憾看到你離開，尤其是我轉行到這邊之後，但這些年來和你一起工作非常愉快。我打算就之前提出的關於商務差旅的問題再補充一點。

Do you guys expect that that does get back to kind of pre-pandemic levels or is just the world changed a little bit? And, in that case, has it changed at all, just your thoughts around where you're looking to driven, even the design of the hotels, or is your expectation eventually that fully recovers. Thanks so Much.

你們覺得這種情況會恢復到疫情前的水準嗎？還是說世界已經發生了一些變化？那麼，在這種情況下，你的想法是否有改變呢？例如你想要尋找的目的地，甚至是飯店的設計，或是你的期望最終是否完全恢復了？非常感謝。

Well, so, first of all, 2019 is getting to be a longer and longer, time away, and you think about just how, the market has evolved and how much we've grown. I mean, we, we've grown probably 25%. Since, then, and a lot of that is international and across all chain scales, so it does get harder to truly compare apples to apples, but I do think, when you look at, classic business travel related to the level of economic activity that that part will continue to have the same trends it had before, which is that people need to meet person to person. To do business, there are also other elements, for example, not as many companies having five days a week in the office all the time that I think make your traveling consultant.

首先，2019 年的時間越來越長了，想想市場是如何演變的，以及我們取得了多大的成長。我的意思是，我們大概成長了 25%。從那時起，很多事情都與國際有關，而且涉及所有連鎖規模，因此很難真正做到公平比較，但我認為，當你審視與經濟活動水平相關的傳統商務旅行時，這部分將繼續保持以前同樣的趨勢，那就是人們需要面對面交流。做生意還有其他因素，例如，現在很少有公司會一直讓員工每週五天都在辦公室工作，我認為這會促使你的旅遊顧問四處奔波。

At 25 years old, not necessarily quite, on the road quite as many days, but we do expect that certainly overall, I think you'll see the level of demand get back to 2019 levels. The counter to that is I think leisure is going to continue. Continue to be stronger and so from that perspective, this percentage of leisure being greater than it was before and business being less, I actually think will continue to be as it is, although again, perhaps not quite the way it is right now.

雖然25年來，出差的天數可能沒有以前那麼多，但我們預期整體而言，我認為需求水準將會恢復到2019年的水準。我認為與之相反的觀點是，休閒娛樂將會持續下去。繼續保持強勁勢頭，因此從這個角度來看，休閒時間佔比以前更高，而商業活動佔比更低，我認為這種情況實際上會繼續保持下去，儘管可能與現在的情況略有不同。

And I might just reiterate something I said a year or two ago, and that is, while I think it is a fantastic phenomenon for our business.

我可能要重申我一兩年前說過的話，那就是，雖然我認為這對我們的業務來說是一個非常棒的現象。

Our ability to tell you with perfect precision the trip purpose of every guest in our hotel has become a little murkier because you see these combined trip purposes with folks tacking on leisure to business travel. So, while we might not be able to give you the exact same precise answer we might have given you in the past on market mix, I think we feel really good about the overall recovery of travel volumes.

由於我們看到一些客人將休閒旅行附加到商務旅行中，導致旅行目的重疊，因此我們很難準確地告訴您我們酒店每位客人的旅行目的。因此，雖然我們可能無法像過去那樣就市場組合給出完全相同的精確答案，但我認為我們對旅遊業整體復甦感到非常樂觀。

Thank you. At this time we've reached the end of our allotted time for questions. I would now like to turn the call back over to Tony Capuano for any closing or final remarks.

謝謝。至此，我們的提問時間已到。現在我想把電話轉回給托尼·卡普阿諾，並讓他做最後的總結發言。

Well, thank you all for calling today. For those of you that attended or may have read about the Alice conference, Leeny received the Financial Advisor of the Year award.

謝謝大家今天來電。對於那些參加過或可能讀過有關 Alice 會議報道的人來說，Leeny 獲得了年度最佳財務顧問獎。

She should have received the financial advisor of the quarter century. She has been An extraordinary leader, an extraordinary partner. She has an unwavering belief in the power and potential of travel and of Marriott and has steered us through some of the most difficult, complex, challenges that the company's faced over all these years.

她本該得到25年來最優秀的理財顧問。她是一位傑出的領導者，一位傑出的合作夥伴。她對旅遊業和萬豪酒店集團的力量和潛力有著堅定不移的信念，並帶領我們度過了公司多年來面臨的一些最艱難、最複雜的挑戰。

She will be deeply missed, as you might expect, for those of you that know her well. She's not spent the last year taking a victory lap. Instead, she's spent the year getting everything buttoned up, preparing Gen so that we'll have a seamless transition. Leeny, thank you. We'll miss you.

正如你們所料，熟悉她的人都會深深懷念她。她並沒有在過去一年慶祝勝利。相反，她花了一整年時間把所有事情都安排妥當，為 Gen 的過渡做好準備，以便我們能夠順利交接。莉妮，謝謝你。我們會想念你的。

Incredibly fortunate to have spent my career at Marriott. The travel and hospitality industry is extraordinarily dynamic and frankly, with tons of growth opportunity and innovation ahead of us. And I know that you and Jen and Shaun and the team are going to absolutely take the company to new and greater heights after I retire. Best of all, frankly, the reality that the way you win in our business is by, taking care of people and treating people well. It doesn't get any better than that.

能在萬豪酒店度過我的職業生涯，我感到無比幸運。旅遊和酒店業充滿活力，坦白說，未來還有大量的成長機會和創新空間。我知道，在我退休後，你、Jen、Shaun 和團隊一定會帶領公司走向新的、更高的高度。坦白說，最重要的是，我們這個產業成功的秘訣在於關心員工，善待員工。沒有比這更好的了。

So with that, I thank you, and I thank everybody on the phone very much for all your time and energy that you put into, helping understand Marriott and our strategies.

在此，我向大家表示衷心的感謝，也衷心感謝電話那頭的每一位朋友，感謝你們投入的時間和精力，幫助我們了解萬豪酒店集團和我們的策略。

Thank you all.

謝謝大家。

Thank you. That brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。