萬豪國際 (MAR) 2026 Q3 法說會逐字稿

Hello, and welcome everyone joining today’s Marriott International Q3 2026 earnings. (Operator Instructions) Please note, this call is being recorded. We are standing by if you should 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.

大家好，歡迎各位參加今天的萬豪國際 2026 年第三季財報電話會議。(接線員指示) 請注意，本次電話會議將被錄音。如您需要任何協助，我們將隨時待命。現在我很榮幸將會議交給投資人關係資深副總裁 Jackie McConagha。請開始。

Thank you. Good morning, everyone, and welcome to Marriott’s third quarter 2026 earnings call. On the call today are Tony Capuano, our President and Chief Executive Officer; Jen Mason, our Executive Vice President and Chief Financial Officer; and Pilar Fernandez, Senior Director of Investor Relations.

謝謝。各位早安，歡迎參加萬豪 2026 年第三季財報電話會議。今天與會者包括：我們的總裁兼執行長 Tony Capuano；執行副總裁兼財務長 Jen Mason；以及投資人關係資深總監 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，我想提醒各位，我們今天的許多評論並非歷史事實，依據聯邦證券法屬於前瞻性陳述。這些陳述受到我們在 SEC 申報文件中所述之多項風險與不確定性影響，可能導致未來結果與我們評論中明示或暗示者出現重大差異。

Unless otherwise stated, our RevPAR, occupancy, ADR, and property-level revenues comments reflect systemwide constant currency results for comparable hotels, and all changes refer to year-over-year changes for the comparable period.

除非另有說明，我們對 RevPAR、入住率、ADR 與物業層級營收的評論，均反映可比飯店之全系統固定匯率（constant currency）結果，且所有變動皆指可比期間的年對年變動。

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. Now I will turn the call over to Tony.

我們在評論中的陳述以及今天稍早發布的新聞稿，僅於今日有效，且不會隨實際事件發展而更新。您可在我們的投資人關係網站上找到本次財報新聞稿，以及我們今日談及之所有非 GAAP 財務衡量指標的調節表。現在我把電話交給 Tony。

Thanks, Jackie. Good morning and good afternoon, everyone. We’re joining you today from the beautiful JW Marriott Grosvenor House in London, and we’re excited to share our third quarter results. We reported an excellent quarter this morning, with RevPAR and financial results above our prior expectations.

謝謝，Jackie。各位早安、午安。我們今天在倫敦美麗的 JW Marriott Grosvenor House 與各位連線，很高興與大家分享第三季的業績。我們今天早上公布了一個非常出色的季度，RevPAR 與財務表現均高於我們先前的預期。

Development activity remained strong, and we grew net rooms by 4.6% over the 12 months ending September 30. Third quarter global RevPAR rose 6.5%.

開發活動維持強勁，截至 9 月 30 日的過去 12 個月，我們的淨客房數成長 4.6%。第三季全球 RevPAR 上升 6.5%。

RevPAR in the US and Canada region rose 7.4%, improving on a strong first half of the year and reflecting strength in both World Cup and non-World Cup markets. Excluding the World Cup, third quarter RevPAR in the US and Canada rose 6.2%.

美國與加拿大地區 RevPAR 上升 7.4%，在上半年強勁表現的基礎上進一步改善，反映世界盃與非世界盃市場皆展現強勢。若排除世界盃因素，美國與加拿大第三季 RevPAR 上升 6.2%。

Growth continued to be broad-based across customer segments and chain scales. Luxury and resort hotels again led the region in the quarter, with luxury RevPAR increasing 12%, while select service RevPAR had its third quarter of solid year-over-year growth, rising over 6% compared to the prior year quarter.

成長仍廣泛分布於各客戶區隔與各連鎖等級。奢華與度假型飯店再次領先該地區，奢華 RevPAR 成長 12%；而精選服務（select service）RevPAR 也連續第三季維持穩健的年對年成長，較去年同期上升逾 6%。

Third quarter international RevPAR rose over 4%, led by the APEC region, where RevPAR increased more than 9%. Performance in APEC reflected broad-based sustained demand across the region, supported by robust intra-regional and long-haul international travel.

第三季國際 RevPAR 上升逾 4%，由 APEC 地區領軍，該地區 RevPAR 成長超過 9%。APEC 的表現反映區域內需求廣泛且持續，並受強勁的區域內與長程國際旅遊所支撐。

RevPAR in Greater China was around flat in the quarter, reflecting an uneven consumer spending environment and the impact of major typhoons across the region. Continued strength in luxury and in the Hong Kong, Taiwan, and Hainan markets was offset by slower domestic leisure demand across much of the rest of the Chinese mainland.

大中華區第三季 RevPAR 約略持平，反映消費支出環境不均衡，以及區域內重大颱風的影響。奢華市場以及香港、台灣與海南市場的持續強勁，被中國大陸其他多數地區較疲弱的國內休閒需求所抵銷。

RevPAR in the Caribbean and Latin American region rose over 3% in the third quarter, driven by strong luxury and leisure demand across the Caribbean, which offset continued softness in Mexico. RevPAR in EMEA rose over 4%, with Europe and the Middle East both outperforming prior expectations.

加勒比與拉丁美洲地區第三季 RevPAR 上升逾 3%，主要由加勒比地區強勁的奢華與休閒需求帶動，抵銷了墨西哥持續疲軟的表現。EMEA 地區 RevPAR 上升逾 4%，歐洲與中東皆優於先前預期。

RevPAR in Europe rose over 6% in the third quarter, with strength broad-based across key markets, chain scales, and customer segments. Middle East RevPAR declined 12% in the quarter, a meaningful improvement from the second quarter when RevPAR declined over 40%, helped by healthy local and regional demand.

歐洲第三季 RevPAR 上升逾 6%，主要市場、連鎖等級與客戶區隔皆呈現廣泛強勢。中東第三季 RevPAR 下滑 12%，相較第二季 RevPAR 下滑逾 40% 有顯著改善，受惠於健康的本地與區域需求。

As Jen Mason will discuss further, with strong base demand across chain scales generally expected to continue, we are again raising our full year 2026 guidance. We now expect 4.5% to 5% global RevPAR growth.

如 Jen Mason 稍後將進一步說明，鑑於各連鎖等級的強勁基本需求普遍預期將延續，我們再次上調 2026 全年指引。我們目前預期全球 RevPAR 成長 4.5% 至 5%。

This is well above the 1.5% to 2.5% growth range we initially forecast on our year-end 2025 earnings call, as travel demand has been remarkably robust this year despite geopolitical uncertainty.

這顯著高於我們在 2025 年年終財報電話會議上最初預測的 1.5% 至 2.5% 成長區間，因為儘管地緣政治不確定性存在，今年旅遊需求仍異常強勁。

Turning to results by customer segments, in the third quarter, leisure RevPAR rose 7% globally and 9% in the US and Canada, as people around the world continue to prioritize in-person experiences like travel. Group RevPAR rose 6% globally and 7% in the US and Canada.

就客戶區隔而言，第三季全球休閒 RevPAR 上升 7%，美國與加拿大上升 9%，因為全球民眾持續優先選擇如旅遊等面對面體驗。團體 RevPAR 全球上升 6%，美國與加拿大上升 7%。

Third quarter business transient RevPAR rose 4% globally and 5% in the US and Canada. On the development front, signings activity remained strong, particularly in international markets, and we achieved record global organic signings in the first nine months of the year.

第三季商務散客（business transient）RevPAR 全球上升 4%，美國與加拿大上升 5%。在開發方面，簽約活動維持強勁，尤其在國際市場；且我們在今年前九個月達成全球有機簽約（organic signings）新紀錄。

We continue to have the largest pipeline in the industry. Our global pipeline grew over 6% year-over-year to a new record of over 634,000 rooms at the end of September. With an industry-leading 278,000 rooms under construction, including pending conversions.

我們仍擁有業界最大的開發管線。截至 9 月底，我們的全球管線年對年成長逾 6%，創下超過 634,000 間客房的新紀錄。其中在建客房達 278,000 間，領先同業，並包含待轉換（pending conversions）。

We are still seeing terrific momentum in conversions, including multi-unit deals, given the many top and bottom line benefits of joining the Marriott portfolio. In the first nine months of the year, conversions accounted for over a third of our signings and over 40% of our openings.

鑑於加入萬豪組合在營收與獲利（top line 與 bottom line）方面的多項效益，我們仍看到轉換（conversion）動能非常強勁，包括多物業交易。今年前九個月，轉換案占我們簽約量逾三分之一，並占我們開業量逾 40%。

For the full year 2026, we still expect net rooms growth towards the low end of our prior 4.5% to 5% range, including our typical assumption of between 1% and 1.5% room deletions. With our growing pipeline and conversion momentum, we still expect net rooms growth to grow in the mid-single digit range over the next several years.

就 2026 全年而言，我們仍預期淨客房成長將接近先前 4.5% 至 5% 區間的低端，並包含我們一貫假設的 1% 至 1.5% 客房刪減（room deletions）。隨著管線擴大與轉換動能延續，我們仍預期未來數年淨客房成長將維持在中個位數成長區間。

Our relationships with our hotel owners are of paramount importance to us. We remain deeply committed to working alongside them to continue to leverage our industry-leading scale, to enhance property-level economics, and deliver sustainable long-term value.

我們與飯店業主的關係對我們而言至關重要。我們仍堅定承諾與業主並肩合作，持續運用我們業界領先的規模優勢，提升物業層級經濟效益，並創造可持續的長期價值。

As we’ve discussed before, we’ve taken a number of steps to drive hotel-level economics. These steps include lowering loyalty charge-out rates, enhancing reimbursement for Bonvoy redemption stays on high-demand nights, rolling out flexible renovation scopes and streamlined brand standards, and introducing an intent to recommend incentive in the US and Canada.

如同我們先前討論過的，我們已採取多項措施以推動飯店層級的經濟效益。這些措施包括降低忠誠計畫費率（loyalty charge-out rates）、在高需求夜晚提高 Bonvoy 兌換住宿的補償、推出更具彈性的翻新範圍與精簡的品牌標準，以及在美國與加拿大導入「推薦意向」獎勵（intent to recommend incentive）。

Our owners, associates, and guests are also expected to benefit from our significant multi-year technology transformation, which is well underway. We are excited about the benefits this transformation will deliver across our stakeholder groups.

我們的業主、員工與賓客也預期將受惠於我們正在推進中的重大多年期科技轉型。我們對這項轉型將為各利害關係人群體帶來的效益感到振奮。

One recent innovation, developed in-house on our proprietary technology platform, is an in-app complimentary upgrade list that is currently in beta.

近期一項創新是由我們內部在自有技術平台上開發的 App 內免費升等名單功能，目前正處於 Beta 測試階段。

The feature will give eligible elite members greater visibility into potential upgrades before arrival by showing their position on the upgrade list and an estimate of available upgrades that match their reservation, while still preserving premium room upsell opportunities for our owners.

此功能將透過顯示會員在升等名單中的順位，以及符合其訂房條件之可用升等房型的估計數量，讓符合資格的菁英會員在抵達前更清楚掌握潛在升等機會，同時仍保留業主對高級房型加價銷售（upsell）的機會。

Additionally, we’re expanding our use of AI across the enterprise to enhance hotel performance, drive measurable business value, and enhance the associate and guest experience.

此外，我們正擴大在全企業範圍內對 AI 的運用，以提升飯店營運表現、創造可衡量的商業價值，並提升員工與賓客體驗。

As AI reshapes how people discover, plan and book travel, we are focused on optimizing Marriott’s presence in the AI-generated arena, introducing conversational AI in our own channels through features such as Ask Bonvoy, and testing new search and commerce experiences through integrations with leading platforms like Google and OpenAI.

隨著 AI 重塑人們發掘、規劃與預訂旅遊的方式，我們專注於優化萬豪在 AI 生成場域中的能見度，透過如 Ask Bonvoy 等功能在自有渠道導入對話式 AI，並透過與 Google 與 OpenAI 等領先平台的整合，測試新的搜尋與商務體驗。

Our powerful award-winning Marriott Bonvoy loyalty program now has approximately 309 million members around the world. Members continue to engage with us across our unmatched portfolio of brands and experiences, as well as through our numerous collaborations, including our co-branded credit cards.

我們強大且屢獲殊榮的 Marriott Bonvoy 忠誠計畫目前在全球約有 3.09 億名會員。會員持續透過我們無可匹敵的品牌與體驗組合，以及我們眾多合作（包括聯名信用卡）與我們互動。

Marriott Bonvoy deepens our relationships with guests, drives valuable direct bookings for our owners, and is a key reason owners and developers choose to join the Marriott system.

Marriott Bonvoy 加深我們與住客的關係，為業主帶來具價值的直接訂房，並且是業主與開發商選擇加入萬豪體系的關鍵原因。

Before I conclude, I want to thank our Marriott teams around the world, whose hard work and dedication help make these strong results possible. Now I’ll turn the call over to Jen for more details on our financial results. Jen?

在我結束之前，我想感謝全球各地的萬豪團隊；他們的辛勤工作與投入讓這些強勁成果成為可能。現在我把電話交給 Jen，請她更詳細說明我們的財務結果。Jen？

Thank you, Tony. I will start by reviewing our strong third quarter results. Total gross fee revenues rose 14% year over year to $1.52 billion, driven by higher RevPAR, rooms growth, and higher co-branded credit card fees. We delivered this growth even as residential branding fees declined 35% due to timing of unit sales.

謝謝你，Tony。我將先回顧我們強勁的第三季業績。總毛費用收入年增 14% 至 15.2 億美元，主要受更高的 RevPAR、客房數成長，以及更高的聯名信用卡費用所帶動。即便住宅品牌授權費因單位銷售時點因素下滑 35%，我們仍達成了這項成長。

Incentive management fees, or IMFs, rose 22% to $181 million in the third quarter, led by a meaningful increase in the US and Canada that reflected strong RevPAR growth and a solid improvement in hotel margins.

第三季激勵管理費（Incentive management fees，或 IMF）成長 22% 至 1.81 億美元，主要由美國與加拿大的顯著增加所帶動，反映 RevPAR 強勁成長以及飯店利潤率的穩健改善。

Third quarter IMFs also grew year over year in all international regions, including EMEA, where strong results in Europe more than offset a decline in the Middle East. Own leased and other revenue, net of own leased and other expenses, totaled $41 million, compared to $70 million in the third quarter of last year.

第三季 IMF 在所有國際區域亦較去年同期成長，包括 EMEA；其中歐洲的強勁表現，足以抵銷中東的下滑。自有租賃及其他收入（扣除自有租賃及其他費用後）合計為 4,100 萬美元，去年第三季為 7,000 萬美元。

The decline reflected lower own leased hotel results, including the impact of renovations, the second quarter sale of a hotel in the US, and higher costs associated with a third-party agreement, partially offset by a $12 million expected insurance recovery associated with the accrual taken in the second quarter for a property-related litigation matter.

下滑主要反映自有租賃飯店業績較低，包括整修影響、第二季出售一間美國飯店，以及與第三方協議相關的較高成本；部分被一筆 1,200 萬美元的預期保險理賠所抵銷，該理賠與第二季就一項物業相關訴訟事項所提列的應計費用相關。

Our disciplined focus on controlling costs, combined with lower litigation expenses, led to third quarter G&A rising just 2% year-over-year. Third quarter adjusted EBITDA increased 12% to $1.51 billion, and adjusted diluted EPS rose 22% to $3.02.

我們嚴謹聚焦於成本控管，加上訴訟費用降低，使第三季一般及行政費用（G&A）年增僅 2%。第三季調整後 EBITDA 成長 12% 至 15.1 億美元，調整後稀釋每股盈餘（EPS）成長 22% 至 3.02 美元。

Now let’s talk about our outlook. As Tony Capuano mentioned, we are raising our full year 2026 global RevPAR guidance to 4.5% to 5%, reflecting our third quarter global outperformance, as well as a stronger outlook in the fourth quarter.

接下來談談我們的展望。如 Tony Capuano 所提到，我們上調 2026 全年全球 RevPAR 指引至 4.5% 至 5%，反映第三季全球表現優於預期，以及第四季更強的展望。

Recall that the strong World Cup performance in June and July provided a slightly larger boost to full-year global RevPAR than expected, at around 45 basis points. Global RevPAR in the fourth quarter is anticipated to increase 4.5% to 5%.

請記得，6 月與 7 月世界盃的強勁表現，對全年全球 RevPAR 的提振略高於預期，約為 45 個基點。預期第四季全球 RevPAR 將成長 4.5% 至 5%。

In the US and Canada, we expect the strong demand trends that we saw in the third quarter across chain scales and customer segments to continue, although there could be a small negative impact from the November midterm elections.

在美國與加拿大，我們預期第三季在各連鎖等級與客群區隔所見的強勁需求趨勢將延續，儘管 11 月期中選舉可能帶來些微負面影響。

Internationally, fourth quarter RevPAR growth is expected to decelerate compared to third-quarter growth, primarily due to an anticipated year-over-year RevPAR decline in EMEA. In EMEA, continued strength in Europe is anticipated to be more than offset by declines in the Middle East.

在國際市場，預期第四季 RevPAR 成長將較第三季放緩，主要因預期 EMEA 的 RevPAR 將年減。在 EMEA，預期歐洲持續強勁，但將被中東的下滑所抵銷且幅度更大。

As we have discussed, the Middle East faces difficult comparisons from the fourth quarter of 2025, when several large events drove meaningful ADR increases.

如我們先前討論，中東面臨 2025 年第四季的高基期比較，當時數個大型活動帶動 ADR（平均每日房價）顯著上升。

Saudi Arabia has also recently seen the cancellation of some large events following the heightened tensions there. As a result, we expect a more meaningful year-over-year RevPAR decline in the Middle East in the fourth quarter than in the third.

沙烏地阿拉伯近期也因當地緊張情勢升高而取消了一些大型活動。因此，我們預期第四季中東 RevPAR 的年減幅度將較第三季更為明顯。

And because the Middle East enters its peak tourism season in October, the Middle East region’s performance will have a greater impact on EMEA’s fourth-quarter results than it did in the third quarter.

此外，由於中東在 10 月進入旅遊旺季，中東地區的表現對 EMEA 第四季結果的影響將大於第三季。

As we look ahead to next year, while we are still working on our budget, we currently expect continued strong demand trends.

展望明年，雖然我們仍在編列預算，但目前預期強勁的需求趨勢將持續。

Our preliminary view is that the 2027 year-over-year global RevPAR growth could be 3.5% to 4.5%. Note that while we are comping the World Cup, this is expected to be offset by easier comparisons in EMEA. Turning to this year’s financials.

我們的初步看法是，2027 年全球 RevPAR 年增可能為 3.5% 至 4.5%。請注意，雖然將與世界盃高基期相比，但預期可由 EMEA 較容易的比較基期所抵銷。接著談今年的財務表現。

In the fourth quarter, gross fees could rise 13%, reflecting robust RevPAR and rooms growth, as well as strong growth in residential branding fees and co-branded credit cards. IMFs are expected to be around flat year-over-year, with increases in the US and Canada, APEC and Europe, offset by declines in the Middle East and Greater China.

第四季毛費用可能成長 13%，反映強勁的 RevPAR 與客房數成長，以及住宅品牌授權費與聯名信用卡的強勁成長。預期 IMF 年比約持平；美國與加拿大、APEC 與歐洲的增加，將被中東與大中華區的下滑所抵銷。

Fourth quarter adjusted EBITDA is expected to increase 12% to 14%. For the full year, we are raising our gross fee guidance to an increase of around 13%, with IMFs now expected to rise in the high single-digit range.

預期第四季調整後 EBITDA 將成長 12% 至 14%。就全年而言，我們將毛費用指引上調至約成長 13%，而 IMF 現預期將以高個位數百分比成長。

The sensitivity of 1% change in full-year 2026 RevPAR versus 2025 could be around $55 million to $65 million of RevPAR-related fees. Full-year co-branded credit card fees are still expected to rise in the high 30% range. Residential branding fees are now expected to rise over 90%.

2026 全年 RevPAR 相較 2025 年每變動 1% 的敏感度，可能約對應 5,500 萬至 6,500 萬美元的 RevPAR 相關費用。全年聯名信用卡費用仍預期將以 30% 後段的幅度成長。住宅品牌授權費現預期將成長超過 90%。

Timeshare fees are still expected to be relatively in line with the prior year at $110 million to $115 million. Own, lease, and other revenue, net of own, lease, and other expenses, is now anticipated to total $170 million to $175 million in 2026.

分時度假（Timeshare）費用仍預期與前一年大致相當，約 1.10 億至 1.15 億美元。2026 年自有、租賃及其他收入（扣除自有、租賃及其他費用後）現預期合計為 1.70 億至 1.75 億美元。

Note that the full-year outlook reflects the sale of two US hotels. One was sold in the second quarter, and one is expected to be sold later this quarter. The first hotel is now under a new long-term management agreement, and we expect the second hotel will be as well upon closing.

請注意，全年展望已反映出售兩間美國飯店。其中一間已於第二季出售，另一間預期將於本季稍晚出售。第一間飯店目前已簽訂新的長期管理合約，我們也預期第二間飯店在交割時亦將如此。

We are pleased with the sale of these two properties and remain focused on recycling owned and leased assets when the timing and pricing are right. 2026 G&A expense is anticipated to rise just 1% to 2% compared to 2025 levels. Full-year adjusted EBITDA is expected to rise around 13%.

我們對這兩項資產的出售感到滿意，並將持續在時機與價格合適時，專注於循環處分自有與租賃資產。預期 2026 年 G&A 費用相較 2025 年僅增加 1% 至 2%。預期全年調整後 EBITDA 將成長約 13%。

Strong adjusted EBITDA growth combined with a meaningful reduction in share count leads to expected full-year adjusted diluted EPS growth of 20% to 21%. Our outlook for full-year 2026 key money and total investment spending has not changed.

強勁的調整後 EBITDA 成長，加上流通股數的顯著下降，使我們預期全年調整後稀釋 EPS 將成長 20% 至 21%。我們對 2026 全年 key money 與總投資支出的展望沒有改變。

Investment spending is still expected to be $1.25 billion to $1.35 billion, with key money anticipated to be 40% to 45% of the total amount. Spending on technology is expected to be another 25% to 30%, and the remaining portion is spending related to renovations at owned and leased hotels, as well as other investing activities.

投資支出仍預期為 12.5 億至 13.5 億美元，其中 key money 預期占總額的 40% 至 45%。科技相關支出預期另占 25% 至 30%，其餘部分則為自有與租賃飯店整修相關支出，以及其他投資活動。

Our capital allocation philosophy also remains the same. We are committed to our investment-grade rating and investing in growth that is accretive to shareholder value. Excess capital is returned to shareholders through a combination of share repurchases and a modest cash dividend, which has risen meaningfully over time.

我們的資本配置理念也維持不變。我們致力於維持投資等級評等，並投資於能增厚股東價值的成長。多餘資本將透過股票回購與適度現金股利的組合返還給股東，而現金股利已隨時間顯著提高。

Considering our strong year-to-date cash flow performance and our higher adjusted EBITDA outlook, our full-year 2026 capital returns to shareholders are now expected to be at least $4.8 billion. Full-year guidance details for the fourth quarter and the full year are in our press release. Tony and I are now happy to take your questions. Operator?

考量我們今年迄今強勁的現金流表現以及較高的調整後 EBITDA 展望，我們現預期 2026 全年回饋股東的資本將至少達 48 億美元。第四季與全年指引的詳細內容已載於我們的新聞稿。Tony 和我現在很樂意回答各位的問題。接線員？

(Operator Instructions) Shaun Kelley with Bank of America.

（接線員指示）美國銀行的 Shaun Kelley。

Hi. Good morning, everyone, and thanks for taking my question. Tony, Jen, congrats on the strong results. It’s great to see the travel environment where it sits. Tony, I want to take it in a slightly different direction, though. I’d love to just get your updated thoughts on the owner relation topic. You gave a lot of color on this last quarter.

嗨。各位早安，感謝讓我提問。Tony、Jen，恭喜你們交出亮眼的成績。很高興看到旅遊環境維持在目前的水準。不過 Tony，我想把問題稍微帶到不同的方向。我想請你更新一下你對業主關係這個議題的看法。你們在上一季對此提供了很多細節。

Mostly what I wanted to get your sense was from, as we sit a quarter later, some of the feedback you received from owners, specifically around the ITR incentive, things you’re looking to adjust or improve, and just kind of where we sit from this time right here today. Thanks.

我主要想了解的是，隔了一季之後，你們從業主那邊收到哪些回饋，特別是關於 ITR 獎勵機制；有哪些你們正在考慮調整或改善的地方；以及就今天此刻而言，我們目前處於什麼狀態。謝謝。

Of course. Thank you for the question, Shaun. I do have some more to add. We’ve continued to be engaged with a broad cross-section of the owner community. To state the obvious, our owners are foundational to our business.

當然。謝謝你的提問，Shaun。我確實可以再補充一些。我們持續與業主社群中廣泛的不同群體保持互動。不言而喻，業主是我們業務的基石。

The health of the owner and franchisee community is of paramount importance. We are, across the leadership team, appreciative of the consistent, and in many cases, decades-long engagement we’ve had with those owners.

業主與加盟商社群的健康狀況至關重要。在整個領導團隊層面，我們很感謝這些業主長期且持續的投入，許多合作關係甚至已經延續數十年。

We also appreciate the mutual recognition of how intertwined our success is, and we’re equally appreciative of the recognition that structurally, our business models are different.

我們也感謝彼此都認同：我們的成功是緊密交織在一起的；同時也同樣感謝大家理解，從結構上來看，我們的商業模式並不相同。

I think it’s that longstanding recognition that leads to the sort of regular constructive discussions we have on a wide range of issues, normally quite proactively, in the case of a subset of the owners, in a reactive way.

我認為正是這種長期以來的共識，促成了我們在各種議題上定期且具建設性的討論；通常我們會相當主動地進行，而對於部分業主，則是在事件發生後以較偏回應式的方式進行。

I think that communication is reflective of how we approach the business more broadly. We are laser-focused on hotel-level economics, both on driving top line and looking at every expense line in the P&L.

我認為這樣的溝通也反映了我們更廣泛的經營方式。我們高度聚焦於單店層級的經濟效益：一方面推動營收端成長，另一方面也檢視損益表（P&L）上的每一項費用。

You heard in my prepared remarks a number of the steps we’ve already taken and continue to take to try and drive hotel-level economics. We’ll continue to talk to this subset of owners, but we’ll continue to talk to all of our owners regularly.

你在我事先準備的發言中也聽到，我們已經採取、並且持續採取多項措施，來提升單店層級的經濟效益。我們會持續與這一小部分業主對話，但也會一如既往地定期與所有業主溝通。

I think we’ll continue to make progress with this specific group. The tenor of these discussions that I’ve been involved with, I would describe as transparent, I would describe as collaborative, and I would describe as constructive.

我認為我們會在這個特定群體上持續取得進展。就我參與的這些討論而言，我會形容其氛圍是透明的、協作的，而且是具建設性的。

The other thing I would share with you, since we spoke about this a quarter ago, many of Marriott’s senior leaders were down in Miami for a US and Canada full-service and luxury owner conference we had the middle of last month.

另外我想補充的是，自從我們在一季前談到這個議題之後，萬豪許多資深主管上個月中旬都到邁阿密參加我們舉辦的美國與加拿大全服務與奢華酒店業主大會。

Again, lots of candid, productive conversations, lots of mutual acknowledgment of how inexorably linked our success is, and lots of focus on Marriott’s ability to leverage its industry-leading scales in a way that directly impacts their economic performance.

同樣地，有很多坦率且富有成效的對話；彼此也多次確認我們的成功是密不可分的；並且高度聚焦在萬豪如何運用其產業領先的規模優勢，以直接影響業主的經濟表現。

The last thing I would say to you, sometimes I get the sense there is an expectation of a big reveal. We will continue to focus on each of the constituents we serve every day. We work every day to create opportunities for our associates.

最後我想說的是，有時我感覺外界期待我們會有一個「重大揭露」。我們會持續每天專注於我們所服務的每一個利害關係人。我們每天努力為同仁創造機會。

We work every day to enhance the travel experiences of our guests and Bonvoy members. And we have and will continue to work every day to drive economic performance for our owners.

我們每天努力提升旅客與 Bonvoy 會員的旅行體驗。而且我們也一直、並將持續每天努力，為業主推動經濟表現。

Richard Clarke with Bernstein.

Bernstein 的 Richard Clarke。

Hi. Good morning. Thanks for taking my questions. I guess you are using in your prepared remarks language, broad-based demand across the different chain scales. If I look at the gap between your luxury performance in the US and the select service, I think it is actually widened a bit to 5.5% RevPAR growth.

嗨，早安。謝謝讓我提問。我想你在事先準備的發言中提到，各個品牌層級（chain scales）的需求都相當廣泛。如果我看你們在美國的奢華酒店表現與精選服務（select service）之間的差距，我認為差距其實擴大了一些，達到 5.5% 的 RevPAR 成長差距。

If you look ahead to Q4 and maybe into your remarks you gave on 2027, are you expecting that to continue, or are you expecting the gap between the different chain scales maybe to actually contract from here?

展望第四季，以及你們對 2027 年的看法，你們預期這種情況會持續嗎？還是你們預期不同品牌層級之間的差距會從現在開始收斂？

Yeah. We are certainly pleased with the performance across all chain scales. You are correct that luxury continued to outperform, but select service being up 6%, and that is an improvement quarter-over-quarter. We continue in bookings through October to feel good about the performance of our select brand hotels.

是的。我們對各個品牌層級的表現都很滿意。你說得沒錯，奢華酒店持續跑贏；但精選服務也成長了 6%，而且這是較上一季的改善。從截至 10 月的訂房情況來看，我們對精選品牌酒店的表現仍然很有信心。

Yeah, I think that’s right, Richard. Maybe not a surprise that luxury continues to be so strong, but a really encouraging sign to see three consecutive quarters of such strong RevPAR performance at the other end of the chain scales.

是的，我想你說得對，Richard。奢華酒店持續非常強勁或許不令人意外，但看到在品牌層級另一端的酒店連續三季都有如此強勁的 RevPAR 表現，確實是非常令人鼓舞的訊號。

Stephen Grambling with Morgan Stanley.

Morgan Stanley 的 Stephen Grambling。

Hey, thank you. Your comments on the owner relationship is probably a good segue into agentic AI, actually. I recognize this is still an evolving topic, but would love to hear any color on the initial impact to distribution as we think about mix or commissions, and then more broadly, just how you think about both the near-term and maybe longer-term impact to both owners and your business. Thanks.

嗨，謝謝。你剛才談到的業主關係，可能其實是切入代理型 AI（agentic AI）的好銜接點。我知道這仍是個持續演進的議題，但我很想聽聽你們對其對通路（distribution）的初步影響有何看法，例如在組合（mix）或佣金（commissions）方面；以及更廣泛地，你們如何看待短期、以及可能更長期對業主與你們業務的影響。謝謝。

Yeah. Thank you. There’s a lot in there, Stephen. I’ll give it a shot. Jen may jump in and help me a little bit. I continue to be a firm believer that AI is going to profoundly impact virtually every industry, certainly the travel vertical.

好的，謝謝。Stephen，這裡面涵蓋很多內容。我試著回答。Jen 也許會補充，幫我說明得更完整一些。我仍然堅信，AI 將深刻影響幾乎所有產業，旅遊這個垂直領域當然也不例外。

As we’ve discussed in the past, the real challenge and opportunity for us is to take advantage of these emerging technologies without losing the human-centric approach that’s guided us for nearly a century. In some ways, we’re in the early innings of AI’s entry into travel.

如同我們過去討論過的，對我們而言真正的挑戰與機會，是在善用這些新興技術的同時，不失去近百年來引導我們的以人為本（human-centric）方法。某種程度上，AI 進入旅遊領域仍處於早期階段。

Right now, our view is that AI is largely reshaping travel discovery. That doesn’t mean at some point it won’t have a similar impact on bookings, but that piece seems to be moving more slowly.

目前我們的看法是，AI 主要正在重塑旅遊的探索（discovery）階段。這不代表未來某個時間點它不會對訂房產生類似影響，但那一塊看起來進展較慢。

We are very engaged with a number of the AI platforms to ensure that as discovery, as search is out there, that we are populating these platforms with as accurate and rich a set of content as possible, so those users really have terrific insights into all that our portfolio has to offer.

我們正積極與多個 AI 平台合作，確保在探索與搜尋發生的場景中，我們能以盡可能準確且豐富的內容來呈現於這些平台上，讓使用者能對我們整體產品組合所提供的一切有非常好的洞察。

In terms of distribution costs, again, I think it is early. A number of the platforms, if they are looking to monetize, they are leaning more towards more traditional advertising monetization as opposed to booking.

至於通路成本（distribution costs），我認為同樣還言之過早。不少平台若要變現（monetize），目前更傾向採用較傳統的廣告變現模式，而不是以訂房作為主要變現方式。

They are starting to dip their toes, some of them, into what that might look like. Intuition would suggest it would be compelling from an economic perspective for our owners, but I think that is a story that largely remains to be told.

其中一些平台開始小幅嘗試，看看那可能會是什麼樣子。直覺上，從經濟角度來看，這對我們的業主可能會很有吸引力，但我認為這個故事大致上仍有待後續發展與驗證。

Patrick Scholes with Truist Securities.

Truist Securities 的 Patrick Scholes。

Thank you. Good morning, everyone.

謝謝。各位早安。

Morning.

早安。

Tony, when we think about that initial 3.5% to 4.5% RevPAR guidance for next year, within that, what is your expectation for the composition of room rate growth versus occupancy?

Tony，當我們思考你們對明年最初給出的 3.5% 到 4.5% RevPAR 指引時，在這個區間內，你對房價成長與住房率（occupancy）之間的組成（composition）有何預期？

Certainly, in the most recent quarter, with the upside for incentive management fees and high ADR growth, increasingly important to think about the composition. Just your thoughts around that. Thank you.

特別是最近一季，管理獎勵費（incentive management fees）有上行空間且 ADR 成長很高，使得去思考這個組成變得越來越重要。想請教你對此的看法。謝謝。

Sure. It’s probably a little early for me to give you too much insight. We are up to our eyeballs in the budget process right now. What I can tell you, and I might ask Jen Mason to give you a little more texture to this.

好的。現在要我給你太多細節，可能還稍微早了一點。我們目前正全力投入預算編製流程。我可以先告訴你的是——我也許會請 Jen Mason 來補充一些更具體的說明。

But when we look at the performance through the first couple quarters of this year, one of the things that’s been encouraging is in many of the markets, we’ve seen a nice blend of both room night and ADR growth, and we’ll obviously be investigating that closely as we put the finishing touches on the 2027 budget.

但當我們檢視今年前幾個季度的表現時，令人鼓舞的一點是，在許多市場中，我們看到「間夜數」與 ADR（平均每日房價）成長的良好組合；而在我們為 2027 年預算做最後定稿時，顯然也會就此進行更深入的分析。

Well said, Tony. On your question on IMFs for Q4, we certainly see upside in US, Canada, and APEC and other places. The Middle East, as we’ve talked about on our call, we expect to be impacted, continue to be impacted in Q4, so that offsets the upside from the other comments.

說得很好，Tony。關於你對第四季 IMF 的問題，我們確實在美國、加拿大、APEC 以及其他地區看到上行空間。至於中東，如同我們在電話會議中談到的，我們預期第四季仍將受到影響、並持續受到影響，因此這會抵銷其他地區所提到的上行因素。

Trey Bowers with Wells Fargo.

Wells Fargo 的 Trey Bowers。

Hey, guys. Thanks for the question. I think we talk about this most of these calls, but maybe you guys could just dig in a little bit on capital intensity thoughts as we move forward, especially around key money, kind of in that now $500 million to $600 million range. Is that the new normal from here? Is that expected to grow from here? Any color around that would be great. Thank you.

嗨，各位。謝謝讓我提問。我想我們在多數電話會議都會談到這點，但也許你們可以再深入談談未來對資本密集度（capital intensity）的看法，特別是關於 key money，目前大約在 5 億到 6 億美元的區間。這會是未來的新常態嗎？預期會從這裡再往上增加嗎？若能提供一些補充說明會很有幫助。謝謝。

Sure. Thank you for the question. I will let Jen give you a little perspective on a go-forward basis, but to state the obvious, it is a competitive environment out there, particularly given the increasing importance of conversions.

當然。謝謝你的問題。我會請 Jen 從未來展望的角度提供一些看法；但先說明顯而易見的一點：目前外部競爭環境相當激烈，尤其是在「轉換」（conversions）重要性日益提高的情況下。

Whether we like it or not, key money seems to be the weapon of choice against that competitive landscape. The two things I would want to leave you with, one, the rigor that we have always applied to the use of MI Capital, irrespective of what type of capital, remains.

不論我們喜不喜歡，key money 似乎已成為在這種競爭格局下的首選武器。我想留給你兩點：第一，我們一向對 MI Capital 的使用（不論是哪一類資本）所採取的嚴謹標準，依然不變。

We put all deals where we consider investment through that rigorous evaluation. Anticipating we might have some conversation about that, we did a little work. One of the things that is quite interesting, I think, deals that use key money historically have yielded significantly more value than deals without key money, and I will just give you two statistics to frame that.

凡是我們考慮投資的所有交易，都會經過這套嚴格的評估流程。預期你們可能會就此有一些討論，我們也做了一些分析。其中一個相當有意思的發現是：歷史上使用 key money 的交易，所創造的價值顯著高於未使用 key money 的交易；我用兩個統計數字來說明。

If you look at all the deals we did in calendar 2025, the deals where Marriott participated with key money had an average value premium per room of about 65%. Year to date through the first three quarters this year, those deals where we deployed key money had an average premium per room of about 75%.

如果看我們在 2025 年曆年完成的所有交易，萬豪參與提供 key money 的交易，其每間客房的平均價值溢價約為 65%。而今年截至前三季，凡是我們投放 key money 的交易，其每間客房的平均溢價約為 75%。

Yeah. On your question on broadly investment spending, as we talked about in the prepared remarks, we still expect investment spending this year to total $1.25 billion to $1.35 billion. As a reminder, 40% to 45% of that is for contract acquisition costs, which includes both new and existing units, 25% to 30% of that is for the digital technology transformation, and the rest is spending at renovations on owned leased hotels.

是的。就你關於整體投資支出的問題，如同我們在事先準備的講稿中提到的，我們仍預期今年投資支出合計為 12.5 億至 13.5 億美元。提醒一下，其中 40% 至 45% 用於合約取得成本（contract acquisition costs），包含新開與既有單位；25% 至 30% 用於數位科技轉型（DTT）；其餘則用於自有與租賃飯店的整修支出。

For next year, it is really still too early, right? We are working through our budgets, but you could expect similar color and market dynamics on that. Key money and contract acquisition costs are likely to continue to rise given the system growth.

至於明年，現在確實還太早，對吧？我們正在編列預算，但你可以預期大致相同的趨勢與市場動態。隨著系統規模成長，key money 與合約取得成本很可能會持續上升。

While DTT and technology spend is expected to come down a bit, we will continue to invest heavily in technology. For own lease and other investments, some of our properties undergoing renovations in 2026 will be done, but we will also have others that will go under renovation next year.

雖然 DTT 與科技相關支出預期會略為下降，但我們仍會持續大力投資科技。至於自有/租賃與其他投資方面，部分在 2026 年進行整修的物業將會完工，但明年也會有其他物業進入整修。

Michael Bellisario from Baird.

Baird 的 Michael Bellisario。

Thanks. Good afternoon, everyone. Tony, on development, can you just update us on the trajectory of construction starts and how that part of the pipeline is trending in both the US and ex-US markets? Also any early kind of directional comments on your view of rooms growth into next year versus this year’s 4.5%? Thank you.

謝謝。各位下午好。Tony，關於開發（development），你能否更新一下新開工（construction starts）的走勢，以及在美國與非美國市場，管線中這一部分的趨勢如何？另外，對於明年客房數成長相較於今年 4.5% 的早期方向性看法，有沒有任何初步評論？謝謝。

Yeah, of course, Michael. Thank you for the question. The new build construction starts in the US and Canada, last year were up about 7% versus the prior year. Through the first three quarters this year, new build construction starts are up 20% year over year.

好的，當然可以，Michael。謝謝你的提問。美國與加拿大的新建案開工量，去年較前一年約成長 7%。今年截至前三季，新建案開工量年增 20%。

Again, we’re not quite back to where we were in 2019, but the trend line is certainly encouraging. Globally, which I think was the second part of your question, year to date through the first three quarters of the year, new build construction starts were down about 24%.

同樣地，我們還沒有完全回到 2019 年的水準，但趨勢線確實令人鼓舞。就全球而言（我想這是你問題的第二部分），今年截至前三季，新建案開工量約下降 24%。

But I would maybe put an asterisk on that data. The quality of the data we get is maybe not as precise as what we get in the US.

但我會在這個數據上加註一個星號。我們取得的資料品質，可能不如在美國取得的那麼精準。

But I think the fact that construction starts while building are not back to where we were pre-pandemic probably illustrates the importance of the success we’re having on the conversion side, where, as I mentioned, about a third of our signings, about 40% of our openings are being derived through the very deliberate approach our development teams are taking to capturing a disproportionate share of the conversion opportunities that are out there.

不過我認為，開工量與在建量仍未回到疫情前水準，可能也凸顯了我們在「轉換」方面成功的重要性；如我提到的，我們約三分之一的簽約量、約 40% 的開業量，都是來自我們開發團隊以非常審慎且有意識的方式，去掌握市場上轉換機會並取得不成比例的份額。

David Katz with Jefferies.

Jefferies 的 David Katz。

Hi, good morning. Thanks for all the detail and information. I wanted to just focus on the Middle East. If we were to use an assumption of kind of an ongoing low-intensity circumstance over there, I assume you’re looking through various permutations of what could be for the market.

嗨，早安。謝謝你們提供這麼多細節與資訊。我想聚焦在中東。如果我們假設那邊會持續處於一種低強度的情勢，我想你們應該正在評估各種可能的市場情境組合。

Given it’s so important for NUG and RevPAR, how can we think about that market? Can we be comfortable that the units that have been in the pipeline can still get done? Can that market get back to at least flat RevPAR, or enough where it’s not an offset to otherwise pretty strong results everywhere else in the world? Thanks.

鑑於它對 NUG 與 RevPAR 都非常重要，我們該如何看待這個市場？我們能否放心，管線中的那些單位仍然可以完成？該市場能否回到至少持平的 RevPAR，或至少好到不至於抵銷全球其他地區原本相當強勁的表現？謝謝。

Thank you, David. Maybe before I try to answer your couple questions, let me just for the group remind you or ground you. While a critically important market through a lot of different, or set of markets through a variety of lenses, the Middle East represents just 3% of our open rooms globally, about 6% of our pipeline, and last year represented about 3% of our global gross fees.

謝謝你，David。在我嘗試回答你幾個問題之前，先提醒大家或先建立一些基準。中東雖然從多個角度來看都是極其重要的市場（或一組市場），但中東僅占我們全球已開業客房的 3%，約占我們管線的 6%，而去年約占我們全球總費用（gross fees）的 3%。

Your intuition is right as we start to take an early peek into what 2027 might look like. On one hand, we’ll benefit once we get through the first quarter from relatively easier comps. We’re currently assuming ongoing travel disruption with some gradual improvement during the course of 2027.

當我們開始初步窺探 2027 年可能的樣貌時，你的直覺是對的。一方面，一旦度過第一季，我們將受惠於相對較容易的比較基期。我們目前假設旅遊中斷仍會持續，但在 2027 年期間會逐步改善。

I wish I had a better crystal ball. It’s obviously a highly volatile situation. What I will tell you is we are not seeing fallout from the pipeline, whether it be in the Middle East or on a global basis, that is anywhere close to outside what we have experienced around the world in normal circumstances.

我希望我有更好的水晶球。這顯然是一個高度波動的情勢。但我可以告訴你的是：無論是在中東或在全球範圍，我們目前並未看到管線出現任何接近「超出正常情況下我們在全球所經歷的範圍」的流失情形。

I will tell you, I was in Dubai for a few days last week. I had dinner with 65 of our UAE general managers who expressed an enormous amount of confidence in the steepness of the recovery curve when they get a sense in the region that there is some stability or resolution to the conflict.

我也可以告訴你，我上週在杜拜待了幾天。我與 65 位阿聯酋的總經理共進晚餐；他們對於一旦區域內出現某種穩定或衝突獲得解決後，復甦曲線的陡峭程度表達了極大的信心。

The other thing I would tell you asked about pipeline and NUG. Just last week, I was with our local partners and the ruler of Ras Al Khaimah signing three new deals in that emirate. The teams continue to move projects forward. Our owner community continues to invest based on their long-term confidence in the region.

另外你也問到管線與 NUG。就在上週，我與我們當地合作夥伴以及拉斯海瑪（Ras Al Khaimah）的統治者一同簽署了該酋長國的三項新交易。團隊仍持續推進各項專案。我們的業主社群也基於對該區域長期的信心而持續投資。

Dan Politzer with JPMorgan.

JPMorgan 的 Dan Politzer。

Hey, good morning, everyone, and thanks for the question. I just wanted to follow up again on the 2027 kind of early puts and takes as you think about that 3.5% to 4.5% RevPAR growth. Could you maybe unpack that across business, leisure, and then kind of where group is pacing? Thanks.

嗨，各位早安，謝謝你的提問。我想再追問一下你們對 2027 年的初步看法，尤其是在你們提到 RevPAR 成長 3.5% 到 4.5% 的情境下。你能否把這個拆解到商務、休閒，以及團體業務目前的預訂進度？謝謝。

Yeah, I would love to, Dan. We’re just not there yet. We are early in the budget process, as I mentioned. We are giving you a sneak peek into what we’re hearing, having just gone through our quarterly business reviews around the world.

好的，Dan，我很樂意。不過我們現在還沒到那個階段。如我提到的，我們仍在預算流程的早期。我們現在提供的是一個搶先看，分享我們剛完成全球各地季度業務回顧後所聽到的訊息。

But we’re probably a month or two premature to be able to give it to you with the sort of specificity that you’re looking for.

但要以你所期待的那種具體程度提供資訊，我們可能還早了一到兩個月。

Lizzie Dove with Goldman Sachs.

Goldman Sachs 的 Lizzie Dove。

Hey, thanks for taking the question. Going back to net rooms growth, you mentioned that conversions are about 40% of openings and that you are capturing a disproportionate share of those opportunities. How do you think about that environment?

嗨，謝謝讓我提問。回到淨客房數成長，你提到轉換（conversion）約占開業量的 40%，而你們在這些機會中取得了不成比例的份額。你們如何看待這樣的環境？

We have heard mixed things this earnings season about the impact of higher rates there and other dynamics. As we look into next year and beyond, should we think about conversions as being a bigger or smaller part of net rooms growth? Thanks.

在這個財報季，我們聽到對於高利率影響以及其他動態的看法不一。展望明年及更長期，我們是否應該認為轉換在淨客房數成長中的占比會變大或變小？謝謝。

Yeah, Lizzie, thank you. I love the question. I spent a big portion of my career leading the company’s development organization, and for a long time, you used to see the relative volume of new builds and conversions ebb and flow based on the macroeconomic environment.

好的，Lizzie，謝謝你。我很喜歡這個問題。我職涯中有很大一段時間是在帶領公司的開發組織；長期以來，你會看到新建（new build）與轉換的相對量，會隨著總體經濟環境而起伏變化。

In strong economic environments, you would see a big uptick in new build, and you would see conversion activity start to recede a bit, and then that would invert in weaker economic times. As I have talked about on the last few calls, we have been quite deliberate in terms of how we think about conversions.

在經濟強勁的環境下，新建會大幅增加，而轉換活動會開始稍微退潮；在經濟較弱時則會反過來。如同我在過去幾次電話會議中提到的，我們在如何看待轉換方面一直相當有意識、很有策略。

What I mean by that, we have built what we think is an extraordinary stack of conversion-friendly brands. We are aligned between our development organization and our operating organization to show, not at the expense of quality, but a level of creativity and flexibility in deal-making.

我的意思是，我們打造了一套我們認為非常出色、對轉換友善的品牌組合。我們的開發團隊與營運團隊彼此一致，在不犧牲品質的前提下，在交易談判上展現一定程度的創意與彈性。

We have development teams who are specifically focused on driving conversion volume, both in the categories of individual asset conversions and portfolio conversions, which has been a tremendous success story for us.

我們有專門聚焦於推動轉換量的開發團隊，涵蓋單一資產轉換與投資組合轉換兩種類型，這對我們而言一直是非常成功的故事。

My expectation is, while the percentages may move around a little bit, even when we get to an environment where we see a meaningful uptick in new build, I do not anticipate that it will be at the expense of conversion volume.

我的預期是，雖然占比可能會有些波動，但即便未來進入新建明顯回升的環境，我也不預期那會以犧牲轉換量為代價。

We have built this supertanker that is really built to take advantage of the wide range of conversion opportunities that are out there, and we intend to continue to stand on that accelerator. The last thing I would say to you is, as we have discussed, we are in our relative infancy of entering the mid-scale tier.

我們打造了這艘「超級油輪」，就是為了充分把握市場上各式各樣的轉換機會；我們也打算持續踩著油門不放。最後我想補充的是，如同我們討論過的，我們進入中階（mid-scale）層級仍處於相對早期階段。

It is going great. Between open and pipeline, we are already approaching 600 hotels in the system, but it is early. And what that earliness demonstrates to me is we’ve got lots and lots of conversion opportunities to be discovered in that quality tier as well.

目前進展非常順利。在已開業與在建管線（pipeline）合計之下，我們系統內的飯店數已接近 600 家，但仍屬早期。而這種「仍在早期」對我而言意味著：在那個品質層級中，還有非常非常多的轉換機會有待發掘。

Brandt Montour with Barclays.

Barclays 的 Brandt Montour。

Great. Thanks for the question. Tony, I was hoping you could give us a little bit of a state of the union on the China business.

很好。謝謝讓我提問。Tony，我希望你能就中國業務的整體狀況給我們一個概覽。

You called out slowing domestic leisure demand over there, but remind us the split between business and leisure, if you have a view on maybe the near to medium-term operating outlook, and then if that’s affected capital formation at all and how that affects, the net rooms growth outlook there. Thank you.

你提到那邊國內休閒需求放緩；但能否提醒我們商務與休閒的占比？如果你對短中期的營運展望有看法，也請分享。另外，這是否對資本形成（capital formation）造成任何影響，以及這又如何影響當地的淨客房數成長展望？謝謝。

Sure. Let me talk broadly, and I might ask Jen to jump in with some statistics. We went from negative in RevPAR to essentially flat. We continue to see pretty good strength in the lower chain scales, both in terms of development activity and relative performance.

當然。我先從較宏觀的角度談，然後我可能會請 Jen 補充一些統計數據。我們的 RevPAR 從負成長回到基本持平。我們在較低連鎖等級（lower chain scales）仍看到相當不錯的強度，無論是在開發活動或相對表現方面。

We continue to see pretty broad strength across what we call the tier 1 markets, and you heard me talk about Hainan and Taiwan and some of the other tier 1 markets that are driving particularly strong performance. But Jen, do you want to talk a little bit about mix between segments in China?

我們在所謂的一線市場（tier 1 markets）仍看到相當廣泛的強勁表現；你也聽我提到海南、台灣以及其他一些一線市場，正帶動特別強的表現。不過 Jen，你要不要談一下中國各細分市場之間的組合占比？

Yeah. Broadly speaking, in Greater China, our leisure segment is the largest segment, followed by business and then group.

好的。整體而言，在大中華區，我們的休閒是最大的客群，其次是商務，然後是團體。

In terms of performance, I’d say group, at least for the quarter, was a bit less of the mix than leisure and business transient. But overall, to Tony Capuano’s point, it’s a kind of a softening of consumer sentiment and spending, and the environment is certainly difficult in terms of growth.

就表現而言，我會說至少在本季，團體在組合中的占比比休閒與商務散客（business transient）要少一些。但整體來看，如 Tony Capuano 所說，消費者信心與支出有些轉弱，而在成長方面的環境確實更具挑戰。

Duane Pfennigwerth with Evercore ISI.

Evercore ISI 的 Duane Pfennigwerth。

Thank you. Good morning. Similar question, different region. I wonder if you could weigh in on what is driving what seems to be acceleration in European RevPAR. Is this primarily a seasonal leisure dynamic with US point of sale demand, or is there something else at work?

謝謝。早安。類似的問題，但換個地區。我想請你談談，歐洲 RevPAR 看起來加速成長的驅動因素是什麼。這主要是季節性的休閒動能、來自美國銷售點（point of sale）的需求所致，還是有其他因素在發揮作用？

Well, without question, leisure is sort of the bright shining star, particularly when you look at Western and Southern Europe. Beyond that, you almost have to go sub-market by sub-market to look at the relative contribution from each segment.

毫無疑問，休閒是最亮眼的明星，特別是看西歐與南歐時更是如此。除此之外，你幾乎得逐一拆到各個次市場（sub-market），去看每個細分客群的相對貢獻。

But if your question is for a broad generalization, I would say leisure is among the most impactful drivers of our RevPAR performance.

但如果你的問題是要一個廣泛的概括，我會說休閒是推動我們 RevPAR 表現最具影響力的因素之一。

Robin Farley with UBS.

UBS 的 Robin Farley。

Thank you for taking the question, and thank you for the early 2027 commentary. Just kind of circling back to.

謝謝讓我提問，也謝謝你們對 2027 年初步看法的分享。我想稍微再回到……

That was for you, Robin. I think you saw it, so I pushed Jen to make sure we gave you a little peek.

那是特別給你的，Robin。我想你有注意到，所以我才推 Jen 一定要讓我們給你一點搶先看。

Okay, excellent. Drilling in on that. Just looking at rooms under construction today in the release, they are a little bit lower than they were in July.

好的，很棒。我想更深入問一下。看你們新聞稿裡目前在建客房數（rooms under construction），比 7 月時略低一些。

Just the comments about conversion next year, it sounded like you were saying conversion is going to be as good as new construction, or maybe the suggestion was like the same percent of room openings next year.

再加上你們對明年轉換的評論，聽起來你是在說轉換會和新建一樣好，或是暗示明年開業客房中轉換的占比會差不多。

Should we think about conversions maybe being higher? I know they are elevated a little bit this year, but would they be higher next year, just given the rooms under construction, kind of just like slight downtick sequentially? I do not know if that is just something seasonal or one-time in nature. Thanks.

我們是否應該認為轉換占比可能更高？我知道今年轉換占比已經偏高一些，但考量在建客房數按季略有下滑，明年會不會更高？我不確定那是否只是季節性或一次性的因素。謝謝。

You see, Robin, I give you an inch, and you try and take a mile. I am not quite ready to really give you much more of a peek into 2027, but let me try at least qualitatively to address your question.

你看，Robin，我給你一寸，你就想要一里。我還沒準備好再多透露 2027 年的內容，但我至少試著用定性方式回應你的問題。

The point I was trying to make, while I cannot tell you with certainty what the percentage mix will be, because a lot of that will be driven by whether we continue to see this continuation in an uptick in construction starts, the point I was attempting to make was our focus, the focus of our teams on trying to continue to drive brand accretive conversion volume, we will not let up.

我想表達的是：雖然我無法確定占比組合會是多少，因為那在很大程度上取決於我們是否會持續看到開工量（construction starts）上升的延續；但我試圖強調的是，我們的重點、我們團隊的重點，是持續推動能提升品牌價值（brand accretive）的轉換量，我們不會鬆手。

We would expect strong conversion volume, again, both single asset and portfolio, to continue to be a top growth priority and a big driver of NUG into 2027 and beyond.

我們預期強勁的轉換量（再次強調，包含單一資產與投資組合）將持續成為首要成長重點，並在2027年及其後成為推動NUG的重要動能。

Conor Cunningham with Melius Research.

Melius Research 的 Conor Cunningham。

Hi, everyone. Thank you. Just on BT, I was a little surprised by the growth in the quarter. I thought it would be a little bit stronger, just given what we’ve heard from some of the other travel companies. You can feel free to push back on that.

各位好。謝謝。就商務旅遊（BT）而言，我對本季的成長有點意外。考量到我們從其他一些旅遊公司聽到的情況，我原本以為會更強一些。你們也可以直接反駁我的看法。

Just curious on how you’re viewing the corporate travel market, large, managed versus small and medium. I would suspect that the performance throughout the quarter was a little bit more diverse. So if you could just talk about how you started to how you ended, I think that would be helpful. Thank you.

我想請教你們如何看待企業差旅市場：大型、受管理的客戶相較於中小型客戶。我猜測本季期間的表現可能更為分化。所以如果你們能談談從季初到季末的走勢，我想會很有幫助。謝謝。

Yeah. So I’ll take that. We continue to see strength across all segments, right? Both group, BT, and leisure. BT revenue was up about 4% in the quarter, predominantly driven by rate growth. We expect those trends will continue.

好的，我來回答。我們持續看到各個區隔都很強勁，對吧？包含團體、商務旅遊（BT）以及休閒。本季BT營收約成長4%，主要由房價成長所帶動。我們預期這些趨勢將會延續。

Obviously, leisure was our strongest performer and continues to be so, and our group has also been strong this year as well. So we feel good across the segments and kind of across small, medium, large business.

顯然，休閒是我們表現最強的項目，且仍將持續；而我們的團體業務今年也同樣強勁。因此我們對各個區隔、以及小型、中型到大型企業客群的表現都感到樂觀。

Ari Klein with BMO Capital Markets.

BMO Capital Markets 的 Ari Klein。

Thank you. Good morning. Tony, you touched a little bit on tech investments you’ve been making. Curious about the PMS rollout, where that stands, and what kind of impact you’ve seen so far. Thank you.

謝謝。早安。Tony，你稍早提到你們正在進行的一些科技投資。我想了解PMS的導入進度目前到哪裡了，以及到目前為止你們看到什麼樣的影響。謝謝。

Yeah. Of course. It is a terrific story, and I think our global tech team will appreciate you asking the question so that Jen and I can thank them in a public forum. As of yesterday, we had successfully moved more than 3,000 of our hotels to the new technology ecosystem.

好的，當然。這是一個很棒的故事；我想我們的全球科技團隊會很感謝你問這個問題，讓Jen和我能在公開場合向他們致謝。截至昨天，我們已成功將超過3,000家飯店遷移到新的技術生態系。

We have successfully achieved scale for our deployment wave size. Full waves will continue throughout 2027. We have largely finished deployment in a lot of our US select service hotels. We have started to cut over some of the full service hotels, so lots of good learnings there.

我們已成功達到部署波次規模的擴張。完整波次將持續推進至2027年。我們在美國許多精選服務型飯店的部署已大致完成。我們也已開始切換部分全服務型飯店，因此累積了許多寶貴的學習。

We were quite deliberate in starting with some of the, I say this in quotes, simpler hotels, so that we could learn along the way. Now, as we move into full service and luxury, there will be some additional layers of complexity, but our teams are well-prepared to do that.

我們相當刻意地先從一些（我用引號說）較「簡單」的飯店開始，讓我們能在過程中逐步學習。接下來進入全服務與奢華品牌時，會多一些複雜層次，但我們的團隊已做好充分準備。

I think we are quite pleased both with the pace at which we are moving, the speed with which the integration is improving with every wave. Again, it is anecdotal as opposed to particularly statistically valid, but really encouraging about the on-property impact that we are seeing from the cutover.

我想我們對推進的節奏相當滿意，也對每一波整合效率提升的速度感到滿意。再次強調，這是軼事性的觀察，未必具有嚴格的統計代表性，但我們看到切換後對飯店現場營運的影響確實令人鼓舞。

Alex Brignall with Rothschild & Co.

Rothschild & Co. 的 Alex Brignall。

Thank you very much. Just one question, please. If we look at your fee growth, and we strip out the year-on-year increase in co-branded credit card fees, then obviously you have changed your residential fees, which is quite a meaningful change year on year.

非常感謝。我只有一個問題。如果我們看你們的費用成長，並剔除聯名信用卡費用的年增影響，那麼很明顯你們調整了住宅相關費用，這在年對年上是相當顯著的變化。

Your underlying fee growth is lagging that unit growth and RevPAR growth. Put differently, there is a slight compression in your effective royalty rate if we look to gross system sales. Could you just talk about that?

你們的核心費用成長落後於單位數成長與RevPAR成長。換句話說，若以系統總銷售額（gross system sales）來看，你們的有效權利金率似乎有些微壓縮。能否請你們談談這點？

In the context of FY27, if you could give us anything on the trajectory of co-branded credit card fees and residential fees, so we can have a think about what that royalty rate might do next year. Thank you so much.

在FY27的脈絡下，如果你們能提供任何關於聯名信用卡費用與住宅費用的走勢資訊，讓我們能思考明年權利金率可能如何變動。非常感謝。

Yeah. In terms of fee growth overall from your question on royalties, franchise royalty, and base fee royalty, there is no compression there. We are pleased with the year-over-year growth in our franchise fees. In terms of 2027, as Tony Capuano referenced, we are still early days in terms of giving any guidance yet on fee growth.

好的。就你提到的權利金相關費用成長而言，包含特許經營權利金與基本費用權利金，這部分並沒有壓縮。我們對特許經營費用的年對年成長感到滿意。至於2027年，如Tony Capuano所提到，我們目前仍在早期階段，尚未就費用成長提供任何指引。

Chad Beynon with Macquarie.

Macquarie 的 Chad Beynon。

Good morning. Thanks for taking my question. On the leisure side, I wanted to ask about the booking window. Obviously, we have seen some really nice consistent strength. You kind of gave us a preview into '27.

早安。謝謝讓我提問。在休閒方面，我想問一下訂房提前期（booking window）。顯然我們看到相當不錯且一致的強勁表現。你們也稍微讓我們預覽了'27年的情況。

I do not think this has expanded, but can you just kind of drill into that a little bit and what we have seen from some of the elevated airline prices, if you think that will remain compressed? Thanks.

我不認為提前期有拉長，但你們能否再深入說明一下？以及針對部分偏高的機票價格，你們是否認為這會讓需求維持在較短的提前期？謝謝。

Sure. On the booking window, in Q3, the global average booking window was about 21 days. BT was at 17 days, and leisure was about 24 days, which was relatively flat year-over-year. So, not a dramatic change on any of those fronts.

當然。就訂房提前期而言，第三季全球平均約為21天。商務旅遊（BT）為17天，休閒約24天，年對年大致持平。因此在這些面向上並沒有出現顯著變化。

Smedes Rose with Citi.

Citi 的 Smedes Rose。

Hi. Thanks. I just wanted to ask if you could share a little more on the incentive management fees. What percent of the North American portfolio is generating fees for you?

嗨，謝謝。我想請你們多分享一些關於激勵型管理費（incentive management fees）的情況。北美投資組合中有多少比例的物業正在為你們產生這類費用？

If you are able to do, say, the midpoint of that RevPAR range for next year, would those properties continue to sort of, quote-unquote, be in the money, or will the expenses that will also be going up next year maybe mute that fee stream a little bit? Just kind of wondering how that might work.

如果明年能做到你們所給RevPAR區間的中位數，這些物業是否仍會（用引號說）「在錢內」（in the money），還是明年同樣上升的費用成本可能會稍微削弱這條費用收入？我只是想了解大概會如何運作。

Yeah. So, maybe I will start with your second question first. Again, it is too early to give you a read on what incentive management fees would be next year, as we need to work through our budgets, certainly around the world.

好的。也許我先回答你的第二個問題。同樣地，現在要判讀明年激勵型管理費會是多少仍為時過早，因為我們需要在全球各地完成預算編製。

In terms of percentage of hotels earning incentive fees, that varies around the world, as I know we have talked about in the past. But kind of weighted average around the world, it is about over 60% some.

至於賺取激勵費用的飯店比例，正如我們過去談過的，這在全球各地有所不同。但以全球加權平均來看，大約是60%多一些。

Thank you. At this time, I would like to now turn the call back over to Tony Capuano. Please go ahead.

謝謝。此時，我想把電話會議交回給Tony Capuano。請繼續。

Well, I want to thank you all again for your interest and your terrific coverage in Marriott. I wish you safe travels, and I look forward to seeing many of you at our analyst reception in New York in December. Thank you.

我想再次感謝各位對萬豪的關注，以及你們出色的研究與報導。祝各位旅途平安，也期待在12月於紐約的分析師招待會上見到許多各位。謝謝。

Thank you. This 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。感謝各位撥冗與會並參與。各位現在可以掛線。