萬豪國際 (MAR) 2016 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Marriott International's third-quarter 2016 earnings conference call. All lines have been placed on mute to prevent any background noise. And after the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

女士們、先生們，感謝各位的耐心等待，歡迎參加萬豪國際集團2016年第三季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講結束後，將進行問答環節。（操作說明）謝謝。

I will now turn the conference over to Arne Sorenson. Please go ahead.

現在我將把會議交給阿恩·索倫森主持。請繼續。

Good morning, everyone. Welcome to our third-quarter 2016 earnings conference call. For those in the US, happy election day. We're pleased you're taking the time to listen to our earnings call, but we hope you also get to the polls today.

各位早安。歡迎參加我們2016年第三季財報電話會議。對於身在美國的朋友們，祝你們選舉日快樂。我們很高興您抽出時間收聽我們的財報電話會議，但我們也希望您今天能去投票。

Joining me today are Leeny Oberg, Executive Vice President and Chief Financial Officer; Laura Paugh, Senior Vice President, Investor Relations; and Betsy Dahm, Senior Director, Investor Relations.

今天與我一同出席的有：執行副總裁兼財務長 Leeny Oberg；投資者關係資深副總裁 Laura Paugh；以及投資者關係高級總監 Betsy Dahm。

Before we get started, let me 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.

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

Forward-looking statements in the press release that we issued last night, along with our comments today, are effective only today, November 8, 2016, and will not be updated as actual events unfold. You can find a reconciliation of non-GAAP financial measures referred to in our remarks on our website at www.Marriott.com/investor.

我們昨晚發布的新聞稿中的前瞻性聲明以及我們今天的評論僅在今天（2016 年 11 月 8 日）有效，不會隨著實際事件的發展而更新。您可以造訪我們的網站 www.Marriott.com/investor，查看我們在聲明中提到的非公認會計準則財務指標的調節表。

There are several topics we want to cover today, including our third-quarter financial results, third-quarter business trends, fourth-quarter guidance, and our early look into 2017. But first, we want to talk about the Starwood acquisition and the integration.

今天我們要討論幾個主題，包括我們的第三季財務業績、第三季業務趨勢、第四季業績指引以及我們對 2017 年的初步展望。但首先，我們想談談喜達屋的收購和整合。

This is the first earnings call for the new Marriott International. On September 23, we completed the most transformational transaction in the Company's history, including the pipeline our global system encompasses, nearly 1.6 million guestrooms today.

這是新萬豪國際集團的首次財報電話會議。9 月 23 日，我們完成了公司歷史上最具變革意義的交易，其中包括我們全球系統涵蓋的在建項目，如今已建成近 160 萬間客房。

Our near-term priorities are straightforward -- reach out to associates to knit the Company together culturally; seize, as soon as possible, topline synergies, property cost efficiencies, and $250 million in G&A savings; and do all this while remaining focused on our ongoing business, providing great experiences for our guests and driving returns for our owners and franchisees.

我們近期的優先事項很明確——與員工溝通，在文化上凝聚公司；盡快抓住營收協同效應、提高物業成本效益，並節省 2.5 億美元的管理費用；同時，專注於我們持續的業務，為顧客提供優質體驗，並為我們的業主和加盟商帶來回報。

Off to a fast start, our team did what no other large consumer company has accomplished. Within minutes after the merger closed, we linked three enormous loyalty programs -- Marriott Rewards, Ritz-Carlton Rewards, and Starwood Preferred Guest -- further announcing that we would match member status between the programs. We immediately enabled our loyal travelers to earn points in one program and redeem in the other. In fact, over 3.3 billion points were transferred between the programs in the first month alone, while the first transfer and redemption reservation occurred just 15 minutes after we closed the transaction.

我們的團隊開局迅猛，做到了其他大型消費品公司從未做到的事。合併完成後幾分鐘內，我們就整合了三大會員忠誠計劃——萬豪禮賞、麗思卡爾頓禮賞和喜達屋優先顧客計劃——並進一步宣布，我們將統一各計劃的會員等級。我們立即啟用了忠實旅客計劃，使他們能夠在一個計劃中賺取積分，並在另一個計劃中兌換積分。事實上，僅在第一個月，各項目之間就轉移了超過 33 億積分，而首次轉移和兌換預訂在我們完成交易後僅 15 分鐘就發生了。

That effort did not go unnoticed by customers and commentators. Blogger Gary Leff, who writes View from the Wing, noted to his readers that no program has ever set up a mechanism to link accounts this quickly. And my favorite quote came from a loyalty member who tweeted -- Don't know if I'm more excited about linking Marriott Rewards or the fact that pumpkin spiced lattes are back.

這項努力並沒有逃過顧客和評論員的眼睛。部落客 Gary Leff 在他的部落格 View from the Wing 中指出，沒有任何程式能夠如此迅速地建立起帳連結機制。我最喜歡的一句話來自一位忠誠會員的推文——我不知道我是更興奮於萬豪禮賞帳戶的關聯，還是更興奮於南瓜香料拿鐵的回歸。

Getting the loyalty programs right has been a big priority for us since the deal was announced. Today, we are pleased to confirm that only 16% of our combined 85 million members were members of both programs prior to the merger. This puts us in a tremendous position to capture incremental business. Immediately after closing, we also reached out to our largest B2B customers to tell them the great news and to begin cross-selling across our 30 brands.

自交易宣布以來，制定完善的會員忠誠度計畫一直是我們的首要任務。今天，我們很高興地確認，在我們合併前的 8500 萬會員中，只有 16% 同時是這兩個項目的會員。這使我們處於極佳的地位，能夠抓住不斷成長的業務機會。交易完成後，我們立即聯繫了我們最大的 B2B 客戶，告訴他們這個好消息，並開始在我們 30 個品牌之間進行交叉銷售。

For our group business, we've seen over 1,000 lead referrals through the end of October between the Starwood and Marriott portfolios. We are moving quickly to reduce costs both in G&A as well as costs for our hotels. Procurement is a near-term opportunity. Starwood-managed hotels will begin transitioning to Avendra, the purchasing platform used by legacy Marriott hotels and many other companies in the fourth quarter of 2016.

截至 10 月底，我們的團體業務已透過喜達屋和萬豪旗下酒店獲得了超過 1000 個潛在客戶推薦。我們正迅速採取措施降低一般及行政費用以及飯店營運成本。採購是一個近期可行的機會。由喜達屋酒店集團管理的酒店將於 2016 年第四季開始過渡到 Avendra，Avendra 是萬豪酒店集團和其他許多公司使用的採購平台。

Next year, we should see savings on OTA contracts. With its greater scale, Marriott has historically been able to obtain more attractive OTA contract terms. While savings to Starwood hotels will vary by region, applying Marriott's contract terms should save Starwood owners OTA commissions, even assuming no change in OTA usage, with more savings expected in 2018.

明年我們應該會在OTA合約方面看到節省。由於規模更大，萬豪酒店歷來能夠獲得更具吸引力的線上旅行社合約條款。雖然喜達屋酒店節省的費用會因地區而異，但應用萬豪的合約條款應該可以為喜達屋酒店業主節省 OTA 佣金，即使假設 OTA 使用量沒有變化，預計 2018 年還將節省更多。

We know that you are anxious to hear much more about our integration strategy and synergy opportunities, but let us ask you for your patience. The hotel business is about the details. Every market is different and every property is different. We can tell you we've reviewed and assimilated a tremendous amount of information from Starwood over the last six weeks, and that we remain as enthusiastic about the transaction as ever.

我們知道您很想了解更多關於我們的整合策略和協同效應機會的信息，但請您耐心等待。酒店業的精髓在於細節。每個市場都不一樣，每個房產也都不一樣。我們可以告訴大家，在過去的六週裡，我們已經審查並吸收了喜達屋提供的海量信息，並且我們仍然像以往一樣對這筆交易充滿熱情。

While the deal is very exciting, we are also focused on business fundamentals. While reported third-quarter financial results included only eight days of Starwood results, today's outlook is drawn from an analysis of operating trends at both companies for all three months of the quarter. Our outlook for the fourth quarter and 2017 reflects the combined Company.

雖然這筆交易令人非常興奮，但我們也關注業務基本面。雖然公佈的第三季財務業績僅包含喜達屋八天的業績，但今天的展望是基於對兩家公司本季三個月營運趨勢的分析得出的。我們對第四季和 2017 年的展望反映了合併後的公司的情況。

Clearly, North American demand continues -- demand growth continues to moderate. In the third quarter, hotels with the weakest RevPAR were generally in oil and gas markets or in gateway cities affected by continued weak international visitation or impacted by new supply. In the quarter, both legacy Marriott and legacy Starwood portfolios did well in Hawaii, Los Angeles, Toronto, and Washington, DC, while both portfolios saw RevPAR declines in Houston, New York, and San Francisco.

顯然，北美需求依然存在——需求成長持續放緩。第三季度，RevPAR（每間可供出租客房收入）最低的飯店通常位於石油和天然氣市場，或位於受國際遊客持續疲軟或新增供應影響的門戶城市。本季度，萬豪酒店集團和喜達屋酒店集團旗下的傳統酒店組合在夏威夷、洛杉磯、多倫多和華盛頓特區均表現良好，而兩家酒店組合在休斯頓、紐約和舊金山的每間可供出租客房收入均出現下降。

On a combined basis, North American company-operated group RevPAR increased nearly 7%, benefiting from strong demand and a favorable holiday comparison. Catering revenue continues to be strong. New group business is encouraging too. In the third quarter alone, Marriott and Starwood sales organizations booked a combined 3.6 million room nights for future periods.

總體而言，北美公司自營集團的每間可供出租客房收入 (RevPAR) 成長了近 7%，這得益於強勁的需求和有利的假日基數效應。餐飲收入持續強勁。新成立的集團公司也令人鼓舞。光是第三季度，萬豪和喜達屋的銷售機構就為未來時期預訂了共 360 萬間夜的客房。

Measured by booked group revenue, the two Companies booked 6% more business than in the prior year, with particular strength for stays in 2018 and beyond. In contrast, corporate customers are clearly cautious. In our last earnings call, we mentioned the trend in room sales among legacy Marriott's largest 300 corporate customers in North America, from 4% RevPAR growth in the fourth quarter of 2015 to 2% in the first quarter, to less than 1% growth in the second quarter.

以團體預訂收入衡量，這兩家公司比前一年增加了 6% 的業務量，尤其在 2018 年及以後的住宿預訂方面表現強勁。相比之下，企業客戶則明顯較為謹慎。在上次財報電話會議上，我們提到了萬豪酒店集團在北美最大的 300 家企業客戶的客房銷售趨勢，從 2015 年第四季度的每間可供出租客房收入 (RevPAR) 增長 4% 到第一季度的 2%，再到第二季度的不足 1%。

For this quarter, room revenue from legacy Marriott's top 300 customers was flat year-over-year, as higher demand from professional services, retail, and healthcare firms was offset by lower demand from technology, financial, energy, and manufacturing companies.

本季度，萬豪酒店集團前 300 名客戶的客房收入與去年同期持平，專業服務、零售和醫療保健公司的需求增加被科技、金融、能源和製造公司的需求減少所抵消。

Looking ahead in North America, fourth-quarter group RevPAR pace for our company-operated Marriott and Starwood full-service hotels is down about 5%, reflecting tougher holiday comparisons combined with weak near-term corporate bookings. With greater availability, transient business should improve year-over-year. As a result, we expect comparable hotel RevPAR for the combined systemwide Marriott and Starwood portfolios in North America will be flat to up 1% in the fourth quarter.

展望北美市場，我們公司營運的萬豪和喜達屋全服務酒店第四季度集團每間可供出租客房收入增速下降約 5%，反映出假日季同比基數較高，以及近期企業預訂疲軟。隨著房源供應量的增加，短期住宿業務應該會逐年改善。因此，我們預計第四季度萬豪和喜達屋在北美地區的飯店組合的可比RevPAR將持平或成長1%。

Outside the US, third-quarter performance of the Marriott and Starwood brands was very similar when adjusting for differences in geographic distribution. Across both portfolios in the Caribbean and Latin America region, RevPAR growth was very strong in Brazil and Mexico, but was constrained by Zika in the Caribbean, weak economic growth in South America, and new supply in Central America.

在美國以外，萬豪和喜達屋品牌的第三季業績在調整地理分佈差異後非常相似。在加勒比海和拉丁美洲地區的兩個投資組合中，巴西和墨西哥的每間可供出租客房收入 (RevPAR) 增長非常強勁，但加勒比海地區的寨卡病毒、南美洲疲軟的經濟增長以及中美洲的新供應都限制了這一增長。

For the fourth quarter, we expect Zika will continue to be a problem for the combined portfolio. And, without the Olympics, we expect Brazil hotels will more acutely feel the effect of their weak economy. As a result, we expect fourth-quarter RevPAR for our hotels in the region will be flattish with the prior year.

我們預計，第四季寨卡病毒仍將對合併後的投資組合構成威脅。而且，由於奧運取消，我們預計巴西酒店業將更深刻地感受到其疲軟經濟的影響。因此，我們預計該地區酒店第四季的每間可供出租客房收入（RevPAR）將與去年同期持平。

In the Middle East and Africa, easy Ramadan comparisons took Marriott and Starwood RevPAR higher in the third quarter, along with greater leisure business in South Africa and strong regional demand in Cairo. At the same time, many oil markets remained weak. Without the benefit of a holiday shift, we expect fourth-quarter RevPAR for our combined portfolio in the region will decline at a low-single-digit rate.

在中東和非洲，由於齋戒月期間的相對旺季，萬豪酒店和喜達屋酒店第三季度的每間可供出租客房收入（RevPAR）有所上升，此外，南非的休閒業務增長，以及開羅地區強勁的需求，也帶動了該地區的房價上漲。與此同時，許多石油市場依然疲軟。由於沒有假日帶來的利好，我們預計該地區合併投資組合的第四季每間可供出租客房收入（RevPAR）將以個位數百分比的速度下降。

In the Asia-Pacific region, Marriott and Starwood saw third-quarter RevPAR improvement in India, South Korea, and Shanghai, with declines in the Maldives, Macau, and tertiary markets in China. In the fourth quarter, we expect RevPAR for the combined portfolio should be flattish year-over-year, constrained by the cancellations that followed the death of the king in Thailand.

在亞太地區，萬豪酒店集團和喜達屋酒店集團第三季​​在印度、韓國和上海的每間可供出租客房收入 (RevPAR) 有所改善，但在馬爾地夫、澳門和中國三線市場則出現下滑。預計第四季度，由於泰國國王去世後取消預訂，合併後投資組合的每間可供出租客房收入（RevPAR）將與去年同期持平。

In Europe, Marriott and Starwood occupancy in Paris, Brussels, and Istanbul was weak in the third quarter, while our UK properties welcomed a greater number of Middle East travelers in the quarter. Hotels in Poland, Russia, and Spain reported strong RevPAR growth. For the fourth quarter, we expect RevPAR for the combined portfolio to be flattish year-over-year due to lingering terrorism concerns, weak group pace in London, Paris, and Amsterdam, and tougher comparisons in Poland and Russia.

第三季度，萬豪和喜達屋在巴黎、布魯塞爾和伊斯坦堡的飯店入住率較低，而我們在英國的飯店在本季迎來了更多來自中東的遊客。波蘭、俄羅斯和西班牙的飯店每間可供出租客房收入（RevPAR）均實現強勁成長。由於持續存在的恐怖主義擔憂、倫敦、巴黎和阿姆斯特丹的集團增長乏力，以及波蘭和俄羅斯的業績比較基數較高，我們預計第四季度合併投資組合的每間可供出租客房收入（RevPAR）將與去年同期持平。

Bottom line, we expect worldwide constant dollar systemwide RevPAR will be flat to up 1% in the fourth quarter. Looking ahead to 2017, our North America outlook assumes a steady-as-she-goes economy and modestly higher supply growth. For the 2017 full-year, North America revenue group pace for company-operated full-service hotels across the Marriott and Starwood portfolios is currently up about 2%. For transient business, we expect current weak corporate demand to persist, although comparisons should get easier.

總之，我們預計第四季度全球以固定美元計算的系統性每間可供出租客房收入（RevPAR）將持平或成長 1%。展望 2017 年，我們對北美市場的展望假設經濟維持穩定成長，供應成長略有提升。2017 年全年，萬豪和喜達屋旗下公司自營的全服務飯店在北美的營收成長率目前約為 2%。對於短期業務，我們預計目前疲軟的企業需求將持續，儘管同比數據可能會有所改善。

We are targeting a higher volume of special corporate rate business for the coming year, and expect special corporate room rates for comparable customers to increase at a mid-single-digit rate in most markets. We are aggressively marketing to leisure guests and adding contract business at attractive rates. As a result, for 2017, we expect North America RevPAR for the combined portfolio will be flat to up 2%. In 2015, on a pro forma basis, North American fee revenue from the combined Marriott and Starwood portfolios totaled 70% of worldwide fee revenue.

我們預計來年將實現更高的企業特價房業務量，並預計在大多數市場，類似客戶的企業特價房價格將以中等個位數的速度增長。我們積極開拓休閒旅遊市場，並以優惠的價格增加合約業務。因此，我們預計 2017 年北美合併投資組合的每間可供出租客房收入 (RevPAR) 將持平或成長 2%。2015 年，以備考基準計算，萬豪和喜達屋旗下飯店在北美的營收佔全球營收的 70%。

Outside North America in 2017, we expect incremental constant dollar systemwide RevPAR for the combined portfolio will be flat to up 2%. RevPAR in the Caribbean and Latin America regions should be -- also be flat to up 2%, reflecting good performance in Mexico and Central America. In 2015, Caribbean and Latin America pro forma fee revenue from the Marriott and Starwood portfolios totaled 4% of worldwide total fee revenue.

2017 年，除北美以外，我們預計合併投資組合的增量（以固定美元計）系統 RevPAR 將持平或成長 2%。加勒比海和拉丁美洲地區的每間可供出租客房收入（RevPAR）也應該持平或增長 2%，反映出墨西哥和中美洲的良好表現。2015 年，萬豪和喜達屋旗下飯店在加勒比海和拉丁美洲的預估費用收入佔全球總費用收入的 4%。

For the Middle East and Africa region, South Africa and Cairo should be strong, but we also see continued weak oil markets and risk of political disruption. As a result, we believe RevPAR will be flattish in the region in 2017. In 2015, on a pro forma basis, Marriott's and Starwood's Middle East and Africa region contributed 5% of worldwide fee revenue.

對於中東和非洲地區而言，南非和開羅應該會表現強勁，但我們也看到石油市場持續疲軟以及政治動盪的風險。因此，我們認為該地區 2017 年的每間可供出租客房收入 (RevPAR) 將保持穩定。2015 年，按準備基準計算，萬豪酒店集團和喜達屋酒店集團的中東和非洲地區貢獻了全球 5% 的費用收入。

For 2017, the combined portfolio in the Asia-Pacific region should see continued strength in India and Shanghai, more than offsetting weakness in Macau and tertiary markets in China, yielding a RevPAR increase at a low to mid-single-digit rate. In 2015, on a pro forma basis, Asia-Pacific region fee revenue totaled 13% of worldwide fee revenue, with about half of that coming from Greater China.

2017 年，亞太地區的綜合投資組合在印度和上海將繼續保持強勁勢頭，足以抵消澳門和中國三線市場的疲軟，從而使每間可供出租客房收入 (RevPAR) 實現個位數低至中等的增長。2015 年，以備考基準計算，亞太地區的手續費收入佔全球手續費收入的 13%，其中約一半來自大中華區。

And finally, for Europe, we expect low-single-digit RevPAR growth in 2017, with particular strength in Southern Europe and easier comparisons in Paris and Brussels. In 2015, on a pro forma basis, Europe contributed 8% of worldwide fee revenue. On a worldwide basis, we expect 2017 RevPAR will be flat to up 2%.

最後，對於歐洲，我們預計 2017 年每間可供出租客房收入 (RevPAR) 將實現個位數低成長，其中南歐市場表現尤為強勁，而巴黎和布魯塞爾的比較基數較小。2015 年，以備考基準計算，歐洲貢獻了全球 8% 的費用收入。從全球來看，我們預計 2017 年每間可供出租客房收入 (RevPAR) 將持平或成長 2%。

Turning to development, for 2016, we expect our combined Company should grow global rooms distribution by roughly 5%, net of deletions. Project delays at both Marriott and Starwood have pushed a few openings to early 2017, but new deal signings remain very strong. As of quarter-end, our combined pipeline totaled nearly 420,000 rooms. For 2017, rooms growth should accelerate to roughly 6%, net of deletions.

展望發展，我們預計 2016 年合併後的公司全球客房分銷量將成長約 5%（扣除刪除部分）。萬豪酒店和喜達屋酒店的項目延期導致一些酒店的開業時間推遲到 2017 年初，但新簽約情況仍然非常強勁。截至季末，我們的總在建工程數量接近 42 萬間客房。2017 年，扣除減少的客房數量後，客房成長率應會加快至約 6%。

In the US, the combined Marriott and Starwood brand portfolio represent 14% of open rooms, yet we have an industry-leading 36% of rooms under construction in the US and 23% of rooms under construction worldwide. To be sure, leverage levels on new construction loans have moderated, and construction costs are also increasing.

在美國，萬豪和喜達屋品牌組合合計佔已開業客房的 14%，但我們在美國的在建客房佔比高達 36%，在全球範圍內的在建客房佔比也達到了 23%，處於行業領先地位。誠然，新建案貸款的槓桿水準有所下降，但建築成本也不斷上漲。

While these conditions are not likely to change supply growth in the near-term, we believe they should discourage marginal new projects from moving forward. They should also enhance our share of new construction as lenders continue to favor the strongest brands. Incidentally, our combined portfolio of hotels gained RevPAR index globally in the third quarter, and we are optimistic that we will see further gains as we realize revenue synergies.

雖然這些情況不太可能在短期內改變供應成長，但我們認為它們應該會阻止一些較小的新專案推進。由於貸款機構繼續青睞實力最強的品牌，這也應該會提高我們在新建築項目中的份額。順便一提，我們旗下飯店的合併組合在第三季全球範圍內實現了RevPAR指數的成長，我們樂觀地認為，隨著營收綜效的實現，我們將看到進一步的成長。

We continue to be optimistic about the Starwood acquisitions. Six weeks after closing, we have accomplished a great deal. We will continue to do the hard work necessary to be the best hospitality company for our owners, franchisees, associates, guests, and for you, our investors.

我們依然對喜達屋的收購案持樂觀態度。交易完成六週後，我們已經取得了很大成果。我們將繼續努力，成為業主、加盟商、員工、顧客以及各位投資者的最佳飯店管理公司。

Now I'd like to turn the call over to Leeny for a review of our financial results and some additional color on fourth-quarter and 2017. As I do, let me first offer my thanks to Leeny and the Finance teams across Marriott and legacy Starwood. Closing our acquisition just eight days before the end of the quarter was not ideal, but they scrambled and they did it beautifully. Thank you all.

現在我想把電話交給 Leeny，讓他回顧我們的財務業績，並補充一些關於第四季度和 2017 年的情況。在此，我首先要感謝 Leeny 以及萬豪酒店集團和前喜達屋集團的財務團隊。在季度末前八天完成收購並不理想，但他們迅速採取行動，並出色地完成了任務。謝謝大家。

Leeny?

莉妮？

Thank you, Arne. As you saw last evening, we reported diluted earnings-per-share for the quarter of $0.26. GAAP results were constrained by $237 million of merger-related costs, including $186 million of severance and retention costs, $24 million of transition costs, $18 million of transaction costs, and $9 million of interest expense, partially offset by the eight days of Starwood's operating results.

謝謝你，阿恩。正如您昨晚所看到的，我們公佈了本季稀釋後每股收益為 0.26 美元。GAAP 業績受到 2.37 億美元併購相關成本的限制，其中包括 1.86 億美元的遣散費和留任成本、2,400 萬美元的過渡成本、1,800 萬美元的交易成本和 900 萬美元的利息支出，部分被喜達屋八天的經營業績所抵銷。

To provide visibility into legacy Marriott's performance in the quarter, we've adjusted third-quarter results by backing out the eight days of legacy Starwood results and merger-related costs, as well as conforming the share count. As a result, adjusted diluted earnings per share for the legacy Marriott business totaled $0.91, a 17% increase over the prior year.

為了更清楚地展現萬豪酒店集團在本季度的業績，我們調整了第三季業績，剔除了喜達屋酒店集團八天的業績和合併相關成本，並調整了股份數量。因此，萬豪酒店集團傳統業務的調整後稀釋每股收益總計為 0.91 美元，比上年增長 17%。

Compared to our July 27 guidance, adjusted fee revenue was $6 million below the midpoint of expectations, due to more modest RevPAR growth, and lower-than-expected application and relicensing fees. Still, on an adjusted basis, our operating income of $378 million exceeded our guidance of $370 million to $375 million, as we saw good performance on our owned, leased, and other net lines, lower-than-expected depreciation and amortization expense, and better-than-expected G&A spending due to solid cost controls and some open positions.

與我們 7 月 27 日的預期相比，由於每間可供出租客房收入增長較為溫和，以及申請費和重新許可費低於預期，調整後的費用收入比預期中位數低 600 萬美元。不過，經過調整後，我們的營業收入為 3.78 億美元，超過了我們此前 3.7 億美元至 3.75 億美元的預期，這得益於我們自有、租賃和其他淨業務的良好表現，低於預期的折舊和攤銷費用，以及由於穩健的成本控制和一些未平倉頭寸而導致的優於預期的一般及行政費用。

Adjusted fee revenue for the legacy Marriott business increased 6%, with incentive fees up 13% in the third quarter. While legacy Marriott RevPAR and unit growth drove fees higher, fees were constrained by (technical difficulty) [$9 million] of unfavorable foreign exchange. Worldwide house profit margins for legacy Marriott increased 90 basis points for company-operated hotels, as many hotels are already focused on cost containment in a slower RevPAR growth environment.

萬豪傳統業務的調整後費用收入成長了 6%，其中第三季獎勵費用增加了 13%。雖然萬豪酒店集團的傳統RevPAR和單元成長推動了費用上漲，但費用卻因不利的匯率（技術難題）[900萬美元]而受到限制。萬豪酒店集團旗下所有酒店的全球利潤率增長了 90 個基點，因為在 RevPAR 成長放緩的環境下，許多酒店已經專注於控製成本。

Strong results at our owned and leased hotels reflected recently completed renovations in Tokyo and Charlotte; the addition of two new hotels in Rio de Janeiro, which benefited from the Olympics; and stronger branding fees. Adjusted G&A increased 3% year-over-year. The increase in interest income reflected a larger portfolio of loans. Marriott's third-quarter adjusted EBITDA, which excludes merger-related costs, totaled $474 million, a 10% increase over the prior year.

我們自有和租賃酒店的強勁業績反映了東京和夏洛特酒店近期完成的翻新工程；裡約熱內盧新增的兩家酒店受益於奧運會；以及更強勁的品牌推廣費。經調整後的一般及行政費用年增 3%。利息收入的增加反映了貸款組合規模的擴大。萬豪酒店第三季調整後 EBITDA（不包括與合併相關的成本）總計 4.74 億美元，比上年增長 10%。

So let's talk some more about the transaction. We presented selected pro forma third-quarter information on page A16 of the press release, assuming the Starwood acquisition and Starwood sale of its timeshare business had been completed on January 1, 2015, but using the estimated fair value of assets and liabilities as of the actual closing date of the acquisition. Incidentally, we expect to provide a more detailed pro forma income statement for historic quarters in the next couple of months after we fine-tune purchase accounting estimates.

那我們再來詳細談談這筆交易。我們在新聞稿 A16 頁列出了選定的第三季度備考信息，假設喜達屋收購和喜達屋出售其分時度假業務已於 2015 年 1 月 1 日完成，但使用了截至收購實際完成日的資產和負債的估計公允價值。順便提一下，我們預計在接下來的幾個月裡，在對購買會計估計進行微調之後，將提供歷史季度的更詳細的預測損益表。

So, combining Marriott's and Starwood's information, pro forma fee revenue totaled $723 million for the third quarter, an increase of 5.5% over the prior year, reflecting RevPAR and unit growth. Owned, leased, and other revenue, net of direct costs, totaled $166 million, an increase of more than 21%. As I mentioned earlier, Marriott-owned-and-leased hotels benefited from recently completed renovations and the Olympics in the third quarter. Results for legacy Starwood-owned-and-leased hotels were also strong, particularly in Hawaii, Toronto, and Brazil.

因此，綜合萬豪和喜達屋的信息，第三季度備考費用收入總計 7.23 億美元，比上年增長 5.5%，反映了每間可供出租客房收入 (RevPAR) 和客房數量的增長。自有、租賃及其他收入（扣除直接成本後）總計 1.66 億美元，成長超過 21%。正如我之前提到的，萬豪旗下及租賃的飯店受惠於近期完成的翻新工程以及第三季的奧運。喜達屋旗下傳統自有及租賃飯店的業績也表現強勁，尤其是在夏威夷、多倫多和巴西。

Starwood RevPAR at comparable worldwide-owned-and-leased hotels increased more than 8% in the third quarter, with particularly strong profit flow-through. For the fourth quarter, we expect fee revenues should total $695 million to $705 million, an increase of 1% to 2% over prior-year pro forma fees.

喜達屋旗下全球自有及租賃飯店的每間可供出租客房營收 (RevPAR) 在第三季成長超過 8%，獲利成長尤為強勁。我們預計第四季費用收入總額將達到 6.95 億美元至 7.05 億美元，比上年同期預估費用增加 1% 至 2%。

Our fee growth reflects roughly 5% unit growth. Fees are growing slower than units due to modest RevPAR growth in North America, lower RevPAR in the Middle East, and resulting lower profit flow-through, and a modest decline in incentive fees. We also expect some negative FX impact, the impact of several contract changes, and some givebacks of IMF recognized earlier in 2016.

我們的費用增長反映了約 5% 的單位增長。由於北美地區每間可供出租客房收入 (RevPAR) 增長緩慢，中東地區每間可供出租客房收入 (RevPAR) 較低，導致利潤流出減少，以及激勵費用略有下降，費用增長速度低於單元增長速度。我們也預計會受到一些負面的外匯影響、幾項合約變更的影響，以及國際貨幣基金組織在 2016 年初確認的一些讓步。

We expect fourth-quarter owned, leased and other, net of direct expenses, should total roughly $150 million to $155 million. In the year-ago quarter, pro forma owned, leased, and other net included $3 million from hotels that have since been sold by Starwood and $11 million in termination fees.

我們預計第四季自有、租賃和其他資產（扣除直接費用後）總額應約為 1.5 億美元至 1.55 億美元。去年同期，備考自有、租賃及其他淨額包括喜達屋已出售酒店的 300 萬美元收入和 1,100 萬美元終止費。

While Arne outlined our RevPAR expectations for the fourth quarter in 2017, in case you have a different view, we estimate that 1 point change in our RevPAR outlook across today's combined Marriott/Starwood system, assuming it was evenly distributed, would be worth about $35 million in fees and roughly $8 million for owned, leased, and other net. We expect depreciation and amortization will total $70 million to $75 million. Excluding merger-related costs, we expect G&A to total $235 million to $240 million in the fourth quarter, 16% to 18% lower than the pro forma prior year.

雖然 Arne 概述了我們對 2017 年第四季 RevPAR 的預期，但如果您有不同的看法，我們估計，假設萬豪/喜達屋集團目前合併後的系統中 RevPAR 預期每變化 1 個百分點，平均分配，將帶來約 3500 萬美元的費用，以及約 800 萬美元的自有、租賃和其他淨收益。我們預計折舊和攤提總額將達到 7,000 萬美元至 7,500 萬美元。不計併購相關成本，我們預期第四季一般及行政費用總額為 2.35 億美元至 2.4 億美元，比上年同期下降 16% 至 18%。

Our anticipated fourth-quarter 2016 G&A results should benefit from $8 million from a legal settlement, while the pro forma fourth-quarter 2015 G&A included $5 million in Marriott merger-related costs. Fourth-quarter operating income should total $530 million to $555 million, a 9% to 14% improvement over 2015 pro forma levels.

我們預期 2016 年第四季的一般及行政費用將受惠於 800 萬美元的法律和解金，而 2015 年第四季的備考一般及行政費用則包括 500 萬美元的萬豪合併相關成本。第四季營業收入總額應為 5.3 億美元至 5.55 億美元，比 2015 年的備考水準提高 9% 至 14%。

As Arne described, we are working hard to integrate the Companies as quickly as possible. We expect to finalize the organization structure for most regions and departments during the fourth quarter, but some may not be complete and in place until mid-2017. During 2017, we will also have wind-down costs included in G&A related to some duplicate systems, facilities and other areas of overlap.

正如阿恩所描述的那樣，我們正在努力盡快整合各公司。我們預計將在第四季度完成大部分地區和部門的組織結構，但有些可能要到 2017 年年中才能完成並到位。2017 年，我們也將把一些重複系統、設施和其他重疊領域的關閉成本計入一般及行政費用。

As a result, estimating quarter-to-quarter G&A in 2017 is challenging, but we expect to see significant progress toward our expected $250 million in G&A savings during the year. We expect to realize the vast majority of the savings by 2018.

因此，估算 2017 年各季度的 G&A 費用具有挑戰性，但我們預計在年內實現 G&A 費用節省 2.5 億美元的預期目標將取得重大進展。我們預計到 2018 年將實現絕大部分節省。

For depreciation and amortization, you may recall that we estimated Marriott standalone depreciation and amortization at roughly $130 million for 2016 during our last earnings call. In the 8-K filed on March 25, 2016, we estimated a run rate for incremental depreciation and amortization from the transaction would total $209 million annually. Combined with Marriott's standalone D&A, would imply a $339 million annual D&A run rate for the combined Company.

關於折舊和攤銷，您可能還記得，我們​​在上次財報電話會議上估計萬豪酒店集團 2016 年的獨立折舊和攤銷約為 1.3 億美元。在 2016 年 3 月 25 日提交的 8-K 文件中，我們估計該交易帶來的增量折舊和攤提的運行率每年將達到 2.09 億美元。加上萬豪獨立的折舊和攤銷，意味著合併後公司的年度折舊和攤銷運行率為 3.39 億美元。

Now that the transaction has closed, we have completed a preliminary allocation of our purchase price to the fair value of Starwood's assets and liabilities, which will be included in our upcoming 10-Q, likely to be filed tomorrow. This current view puts incremental D&A at closer to $140 million to $150 million annually, and puts total D&A for the combined Company at a roughly $270 million to $280 million run rate.

交易完成後，我們已初步將收購價格分配至喜達屋資產和負債的公允價值，該分配結果將包含在我們即將提交的 10-Q 表格中，該表格可能於明日提交。根據目前的觀點，新增折舊和攤銷費用每年接近 1.4 億美元至 1.5 億美元，合併後公司的折舊和攤銷總額年化率約為 2.7 億美元至 2.8 億美元。

Compared to our prior depreciation and amortization estimates, our current view reflects updated information, a refined analysis of the value of the acquired assets and liabilities, the impact of Starwood's successful asset sales year-to-date, and the classification of several owned assets today as assets held for sale. Purchase accounting rules provide a timeframe of up to one year from the date of acquisition to update allocations based on new information learned about the asset values as of the date of the acquisition. Therefore, in the coming year, there could be changes to these allocations, and resulting catch-ups could impact our P&L on the D&A line.

與我們先前的折舊和攤銷估計相比，我們目前的觀點反映了更新的資訊、對已收購資產和負債價值的更精細的分析、喜達屋今年迄今為止成功出售資產的影響，以及目前將幾項自有資產歸類為待售資產。購買會計準則規定，自收購日起最多一年內，可以根據收購日所了解的資產價值的新資訊來更新分配。因此，在來年，這些分配可能會發生變化，由此產生的追趕可能會影響我們損益表中的折舊和攤提項目。

We remain disciplined in our approach to capital investments and share repurchases. For the full-year 2016, we estimate actual investment spending will total $425 million to $475 million. Included in this amount is roughly $75 million for investment spending for legacy Starwood brands in the fourth quarter. The legacy Marriott amount is about $125 million lower than last quarter's estimate, largely due to fewer development-related investments than previously expected.

我們在資本投資和股票回購方面始終保持嚴謹的態度。我們預計 2016 年全年實際投資支出總額將達到 4.25 億至 4.75 億美元。該金額中包含約 7,500 萬美元，用於第四季度對喜達屋傳統品牌的投資支出。萬豪酒店集團的遺留金額比上一季的估計值低了約 1.25 億美元，這主要是由於與開發相關的投資比之前預期的要少。

When we announced the proposed acquisition of Starwood, we outlined the opportunity to sell owned hotels for $1.5 billion to $2 billion over two years. Of this amount, Starwood has already completed the sale of five hotels for $325 million. Today, we own 15 hotels operating under the Starwood brands. In 2016, we believe these owned hotels could generate EBITDA of approximately $180 million to $190 million. Eight of the hotels are in North America, with the remainder largely located in Latin America.

當我們宣布擬收購喜達屋酒店集團時，我們概述了在兩年內出售旗下酒店以獲得 15 億至 20 億美元收益的機會。其中，喜達屋已完成出售五家飯店，總價值 3.25 億美元。目前，我們擁有 15 家以喜達屋品牌經營的飯店。我們認為，2016 年這些自有飯店的 EBITDA 可達到約 1.8 億美元至 1.9 億美元。其中八家飯店位於北美，其餘飯店多位於拉丁美洲。

We believe we can monetize these hotels for north of $1.5 billion, with the North American assets likely to be sold relatively faster. We also believe there may be an opportunity to monetize some of Starwood's joint venture interests, which could recycle additional capital. At this time, we aren't prepared to offer an estimate of proceeds.

我們相信，這些飯店可以變現超過 15 億美元，其中北美資產的出售速度可能會相對較快。我們也認為，或許有機會將喜達屋的一些合資權益變現，進而回收更多資金。目前，我們尚無法提供收益預估。

Our balance sheet is in a better position than we anticipated. As you know, the transaction took over 10 months from announcement to closing. During this time, both Companies accumulated cash from operations as well as proceeds from asset sales. Additionally, in conjunction with the transaction, Starwood used excess cash to reduce debt balances by nearly $800 million. As a result, at the end of the third quarter, Marriott had $8.8 billion in total debt and $1.1 billion in cash.

我們的資產負債表狀況比預期好。如您所知，從宣佈到完成，這筆交易歷時超過10個月。在此期間，兩家公司都透過經營活動累積了現金，並透過資產出售獲得了收益。此外，在進行此交易的同時，喜達屋利用多餘的現金減少了近 8 億美元的債務餘額。因此，截至第三季末，萬豪酒店集團的總債務為 88 億美元，現金為 11 億美元。

As part of the acquisition, we reorganized the Company's entity structure to facilitate the combined Company's global operations. Given the new entity structure put in place as part of this reorganization, we expect global cash balances will continue to decline in the near-term. Our debt ratio at September 30 is better than our earlier forecast by roughly 40 basis points, driven fairly equally by improved EBITDAR, higher overall cash balances from the delay in the transaction, higher confidence in our ability to use all of Starwood's cash; and then, to a lesser extent, better estimates of our increased lease commitments as a result of the transaction.

作為收購的一部分，我們重組了公司的實體結構，以促進合併後公司的全球營運。鑑於此次重組中實施的新實體結構，我們預計全球現金餘額在短期內將繼續下降。截至 9 月 30 日，我們的債務比率比先前的預測低約 40 個基點，這主要得益於 EBITDAR 的改善、交易延遲導致整體現金餘額增加、以及我們對使用喜達屋所有現金的能力更有信心；其次，由於交易導致租賃承諾增加，我們對租賃承諾的估計也更加準確。

We believe today that we are within the range of our targeted 3% to 3.25% adjusted debt to adjusted EBITDAR credit standards, excluding the impact of merger-related costs and charges. As a result, we expect to resume share repurchases this quarter.

我們認為，目前我們的調整後債務與調整後 EBITDAR 比率在 3% 至 3.25% 的目標範圍內，不包括與合併相關的成本和費用的影響。因此，我們預計將在本季恢復股票回購。

We know that you are eager for more information about the combined Company. We will have much more to say about 2017 in February, and when we hold our Analyst Day in March. But as you can tell, for now, we feel very good about our brands, our business, and our progress in integrating Starwood.

我們知道您渴望了解更多關於合併後公司的資訊。我們將在二月以及三月的分析師日上，對 2017 年的情況進行更詳細的說明。但正如你所看到的，目前我們對我們的品牌、業務以及整合喜達屋所取得的進展都感到非常滿意。

Now let's get to your questions. So that everyone gets a chance to participate, please limit yourself to one question and one follow-up. Thank you.

現在我們來回答您的問題。為了讓每個人都有機會參與，請將提問數量限制為一個問題和一個後續問題。謝謝。

(Operator Instructions) David Loeb, Baird.

（操作說明）David Loeb，Baird。

Wow, thank you for taking me first. Good morning.

哇，謝謝你讓我先上。早安.

How about that? Good morning, David.

怎麼樣？早安，大衛。

I appreciate that. There's a lot of interesting stuff to discuss in this and a lot of really good progress, but I want to focus on one particular issue, which is the ongoing book direct initiative.

我很感激。這裡面有很多有趣的內容可以討論，也取得了很多非常好的進展，但我只想重點討論一個具體問題，那就是正在進行的圖書直銷計劃。

And I wonder if you can give us an idea about how you are viewing that relative to the owners? What you think -- what impact do you think that's having on RevPAR, on ADR, in particular? And do you think the owners are seeing an offsetting or partially offsetting decrease in OTA commissions as a result of that initiative?

我想知道您能否談談您如何看待這件事與所有者之間的關係？您認為這會對每間可供出租客房收入（RevPAR）和平均房價（ADR）產生什麼影響？您認為這項舉措是否會導致OTA佣金出現部分或完全抵銷的下降？

Well, I -- it's a good question and I wish we could be more definitive about it. I think it's still relatively early in assessing the impact of this. What we've seen so far is encouraging to us. But I think, fairly, we don't have statistics that we can use that would prove to you that we have delivered true success from this yet.

嗯，這是一個很好的問題，我希望我們能對此給出更明確的答案。我認為現在評估此事的影響還為時過早。目前來看，情況令人鼓舞。但我認為，公平地說，我們還沒有統計數據可以向你們證明我們已經從中取得了真正的成功。

But the early statistics, we see a high level of sign-ups -- I think something like 800,000 or 900,000 incremental Marriott Rewards sign-ups since member-only rates were launched. I think we are getting through the din of the marketing battles, as we've talked about in the past. There was a perception that rates at our hotels were cheaper in channels other than our own, which has not been true for well over a decade.

但從早期統計數據來看，註冊人數很高——我認為自會員專屬價格推出以來，萬豪禮賞新增註冊用戶大約有 80 萬到 90 萬。我認為我們正在逐漸擺脫過去我們討論過的激烈的行銷競爭。人們一直認為，我們飯店在其他通路的價格比我們自己的通路便宜，但這種情況十多年來早已不復存在。

And we wanted to really find a way to break through that noise and make sure folks knew that they could get competitive rates by booking directly with us. And going so far as to say there's a bit of a discount actually if you book directly with us, we thought was a powerful way to get there.

我們真心希望找到一種方法來突破這種資訊噪音，並確保人們知道，透過直接向我們預訂，他們可以獲得有競爭力的價格。我們甚至表示，如果您直接透過我們預訂，實際上還能享受一些折扣，我們認為這是一個非常有效的預訂方式。

And so we are seeing good pickup of that marketing message; good stickiness with the loyalty program. Obviously, though, the discounts are available to folks who would have booked directly previously, as well as folks who might be booking directly now for the first time. And that has -- continues to have a very modest impact on RevPAR -- we think in Q3, probably about 30 basis points.

因此，我們看到這項行銷訊息得到了很好的推廣；會員忠誠度計劃也得到了很好的維繫。顯然，這些折扣既適用於以前直接預訂的人，也適用於現在可能第一次直接預訂的人。而這（指第三季度的每間可供出租客房收入）的影響非常有限——我們認為，在第三季度，可能只有 30 個基點左右。

And you know we'll watch it as we go forward. Obviously this is something we talk with our owners about with some regularity. And I think, generally, the community to include us and our owner-partners is supportive of continuing to pursue this. So, it's all systems go.

你知道，我們會繼續關注事態發展。顯然，這是我們經常與業主討論的問題。而且我認為，總的來說，包括我們和我們的所有者合夥人在內的社區都支持我們繼續追求這一目標。一切就緒，準備就緒。

Okay. And on the cancel/rebook technology, what are your latest thoughts? I know I've asked this before, but what are your latest thoughts on how you might combat the impact of that technology going forward?

好的。關於取消/重新預訂技術，您最新的想法是什麼？我知道我以前問過這個問題，但您目前對如何應對這項技術未來可能帶來的影響有什麼最新想法？

Yes. I mean, the first thing to note is, we don't see a material impact from that yet in any event. So, we obviously continue to watch it. We are looking at cancellations generally, what's happening across our portfolio, and we're looking at it in individual markets. And I think -- you know, stay tuned. That's something we'll continue to watch.

是的。我的意思是，首先需要指出的是，無論如何，我們目前還沒有看到這方面產生實質影響。所以，我們當然會繼續關注它。我們正在關注整體的取消情況，了解我們整個投資組合中的情況，並且我們正在關注各個市場的具體情況。我想——敬請期待。我們會繼續關注此事。

Okay. Thank you all very much.

好的。非常感謝大家。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

I wanted to just ask -- you're taking a little bit more of a conservative stance on your RevPAR outlook for 2017 versus your largest US competitor. You're at 0 to 2. And I'm just kind of curious, what do you think you are seeing now that we are a little -- a few weeks further on here than when they reported, that maybe has kind of changed your view? Or are you just sort of just taking a more conservative outlook, given what you are seeing in the economy?

我只是想問一下——與你們最大的美國競爭對手相比，你們對 2017 年的 RevPAR 預期採取了更保守的態度。你們現在是 0 比 2。我有點好奇，現在比他們報道的時候晚了幾週，你覺得你看到了什麼？這或許改變了你的看法？或者，鑑於你目前看到的經濟形勢，你只是採取了一種更保守的看法？

We obviously don't know exactly how they came to what range that they've provided when they released earnings. So it's a little difficult for us to provide a real detailed comparison.

我們顯然不知道他們在發布財報時是如何得出他們所提供的預期範圍的。因此，我們很難提供真正詳細的比較。

Having said that, and listening to the words that they used, and going through our own presses, I think there's a couple of things that we would say. One is, I think we would be providing exactly the same guidance if we were simply legacy Marriott. So the first thing to point out is this is not a range which is driven by the recently completed merger with Starwood.

話雖如此，聽了他們使用的措辭，並查閱了我們自己的印刷資料後，我想我們有幾點要說。其一，我認為即使我們只是傳統的萬豪酒店，我們也會提供完全相同的指導。首先要指出的是，這個系列並非由最近完成的與喜達屋的合併所驅動。

I think the second thing -- and my guess is this is more or less the full explanation you'll get -- is that we expect GDP to continue with sort of anemic numbers that have been posted in 2016 as we go into 2017 and beyond. And it sounded as if one of our largest competitors was expecting a rebound of some sort in GDP.

我認為第二點——而且我猜這差不多就是你能得到的全部解釋了——是，我們預計 2017 年及以後，GDP 將繼續保持 2016 年以來那種疲軟的水平。聽起來，我們最大的競爭對手之一似乎預期GDP會出現某種程度的反彈。

We hope they are right. Obviously, if GDP performs stronger, that will increase demand strength in our business. But we're building a model that essentially assumes we'll continue to bump along at the levels we've been at.

我們希望他們是對的。顯然，如果GDP表現強勁，將增加我們業務的需求。但我們正在建立的模型本質上假設我們將繼續在目前的水平上磕磕絆絆地前進。

Okay. And then just sort of on that, I think on your last call, you noted that group RevPAR was pacing up 7% in 2017, and you called it to 2% now. Is that pace of deceleration kind of normal as you move through towards the end of the year? Or is that a faster pace than what you would've expected?

好的。然後，關於這一點，我想在您上次的電話會議上，您提到集團每間可供出租客房收入 (RevPAR) 在 2017 年增長了 7%，而您預測現在將增長 2%。隨著年底臨近，這種成長放緩的趨勢是否屬於正常現象？或者說，這比你預期的還要快？

Yes, I mean, I think it's faster than we would've expected. If you go back to the full-year, I think we started in -- and Laura can maybe pull this out as we talk -- but I think we started 2016 with group business up almost 10% for 2017 compared to where we were at the first of 2015 for 2016. And I think we cautioned folks that that was not likely to hold. Because as we got further into the year, we would see that we could book less because we had less capacity.

是的，我的意思是，我覺得它比我們預期的要快。如果回顧全年，我認為我們是從——勞拉或許可以在我們談話時拿出這個——開始的，但我認為我們2016年初的團體業務比2015年初增長了近10%。我認為我們已經提醒過大家，這種情況不太可能持續下去。因為隨著時間的推移，我們發現由於接待能力下降，我們的預訂量也會減少。

And so we expected that we would tail down towards the maybe mid to high-single-digits. But I think the experience in the last quarter or so, going from roughly 7% to roughly 2%, is worse than we anticipated. I think there are a couple of -- one positive thing that could be said next to that, when you look at bookings done in Q3 for all future periods, we were up about 8%, if memory serves.

因此我們預計，降幅可能會降至個位數中高段。但我認為，最近一個季度左右的情況，從大約 7% 下降到大約 2%，比我們預期的還要糟糕。我認為還有兩點值得肯定——除了這一點之外，還有一個積極的方面：如果你看一下第三季度所有未來時期的預訂量，如果我沒記錯的話，我們增長了大約 8%。

So, people are still making commitments on group business and there's good growth. But, when you look at the near-term, when you look at group bookings in the year for the year or you look at group bookings for the next 12 months, we see less robustness there. And to us that's a sign of some caution by corporate customers, probably particularly who -- you know, in a sense, that's where group business gets most like corporate transient business too. And there, I think we're seeing companies be just a bit cautious and probably reflect the sort of anemic GDP growth environment that we've been all operating in.

所以，人們仍然在進行團體業務投資，而且成長勢頭良好。但是，從短期來看，從今年的團體預訂量或未來 12 個月的團體預訂量來看，我們發現其穩健性較差。對我們來說，這表明企業客戶持謹慎態度，尤其對於那些——你知道，從某種意義上說，團體業務與企業短期業務最為相似的人來說更是如此。我認為，我們看到企業在這方面表現得有些謹慎，這可能反映了我們所有人一直以來所處的疲軟的 GDP 成長環境。

Great, thanks for the additional color.

太好了，謝謝你提供的額外色彩。

You bet.

當然。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

I wonder if you can give a little bit of color -- it looks like the percent of properties -- I think this is just legacy Marriott properties -- paying incentive management fees was down year-over-year. I wonder if you could give a little bit of color around that?

我想知道您能否提供一些細節——看起來這部分指的是酒店的百分比——我認為這只是萬豪酒店集團的傳統酒店——支付激勵管理費的百分比同比下降。不知道能否為它增添一些色彩？

Right. Overall, we've got legacy and Marriott, just a couple of interesting facts for you is that, in general, the percentage of hotels earning incentive fees for Starwood is slightly higher than Marriott, given their international exposure. For us, it's actually down year-over-year only barely, only by 1 percentage point difference, so it's not really anything meaningful, and really is again a reflection of certain markets experience for RevPAR.

正確的。總的來說，我們有傳統酒店集團和萬豪酒店集團，這裡有幾個有趣的事實：考慮到喜達屋酒店的國際影響力，其獲得獎勵費用的酒店比例通常略高於萬豪酒店集團。對我們來說，實際上同比只下降了一點點，只下降了 1 個百分點，所以這其實沒什麼意義，而且實際上再次反映了某些市場每間可供出租客房收入 (RevPAR) 的情況。

Okay, great, thanks. And then I wonder if you could give a little more color around the cut in the CapEx budget just for the legacy Marriott properties since three months ago? So about down by about $125 million, so it's a pretty significant percent of the full-year budget that changed in the last three months, if you can give a little color. Thanks.

好的，太好了，謝謝。那麼，您能否再詳細說明一下自三個月前以來，針對萬豪旗下老牌酒店的資本支出預算削減情況？所以減少了大約 1.25 億美元，這相當於過去三個月全年預算中相當大的一部分變化，如果你能稍微解釋一下的話。謝謝。

Sure. It's -- as you know, as we begin a year, we have a range of projects that we're looking at overwhelmingly, they're identified. And what happens as we move through the year, you are looking at the pace of those deals. And in general, I would say it's just that the deals continue to move forward but they've been pushed out a little bit.

當然。如您所知，在新的一年伊始，我們有一系列專案正在著手研究，這些專案已經確定下來。隨著時間推移，我們將關注這些交易的進展速度。總的來說，我認為交易仍在繼續推進，只是完成時間被稍微推遲了一些。

So I don't think it's a reflection of deals dropping away, but more that they are taking a bit longer to put together. It ties in with what you are hearing in the lending environment that lenders are, at the margin, a bit more cautious. And as we are looking at, in some cases, putting in mezzanine loans, they are taking a bit longer to put the deals together, but they continue to be in our pipeline. And we look forward to doing them as we move forward.

所以我認為這並非反映出交易減少，而是反映出達成交易需要更長的時間。這與你在貸款領域聽到的消息相吻合，即貸款機構總體上更加謹慎。在某些情況下，我們正在考慮提供夾層貸款，雖然完成交易需要更長時間，但它們仍然在我們的計劃之中。我們期待在未來的工作中實現這些目標。

Okay, great, thank you.

好的，太好了，謝謝。

Harry Curtis, Nomura.

哈里·柯蒂斯，野村證券。

The owned and leased segment was particularly strong. It's been strong all year. Can you talk about the components of that? And as you look into 2017, what would you expect to remain strong? And what's going to face a tough comp?

自有及租賃業務部門表現特別強勁。它全年表現都很強勁。你能談談它的組成部分嗎？展望2017年，您認為哪些方面會保持強勁勢頭？哪些選手將面臨激烈的競爭？

So, hi, Harry. Thanks very much. So a couple things. I think when you look overall, let's first talk a little bit about legacy Marriott. Legacy Marriott had strong owned/leased performance for its owned/leased hotels, and then particularly strong performance on the branding fee side, where we've had meaningful growth year-over-year compared to 2015.

嗨，哈利。非常感謝。有兩件事。我認為，從整體來看，我們首先來談談萬豪酒店的歷史。萬豪酒店集團旗下自有/租賃酒店的業績表現強勁，品牌費方面的表現尤其出色，與 2015 年相比，我們實現了顯著的同比增長。

As you go into 2017, we're just in the process of putting our budget together now, so we wouldn't really be able to comment on anything specifically. But as you look at kind of tough comps across the board, again we are continuing to look for our owned/leased portfolios to do well. And for the branding fees to continue, we've got a great pipeline of projects to continue to do well.

進入 2017 年，我們現在正處於預算制定的過程中，所以我們真的無法對任何事情發表具體評論。但考慮到各方面比較嚴峻的形勢，我們仍然期待我們擁有/租賃的投資組合能夠取得良好表現。為了繼續獲得品牌推廣費用，我們有許多優秀的專案正在籌備中，相信它們會繼續取得成功。

I think the part I would point out is the owned/leased portfolio on the Starwood side, we clearly are seeing the impact of their sold hotels. So as you look at that going forward, you would see the owned/leased profits related to that, that would kind of, on a year-over-year basis from 2017 to 2016, decline. And then you've probably got a couple one-off, like the Olympics in 2016. But again, the biggest impact I think will be the change in owned hotels on the Starwood side.

我認為需要指出的是喜達屋旗下的自有/租賃酒店組合，我們顯然已經看到了他們出售酒店的影響。因此，展望未來，你會發現與此相關的自有/租賃利潤，從 2016 年到 2017 年，年比都會有所下降。然後可能還會遇到一些一次性事件，例如 2016 年奧運。但我認為，最大的影響還是喜達屋旗下飯店的變化。

Thank you. And just moving to the second question. I was really interested, and may have missed something in -- has there been a change in the way that you calculate your leverage ratio by incorporating or moving to EBITDAR? The reason I ask is that, is that part of the reason why you've achieved your target leverage ratio? And I'm guessing that the rating agencies are fine with it?

謝謝。接下來回答第二個問題。我對此很感興趣，可能漏掉了一些資訊——你們計算槓桿率的方式是否發生了變化，例如採用了 EBITDAR 指標？我這麼問是因為，這是否是你們達成目標槓桿率的部分原因？我猜評級機構也認可這種做法吧？

Yes, so no change. No change in the way that we construct the ratio. As I pointed out in my comments, there were some changes relative to the calculation that we gave you a number of months ago, based on better information. So, whether it was the fact that you had better performance particularly in Starwood's owned/leased portfolio, where I talked about them being able to produce $180 million to $190 million of EBITDAR in 2016, to better information on the lease adjustment, for example, that's in addition to the debt in your calculation of total adjusted debt for your leverage ratio.

是的，所以沒有變化。計算比率的方式沒有改變。正如我在評論中指出的那樣，根據更準確的信息，我們幾個月前給出的計算結果有一些變化。所以，無論是由於你們在喜達屋自有/租賃投資組合方面表現更好（我曾提到他們在 2016 年能夠產生 1.8 億美元至 1.9 億美元的 EBITDAR），還是由於租賃調整方面有更好的信息（例如，這是在你們計算槓桿率的總調整債務時，除債務之外的額外費用）。

So it really is better information than it is a change in the actual way the methodology that we used in the calculation. And as I talked about in my comments, it kind of falls across a number of categories, including those items, and frankly, more cash.

所以，這實際上是提供了更好的信息，而不是改變了我們計算中使用的實際方法。正如我在評論中提到的，它涵蓋了多個類別，包括這些物品，坦白說，還有更多的現金。

So, all systems go with respect to share repurchase then, over the next even three months?

那麼，未來三個月內，股票回購計畫一切順利嗎？

Yes.

是的。

Okay. Very good, thank you.

好的。非常好，謝謝。

Felicia Hendrix, Barclays.

費利西亞·亨德里克斯，巴克萊銀行。

Thanks for taking my question. So, not to push, because I know you've all worked very hard, but it does look like you are well on your way to achieving your synergy goals. So wondering if there is any chance on surpassing those on the cost side? And I know it's early, but can you give us any color of maybe some early wins you might be having on the revenue side?

謝謝您回答我的問題。所以，我不想催促你們，因為我知道你們都非常努力，但看起來你們在實現協同目標的道路上進展順利。所以我想知道在成本方面有沒有可能超越它們？我知道現在還為時過早，但您能否透露一下您在收入方面取得的一些早期進展？

I think the $250 million that we've talked about G&A savings is still your -- the right target, and certainly the target we are managing against. That is not a conservative external target which looks different from the target that we've got internally.

我認為我們之前討論過的 2.5 億美元的 G&A 節省仍然是你們的目標——也是我們正在努力實現的目標。那不是一個保守的外在目標，它與我們內在的目標截然不同。

And so I would continue to look at that. To state the obvious, with eight days only of Starwood in Q3, I think it's difficult for you -- for us, let alone you, to conclude how much of that $250 million we've achieved so far. But we are getting underway. We are getting underway very quickly.

所以我會繼續關注這一點。顯而易見，由於第三季度只有八天的喜達屋活動，我認為你——更不用說我們——很難得出結論，我們迄今為止已經實現了 2.5 億美元的目標。但我們已經開始行動了。我們很快就要開始了。

And as you can tell from our preliminary comments, we are really trying to set up the organization as quickly as we possibly can. So that the change to people is behind us and so that people can be looking forward. And so we'll move at that.

從我們先前的發言中可以看出，我們正在盡最大努力盡快建立這個組織。這樣，人們的改變就過去了，人們可以展望未來了。所以我們就從這裡開始。

I think, just to state the obvious, 2017 will be a bit messy because we'll have transaction and transition costs that will help you understand as each quarter is reported. They are a bit difficult really, honestly, for us to predict by quarter at this point in time. But we remain optimistic by the time that we get towards sort of 12 months from closing, the lion's share of that $250 million, at least from a run rate basis, should have been achieved.

我認為，顯而易見的是，2017 年將會有點混亂，因為我們將面臨交易和過渡成本，這將有助於您了解每個季度的報告情況。說實話，目前我們很難按季度預測這些數字。但我們仍然樂觀地認為，到距離交易完成還有大約 12 個月的時候，至少從正常水平來看，2.5 億美元中的大部分應該已經實現。

We can't tell you sitting here today that we know for certain that every final dollar of that will be achieved by 12/31/17. I suspect there could be some areas where we are running duplicate systems or something else that creates some costs to slop into 2018, but we'll be very close. And to the extent we don't achieve the year-end, we'll, I think, get it fairly quickly in 2018.

我們今天坐在這裡無法向你們保證，我們確切地知道，到 2017 年 12 月 31 日，每一分錢都能到賬。我懷疑在某些領域，我們可能運行著重複的系統或其他一些會造成成本上升到 2018 年的情況，但我們會非常接近目標。如果年底前我們沒能實現目標，我認為我們會在 2018 年很快實現。

I think in terms of synergies for the hotels, both topline and bottom-line, we talked obviously about the loyalty program. I think the early response from our customers about linking those programs and matching status is very comforting. And that is exactly the kind of response we want, and expect will hopefully drive larger share of wallet for us with an even larger loyalty community. And obviously that's what we are focused on.

我認為就酒店的協同效應而言，無論是營收還是利潤，我們顯然都談到了忠誠度計劃。我認為客戶們對於將這些項目連結起來並匹配狀態的早期回饋非常令人欣慰。而這正是我們想要的回饋，我們期望這能為我們帶來更大的客戶份額，並建立更大的忠誠度社群。顯然，這就是我們關注的重點。

And then on the cost side, we obviously talked about procurement. We talked about OTA commissions. But we are looking at essentially every relationship that the two companies have, whether they be about cost of systems that are proprietary to us or third-party contracts that we are trying to make sure we deliver using the economies of scale that we've got, and think that we can deliver top and bottom-line improvements for our hotel owners in both portfolios.

然後，在成本方面，我們當然也談到了採購。我們討論了OTA佣金。但我們正在審視兩家公司之間的每一種關係，無論是我們專有系統的成本，還是我們正在努力確保利用規模經濟交付的第三方合同，我們都認為我們可以為我們兩個投資組合中的酒店業主帶來營收和利潤的提升。

Great. And then when you think about your unit growth going forward, and you gave us some -- I guess Leeny gave us some guidance or one of you did at the beginning of your prepared remarks -- I'm just wondering, are you seeing an invigorated interest in the Starwood brands? And as you now market a consolidated portfolio to your owner and developer base, I'm just wondering could there be upside to your unit growth forecast?

偉大的。然後，當您考慮未來的單位增長時，您也給了我們一些指導——我想Leeny或你們中的一位在準備好的發言開始時給了我們一些指導——我只是想知道，您是否看到人們對喜達屋品牌的興趣重新高漲？既然您現在向業主和開發商群體推銷的是整合後的投資組合，我只是想知道您的單元成長預測是否有上行空間？

Well, the openings obviously are overwhelmingly driven by deals that we've already signed. Maybe even --.

顯然，這些職缺絕大多數是由我們已經簽署的合約推動的。甚至可能——。

I guess I was talking more about your pipeline.

我其實更多的是在說你們的管道。

Yes. Pipeline will be interesting. I think we are very optimistic that brands like Aloft and Element -- which are very interesting from a customer perspective, and I think have been something that the franchisee community, particularly in the United States, has looked at and been interested in -- we have already seen that there is a strong appetite to grow those brands.

是的。管道工程將會很有意思。我認為我們對 Aloft 和 Element 等品牌非常樂觀——從顧客的角度來看，這些品牌非常有趣，而且我認為加盟商群體，特別是美國的加盟商群體，已經關注並對這些品牌很感興趣——我們已經看到，人們對發展這些品牌有著強烈的渴望。

I think Starwood saw that even before we closed the transaction with significant increase in the signings for those brands in the United States. And we'll focus on those, we'll continue to make sure that we refine them without changing the kind of customer idea that they've got. And we think we'll see growth of those brands accelerate quite significantly.

我認為喜達屋甚至在我們完成交易之前就看到了這一點，這些品牌在美國的簽約量大幅增加。我們會專注於這些方面，我們會繼續確保在不改變他們現有客戶理念的前提下，持續改善它們。我們認為這些品牌的成長速度將會顯著加快。

Great, helpful, thank you.

太好了，很有幫助，謝謝。

You bet.

當然。

Patrick Scholes, SunTrust.

Patrick Scholes，SunTrust銀行。

I'd like to dig in a little bit more into the fall-off of the group pace. Specifically, falling from 7% to 2%, what was it with the composition? Was it the occupancy or the rate or perhaps both that have really tailed off in there?

我想更深入地探討一下團隊速度下降的原因。具體來說，成分從 7% 下降到 2%，這是怎麼回事？是入住率還是房價，還是兩者都大幅下降了？

Well, one thing we should specify is we are comparing apples to oranges here just a little bit. The 7% is legacy Marriott; and 2% is the combined Company. And we probably should've helped you a little bit better with that, I suppose, in the release that we put out.

嗯，有一點要說明的是，我們在這裡其實是把蘋果和橘子做比較，只是稍微有點不恰當。其中 7% 為原萬豪集團所有；2% 為合併後的公司所有。我想，在我們發布的版本中，我們或許應該在這方面更好地幫助你。

I think if you look at simply legacy Marriott, it's more like a decline from 7% to 4%. Now that's still a decline and it's still a decline of 3 points, so, let's not use those statistics in a way that suggests your question isn't still relevant.

我認為，如果只看傳統的萬豪酒店，其市佔率更像是從 7% 下降到 4%。這仍然是下降趨勢，而且下降了 3 個百分點，所以，我們不要用這些統計數據來暗示你的問題已經不再相關。

I think the bulk of the impact is in volume. In other words, nights not rates. And it's simply this relative caution about near-term commitments. And again, it would simply be repeating what we said a few moments ago, but that is really mostly a corporate story, mostly sort of near-term caution that does not seem to be impacting the kind of commitments they make longer-term.

我認為主要影響體現在銷量上。換句話說，是晚數，不是價格。而這僅僅是出於對近期承諾的相對謹慎。再說一遍，這只是重複我們剛才說過的話，但這其實主要是一個企業故事，主要是一些短期謹慎的做法，似乎並沒有影響他們所做的長期承諾。

Okay. So, Starwood came in with a sort of a weaker growth rate versus your legacy. And I may have missed it. Did you give out statistics on 2018 for group pace at this point?

好的。所以，與貴公司的歷史相比，喜達屋的成長速度相對較慢。我可能錯過了。你們當時公佈了2018年小組賽配速的統計數據嗎？

All we said was that the bookings in Q3 for all future periods were up about 8% or 9% compared to what we booked in Q3 of 2015 for all future periods, which is positive. The 2018 numbers are up high-single digits for -- very high-single digits. I don't think they are quite 10%, but I think they are very close.

我們只是說，第三季所有未來時段的預訂量比 2015 年第三季所有未來時段的預訂量增長了約 8% 或 9%，這是一個積極的信號。2018 年的數字成長了接近兩位數——非常接近兩位數。我認為他們不到 10%，但應該非常接近了。

And Laura will keep me honest here and make sure that we know which portfolio we are talking about.

勞拉會讓我保持誠實，並確保我們知道我們討論的是哪個投資組合。

Legacy Marriott for 2018 is up about 9%.

2018 年萬豪酒店集團的房價上漲了約 9%。

Legacy Marriott.

萬豪酒店集團

Yes.

是的。

Okay, thank you. That's it.

好的，謝謝。就是這樣。

Shaun Kelley, Bank of America.

肖恩凱利，美國銀行。

Congratulations on the deal close. So my first question is on the fee growth that you guys experienced and the outlook for the fourth quarter. So, on a pro forma basis, you know I think the commentary was you are looking for 1% to 2% growth, which is probably a little lower than what we were looking for.

恭喜交易完成。所以我的第一個問題是關於你們的費用成長情況以及第四季的展望。所以，按預測來看，我認為你們的評論是希望實現 1% 到 2% 的成長，這可能比我們預期的要低一些。

Leeny, I know you broke out a few items that were headwinds in that number. But I was wondering, could you give us a little bit more clarity or quantification on some of those and specifically the reversal on the incentive management fees?

Leeny，我知道你剔除了一些對這個數字不利的因素。但我很想知道，您能否就其中一些問題，特別是激勵管理費的逆轉，提供更清晰的解釋或量化數據？

Yes, I think at this point, we wouldn't get into specific numbers, but I think you could see high-single-millions in terms of year-over-year in terms of the delta, in terms of what kind you are looking at across the board from the two companies having to suffer from everything from the Middle East to what was a change in FX and the impact of RevPAR going forward.

是的，我認為目前我們不宜討論具體數字，但就同比變化而言，我認為可能會達到數百萬美元，因為兩家公司都受到了中東局勢、匯率變化以及未來每間可供出租客房收入 (RevPAR) 的影響等各種因素的影響。

So I think it's overwhelmingly incentive fees. And base and franchise are going to look a lot more normal relative to the growth in units and the growth in RevPAR. There are a few contract changes here and there that could impact the difference between franchise and managed, per se, but overall, when you look at base and franchise, they are going to look very much in line with what goes on with RevPAR and unit growth. It's really incentive fees where you are going to see this combination of effects.

所以我認為絕大部分都是激勵費用。相對於單位數量成長和每間可供出租客房收入 (RevPAR) 成長而言，基礎飯店和加盟店的經營狀況將會更加正常。雖然合約中有些變化可能會影響特許經營和管理之間的差異，但總體而言，從基礎經營和特許經營的角度來看，它們與每間可供出租客房收入 (RevPAR) 和單元增長情況非常吻合。激勵費用才是真正會產生這種綜合影響的地方。

And the other thing -- again, year-over-year, when you kind of adjust and look for full-year, I think that is important to look at, because you've got some quarter-to-quarter variations that affect the -- when you look at the full-year 2016 to 2015 on a combined legacy basis, you'll get something that looks much more like the single -- mid-single digits, which you would expect overall from the portfolio, given the RevPAR and unit growth.

還有一點——同樣，同比來看，當你進行一些調整併查看全年數據時，我認為這很重要，因為季度之間的波動會影響——當你以合併的歷史數據為基礎查看 2016 年至 2015 年的全年數據時，你會得到一個更接近個位數（中等個位數）的數字，考慮到每間客房的預期收入組合

Okay, perfect. That's helpful. And then maybe we can take that forward as we think about next year and probably again thinking about the overall but maybe the IMF in particular. As you think about the RevPAR outlook that you provided, and I know you don't want to get into giving specific guidance this early on but just directionally, is it possible for IMF to be positive next year in an environment where RevPAR is only growing kind of with the outlook that you provided, 0 to 2%, and we are starting to see house profit margins probably peaking or starting to erode a little bit?

好的，完美。那很有幫助。然後，當我們考慮明年的時候，或許可以把這一點考慮進去，可能還會再次考慮整體情況，但也許會特別考慮國際貨幣基金組織。考慮到您提供的RevPAR展望，我知道您不想現在就給出具體指導，但就方向而言，在RevPAR僅按您提供的展望增長0%到2%的情況下，IMF明年是否有可能保持樂觀？而且我們開始看到酒店利潤率可能達到高峰或開始略有下降。

So a couple of comments. First of all, clearly next year, with the kind of RevPAR that we've outlined, we would be thrilled to end up with flat margins. We have done an incredible job with margins in the RevPAR environment that we've had this year. And perhaps, in some respects, you could argue that we've gotten margin that now we will be happy to keep in terms of the margin improvement.

有幾點要補充說明。首先，很明顯，明年按照我們預測的RevPAR（每間可供出租客房收入）水平，我們如果最終能實現持平的利潤率，就會非常高興了。在今年的RevPAR（每間可供出租客房收入）環境下，我們在利潤率方面做得非常出色。或許在某些方面，你可以說我們已經獲得了利潤率，就利潤率的提升而言，我們現在很樂意維持這種利潤率。

So, I think on that standpoint, I wouldn't look to see higher IMF as a result of any margin improvement with essentially what is a pretty low RevPAR environment. Now we would expect to have unit growth, and we expect to have unit growth internationally, which is going to obviously help our IMF, given the construct of our contracts there.

所以，我認為從這個角度來看，在RevPAR（每間可供出租客房收入）整體較低的環境下，利潤率的提高並不會導致IMF（國際貨幣基金組織）的上升。現在我們預期單位數量會成長，我們也預期國際單位數量會成長，鑑於我們與國際貨幣基金組織的合約結構，這顯然會對我們的國際貨幣基金組織有所幫助。

Where it is tough to predict is this issue of where. For example, when you look at the Middle East this particular quarter that we are looking at, in Q4, you clearly see the dramatic impact of lower RevPAR on our IMF as we go into Q4. So I think that's where we need to get into the details on our budgeting process to look at the trade-off between unit growth, internationally, as well as RevPAR as well as then the performance of specific markets and what happens to their IMF. So, it's possible but certainly too soon to tell at this point.

難以預測的是地點的問題。例如，當我們觀察中東地區本季（即第四季度）的情況時，可以清楚地看到，隨著我們進入第四季度，RevPAR 下降對我們的 IMF 產生了巨大的影響。所以我認為，我們需要深入了解預算流程的細節，看看國際單位成長、每間可供出租客房收入 (RevPAR) 以及特定市場的表現及其國際貨幣基金組織 (IMF) 的情況之間的權衡。所以，這並非不可能，但現在下結論還太早。

Shaun, you should also remember that for Marriott legacy in 2015, we earned about half of our incentive fees outside the US, but combined with Starwood now, we are probably at about two-thirds of our incentive fees come from outside the US. So we are a more international company than we were in the past.

肖恩，你也應該記住，2015 年萬豪集團的獎勵費用大約有一半來自美國以外，但現在加上喜達屋集團，我們大約三分之二的獎勵費用可能來自美國以外。所以，我們現在比過去更國際化了。

Excellent. Thank you both.

出色的。謝謝你們兩位。

Jeff Donnelly, Wells Fargo.

傑夫唐納利，富國銀行。

Just a first question for Leeny. I was just trying to get my arms around the prospect of any kind of significant investment you see in technology going forward. And now that you've had some time with Starwood systems, can you talk about where you are at with just integrating all the major technology systems? You know, reservations, accounting, and whatnot? So it's efficient for employees but also from a consumer -- a seamless consumer experience, whether it's mobile apps or the ability to do digital key and whatnot?

我先問Leeny一個問題。我只是想弄清楚未來科技領域任何形式的重大投資前景如何。現在您已經使用喜達屋的系統一段時間了，能否談談目前在整合所有主要技術系統方面進展如何？你知道，就是預約、會計之類的事情？因此，它對員工來說很高效，對消費者來說也是如此——無論是行動應用程式還是數位鑰匙等功能，都能提供無縫的消費者體驗？

Sure. You've definitely outlined our next 18 months. We are heavily involved in every single one of the systems that you described. I think kind of you can start at the easy place, which is thinking about the hotels and actually the way that they operate. And we are looking at putting them all onto the same back-office system that we have at the Marriott hotels. And that's a process that we'll be getting into absolutely as soon as we can.

當然。你確實為我們規劃了未來18個月的路線。我們深度參與了您所描述的每一個系統。我認為你可以從簡單的地方入手，那就是思考酒店以及它們的運作方式。我們正在考慮將它們全部整合到與萬豪酒店相同的後台管理系統中。我們將盡快著手進行這項工作。

As we look at the reservations and the loyalty platforms, clearly there is a massive amount of work to be done, and also, we need to take into consideration our relationships with our credit card and timeshare partners, and a lot of technology work in looking at what exactly it will take. So we can't give you a specific timeframe yet on the exact timing, but certainly moving in that direction.

當我們審視預訂和忠誠度平台時，顯然還有大量工作要做，此外，我們還需要考慮與信用卡和分時度假合作夥伴的關係，以及大量的技術工作，以了解究竟需要做些什麼。因此，我們目前還無法給出具體的時間表，但肯定會朝著這個方向努力。

And as far as the kind of the fundamental systems of everything from company payroll and the way the hotels work, we are moving. So that well into 2017, we will have everybody on the same system.

至於公司薪資發放和飯店營運等各個面向的基本系統，我們正在進行變革。因此，到 2017 年，我們將實現所有人都使用同一系統。

That's useful. And maybe for Arne, there's been no shortage of ink spilled about the need for 30-plus brands. And I think that question probably comes up just because of the subtlety of differences in pricing and positioning, and maybe with the argument that every brand adds some degree of marginal cost. I guess in that regard, can you maybe talk about the incremental cost of operating another brand? And is it your longer-term plan maybe to provide more differentiation between brands so that maybe that's less of a focus?

那很有用。或許對 Arne 來說，關於需要 30 多個品牌的討論早已汗牛充棟。我認為這個問題之所以會出現，可能是因為價格和定位上的差異很微妙，也可能是因為每個品牌都會增加一定程度的邊際成本。我想就此而言，您能否談談經營另一個品牌的額外成本？你們的長期計畫是不是要讓品牌之間有更大的差異化，進而減少對品牌差異化的關注？

Yes, I mean, we've said a couple of things here that are sort of obvious. I mean I think if we had not merged with Starwood, would we be trying to build 30 brands from scratch? I think the answer is probably not. At the same time, having done this deal, the 30 brands all exist. They all have substantial capital that has been invested in them, particularly by the hotel owners who have made deliberate bets about which flag they put on their hotels. And we don't have the power to, nor the desire to, try and convince them that those bets have not been good bets.

是的，我的意思是，我們在這裡說了一些顯而易見的事情。我的意思是，如果我們沒有與喜達屋合併，我們是否還要從零開始打造 30 個品牌呢？我認為答案很可能是否定的。同時，透過這項交易，這 30 個品牌都得以存在。他們都投入了大量資金，尤其是酒店老闆，他們經過深思熟慮，決定在酒店上掛哪一面旗幟。我們既沒有能力也沒有意願去說服他們，那些賭注並不是好的賭注。

I think the other thing that's really important to recognize here is we -- the biggest expense from a brand perspective in theory is about marketing brands. And obviously that's the most expensive when each brand has to be marketed on its own. And in that context, you would want as much definition as you could have between brands, and it would still be expensive to go out and market each one alone.

我認為這裡真正需要認識到的另一點是——從品牌角度來看，理論上最大的開支是品牌行銷。顯然，如果每個品牌都需要單獨進行市場推廣，那麼成本就會最高。在這種情況下，你會希望各個品牌之間盡可能地界限分明，但單獨對每個品牌進行市場推廣仍然會很昂貴。

I think in many respects, that's no longer our model, if it ever was. I think the principle model today is we go to market through our loyalty platform, through our dot-com site, through our app. And those things allow us to essentially market a portfolio, and offer through that portfolio an incredible range of choice to our customers, which drives actually conversion from looking to booking that much higher, and makes the economics of each brand better, not weaker.

我認為在很多方面，那已經不再是我們的模式了，即使它曾經是。我認為目前的主要模式是透過我們的會員平台、我們的網站和我們的應用程式進入市場。這些因素使我們能夠有效地推廣產品組合，並透過該產品組合為客戶提供令人難以置信的選擇範圍，從而顯著提高從瀏覽到預訂的轉換率，並使每個品牌的經濟效益更好，而不是更差。

And so you put all that together, and I think that's why we conclude that we are going to keep these brands and we're going to continue to grow them. I don't really think that there are material incremental costs to having a brand, given that that's the business model that we have.

因此，綜合以上所有因素，我認為這就是為什麼我們得出結論：我們將保留這些品牌，並將繼續發展它們。鑑於我們採用的是這種商業模式，我認為擁有一個品牌並不會帶來實質的額外成本。

Okay, great. Thank you.

好的，太好了。謝謝。

You bet.

當然。

Ryan Meliker, Canaccord Genuity.

Ryan Meliker，Canaccord Genuity。

Thanks for taking my question. I just wanted to follow-up a little bit about your outlook for 2017. You talked about corporate negotiated rates being up in the mid-single digits. Can you give us any color how those conversations are progressing with some of your biggest corporate clients? Do you expect volumes to tick up? How are they thinking about things? Obviously rate is a component, but you guys obviously want to try to lock in as much demand as possible as well?

謝謝您回答我的問題。我只是想稍微了解一下你對 2017 年的展望。您提到企業協商價格上漲了個位數中段。您能否透露一下與一些最大的企業客戶的洽談進度？你預計成交量會上升嗎？他們是怎麼想的？顯然，價格是一個因素，但你們顯然也想盡可能地鎖定需求？

Yes. I mean, we said in the prepared remarks that we would increase, we thought, the volume of special corporate business that we brought in, and at the same time, we said for like-for-like accounts, we should see mid-single-digit growth. I can't tell you -- I'm not sure we know yet what the average rate for the larger portfolio of special corporate compared to last year's special corporate volume will look like.

是的。我的意思是，我們在事先準備好的發言稿中說過，我們認為我們會增加我們引進的特殊企業業務量，同時，我們也說過，對於同類客戶，我們應該會看到中等個位數的增長。我無法告訴你——我還不確定我們是否已經知道，與去年的特殊企業貸款金額相比，規模更大的特殊企業貸款組合的平均利率會是多少。

In other words, the new clients we are adding at the same rates, are they at higher rates because they are smaller? Are they in different markets? All those things will have to be worked out.

換句話說，我們以相同的費率新增的客戶，由於規模較小，費率是否更高？它們面向不同的市場嗎？所有這些問題都必須解決。

We are still a bit early. We have generally made proposals to every one of our significant special corporate customers. And often, we've heard back from them. So we've got some to and fro. But by and large, those negotiations have not been completed. And we think it's based on the early data we've got that we talk about the mid-single-digit increase on like-for-like accounts.

我們現在還早了點。我們通常會向每位重要的特殊企業客戶提出方案。而且我們常常會收到他們的回覆。所以我們之間有一些來回溝通。但總的來說，這些談判尚未完成。我們認為，根據目前掌握的早期數據，我們可以說同店帳戶的成長幅度在個位數中段。

No, that's helpful. And then I guess -- and obviously I'm not asking you to negotiate on the air, I'm just curious -- as you guys are reaching out to some of your corporate clients, are you at a stage with RevPAR growth kind of in this low single-digit range to be willing to sacrifice rate for some type of volume guarantee?

不，這很有幫助。然後我想——顯然我不是要你們在節目中談判，我只是好奇——當你們聯繫一些企業客戶時，你們的RevPAR增長是否處於個位數低位，以至於你們願意為了某種銷量保證而犧牲價格？

Well, let me answer it this way maybe, which I think can give you some comfort. While RevPAR growth rates have declined a bit obviously, the occupancies of our hotels remain very high, particularly on nights and in markets where business travel is significant. So, if you look not at full week occupancy but you look at Monday, Tuesday, Wednesday, Thursday nights, we are running chockablock. And that means even in a 0% to 2% RevPAR environment, we are not without some position in discussions with our customers to make sure that we are being fairly compensated for that occupancy, which is in relatively short supply.

或許我可以這樣回答，這樣可以讓你感到些許安慰。雖然每間可供出租客房收入 (RevPAR) 的成長率明顯下降，但我們飯店的入住率仍然很高，尤其是在商務旅行較多的夜晚和市場。所以，如果你不看整週的入住率，而是看週一、週二、週三、週四晚上的入住率，我們會發現我們客滿了。這意味著即使在 0% 到 2% 的 RevPAR 環境下，我們仍然會在與客戶的討論中佔據一定的立場，以確保我們能夠從相對稀缺的入住率中獲得公平的補償。

Okay, that's really helpful. Thank you. And then just kind of one last thing that's a little bit bigger picture. Anything over the past 10 months that you learned associated with the Starwood transaction that you think will help you guys going forward that you didn't know going in?

好的，這真的很有幫助。謝謝。最後，還有一件更宏觀的事情要說。在過去 10 個月中，您在與喜達屋交易相關的過程中，有沒有了解到一些您認為對您未來發展有幫助，而這是您之前不知道的資訊？

(laughter) The -- there is -- I'm sure we could put down a long, long list of things. But I -- let's keep it maybe a little bit in general. And maybe we could even back up a little bit. When we were in the summertime with significant news about whether we'd get approval and how long it was taking, one of the New York tabloids ran a story suggesting that we had buyer's remorse and maybe didn't really want to close the deal.

（笑聲）這——確實——我相信我們可以列出一長串清單。但是——我們還是盡量保持這種風格吧。或許我們還可以稍微倒退一下。夏天的時候，我們收到了關於能否獲得批准以及需要多長時間才能獲得批准的重要消息，紐約的一家小報刊登了一篇報道，暗示我們可能後悔了，也許根本不想完成這筆交易。

That story had zero factual support. Absolutely zero factual support. We never lost any enthusiasm for completing this transaction. And now six weeks from close, seven weeks from close, I guess this Friday, we are enthusiastic as ever. And I think when you look at the report that we issued last night we've been talking about this morning, what we see is a combined Company with leverage levels already back to the levels that we target long-term, with an enormous ability to produce cash. And we'll be back in the market with that cash buying back our stock.

那個說法沒有任何事實根據。完全沒有任何事實根據。我們始終沒有失去完成這筆交易的熱情。現在距離截止日期還有六週，七週，我想應該是這個週五，我們依然熱情不減。我認為，當你查看我們昨晚發布的報告（也就是我們今天早上一直在討論的報告）時，你會發現合併後的公司槓桿水平已經恢復到我們長期目標水平，並且擁有巨大的現金產生能力。我們將用這筆現金重返市場，回購我們的股票。

But we also see, when we look at the third-quarter EPS growth results -- and that's legacy Marriott, because that's the only sort of apples to apples comparison we can do -- but you are in a high-teens percentage growth year-over-year. And we think the model is working extraordinarily well.

但當我們查看第三季 EPS 成長結果時——這是萬豪酒店集團的傳統業績，因為這是我們唯一能進行的同類比較——可以看到，同比增長率達到了 10% 以上。我們認為這種模式運作得非常好。

We think the strength of the Starwood brands and the Starwood loyalty program have continued to impress us. And we should see that that development engine and the share of wallet we are enjoying from our customers should continue to expand. So we're -- we are very pumped up and eager to go.

我們認為喜達屋旗下品牌的實力和喜達屋忠誠度計畫一直給我們留下了深刻的印象。我們應該看到，這種發展動力以及我們從客戶那裡獲得的錢包份額將繼續擴大。所以我們——我們都非常興奮，迫不及待地想要出發。

All right. Thanks a lot for the color, Arne.

好的。非常感謝你提供的顏色，Arne。

Thomas Allen, Morgan Stanley.

Thomas Allen，摩根士丹利。

I'm just following up on those previous comments about buyback. Can you just set some level of kind of market expectations for the level of buybacks in the fourth quarter? Thanks.

我只是在回應之前關於回購的評論。能否大致說明市場對第四季股票回購規模的預期？謝謝。

Oh, sure. I would -- something in the couple-hundred-million-dollars ballpark is not an unreasonable area of expectation.

哦，當然。我認為——幾億美元左右的預算並不算過分。

Okay, helpful. Thank you. Then just a bigger picture question. You know, you still have -- you have the Starwood assets you are looking to sell. Can you just talk about your view on the current state of that transaction market? Thanks.

好的，很有幫助。謝謝。那麼，就讓我們從更宏觀的角度來看這個問題吧。你知道，你仍然擁有——你仍然擁有你想要出售的喜達屋資產。您能否談談您對當前交易市場狀況的看法？謝謝。

Sure. As Arne talked about in his comments, clearly there is some -- just in general, overall in the transaction market, there is some concern about the slow pace of economic growth. However, I think at the end of the day, what we see is that for brands that are very strong and in markets where there is demonstrated performance, that deals can absolutely continue to be done.

當然。正如 Arne 在他的評論中提到的那樣，顯然，總體而言，交易市場對經濟成長緩慢感到擔憂。不過，我認為歸根究底，我們看到的是，對於那些實力雄厚且在市場中業績卓著的品牌來說，交易絕對可以繼續進行。

And so from that perspective, as I described, we've got, call it, 70% of the assets in the US, and I would expect those to be sold relatively sooner than necessarily the ones in Latin America. And that for, in general for those hotels, that they are strong assets, and we are already engaged in discussions on a number of them and seeing good strong interest.

因此，從我剛剛​​描述的角度來看，我們在美國擁有大約 70% 的資產，我預計這些資產的出售速度會比拉丁美洲的資產更快。總的來說，這些酒店都是優質資產，我們已經就其中一些酒店展開了洽談，並看到了良好的市場興趣。

Great, thank you.

太好了，謝謝。

David Katz, Telsey Group.

David Katz，Telsey集團。

Congratulations on your closing. And I -- as you know, I'm an avid reader of the tabloids. (laughter) I did want to just follow up on Harry's issue from earlier. As I look at what the debt balances are -- and I know, Leeny, you'd made some comments about what the debt balances were that you assumed at the closing.

恭喜您順利完成交易。而我——如你所知，我是小報的忠實讀者。（笑聲）我只是想跟進哈利之前提出的問題。當我查看債務餘額時——我知道，Leeny，你曾就你在交割時承擔的債務餘額發表過一些評論。

And then if I just really from a high-level, look at the debt balances and cash that you give us relative to the leverage comment, I will admit I'm finding a bit of a disconnect. How much debt did Starwood pay down, I suppose is really the question? How much debt did you actually assume from them? And I would imagine all of this will be ironed out when a Q gets filed?

然後，如果我只是從宏觀層面來看，看看你提供的債務餘額和現金與槓桿率之間的關係，我承認我發現這有點脫節。我想，真正的問題應該是喜達屋究竟償還了多少債務？你實際上承擔了他們多少債務？我想所有這些問題都會在提交 Q 表格後解決吧？

Right. So you will see the Q tomorrow and it will be a little bit easier to take you through it in the detail. But just in broad terms, they did pay down roughly $800 million in debt prior to the transaction closing. So, when you look at what we described, we've got basically the $8.8 million of debt -- $8.8 billion of debt that we've got at the end of Q3. And we've also got the $1.1 billion of cash. Okay?

正確的。所以你明天就會看到 Q，到時候我會更容易詳細地向你講解。但總的來說，在交易完成之前，他們確實償還了約 8 億美元的債務。所以，當你看到我們所描述的情況時，我們基本上有 880 萬美元的債務——截至第三季末，我們的債務總額為 88 億美元。我們還有11億美元的現金。好的？

So kind of in and of itself, you've got the scenario that we are in a better situation relative to the debt than we had expected prior. I think the other thing I would point out is that earlier, when we were looking, we had less comfort about knowing the details around their cash globally.

所以就目前的情況來看，我們目前的債務狀況比之前預期的還要好。我想指出的另一點是，早些時候，當我們考察他們時，我們對他們全球現金流的細節了解得不夠清楚。

And as a result of doing the entity restructuring that I described earlier, we are comfortable that we are going to be able to use all of the debt balance -- all of the cash balances that we don't need to run our business to repay debt and use for general corporate purposes over the near-term. And I think that probably, when you compare to where we were a number of months ago, we were, at the margin, a bit more cautious about knowing the details about what we would be able to do from a cash perspective.

透過我之前描述的實體重組，我們有信心能夠利用所有債務餘額——所有我們不需要用於經營業務的現金餘額——在短期內償還債務並用於一般公司用途。而且我認為，與幾個月前的情況相比，我們當時在現金方面，對於能夠採取哪些具體措施，可能更加謹慎。

Right. Is there some meaningful adjustment in there for bank purposes with respect to the leverage? In other words, if Starwood has a capital lease, is that something that gets added back or deducted from your debt balance? Or is there any meaningful chunk in there we should consider?

正確的。就銀行的槓桿率而言，其中是否存在一些有意義的調整？換句話說，如果喜達屋酒店集團有融資租賃，那麼這部分費用是應該加回還是從你的債務餘額中扣除呢？或者說，其中是否存在著我們應該重點考慮的重要部分？

Right. There's kind of a classic calculation where you take an NPV of the lease payments. And that again, we've got more refined information on knowing what their required lease payments are over the next number of years, as compared to what we knew six months ago. And there again, I think we benefited a bit from being more conservative in our estimation about the length, the size, the nature of some of those leases where we got some benefit probably not -- certainly not a whole 10th of, you know, 10 basis points, but certainly some benefit there.

正確的。有一種比較經典的計算方法，就是計算租賃付款的淨現值 (NPV)。而且，與六個月前相比，我們現在掌握了更精確的信息，可以知道他們在未來幾年內需要支付多少租金。再一次，我認為我們在估計某些租賃的期限、規模和性質時採取了更保守的做法，我們從中受益匪淺。雖然可能沒有獲得十分之一的收益（你知道，10 個基點），但肯定有一些收益。

I think the three biggest ones, as we've described before, the three biggest changes to the 40 basis point improvement was, as we described, just more cash overall, being able to feel comfortable about our access to that cash; the level of EBITDAR, which is refined for both their higher owned/lease performance; and frankly, the combination of the two Companies' combined performance on the latest trailing 12 months. And then the third, that you were able to look at the actual amounts of cash that you have on-hand.

我認為，正如我們之前描述的那樣，這 40 個基點改善的三大主要變化是：現金總量增加，讓我們對獲取現金感到放心；EBITDAR 水平提高，這得益於其更高的自有/租賃業績；坦率地說，還有兩家公司最近 12 個月的綜合業績。第三，你可以查看你手邊實際擁有的現金金額。

Got it. Okay. Thanks for your answers. I appreciate it. Good luck.

知道了。好的。謝謝你們的回答。謝謝。祝你好運。

Sure.

當然。

Bill Crow, Raymond James.

比爾·克勞，雷蒙德·詹姆斯。

Congratulations on the transaction. Arne, with the deal done but obviously you've got your hands full on the integration, but are you able to look at other industry issues like short-term cancellations, and start to dedicate more resources? Or is that just too risky to the new combined loyalty program?

恭喜交易成功。Arne，交易已經完成，但顯然你現在正忙於整合工作，你能不能也關註一下其他行業問題，比如短期取消訂單，並開始投入更多資源？或者說，這對新的綜合會員計畫來說風險太大了？

Well, we talked about this just a little bit in response to one of the other questions that came in. And I don't want to go further than we're prepared to go, but I think the general point here is that the transaction was attractive to us, compelling to us in significant part because of what we think we can do with the loyalty programs.

嗯，我們在回答另一個問題時稍微談到了這一點。我不想說得比我們準備的還要多，但我認為關鍵在於，這筆交易對我們來說很有吸引力，很大程度上是因為我們認為我們可以透過忠誠度計劃做些什麼。

And those loyalty programs, managed well, should allow us to drive that much more of our business directly from our most loyal members, which is the cheapest business for us to book because it comes and books to us directly. And to -- you don't do that just by being nice and good-looking. You've got to do that by delivering real value to those customers, because they are not going to be loyal to us unless it's in their interest to be loyal.

如果管理得當，這些會員忠誠度計劃應該能夠讓我們直接從最忠實的會員那裡獲得更多業務，而這對我們來說是預訂成本最低的業務，因為客戶會直接來找我們預訂。而且──光靠人好、長得好看是做不到的。你必須透過為客戶創造真正的價值來做到這一點，因為除非忠誠符合他們的利益，否則他們不會對我們保持忠誠。

And so we are working through those things. They include significant work-around systems and the like that we use to have our relationship with them, but also how do we continue to make sure we are delivering value to them? And so, free Wi-Fi and member rates, and Mobile Check-in and keyless entry, and points, these are already things which are really available to our loyalty members but not to other customers.

所以我們正在努力解決這些問題。其中包括我們用來與他們建立關係的各種重要變通方法等等，但我們該如何繼續確保為他們創造價值？因此，免費 Wi-Fi、會員價、手機辦理入住、免鑰匙進入和積分，這些都只是我們忠誠會員可以享受的福利，其他顧客無法享受。

And we'll continue to make sure that we are managing that in a way that hopefully will give us good protection against whatever sort of either threatening intermediaries or newfangled ideas that come out that are seeking to upend that relationship.

我們將繼續確保我們以一種能夠有效保護我們免受任何威脅性中間人或試圖顛覆這種關係的新奇想法影響的方式來管理它。

All right. And the follow-up, Arne, as you look at your franchise applications and you kind of use all your years in the industry as a guide, what do you think -- what year do you think US supply growth peaks the cycle?

好的。後續問題，Arne，當你審視你的特許經營申請，並以你多年從業經驗為指導時，你認為——你認為美國供應增長會在哪一年達到週期的頂峰？

Oh, that's a good question. I haven't thought precisely about that question. Obviously, a big part of it depends on what happens to GDP growth. So if GDP bumps along at 1%-ish in the US for the next year or two, I suspect we'll see more hotels open than are signed to the pipeline for the industry. Obviously the trick here is for a company like ours to do better than the industry does and we'll continue to be focused on that.

哦，問得好。我還沒有仔細考慮過這個問題。顯然，很大程度上取決於GDP成長情況。因此，如果未來一兩年美國 GDP 以 1% 左右的速度緩慢增長，我估計我們會看到開業的酒店數量超過該行業已簽約的酒店數量。顯然，像我們這樣的公司要做得比行業平均更好，關鍵就在於此，我們將繼續專注於此。

But I think in that kind of operating environment, we'll probably see most of the hotels that are in the pipeline in the industry open ultimately, but the pipeline shrink in its entirety, which I would guess would mean that 2018 maybe is peak in the US. Obviously, if you've got a stronger GDP environment than that, more projects will be started. And at some point, you'll hit a place where the total pipeline sort of stays at the same kind of level or conceivably could grow, in which case peak supply growth could be later than that.

但我認為在這種經營環境下，我們最終可能會看到業內大部分正在籌建的酒店開業，但整個籌建項目會減少，我猜測這意味著 2018 年可能是美國酒店的高峰。顯然，如果GDP環境比這更好，就會有更多專案啟動。在某種程度上，你會遇到這樣的情況：整個供應鏈保持在同一水平，或者可能會成長，在這種情況下，供應成長高峰可能會晚於此。

All right, thank you. That's it.

好的，謝謝。就是這樣。

Take that for what it is, which is an off-the-cuff answer.

這只是個即興回答，僅供參考。

Rich Hightower, Evercore ISI.

Rich Hightower，Evercore ISI。

Just a quick follow-up on the loyalty program question, as a lot of my questions have already been answered. Now that you've gotten some time to take a look at some of the details within Starwood's loyalty program and unpack some of the differences in how they see the world and see customer value, and all those sorts of things, where -- if you had to pick two or three places in that context, where do you see the most opportunity to maximize the economics of the combined program eventually?

關於會員計畫的問題，我再補充一點，因為我的許多問題都已經得到了解答。現在您已經花了一些時間了解喜達屋忠誠度計劃的一些細節，並分析了他們看待世界和看待客戶價值等方面的差異，那麼，如果您必須在這種背景下選擇兩到三個地方，您認為最終在哪裡最有機會最大限度地提高合併計劃的經濟效益？

Yes, and I'm not sure if this is exactly what you are getting at, but one obvious place where we think we have upside in terms of share of wallet -- let's use a loyal SPG member, maybe an elite member, who far too often in the past would find themselves in markets in which Starwood had no product. Think about particularly markets in which select serve hotels are much more prominent than full-service hotels.

是的，我不確定這是否正是您所想的，但我們認為在錢包份額方面有明顯優勢的一個地方是——讓我們以忠誠的 SPG 會員，也許是精英會員為例，他們過去常常發現自己身處喜達屋沒有產品的市場。想想那些精選服務酒店比全服務酒店更為普遍的市場。

Starwood had obviously some Four Points, a few Alofts and precious few Elements, but you compare the number of those three brands that Starwood had across the United States with what Marriott had in Courtyard and SpringHill Suites and Residence Inn and Fairfield and the like, and there are thousands more places for those customers to stay with us, now broadly defined as the new Marriott. And as a consequence, we should drive more share.

喜達屋顯然擁有一些福朋喜來登酒店、一些雅樂軒酒店和極少數的源宿酒店，但如果你把喜達屋在美國擁有的這三個品牌的數量與萬豪酒店在美國擁有的萬怡酒店、春丘套房酒店、Residence Inn酒店、費爾菲爾德酒店等品牌的數量進行比較，你會發現，我們（現在廣義上被定義為新的顧客提供了許多住宿。因此，我們應該能夠獲得更大的市場份額。

And with that greater distribution, the loyalty program itself becomes more powerful. Obviously one of the things that customers look for is, all right, what are the benefits I get in terms of suite upgrades or bonus points or access to lounges or other things? But also, can I stay within that network regularly when I travel, so that I can earn the kind of status and earn the number of points that I need in order to really get the free vacations or to get the other things that I want to get with those points?

隨著覆蓋範圍的擴大，會員忠誠度計畫本身也會變得更加有效。顯然，顧客會考慮的問題之一是，我能獲得哪些好處，例如套房升級、獎勵積分、貴賓休息室使用權或其他好處？另外，我旅行時能否經常使用這個網絡，以便獲得所需的會員等級和積分，從而真正獲得免費假期或用這些積分兌換我想要的其他東西？

And so, the breadth of distribution by itself is going to be hugely powerful in driving this. And then we've got to make sure that we are again continuing to deliver the right kind of value to the customers.

因此，分銷通路的廣度本身將對推動這一趨勢起到巨大的作用。然後，我們必須確保繼續為客戶提供合適的價值。

Right. That's very helpful. I mean, is there anything in terms of the sort of the representative level of generosity of the rewards, any of the program that you think is an opportunity or a deficiency versus prior or anything like that?

正確的。那很有幫助。我的意思是，就獎勵的慷慨程度而言，你認為該計劃有哪些方面是優勢還是不足，與以前相比如何？

Oh, there are dozens of differences between the programs. And it's -- it would be dangerous to focus on any one. But I'll give you one little -- one other little peek under the hood. When we announced the deal in November of 2015, because Marriott was the acquirer, SPG members particularly were a bit nervous about, okay, what is Marriott going to do to the benefits that we like?

哦，這兩個程式之間有幾十處不同。而且──把注意力集中在任何一個方面都是危險的。但我還可以再透露一點——一點點幕後資訊。2015 年 11 月我們宣布這筆交易時，由於萬豪是收購方，SPG 會員尤其感到緊張，萬豪會對我們喜歡的福利做什麼？

And we of course tried to be reassuring in the words that we used. In a cynical era, I think people are not inclined necessarily to believe everything that's said. And so one of the things we did was with the Marriott reward program in second quarter, if I remember right, we started doing suite upgrades and late checkout. And that was actually a powerful communication to the SPG members that, oh, actually Marriott is paying attention to what Starwood has provided for some period of time.

當然，我們也盡量用言語來安撫對方。在一個充滿懷疑的時代，我認為人們可能不會相信所有所說的話。因此，我們採取的措施之一，就是在第二季度，透過萬豪獎勵計劃，如果我沒記錯的話，我們開始提供套房升等和延遲退房服務。這實際上向SPG會員傳遞了一個強有力的信息，那就是萬豪酒店集團確實在關注喜達屋酒店集團一段時間以來所做的工作。

And that's a reassuring sign. But we will look at suite upgrades and redemption rules and all these other aspects over the course of the next few years, and try and do right by our customers and obviously do right by the program

這是一個令人安心的跡象。但在接下來的幾年裡，我們會仔細審視套房升等、兌換規則以及其他所有相關方面，努力為客戶提供最佳服務，當然，也要確保計畫的順利進行。

All right. Thank you.

好的。謝謝。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Just one from me just regarding the third-quarter result. So in the North American limited service side of things, the performance for both legacy Marriott and legacy Starwood -- and actually the industry, from what we've seen from SDR -- was a little weaker than expected, yet we continue to hear that the corporate leisure customer is strong. So could you just kind of help us flush out some of the underperformance in the quarter?

我只想就第三季業績提一點意見。因此，就北美有限服務酒店而言，無論是傳統的萬豪酒店還是傳統的喜達屋酒店，實際上整個行業（從SDR的數據來看）的表現都比預期稍弱，但我們仍然聽到企業休閒客戶的需求強勁。那麼，您能否幫我們分析一下本季業績不佳的原因呢？

Yes, I think the -- it's interesting -- if you look at our schedules, you see a bit of a difference between the managed portfolio and the franchise portfolio too. But if you look at the portfolio as a whole, the full-service hotels get disproportionate benefit from group business, and group business is a stronger than corporate transient, particularly today.

是的，我覺得——這很有意思——如果你看一下我們的日程安排，你會發現託管投資組合和特許經營投資組合之間也存在一些差異。但從整體上看，全服務酒店從團體業務中獲得了不成比例的收益，而且團體業務比企業散客業務更強勁，尤其是在今天。

The managed select service portfolio also skews -- not as much as the full-service hotels but skews a little bit more towards group than the franchised select service portfolio does. And so that's helpful too.

託管精選服務酒店組合也存在偏差——雖然不如全服務酒店那麼明顯，但比特許經營精選服務酒店組合更偏向集團酒店。所以這也有幫助。

And I think the third thing is around geographic distribution. So when you look at select service, when you look at the franchise portfolio, when you look at a lot of the industry data, select service hotels can skew more towards oil and gas markets. Think about markets that nobody's ever heard of before a couple of years ago like Williston, North Dakota and environs where you've got all this oil work that's happening up there, select service hotels exploded onto the scene -- there's not a single full-service hotel in the whole area basically.

我認為第三點是關於地理分佈的。因此，當你查看精選服務酒店、查看特許經營組合、查看許多行業數據時，你會發現精選服務酒店可能更傾向於石油和天然氣市場。想想幾年前像北達科他州威利斯頓及其周邊地區這樣無人知曉的市場，那裡石油開採活動猖獗，精選服務酒店如雨後春筍般湧現——基本上整個地區沒有一家全方位服務酒店。

And, it's maybe a little less dramatic in markets like Houston. But you look across Texas, you look across many of these markets, and you will see that those hotels are competing in, on average, tougher markets, again without the benefit of group. And that would be the bulk of the explanation.

而且，在休士頓這樣的市場，這種情況可能沒那麼嚴重。但放眼整個德州，放眼這些市場，你會發現這些飯店平均而言都在競爭更加激烈的市場中競爭，而且它們也沒有集團的支持。這就是大部分的解釋。

Okay, thanks, Arne.

好的，謝謝你，阿恩。

You bet.

當然。

David Beckel, Bernstein Research.

大衛貝克爾，伯恩斯坦研究中心。

Hey, thanks for the question. Good morning. I had a quick question about Starwood's pipeline actually. I know there is a like-for-like comparison issue here, but it does appear that the pipeline may have stalled out a bit this quarter. I was wondering if there's anything idiosyncratic at play there worth pointing out?

嘿，謝謝你的提問。早安.我其實有個關於喜達屋酒店集團發展規劃的小問題。我知道這裡有直接比較的問題，但看起來本季產品線可能有點停滯不前了。我想知道這裡面有沒有什麼值得指出的特殊之處？

Yes -- no, there's really not. So a couple of comments overall. Always looking quarter to quarter can make for some interesting comparisons because a lot can go on one to the other. So I think you will find, in general, year-over-year, you will find some really strong growth across both portfolios, and perhaps in some respects, a better measure of how they are doing.

是——不，其實並沒有。總的來說，有幾點要說。按季度進行比較可以得出一些有趣的結論，因為許多因素都會影響到另一個季度。因此，我認為你會發現，總體而言，與去年相比，這兩個投資組合都實現了非常強勁的成長，而且在某些方面，這或許能更好地衡量它們的表現。

At the same time, clearly when we look at it, we are trying to make sure that we are taking into consideration exactly what is going on with either delayed deals or deals that are falling off. And so from that standpoint, we've kind of trued it up. I think you'll find it's such a small difference when you look at kind of how the two companies put their pipelines together that it's not anything particularly meaningful.

同時，很明顯，當我們審視這個問題時，我們試圖確保我們能夠準確地考慮到交易延遲或交易失敗的具體情況。因此，從這個角度來看，我們已經對其進行了修正。我認為，當你仔細觀察這兩家公司如何建立他們的管道系統時，你會發現它們之間的差異非常小，所以這沒有什麼特別重要的意義。

We are excited about the kind of the level of interest. We've done a bunch of deals, even since we've closed on the transaction, and look forward to continuing to watch it grow.

我們對大家表現出的這種關注度感到非常興奮。自從交易完成以來，我們已經達成了很多交易，並期待繼續見證它的發展壯大。

That's really helpful, thanks. And just a quick follow-up on net room growth expectations for next year. I know you've mentioned in the past that you do expect to prune -- I don't know if that's the right word -- certain Sheraton properties that might have been underperforming in the past. Is that reflected within your forward room guidance? Thanks.

這真的很有幫助，謝謝。最後，我想快速跟進一下明年客房淨成長預期。我知道您過去曾提到過，您打算精簡——我不知道用這個詞是否合適——某些過去業績不佳的喜來登酒店。這一點是否體現在您的前艙指導中？謝謝。

Our best guess is 6% net growth next year. And that's net of the best information we have on deletions as well.

我們預計明年淨成長率將達到 6%。而且這還是在排除了我們掌握的關於刪除操作的最佳資訊之後的結果。

Perfect, thank you.

太好了，謝謝。

You bet.

當然。

Jared Shojaian, Wolfe Research.

Jared Shojaian，Wolfe Research。

Thanks for taking my question. Can you help me think about the P&L impact that is lost from selling $1.5 billion in assets? So I guess this year, I think you are doing around $620 million of gross income on the owned/leased line. What does that look like after $1.5 billion in asset sales?

謝謝您回答我的問題。可以幫我分析一下出售15億美元資產會對損益表造成哪些影響嗎？所以我想今年你們自有/租賃線路的總收入應該在 6.2 億美元左右。在出售價值 15 億美元的資產之後，情況會變成什麼樣子？

Are you talking on the revenue line or on the owned/leased net line?

您指的是收入線還是自有/租賃淨值線？

The owned/leased net line.

自有/租賃淨線。

Okay. You know at this point, we are really not in a position to kind of get super detailed. I think the easiest way to describe it is what we talked about from an EBITDA perspective, which is the $180 million to $190 million of EBITDA associated with Starwood's owned hotels.

好的。你知道，在目前這個階段，我們真的不方便討論得非常詳細。我認為最簡單的描述方式就是我們從 EBITDA 的角度來討論，也就是喜達屋旗下酒店相關的 1.8 億美元至 1.9 億美元的 EBITDA。

You know we also did talk about the fact that our depreciation and amortization estimates associated with the purchase of Starwood have declined relative to the earlier description. And part of that -- I'd say roughly half of that was associated with moving several of those hotels into the assets held for sale category, which is again going to impact D&A, but is not going to impact the owned hotels net.

你知道，我們也討論過，與收購喜達屋相關的折舊和攤銷估計值相對於先前的描述有所下降。其中一部分——我認為大約一半——與將其中幾家酒店轉移到待售資產類別有關，這將再次影響折舊和攤銷，但不會影響自有酒店的淨值。

So, specific numbers we'll be able to talk more about in February. I think for now, the EBITDA is probably the easier way to think about it. Obviously, when we sell these hotels, we'll end up with a great stream of management fees in managing the hotels. So it's one thing to keep in mind is that, although there is EBITDA that goes to the buyer of these assets, we're going to continue to have a great stream of earnings from them.

所以，具體數字我們將在二月詳細討論。我認為就目前而言，用 EBITDA 來衡量可能會更容易。顯然，當我們出售這些酒店時，我們將獲得大量的酒店管理費收入。因此，需要記住的一點是，雖然這些資產的買方會獲得 EBITDA，但我們將繼續從中獲得可觀的收益。

Just let me add one thing to this. It will vary a little bit by market around the world. Obviously the US assets are easiest to predict, but we've got some owned assets in other markets around the world.

我還要補充一點。世界各地不同市場的具體情況會略有差異。顯然，美國資產最容易預測，但我們在世界其他市場也擁有一些資產。

On average, though, you would expect that the sales prices we receive should be at least at the EBITDA level, if not higher, that the Company is trading at. And so the transaction should be accretive from an EBITDA perspective. And when you look at it from an earnings perspective, after depreciation associated with owned hotels, they should be significantly accretive from an earnings perspective.

但平均而言，我們預期我們收到的銷售價格至少應該達到公司目前的 EBITDA 水平，甚至更高。因此，從 EBITDA 的角度來看，這筆交易應該會帶來收益成長。從獲利角度來看，扣除自有飯店的折舊後，它們應該能顯著提高獲利。

Now again, that's on average. We are not saying necessarily that in a higher cap rate market where the risk profile is actually quite different, that we will necessarily always get proceeds which are higher than our EBITDA multiple. But I think generally across the average, we should see that this is accretive to the P&L and the balance sheet of the Company.

當然，這只是平均水平。我們並不是說，在資本化率較高的市場中（風險狀況其實截然不同），我們一定總是能獲得高於 EBITDA 倍數的收益。但我認為總體而言，平均而言，我們應該會看到這有利於公司的損益表和資產負債表。

Okay, thank you. And then, Arne, I just want to go back to your loyalty comments. Because Hyatt said last week that they have effectively converted 30,000 SPG members over to their loyalty program. And I know that's a small number in the grand scheme of things, but have you seen any tangible evidence of SPG members leaving presumably out of fear of just their points being diluted?

好的，謝謝。然後，阿恩，我只想回到你關於忠誠的那番話。因為凱悅酒店上週表示，他們已經成功地將 30,000 名 SPG 會員轉入了他們的會員忠誠計劃。我知道從整體來看這只是很小的一部分，但是你有沒有看到任何確鑿的證據表明，SPG成員因為害怕自己的積分被稀釋而離開？

I don't think that's what they said. I think what they said last week was that they had offered to match elite status to 30,000 SPG or SPG and Marriott reward members. That doesn't mean they've converted them to be loyal to that company. Those folks are undoubtedly still members of our program and we're not giving up on them.

我覺得他們沒這麼說。我認為他們上週表示，他們已提出為 30,000 名 SPG 或 SPG 和萬豪禮賞會員匹配精英會員資格。但這並不代表他們已經成功地讓這些人忠於那家公司。這些人無疑仍然是我們計畫的成員，我們不會放棄他們。

Okay, thank you.

好的，謝謝。

You bet.

當然。

Your last question comes from the line of Joe Greff.

你最後一個問題出自喬·格雷夫之口。

Hey, guys, good morning.

嘿，各位，早安。

Hey, Joe. What did we do to you to get you last in line?

嘿，喬。我們到底對你做了什麼，讓你排在最後？

I don't know. I was going to ask you the same question. I could have voted four times. (laughter) Just with regard to your comments on 2017 with the 6% net room growth, given your comments about certain delays today -- and I think you also mentioned it anecdotally the last quarter -- is that rooms growth disproportionately weighted to the second half of the year?

我不知道。我正想問你同樣的問題。我本來可以投四票的。（笑聲）關於您提到的 2017 年 6% 的淨客房增長，考慮到您今天提到的某些延誤——而且我認為您在上個季度也曾非正式地提到過——客房增長是否不成比例地集中在下半年？

And then, when we look at sort of your totality of comments today and think about next year, and we look at fee growth, are we looking at fee growth that may be the best case scenario or the most optimistic scenario is that fee growth approximates net unit growth? Or do you think we can get fee growth in excess of net rooms growth?

然後，當我們回顧您今天的所有發言，展望明年，並考慮費用增長時，我們看到的費用增長是否在最佳情況或最樂觀的情況下，接近淨單位增長？或者您認為我們可以實現費用成長超過淨客房成長？

Well, okay, so I think on both of those questions we should start by warning you we don't have a budget for next year. So we do have, in this headquarters building someplace I'm sure, a detailed schedule of when we think hotels are going to open. But we're not rolling that out necessarily in a way that's very digestible by quarter.

好的，關於這兩個問題，我想我們首先要提醒您，我們明年還沒有預算。所以我相信，在我們總部大樓的某個地方，肯定有詳細的酒店開業時間表。但我們可能不會以每季都易於消化的方式推出這項計畫。

Having said that, I would think to the earlier question about when supply growth will peak. I suspect we are continuing to see, on average, that we are opening more next year than this year, and we're probably opening more in 2018 than in 2017, which would suggest that there will be some backend skewing to next year. I don't think it will be profound, though.

話雖如此，我想回到之前關於供應成長何時達到高峰的問題。我懷疑我們將繼續看到，平均而言，明年我們開設的店鋪數量將比今年多，而且 2018 年我們開設的店鋪數量可能比 2017 年多，這表明明年可能會出現一些後端增長放緩的情況。不過，我覺得它不會有什麼深遠的影響。

Obviously we've opened a lot of hotels this year. We've missed a little bit this year and those are slipping into 2017, but they will be in early 2017. And so I think the year as a whole should be fairly robust in terms of its openings. But again, I'd suspect fourth quarter will have more than the first quarter did, simply because we continue to ramp.

顯然，我們今年新開了不少酒店。今年我們錯過了一些事情，這些事情將推遲到 2017 年，但會在 2017 年初完成。因此，我認為今年整體而言，新片上映情況應該會相當不錯。但我再次懷疑，第四季度的產量會超過第一季度，原因很簡單，因為我們仍在擴大產量。

On fee growth, obviously the two biggest inputs to the year-over-year fee growth is unit growth and RevPAR. And with 6% unit growth and 0% to 2% RevPAR growth, both can drive an increase in the topline, although it's obvious that the rooms growth will drive more topline growth in the rev growth unless we are wildly conservative in that 0% to 2% number.

就費用增長而言，顯然影響年度費用增長的兩大因素是單位數量增長和每間可供出租客房收入 (RevPAR)。6% 的單元成長和 0% 到 2% 的 RevPAR 成長，兩者都能推動營收成長，儘管很明顯，除非我們對 0% 到 2% 這個數字過於保守，否則客房成長將推動營收成長的更多成長。

The next piece of that is what happens with incentive fees? And I think there you end up in a 0% to 2% market with the real need to say, okay, what's happening in the high incentive fee markets for the Company, like New York, like Washington, like London and other markets around the world? And until we do the budgets, that's going to be a hard thing to give you much guidance on.

接下來要討論的是激勵費用的處理方式？我認為最終你會進入一個 0% 到 2% 的市場，而真正需要思考的是，對於公司而言，像紐約、華盛頓、倫敦以及世界其他高激勵費用市場的情況如何？在預算編製完成之前，很難就此給你太多指導。

Thank you.

謝謝。

You bet. Okay, I think we have exhausted all of you, but we thank you very much for your keen attention this morning. We wish you all again a happy election day. Get out and vote, and then get on the road and come stay with us. Thank you.

當然。好了，我想我們已經讓大家筋疲力盡了，但我們非常感謝大家今天早上的認真聆聽。再次祝大家選舉日快樂。去投票，然後出發來我們住一段時間。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。