萬豪國際 (MAR) 2017 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Marriott International's Second Quarter 2017 Earnings Call. (Operator Instructions) I would now like to turn the conference over to Mr. Arne Sorenson, President and Chief Executive Officer. Please go ahead, sir.

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2017年第二季財報電話會議。（操作說明）現在我將會議交給總裁兼執行長阿恩·索倫森先生。請繼續，先生。

Welcome to our Second Quarter 2017 Earnings Conference Call. 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.

歡迎參加我們2017年第二季財報電話會議。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。

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. Forward-looking statements in the press release that we issued today, along with our comments, are effective only today and will not be updated as actual events unfold.

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表達或暗示的結果有重大差異。我們今天發布的新聞稿中的前瞻性聲明以及我們的評論僅在今天有效，不會隨著實際情況的發展而更新。

In our discussion today, we will talk about results, excluding merger-related costs, and we'll compare 2017 results to prior year combined results, which assume Marriott's acquisition of Starwood, and Starwood's sale of its timeshare business were completed on January 1, 2015. Of course, comparisons to our prior year reported results are in today's press release, which you can find along with a reconciliation of non-GAAP financial measures referred to in our remarks on our website at www.marriott.com/investor.

在今天的討論中，我們將討論業績，不包括與合併相關的成本，並將 2017 年的業績與上一年的合併業績進行比較，假設萬豪收購喜達屋以及喜達屋出售其分時度假業務已於 2015 年 1 月 1 日完成。當然，與我們上一年公佈的業績進行比較，請參閱今天的新聞稿，您可以在我們的網站 www.marriott.com/investor 上找到該新聞稿以及我們在聲明中提到的非 GAAP 財務指標的調節表。

So let's get started. We appreciate you joining us at this late hour. Travel schedules made it difficult to hold this call at our normal 10 a.m. time slot. In fact, today, we are here in Shanghai at the new stunning W Hotel, having just announced an exciting joint venture agreement with Alibaba.

那麼，我們就開始吧。感謝您在這麼晚的時間加入我們。由於行程安排，我們很難在通常的上午 10 點舉行這次電話會議。時間段。事實上，今天我們來到了上海，來到了令人驚豔的全新 W 酒店，並剛剛宣布與阿里巴巴達成一項激動人心的合資協議。

Larger than Amazon in terms of active users, Alibaba has over 500 million active users on their e-commerce platform, giving them tremendous reach to Chinese consumers. Alibaba's online shopping platform, known as Taobao or Tmall, makes products available through general sites and storefronts that list the products or services for sale by category and brand.

阿里巴巴的活躍用戶數量超過亞馬遜，其電子商務平台擁有超過 5 億活躍用戶，使其能夠觸及中國消費者。阿里巴巴旗下的線上購物平台，即淘寶或天貓，透過綜合網站和商店按類別和品牌列出待售產品或服務，從而提供產品。

The Tmall travel site called Fliggy hosts over 10,000 travel merchants, offering everything from hotels and visa applications to airline services and vacation packages. We are impressed by the power of the Alibaba platform. Through a targeted marketing program late last year with Alibaba, we signed up 600,000 new Marriott loyalty members in just 8 weeks.

天貓旗下的旅遊網站飛豬擁有超過 10,000 家旅遊商家，提供從酒店和簽名申請到航空服務和度假套餐等各種服務。我們對阿里巴巴平台的強大實力印象深刻。去年底，我們透過與阿里巴巴合作的定向行銷活動，在短短 8 週內就新增了 60 萬萬豪忠誠度會員。

Drawing on resources from both Marriott and Alibaba, the joint venture will create a new Marriott booking portal on Fliggy, with enhanced functionality, enabling Marriott to benefit from the broad reach and efficiency of Alibaba's digital Chinese language platform. The joint venture will manage Marriott's storefront, market directly to Alibaba's customer base, leverage Alibaba's IT and marketing infrastructure and provide a link between Marriott's loyalty programs and Alibaba's loyalty program.

該合資企業將利用萬豪和阿里巴巴雙方的資源，在飛豬平台上創建一個功能更強大的全新萬豪預訂門戶網站，使萬豪能夠受益於阿里巴巴旗下中文數位平台的廣泛覆蓋面和高效運作。合資企業將管理萬豪的門市，直接面向阿里巴巴的客戶群進行行銷，利用阿里巴巴的IT和行銷基礎設施，並在萬豪的忠誠度計劃和阿里巴巴的忠誠度計劃之間建立聯繫。

The Marriott storefront on Fliggy will offer Marriott member rates and the opportunity to earn loyalty points for Marriott Rewards, Ritz-Carlton Rewards and SPG members. The joint venture should enhance our service for Chinese guests when they arrive on property by enabling Alibaba's digital payment system, Alipay, at key properties worldwide across our portfolio.

位於 Fliggy 的萬豪酒店門市將提供萬豪會員價格，並為萬豪禮賞、麗思卡爾頓禮賞和 SPG 會員提供賺取忠誠積分的機會。合資企業將透過在我們旗下全球主要飯店啟用阿里巴巴的數位支付系統支付寶，提升我們為中國客人提供的服務。

We also expect to broaden our offerings of guest amenities and services appealing to Chinese travelers to more hotels. We believe this relationship with Alibaba will enhance the appeal of our products to Chinese guests, further increase Chinese membership in Marriott Rewards, Ritz-Carlton Rewards and SPG and make travel easier. With the joint venture, hotel owners should see both an increase in bookings from Chinese travelers as well as a lower cost for these reservations.

我們也計劃擴大針對中國遊客的賓客設施和服務範圍，並將這些設施和服務推廣到更多飯店。我們相信，與阿里巴巴的合作關係將增強我們產品對中國顧客的吸引力，進一步增加萬豪禮賞、麗思卡爾頓禮賞和SPG的中國會員數量，並使旅行更加便捷。透過合資企業，飯店業主應該會看到來自中國遊客的預訂量增加，以及這些預訂的成本降低。

Five years ago, we held our security analyst meeting here in China and talked about the tremendous opportunity this country offers. At that time, we noted that China was the third largest source market for outbound travel, behind the U.S. and Germany. Today, China is the largest source market for outbound travel.

五年前，我們在中國召開了安全分析師會議，討論了這個國家所蘊含的巨大機會。當時，我們注意到中國是繼美國和德國之後，全球第三大出境旅遊客源市場。如今，中國是出境旅遊最大的客源市場。

At Davos this year, Chinese President Xi Jinping forecasted that Chinese tourists will make 700 million overseas visits in the coming 5 years. Not only large and growing, Chinese outbound travel is also maturing. Visa processes have improved at major destinations to facilitate travel, and most outbound Chinese travelers are now traveling on their own rather than in a tour group. Fliggy and Marriott will help these travelers find products that are tailored to their interests and offer a seamless travel experience.

今年在達沃斯，中國國家主席習近平預測，未來5年中國遊客將出境旅遊7億人次。中國出境旅遊不僅規模龐大且不斷成長，而且日趨成熟。為了方便旅行，主要目的地的簽證流程已經改進，現在大多數中國出境遊客都是獨自旅行而不是參加旅行團。Fliggy 和 Marriott 將協助這些旅客找到符合他們興趣的產品，並提供無縫的旅遊體驗。

We've opened a dozen hotels in China year-to-date, and today, we have over 500 hotels and 170,000 hotel rooms opened or under development in China. In fact, today, China represents 8% of our worldwide rooms and 17% of our worldwide rooms pipeline. Here in Shanghai alone, we already have 52 hotels opened or in the pipeline. As we've grown our presence outside North America, we have increasingly tailored our hotel designs and service offerings to local consumers and owners and embraced technology to enhance the guest experience. This joint venture will further both of these goals by dramatically enhancing our online presence and linking it more closely with the Marriott on-property experience, in Chinese, for the Chinese traveler.

今年以來，我們在中國開設了十幾家酒店，如今，我們在中國已開設或正在開發的酒店超過 500 家，酒店客房超過 17 萬間。事實上，目前中國市場占我們全球客房總數的 8%，占我們全球客房籌建專案的 17%。光是在上海，我們就已經擁有52家已開業或正在籌建的酒店。隨著我們在北美以外地區的業務不斷拓展，我們越來越注重根據當地消費者和業主的需求調整飯店設計和服務，並積極運用科技來提升賓客體驗。這項合資企業將透過大幅提升我們的線上影響力，並將其與萬豪酒店內部體驗更緊密地聯繫起來，從而進一步實現這兩個目標，為中國旅行者提供中文服務。

While we are here in China to announce the joint venture with Alibaba, we are with you today to talk about earnings. Results in the second quarter were very strong here in the Asia-Pacific region. Constant dollar system-wide RevPAR rose nearly 7%, exceeding our expectations. Comparable hotel RevPAR in Greater China increased more than 8%, driven by broad-based strong performance across Mainland China, particularly in cities such as Tianjin, Guangzhou, Sanya, Shenzhen and many markets throughout Western China. Food and beverage revenue in China increased 3%. In the second quarter, China represented roughly 6% of our worldwide fees.

雖然我們此次來中國是為了宣布與阿里巴巴成立合資企業，但今天我們來這裡是為了和大家談談獲利狀況。第二季亞太地區的業績非常強勁。以不變美元計算，系統整體RevPAR成長近7%，超乎我們的預期。大中華區同店每間可供出租客房收入成長超過 8%，這主要得益於中國大陸整體強勁的市場表現，尤其是在天津、廣州、三亞、深圳等城市以及中國西部許多市場。中國食品飲料收入成長3%。第二季度，中國約占我們全球手續費的 6%。

RevPAR in India increased 10% with solid domestic and international demand, while Japan's RevPAR rose 5%, benefiting from strong leisure travel during the cherry blossom season. We expect third and fourth quarter RevPAR in the Asia-Pacific region to increase at a mid-single-digit rate with some upside potential.

印度的每間可供出租客房收入 (RevPAR) 增長了 10%，這得益於強勁的國內和國際需求；而日本的每間可供出租客房收入 (RevPAR) 增長了 5%，這得益於櫻花季期間強勁的休閒旅遊。我們預計亞太地區第三季和第四季每間可供出租客房收入 (RevPAR) 將以中位數個位數的速度成長，並具有一定的成長潛力。

Now over to Europe. Our Europe hotels are benefiting from improving economic growth and greater U.S. demand, driven by the stronger dollar. As a result, Europe's RevPAR rose 7% on strong transient performance in the second quarter. Constant dollar system-wide RevPAR in the U.K. increased 8%, with London up 12%. RevPAR in Spain also increased 12%, as the economy has rebounded and U.S. demand has increased.

現在把鏡頭轉向歐洲。由於經濟成長改善和美元走強帶來的美國需求增加，我們的歐洲酒店正從中受益。因此，由於第二季臨時房源表現強勁，歐洲的每間可供出租客房收入 (RevPAR) 成長了 7%。英國以固定美元計算的系統平均每間可供出租客房收入 (RevPAR) 成長了 8%，其中倫敦成長了 12%。西班牙的每間可供出租客房收入（RevPAR）也增加了 12%，因為經濟已經復甦，美國的需求也增加。

RevPAR in Europe exceeded our expectations, as many markets bounced back from recent terrorism events faster than expected. For the third and fourth quarters, we expect RevPAR in Europe to increase at a mid-single-digit rate, also with upside potential.

歐洲的每間可供出租客房收入 (RevPAR) 超出了我們的預期，因為許多市場從最近的恐怖襲擊事件中恢復的速度比預期要快。我們預計第三季和第四季歐洲的每間可供出租客房收入 (RevPAR) 將以中位數個位數的速度成長，並且還有成長潛力。

System-wide constant dollar RevPAR in the Caribbean and Latin America increased 4%, with continued strength in Mexico, which was up 10%. Our resorts in the Caribbean increased RevPAR modestly as travelers returned to the region for the Easter holiday and Zika concerns continued to abate.

加勒比海和拉丁美洲的系統性固定美元RevPAR成長了4%，其中墨西哥持續保持強勁勢頭，成長了10%。隨著復活節假期遊客重返加勒比地區，以及寨卡病毒疫情的擔憂持續緩解，我們在加勒比地區的度假村每間可供出租客房收入（RevPAR）略有增長。

RevPAR in South America declined 2% on weak economic trends. For the third and fourth quarter, we expect RevPAR in the CALA region will increase at a low single-digit rate, constrained by weakness in the Brazilian economy and tough comparisons to last year's Olympics.

受疲軟的經濟情勢影響，南美洲的每間可供出租客房收入下降了2%。我們預計，第三季度和第四季度，CALA 地區的每間可供出租客房收入 (RevPAR) 將以較低的個位數速度增長，受到巴西經濟疲軟以及與去年奧運會相比的嚴峻形勢的限制。

RevPAR rose 2% in the Middle East and Africa, reflecting strong results in South Africa, but flat RevPAR growth in the Middle East. Sanctions on Qatar have reduced travel into and out of that country. Weak oil prices and lower government spending in several countries in the Middle East have also contributed to a bearish travel sentiment in the region. We are modeling a low single-digit RevPAR decline in MEA in the third and fourth quarter.

中東和非洲的每間可供出租客房收入 (RevPAR) 成長了 2%，其中南非市場表現強勁，但中東地區的 RevPAR 成長停滯。對卡達的製裁減少了進出該國的旅行。中東一些國家的油價疲軟和政府支出減少也導致了該地區旅遊市場情緒低迷。我們預計第三季和第四季中東和非洲地區的每間可供出租客房收入（RevPAR）將出現個位數百分比的下降。

In North America, first quarter system-wide comparable hotel RevPAR increased 3.1%. In the second quarter, RevPAR rose 0.9% on strong leisure demand, in line with our expectations. Our RevPAR guidance for the third quarter is flattish, and we expect the fourth quarter will be up 1% to 3%. While these growth rates seem to vary considerably, they are less volatile than they appear.

在北美，第一季系統內飯店可比RevPAR成長了3.1%。第二季度，受強勁的休閒需求推動，每間可供出租客房收入成長0.9%，符合我們的預期。我們對第三季的每間可供出租客房收入 (RevPAR) 預期基本持平，預計第四季將成長 1% 至 3%。雖然這些成長率看​​起來差異很大，但它們的波動性遠小於表面看起來的那麼大。

Excluding the impact of the Washington inauguration in January and the shifting Easter holidays, we estimate RevPAR in both first and second quarter increase roughly 1% to 2%. And excluding the impact of the shift in Jewish holidays and the DNC and RNC conventions last year, we believe RevPAR in both the third and fourth quarter will also increase 1% to 2%. We would characterize this guidance as steady as she goes. With this steady outlook for North America, we expect worldwide RevPAR will increase 1% to 2% in the third quarter and 1% to 3% for the fourth quarter and full year 2017.

排除 1 月華盛頓就職典禮和復活節假期變更的影響，我們估計第一季和第二季的每間可供出租客房收入 (RevPAR) 將增加約 1% 至 2%。撇開猶太節日的更迭以及去年民主黨全國代表大會和共和黨全國代表大會的影響不談，我們認為第三季度和第四季度的每間可供出租客房收入（RevPAR）也將增長 1% 至 2%。我們會把這種指導形容為「一如既往地穩健」。鑑於北美市場前景穩定，我們預計 2017 年第三季全球每間可供出租客房收入 (RevPAR) 將成長 1% 至 2%，第四季和全年將成長 1% 至 3%。

Our development organization continues to fire on all cylinders. We expect to grow our system-wide rooms by 6% net this year. Our pipeline reached a record 440,000 rooms this quarter, which implies embedded growth of 36% of our current system size. In the second quarter alone, we added 36,000 signed or approved rooms to the pipeline. 1/3 of these new room signings and approvals were legacy Starwood brands and 55% were outside North America.

我們的研發部門持續有效率運作。我們預計今年全系統客房數量將淨增加 6%。本季我們的專案儲備達到創紀錄的 44 萬間客房，這意味著我們現有系統規模的 36% 將實現嵌入式成長。光是第二季度，我們就新增了 36,000 間已簽約或已核准的客房。在這些新簽約和批准的客房中，有 1/3 是喜達屋集團的傳統品牌，55% 位於北美以外地區。

Today, we have the largest share of luxury hotels in the world, with 426 luxury properties and 113,000 luxury rooms worldwide. Upon completion, our pipeline of luxury hotels should add another 200 hotels and nearly 50,000 rooms. That is over 40% growth implicit in the pipeline.

如今，我們在全球擁有最多的豪華飯店，旗下擁有 426 間豪華飯店和 113,000 間豪華客房。工程完成後，我們的豪華飯店專案將新增 200 間飯店和近 5 萬間客房。這意味著產品線中隱含了超過 40% 的成長。

Our brands are strong and continue to be preferred by developers and lenders alike. Based on STR industry pipeline, 1 in 3 hotels under construction in the U.S. will fly one of our flags. And worldwide, 1 in 4 hotels currently under construction will open under one of our brands. We are very optimistic about the long term. RevPAR is increasing in most markets around the world, and our impressive rooms growth will continue to build economic scale and consumer preference for our brands. Our integration of Starwood is on track. While there's much yet to do, guest and owner feedback has been positive.

我們的品牌實力雄厚，持續受到開發商和貸款機構的青睞。根據短租酒店業的規劃，美國在建酒店中，每3家就有1家將掛上我們的旗幟。目前在全球範圍內，正在建設的酒店中，有四分之一將以我們的品牌之一開業。我們對長期前景非常樂觀。全球大多數市場的每間可供出租客房收入 (RevPAR) 都在成長，我們令人矚目的客房成長將繼續擴大經濟規模，並提升消費者對我們品牌的偏好。我們對喜達屋的整合工作進展順利。雖然還有很多工作要做，但客人和業主的回饋都很正面。

I've said it before but it bears repeating, I'm incredibly proud of the many people working on this integration, and they have my sincere thanks. We relish the opportunity to demonstrate to guests, owners and you, what we can accomplish all 30 of our terrific brands.

我以前說過，但值得再次強調，我為參與這項整合工作的眾多人員感到無比自豪，並向他們致以衷心的感謝。我們非常樂意向賓客、業主和您展示我們旗下 30 個優秀品牌所能取得的成就。

Now for more about the quarter, here's our CFO, Leeny Oberg.

接下來，讓我們聽聽財務長 Leeny Oberg 的更多介紹。

Thank you, Arne. For the second quarter of 2017, adjusted diluted earnings per share totaled $1.13, $0.12 ahead of the midpoint of our guidance of $0.99 to $1.03. Fee revenue contributed $0.04 to the outperformance, with about $0.02 due to better-than-expected property performance driving incentive fees, and $0.02 due to better-than-expected relicensing and branding fees.

謝謝你，阿恩。2017 年第二季度，經調整後的稀釋每股收益總計 1.13 美元，比我們先前預測的 0.99 美元至 1.03 美元的中點高出 0.12 美元。費用收入為業績超額貢獻了 0.04 美元，其中約 0.02 美元是由於物業業績好於預期，從而帶動了激勵費用，另外 0.02 美元是由於重新許可和品牌推廣費用好於預期。

Results of our owned, leased and other lines outperformed by $0.02, largely due to a business interruption settlement, termination fees and better overall results. Depreciation and amortization was about $0.02 unfavorable to our expectations due to fine-tuning of purchase accounting associated with the acquisition. We expect to finish purchase accounting adjustments affecting D&A in the third quarter.

我們自有、租賃和其他線路的業績比預期高出 0.02 美元，這主要是由於業務中斷賠償、終止費用和整體業績的改善。由於與收購相關的購買會計處理需要微調，折舊和攤提費用比我們的預期低了約 0.02 美元。我們預計將在第三季完成影響折舊和攤提的採購會計調整。

On the gain line, we recognized about $0.04 associated with the sale of the Charlotte City Center Marriott. Finally, taxes were about $0.04 favorable to expectations, reflecting a favorable tax settlement and greater tax benefits related to stock compensation.

在收益方面，我們確認了與出售夏洛特市中心萬豪酒店相關的約 0.04 美元收益。最後，稅收比預期有利約 0.04 美元，這反映了有利的稅收結算以及與股票補償相關的更大稅收優惠。

Compared to the prior year, total fee revenue totaled $849 million, 8% over prior year combined amount. Base fees increased 1%, driven by unit growth and RevPAR improvement, offset somewhat by negative foreign exchange impact. Franchise fees increased 12% in the quarter, reflecting a 7% increase in franchise rooms year-over-year and growth in non-property fees. These non-property fees include application fees, relicensing fees and fees from our timeshare, credit card and residential businesses, which together totaled over $105 million in the quarter, 23% higher than combined results in the prior year. Relicensing and branding fees were particularly strong.

與前一年相比，總費用收入達 8.49 億美元，比上年同期總額成長 8%。基本費用增加了 1%，主要得益於單位數量增長和每間可供出租客房收入 (RevPAR) 的提高，但部分被不利的匯率影響所抵消。本季度特許經營費增長了 12%，反映出特許經營客房數量同比增長 7% 以及非物業費用的增長。這些非房產費用包括申請費、重新許可費以及我們分時度假、信用卡和住宅業務的費用，這些費用在本季度總計超過 1.05 億美元，比上一年的綜合業績高出 23%。重新授權費和品牌推廣費尤其強勁。

Incentive fees increased 9% year-over-year, largely due to strong managed full-service hotel RevPAR in Europe and Asia, solid RevPAR improvement among managed hotels in North America and good margin performance around the world. Global house profit margins at company-operated hotels improved 50 basis points during the quarter.

激勵費用年增 9%，主要原因是歐洲和亞洲的託管全服務酒店 RevPAR 強勁增長，北美託管酒店的 RevPAR 穩步提升，以及全球良好的利潤表現。本季公司自營飯店的全球飯店利潤率提高了 50 個基點。

While most of the improved margins were associated with RevPAR improvements in international markets, hotels also benefited from synergies associated with the Starwood acquisition, including OTA and procurement savings, revenue management improvement, benchmarking initiatives, savings on maintenance agreement, insurance savings and lower loyalty costs. These property synergy savings could further improve in 2018.

雖然大部分利潤率的提高與國際市場的每間可供出租客房收入 (RevPAR) 的提高有關，但酒店也受益於喜達屋收購帶來的協同效應，包括在線旅行社 (OTA) 和採購方面的節省、收益管理方面的改進、基準測試計劃、維護協議方面的節省、保險方面的節省以及忠誠度成本的降低。這些物業協同效應帶來的節省在 2018 年可能會進一步提高。

Global incentive fees exceeded our expectations by $10 million in the quarter, largely due to better-than-expected managed hotel performance in North America, Europe and Asia. For the third quarter, we expect total fees will increase 5% to 7% on strong unit growth with flattish incentive fees. For the full year, we continue to believe incentive fees will increase at a mid-single-digit rate.

本季全球激勵費用超出預期 1,000 萬美元，主要原因是北美、歐洲和亞洲的託管飯店業績優於預期。第三季度，我們預計總費用將成長 5% 至 7%，這主要得益於強勁的單位成長和相對穩定的激勵費用。我們仍然認為，全年激勵費用將以中等個位數的速度成長。

Owned, leased and other revenue, net of expenses, totaled $102 million in the second quarter compared to $115 million in the prior year. We saw stronger year-over-year operating performance from hotels in Anaheim, Hawaii, Tokyo and Toronto as well as a business interruption settlement.

第二季自有、租賃及其他收入（扣除支出後）總計 1.02 億美元，而去年同期為 1.15 億美元。我們看到，阿納海姆、夏威夷、東京和多倫多的飯店營運業績年增，此外還獲得了一筆業務中斷賠償。

Profits in the 2016 second quarter included $18 million from 7 hotels that have since been sold. Owned, leased and other revenue, net of expenses, was $12 million better than expected due to the $5 million business interruption settlement, higher-than-expected termination fees and better-than-expected results.

2016 年第二季的利潤包括 7 家酒店帶來的 1800 萬美元，但這些酒店後來已被出售。扣除支出後，自有、租賃和其他收入比預期高出 1,200 萬美元，這得益於 500 萬美元的業務中斷賠償、高於預期的終止費以及高於預期的業績。

In the third quarter, we expect owned, leased and other revenue, net of expenses, will total roughly $75 million compared to $116 million in the prior year. Our owned hotels in Rio have a particularly tough year-over-year comparison for the third quarter, given last year's Olympics. Profits in the 2016 third quarter included $15 million from hotels that have since been sold. Our guidance for owned and leased hotels assumes no further asset sales this year.

第三季度，我們預計自有資產、租賃資產和其他資產的收入（扣除支出後）總計約為 7,500 萬美元，而去年同期為 1.16 億美元。鑑於去年的奧運會，我們在裡約的自有酒店第三季度的同比業績比較尤為艱難。2016 年第三季的利潤包括已售出飯店的 1,500 萬美元。我們對自有和租賃酒店的業績預期是基於今年不會再進行資產出售的假設。

For the full year, we expect net owned, leased results will total approximately $355 million compared to $426 million in 2016. The full year comparison to last year's combined results includes $45 million negative impact from asset sales completed since the beginning of 2016 as well as lower hotel results in Rio and New York, and fewer termination fees.

我們預計全年淨自有租賃業績總額約為 3.55 億美元，而 2016 年為 4.26 億美元。與去年同期業績相比，全年業績包括自 2016 年初以來完成的資產出售帶來的 4,500 萬美元負面影響，以及裡約熱內盧和紐約酒店業績下降和終止費減少。

Adjusted general and administrative expenses totaled $226 million, a $21 million decline from the prior year, reflecting continued cost reductions as the integration continues. We expect G&A will total $215 million to $220 million in the third quarter and $880 million to $890 million for the full year, consistent with prior guidance. We continue to expect to achieve our annualized $250 million in cost synergies by the second half of 2018, including achieving over $200 million in savings in 2017.

經調整的一般及行政費用總計 2.26 億美元，比前一年減少了 2,100 萬美元，反映出隨著整合的持續，成本持續下降。我們預計第三季一般及行政費用總額為 2.15 億美元至 2.2 億美元，全年為 8.8 億美元至 8.9 億美元，與先前的預期一致。我們仍期望在 2018 年下半年實現 2.5 億美元的年度成本綜效，其中包括在 2017 年實現超過 2 億美元的節省。

In the second quarter, adjusted EBITDA increased 8% over combined adjusted EBITDA in the prior year. Adjusted EBITDA in the second quarter 2016 included $18 million from owned assets that have since been sold. We expect adjusted EBITDA will total $770 million to $790 million in the third quarter of 2017. The third quarter of 2016 included $15 million in EBITDA related to assets that have since been sold.

第二季度，調整後 EBITDA 比去年同期調整後 EBITDA 成長了 8%。2016 年第二季調整後的 EBITDA 包括來自已售出自有資產的 1,800 萬美元。我們預計 2017 年第三季調整後 EBITDA 總額將達到 7.7 億美元至 7.9 億美元。2016 年第三季包含 1500 萬美元的 EBITDA，該 EBITDA 與後來出售的資產有關。

For the full year, we expect EBITDA to total $3.131 billion to $3.201 billion. Full year comparisons to last year's EBITDA includes roughly $40 million negative impact from sold hotels, including lower profits on the owned, leased line and higher related results on the fee line.

我們預計全年 EBITDA 總額為 31.31 億美元至 32.01 億美元。與去年相比，全年 EBITDA 的比較包括出售酒店帶來的約 4000 萬美元的負面影響，其中包括自有租賃業務利潤下降以及收費業務相關收益增加。

Adjusted diluted EPS in 2017 should total $4.06 to $4.18, an increase of 23% to 27% over prior year combined results. 2017 investment spending could total $500 million to $700 million, including about $175 million in maintenance spending. This includes the very modest amount we are investing for a minority interest in the joint venture that we announced today.

2017 年調整後的稀釋每股盈餘應為 4.06 美元至 4.18 美元，比上年同期合併業績成長 23% 至 27%。2017 年的投資支出總額可能達到 5 億至 7 億美元，其中包括約 1.75 億美元的維護支出。這包括我們為獲得今天宣布的合資企業的少數股權而投入的非常有限的資金。

We have already recycled roughly $800 million of assets since closing the Starwood acquisition, including the sale of the Charlotte Marriott City Center for roughly $170 million, and receipt of a $60 million loan repayment last week. And we anticipate recycling another $700 million by year-end 2018, although no asset sales beyond those completed are included in our earnings or share repurchase guidance.

自從完成對喜達屋的收購以來，我們已經回收了約 8 億美元的資產，其中包括以約 1.7 億美元的價格出售夏洛特萬豪城市中心酒店，以及上週收到的 6000 萬美元貸款償還款。我們預計到 2018 年底將再回收 7 億美元，儘管已完成的資產出售以外的任何資產出售均未計入我們的收益或股票回購預期。

With our success in asset recycling, we've returned considerable sum to shareholders. Since the closing of the Starwood acquisition, we've returned over $2.2 billion to shareholders through dividends and share repurchases. Through last week, we've repurchased nearly 16 million shares for approximately $1.5 billion thus far this year.

憑藉我們在資產回收方面的成功，我們已向股東返還了相當可觀的資金。自從完成對喜達屋的收購以來，我們已透過股利和股票回購向股東返還了超過 22 億美元。截至上週，我們今年迄今已回購近 1,600 萬股股票，總價值約 15 億美元。

Excluding the impact of future asset sales, we anticipate returning over $2.5 billion to shareholders through share repurchases and dividends for the full year 2017. This is higher than our expectations from 6 months ago due to stronger-than-expected EBITDA and asset sales.

不計未來資產出售的影響，我們預計 2017 年全年將透過股票回購和分紅向股東返還超過 25 億美元。由於 EBITDA 和資產出售超出預期，因此高於我們 6 個月前的預期。

We appreciate your interest in Marriott and we know the hour is late. So we'll limit the call to 1 hour, but Laura and Betsy will be available to take your questions afterwards. They are here in Shanghai, so please send an e-mail and they'll call you back. (Operator Instructions) We'll take your questions now.

感謝您對萬豪酒店的關注，我們也知道現在時間已經很晚了。因此，我們將通話時間限制在 1 小時以內，但勞拉和貝齊之後會回答您的問題。他們現在在上海，請寄電子郵件給他們，他們會回電給您。（操作說明）現在開始回答您的問題。

(Operator Instructions) Your first question comes from Robin Farley of UBS.

（操作員說明）您的第一個問題來自瑞銀集團的 Robin Farley。

I don't know if it's -- this is something you've looked at, but can you tell what merger savings for the hotel owners ended up adding to your incentives management fees? In other words, where you would've just gotten some percent of that?

我不知道您是否考慮過這個問題，但您能否說明飯店業主合併節省的費用最終增加了您的獎勵管理費嗎？換句話說，你原本只能得到其中的百分之幾？

Well -- so a couple of things. I would say, we are very pleased with the margin performance. And in North America, in particular, given the RevPAR environment, I would say, the margin performance is terrific. We've talked about shooting for something like 50 basis points in margin to get that as quickly as we can, and we see through what we've done so far that we are approaching that for this year. And that -- from that standpoint, that would give us a little bit more on the incentive fee line, but I would say it's probably in the low single digits material and not material but low single-digit millions on IMF.

嗯——有兩件事。我認為，我們對利潤率表現非常滿意。尤其是在北美，考慮到每間可供出租客房收入 (RevPAR) 的環境，我認為利潤率表現非常出色。我們討論過爭取將利潤率提高 50 個基點，以便盡快實現這一目標，從我們目前所做的工作來看，我們今年正在接近這個目標。從這個角度來看，這會讓我們在激勵費用方面多賺一點，但我認為這可能只是個位數的金額，對於國際貨幣基金組織來說，金額可能只有幾百萬。

Okay. Great. And maybe just one quick follow-up on the fees. The -- you called out branding and relicensing fees as being particularly strong in the quarter, and I think, you raised the full year by that amount. But was that just a timing issue? In other words, why only higher in Q2 for those things because I would think your branding fees would be more consistent maybe and would have added to the next 2 quarters as well?

好的。偉大的。或許還可以簡單問一下費用問題。您指出，品牌推廣費和重新授權費在本季度表現尤為強勁，我認為，您已將全年收入提高了相應的金額。但這僅僅是時間問題嗎？換句話說，為什麼這些費用只在第二季較高？因為我認為你們的品牌推廣費用可能會更穩定，並且在接下來的兩個季度也會增加？

So a couple of things there. First of all, we've got 2 things going on in the branding fees, one is residential and one is related to credit cards. On the credit cards, hard to predict exactly but they do seem to be doing well so far. But on residential, they are tied to the sales of residential real estate, and frankly, they are fairly lumpy during the year where they can be up or down $10 million just based on the quarterly progression of where these sales come. So some of this is timing-related. But as we look through the year, we basically took it and rolled it forward for the rest of the year.

所以，有兩件事需要說明。首先，品牌推廣費分為兩類，一類是住宅用途，另一類與信用卡相關。信用卡方面，很難準確預測，但到目前為止，它們的表現似乎不錯。但就住宅而言，它們與住宅房地產的銷售息息相關，坦白說，它們在一年中的波動相當大，僅根據這些銷售的季度變化，它們就可能上漲或下跌 1000 萬美元。所以，其中一些與時機有關。但回顧這一年，我們基本上把這個模式延續到了下一年。

Your next question comes from Harry Curtis of Nomura.

下一個問題來自野村證券的哈利柯蒂斯。

So just a housekeeping item, do you have the ending share count, diluted share count at the end of the second quarter?

還有一個小問題，請問您有第二季末的期末股份數和稀釋後股份數嗎？

Yes, we do. Hang on a second.

是的，我們有。稍等片刻。

Yes, we do. I have it for you.

是的，我們有。我這裡有。

You got another question?

你還有其他問題嗎？

374 million shares outstanding, and on diluted, approximate base would be 380.2 million.

已發行股份為 3.74 億股，稀釋後的股份基數約為 3.802 億股。

Okay. Very good. And then, bigger picture question is, getting back to the U.S., we've got somewhat historic highs in occupancies and positive earnings trends at the corporate level, which should combine for a positive pricing environment. And so I'm wondering, as you think about the next 18 months, are we seeing just a typical EPS growth lag leading to stronger RevPAR? Or is there something else holding corporate travel budgets back?

好的。非常好。從更宏觀的角度來看，回到美國，入住率達到了歷史新高，企業層面的獲利趨勢也趨於積極，這些因素結合起來應該會形成一個積極的定價環境。所以我想知道，在展望未來 18 個月時，我們是否會看到典型的 EPS 成長落後，從而帶動 RevPAR 成長？或者有其他因素阻礙了企業差旅預算？

Yes, it's a good question, Harry, and something we talk about quite a bit. I think, there are a few factors going on here. I think, GDP probably is still a better reference point for assessing demand than corporate profits are. Corporate -- obviously, they're both averages of lots of economic activity and lots of participants in the economy but GDP is a broader measure. Obviously, GDP has been quite anemic. The numbers that have been reported initially for the second quarter feel a little bit better at 2.6%. And if they really are meaningfully better, that will ultimately show up in demand. But GDP has been fairly anemic. Second, I think, is that the occupancy, you look at the quarter numbers, are fabulous. System-wide across North America, we're nearly 80% for the full quarter, which is a pretty impressive kind of number. And so you would expect a little bit more pricing movement. But I think, underneath that, you've got relatively more strength in leisure, which is more price-sensitive than the corporate business is. And I think, one of the things we need to keep in mind is while there are a few iconic companies in the lodging space, and it sometimes looks like the industry's fairly concentrated, you've got to remember that we have thousands of franchisees who are pricing their own hotels on a day-to-day basis. And it is a market with radical transparency in pricing. And that may have some impact on our ability to move rates in this cycle compared to prior cycles.

是的，哈里，這是一個很好的問題，也是我們經常討論的話題。我認為，這裡面有幾個因素在起作用。我認為，與企業利潤相比，GDP 可能仍然是評估需求的更好參考指標。企業——顯然，它們都是大量經濟活動和眾多經濟參與者的平均值，但 GDP 是一個更廣泛的衡量標準。顯然，GDP成長乏力。初步公佈的第二季數據感覺稍微好一些，為 2.6%。如果它們真的有顯著優勢，最終會在市場需求上反映出來。但國內生產毛額成長一直相當疲軟。其次，我認為，入住率從季度數據來看非常出色。整個北美地區的系統完成率接近 80%，這是一個相當令人印象深刻的數字。因此，價格出現更大幅度的波動也是意料之中的。但我認為，從根本上來說，休閒娛樂領域相對更有優勢，而休閒娛樂對價格比企業業務更敏感。我認為，我們需要記住的一點是，雖然住宿領域有一些標誌性的公司，而且有時看起來這個行業相當集中，但你必須記住，我們還有成千上萬的加盟商，他們每天都在為自己的酒店定價。這是一個定價完全透明的市場。與以往週期相比，這可能會對我們在本週期調整利率的能力產生一定影響。

Your next question comes from Felicia Hendrix of Barclays.

下一個問題來自巴克萊銀行的費利西亞·亨德里克斯。

So I'm going to start out with kind of staying on this bigger picture topic. And your last answer was helpful, but I'm also wondering if you're seeing any significant differences in corporate travel spend from different industry subsectors. Within your largest corporate customers, could we be seeing just weaker corporate travel because industries like retail, oil, gas and finance simply aren't going to be generating as much travel as they used to?

所以，我打算先從這個比較宏觀的話題開始。您上次的回答很有幫助，但我還想知道您是否發現不同行業細分領域的企業差旅支出有任何顯著差異。在您最大的企業客戶中，我們是否會看到企業差旅活動減少，因為零售、石油、天然氣和金融等行業產生的差旅量不如以前那麼多了？

I think that's a perceptive question. In fact, the -- all of these averages hide underneath them, pluses and minuses that vary dramatically from company to company and industry to industry. And obviously, there are industries like oil and gas, the energy environment, which are much tougher than others. But even if you go to the technology space, for example, technology ranges from companies that have existed for many, many decades to companies that are just a few years old. And when you look across that segment, you'll see that there are companies in there that are being very cautious about travel and very cautious about managing expenses, and others which seem to be spending as if they're having a great party. And that pops up in different ways in different markets. But I think, generally, it leads to a sort of anemic corporate transient business, especially corporate, which tends to be the bigger accounts is weaker than sort of what we would call corporate rack rate transient. But even you look at that, and you're talking about being up a point or so in the second quarter.

我覺得這個問題很有見地。事實上，所有這些平均值背後都隱藏著巨大的優缺點，這些優點因公司和行業而異。顯然，像石油天然氣等能源產業比其他產業艱難得多。但即使以科技領域為例，科技公司也涵蓋了從存在了幾十年的公司到只有幾年歷史的公司。當你縱觀這個領域時，你會發現有些公司對差旅非常謹慎，對費用控制也非常謹慎，而另一些公司則似乎在大手大腳地花錢，就像在舉辦一場盛大的派對。這種情況在不同的市場中會以不同的方式出現。但我認為，總的來說，這會導致企業短期業務，尤其是企業短期業務，表現疲軟，而企業短期業務往往是規模較大的客戶，其表現不如我們所說的企業標準價格短期業務。但即使你這樣看，你也只能在第二節領先一分左右。

Okay. And just as a follow-up, a little more specific. I'm just wondering if we could touch for a moment on the individual property performance. So luxury and upper upscale for you guys performed mostly in line with the STR chain scale data, but peeling back and you're looking at different brands, the W brand seems to continue to underperform, but Marriott did, Courtyard also has been kind of underperforming for a few quarters. So I was just -- can you walk us through that? If maybe some of it has to do with business but -- travel, but just wondering generally what's happening there?

好的。最後，再補充一點具體內容。我想問一下，我們能否稍微談談個別物業的表現？所以，對你們來說，豪華和高端酒店的表現基本上符合 STR 連鎖酒店規模數據，但深入分析不同品牌後發現，W 品牌似乎繼續表現不佳，但萬豪酒店表現不錯，Courtyard 也已經連續幾個季度表現不佳了。所以我就想問——你能給我們詳細解釋一下嗎？或許其中一些與商業有關，但也與旅遊有關，不過我只是好奇那裡總體上發生了什麼？

Well, you've got to start with the notion that STR industry numbers are being reported as all hotels, not just comp hotels. And so you're getting new hotels that are just ramping that would not be in our comp numbers. We really are in the second year of performance where we've got true comparisons before we start to report comp. And that singularly is the biggest difference between STR's numbers and the numbers that we would report. The -- we talked about this many times, but the core information to look at is RevPAR index, and that's how do our hotels perform against the hotels they compete in market by market. And there, we're performing quite well with modest increases in RevPAR index in North America and other parts of the world, more significant index, but we're really doing well. When you look at individual brands or individual markets, you mentioned W for example. W is, I don't remember the number of open comp hotels in the United States, but it can't be much more than 25 or so, maybe even a little bit less than that. So it's going to depend on a renovation in the hotel, it's going to depend on maybe a piece of group business, something else. And it's hard to generalize from that kind of small portfolio anything about the performance. We're in this brand-new W Hotel in Shanghai opened 5 weeks ago. And when we look around the world, we see a pipeline and a portfolio of hotels in the W brand that is extraordinarily exciting. So the brand is actually doing spectacularly well.

首先，你必須明白，STR 行業的統計數據指的是所有酒店，而不僅僅是免費酒店。因此，一些正在快速發展的新酒店不會計入我們的同類酒店數據中。現在我們確實進入了業績比較的第二年，在開始發布業績報告之前，我們已經有了真正的比較數據。而這正是 STR 的數據和我們想要報告的數據之間最大的差異。我們已經討論過很多次了，但要看的核心資訊是RevPAR指數，它顯示了我們的酒店與它們在各個市場上的競爭對手相比表現如何。我們在北美和世界其他地區的RevPAR指數均有小幅成長，表現相當不錯，雖然成長幅度較大，但我們確實做得很好。當你審視單一品牌或單一市場時，你提到了 W 品牌。至於W，我不記得美國有多少家提供免費住宿的飯店，但應該不會超過25家左右，甚至可能更少。所以這取決於飯店的翻新情況，也可能取決於某個團體業務或其他因素。而且，從這種小規模的投資組合中很難得出任何關於績效的普遍結論。我們現在身處上海這家全新的W酒店，它在5週前開業。當我們放眼全球，會發現 W 品牌旗下酒店項目儲備和酒店組合令人無比興奮。所以這個品牌其實做得非常出色。

And on the Marriott and Courtyard side, is it also just anomalies there?

那麼，萬豪酒店和萬怡酒店的情況，也只是個別現象嗎？

That would be true comparisons as opposed to all hotels in the market. Brands are doing fine. But again, it's going to depend a little bit on the dynamics. So on the second -- in the second quarter, you've got -- this will be an impact in the third quarter too. Marriott skews a little bit more towards group than the industry as a whole. And so in quarters where group is weaker, we're likely to see a little bit more modest performance of that brand. And in quarters where group is stronger, just the opposite.

這樣才能進行真正的比較，而不是與市場上所有酒店進行比較。品牌營運狀況良好。但話說回來，這在一定程度上還要取決於情勢的變化。所以，在第二季度，這也會對第三季產生影響。與整個產業相比，萬豪酒店集團的業務更偏向團體客戶。因此，在集團業績較弱的季度，我們可能會看到品牌的表現略顯平淡。而在群體力量較強的地區，情況則恰恰相反。

Your next question comes from Stephen Grambling of Goldman Sachs.

下一個問題來自高盛的史蒂芬·格林布林。

You mentioned the $700 million of asset sales through 2018 that are still coming. Can you just remind us what properties are still being shopped and how the market for these types of assets has evolved since the acquisition?

您提到了到 2018 年還將有 7 億美元的資產出售。您能否提醒我們目前還有哪些房產正在出售，以及自收購以來這類資產的市場發生了哪些變化？

Sure. So we've still got about 18 hotels that in some way, shape or form, over time, we'd love to recycle, and 12 of those are legacy Starwood. And if you think about where they are, you're talking kind of broadly in the Americas, so 10 of them are in the Americas, 4 of them being in CALA and 6 in North America, including 3 in Canada, and then, 2 in Asia-Pacific. And as we've talked about before, it's not purely the market that you're selling into. It's also a combination of things about whether there's a ground lease, whether there are other zoning things going on related to a certain hotel. And so from that standpoint, we continue to click along through selling the ones that frankly have absolutely no -- nothing that needs to be worked out and then some things that we need to continue to work through several issues related to the possible sale. But we continue to feel good about the markets that we're selling into, with the exception of ones like Rio, for example, where we do have to consider whether it makes sense to perhaps hold onto them for a little while until things improve. But I think, overall, we continue to feel good about the ability to sell these hotels.

當然。所以，我們還有大約 18 家酒店，我們希望隨著時間的推移，以某種方式進行改造，其中 12 家是喜達屋集團旗下的老牌酒店。如果你想想它們在哪裡，你會發現它們大致分佈在美洲，其中 10 個在美洲，4 個在 CALA，6 個在北美（包括 3 個在加拿大），還有 2 個在亞太地區。正如我們之前討論過的，你銷售的產品不僅限於你所在的市場。這也取決於是否有土地租賃協議，以及與特定飯店相關的其他分區事宜。因此，從這個角度來看，我們繼續推進銷售，那些坦率地說完全沒有任何需要解決的問題的房產，以及一些我們需要繼續解決的與可能出售有關的幾個問題。但我們對我們正在銷售的市場仍然感到樂觀，但像裡約熱內盧這樣的市場除外，在這些市場，我們確實需要考慮是否應該暫時持有這些股票，直到情況好轉。但我認為，總體而言，我們仍然對出售這些酒店的能力充滿信心。

And then, turning back to the integration synergies and maybe a follow-up to Robin or Felicia's questions, how should we be thinking about the potential impact from revenue synergies at this point? What do you think you've seen so far?

然後，回到整合綜效的問題上，或許可以跟進 Robin 或 Felicia 提出的問題，我們現在應該如何看待收入綜效的潛在影響？你覺得到目前為止你看到了什麼？

I think, we're still very early in the process. We are seeing great anecdotal results from our customers. I think, the index performance is really encouraging to us. In full candor, I worry that there could be some dip in top line performance in the quarters immediately following the close because of the impact particularly on group business from distraction that could have been relevant in quarters before we actually closed the transaction. And what we've seen would suggest that we're performing right through that in a way that's extremely strong. And I think, a part of that may be that we are, in fact, taking more share from our customers because of the bigger portfolio here. There -- it's hard to be definitive about it because we don't get -- we don't have, except through partners and only in a somewhat dated way, share of wallet information. We have what we achieve from our customers. We obviously can analyze that. And secondly, we are continuing to evolve the loyalty program. So we need to get to a place where we've got a single loyalty program with a simpler interface with our customers, which hopefully will take place in 2018. But at this point, we think that there has been revenue lift but it's a little bit early for us to claim victory.

我認為，我們目前還處於這個過程的早期階段。我們從客戶那裡獲得了非常好的回饋。我認為，指數表現確實令人鼓舞。坦白說，我擔心交易完成後的幾個季度，營收可能會出現一些下滑，因為交易完成後，集團業務可能會受到一些幹擾，而這些幹擾可能在交易完成前的幾個季度就已經存在。而我們所看到的表明，我們正以極其強勁的方式克服了這些困難。我認為，部分原因可能是，由於我們擁有更大的產品組合，實際上正在從客戶那裡奪取更多的市場份額。在這方面——很難給出確切的答案，因為我們沒有——我們沒有，除了透過合作夥伴，而且只是以一種有點過時的方式——錢包份額資訊。我們擁有的一切，都源自於客戶的支持。我們當然可以對此進行分析。其次，我們正在不斷改進會員忠誠度計劃。所以我們需要建立一個統一的會員忠誠度計劃，並為我們的客戶提供更簡單的介面，希望這能在 2018 年實現。但就目前而言，我們認為收入有所增長，但現在就宣布勝利還為時過早。

Your next question comes from Patrick Scholes of SunTrust.

下一個問題來自 SunTrust 銀行的 Patrick Scholes。

I apologize if I missed it, did you say how your group pace for 2018 is tracking and also for North America in 2018 as well?

如果我錯過了，請見諒。您有沒有提到你們團隊2018年的配速狀況，以及2018年北美地區的配速狀況？

Group pace and -- well, group pace for North America is all we really have, I think, at the moment, up modestly in '18.

集團速度——嗯，我認為，目前我們真正擁有的只有北美地區的集團速度，2018 年略有提高。

Modestly? Okay. And then, secondly, as far -- we're starting to hear a little bit about construction delays due to labor creeping into the development process. Is that something you're seeing at all as well?

謙虛點？好的。其次，我們開始聽到一些關於勞工滲入開發過程而導致施工延誤的消息。你也觀察到這種情況了嗎？

Yes. I mean, I think, we are seeing the construction process take a little bit longer than we anticipated. And so the opening seemed to slip back a little bit by a number of months. We have seen essentially no cancellations, which is good news. And the other bit of good news is just looking at very current trends, we are seeing construction starts continuing to move forward with considerable momentum. So I think the construction markets are tight, I think the labor markets are tight but the deals are getting done.

是的。我的意思是，我認為，施工過程比我們預期的要長一些。因此，開幕時間似乎延後了幾個月。我們基本上沒有看到任何取消預訂的情況，這是個好消息。另一個好消息是，從目前的趨勢來看，建築開工量正以相當大的動能持續前進。所以我認為建築市場很緊張，勞動市場也很緊張，但交易還是達成了。

Your next question comes from David Beckel of Bernstein Research.

你的下一個問題來自伯恩斯坦研究公司的戴維‧貝克爾。

Regarding the Alibaba joint venture, I was curious if you could tell us what percentage of your stays outside of China are Chinese guests? And how you think, if you know, that, that benchmark is relative to peers?

關於阿里巴巴合資企業，我想請問一下，您能否告知我們您在中國境外接待的客人中，中國客人所佔的比例是多少？如果你知道這個基準是相對於同業而言的，你會怎麼想？

Well, let's see if we can find. I don't know if we've got data that's going to be worthwhile, but let's break this out and sort of think it through aloud. There are about 125 million outbound trips by Chinese last year. And that would include very nearby markets, which get substantial visitation, which would be Macao, Hong Kong, for example, but then, also markets like Korea and Japan, increasingly resort destinations. Thailand, I'd call out, and Australia, I would call out. And I think, in some of these markets, the Chinese are overwhelmingly the biggest visitors, taking Macao as an example. In other markets, they may be -- I don't know if we've got...

好，我們看看能不能找到。我不知道我們是否有值得利用的數據，但讓我們把這個問題擺出來，好好思考一下。去年中國人出境旅遊約1.25億人次。這其中就包括遊客眾多的鄰近市場，例如澳門、香港，以及韓國和日本等日益成為度假勝地的市場。我會喊“泰國”，我會喊“澳洲”。我認為，在某些市場，中國遊客是絕對最大的遊客群體，以澳門為例。在其他市場，情況可能有所不同——我不知道我們是否已經…

Yes, in the U.S...

是的，在美國…

In the U.S., it would be tiny.

在美國，這會非常小。

Yes, 0.2% in the U.S.

是的，美國是0.2%。

I think, U.S. visitation is about 3 million Chinese visitors to the United States in total. And so they're going to be a pretty small percentage of business in our hotels or in the industry as a whole. But in most of these markets, it is going up 25%-ish year-over-year and has been for some period of time. And we see that in essentially all markets around the world. So it's a bit of a small base in some markets but the growth is fabulous. And I think it's going to be that way for many years to come.

我認為，赴美旅遊的中國遊客總數約300萬人次。因此，它們在我們酒店或整個酒店行業的業務中所佔比例將非常小。但在大多數市場中，年漲幅約為 25%，而且這種情況已經持續了一段時間。而且我們在世界各地幾乎所有市場都看到了這種情況。所以，雖然在某些市場基數較小，但成長動能非常強勁。而且我認為這種情況在未來很多年都會持續下去。

Just as a reference point for you, roughly 3/4 of the Asia-Pacific travel right now is to Asia-Pacific, to other parts of Asia-Pacific. While the travel to, for example, for our hotels to North America is 15% of their travel.

作為參考，目前亞太地區的旅行大約有四分之三是前往亞太地區其他地區。例如，我們酒店的北美之旅佔其旅行的 15%。

Got it. That's very helpful. Just as a quick housekeeping, can you update us on your -- the components of your RevPAR guide by group leisure and business transient?

知道了。那很有幫助。作為一項簡單的內部事務，您能否向我們更新您的 RevPAR 指南中按團體休閒和商務旅行劃分的組成部分？

For Q3 and Q4?

第三季和第四季呢？

For the full year, if...

全年來看，如果…

For the full year, yes.

是的，全年都是如此。

If you're talking about full year in North America, if you're talking about 1% to 2%, I'd say a little bit higher on the transient side than the midpoint, a little bit lower on group, but very, very close to each other, so similar sorts of growth rates.

如果你說的是北美全年，如果你說的是 1% 到 2% 的成長，我會說，短期成長比中點略高，群體成長比中點略低，但兩者非常非常接近，所以成長率是類似的。

Your next question comes from Joe Greff of JPMorgan.

下一個問題來自摩根大通的喬·格雷夫。

Just with respect to your Alibaba announcement from earlier today, is this an exclusive deal? In other words, can they replicate this with other hotel brands? I mean, how long -- if it's an exclusive deal, how long is that period of exclusivity?

關於您今天早些時候宣布的與阿里巴巴的合作，這是一項獨家合作嗎？換句話說，他們能否將這種模式複製到其他飯店品牌？我的意思是，如果是獨家協議，獨家期限有多長？

There are some features of exclusivity in this deal for a period of time and that's about as far as we'll go. We have a lot to do together. I think, we are going to be focused on doing that together. And we're excited about it. I know Alibaba is excited about it. I think, this is a joint venture that would not have happened had we not done the Starwood transaction. I think, when the Starwood transaction was announced, Alibaba was one of the companies that saw it and said, we are very intrigued by the size of this portfolio, particularly with luxury and lifestyle and sort of the aspirational kinds of hotels that are in our portfolio, and we want to do meaningfully more business with you, Marriott, to help you and to help us. And we think that working together, just the 2 of us, we can accomplish a lot that's good for us and they can accomplish a lot that's good for them.

這項協議包含一些限時獨家條款，我們也只能透露這麼多了。我們有很多事情要一起做。我認為，我們將共同致力於完成這件事。我們對此感到非常興奮。我知道阿里巴巴對此感到很興奮。我認為，如果沒有完成與喜達屋的交易，這次合資就不會發生。我認為，當喜達屋收購案宣佈時，阿里巴巴是看到這一消息並表示「我們對這個龐大的投資組合非常感興趣，尤其是我們投資組合中的豪華、生活方式以及那些令人嚮往的酒店，我們希望與萬豪開展更有意義的業務合作，以幫助你們，也幫助我們自己」的公司之一。我們認為，只要我們兩個人一起努力，就能取得許多對我們有益的成就，他們也能達到許多對他們有益的成就。

And then, Arne, is it fair to say that the 3-year outlook that you gave at the Investor Day doesn't incorporate any of the benefits from this deal in particular?

那麼，Arne，是否可以說你在投資者日上給出的三年展望並沒有包含這筆交易帶來的任何好處？

Well, that's right, but I think, the most important part of the benefits of this deal will be driving hotel demand, which obviously will then come through our P&L in RevPAR and fees and incentive fees and the like. While we could conceivably make money on the joint venture itself, that is not our primary focus on this. And I would caution you not to build anything into the model at this point until we can give you some more sort of color on that in the quarters ahead.

沒錯，但我認為，這項交易最重要的好處在於能夠刺激飯店需求，這顯然會體現在我們的損益表中，包括每間可供出租客房收入、各種費用和獎勵費用等等。雖然我們有可能從合資企業本身賺錢，但這並不是我們這次合作的主要目的。我建議你們目前不要在模型中加入任何內容，直到我們在接下來的幾季中能為你們提供更多相關資訊。

Right. As I described, Joe, it's a really very modest investment.

正確的。正如我剛才所說，喬，這真的是一筆非常小的投資。

Great. And just to clarify, I think, a comment you made before, Leeny, about the $700 million by the end of '18, is that asset sales or is that all-in total capital recycling? And is there a difference? I think, there is a difference but if you can clarify that.

偉大的。為了澄清一下，Leeny，你之前提到過，到 2018 年底將有 7 億美元到賬，這是指資產出售，還是指全部的資本回收？兩者之間有差別嗎？我認為兩者之間是有區別的，但如果你能解釋一下就太好了。

It is asset recycling as the way we've described the $1.5 billion over time. But obviously, that's overwhelmingly, overwhelmingly driven by hotel sales. I mean, there is -- as you heard us talk about, there's a $60 million loan repayment that we just received last week from a loan that we had out. But overwhelmingly, it's asset sales.

正如我們之前所描述的，這是資產循環利用，隨著時間的推移，這15億美元將得到回報。但很顯然，這主要、絕對地受到飯店銷售額的影響。我的意思是，正如你們剛才聽到的，我們上週剛剛收到了一筆 6000 萬美元的貸款償還款，這筆貸款是我們之前發放的。但絕大多數情況下，都是資產出售。

Your next question comes from Ryan Meliker of Canaccord Genuity.

你的下一個問題來自 Canaccord Genuity 的 Ryan Meliker。

Just a follow-up on some of the asset sale questions you guys have had. We've heard from a lot of the REITs during this earnings season that the liquidity in the debt markets has really opened up. We obviously saw a private equity bid for one of the hotel REITs during this quarter. I'm just wondering, with the $700 million worth of assets that you guys have highlighted, I understand from Leeny, what you mentioned with you've got some ground leases, you've got some other complications. Is it realistic to believe that a portfolio transaction could be put together? Or do we think that's really off the table and it's really going to be more one-off transactions going forward?

關於你們提出的一些資產出售問題，我這裡有一些後續說明。在本財報季期間，我們從許多房地產投資信託基金（REITs）那裡了解到，債務市場的流動性確實已經開放。本季我們顯然看到了私募股權公司對其中一家飯店房地產投資信託基金的收購要約。我只是想問一下，你們提到的價值 7 億美元的資產，我從 Leeny 那裡了解到，你們提到了一些土地租賃，還有一些其他的複雜情況。認為可以達成投資組合交易是現實的嗎？或者我們認為這真的不可能了，未來只會是更多一次性交易？

One-off transactions. You've got a wide variety of everything from foreign countries to particular issues on ground leases to different kinds of hotels, obviously, different kinds of investors who are interested in those hotels. So absolutely, I would say these are going to be onesies and twosies.

一次性交易。從外國到土地租賃的具體問題，再到不同類型的酒店，以及顯然對這些酒店感興趣的不同類型的投資者，這裡涵蓋了各種各樣的內容。所以，我一定會說這些會是連身衣和兩件套。

Okay. Great. That's helpful. And then, the only other thing I wanted to touch upon was could you give us any color on how things are performing with the changes in cancellation policy that's obviously been going around in the industry?

好的。偉大的。那很有幫助。最後，我還想提一下，您能否介紹一下目前業界普遍推行的取消政策變化對業務表現的影響？

Yes. I mean, it's been, I don't remember precisely, maybe a month, I suppose, since we announced that, maybe a little bit...

是的。我的意思是，我記不太清楚了，大概一個月前吧，自從我們宣布這件事以來，可能有點…

June 15.

6月15日。

June 15, is that what it was? So 6 weeks. And what we've heard back has been encouraging. And we're not surprised by that. We did some beta testing in some markets before rolling it out as a brand standard to see how customers responded to it. Nobody likes incremental restrictions on the flexibility of reservations, but I think, most customers understand that we've got a need to manage our inventory and avoid walking people and doing those sorts of things. And as a consequence, the response has been just fine and, we think, really no impact on the business.

是6月15日嗎？所以是6週。我們目前收到的回饋令人鼓舞。我們對此並不感到意外。我們在將其作為品牌標準推廣之前，先在一些市場進行了一些beta測試，以了解客戶的反應。沒有人喜歡對預訂的靈活性進行逐步限制，但我認為，大多數顧客都能理解我們需要管理庫存，避免讓顧客四處走動以及做這類事情。因此，市場反應良好，我們認為，這對業務並沒有造成任何影響。

Your next question comes from Thomas Allen of Morgan Stanley.

下一個問題來自摩根士丹利的湯瑪斯艾倫。

So just on your North America RevPAR guidance. First half RevPAR guidance, RevPAR came in at up 2% and you chose to cut the guidance to 1% to 2% from 1% to 3%. So can you just talk a little bit more what went behind that?

所以，就你們北美RevPAR（每間可供出租客房收入）的指導而言。上半年RevPAR預期為成長2%，但您選擇將預期從1%至3%下調至1%至2%。那麼，您能否再詳細談談背後的故事？

Yes, this will be repeating a little bit what I said in the prepared remarks. But if you look at the first 2 quarters, we're reported at about 2%, but if you back out the impact of the inaugural, and obviously, Marriott has got a big presence in the Washington market, we're really running more at like 1.5%. And that's -- essentially, you can do that by taking February through June, if you will. And as we said in the prepared remarks, if you look at Q3, which we say roughly flattish. Why? Because you've got the loss of the political conventions in July. You've got the shifting of July 4 towards even more midweek than it was last year, which makes the week tougher. And you've got the shift in Jewish holidays into Q3 and out of Q4. And so if you kind of adjust for those, you're probably in the same 1% to 2% ballpark. And you look at Q4, you obviously have the benefit in Q4 of the Jewish holidays having shifted to Q3, so the reported numbers will be better. But we see there still a sort of 1% to 2% range. Obviously, we debated whether or not we should leave our North American guidance at 1.3%, but we couldn't figure out a math that made 3% germane any longer. When you really look at the 1% to 2% reporting, we think that's kind of the pace we're running at. You can't have the results we've had year-to-date be flattish in Q3 and expect that you're going to get to a 3% number, so we thought it was better to narrow the range.

是的，這和我事先準備好的演講稿裡說的內容有點重複。但如果你看一下前兩個季度，我們的報告顯示成長率約為 2%，但如果你剔除首屆開業的影響，而且很明顯萬豪酒店在華盛頓市場佔有很大的份額，那麼我們實際的成長率更接近 1.5%。基本上，你可以把二月到六月這段時間看完。正如我們在準備好的發言稿中所說，如果你看一下第三季度，我們認為它大致上是平穩態勢。為什麼？因為七月的政治大會取消了。今年的7月4日比去年更靠近周中，這使得這一周更難熬。而猶太節日也從第四季轉移到了第三季。所以，如果你把這些因素考慮進去，結果可能也在 1% 到 2% 的範圍內。再看第四季度，很明顯，由於猶太節日提前到了第三季度，第四季度的數據會更好。但我們發現仍然存在大約 1% 到 2% 的範圍。顯然，我們曾討論過是否應該將北美地區的指導目標維持在 1.3%，但我們找不到任何能讓 3% 的目標目標繼續保持合理的計算方法。當你仔細觀察 1% 到 2% 的報告率時，我們認為這大概就是我們目前的進度。如果今年迄今的業績在第三季保持平穩，就不能指望達到 3% 的成長率，所以我們認為最好縮小範圍。

Helpful. And just a quick follow-up. Compared to your prior EBITDA guidance, did asset sales post May 8 have any impact on your new guidance?

很有幫助。還有一個後續問題。與您先前的 EBITDA 預期相比，5 月 8 日之後的資產出售是否對您的新預期產生了任何影響？

Yes, they did. If you think about it, the last guidance that we gave included the assumption that you had Charlotte for the full year. It was sold in June, so as a result, you then drop that out for the rest of the year. Now that's not a major impact but it does have a bearing. It's going to be several million.

是的，他們確實這麼做了。仔細想想，我們上次給出的指導意見中包含一個假設，那就是你擁有夏洛特一整年的時間。它已於六月售出，因此，您在今年剩餘的時間裡就無需再考慮它了。這雖然不是重大影響，但確實會產生一定作用。金額將達數百萬美元。

Your next question comes from Shaun Kelley of Bank of America.

下一個問題來自美國銀行的肖恩凱利。

Just -- so a lot of my questions have been touched on, but maybe just one on the guidance and then maybe one on China. But the one on guidance will just be, we've seen, and a lot of people have reported this earnings season, that some of the select-service type brands have underperformed across the industry. And as you guys look at what you're seeing in performance there, how much of that would you characterize as more about the corporate environment? And then, how much of that do you think might start to have anything to do with supply?

嗯——我的許多問題都得到了解答，但可能還需要一個關於指導方針的問題，以及一個關於中國的問題。但關於業績指引，我們已經看到，而且很多人在本財報季也報道過，一些精選服務型品牌在整個行業中的表現都低於預期。你們觀察一下那裡的業績表現，你們認為其中有多少是企業環境造成的？那麼，你認為其中有多少可能與供應有關呢？

I think -- that's interesting. The corporate environment is probably, in some respects, less relevant to the select-service brands than to the full-service brands. It's not irrelevant. Obviously, you've got individual business travelers that are staying there, particularly midweek. But the portfolios are broad. They tend to be a bit more suburban. They probably tend to be more in energy markets than the full-service brands would be, and energy obviously is an industry that's tough. So there's some dynamic of this which is about the distribution of that product. Could there be a supply piece to it too? Of course. I mean, the supply growth, which is occurring in the industry, is disproportionately in upscale, not in upper upscale. And so that has an impact. But generally, our view is the sky is by no means falling in the select-service space. These are hotels that are performing quite well and are quite profitable. And when you look at what's happening in the development side, you see that our development partners want to do more of them, not less.

我覺得——這很有意思。在某些方面，企業環境對精選服務品牌的重要性可能不如對全方位服務品牌的重要性。這並非無關緊要。顯然，那裡也有一些商務旅客，尤其是在工作日。但投資組合範圍很廣。他們往往更偏向郊區生活。與全方位服務品牌相比，它們可能更傾向於進入能源市場，而能源產業顯然競爭激烈。所以這裡面存在一些動態因素，那就是該產品的分銷。會不會也牽涉到供應方面的問題？當然。我的意思是，目前產業內的供應成長不成比例地集中在高檔市場，而不是更高檔的市場。所以這會產生影響。但總的來說，我們認為精選服務領域遠未到崩潰的地步。這些飯店經營狀況良好，獲利能力也很強。當你觀察開發方面的情況時，你會發現我們的開發合作夥伴希望開展更多此類項目，而不是減少。

And then, switching over to China, and you had mentioned, I think, that 6% of your fees right now are coming from China or something to that extent. What kind of growth rates are you seeing when you kind of add up the fact that you're obviously growing RevPAR extremely quickly at the moment in that market and also probably have a very healthy pipeline?

然後，我們轉向中國市場，我記得您提到過，目前您收入的 6% 來自中國，或差不多是這個比例。考慮到目前該市場的每間可供出租客房收入 (RevPAR) 成長速度非常快，而且銷售管道可能也非常健康，您認為整體成長率是多少？

Yes. I mean, the -- I could think it through with you, but certainly, our fee growth is double-digit in China, maybe mid-teens or something even. But because we are getting 6% or 7% RevPAR growth, which is driving at least the same comp hotel performance, probably even a bit better because of incentive fees, not dramatically different because of the way the formulas are, but a little bit better because of incentive fees. And we're growing units at much more than the 6% note net, which is our average around the globe. It's probably a unit growth more in the 10%-plus range. We can provide that to you supplementally at some point in time, but it's a very healthy growth rate, both in China and Asia-Pacific as a whole.

是的。我的意思是，我可以和你一起仔細考慮一下，但可以肯定的是，我們在中國的費用增長是兩位數，甚至可能是十幾個百分點。但由於我們獲得了 6% 或 7% 的每間可供出租客房收入 (RevPAR) 增長，這至少推動了同等水平的同業酒店業績，甚至可能由於激勵費用而略好一些，由於計算公式的方式，兩者之間沒有太大差異，但由於激勵費用，情況略好一些。而且我們的單位成長率遠高於 6% 的淨收益率，這是我們在全球範圍內的平均值。單位成長率可能在 10% 以上。我們可以在某個時候向您補充提供這些信息，但無論是在中國還是整個亞太地區，這都是一個非常健康的增長率。

And I'd say it's probably 13% to 15%.

我估計大概是 13% 到 15%。

Your next question comes from Bill Crow of Raymond James.

你的下一個問題來自 Raymond James 公司的 Bill Crow。

Leeny, your comments on your dealings with the larger corporate clients sets up a pretty weak time of corporate rate negotiations this fall. And I'm just curious, last fall, you had, I think, what were very strong results from special negotiated rates, and it really didn't follow through to any incremental business, right? We haven't seen it. So I'm just curious, going into that period, it feels like we're negotiating from a much worse position. Is that fair to say? Do you focus more on occupancy as opposed to rate in that environment?

Leeny，你對與大型企業客戶打交道的評論表明，今年秋季的企業價格談判將會非常艱難。我很好奇，去年秋天，你們透過特殊協商價格取得了非常好的成果，但並沒有真正轉化為任何新增業務，對嗎？我們還沒見過。所以我很好奇，進入那個時期，感覺我們談判的立場比之前糟糕得多。這樣說公平嗎？在這種環境下，您是否更注重入住率而不是房價？

It's a good question. To me, it feels comparable to last year's negotiating session on special corporate rates, maybe actually a little bit better. Don't underappreciate the optimism, which still seems to exist in the market and in corporate America these days. And compare it to the point of view last August, September and October, you're talking about pre-election time. I think, there was not a sort of robust optimism. The economy seemed to be producing, again, fairly anemic GDP growth. And I think, in some respects, while that fairly anemic GDP growth has continued into 2017, there is still some optimism. You can see it reflected in certainly the equities markets and other places. That will flavor a little bit those sorts of conversations. So I think, when we get into those negotiations, we will obviously start with we're running high occupancies and your profits are good and talk about the terms that are part of those contracts. And I suspect we'll sort of end up in the kind of range we negotiated last year, although we'll have to see. It obviously is something that we're just starting at this point in time.

這是個好問題。在我看來，這感覺和去年關於企業特價的談判會議差不多，甚至可能還要更好。不要低估如今市場和美國企業界仍然存在的樂觀情緒。再對比去年八月、九月和十月的情況，那時正值選舉前夕。我認為，當時並沒有強烈的樂觀情緒。經濟似乎再次出現了相當疲軟的GDP成長。我認為，在某些方面，儘管疲軟的GDP成長一直延續到2017年，但仍存在一些樂觀情緒。當然，這一點在股票市場和其他領域都有所體現。這會為這類談話增添一些風味。所以我覺得，當我們開始談判時，我們顯然會先說明我們入住率很高，你們的利潤也很好，然後討論合約中的條款。我估計最終價格會和去年我們商定的價格區間差不多，不過還得看看實際情況。顯然，這是我們目前才剛起步的事情。

That's helpful. Arne, real quick, last quarter, you talked about franchise application volumes peaking in '15 and being flat '16 and down in '17, has that continued as this year has progressed?

那很有幫助。Arne，我快速問一下，上個季度你提到特許經營申請量在 2015 年達到頂峰，2016 年持平，2017 年下降，今年這種情況是否仍在持續？

Yes. I mean, I talked about the -- really about select-service growth in the United States, and I think, we signed more deals in '15 than we did in '16. When you adjust obviously for apples-to-apples and new brands and the Starwood merger and the rest, our numbers are continuing to go up because we are bigger with more brands, and there are some tremendous opportunities as we go forward. We look at the strength of -- renewed strength of Aloft and Element, for example, and what we hear from our franchisees, they're much more interested in those brands than they were in the past. AC Hotels is on fire in the United States as well as elsewhere, and Moxy looks like a global home run, so there's some good stuff there. But when you look at United States, I think, what we see is very healthy, steady growth but probably not at the levels fairly adjusted that we saw in 2015. And I don't think we'll get back to 2015 levels unless the economy, with greater clarity, improves from where it is today.

是的。我的意思是，我談到了美國精選服務的成長，而且我認為，我們在 2015 年簽署的合約比 2016 年簽署的合約要多。當然，在對等因素、新品牌、喜達屋合併等進行調整後，我們的數字仍在持續成長，因為我們規模更大，品牌更多，未來還有巨大的發展機會。例如，我們看到 Aloft 和 Element 等品牌實力重振，而且我們從加盟商那裡了解到，他們對這些品牌的興趣比過去大得多。AC Hotels在美國和其他地區都非常火爆，Moxy看起來也在全球範圍內取得了巨大成功，所以這方面還是有一些不錯的選擇。但從美國的情況來看，我認為，我們看到的是非常健康、穩定的成長，但可能沒有達到 2015 年經過適當調整後的水平。我認為，除非經濟情勢更加明朗，並且比現在有所改善，否則我們無法恢復到 2015 年的水準。

Your next question will come from Wes Golladay of RBC Capital Markets.

下一個問題將來自加拿大皇家銀行資本市場的韋斯‧戈拉迪。

Looking over at the Greater China region, it looks like you had the most demand growth there, but that's the one region we don't have any pricing power. Can you comment on when you think that region will get pricing power?

從大中華區來看，你們的需求成長最為強勁，但這正是我們沒有任何定價權的地區。您認為該地區何時才能獲得定價權？

I'm not sure I'd say that it has no pricing power. The -- China is obviously a very big market. Asia-Pacific is a very big market. Even you look within China, Shanghai trades very differently from Chengdu, for example. And in years past, what we saw is much greater strength in Shanghai than in a market like Guangzhou, although Guangzhou has started to turn decidedly more positive. And that's -- it's driven by occupancy and intensity of demand, and I think we'll see that we continue to have probably more ability to move rates in the strongest markets in the years ahead than we've had in the last few years. But we feel actually quite good about it.

我不太確定它是否完全沒有定價權。中國顯然是一個非常大的市場。亞太地區是一個非常大的市場。即使在中國國內，例如上海和成都的貿易情況也截然不同。過去幾年，我們看到上海市場比廣州等市場強勁得多，儘管廣州市場已經開始明顯好轉。而這——是由入住率和需求強度驅動的，我認為在未來幾年，我們可能會比過去幾年更有能力在最強勁的市場中調整價格。但我們對此感覺相當不錯。

Okay. And then, maybe just looking at that occupancy, looks like it's only 70.8%, which is still well below the U.S., not every market is comparable but you have a lot more upside on the occupancy there. Are these just assets taking a few years to stabilize?

好的。然後，也許僅僅看看入住率，似乎只有 70.8%，這仍然遠低於美國，雖然不是每個市場都具有可比性，但那裡的入住率還有很大的提升空間。這些資產是否需要幾年時間才能穩定下來？

Well, I suspect they'll stabilize a little bit lower than assets in North America, but there is, within the comp portfolio, a lot of hotels that have opened relatively recently in a lot of markets which are just sort of being defined. And as a consequence, I think, we'll see, as they mature, that they will continue to build occupancy going forward. And that gap probably will shrink, to some extent, in the years ahead because it will have relatively higher percentage which are comp -- they're sort of truly comp hotels, in other words, stabilized hotels.

我估計它們的價格會比北美地區的資產價格略低一些，但在同類酒店組合中，有很多酒店是近期在許多市場開業的，這些市場目前還處於發展階段。因此，我認為，隨著這些項目日趨成熟，我們會看到它們的入住率在未來會繼續提高。未來幾年，這一差距可能會在一定程度上縮小，因為相對而言，同類酒店（即真正意義上的同類酒店，換句話說，是運營穩定的酒店）的比例會更高。

Your next question comes from Carlo Santarelli of Deutsche Bank.

下一個問題來自德意志銀行的卡洛桑塔雷利。

Leeny, just to kind of go back a little bit with respect to your incentive fees. Obviously, all the parts are in place. Your international business is growing well. I believe there was a line in the release that talked about more than half of your incentive fees were obviously coming from outside of North America, and you had about 64% generating incentive fees. In the first quarter, I think, you guys guided incentive fees down 10% for the quarter and obviously grew nicely. For the 2Q, it was flat and grew nicely. For the 3Q, you had commented on flat again. All the elements are kind of in place to see some of the growth that we've been seeing, but it seems like the outlook around incentive fees remain somewhat tempered. Did we pull some fees forward in this year or is everything fairly linear, and we could think about a relatively robust back half, absent kind of the flattish guidance for the 3Q?

Leeny，關於你的獎勵費用，我想稍微回顧一下。顯然，所有零件都已到位。您的國際業務發展良好。我相信新聞稿中有一句話提到，你們超過一半的激勵費用顯然來自北美以外地區，而你們約有 64% 的收入產生了激勵費用。我認為，在第一季度，你們將季度激勵費用預期下調了 10%，但顯然實際成長情況良好。第二季度，經濟平穩，成長良好。對於第三季度，您再次評論了業績持平的問題。所有因素似乎都已具備，可以實現我們所看到的成長，但激勵費用的前景似乎仍然有些謹慎。今年我們是否提前收取了一些費用，還是一切都相當線性，我們可以期待下半年出現相對強勁的增長（不包括第三季度較為平穩的業績預期）？

So really good question, and definitely, you point out something that is true that we have, I think, been fairly conservative as we looked at IMF when we started the year. Part of it again, if you remember, FX, I think, when we started the year, we thought that we were going to end up with a stronger dollar through the whole year, and I think that we have seen some lessening of that impact. We've, frankly, seen stronger margin performance than we expected in some markets, which has been helpful and so we've outperformed. There is the reality the way that we book our incentive fees that as you go through the year, you have the possibility of having to give some back, depending on the performance of the various seasons during the year. And I think, it is the case that in Q3, given the RevPAR that we're looking at, we could see that, that happens. But as we've said, you've described the beginning of the year, we have moved where we're talking mid-single digits growth rates for incentive fees for the year, which I think does reflect the fact that we've had a bit stronger performance on the profit line than at the beginning of the year we anticipated.

所以，這是一個很好的問題。而且，你指出的確實有一點是事實，我認為，我們在年初看待國際貨幣基金組織時確實相當保守。如果你還記得的話，外匯市場方面，我認為，年初的時候，我們以為美元會全年走強，但我認為我們已經看到這種影響減弱。坦白說，在某些市場，我們的利潤率表現比預期要好，這很有幫助，因此我們的業績也優於預期。現實情況是，根據我們計算獎勵費用的方式，隨著時間的推移，您可能需要返還一部分費用，具體​​取決於一年中各個季度的業績。我認為，鑑於我們目前看到的第三季每間可供出租客房收入（RevPAR），這種情況很有可能發生。但正如我們所說，正如您所描述的年初情況，我們已經將激勵費用的年增長率控制在了中等個位數，我認為這確實反映出，我們的利潤表現比年初預期的要好一些。

Your next question comes from Vince Ciepiel of Cleveland Research.

你的下一個問題來自克利夫蘭研究公司的文斯·西皮爾。

Last year, at this time, you noted group for '17 was pacing up about 7%. And right now, it sounds like it's on track for a little bit shy of 1.5%. Curious if that's evolved as you've expected in the last 12 months. And then, I think, you noted group for '18 was pacing up modestly. Like what's your best guess at how that evolves in the next 6 months?

去年這個時候，您注意到 2017 年的小組成長速度約為 7%。而目前看來，它預計將略低於 1.5%。很好奇在過去 12 個月裡，情況是否如您所預期的那樣發展。然後，我想，你注意到 2018 年的團隊發展速度略有加快。你覺得未來六個月內情況會如何發展？

Yes, it's a good question. I think, group has softened a bit more than we would have anticipated. Now we always anticipate when we start a year with mid- to high single-digit group revenue on the books above the prior year that we'll get some of that back over the course of the year because some of that is about booking earlier, and therefore, having a bit less capacity for in the year, for the year group business. But I think, to be fair, we're forecasting right now and believing right now that we're going to end up stayed and paid group business in the books in 2017 a bit less than what we would have anticipated when the year began. And I think we're seeing 2018 a touch more modest than we would have expected a few quarters ago. Why? It's probably a little bit the lengthening of the booking window. It's probably a little bit the tough comparisons. Think about that 80% occupancy roughly. And we've been putting a lot of group business on the books for the last few years. So that gets a little bit tough. But I think there's probably a piece of some corporate cautiousness that is preventing us from posting even better numbers.

是的，這是個好問題。我認為，該團體的態度比我們預期的要溫和一些。現在，我們總是預期，如果年初的團體收入比上一年增長個位數中高段位，那麼在這一年中，我們會收回一部分收入，因為部分增長是由於提前預訂造成的，因此，在一年中，團體業務的產能會略有減少。但公平地說，我認為，我們目前的預測和信念是，2017 年我們最終獲得的團體業務收入（包括已支付的團體業務）將比年初的預期略少。我認為，2018 年的情況比幾個季度前我們預期的要溫和一些。為什麼？可能跟預訂窗口期延長有點關係。或許是因為比較起來有點困難。大致想想80%的入住率。過去幾年，我們一直在承接大量的團體業務。這樣就有點棘手了。但我認為，可能是出於公司內部的一些謹慎態度，導致我們無法取得更好的成績。

Great. And then, just as you think about the fourth quarter, I know there's some push-pull at the holidays, September, October. How is October pacing and are you feeling really good about that month?

偉大的。然後，當你想到第四季的時候，我知道在假期、九月、十月會有一些拉鋸戰。十月的進度如何？你對這個月感覺如何？

October will be a great month. Part of that is the Jewish holidays that were in October last year will not be in October this year. But the group business on the books for October, benefit of those, that holiday shift, October will be a great month.

十月將會是個很棒的月份。部分原因是去年十月的猶太節日今年不在十月了。但得益於10月的集團業務、假期調整以及由此帶來的收益，10月份將會是個好月份。

And the fourth quarter will be a great quarter.

第四季將會是一個很棒的季度。

I should keep my fingers crossed and knock on wood when I say that definitively. But October and the fourth quarter as a whole will be obviously a fairly strong quarter certainly compared to Q3.

我得祈禱好運，才能肯定地說出這句話。但顯然，與第三季相比，10 月以及整個第四季都將是一個相當強勁的季度。

I mean, the difference in group between the 2 quarters is marked.

我的意思是，這兩個季度之間的組別差異很明顯。

Your next question comes from Jared Shojaian of Wolfe Research.

你的下一個問題來自 Wolfe Research 的 Jared Shojaian。

Arne, you referenced some upside potential in the back half for both Asia and Europe. How should we think about that comment in relation to the full year 1% to 3% RevPAR guidance? Does that imply upside to the guide? Or are those just -- those 2 reasons are just not really big enough to move the needle?

Arne，你提到亞洲和歐洲下半年都有一些上漲潛力。我們該如何看待這項評論與全年1%至3%的RevPAR成長預期之間的關係？這是否意味著該指南具有積極意義？或者說，這兩個原因根本不足以產生影響？

Well, I think -- well, they're big. And I think, if you look at the year-to-date and you look at the guidance numbers, the relative softness in the U.S. compared to maybe our hopes, I suppose, has been at least offset by the greater strength that we've seen outside the United States. So while we've brought down, for example, to 1% to 2% instead of 1% to 3%, the North American number for full year, we're sticking at a global system-wide number of 1% to 3% because we think that international contribution is at least as strong as the risks in the United States. How it ultimately pans out, we'll have to see, but we've done our best to reflect the best guidance we've got in the numbers we've given you this morning -- this afternoon, I should say.

嗯，我覺得──嗯，它們很大。我認為，如果你看看今年迄今為止的情況以及業績指引，你會發現，與我們的預期相比，美國市場的相對疲軟至少已被美國以外市場的強勁表現所抵消。例如，我們將北美全年的數字從 1% 到 3% 下調到 1% 到 2%，但我們仍然堅持全球系統整體數字為 1% 到 3%，因為我們認為國際貢獻至少與美國的風險一樣強。最終結果如何，我們拭目以待，但我們已盡力將我們目前掌握的最佳指導意見反映在我們今天上午（應該說是今天下午）提供給你們的數據中。

Got it. Okay. And then, Arne, I thought your point on pricing transparency this cycle perhaps may be holding back rate a little bit, I thought that was interesting. Can you elaborate on that a bit? Are you specifically referring to some of these third-party sites that are monitoring fares? Is it OTAs, home-sharing, maybe a combination of all of it? We'd love to hear your thoughts on that.

知道了。好的。Arne，我覺得你關於這輪價格透明度可能稍微抑制了利率上漲的觀點很有趣。能詳細解釋一下嗎？您指的是那些監控票價的第三方網站嗎？是OTA（線上旅行社）、房屋共享，還是三者的結合？我們很想聽聽您對此的看法。

Well, I think, it's all of it, but it's not particularly focused on home-sharing or the disruptors in this space. It's much more about just the ubiquity of information. And I think, with each passing year, it becomes simpler and simpler to know the rates at every single hotel quite simply within our own system. So you've got that transparency on marriott.com, just as you do through other platforms. And with an increasing participation in the industry of the franchise community with individual pricing decisions that are being made by individual hotels, I think, that's the world we live in. It does not mean that there won't be ability to drive rate in the future. We do have the ability to drive rates certainly on midweek nights and others where hotels are effectively full. But I don't think it's quite the environment we might have had in years past, where probably there's a little bit more flexibility to do that.

嗯，我覺得，它涵蓋了所有這些方面，但它並沒有特別關注房屋共享或這個領域的顛覆者。更重要的是資訊的普遍性。而且我認為，隨著時間的推移，在我們自己的系統中，了解每家酒店的價格會變得越來越簡單。所以，marriott.com 網站和其他平台一樣，都具備這種透明度。隨著特許經營社區越來越多地參與到酒店業中，各個酒店各自做出定價決定，我認為，這就是我們所處的世界。但這並不代表未來就沒有辦法控制利率了。我們確實有能力影響房價，尤其是在周中晚上以及飯店客滿的時候。但我認為現在的環境與過去幾年相比已經有所不同，過去幾年我們或許有更大的彈性來做這件事。

Okay. Well, thank you all very much for your time and attention this afternoon. We appreciate your flexibility, particularly with the schedule change to pull you in after the markets close instead of as they open. But we thank you, as always, for your interest in Marriott. We wish you the best for the rest of the summer. Get out there and stay in our hotels. We'd love to be able to welcome you. Thanks, everybody.

好的。非常感謝各位今天下午抽空認真聆聽。我們非常感謝您的靈活配合，特別是調整了您的工作時間，讓您在市場收盤後而不是開盤時到崗。但我們一如既往地感謝您對萬豪酒店的關注。祝您有個美好的夏天。快來入住我們的飯店吧！我們非常期待您的光臨。謝謝大家。

Ladies and gentlemen, thank you for your participation in today's conference. This concludes today's call. You may now disconnect.

女士們、先生們，感謝各位參加今天的會議。今天的電話會議到此結束。您現在可以斷開連線了。