萬豪國際 (MAR) 2017 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Marriott International Third Quarter 2017 Earnings Conference Call. (Operator Instructions)

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年第三季財報電話會議。（操作說明）

It is now my pleasure to hand our program over to Arne Sorenson, President and CEO of Marriott International. Sir, you may begin.

現在我很高興將我們的節目交給萬豪國際集團總裁兼執行長阿恩·索倫森先生。先生，您可以開始了。

Good morning. Welcome to our third 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.

早安.歡迎參加我們2017年第三季財報電話會議。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 yesterday, 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明示或暗示的結果有重大差異。我們昨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 the 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，我們將討論不計入合併相關成本的業績，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. This has been an eventful quarter from Hurricane Harvey and its historic flooding in Texas, to hurricanes Irma and Maria and their relentless pounding of the Caribbean, Florida and parts of the Southeast, to 2 earthquakes in Mexico and then the devastating fires in Northern California, all within a quick 7-week period. We have a presence in these communities, and our crisis management and property teams have worked tirelessly to ensure associate guests and property safety. Not only have these events damaged property and upended lives, they have also impacted local economies, many of which are very dependent on tourism.

那麼，我們就開始吧。從颶風哈維及其在德克薩斯州造成的歷史性洪水，到颶風艾爾瑪和瑪麗亞對加勒比海、佛羅裡達州和東南部部分地區的持續襲擊，再到墨西哥的兩次地震以及北加州的毀滅性火災，這一個季度可謂是多事之秋，所有這些都發生在短短的 7 週內。我們在這些社區都有業務，我們的危機管理和物業團隊一直不懈努力，以確保員工、客人和物業的安全。這些事件不僅造成了財產損失，擾亂了人們的生活，也對當地經濟產生了影響，而當地經濟大多非常依賴旅遊業。

As these areas repair, rebuild and recover, we encourage you to support their efforts. One Sonoma restaurant owner recently said to a New York Times reporter, "There are so many people who want to do something. The most important thing we can do is to tell people we're open, we're here and we want them to come."

在這些地區進行修復、重建和恢復的過程中，我們鼓勵您支持他們的努力。索諾瑪的一位餐廳老闆最近對《紐約時報》記者說：“有太多人想做點什麼。”我們能做的最重要的事情就是告訴大家，我們已經開門了，我們就在這裡，我們歡迎他們過來。

So let's talk about our quarter and the trends we are seeing in the business. Worldwide systemwide RevPAR rose 2.1%, just above the high end of our worldwide RevPAR guidance. In North America, systemwide comparable hotel RevPAR increased 0.4% in the third quarter, a bit better than our roughly flat guidance, in part due to the favorable RevPAR impact from the hurricanes.

那麼，讓我們來談談我們本季的業務狀況以及我們觀察到的業務趨勢。全球系統平均每間可供出租客房收入 (RevPAR) 成長 2.1%，略高於我們全球平均每間可供出租客房收入預期上限。在北美，第三季系統內可比飯店每間可供出租客房收入成長了0.4%，略好於我們大致持平的預期，部分原因是颶風對每間可供出租客房收入產生了有利影響。

In the third quarter, leisure demand was strong and association group business was better than expected. While corporate group and transient demand remains cautious, we've seen few cancellations, little attrition and our funnel of new but unsigned group bookings is improving. Combined, the shift in Jewish holidays, the tough comparisons to last year's political conventions and the day of the week shift in the July 4 holiday reduced our third quarter North American system-wide RevPAR growth by about 100 basis points, while the disruption associated with hurricanes Harvey and Irma increased North American RevPAR by about 25 basis points. 5 hotels remain closed in Florida and another 5 are closed in Texas.

第三季度，休閒需求強勁，團體業務優於預期。雖然企業團體和散客的需求仍然謹慎，但我們看到取消訂單的情況很少，流失率也很低，而且我們新的但尚未簽約的團體預訂管道正在改善。猶太節日的調整、與去年政治大會的艱難比較以及 7 月 4 日假期的星期幾變化，共同導致我們第三季度北美系統整體的每間可供出租客房收入 (RevPAR) 增長減少了約 100 個基點，而颶風哈維和艾爾瑪帶來的干擾則使北美的每間可供出租客房收入 (RevPAR) 增長了約 25 個基點。佛羅裡達州仍有 5 家飯店關閉，德州另有 5 家飯店關閉。

In the third quarter, the Caribbean and Latin America region experienced 2 major earthquakes, 3 tropical storms and 4 hurricanes. The Virgin Islands and Puerto Rico were particularly hard hit. As a result of these efforts -- events, we no longer include 18 properties in this region in our comp set for purposes of calculating RevPAR performance. We're excluding 8 hotels because they have sustained severe damage and are taking few guests, and we are removing 10 properties because they are closed. For the revised comp set, systemwide comparable RevPAR increased 2% in the quarter, largely due to solid RevPAR growth in Central America and better demand in Argentina.

第三季度，加勒比海和拉丁美洲地區發生了 2 次大地震、3 次熱帶風暴和 4 次颶風。維京群島和波多黎各受災尤為嚴重。由於這些努力——事件，我們不再將該地區的 18 個物業納入我們的比較集，以計算每間可供出租客房收入 (RevPAR) 的表現。我們排除了 8 家酒店，因為它們遭受了嚴重損壞，接待的客人很少；我們還移除了 10 家酒店，因為它們已經關閉。對於修訂後的可比較數據，本季系統整體可比RevPAR成長了2%，這主要得益於中美洲RevPAR的穩健成長以及阿根廷需求的改善。

Third quarter RevPAR was flat in the Middle East and Africa, reflecting higher RevPAR in Egypt, moderate growth in South Africa and an 8% RevPAR decline in the Middle East. Sanctions on Qatar have reduced travel into and out of that country, while weak oil prices and lower government spending have constrained RevPAR growth in other Middle East markets.

第三季中東和非洲地區的每間可供出租客房收入 (RevPAR) 持平，反映出埃及的 RevPAR 有所增長，南非的增長較為溫和，而中東地區的 RevPAR 下降了 8%。對卡達的製裁減少了進出該國的旅行，而疲軟的油價和減少的政府支出也限制了中東其他市場的每間可供出租客房收入 (RevPAR) 增長。

In the Asia Pacific region, constant dollar systemwide RevPAR rose 8%, exceeding our expectations, largely due to strong leisure demand. Comparable hotel RevPAR in Greater China increased nearly 11%, driven by strong GDP growth, while RevPAR in India rose 7%. The strength in the China economy is being felt outside that country as well, where room nights sold to Mainland China travelers increased nearly 20% in the third quarter.

在亞太地區，以固定美元計算的系統平均每間可供出租客房收入 (RevPAR) 增長了 8%，超出我們的預期，這主要是由於強勁的休閒需求。受強勁的GDP成長推動，大中華區同類型飯店的每間可供出租客房收入（RevPAR）成長了近11%，而印度的RevPAR成長了7%。中國經濟的強勁勢頭也波及到了國外，第三季售給中國大陸遊客的飯店客房夜數增加了近 20%。

In Europe, third quarter RevPAR rose nearly 9%, with strong leisure demand in Spain and Italy and great fair business in Germany. Room nights sold to U.S. travelers visiting our hotels in Europe increased 11% in the quarter. Istanbul continues to recover with strong Middle East demand on easy comps.

在歐洲，第三季每間可供出租客房收入成長近 9%，其中西班牙和義大利的休閒旅遊需求強勁，德國的展會業務也十分出色。本季度，我們位於歐洲的飯店接待美國遊客的客房晚數增加了 11%。伊斯坦堡房價持續復甦，中東市場需求強勁，同業比較基數較低。

For the fourth quarter, we expect RevPAR will increase 2% to 3% in North America as we benefit from the holiday shift and continued hurricane-related demand in Texas and Florida. North America group pace is up 5% for the quarter. For international markets, we expect RevPAR will grow 3% to 5%, and worldwide, we expect RevPAR will increase 2% to 3% in the fourth quarter. With the benefit of the third quarter's actual RevPAR and expected fourth quarter performance, we now expect full year 2017 worldwide systemwide RevPAR to grow 2% to 3%, up from 1% to 3% a quarter ago.

預計第四季度北美地區的每間可供出租客房收入 (RevPAR) 將增長 2% 至 3%，這得益於假日期間的消費習慣轉變以及德克薩斯州和佛羅裡達州持續的颶風相關需求。北美集團本季成長率為 5%。對於國際市場，我們預計第四季每間可供出租客房收入 (RevPAR) 將成長 3% 至 5%；對於全球市場，我們預計第四季每間可供出租客房收入 (RevPAR) 將成長 2% 至 3%。由於第三季的實際每間可供出租客房收入 (RevPAR) 和預期的第四季度業績，我們現在預計 2017 年全年全球系統每間可供出租客房收入 (RevPAR) 將增長 2% 至 3%，高於上一季的 1% 至 3%。

We are only partway through our budget process for the upcoming year, but the early indications are that 2018 RevPAR growth will be similar to growth expected for full year 2017. In North America, we expect special corporate rates currently in negotiation will increase at a low single-digit rate, and in the absence of accelerated economic growth, special corporate volume for comparable customers is likely to be flat.

我們目前只完成了下一年度預算編制過程的一部分，但初步跡象表明，2018 年的每間可供出租客房收入 (RevPAR) 增長將與 2017 年全年的預期增長相似。在北美，我們預計目前正在談判中的特殊企業價格將以較低的個位數成長率成長，而且在沒有加速經濟成長的情況下，類似客戶的特殊企業交易量可能會保持穩定。

Government per diems for 2018 vary considerably by market, but overall in the U.S. should rise 3% to 4%. Today's 2018 group revenue booking pace for our full-service hotels in North America is up nearly 2%, and we believe that is a fair estimate of how group will perform. Assuming continued cautious corporate demand, we expect 2018 North American RevPAR will be flat to up 2%, largely driven by room rates and slightly stronger in full-service than in select-service.

2018 年美國政府每日津貼因市場而異，但總體而言，美國每日津貼應上漲 3% 至 4%。截至目前，我們北美全方位服務酒店的 2018 年團體預訂收入增速已接近 2%，我們認為這可以合理預測團體預訂的業績表現。假設企業需求持續謹慎，我們預計 2018 年北美每間可供出租客房收入 (RevPAR) 將持平或增長 2%，主要受房價推動，且全服務酒店的增長將略強於精選服務酒店。

For those of you who are modeling quarter-to-quarter RevPAR performance, recall that 2018 first quarter lodging demand will have tough comparisons from the 2017 inauguration and Women's March in Washington, D.C. and an earlier Easter and Passover in 2018.

對於那些模擬季度間每間可供出租客房收入 (RevPAR) 表現的人來說，請記住，2018 年第一季的住宿需求將面臨嚴峻的比較，因為 2017 年華盛頓特區舉行了就職典禮和婦女遊行，而且 2018 年的復活節和逾越節也比較早。

For our international markets, we expect RevPAR will increase 3% to 5% in 2018, with strong mid-single-digit growth expected in the Asia Pacific region, low single-digit growth in Europe, Caribbean and Latin America regions and slightly positive RevPAR growth in the Middle East and Africa region. This should yield worldwide systemwide RevPAR growth of 1% to 3%.

對於我們的國際市場，我們預計 2018 年每間可供出租客房收入 (RevPAR) 將增長 3% 至 5%，其中亞太地區預計將實現強勁的中個位數增長，歐洲、加勒比海和拉丁美洲地區預計將實現低個位數增長，中東和非洲地區預計將實現略微正增長。這將使全球系統每間可供出租客房收入 (RevPAR) 成長 1% 至 3%。

Turning to development. In the third quarter, our worldwide development pipeline reached a record 450,000 rooms, which is 36% of our current system side -- size. And worldwide room openings totaled 23,000 rooms, a new single quarter record.

轉向發展。第三季度，我們的全球開發項目儲備達到創紀錄的 45 萬間客房，占我們目前系統規模的 36%。全球新增客房總數達到 23,000 間，創下單季新紀錄。

Our brands continue to be preferred by developers and lenders alike. Based on STR industry pipeline data, our brands continue to represent a leading 35% of hotel -- hotels under construction in the U.S. and 1 in 4 hotels under construction worldwide.

我們的品牌一直深受開發商和貸款機構的青睞。根據 STR 行業管道數據，我們的品牌繼續佔據美國在建酒店市場的 35% 份額，以及全球在建酒店市場的 1/4 份額。

With 8 leading brands, our worldwide pipeline of luxury rooms totaled nearly 50,000 at quarter end or more than 40% of our current distribution. In the third quarter alone, we signed or approved 7 new luxury projects, including the new Luxury Collection Hotel in Japan, a Ritz-Carlton resort in St. Lucia and an EDITION Hotel in Arizona.

截至季末，我們旗下擁有 8 個領先品牌，全球豪華客房儲備總量接近 50,000 間，占我們目前分銷總量的 40% 以上。僅在第三季度，我們就簽署或批准了 7 個新的豪華項目，包括日本的新豪華精選酒店、聖路易斯的麗思卡爾頓度假酒店。露西亞和亞利桑那州的一家 EDITION 酒店。

Our worldwide pipeline of upper-upscale rooms totals 132,000, with about half located in the Asia Pacific region. The Marriott Hotels and Sheraton brands are particularly strong in Asia, while the Autograph and Delta brands are building a meaningful conversion pipeline in North America.

我們在全球擁有 132,000 間高檔客房的儲備，其中約一半位於亞太地區。萬豪酒店和喜來登品牌在亞洲尤其強大，而傲途格酒店和達美酒店品牌正在北美建立起重要的轉換管道。

Worldwide, our limited-service pipeline totals 270,000 rooms, with growing interest from owners and franchisees around the world. 5 years ago, only 1/4 of our pipeline outside North America consisted of limited-service rooms. Today, such rooms represent over 40% of our international pipeline.

在全球範圍內，我們的有限服務型飯店專案總計達 27 萬間客房，世界各地的業主和加盟商對此越來越感興趣。5 年前，我們在北美以外的管道中只有 1/4 是有限服務客房。如今，這類房間占我們國際業務總量的 40% 以上。

In the last 12 months, Marriott's gross room additions totaled 6.6% and deletions were 1.1%. New hotel signings remain strong and our pipeline has grown 7% in that same period. We are not seeing project cancellations or any hesitancy to sign new deals, but shortages of skilled tradesmen, contractors and subcontractors are delaying openings. This is particularly true of high-value complex projects such as dual-branded hotels, urban properties, high rises and large custom projects.

在過去 12 個月中，萬豪酒店的客房總數增加了 6.6%，減少了 1.1%。新酒店簽約情況依然強勁，同期我們的專案儲備增加了 7%。我們沒有看到專案取消或簽署新合約的猶豫，但是熟練技工、承包商和分包商的短缺正在推遲專案的開放。對於雙品牌酒店、城市地產、高層建築和大型客製化項目等高價值複雜項目而言，尤其如此。

Today, these nonprototype projects make up over half of our limited-service openings in the U.S. Looking ahead, we believe the high demand for construction talent in hurricane, fire and earthquake-damaged areas, continued political disruptions in the Middle East and a growing proportion of complex limited-service projects in the U.S. could further lengthen average construction periods by a few months. Despite these issues, we believe our leading 1.2 million room worldwide system will grow by nearly 7% gross in 2017 and roughly 7% gross in 2018.

如今，這些非原型項目占我們在美國有限服務項目總數的一半以上。展望未來，我們認為颶風、火災和地震災區對建築人才的高需求、中東持續的政治動盪以及美國複雜有限服務項目比例的不斷增長，可能會使平均施工週期進一步延長幾個月。儘管有這些問題，我們相信我們領先的全球 120 萬間客房系統在 2017 年將實現近 7% 的總成長，2018 年將實現約 7% 的總成長。

As you may recall, we have typically deleted about 1% of rooms each year. Today, we are estimating deletions across our entire portfolio will total 1% to 1.5% in both 2017 and 2018. This unusual level of deletions is largely related to the Sheraton brand. We expect 6,000 Sheraton rooms will exit the system in 2017 with another 4,000 rooms departing in 2018.

您可能還記得，我們​​通常每年會取消約 1% 的房間。今天，我們預計 2017 年和 2018 年我們整個投資組合的刪除數量將分別達到 1% 至 1.5%。這種不尋常的刪除量主要與喜來登品牌有關。我們預計 2017 年將有 6,000 間喜來登客房退出市場，2018 年將有 4,000 間客房退出市場。

We have launched a full court press to improve the Sheraton brand. We are working to increase accountability, quality assurance and capital investments while applying Marriott's systems and programs to drive the top line and reduce costs. These are still early days, but we believe we are making real progress and owners are noticing. In fact, we signed 3,500 new Sheraton rooms in the last 12 months alone, with representation from all of the continents.

我們已全力以赴提升喜來登品牌形象。我們致力於提高問責制、品質保證和資本投資，同時運用萬豪的系統和方案來提高收入並降低成本。雖然現在還處於早期階段，但我們相信我們正在取得真正的進步，業主們也注意到了這一點。事實上，光是在過去 12 個月裡，我們就簽約了 3500 間新的喜來登客房，客戶遍布各大洲。

We've never been more optimistic about our business, our underlying competitive strengths and our long-term growth potential. The Starwood integration is on track. We have identified more synergies and more business opportunities than we anticipated. We continue to believe we will achieve $250 million of G&A savings and expect to do that in 2018. And we continue to improve our products, services and systems to enhance the value of every room night.

我們從未像現在這樣對我們的業務、潛在的競爭優勢和長期成長潛力充滿信心。喜達屋的整合工作進展順利。我們發現的協同效應和商機比預期的要多。我們仍然相信我們將實現 2.5 億美元的 G&A 節省，並預計在 2018 年實現這一目標。我們將繼續改進我們的產品、服務和系統，以提升每個房間每晚的價值。

To tell you more about the quarter, I'd like to turn the call over to Leeny Oberg. Leeny?

為了更詳細地向大家介紹本季的情況，我想把電話交給 Leeny Oberg。莉妮？

Thank you, Arne. For the third quarter of 2017, adjusted diluted earnings per share totaled $1.10, roughly $0.12 ahead of the midpoint of our RevPAR guidance, $0.96 to $0.99. On the fee line, we picked up about $0.02 of outperformance, with about half due to better-than-expected hotel results and half due to better relicensing and branding fees.

謝謝你，阿恩。2017 年第三季度，經調整後的稀釋每股收益總計 1.10 美元，比我們 RevPAR 指引值 0.96 美元至 0.99 美元的中點高出約 0.12 美元。在費用方面，我們獲得了約 0.02 美元的超額收益，其中約一半是由於酒店業績好於預期，另一半是由於重新授權和品牌推廣費用的增加。

Our owned, leased and other line outperformed by $0.03, with about half from purchase accounting revisions for the Starwood acquisition, with the remainder from strong hotel performance and higher-than-expected termination fees. G&A was $0.03 better than expected, sourced roughly equally from a tax credit, favorable purchase accounting revisions and timing. Our game line was about $0.01 better than expected due to a transfer tax settlement. And finally, taxes were about $0.03 better than guidance due to greater tax benefits related to stock compensation.

我們自有、租賃和其他線路的業績超出預期 0.03 美元，其中約一半來自喜達屋收購案的會計調整，其餘部分來自強勁的酒店業績和高於預期的終止費用。一般及行政費用比預期好 0.03 美元，主要來自稅收抵免、有利的購買會計修訂和時間表。由於轉讓稅結算，我們的比賽賠率比預期高出約 0.01 美元。最後，由於與股票補償相關的稅收優惠更大，稅收比預期低了約 0.03 美元。

Compared to the prior year, total fee revenue was $831 million, 8% over the prior year and 2% ahead of the midpoint of our guidance. Base fees increased 1% over the prior year, driven by unit growth and RevPAR improvement and offset somewhat by negative foreign exchange impact and the impact of terminations and contract changes.

與前一年相比，總費用收入為 8.31 億美元，比上年增長 8%，比我們預期的中點高出 2%。基本費用較上年增長 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以及終止和合約變更的影響所抵消。

Franchise fees increased 13% in the quarter, reflecting unit growth, higher RevPAR and growth in nonproperty fees. These nonproperty 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, 24% higher than the prior year. We expect these fees will grow roughly 20% in the full year 2017 from $350 million to over $420 million.

本季度特許經營費增長了 13%，反映了門市數量增長、每間可供出租客房收入 (RevPAR) 增加以及非物業費用增長。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，比去年同期增長 24%。我們預計這些費用在 2017 年全年將成長約 20%，從 3.5 億美元增至超過 4.2 億美元。

Incentive fees increased 7% year-over-year in the third quarter, largely due to strong managed full-service hotel RevPAR in Europe and Asia and good margin performance at company-operated hotels around the world. Global house profit margins at company-operated hotels improved 40 basis points during the quarter. Hotels continue to benefit from synergies associated with the Starwood acquisition, including OTA and procurement savings, revenue management improvement, benchmarking initiatives, savings on maintenance agreements and insurance savings.

第三季激勵費用年增 7%，主要原因是歐洲和亞洲的託管全服務酒店 RevPAR 強勁成長，以及全球公司自營酒店良好的利潤率表現。本季公司自營飯店的全球飯店利潤率提高了 40 個基點。酒店繼續受益於喜達屋收購帶來的協同效應，包括線上旅行社和採購方面的節省、收益管理的改進、基準測試計劃、維護協議和保險方面的節省。

Our hotels are also benefiting from a 10 basis points reduction in our centralized charge-out rate for our loyalty program. And we expect to reduce such charges by another 10 basis points beginning in 2018. We expect additional property cost savings as integration proceeds.

我們的飯店也受惠於忠誠度計畫集中收費率降低 10 個基點。我們預計從 2018 年開始，此類費用將再降低 10 個基點。我們預計隨著整合的進行，物業成本將進一步節省。

Adjusted owned, leased and other revenue, net of expenses, totaled $94 million in the third quarter compared to $116 million in the prior year. Since the beginning of the 2016 third quarter, we've sold 5 hotels, in each case retaining long-term management agreements. These properties contributed $15 million in profits in the 2016 third quarter, making a tough comparison for third quarter 2017. Growth in the 2017 quarter was also depressed by the tough comparisons to the 2016 Olympics in Brazil, weak results in New York and renovations at 2 leased hotels in Europe.

經調整後的自有、租賃及其他收入（扣除支出後）第三季總計 9,400 萬美元，而去年同期為 1.16 億美元。自 2016 年第三季開始以來，我們已售出 5 家飯店，並且在每家飯店都保留了長期管理協議。這些物業在 2016 年第三季貢獻了 1,500 萬美元的利潤，這使得 2017 年第三季的業績難以與前者進行比較。2017 年季度的成長也受到以下因素的抑制：與 2016 年巴西奧運會相比的嚴峻形勢、紐約市場的疲軟表現以及歐洲兩家租賃酒店的翻新工程。

Owned, leased and other revenue, net of expenses, was $19 million better than expected due to $9 million of favorable purchase price adjustment as well as higher-than-expected termination fees and better-than-expected results at hotels in Canada.

扣除支出後，自有、租賃和其他收入比預期高出 1,900 萬美元，這得益於 900 萬美元的有利購買價格調整、高於預期的終止費以及加拿大酒店業績好於預期。

Adjusted depreciation and amortization totaled $70 million in the quarter compared to $81 million in the 2016 third quarter. The decline was largely due to the impact of hotels that we sold or moved to assets held for sale.

本季調整後的折舊和攤銷總額為 7,000 萬美元，而 2016 年第三季為 8,100 萬美元。此次下滑主要是由於我們出售或轉移到待售資產中的酒店所造成的影響。

Adjusted general and administrative expenses totaled $201 million in the third quarter, a $36 million decline from the prior year, largely reflecting continued cost reductions as the integration continues. Compared to our expectation, G&A was $17 million better than the midpoint of our guidance due to a $6 million state tax credit, a favorable $4 million of purchase accounting revision and timing.

第三季經調整的一般及行政費用總計 2.01 億美元，比上年同期減少了 3,600 萬美元，這主要反映了隨著整合的持續，成本持續下降。與我們的預期相比，由於 600 萬美元的州稅收抵免、400 萬美元的有利購買會計修訂以及時間安排，一般及行政費用比我們指導的中點低了 1700 萬美元。

In total, purchase accounting revisions in the adjusted third quarter income statement totaled a net favorable $16 million pretax. These represent the income statement impacts of the final adjustments to the fair value of assets and liabilities which we acquired in the Starwood deal. Congratulations and a big thank you to the finance team, who has worked tirelessly on this since completing the acquisition a year ago.

調整後的第三季損益表中的購買會計處理修訂總和為稅前淨收益 1,600 萬美元。這些代表了我們在喜達屋交易中收購的資產和負債公允價值的最終調整對損益表的影響。恭喜財務團隊，並衷心感謝他們自一年前完成收購以來為此付出的不懈努力。

Third quarter adjusted EBITDA increased 7% over combined adjusted EBITDA in the prior year. The 2016 quarter included $15 million from owned assets that we have since sold. For the fourth quarter, we expect fee revenue will total $825 million to $835 million on higher RevPAR, unit growth and margin improvement. The 20 hotels that are closed due to the storms earned $2 million in fees in the fourth quarter in '16 and $12 million in fees for the full year 2016.

第三季調整後 EBITDA 比上年同期調整後 EBITDA 成長 7%。2016 年季度收入包括我們已出售的自有資產的 1500 萬美元。我們預計第四季度手續費收入將達到 8.25 億美元至 8.35 億美元，這得益於每間可供出租客房收入 (RevPAR) 的提高、單元數量的增長以及利潤率的改善。受暴風雨影響而關閉的 20 家酒店在 2016 年第四季獲得了 200 萬美元的費用，2016 年全年獲得了 1,200 萬美元的費用。

We expect owned, leased and other, net of direct expense, will total roughly $90 million in the fourth quarter compared to $109 million in the year-ago quarter. Profits in the 2016 fourth quarter included $21 million from 4 hotels that have since been sold.

我們預計，扣除直接費用後，第四季自有、租賃和其他資產總額約為 9,000 萬美元，而去年同期為 1.09 億美元。2016 年第四季的利潤包括來自 4 家酒店的 2,100 萬美元，但這些酒店後來已被出售。

Last month, we announced an agreement to sell Avendra, a leading North American hospitality procurement services provider. Avendra has been a terrific success, and we believe the combination with Aramark should further increase scale and drive even better results to our hotels. We expect to receive roughly $650 million at closing for a 55% share of Avendra, and such proceeds will be invested for the benefit of our system of hotels. We're currently developing these investment plans and will disclose amounts as they are spent. When the Avendra transaction closes, we will likely record a meaningful gain on the sale, but we expect to back out the gain from our adjusted EBITDA as a special item.

上個月，我們宣布達成協議，出售北美領先的飯店採購服務供應商 Avendra。Avendra 取得了巨大的成功，我們相信與 Aramark 的合併將進一步擴大規模，並為我們的酒店帶來更好的業績。我們預計在交易完成時將收到約 6.5 億美元，用於出售 Avendra 55% 的股份，這些收益將用於投資，以造福我們的酒店系統。我們目前正在製定這些投資計劃，並將在支出完成後公佈金額。當 Avendra 交易完成時，我們可能會確認一筆可觀的出售收益，但我們預計將該收益作為特殊項目從調整後的 EBITDA 中扣除。

Assuming no gain in the fourth quarter, we expect fourth quarter diluted EPS will total $0.98 to $1, and adjusted EBITDA will increase 1% to 3% to reach $762 million to $777 million. This is a bit lower than the implied guidance at the end of the second quarter, largely due to delays in G&A spend, the impact of the sale of the Toronto Sheraton and lower depreciation associated with reimbursed costs. The fourth quarter of 2016 included $21 million in EBITDA related to assets that have since been sold as well as an $8 million favorable litigation settlement.

假設第四季沒有成長，我們預計第四季度稀釋後每股收益將達到 0.98 美元至 1 美元，調整後 EBITDA 將成長 1% 至 3%，達到 7.62 億美元至 7.77 億美元。這比第二季末的隱含預期略低，主要是由於一般及行政支出延遲、出售多倫多喜來登酒店的影響以及與報銷成本相關的折舊減少。2016 年第四季包括與已出售資產相關的 2,100 萬美元 EBITDA，以及 800 萬美元的有利訴訟和解金。

For the full year 2017, we expect adjusted diluted EPS will total $4.22 to $4.24, an increase of 28% over prior year combined results. And we expect adjusted EBITDA will total $3.18 billion to $3.19 billion, an increase of 6% to 7% over 2016. Since the beginning of 2016, we've sold 9 hotels, in each case retaining a long-term management agreement. These properties contributed roughly $90 million in owned, leased profits in fiscal 2016 compared to $45 million expected for the full year 2017.

我們預計 2017 年全年調整後攤薄每股收益將達到 4.22 美元至 4.24 美元，比上年同期合併業績成長 28%。我們預計調整後的 EBITDA 總額將達到 31.8 億美元至 31.9 億美元，比 2016 年成長 6% 至 7%。自 2016 年初以來，我們已售出 9 家酒店，每家酒店都保留了長期管理協議。這些物業在 2016 財年貢獻了約 9,000 萬美元的自有和租賃利潤，而預計 2017 年全年利潤為 4,500 萬美元。

Our 2017 outlook does not include any impact from the ongoing renegotiation of our credit card agreements with JPMorgan Chase and American Express. We expect to finalize our credit card negotiations by year-end or shortly thereafter and won't likely be able to estimate the P&L impact to Marriott until early 2018.

我們的 2017 年展望不包括與摩根大通和美國運通正在進行的信用卡協議重新談判所帶來的任何影響。我們預計在年底或之後不久完成信用卡談判，但可能要到 2018 年初才能估算對萬豪酒店損益的影響。

We remain disciplined in our approach to capital investment and share repurchase. 2017 investment spending could total $550 million to $650 million, including about $175 million in maintenance spending. We've already recycled more than $1.1 billion of assets since closing the Starwood acquisition, including the sale of the Sheraton Toronto for roughly $270 million and the receipt of a $65 million loan repayment early in the fourth quarter. We remain comfortable with our estimate of $1.5 billion of asset recycling proceeds since the closing of the Starwood acquisition to year-end '18, but expect few additional proceeds will be recognized in the fourth quarter of '17.

我們在資本投資和股票回購方面始終保持嚴謹的態度。2017 年的投資支出總額可能達到 5.5 億美元至 6.5 億美元，其中包括約 1.75 億美元的維護支出。自從完成對喜達屋的收購以來，我們已經回收了超過 11 億美元的資產，其中包括以約 2.7 億美元的價格出售多倫多喜來登酒店，以及在第四季度初收到 6500 萬美元的貸款償還款。我們仍然對自喜達屋收購完成至 2018 年底以來 15 億美元的資產回收收益估計感到滿意，但預計 2017 年第四季不會確認多少額外收益。

With our success in asset recycling, we've already returned over $2.7 billion to shareholders through dividends and share repurchases through last week, and expect we will approach a record $3.5 billion return to shareholders for the full year. Compared to our expectations we discussed last quarter, our cash return to shareholders has increased due to roughly $350 million of incremental asset recycling, higher EBITDA levered appropriately, lower and a bit later capital spending, and higher working capital, including the impact from growth in our loyalty programs.

憑藉我們在資產回收方面的成功，截至上週，我們已經透過股利和股票回購向股東返還了超過 27 億美元，預計全年將向股東返還創紀錄的 35 億美元。與我們上個季度討論的預期相比，由於約 3.5 億美元的新增資產回收、適當槓桿化的更高 EBITDA、更低且稍晚的資本支出以及更高的營運資本（包括我們忠誠度計劃增長的影響），我們向股東返還的現金有所增加。

The higher cash return is not related to the expected cash from the sale of Avendra. At September 30, 2017, our common shares outstanding totaled 366.4 million shares, 6.2% lower than the prior year amount. Our balance sheet is in great shape. Excluding merger-related costs, our debt ratio on September 30 was at the low end of our targeted credit standard of 3 to 3.5x adjusted debt to combined adjusted EBITDAR.

較高的現金回報與出售 Avendra 預期獲得的現金無關。截至 2017 年 9 月 30 日，我們已發行的普通股總數為 3.664 億股，比前一年減少了 6.2%。我們的資產負債表狀況良好。不計合併相關成本，截至 9 月 30 日，我們的債務比率處於我們目標信貸標準 3 至 3.5 倍調整後債務與合併調整後 EBITDAR 比率的低端。

As we typically do in our third quarter release, we provided our preliminary view of 2018 RevPAR and unit growth today. Our hotels' budgets are not yet complete, and we're still quantifying the impact of FASB's new revenue recognition rules, which will be effective at the beginning of 2018. You'll find a general overview of the new rules described in our third quarter 10-Q that we plan to file later today or tomorrow. Bottom line, this is an accounting change. It doesn't impact cash or the economics of our business.

正如我們在第三季報告中通常的做法一樣，我們今天提供了對 2018 年 RevPAR 和單位成長的初步看法。我們飯店的預算尚未完成，我們仍在量化 FASB 新的收入確認規則的影響，該規則將於 2018 年初生效。您可以在我們計劃於今天晚些時候或明天提交的第三季 10-Q 報告中找到新規則的概述。歸根究底，這是一項會計準則的變更。這不會影響我們的現金流或業務經濟效益。

We expect to release fourth quarter and full year results mid-February and will work to provide 2017 results by quarter under the new revenue recognition rules as soon as possible thereafter. As you know, it's our practice to provide fulsome guidance for each upcoming quarter and current year. Given our continued finance integration efforts and the work to present 2017 results under the new rules, we expect our first quarter 2018 earnings guidance is likely to be a bit less detailed than usual. We appreciate your patience.

我們預計將於 2 月中旬發布第四季度和全年業績，並將在此後儘快根據新的收入確認規則提供 2017 年各季度業績。如您所知，我們通常會為每個即將到來的季度和本年度提供全面的指導。鑑於我們持續推進財務整合工作，以及根據新規提交 2017 年業績報告的工作，我們預計 2018 年第一季的獲利預期可能不如往常詳細。感謝您的耐心等待。

(Operator Instructions) We'll take your questions now.

（操作說明）現在開始回答您的問題。

(Operator Instructions) Your first question comes from Harry Curtis of Nomura Instinet.

（操作說明）您的第一個問題來自野村證券的哈里·柯蒂斯。

My question is, how can Marriott respond to the increase in pricing transparency apps like Yatra and Tingo, particularly with respect to close-in bookings? To what degree is it impacting your ability to price higher than, say, the low single digits in an environment where GDP is actually beginning to accelerate?

我的問題是，萬豪酒店該如何應對 Yatra 和 Tingo 等價格透明應用程式的興起，尤其是在接近入住日期預訂方面？在 GDP 實際上開始加速成長的環境下，這種影響在多大程度上影響了您將價格定得高於個位數的能力？

Yes, it's a good question, Harry. I think the -- we obviously are taking a very careful look at the continued evolution of a number of these apps, and obviously, we live in a world with radical transparency in pricing where prices are available for essentially every hotel at an instant notice. We are doing everything we can. I mean, obviously, the core platform for us is the loyalty program, and we continue to see that the room nights coming from our loyalty program are continuing to increase, approaching 55%, I think, across the world today. And that's a powerful thing. Obviously, some of these other booking platforms are not conducive to loyalty members because they will not earn points associated with them. I think beyond that, steps around the redemption formulas for the loyalty programs, which we want to continue to adjust. We've already made some changes so that hotel owners have less incentive to drop rates at the last minute in order to meet the high occupancy redemption formulas that exist or historically have existed both in our platform and in many of our competitors' platforms. I think, similarly, that the extended cancellation window to 48 hours, which we put in place a few months ago, is another thing which deals with overbooking risk but also, to some extent, addresses these last-minute booking trends. But stay tuned on this. This is something that we'll continue to evolve, I think, in the quarters and probably years ahead.

是的，哈利，你問得好。我認為——我們顯然正在非常仔細地研究這些應用程式的持續發展，而且顯然，我們生活在一個價格高度透明的世界，幾乎每家酒店的價格都可以立即查詢到。我們正在盡一切努力。我的意思是，很顯然，我們的核心平台是會員忠誠度計劃，我們看到，來自會員忠誠度計劃的客房夜數持續增長，我認為，目前在全球範圍內已接近 55%。那是一件很了不起的事。顯然，其他一些預訂平台對會員不利，因為他們無法獲得與這些平台相關的積分。我認為除此之外，還需要對忠誠度計畫的兌換公式進行調整，我們希望繼續改進這些公式。我們已經做出了一些改變，使得飯店業主在最後一刻降低房價的動機減少，從而滿足我們平台和許多競爭對手平台中存在的或過去存在的高入住率兌換公式。同樣地，我認為幾個月前實施的將取消窗口延長至 48 小時的措施，既可以應對超額預訂的風險，也可以在一定程度上解決最後一刻預訂的趨勢。但請繼續關注此事。我認為，在未來的幾個季度甚至幾年裡，我們將繼續發展完善這一領域。

Your next question comes from Robin Farley of UBS.

下一個問題來自瑞銀集團的 Robin Farley。

I know it's only one question, so I'm sure tomorrow I'll want to ask a little more about that group pace 2%, whether that was a volume and price combined. But I -- but if I only get one question, I will go with the -- I saw the increase in your capital return, and I know in the opening comments, you mentioned some of it had to do with the extra $350 million in recycled proceeds. But just given that your outlook for '18 is sort of very consistent with your outlook for '17, so given there's not a big change in the outlook, it was a big step-up in capital. Was there anything else behind that? Was it a decision kind of not to do something else? Or just want to get more color on that.

我知道這只是一個問題，所以我明天肯定會想再問關於那 2% 的分組速度，它是否是成交量和價格的組合。但是——如果我只能問一個問題，我會問——我看到了你們資本回報率的增長，我知道在開場白中，你們提到其中一部分與額外的 3.5 億美元回收收益有關。但鑑於您對 2018 年的展望與您對 2017 年的展望非常一致，因此，鑑於展望沒有發生太大變化，資本投入是一個巨大的進步。背後還有其他原因嗎？這是不是一種放棄做其他事情的決定？或者只是想讓它更有色彩一些。

Robin, just because we like you so much, we'll answer the second question that you very artfully asked, which is 100% of the group revenue increase next year is ADR-driven, not occupancy-driven. But Leeny will talk about the capital return.

羅賓，就因為我們非常喜歡你，所以我們會回答你提出的第二個問題，這個問題問得非常巧妙，那就是明年集團收入增長的 100% 是由平均房價 (ADR) 驅動的，而不是由入住率驅動的。但利尼會談到資本回報。

So -- thanks, Robin. So a couple of things. This is definitely solely a function of that growth -- repurchase this year of the results kind of turning out the way they are. This is not a function of something that we're looking out and seeing in 2018. I will say to your point, in 2018, to remember that part of this really record high level of share repurchase this year is due because we weren't able to bring back roughly $500 million of cash as part of the Starwood acquisition that was sitting in a number of different structures that when we put the 2 companies together, we were able to bring home. We also have the reality that asset recycling is likely to be lower next year than it is this year. But I think otherwise, you should -- with the exception of those 2 things, you should look to see us continue to have very strong levels of share repurchase. And I should remember that Avendra, from the standpoint of Avendra, that the numbers that we're talking about here don't include the proceeds from Avendra. And that when you think about the use of that cash, we will be giving you more detail about the timing of the proceeds. We're going to have to pay cash taxes on those proceeds, which will be meaningful. So I wouldn't expect that they will have a dramatic impact on our share repurchase next year. And to the extent that we are able to use some of that cash, we will be able to fold it into the numbers that we give you guidance on.

所以——謝謝你，羅賓。有兩件事。這絕對完全取決於成長——今年的回購以及最終的結果。這並非我們在 2018 年所觀察到的現象。關於您提到的這一點，我想說的是，2018 年股票回購規模創歷史新高，部分原因是由於我們在收購喜達屋時未能收回約 5 億美元的現金。這筆現金分散在多個不同的結構中，當我們把兩家公司合併後，我們才得以將其收回。我們還必須面對一個現實：明年的資產回收率可能會低於今年。但我認為情況並非如此，除了這兩件事之外，你應該會看到我們繼續保持非常強勁的股票回購水準。我應該記住，從 Avendra 的角度來看，我們在這裡討論的數字並不包括 Avendra 的收益。至於如何使用這筆現金，我們會向您提供更多關於資金發放時間的詳細資訊。我們將需要為這些收益繳納現金稅，這將是一筆不小的數目。因此，我預計它們不會對我們明年的股票回購產生重大影響。如果我們能夠利用其中的一些資金，我們將能夠將其納入我們向您提供的指導數字中。

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。

Leeny, I think you gave a really good rundown on where you're at with the asset sale program. And I think if I call the numbers right, you said you had $1.1 billion has been completed. That may have included some other recycling though. So could you just give us an update? It was a $1.5 billion target. How much is remaining for '18? And then based on what you're seeing out there in the sale markets, is there reason or room to believe that you might have some things that you could kind of -- that there could be some room for upside to that number?

Leeny，我覺得你對資產出售計畫的進展做了非常全面的介紹。如果我沒記錯的話，你說過已經完成 11 億美元的專案了。不過，其中可能也包括一些其他的回收利用。能否請您提供最新進展？目標是15億美元。2018年還剩下多少？然後，根據你在銷售市場上看到的情況，是否有理由或空間相信，你可能會有一些東西——這個數字可能還有一些上漲的空間？

Sure, thanks very much. So you're right, absolutely right. We're looking -- let's just talk for this -- since the deal closed, yes, $1.1 billion. We had San Francisco St. Regis was in the fourth quarter of last year. So this year, you're looking at total asset sale dispositions of, call it, $750 million, and the rest coming from note collections for a total year-to-date of roughly $900 million, okay? So when you think about that relative to the assets that are left, then to get to our $1.5 billion that would argue roughly $400 million would be in 2018. And as you remember, I've kind of talked about the 3 buckets of assets. And we feel very comfortable that assuming the ones that are either easily sold and then also can be worked out that, that would get us to our $400 million in 2018. I think we still believe that, that will leave us a handful that, because of the dynamics in their particular markets, be it Rio or Aberdeen, Scotland, that we may need to wait a little while. But the $400 million related to '18, we feel good about.

當然，非常感謝。所以你是對的，完全正確。我們正在考慮——就此談談——自從交易完成以來，是的，11億美元。我們有舊金山街。Regis 是去年第四季的情況。所以今年，資產出售處分總額約 7.5 億美元，其餘部分來自票據回收，年初至今總計約 9 億美元，懂嗎？所以，考慮到剩餘資產，要達到 15 億美元，大約需要 4 億美元才能達到 2018 年的目標。如你所知，我之前已經談到過資產的3個類別。我們非常有信心，假設那些容易出售且可以解決的問題都能解決，那麼到 2018 年，我們將達到 4 億美元的目標。我認為我們仍然相信這一點，但會剩下少數市場，由於其各自市場的動態變化，無論是裡約熱內盧還是蘇格蘭的阿伯丁，我們可能需要等待一段時間。但對於與 2018 年相關的 4 億美元，我們感到滿意。

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。

I thought I heard at the beginning, we have one and one follow-up. Is that not true?

我好像在開頭就聽到，我們有一個後續行動。難道不是這樣嗎？

That is what I said.

我就是這麼說的。

Okay. So Arne, a question for you. So your U.S. RevPAR growth forecast was a little better than we were expecting, and you highlighted some of the drivers behind that in your prepared remarks. But as we're thinking about the various segments of the U.S. both in terms of chain scales and then also geographically, where are you seeing better growth than you thought you would see last quarter when you seemed more cautious and even a bit frustrated with some of the North American RevPAR trends?

好的。阿恩，我有個問題想問你。所以，您對美國每間可供出租客房收入 (RevPAR) 成長的預測比我們預期的要好一些，您在準備好的發言稿中重點介紹了這背後的一些驅動因素。但當我們從連鎖規模和地理位置兩個方面來考慮美國的各個細分市場時，您認為哪些領域的成長比上個季度預期的要好？上個季度您似乎比較謹慎，甚至對北美的一些RevPAR趨勢感到有些沮喪。

Yes, I mean, I think the -- obviously, the third quarter itself is a bit confused because of the political conventions and the Jewish holidays, particularly. We talked about the impact on the full year -- full quarter RevPAR of about 100 basis points. You can see in the reported numbers between full-service and limited-service, that limited-service performed a bit more than 1 point better than the full-service hotels, 1.5 points better really systemwide in the United States. And the reason for that really is about those 2 non-comparables in terms of the calendar. It's full-service hotels that bear the brunt of both the loss of the political conventions in Q3 2017 and are more likely to be impacted by Jewish holidays landing in the quarter. The -- also because of those holidays, you end up in the quarter with relatively stronger leisure business. I think when you look at the full year, not just the quarter, we would say leisure is the strongest, secondly would be association group business and then probably third would be all things corporate. And corporate remains -- we used the word cautious in the prepared remarks; I think that's a very deliberate word to use. It's not weak in absolute terms. The hotels are performing well and the corporate accounts are performing well. But I think there is a bit more focus on cost across the average corporate customer today than might have been the case in past economic recovery cycles. I think the last thing to point out, it's a little bit counterintuitive maybe initially is the impact of the hurricanes in Texas and Florida not coming to Caribbean. We're a net positive in September, not a net negative. Probably most dramatically so in Texas, where that was one of the weakest markets we have in the United States for the last year or 2. And fairly quickly, within days, recovery efforts are beginning and people who are looking for housing are filling up hotels. And so the Houston market and Florida market drove a bit of the outperformance in Q3.

是的，我的意思是，我認為——很顯然，第三季本身有點混亂，因為有政治集會和猶太節日，尤其是這些。我們討論了對全年的影響——整個季度的每間可供出租客房收入（RevPAR）將下降約 100 個基點。從全服務酒店和有限服務酒店的報告數據可以看出，有限服務酒店的表現比全服務酒店好 1 分多一點，在美國整個系統中，有限服務酒店的表現實際上比全服務酒店好 1.5 分。而造成這種情況的真正原因是，這兩個日期在時間安排上根本無法比較。全方位服務的飯店首當其沖地受到 2017 年第三季政治大會取消的影響，而且更有可能受到該季度猶太節日的影響。也因為這些假期，你最終會迎來休閒業務相對強勁的季度。我認為，如果從全年來看，而不僅僅是從季度來看，休閒業務是最強勁的，其次是協會團體業務，然後可能是所有企業業務都排在第三位。企業方面依然－我們在準備好的發言稿中使用了「謹慎」一詞；我認為這是一個非常謹慎的用詞。從絕對意義上講，它並不弱。飯店業績良好，企業客戶業績也良好。但我認為，與以往的經濟復甦週期相比，如今一般企業客戶對成本的關注度更高。最後要指出的一點，可能有點違反直覺，那就是德州和佛羅裡達州的颶風不會影響加勒比海地區。9月份我們實現了淨正收益，而不是淨負收益。德州的情況可能最為顯著，在過去一兩年裡，那裡一直是美國最疲軟的市場之一。但很快，短短幾天內，復甦工作就開始了，尋找住房的人們就住滿了酒店。因此，休士頓市場和佛羅裡達市場在一定程度上推動了第三季的優異表現。

And Leeny, if we could just move on to a question about the credit card deals that you're working on, and I know you said you'll have something to announce maybe by the end of this year or early next year and you're not really prepared to talk more about that, but I'm going to ask anyway. I think that there is a narrative in the investment community about the incremental cash flow that you can get from those deals. And I just -- we're kind of calculating something a bit lower than what I think others are saying. And if you look at the transaction that Hilton -- that transpired with Hilton and if you think about the multiples of size that your loyalty program is, I think folks are coming up with incremental cash flow to you of $300 million, $500 million. We're calculating something a bit lower than that. So I was just hoping you could maybe clarify how you're thinking about that.

Leeny，我們能否直接進入關於你正在洽談的信用卡交易的問題？我知道你說過可能在今年年底或明年年初宣布一些消息，你目前還沒有準備好談論更多細節，但我還是要問。我認為投資界有一種說法，認為這些交易可以帶來額外的現金流。我只是——我們計算出的結果比其他人說的要低一些。如果你看看希爾頓的交易——也就是希爾頓的交易，再想想你的忠誠度計畫的規模，我認為人們會得出3億美元到5億美元的增量現金流。我們計算出來的結果比這個數字略低一些。所以，我只是希望您能解釋一下您對此的看法。

So let's go back just as a little basics on what we talked about last March, just as a reminder, that we talked about the kind of non-hotel revenue-related fees totaling $350 million, of which the credit cards were roughly half, so call it roughly $173 million in the 2016 numbers. And we've talked about that -- we talked today about how that $350 million will grow to over $420 million, close to a 20% increase, and that will be heavily driven by the strength of our credit card business, which is -- continues to grow really well. But as it relates to the new credit card deals, I could really only say the following, and that is that we are working with our partners. We -- as soon as we have a definitive deal or deals, we will talk about it. And that we have said that these agreements have been some time since they've been renegotiated. So 2 things: number one, we would expect from the passage of time that the deal has got better economics; and then number two, frankly as a result of our combined platform, we believe there's additional benefit there. So that we do believe there will be great economic value, frankly, for Marriott International shareholders, for our owners through a more economic loyalty program from the contributions from the credit card companies, as well as, frankly, for the customers who are going to be using these credit cards. So there's tremendous value. But to get into the specifics of where those dollars fall, it's just too soon.

那麼，讓我們回顧一下去年三月我們討論過的一些基本內容，提醒一下，我們當時談到了與酒店收入無關的費用總計 3.5 億美元，其中信用卡費用約佔一半，所以按 2016 年的數據計算，大約為 1.73 億美元。我們已經討論過這個問題——我們今天也討論過，這 3.5 億美元將增長到 4.2 億美元以上，增幅接近 20%，而這將主要得益於我們信用卡業務的強勁增長，該業務目前正持續保持良好增長勢頭。但就新的信用卡交易而言，我只能說以下幾點，那就是我們正在與合作夥伴共同努力。一旦我們達成最終協議，我們會立即討論。我們之前也說過，這些協議已經有一段時間沒有重新談判了。所以有兩點：第一，我們預計隨著時間的推移，這筆交易的經濟效益會更好；第二，坦白說，由於我們合併後的平台，我們相信會有額外的好處。因此，我們相信這將為萬豪國際的股東帶來巨大的經濟價值，透過信用卡公司提供的更經濟的忠誠度計劃，我們的業主也將從中受益；坦白地說，使用這些信用卡的客戶也將從中受益。所以它具有巨大的價值。但要具體分析這些資金的去向，現在還為時過早。

So just -- is the -- because we're all in the business of trying to anticipate these things, is the math wrong to kind of take what the incremental benefit that Hilton got and to kind of assume that perhaps your loyalty program is 4 or 5x greater and just kind of do the math on that?

所以——因為我們都在努力預測這些事情，那麼，如果按照希爾頓獲得的增量收益來計算，假設你的忠誠度計劃可能是希爾頓的 4 倍或 5 倍，然後進行相應的計算，這種計算方法是否錯誤呢？

The first thing should be not surprising, and that is I really can't comment on Hilton's program, how exactly the structure of their deal and how they -- how the credit card companies, what they're so-called paying for, i.e., how many points that then need to be paid for as a result of the proceeds that Hilton is receiving, right? When you think about it, a credit card customer is obviously doing all the spend and they're earning lots of points when they use their credit card. Well, those points have to be paid for. And then the question becomes, how much do those points cost in the various programs? And then what else are you using the proceeds for relative to strengthening the program and also bringing profits to the shareholders? So I do agree with you. I think a comparison probably doesn't make a lot of sense, given that the programs are likely to be very unique relative to the businesses that Hilton has and the credit card portfolio that they have as well as the one that we have. We're thrilled with the 2 credit card portfolios that we have now in terms of through Amex and JPMorgan Chase and look forward to seeing what comes up when we are done with negotiations.

首先，最不應該讓我感到驚訝的是，我真的無法評論希爾頓的計劃，他們的交易結構究竟如何，以及他們——信用卡公司——是如何支付所謂的費用的，也就是說，希爾頓收到的收益需要支付多少積分，對吧？仔細想想，信用卡用戶顯然是所有消費的始作俑者，他們在使用信用卡時可以獲得大量積分。嗯，這些積分是要付出代價的。那麼問題就變成了，這些積分在各種項目中分別值多少錢？那麼，除了加強專案和為股東創造利潤之外，你們還將把收益用於哪些其他方面？所以我同意你的看法。我認為進行比較可能意義不大，因為這些項目相對於希爾頓的業務和信用卡組合以及我們自身的業務和信用卡組合而言，很可能是非常獨特的。我們對目前透過美國運通和摩根大通獲得的2個信用卡組合感到非常滿意，並期待談判結束後能看到什麼結果。

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。

My first question is, Leeny, in your full year 2017 owned, leased and other revenue, net of your expense guidance, of $367 million, how much contribution in the first 3 quarters of this year is there from owned assets that have since been sold, just so we have a base to think about for the next couple of years to grow off with.

我的第一個問題是，Leeny，在你 2017 年全年的自有、租賃和其他收入（扣除你的支出預期）為 3.67 億美元的情況下，今年前三個季度有多少收入來自已經出售的自有資產？這樣我們才能有一個基準來考慮未來幾年的成長。

Well, I'm going to have -- I'm looking to Betsy, but if I remember the comments, right, it's $90 million for the full year in '16 and it was $21 million in Q4 from the assets that were sold. So that's the delta -- that's the contribution in each in the 3 quarters '16 and 1 quarter of '16. And then year-over-year, we just know that we'll have what we have in Q4, which totals $90 million versus the $109 million. Betsy's handing me something. Let's see what we have. Yes, Q3 year-to-date. Yes, it's not laid out the same way. But again...

嗯，我要問貝齊，但如果我沒記錯的話，2016 年全年是 9,000 萬美元，第四季出售資產的收入是 2,100 萬美元。所以這就是差額——這是 2016 年前三個季度和 2016 年第一個季度各自的貢獻。然後，與去年同期相比，我們知道第四季的營收將與去年同期持平，總計 9,000 萬美元，而去年同期為 1.09 億美元。貝齊遞給我一樣東西。我們來看看我們有什麼。是的，是今年第三季至今的數據。是的，佈局方式不一樣。但是，再說一次…

It's difficult, Joe. We'll get to you...

這很難，喬。我們會聯絡你的…

We can talk to it separately. But I do think what you are looking for is the $90 million in '16 and $21 million. And then year-over-year, we do know that if we've talked about owned, leased being $90 million versus what it was, $109 million a year ago, you know that $21 million last year was contributed to owned, leased profits from those assets that are no longer with us.

我們可以單獨跟它談談。但我認為你所尋找的是 2016 年的 9000 萬美元和 2100 萬美元。然後，我們確實知道，如果我們談到自有和租賃資產的利潤從一年前的 1.09 億美元增長到 9000 萬美元，那麼去年自有和租賃資產利潤的 2100 萬美元就來自那些已經不屬於我們的資產。

Okay, great. And then my second question, final question. Is it fair to think that given your range of RevPAR growth and net rooms growth for next year with some incremental asset sale benefit, that this $3.5 billion of cash return or thereabouts is a sustainable level, absent some macro shock that moves some of those inputs that you talked about for '18?

好的，太好了。然後是我的第二個問題，也是最後一個問題。考慮到您明年的每間可供出租客房收入增長和淨客房增長範圍，以及一些額外的資產出售收益，是否可以認為這 35 億美元左右的現金回報是一個可持續的水平，除非出現一些宏觀衝擊，導致您提到的 2018 年的一些投入發生變化？

Well -- so that's what I was trying to mention before, Joe. We clearly -- the $500 million of excess cash that we're able to bring back is -- that was a onetime gain. So that obviously is not something I can recreate every year. And obviously, the asset recycling this year at, call it, $900 million relative to what it would take to get us to the $1.5 billion next year is obviously also going to be less. But at the same time, I think we see tremendous opportunities for the growth in the loyalty program, which tends, as it grows, to spit off more cash. So with the exception of those 2 items and with continued strong growth in the company's EBITDA, we clearly see great strong numbers for share repurchase but can't really get into -- we're not at the point in our budget process to be able to put certain numbers behind it.

嗯——這就是我之前想說的，喬。我們很明確地——我們能夠收回的 5 億美元盈餘現金——那是一次性收益。所以很顯然，這不是我每年都能重現的。顯然，今年的資產回收額（假設為 9 億美元）相對於明年達到 15 億美元的目標而言，顯然也會更少。但同時，我認為我們看到了忠誠度計畫的巨大成長機會，隨著忠誠度計畫的發展，它往往會帶來更多的現金流。因此，除了這兩項之外，隨著公司 EBITDA 的持續強勁增長，我們顯然看到了股票回購的強勁前景，但我們還無法深入探討——我們的預算流程還沒有到能夠給出具體數字的階段。

Your next question comes from Smedes Rose of Citi.

你的下一個問題來自花旗銀行的斯梅德斯·羅斯。

I was just wondering, Arne, if you could just talk a little bit about the tenor of your corporate customers when you speak with them. You mentioned some caution going into '18. And it's just interesting when we continue to see business CapEx spending go up and GDP forecast pretty good. I mean, what is your sense of kind of what is keeping people on the sidelines from either funding more group business or just more corporate transient business?

阿恩，我只是想問，你能不能簡單談談你和企業客戶交談時的語氣？你提到在進入2018年時需要保持謹慎。有趣的是，我們看到企業資本支出持續成長，而GDP預測也相當樂觀。我的意思是，您認為是什麼原因導致人們不願意為團體業務或企業短期業務提供更多資金？

Yes, and we've talked about this in the last few quarters and I wish we could be more definitive than we really can be. But I think when you listen to the stories out there, you see a broad range of individual stories where you've got obviously good average corporate profit growth, better corporate profit growth than revenue growth. But some companies are absolutely [tonning] it. And generally, we see from them the kind of behavior in travel that you would expect from those companies. In other words, that they are investing not just in capital items, but they are investing in operating costs and spending time with customers and coming together and using our hotels, whether it be for individual travel or for group travel. I think there are also a number of companies where they are struggling to find revenue growth, and they are getting -- putting pressure on themselves and maybe, to some extent, getting pressure from the investment community to squeeze out profit growth in a relatively anemic revenue growth picture. And that's causing them to be a bit cautious on their spending on all things, including sadly, travel. And when you roll all those averages together, I think we are seeing a bit more cautious behavior, on average, from companies today than we would have expected, given GDP growth. And obviously, one of the questions we get often today given the GDP numbers of the last 2 quarters, the optimism in the market, people ask, "Are you seeing more healthy demand today from your corporate customers than a year ago?" for example. And I think generally, we would say, "No, it's about the same. It feels to us like the economy is growing at more or less the same pace it was before." Now we don't have any reason to question the GDP -- the reported GDP numbers, which do appear to be a bit better. So the only explanation we can come up with is that there is just a bit more caution on the corporate side because of the stickiness of revenue growth on average. And again, if we see better GDP growth on a sustained basis, I think that's a positive thing and we may see some better performance come from that. But a little bit of it will depend on corporate behavior and whether it gets a little bit more bullish in our space.

是的，過去幾個季度我們一直在討論這個問題，我希望我們能給出更明確的答复，但實際上我們做不到。但我認為，當你聽聽這些故事時，你會發現各種各樣的個案，其中顯然都出現了良好的平均企業利潤增長，企業利潤增長甚至高於收入增長。但有些公司絕對在大量生產。總的來說，我們從這些公司在旅行方面的行為中看到了人們所期望的行為。換句話說，他們不僅投資於資本項目，還投資於營運成本，花時間與客戶相處，聚集在一起並使用我們的酒店，無論是個人旅行還是團體旅行。我認為也有很多公司正在努力尋找收入成長點，它們給自己施加壓力，而且在某種程度上，它們也受到投資界的壓力，要在相對疲軟的收入成長環境下擠出利潤成長。這使得他們在所有方面的支出都比較謹慎，令人遺憾的是，就連旅行也不例外。綜合所有這些平均值來看，考慮到 GDP 的成長，我們認為目前企業的平均行為比我們預期的要謹慎一些。顯然，鑑於過去兩個季度的 GDP 數據以及市場的樂觀情緒，我們今天經常被問到的一個問題是：“與一年前相比，您是否看到您現在從企業客戶那裡獲得的需求更加健康？”而且我認為一般來說，我們會說，“不，差不多。”我們感覺經濟成長速度與之前基本持平。現在我們沒有理由質疑GDP——也就是公佈的GDP數據，這些數據看起來確實略有改善。因此，我們唯一能想到的解釋是，由於平均而言收入成長的黏性，企業方面更加謹慎。再次強調，如果我們看到GDP持續成長，我認為這是一件好事，我們可能會因此看到更好的表現。但其中一部分取決於企業行為，以及我們所在領域的市場情緒是否會變得更加樂觀。

Okay. And I just wanted to ask you, you guys announced this venture with Alibaba last quarter. Are you starting to see any benefits of that or is it too soon? The RevPAR out of China obviously continues to be very strong. Is that wrapping?

好的。我只是想問一下，你們上個季度宣布了與阿里巴巴的這項合作。你開始看到任何好處了嗎？還是現在說這些還太早？顯然，中國市場的每間可供出租客房收入（RevPAR）依然非常強勁。那是包裝紙嗎？

We're off to a great start with Alibaba. We were doing some great things with them even before we announced the deal in August. Of course, we've got 11/11 coming up here in just a few days, which is a major Alibaba Chinese consumer event. And I think we continue to work with them on loyalty, particularly with great sign-up from the kind of Chinese consumers we want to have. And so we feel we're really off to a good start. The team is also working on some of the technology tools that are essential to drive even better performance going forward, but we're going to get great lift from this.

我們與阿里巴巴的合作開局非常順利。早在八月宣布這筆交易之前，我們就已經和他們一起做了很多很棒的事情。當然，再過幾天就是11月11日了，這是阿里巴巴在中國舉辦的大型消費盛會。我認為我們將繼續與他們合作，提高用戶忠誠度，尤其是在吸引我們想要擁有的中國消費者方面，註冊量非常可觀。因此，我們感覺我們開局非常順利。團隊也正在研究一些對未來提升效能至關重要的技術工具，我們將從中獲得巨大的提升。

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。

Arne, in your prepared remarks, you talked about how in 2018 you expect full-service hotels to perform better than select-service. Can you just elaborate on that a little?

Arne，你在事先準備好的演講稿中提到，你預計 2018 年全服務酒店的表現將優於精選服務酒店。能再詳細解釋一下嗎？

Yes, I mean, that's our instinct at the moment. Again, we haven't done budgets year-to-date and I wouldn't invite you to think that it's dramatically different. But I think we are seeing -- generally, there is a bit more supply growth in the limited-service space than there is in the full-service space. And that's probably the easiest thing to look at for the explanation between the 2. I think group business, obviously, we've seen revenues up about 2% this year versus last. I think that should hold through the year. There is -- I mentioned at one of the earlier questions, that is 100% rate-driven, not room night-driven. So that's a better place to be even having that be driven by room nights because it gives us some opportunity both on maybe some incremental group business or some transient bookings that would be taken away from us if it was occupancy-driven. But that's -- those are the primary things right now.

是的，我的意思是，這是我們目前的直覺。再次強調，我們今年還沒有編預算，我也不希望你們認為情況會有很大的不同。但我認為我們看到的是——總體而言，有限服務領域的供應成長比全服務領域要多一些。這可能是解釋兩者之間差異的最簡單方法。我認為集團業務方面，顯然，我們看到今年的收入比去年增長了約 2%。我認為這種情況應該可以持續到年底。正如我在之前的一個問題中提到的，這是 100% 由房價驅動，而不是由房間晚數驅動。所以，即使以客房夜數為驅動，這也是一個更好的選擇，因為它給我們帶來了一些機會，無論是增加一些團體業務還是一些散客預訂，如果以入住率為驅動，這些機會就會從我們這裡消失。但這些都是——這些是目前最重要的事。

Helpful. And then just as my follow-up, can you just touch on the direct booking push and the current relationship with the OTAs and the mix?

很有幫助。最後，我想問一下，您能否談談直接預訂的推廣以及目前與線上旅行社 (OTA) 的關係和組合情況？

Yes, there is not much new to report. The -- we are obviously continuing to focus on our loyalty program, which I mentioned earlier. And we are seeing contribution to our hotels around the world continue to grow from the loyalty program. That is really fabulous news for us, and we're going to continue to invest in the loyalty program the way we've talked about, the way some of Leeny's answers already hinted at this morning. And I think that will continue to drive our loyal customers into our own channels as opposed to third-party channels. We do want to continue to have a good relationship with the OTAs where it comes to that occasional leisure traveler. And there are travelers who want to see that kind of range of pricing across portfolios. We're not particularly loyal to any system and so we'll continue do business with them. But I think we will also continue to use the tools that we have to try and grow our own channels at faster rates than we've experienced in the last couple of years. We're not in negotiations with any of the big OTAs until sometime later in 2018. We'll obviously keep you posted on that.

是的，沒什麼新鮮事好說。我們顯然會繼續專注於我們的會員忠誠度計劃，正如我之前提到的那樣。我們看到，忠誠度計劃對我們在全球各地的酒店帶來的貢獻持續增長。這對我們來說真是個好消息，我們將繼續按照我們之前討論的方式，以及Leeny今天早上的一些回答所暗示的方式，對會員忠誠度計劃進行投資。我認為這將繼續促使我們的忠實客戶轉向我們自己的管道，而不是第三方管道。我們希望繼續與線上旅行社保持良好的關係，尤其是在服務偶爾出行的休閒旅客方面。也有一些旅行者希望看到不同產品組合的價格範圍。我們對任何體係都沒有特別的忠誠度，所以我們會繼續與他們做生意。但我認為我們也會繼續利用現有的工具，努力以比過去幾年更快的速度發展我們自己的管道。我們預計要到 2018 年稍後才會與任何大型線上旅行社 (OTA) 進行談判。我們當然會及時向您報告最新情況。

Your next question comes from Patrick Scholes of SunTrust.

下一個問題來自 SunTrust 銀行的 Patrick Scholes。

First question is a bit of a hypothetical one around the tax cut legislation. Let's say hypothetically, that did go through as proposed and you did see your tax -- your cash taxes go down. Would you envision the use of that extra cash flow along the lines of dividends and repurchases? Or would you see that more going to CapEx?

第一個問題有點假設性，是關於減稅法案的。假設這項提議真的按計劃實施了，你的稅金——你的現金稅——確實減少了。您認為可以將這筆額外的現金流量用於分紅和股票回購嗎？或者您認為這筆錢會更多地用於資本支出？

Well, as I'm sure you know, we first look to how we can invest to grow our business. So the reality is, the way that we run the shop is more to figure out what are the things that we can invest in. And then with what's left over, what's the best thing to do, which is, for us, has been a choice to return it to shareholders and we continue to believe that's the right choice. So -- although you're right, we would expect there would be more cash, I think the answer will continue to be that we want to invest in our business to grow and strengthen our platform, strengthen our brand and add a lot more distribution and do everything we can to make our equation for the customer the most powerful one in the industry. And from that standpoint, we would look at it exactly the same way and then continue to return capital to shareholders.

如您所知，我們首先要考慮的是如何投資以發展業務。所以實際上，我們經營這家店的方式更多的是為了弄清楚我們可以投資哪些方面。至於剩下的部分，最好的做法是什麼？對我們來說，最好的做法是將其返還給股東，我們仍然認為這是正確的選擇。所以——雖然你說得對，我們確實應該有更多的現金，但我認為答案仍然是，我們希望投資於我們的業務，發展壯大我們的平台，加強我們的品牌，增加更多的分銷渠道，並儘一切努力使我們為客戶提供的方案成為業內最強大的方案。從這個角度來看，我們會採取完全相同的策略，然後繼續向股東返還資本。

Yes, let me just jump in here and talk about this a little bit. Obviously, we have not been capital constrained in current times before tax reform. And so our approach has been essentially to do the kinds of investments Leeny described if they make economic and strategic sense to us. And to the extent there is not enough of those and clearly, there has not been enough of those because we're talking about returning $3.5 billion to shareholders this year, that tells you that there is that much extra capacity which is being produced by our company that we don't need to invest in our system. If you wave a wand and say tax reform is done and our tax -- cash taxes and book taxes decline by a certain amount, I don't think that by itself is going to change our capital availability, if you will. I think the longer-term question would be whether or not that has the impact of reducing our cost of capital, which could -- in some respects, could go into a calculation about whether or not there are investments that makes sense for us to do. But I think that's a longer-term, more theoretical question, and the shorter-term question is it's probably likely to go back to shareholders. And when it does, that's likely to go principally to American shareholders, which gets the dollars back into the American economy and the American economy should benefit from that, obviously not by Marriott alone but by that sort of story working its way through the American economy. And that growth in turn should create jobs and should create more capital investment in the U.S. economy.

是的，讓我插一句，簡單談談這件事。顯然，在稅制改革之前，我們一直沒有受到資本約束。因此，我們的方法基本上就是，如果利尼所描述的那種投資對我們來說具有經濟和戰略意義，我們就會進行這類投資。而且，如果這類資金不足的話（顯然，這類資金確實不足，因為我們今年要向股東返還 35 億美元），那就說明我們公司生產的額外產能如此之多，以至於我們不需要投資於我們的系統。如果你揮動魔杖說稅制改革完成了，我們的稅收——現金稅和帳面稅下降了一定數額，我認為這本身並不會改變我們的資本可用性。我認為更長遠的問題是，這是否會影響我們的資本成本，這在某種程度上可以納入我們對是否有值得投資的考量。但我認為這更多的是一個長期的、理論性的問題，而短期的問題是，這很可能最終還是要由股東來決定。而當這種情況發生時，這些資金很可能主要流向美國股東，從而使美元重新流入美國經濟，美國經濟應該會從中受益，這顯然不僅僅是萬豪酒店一家的利益，而是這類故事在美國經濟中逐步展開的結果。而這種成長反過來應該會創造就業機會，也應該會為美國經濟帶來更多的資本投資。

More demand for our hotel.

我們酒店的需求量增加了。

Hopefully.

但願如此。

Very well said there. And then as far as my completely unrelated follow-up question, we're seeing InterContinental Hotels and Hilton making a push to get into sort of what we call the lower chain scale segment. Any thoughts on your end of opportunity there?

說得太好了。至於我完全不相關的後續問題，我們看到洲際酒店和希爾頓酒店正在努力進入我們所謂的低端連鎖酒店市場。你對那邊的機會有什麼想法嗎？

Well, we're obviously reading all the news that we can read. I mean, one of the things that is interesting to us, obviously, we spent time at our analyst conference in March talking about our segment profile, which is much more dramatically skewed to luxury and upper-upscale and even upscale. And really, we're not playing in the mid-scale space at all. I thought it was interesting that statistically we put out in our prepared remarks that even in our limited-service pipeline, 50% of those assets in the United States are really urban and much more, what, complicated, but that also means higher-rated hotels than the prototypical suburban hotel that you might think of when you think about limited-service. And obviously, we want to continue to be very strong on the higher end of the market. That doesn't mean we're going to ignore those suburban or secondary markets, but we want very much for our brands to be playing in the place where people are most inspired by travel and where they have the strongest memories and coincidentally where we can get the most profit contribution per room. And I think we'll continue to stay focused in that space for the time being.

當然，我們會閱讀所有能看到的新聞。我的意思是，顯然，我們感興趣的一件事是，我們在三月的分析師會議上花時間討論了我們的細分市場概況，該概況明顯更加偏向於奢侈品、高端產品甚至高檔產品。實際上，我們根本不是在中等規模的市場中競爭。我認為有趣的是，我們在事先準備好的發言稿中統計顯示，即使在我們有限服務型酒店的項目中，美國也有 50% 的資產位於城市地區，情況更加複雜，但也意味著這些酒店的評級高於你想到有限服務型酒店時可能會想到的那種典型的郊區酒店。顯然，我們希望繼續在高端市場保持強勁勢頭。這並不意味著我們會忽視郊區或二線市場，但我們非常希望我們的品牌能夠在人們最受旅行啟發、擁有最深刻旅行記憶的地方發揮作用，而巧合的是，我們也能在那裡獲得每間客房最大的利潤貢獻。我認為在目前這個階段，我們仍將繼續專注於這個領域。

Your next question comes from Jeff Donnelly of Wells Fargo.

下一個問題來自富國銀行的傑夫唐納利。

A few of mine have been answered. I have a question actually concerning rewards redemption. I've been hearing from owners that you guys are looking at revising, from what I would call a threshold, sort of a phased threshold on redemption travel. And I guess, I'm curious. I would think that cliff-type threshold would create sort of an adverse pricing behavior. And I'm just wondering if you think moving away from that is actually beneficial for rates in the industry because I would think owners tend to discount to get over that occupancy threshold.

我的一些問題已經得到了解答。我有一個關於獎勵兌換的問題。我從一些業主那裡聽說，你們正在考慮修改，我稱之為門檻，或者說是分階段的兌換旅行門檻。我想，我挺好奇的。我認為這種懸崖式的門檻會造成某種不利的定價行為。我只是想知道您是否認為放棄這種做法實際上對行業價格有利，因為我認為業主往往會為了達到入住率門檻而打折。

And that's exactly what I was trying to refer to in one of the earlier answers. We have moved already some, but I think we'll continue to move. Right now, it depends a little bit on the brand. Luxury has got a bit lower threshold for obvious reasons. They tend to run occupancies which are a little bit lower than the upper-upscale hotels or the upscale hotels. But essentially, the way it works now is once you hit a certain percentage occupancy, your redemption rate is meaningfully higher. And so if I'm one room away from hitting a 95% threshold, it's in my interest to fill that room almost no matter what rate I get. Now we've already got some gates that preclude them from giving that room away or giving it away at a discount which is too profound. But still it drives behavior, which is dropping rates closer to stay. And I think if we can avoid that sort of cliff feature, which I suspect we will do, we'll end up with that much less economic incentive for hotel owners to drop rates as we get closer to that stay.

而這正是我在之前的某個回答中試圖表達的意思。我們已經搬了一些地方，但我認為我們會繼續搬。目前來看，這在一定程度上取決於品牌。顯而易見，奢侈品的門檻降低了一些。它們的入住率往往比高檔飯店或豪華飯店略低。但從本質上講，現在的運作方式是，一旦入住率達到一定百分比，兌換率就會顯著提高。因此，如果我距離達到 95% 的入住率只差一間房，那麼無論入住率如何，我都會想方設法把那間房填滿。現在我們已經設定了一些限制，阻止他們把房間送出去或打折出售，這太過分了。但這仍然會影響人們的行為，導致利率下降，更傾向於維持現狀。我認為，如果我們能夠避免那種價格斷崖式下跌的情況（我懷疑我們能夠做到），那麼隨著入住日期的臨近，酒店業主降低房價的經濟動機就會大大降低。

Have you ever quantified how much of a drag that creates?

你有沒有量化過這會造成多大的阻礙？

We've looked at this and we've looked at the other third-party players that are out there. We don't think it's material generally today. But anecdotally, we hear it pop up occasionally and so we think it's something we need to address.

我們已經研究過這款產品，也研究過市面上其他第三方產品。我們認為這在今天總體上並不重要。但據我們所知，這種情況偶爾會發生，所以我們認為這是一個需要解決的問題。

And just one follow-up if I could. Just one of your competitors talking about rebuilding their reservation system to incorporate, I guess, I'll call it modern technology and new forms of guest interaction. Do you think that the Starwood-Marriott combination allowed you to bring your systems to that level that, I guess, let's say, sets a future standard? Or do you foresee the need as you look about your own capital planning in the next 3 to 5 years to make a more significant investment in your back-of-house systems?

如果可以的話，我還有一個後續問題。你們的競爭對手之一正在談論重建他們的預訂系統，以融入，我想，我稱之為現代技術和新的客戶互動方式。您認為喜達屋和萬豪的合併是否使您的系統達到了可以稱之為未來標準的水平？或者，在您展望未來 3 到 5 年的資本規劃時，您是否預見到需要對後台系統進行更重大的投資？

We have had extraordinary levels of investment in new reservations, modern reservations approach as well as in property management system and some of the other systems already for the last couple of years. And obviously, one of the reasons we did the deal is we think we can be much more cost-effective by using these dollars to support 1 program instead of 2 programs. And we'll continue with that.

過去幾年，我們在新的預訂系統、現代化的預訂方式、物業管理系統以及其他一些系統方面投入了巨額資金。顯然，我們達成這項交易的原因之一是，我們認為用這些資金支持一個項目而不是兩個項目，可以更具成本效益。我們將繼續這樣做。

Your next question comes from Chad Beynon of Macquarie.

下一個問題來自麥格理集團的查德·貝農。

Just was wondering on RevPAR index, I know a big part of the merger. Leeny, you outlined the cost synergies, but there is obviously some revenue synergies. If you can move up the RPIs from some of the Legacy-Starwood assets, mainly Sheraton, wondering if you saw anything in the quarter that kind of portends positively for RPIs to go up. And then kind of the side question on that is, is anything assumed in 2018 in terms of higher RPI gains from the Starwood assets?

我只是想了解一下RevPAR指數，我知道它對合併有很大影響。Leeny，你概述了成本協同效應，但顯然也存在一些收入協同效應。如果能提高一些 Legacy-Starwood 旗下資產（主要是喜來登酒店）的零售價格指數 (RPI)，我想知道你是否在本季度看到了任何預示著 RPI 將會上升的積極跡象。那麼，關於這一點，還有一個附帶的問題是，2018 年喜達屋資產的 RPI 收益是否有所提高？

Yes, thanks very much, and I'm glad you asked that question. In the quarter, we were up modestly in terms of RevPAR index, essentially in most segments and in most regions around the world, and we're quite encouraged by that. We've said before that the most powerful drivers of the lift from the merger are going to be driven by the combination of the loyalty programs and by the combination of the sales force and other efforts on -- to drive top line. We are -- we did, at closing, obviously drive good functionality between the 2 loyalty programs, but we are yet to merge them into one. We remain optimistic that we'll be able to do that in 2018. And I think when we get that done in 2018, there is every reason to believe we're going to drive better share of wallet. On the sales side, the bulk of the sales forces have just recently been brought together, and I think that will be helpful too. So we would expect that we will continue to see some improved index performance in '18 and probably particularly after '18 when we get the synced loyalty program put together. We're really gratified that we're off to a great start because as we've said before, this is probably the highest risk time because the revenue we're experiencing in hotels today is, to some extent, driven by group bookings and other things that were done in earlier periods, including times when the uncertainty of the acquisition was most pronounced. And to not have a dip after closing is really very encouraging to us and in fact, to have some index gain is pretty powerful.

是的，非常感謝，很高興你問了這個問題。本季度，我們的RevPAR指數略有成長，基本上在世界各地的大多數細分市場和大多數地區都是如此，我們對此感到非常鼓舞。我們之前說過，合併帶來的成長最強勁的驅動力將來自忠誠度計畫的結合，以及銷售團隊和其他推動營收成長的努力的結合。我們——在最終確定之前，我們確實已經實現了兩個會員計劃之間的良好功能，但我們尚未將它們合併為一個。我們仍然樂觀地認為，我們能夠在2018年做到這一點。我認為，如果我們能在 2018 年完成這項工作，我們完全有理由相信我們將獲得更高的市場份額。在銷售方面，大部分銷售人員最近才被整合在一起，我認為這也會有所幫助。因此，我們預期 2018 年指數表現將持續改善，尤其是在 2018 年之後，當我們把同步忠誠度計畫整合起來之後。我們非常高興能夠取得如此好的開局，因為正如我們之前所說，這可能是風險最高的時期，因為我們目前在酒店獲得的收入在某種程度上是由團體預訂和之前時期完成的其他事項推動的，包括收購不確定性最明顯的時期。收盤後沒有下跌，這真的非常令人鼓舞；事實上，指數有所上漲是非常可喜的。

Your next question comes from David Beckel of Bernstein.

你的下一個問題來自伯恩斯坦公司的戴維貝克爾。

This is Apple speaking for Dave Beckel. Another question on the tax reform, some of your corporate partners you talk to view (inaudible) their spending will meaningfully increase if the tax form -- reform is passed by the end of the year. And if so, do you believe your North America RevPAR could exceed the top end of your 2018 guidance range?

這是蘋果代表戴夫貝克爾發言。關於稅制改革的另一個問題是，您接觸的一些企業夥伴認為（聽不清楚），如果稅制改革在年底前獲得通過，他們的支出將大幅增加。如果情況屬實，您認為北美地區的每間可供出租客房收入 (RevPAR) 能否超過 2018 年預期範圍的上限？

Yes. And probably in the way you've asked the question, not necessarily. I have participated in a number of events with a whole bunch of our corporate customers recently. And I think generally, the view from our corporate customers, not surprisingly, is if tax reform gets done, it will be a boost to the economy, a boost to their fortunes and a boost to GDP generally. And in that sense, I think they would be a bit more optimistic about growth. But we haven't necessarily said to folks, "Okay, if you get a tax cut, are you going to travel more?" That seems a little concrete. There is obviously plenty of uncertainty about tax reform, both the timing and the details of what might get passed.

是的。而且，以你提問的方式來看，可能未必如此。最近我參加了我們許多企業客戶舉辦的一些活動。而且我認為，不出所料，我們企業客戶普遍認為，如果稅制改革得以實施，將會提振經濟，提升他們的財富，並整體促進GDP成長。從這個意義上講，我認為他們對成長會更加樂觀。但我們並沒有直接問人們：「如果減稅，你們會多旅行嗎？」 這似乎有點太具體了。稅制改革顯然存在許多不確定因素，包括改革的時間表和最終可能通過的具體方案。

Your next question comes from Wes Golladay of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的韋斯‧戈拉迪。

Can I get your high-level views for international travel next year to the U.S. for -- it was sort of baked into your preliminary guidance? And we've seen the Department of Commerce data showing international travelers are spending more money here, but it looks like the volume is actually down.

能否請您為明年赴美國際旅遊的總體規劃提供一些建議？ ——這似乎已經包含在您先前的指導意見中了。我們看到商務部的數據顯示，國際遊客在這裡的消費額有所增加，但消費量似乎實際上有所下降。

Yes. The -- to be fair, we are early enough in our budgeting process that I wouldn't say that we've been real specific about forecasting international arrivals to the United States as part of our budgeting process. A couple of statistics to remind you of. We think about 4%, maybe 4% to 5% of business in the United States is driven by international arrivals. You shouldn't be surprised to hear that the bulk of that is going to be in coastal destinations where international arrivals tend to be concentrated. The statistics we have about international arrivals to the United States in 2017 are frustratingly difficult to get. We obviously can look at our own system. There is Department of Commerce data, there is data that comes through OTAs and credit card companies and others that we're all trying to triangulate to try and sort this out. It looks like, though, that there has been a modest decrease in international arrivals to the United States from all foreign sources in 2017. That's not really all that surprising. That is in the context of what we estimate to be something like a 7% increase in global international arrivals, in other words, travelers crossing national boundaries and landing someplace else. And so the U.S. is declining in a market that is increasing globally, which means the United States is losing share. Does that change in 2018? We'll have to see. I would guess that we'll continue to see pretty powerful tailwinds which are driving growth in international travel. Think about China outbound business. We had some statistics on that earlier in the call. Think about Asian GDP growth. Think about European GDP growth. Both of those are positive areas and I think that will tend to drive travel, particularly leisure travel. We would love to see the U.S., while focused on security, which is perfectly appropriate, also continue to make sure that the rest of the world hears the voice that travelers are welcome to come and vacation here and do business here. And hopefully, the U.S. won't continue to lose much share, but we'll have to watch that in the future.

是的。公平地說，我們的預算編制過程還處於早期階段，所以我不會說我們在預算編制過程中已經非常具體地預測了國際遊客入境美國的人數。這裡有幾個統計數據提醒您。我們認為，美國約有 4% 到 5% 的業務是由國際遊客帶來的。不出所料，大部分遊客將湧向國際遊客集中的沿海目的地。令人沮喪的是，我們很難獲得有關 2017 年國際旅客入境美國的統計數據。我們當然可以檢視一下我們自己的系統。我們有商務部的數據，也有來自線上旅行社、信用卡公司和其他機構的數據，我們都在努力將這些數據進行綜合分析，以期解決這個問題。不過，2017 年來自世界各地的赴美國際旅客人數似乎略有下降。這其實並不令人意外。這是在我們估計全球國際入境人數成長約 7% 的背景下發生的，換句話說，就是旅客跨越國界，抵達其他地方。因此，在全球市場不斷成長的情況下，美國市場卻在下滑，這意味著美國正在失去市場份額。2018年情況會有所改變嗎？我們拭目以待。我估計我們將繼續看到強勁的順風推動國際旅遊業的成長。思考中國的對外貿易。我們在先前的通話中已經提到了一些相關統計數據。想想亞洲的GDP成長情況。想想歐洲的GDP成長情況。這兩個領域都是正面的，我認為這將推動旅遊業的發展，尤其是休閒旅遊業。我們希望看到美國在專注於安全問題（這完全合理）的同時，也繼續確保世界其他國家聽到這樣的聲音：歡迎旅行者來這裡度假和經商。希望美國不會繼續失去太多市場份額，但未來我們仍需密切關注。

Okay. And then transitioning that last segment, for the Asia Pacific region, the consumer is quite strong, but are you seeing any uptick in business travel in Asia? Are you gaining corporate accounts? Are you gaining group accounts? Do you have a lot of share gain based on that high single-digit RevPAR this quarter?

好的。最後，我們來看最後一個部分。就亞太地區而言，消費者非常強勁，但您是否看到亞洲的商務旅行有任何成長？你們是否正在拓展企業客戶？你們在取得群組帳號嗎？本季RevPAR（每間可供出租客房收入）實現了接近兩位數的成長，你們的市佔率是否有所提升？

Well, I mean, you could -- yes, the answer is yes. Our -- you can tell from the absolute RevPAR numbers coming out of Asia, the China numbers that we put out this morning, our index performance in Asia has been spectacular. I mean, we are at enormous RevPAR index premiums to the competitive market and we're growing them substantially year-over-year. So there is a ton of good news coming out of that.

嗯，我的意思是，你可以——是的，答案是肯定的。從亞洲的絕對RevPAR數據，特別是我們今天早上公佈的中國數據可以看出，我們在亞洲的指數表現非常出色。我的意思是，我們的每間可供出租客房收入 (RevPAR) 指數相對於競爭市場而言具有巨大的溢價，而且我們還在逐年大幅增長。所以，這其中有很多好消息。

Your next question comes from Michael Bellisario of Baird.

下一個問題來自 Baird 公司的 Michael Bellisario。

Just kind of thinking about 2018 but also more so just on a go-forward basis as you think about leveraging your larger platform today. What's the message that you're trying to send to owners, to operators as they're trying to push rate during corporate negotiations and enforce tougher group contract terms, for example? Basically, how aggressive are you trying to be? I know you're taking more of a first-mover approach now, given your bigger scale.

既要考慮 2018 年的發展，也要著眼於未來，思考如何利用你如今更大的平台。例如，當業主和營運商在公司談判中試圖提高價格並強制執行更嚴格的團體合約條款時，您想向他們傳達什麼訊息？基本上，你想展現出多強的姿態？我知道鑑於你們的規模更大，你們現在採取的是更積極主動的先發制人策略。

Yes, I mean, that's an important question. Obviously, franchise operators are very much responsible for their own pricing. And we can make some revenue management tools available to them. We can use some tools which help them participate in corporate RFPs, for example, which we do. But generally, they're going to make the decisions they think are the right ones to make. We are though, in the context of that, trying to make sure that we do things like the 48-hour cancel and whether that applies -- should apply to the corporate accounts. And we obviously want to make sure that we are doing what we can in the managed portfolio to take advantage of the fact that we've got hotels that are running significant occupancies. And we think there is pricing potential, particularly in these midweek nights when an overwhelming number of hotels are essentially full. And so we're doing the best we can to go through that.

是的，我的意思是，這是一個重要的問題。顯然，加盟商對其自身的定價負有很大責任。我們也可以提供他們一些收益管理工具。我們可以使用一些工具來幫助他們參與企業招標，例如，我們就是這樣做的。但總的來說，他們會做出他們認為正確的決定。不過，在這種背景下，我們正在努力確保我們執行諸如 48 小時取消之類的措施，以及該措施是否適用於企業帳戶——應該適用於企業帳戶。我們當然希望確保在管理的酒店組合中盡我們所能，充分利用我們旗下酒店入住率高的優勢。我們認為存在定價潛力，尤其是在周中晚上，因為絕大多數酒店基本上都已客滿。所以我們正在盡最大努力克服困難。

Got it. That's helpful. And then just one follow-up maybe for Leeny. Of the, call it, $510 million or so on the balance sheet, any of that leftover fees? Or was everything brought back earlier this year?

知道了。那很有幫助。然後或許只需要給Leeny一個後續問題。在資產負債表上約 5.1 億美元的資金中，是否有剩餘的費用？還是說今年早些時候所有東西都恢復原狀了？

I think there is a little bit more that we do hope, over time, to be able to get, but that is -- for the moment, that was all done earlier this year.

我認為隨著時間的推移，我們希望能夠獲得更多，但就目前而言，所有這些都是在今年早些時候完成的。

Our final question comes from Chris Agnew of MKM Partners.

最後一個問題來自 MKM Partners 的 Chris Agnew。

Can you provide any update on the discussion with the 2 timeshare companies about access to the loyalty program? And could they hold up your plans to combine the program in 2018?

您能否提供一下與兩家分時度假公司就會員計劃訪問權限進行討論的最新進展？它們會阻礙您在 2018 年合併該專案的計劃嗎？

Sure. Thanks for your question. Yes, we're actively talking to the timeshare companies. As we've said before, that to be able to fully completely unify our loyalty program, we need to work it out with both our credit card partners as well as our timeshare partners. And we are in the process of doing that right now and are hopeful that we'll get there soon.

當然。謝謝你的提問。是的，我們正在積極與分時度假公司洽談。正如我們之前所說，為了能夠完全統一我們的會員忠誠度計劃，我們需要與我們的信用卡合作夥伴以及分時度假合作夥伴共同協商解決。我們現在正在努力實現這個目標，並希望很快就能達成目標。

All right. Well, thank you all very much for your time and attention this morning. We appreciate your...

好的。非常感謝各位今天上午抽空關注。我們感謝您的…

I have an answer to Joe Greff.

我有一個答案可以回答喬·格雷夫的問題。

Okay, go ahead.

好的，請繼續。

So we talked -- Joe, just in case you're listening, I know you were asking a question about year-to-date owned, leased profits from the assets sold in '17 in addition to '16. We've given the numbers for '16. For '17, the hotels sold in '17, the assets -- the owned, leased profits through September 30 were $43.5 million. And with that, I think we're done.

所以我們聊了聊——喬，如果你在聽的話，我知道你問的是關於 2017 年和 2016 年出售的資產的年初至今擁有和租賃利潤的問題。我們已經給了 2016 年的數據。2017 年，出售的飯店資產－截至 9 月 30 日的自有租賃利潤為 4,350 萬美元。到此為止，我想我們結束了。

All right, thank you all very much for your time and attention this morning. We appreciate the opportunity to welcome you all in your travels.

好的，非常感謝大家今天早上抽出時間認真聆聽。我們非常榮幸有機會在旅途中接待各位。

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

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