萬豪國際 (MAR) 2021 Q4 法說會逐字稿

Good day, everyone, and welcome to today's Marriott International's Fourth Quarter 2021 Earnings Call. (Operator Instructions) Please note this call may be recorded. (Operator Instructions)

大家好，歡迎參加今天的萬豪國際集團 2021 年第四季度財報電話會議。 （操作員說明）請注意，此通話可能會被錄音。 （操作員說明）

It is now my pleasure to turn today's program over to Jackie Burka, Senior Vice President of Investor Relations.

現在我很高興將今天的項目交給投資者關係高級副總裁 Jackie Burka。

Thank you. Good morning, everyone, and welcome to Marriott's Fourth Quarter 2021 Earnings Call. On the call with me today are Betsy Dahm, our Vice President of Investor Relations; Leeny Oberg, our Chief Financial Officer and Executive Vice President, Business Operations; and Tony Capuano, our Chief Executive Officer.

謝謝你。大家早上好，歡迎參加萬豪 2021 年第四季度財報電話會議。今天與我通話的是我們的投資者關係副總裁 Betsy Dahm； Leeny Oberg，我們的首席財務官兼業務運營執行副總裁；和我們的首席執行官 Tony Capuano。

Thanks, Jackie. Before we begin our prepared remarks, I wanted to take a moment and reflect on this day, which marks the 1-year anniversary of Arne's passing. I know everyone on this call, especially our Marriott associates, miss our dear friend, an inspirational leader, a great deal. We can take comfort knowing his amazing legacy lives on in the incredible work of the thousands of people around the world who wear a Marriott name badge.

謝謝，傑基。在我們開始準備發言之前，我想花點時間回顧一下這一天，這標誌著阿恩逝世一周年。我認識這次電話會議上的每個人，尤其是我們的萬豪員工，非常想念我們親愛的朋友，一位鼓舞人心的領導者。我們可以欣慰地知道，他的驚人遺產仍然存在於世界各地成千上萬佩戴萬豪品牌徽章的人的不可思議的工作中。

Let me turn the call back over to Jackie to get us underway in discussing this quarter's results.

讓我把電話轉回傑基，讓我們開始討論本季度的業績。

So let me quickly 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. Statements in our comments and the press release we issued earlier today are effective only today and will not be updated as actual events unfold.

所以讓我快速提醒大家，我們今天的許多評論都不是歷史事實，根據聯邦證券法被視為前瞻性陳述。這些陳述受我們提交給美國證券交易委員會的文件中所述的眾多風險和不確定性的影響，這可能導致未來的結果與我們的評論中表達或暗示的結果存在重大差異。我們今天早些時候發布的評論和新聞稿中的聲明僅在今天有效，不會隨著實際事件的發展而更新。

Please also note that, unless otherwise stated, our RevPAR, occupancy and average daily rate comments reflect system-wide constant currency results for comparable hotels and include hotels temporarily closed due to COVID-19. RevPAR occupancy and ADR comparisons between 2021 and 2019 reflect properties that are defined as comparable as of December 31, 2021, even if they were not open and fully operating for the full year 2019 or they did not meet all the other criteria for comparable in 2019.

另請注意，除非另有說明，否則我們的 RevPAR、入住率和平均每日房價評論反映了可比酒店的全系統不變貨幣結果，包括因 COVID-19 暫時關閉的酒店。 2021 年和 2019 年之間的 RevPAR 入住率和 ADR 比較反映了截至 2021 年 12 月 31 日定義為可比的房產，即使它們在 2019 年全年沒有開放和全面運營，或者它們不符合 2019 年可比的所有其他標準.

Additionally, unless otherwise stated, all comparisons to pre pandemic for 2019 are comparing the same time period in each year. You can find our earnings release and reconciliations of all non-GAAP financial measures referred to in our remarks today on our Investor Relations website.

此外，除非另有說明，否則與 2019 年大流行前的所有比較都是在每年的同一時間段進行比較。您可以在我們的投資者關係網站上找到我們今天的評論中提到的所有非公認會計原則財務指標的收益發布和對賬。

Tony?

托尼?

Thanks, Jackie. We're very pleased with the remarkable progress we made in 2021 across the entire global portfolio despite the ongoing challenges of the COVID-19 pandemic. We finished the year on a real high note, with the emergence of Omicron having a limited impact on results in the fourth quarter.

謝謝，傑基。儘管 COVID-19 大流行的持續挑戰，我們對 2021 年在整個全球投資組合中取得的顯著進展感到非常高興。我們以真正的高調結束了這一年，Omicron 的出現對第四季度的業績影響有限。

In December, global ADR was 3% above 2019 levels, and occupancy for the month gained further ground compared to December of 2019, driving global RevPAR to an 11% decline versus 2019. This was a 53 percentage point improvement from the RevPAR decline in January of 2021.

12 月，全球 ADR 比 2019 年水平高出 3%，與 2019 年 12 月相比，該月的入住率進一步上升，推動全球 RevPAR 比 2019 年下降 11%。這比 1 月份的 RevPAR 下降幅度提高了 53 個百分點2021 年。

In the fourth quarter, global RevPAR was 19% lower than pre-pandemic levels. Global occupancy for the quarter came in at 58%, 12 percentage points below 2019, while ADR was only 2% shy of 2019 levels. In the U.S. and Canada, fourth quarter RevPAR declined 15% compared to 2019. Results were driven by strong ADR, which was less than 2% below pre-pandemic levels.

第四季度，全球 RevPAR 比大流行前水平低 19%。本季度全球入住率為 58%，比 2019 年低 12 個百分點，而 ADR 僅比 2019 年低 2%。在美國和加拿大，與 2019 年相比，第四季度 RevPAR 下降了 15%。結果是由強勁的 ADR 推動的，這比大流行前的水平低了不到 2%。

Further strengthening of already robust leisure travel and steady improvement in the recovery of business transient and group demand also helped results. Fourth quarter group room revenue in the U.S. and Canada was down 32% versus 2019, a 9% point improvement from the third quarter decline. With booking windows still much shorter than usual, in the quarter for the quarter bookings were up 45% versus the fourth quarter of 2019.

進一步加強本已強勁的休閒旅遊，以及商務和團體需求復甦的穩步改善也有助於業績。與 2019 年相比，第四季度美國和加拿大的團體客房收入下降了 32%，比第三季度下降了 9 個百分點。由於預訂窗口仍然比平時短得多，本季度的預訂量與 2019 年第四季度相比增長了 45%。

Group cancellations ticked up late last year and early this year due to Omicron mostly for arrival dates in January and February, but those cancellations have slowed more recently. New group bookings have also been gaining momentum, especially in the year for the year. In fact, just last week, Salesforce held a large company meeting in New York City that was booked just 1 month before the event. It was the largest internal meeting Salesforce has held since the start of the pandemic, with over 25,000 room nights across 11 of our properties.

去年年底和今年年初，由於 Omicron 的原因，團體取消的人數有所增加，主要是在一月和二月的到達日期，但這些取消最近有所放緩。新的團體預訂也一直在增長，尤其是在這一年。事實上，就在上週，Salesforce 在紐約市舉行了一次大型公司會議，會議在活動開始前 1 個月就被預訂了。這是 Salesforce 自大流行開始以來舉行的最大規模的內部會議，在我們的 11 家酒店有超過 25,000 間房晚。

While special corporate demand in the U.S. and Canada were still well below '19 levels, there was gradual improvement in the fourth quarter. Relative to pre-pandemic levels, bookings in the quarter were down 33%, 11% -- or excuse me, 11 percentage points better than the decline in the bookings in the third quarter. Weekly bookings around the end of last year were impacted by Omicron, but they have recovered since the trough in early January.

雖然美國和加拿大的特殊企業需求仍遠低於 19 年的水平，但第四季度逐漸改善。相對於大流行前的水平，本季度的預訂量下降了 33%、11%——或者對不起，比第三季度的預訂量下降幅度好 11 個百分點。去年年底左右的每週預訂量受到 Omicron 的影響，但自 1 月初的低谷以來已經恢復。

All of our international regions, except for Greater China, posted sequential RevPAR recovery from the third to the fourth quarter as more borders reopened and travel restrictions eased. Greater China's fourth quarter 27% RevPAR decline compared to 2019 was in line with the decline in the third quarter as their zero-COVID policy once again resulted in the lockdown of several cities.

隨著更多邊境的重新開放和旅行限制的放寬，我們所有的國際地區（除了大中華區）都從第三季度到第四季度實現了 RevPAR 的連續回升。與 2019 年相比，大中華區第四季度 RevPAR 下降 27% 與第三季度的下降趨勢一致，因為他們的零新冠病毒政策再次導致多個城市被封鎖。

The Middle East and Africa or MEA region performed particularly well in the fourth quarter, really demonstrating the resilience of travel demand. With relatively high vaccination rates and low travel restrictions during the quarter, the Middle East has become a safe, easy place to visit. Led by strength in the UAE, fourth quarter RevPAR in MEA rose 8% in 2019, driven by 20% higher ADR -- excuse me, 8% above '19, driven by 20% higher ADR.

中東和非洲或 MEA 地區在第四季度的表現尤為出色，真正體現了旅遊需求的韌性。由於本季度相對較高的疫苗接種率和較低的旅行限制，中東已成為一個安全、輕鬆的旅遊目的地。在阿聯酋的強勢帶動下，2019 年第四季度 MEA 的 RevPAR 在 ADR 增長 20% 的推動下增長了 8%——對不起，比 19 年高出 8%，這是由 ADR 增長 20% 推動的。

Fourth quarter occupancy in MEA topped 65%, the highest of our regions. Leisure demand was remarkably strong, benefiting from a significant increase in international visitors. Room nights from international guests rose nearly 60% from the third to the fourth quarter.

MEA 第四季度的入住率超過 65%，是我們地區最高的。休閒需求非常強勁，受益於國際遊客的顯著增加。從第三季度到第四季度，來自國際客人的房晚增加了近 60%。

Throughout the pandemic, strengthening our valuable loyalty platform and engaging with our Marriott Bonvoy members have been key areas of focus. In the fourth quarter of '21, 52% of room nights globally and 58% of room nights in the U.S. and Canada were booked by Bonvoy members. And global membership grew to over 160 million members at year-end, driven by strong digital sign-ups.

在整個大流行期間，加強我們寶貴的忠誠度平台並與萬豪旅享家會員互動一直是重點關注領域。 21 年第四季度，Bonvoy 會員預訂了全球 52% 的房晚和美國和加拿大 58% 的房晚。在強大的數字註冊量的推動下，全球會員人數在年底增長到超過 1.6 億。

Turning to development. Both room additions and signings were strong in '21 despite ongoing challenges associated with the pandemic. Despite industry-wide preconstruction and construction delays, some labor shortages and supply chain issues, we added a record 86,000 gross rooms and 517 properties leading to 6.1% gross rooms growth for the year.

轉向發展。儘管與大流行相關的挑戰持續存在，但 21 年的房間增加和簽約都很強勁。儘管全行業的預建和施工延遲、一些勞動力短缺和供應鏈問題，我們增加了創紀錄的 86,000 間客房和 517 處物業，導致全年客房總增長 6.1%。

Our global net rooms growth was 3.9%, above our previous expectation, given deletions were towards the low end of those expectations. Our deletion rate for 2021 was 2.1% or 1.2%, excluding the exit of 88 Service Properties Trust hotels.

我們的全球淨客房增長率為 3.9%，高於我們之前的預期，因為刪除量接近這些預期的低端。不包括 88 家 Service Properties Trust 酒店的退出，我們 2021 年的刪除率為 2.1% 或 1.2%。

We are also pleased that we continue to grow our share of rooms globally. In 2021, around 15% of all global new build rooms opened under our brands compared to our year-end room share of 7%. This share is expected to continue as we had 18% of all global rooms under construction at the end of '21, more than twice our current share of open rooms.

我們也很高興我們繼續在全球範圍內增加我們的客房份額。 2021 年，全球約有 15% 的新建客房以我們的品牌開業，而我們的年終客房份額為 7%。預計這一份額將繼續保持，因為截至 21 年底，我們在全球所有客房中佔 18% 在建，是我們目前開放客房份額的兩倍多。

Our development team signed franchise and management agreements for approximately 92,000 rooms during 2021, and our year-end global pipeline totaled roughly 485,000 rooms. The composition of our pipeline dovetails nicely with current demand trends. Leisure demand has led to recovery, and we are well positioned to continue growing our lead in resort destinations, including in the high-growth, all-inclusive space.

我們的開發團隊在 2021 年簽署了約 92,000 間客房的特許經營和管理協議，我們的年終全球管道總計約 485,000 間客房。我們管道的組成與當前的需求趨勢非常吻合。休閒需求已導致復甦，我們有能力繼續擴大我們在度假勝地的領先地位，包括在高增長的全包空間。

We've also been seeing strong preference for our luxury properties. With luxury rooms accounting for more than 10% of our pipeline, we are poised to further expand our industry-leading portfolio in this valuable high-fee segment.

我們也看到對我們的豪宅的強烈偏好。豪華客房占我們管道的 10% 以上，我們準備在這個有價值的高費用領域進一步擴大我們行業領先的產品組合。

Conversions were a significant growth driver in 2021, accounting for 21% of room additions and 27% of signings. With the breadth of our roster of conversion-friendly brands across chain scales and the meaningful top and bottom line benefits associated with being part of our system, we anticipate that conversions will remain an important contributor to growth over the next several years.

轉換是 2021 年的重要增長動力，佔新增客房的 21% 和簽約的 27%。憑藉我們跨鏈規模的轉換友好品牌名冊的廣度以及與成為我們系統的一部分相關的有意義的頂線和底線收益，我們預計轉換將在未來幾年繼續成為增長的重要貢獻者。

For 2022, we expect gross rooms growth to approach 5% and deletions of 1% to 1.5%, leading to anticipated net rooms growth of 3.5% to 4%. While signing activity has been picking up nicely, 2022 gross room additions are expected to be impacted by the diminished construction starts the industry has experienced throughout the pandemic, particularly here in the U.S.

到 2022 年，我們預計客房總增長率將接近 5%，取消 1% 至 1.5%，導致預計淨客房增長 3.5% 至 4%。雖然簽約活動一直在積極回升，但預計 2022 年的總客房增加量將受到整個大流行期間該行業所經歷的建築開工減少的影響，尤其是在美國。

As a reminder, average construction time lines are currently around 2 years for limited-service deals and often longer for full-service deals. Yet given the improving global environment, the attractiveness of our brands, our strong development activity, our conversion momentum and our industry-leading pipeline, we are confident that over the next several years, we will return to our pre-pandemic mid-single-digit net rooms growth rate.

提醒一下，目前，有限服務交易的平均建設時間線約為 2 年，而全面服務交易的平均建設時間線通常更長。然而，鑑於不斷改善的全球環境、我們品牌的吸引力、我們強大的開發活動、我們的轉換勢頭和我們行業領先的管道，我們有信心在未來幾年內，我們將回到大流行前的中單-位數淨客房增長率。

Before I turn the call over to Leeny, I did want to share a few highlights of the company's ESG efforts over the course of the year. The Board of Directors and our management team are keenly focused on these important areas as we're committed to making a positive and sustainable impact in the communities where we live and work.

在我將電話轉給 Leeny 之前，我確實想分享公司在這一年中 ESG 工作的一些亮點。董事會和我們的管理團隊密切關注這些重要領域，因為我們致力於對我們生活和工作的社區產生積極和可持續的影響。

In June, as part of our diversity, equity and inclusion efforts, we announced we were setting new internal diversity goals for our group of Vice Presidents and above. The new targets aim to achieve global gender parity by 2023, an acceleration of our prior timetable, and to increase representation of people of color in the U.S. to 25% by 2025.

6 月，作為我們多元化、公平和包容性努力的一部分，我們宣布我們正在為我們的副總裁及更高級別的團隊設定新的內部多元化目標。新目標旨在到 2023 年實現全球性別平等，加快我們之前的時間表，到 2025 年將美國有色人種的比例提高到 25%。

In July, we updated our human trafficking awareness training, which will be made widely available to the entire industry. More than 900,000 associates have now taken training in this area. And in September, we pledged to set science-based emissions reduction targets in line with the 1.5-degree Celsius emissions scenarios.

7 月，我們更新了人口販運意識培訓，該培訓將廣泛應用於整個行業。目前已有超過 900,000 名員工接受了該領域的培訓。 9 月，我們承諾根據 1.5 攝氏度的排放情景設定基於科學的減排目標。

As I finish my first year as CEO, I want to again thank our incredible associates for all their hard work through these challenging times. I've spent most of the last few months on the road, traveling across the U.S. from New York to Los Angeles and also abroad, and have seen firsthand their dedication to serving our guests. I'm so proud of all we've accomplished over the last year and continue to be very optimistic about our outlook for 2022 and beyond.

在我擔任 CEO 的第一年結束之際，我想再次感謝我們出色的員工在這些充滿挑戰的時期所做的所有辛勤工作。在過去的幾個月裡，我大部分時間都在旅途中度過，從紐約到洛杉磯以及國外旅行，並親眼目睹了他們為我們的客人服務的奉獻精神。我為我們在過去一年所取得的成就感到非常自豪，並繼續對我們對 2022 年及以後的前景感到非常樂觀。

Leeny?

萊尼？

Thank you, Tony. Our fourth quarter results reflect the clear resilience of travel, our strong focus on cost containment and the benefits of our asset-light business model.

謝謝你，托尼。我們第四季度的業績反映了旅行的明顯彈性、我們對成本控制的強烈關注以及我們輕資產業務模式的好處。

Gross fee revenues reached $831 million in the fourth quarter. Our non-RevPAR-related franchise fees were again particularly strong, totaling $186 million in the fourth quarter, 19% ahead of 2019 levels, driven by robust global card spending and new account acquisitions as well as outstanding performance in our branded residential business.

第四季度總費用收入達到 8.31 億美元。我們與 RevPAR 無關的特許經營費再次特別強勁，第四季度總計 1.86 億美元，比 2019 年的水平高出 19%，這得益於強勁的全球信用卡支出和新賬戶收購以及我們品牌住宅業務的出色表現。

Incentive management fees, or IMF, totaled $94 million in the quarter. Just under half of these fees were earned at resort properties, with IMF from our comparable luxury resorts up almost 45% compared to the fourth quarter of 2019.

本季度的激勵管理費（IMF）總計 9400 萬美元。這些費用中只有不到一半來自度假村物業，與 2019 年第四季度相比，我們同類豪華度假村的 IMF 增長了近 45%。

Our owned and leased portfolio generated $19 million of profits, a nice increase from a loss of $50 million in the fourth quarter of 2020 as results improved at hotels in the U.S. and Europe. Our operating teams have done extraordinary work to adapt quickly and return these hotels to breakeven profitability or better despite continued lower-than-normal occupancy levels.

我們擁有和租賃的投資組合產生了 1900 萬美元的利潤，與 2020 年第四季度的虧損 5000 萬美元相比有了不錯的增長，因為美國和歐洲的酒店業績有所改善。儘管入住率持續低於正常水平，我們的運營團隊已經做出了非凡的工作，以迅速適應並使這些酒店恢復盈虧平衡或更好的盈利能力。

G&A and other expense totaled $213 million in the fourth quarter, higher than prior expectations as a result of higher compensation costs, including true-ups and higher legal expenses. For full year 2021, G&A and other came in at $823 million, 12% lower than full year 2019, reflecting ongoing savings resulting from our significant restructuring activities in 2020.

第四季度的 G&A 和其他費用總計 2.13 億美元，高於先前的預期，原因是補償成本增加，包括校正費用和法律費用增加。 2021 年全年的 G&A 和其他收入為 8.23 億美元，比 2019 年全年低 12%，這反映了我們在 2020 年進行的重大重組活動帶來的持續節省。

At the hotel level, we have partnered with our owners and franchisees throughout the pandemic, working diligently to lower costs, bring down breakeven occupancy levels and drive cash flow. With the recovery well underway, we're committed to delivering consistent and positive guest experiences while keeping hotel operating costs down.

在酒店層面，我們在整個大流行期間與我們的業主和特許經營商合作，努力降低成本，降低盈虧平衡的入住率並推動現金流。隨著復甦的順利進行，我們致力於提供一致和積極的客戶體驗，同時降低酒店運營成本。

Many of the cost reduction and productivity enhancement initiatives we put into place will be maintained as occupancies rebound. While the labor environment is slowly improving, we're keeping a close eye on wage and benefit inflation. We're optimistic that our cost reduction efforts could mitigate inflation in future years.

隨著入住率回升，我們實施的許多降低成本和提高生產力的舉措將得以維持。雖然勞動力環境正在緩慢改善，但我們正在密切關注工資和福利通脹。我們樂觀地認為，我們降低成本的努力可以在未來幾年緩解通貨膨脹。

As always, we are also carefully managing cash outlays at the corporate level. We were pleased with our cash flow generation during 2021 and with our year-end liquidity position of over $4.8 billion, which covers near-term debt maturities with significant cushion.

與往常一樣，我們也在公司層面謹慎管理現金支出。我們對 2021 年產生的現金流量以及超過 48 億美元的年終流動性狀況感到滿意，這涵蓋了具有重大緩衝的短期債務到期。

Our full year cash flows from the loyalty program were positive before considering the reduced payments received from the credit card companies. After factoring in these reduced payments, which effectively repaid around 1/3 of the total $920 million we received in 2020, loyalty cash flows were modestly negative.

在考慮從信用卡公司收到的付款減少之前，我們來自忠誠度計劃的全年現金流為正。考慮到這些減少的付款（實際上償還了我們在 2020 年收到的 9.2 億美元總額的 1/3 左右），忠誠度現金流為適度負數。

Looking ahead to 2022, there is still too much uncertainty and volatility to give specific RevPAR or earnings guidance. But I will again share some general observations and provide color on certain specific items where we do have some visibility.

展望 2022 年，仍存在太多不確定性和波動性，無法給出具體的 RevPAR 或收益指引。但我將再次分享一些一般性觀察，並為我們確實有一定知名度的某些特定項目提供顏色。

I'll start with some thoughts on the first quarter of 2022. Omicron meaningfully impacted global group and business transient demand in January, historically the lowest occupancy month of the year. While we saw minimal disruption to leisure travel, global RevPAR for the month declined 31% compared to January of '19, primarily due to lower occupancy as rate was just 4% below 2019.

我將從對 2022 年第一季度的一些想法開始。Omicron 在 1 月份對全球集團和企業的短暫需求產生了有意義的影響，這是歷史上一年中入住率最低的月份。雖然我們看到休閒旅行受到的干擾很小，但與 19 年 1 月相比，本月全球 RevPAR 下降了 31%，主要是由於入住率下降，僅比 2019 年低 4%。

We expect to see the recovery pace pick up nicely in February and March given weekly bookings across customer segments have now returned to pre-Omicron levels. However, with some countries reinstituting strict travel restrictions earlier this year, we could see first quarter 2022 RevPAR compared to '19 levels take a step back from the 19% decline in the fourth quarter of '21 versus 2019. We then expect significant forward progression in the global recovery each quarter through the end of the year.

我們預計 2 月和 3 月的複蘇步伐將明顯加快，因為各客戶群的每週預訂量現已恢復到 Omicron 之前的水平。然而，隨著一些國家在今年早些時候重新實施嚴格的旅行限制，我們可以看到 2022 年第一季度 RevPAR 與 19 年的水平相比，從 21 年第四季度與 2019 年相比下降 19% 的水平退了一步。然後我們預計會有顯著的進步到年底的每個季度都在全球復甦中。

Following the temporary Delta-related slowdown during the third quarter of last year, demand picked up meaningfully through the end of last year. That bolsters our optimism that by the end of the year, the 2022 fourth quarter gap to 2019 fourth quarter RevPAR will narrow meaningfully compared to the 19% decline in the fourth quarter of 2021.

繼去年第三季度與三角洲相關的暫時放緩之後，需求在去年底顯著回升。這增強了我們的樂觀情緒，即到今年年底，與 2021 年第四季度 19% 的降幅相比，2022 年第四季度與 2019 年第四季度 RevPAR 的差距將顯著縮小。

As additional markets reopen and more employees return to the office, we expect robust ADR, sustained strong leisure transient demand and significant improvement in business transient and group. We also expect to see growth in trips that blend business and leisure.

隨著更多市場的重新開放和更多員工重返辦公室，我們預計 ADR 強勁，休閒短暫需求持續強勁，商務和團隊顯著改善。我們還期望看到融合商務和休閒的旅行的增長。

International travelers getting back on the road should also drive further improvement in RevPAR. In 2019, nearly 20% of global room nights were from cross-border guests. So far, most global demand during the pandemic has come from domestic visitors. Cross-border room nights in 2021 were down more than 60% compared to 2019 while domestic room nights were down 16% over the same time period.

重新上路的國際旅客也應推動 RevPAR 的進一步改善。 2019年，全球近20%的房晚來自跨境客人。到目前為止，大流行期間的大部分全球需求都來自國內游客。與 2019 年相比，2021 年的跨境間夜量下降了 60% 以上，而同期國內間夜量下降了 16%。

Our fourth quarter performance in the Middle East illustrates how impactful the return of international travel can be. We're encouraged by the swift pickup in booking activity that we've seen in the last few weeks in places that are opening up, such as Thailand and the Cayman Islands.

我們在中東的第四季度業績說明了國際旅行的回歸可以產生多大的影響。過去幾週我們在泰國和開曼群島等正在開放的地方看到預訂活動迅速增加，這讓我們感到鼓舞。

Turning to fees. At current RevPAR levels, we expect the sensitivity of a 1% change in full year '22 RevPAR versus full year '21 could be around $25 million to $30 million of fees. As we've seen, the relationship is not linear given the variability of IMF and the inclusion of non-RevPAR-related franchise fees. This sensitivity is no longer compared to 2019 as the compounding impact from new rooms growth contributions makes the comparison less relevant 3 years out.

轉向收費。在目前的 RevPAR 水平上，我們預計 22 年全年 RevPAR 與 21 年全年 1% 變化的敏感性可能約為 2500 萬至 3000 萬美元。正如我們所見，考慮到 IMF 的可變性以及與非 RevPAR 相關的特許經營費，這種關係不是線性的。這種敏感性不再與 2019 年進行比較，因為新客房增長貢獻的複合影響使該比較在 3 年後的相關性降低。

In 2022, we expect continued growth from our non-RevPAR-related fees driven by higher contributions from credit card fees. We also anticipate profit growth from our owned and leased portfolio as the global environment improves.

到 2022 年，我們預計非 RevPAR 相關費用將繼續增長，這將受到信用卡費用貢獻增加的推動。隨著全球環境的改善，我們還預計我們自有和租賃投資組合的利潤將增長。

For the full year, interest expense net is anticipated to be roughly $350 million, and our core tax rate is expected to be around 23%. G&A and other expenses could total $860 million to $880 million, still well below 2019 levels but higher on a year-over-year basis primarily due to higher compensation costs and assumed higher travel expenses.

全年，利息支出淨額預計約為 3.5 億美元，我們的核心稅率預計約為 23%。 G&A 和其他費用總額可能在 8.6 億美元至 8.8 億美元之間，仍遠低於 2019 年的水平，但同比增長主要是由於更高的補償成本和更高的差旅費用。

As always, driving cash flow will be a priority in 2022. We anticipate full year investment spending of $600 million to $700 million, which includes roughly $250 million for maintenance capital in our new headquarters. We expect cash flows from loyalty to be slightly positive in 2022 before factoring in the reduced payments received from the credit card companies.

與往常一樣，推動現金流將是 2022 年的首要任務。我們預計全年投資支出為 6 億至 7 億美元，其中包括大約 2.5 億美元用於我們新總部的維護資本。我們預計 2022 年忠誠度帶來的現金流量將略微為正，然後再考慮從信用卡公司收到的付款減少。

We made great progress in improving our credit ratios during 2021 and remain focused on bringing our leverage in line with our target of 3 to 3.5x adjusted debt to adjusted EBITDA. Assuming the recovery continues largely as anticipated, we could be in a position to restart capital returns in the back half of 2022.

2021 年，我們在改善信用比率方面取得了巨大進展，並繼續專注於使我們的槓桿率符合我們調整後債務與調整後 EBITDA 之比為 3 至 3.5 倍的目標。假設復甦繼續按預期進行，我們可以在 2022 年下半年重新開始資本回報。

We would likely begin by paying a dividend with a payout ratio a bit below our traditional 30%. We can then see more meaningful levels of capital returns, including share repurchases, along with dividends in 2023 and beyond.

我們可能會首先以略低於我們傳統的 30% 的派息率支付股息。然後，我們可以看到更有意義的資本回報水平，包括股票回購，以及 2023 年及以後的股息。

Over the last 2 years, our business has been tested in ways we never could have imagined. We're incredibly proud of how our teams have adapted and how well our company has performed. We made significant progress in 2021 and are excited about continued recovery and our growth opportunities ahead.

在過去的兩年中，我們的業務以我們無法想像的方式進行了測試。我們為我們的團隊如何適應以及我們公司的表現感到無比自豪。我們在 2021 年取得了重大進展，並對持續復甦和未來的增長機會感到興奮。

Tony and I are now happy to take your questions. Operator?

托尼和我現在很高興回答你的問題。操作員？

(Operator Instructions) And we will take our first question from Shaun Kelley with Bank of America.

（操作員說明）我們將回答美國銀行的肖恩·凱利提出的第一個問題。

So Tony, I just wanted to start with development activity. So thank you for the net unit growth guidance, and I think it makes sense relative to where we are in the development cycle. I sort of wanted to get your sense a little bit longer term.

所以托尼，我只想從開發活動開始。因此，感謝您對淨單位增長的指導，我認為這與我們在開發週期中所處的位置有關。我有點想讓你的感覺更長遠一些。

Do you think this is the bottom, and these levels are pretty sustainable just given where we are in the broader kind of CapEx and development cycle? Or do you think 2020 -- just help us think through maybe 2023? And are the levels, again, going to be consistent with that? Could we even be a little bit better? Or do we need to be cautious there just given the timing on openings in full service?

你認為這是底部嗎？考慮到我們在更廣泛的資本支出和開發週期中所處的位置，這些水平是相當可持續的？或者你認為 2020 年——只是幫助我們思考一下 2023 年？水平是否再次與此一致？我們還能再好一點嗎？還是僅僅考慮到全面服務的開放時間，我們是否需要謹慎？

Thanks, Shaun. Well, as we've said the last couple of quarters, the ripple effects of the pandemic create less visibility beyond '22 than we might like. With that said, I think you heard the momentum on signings in my prepared remarks. We continue to see good volume on the conversion front.

謝謝，肖恩。好吧，正如我們在過去幾個季度所說的那樣，大流行的連鎖反應在 22 年之後造成的能見度比我們想像的要低。話雖如此，我想你在我準備好的講話中聽到了簽約的勢頭。我們繼續看到轉換方面的良好成交量。

In the short term, obviously, we've got a bit of challenges in terms of construction starts, particularly in the U.S. But in some ways, that causes us to think about it as a when, not an if. And in fact, one of the statistics we look at most closely is fallout from the pipeline.

顯然，在短期內，我們在開工方面遇到了一些挑戰，尤其是在美國。但在某些方面，這讓我們將其視為何時，而不是如果。事實上，我們最密切關注的統計數據之一是管道的影響。

If we were seeing wholesale project cancellations, that might cause us to think differently about the medium to long term. But in fact, what we saw in 2021 was about 6.5% lower than our average fallout over the last decade.

如果我們看到批發項目被取消，那可能會導致我們對中長期有不同的看法。但事實上，我們在 2021 年看到的情況比過去十年的平均影響低約 6.5%。

Really encouraging. And then maybe just as my follow-up, your comment on the RevPAR cadence, Leeny, in your prepared remarks, was interesting as we get to kind of the 4Q '22 area. Just any possibility that we could actually see maybe a month or a point in 2022 where we actually return to 2019 levels of RevPAR? Or kind of what's your sense about that cadence? That's it for me.

真是令人鼓舞。然後也許就像我的後續行動一樣，您在準備好的評論中對 RevPAR 節奏的評論很有趣，因為我們進入了 22 年第 4 季度的區域。是否有可能在 2022 年的一個月或某個時間點實際看到我們實際恢復到 2019 年 RevPAR 水平的可能性？或者你對這種節奏有什麼看法？對我來說就是這樣。

So thanks very much. And it is interesting. When you look at December, for example, the U.S. and Canada in the month of December was really -- was down only 6 percentage points compared to 2019. So it is absolutely the case that you could see, depending on the mix of business and exactly how countries open up and kind of the classic occupancy from a seasonal pattern standpoint.

非常感謝。這很有趣。例如，當您查看 12 月份時，12 月份的美國和加拿大確實 - 與 2019 年相比僅下降了 6 個百分點。因此，您絕對可以看到這種情況，具體取決於業務和從季節性模式的角度來看，各國究竟是如何開放的，以及典型的入住率。

I could imagine that it's possible that you have that happen, Shaun. I think, though, so much of this really depends on the global picture in terms of the pace of the recovery. So you need lots of things happening on all the points of business, not just leisure, but also special corporate as well as group to see us get to that delightful place.

我可以想像你有可能發生這種情況，肖恩。不過，我認為，這在很大程度上取決於復蘇步伐方面的全球情況。因此，您需要在所有業務點上發生很多事情，不僅僅是休閒，還需要特殊的公司和團體才能看到我們到達那個令人愉快的地方。

But at the same time, I think we feel great about the momentum. The other comment I'll make is when you see countries open up their restrictions, the kind of jolt that our reservation centers feel is impressive. And I do think that momentum gives us confidence that we could see this resilience continue to build.

但與此同時，我認為我們對這種勢頭感覺很好。我要說的另一條評論是，當您看到國家/地區開放限制時，我們的預訂中心感到的那種震撼令人印象深刻。而且我確實認為這種勢頭讓我們相信我們可以看到這種彈性繼續增強。

And we will take our next question from Robin Farley with UBS.

我們將回答瑞銀的 Robin Farley 的下一個問題。

Great. Just thinking about the visibility of recovery. Can you give us some insight into what group bookings for the second half look like? Because understandably, of course, Q1 would have been very disrupted by Omicron.

偉大的。只是考慮恢復的可見性。您能否介紹一下下半年的團體預訂情況？因為可以理解，第一季度當然會被 Omicron 打亂。

But for second half, how is that compared to 2019 levels in terms of -- it seems like, at some point, there should be an accumulation of groups that haven't met in a while, and that, that should start to look good. And I'm just wondering if you can see that turning point yet in your future group bookings.

但是對於下半年，與 2019 年的水平相比如何——似乎，在某個時候，應該有一段時間沒有見面的團體的積累，那應該開始看起來不錯.我只是想知道您是否可以在未來的團體預訂中看到這個轉折點。

Yes. Thanks, Robin. And maybe I'll refresh some of the data that we shared with you last quarter. I'm going to give you some comparisons between -- at the end of '19, what we saw is definite bookings on the books for '20 and '21 and how that compares at the end of '21 what we see on the books for '22 and '23.

是的。謝謝，羅賓。也許我會刷新我們上個季度與您分享的一些數據。我將給你一些比較——在 19 年底，我們看到的是 20 年和 21 年的書上的明確預訂，以及在 21 年底我們在書上看到的比較對於'22 和'23。

So at the end of December of '21, as we looked at definite bookings for '22, we were down just a shade under 22% compared to end of '19 for '20. When we look at what's on the books for '23 at the end of 2021, we're down just a shade under 15% versus what we had on the books at the end of '19 for 2021. And so to your specific question, we are seeing steady and encouraging forward bookings in the group segment.

因此，在 21 年 12 月底，當我們查看 22 年的確定預訂時，與 20 年的 19 年底相比，我們僅下降了 22% 以下。當我們查看 2021 年底 23 年的賬簿上的內容時，與 2021 年 19 年底的賬簿上的內容相比，我們僅下降了 15% 以下。所以對於您的具體問題，我們看到團體部門的穩定和令人鼓舞的遠期預訂。

And the other thing I would point out, Robin, you heard in my prepared remarks the comment about that big piece of Salesforce business that was booked just 1 month before. We expect to continue to see improvement from the levels I just described to you because we're seeing more short-term bookings, and that's been the trend over the last number of weeks and months.

我要指出的另一件事，羅賓，你在我準備好的評論中聽到了關於 Salesforce 業務的評論，該業務僅在 1 個月前就被預訂了。我們預計會繼續看到我剛才向您描述的水平，因為我們看到更多的短期預訂，這是過去幾周和幾個月的趨勢。

Just to add one point, Robin. When you look at Q1, understandably, with Omicron, clearly, you're looking at a weaker group picture than you are as you get into Q3, which is meaningfully better. So your point is well taken that it should move as we go through the year. And I think the other part that is just fantastic is that rate, both in '22 and '23, already, from what's on the books, is up 3% to 4%.

只是為了補充一點，羅賓。當你看 Q1 時，可以理解的是，與 Omicron 一起，很明顯，你看到的是一個比進入 Q3 時更弱的群體圖景，這意味著更好。所以你的觀點是正確的，它應該隨著我們一年的過去而改變。而且我認為另一個非常棒的部分是，在 22 年和 23 年，從書上看，這個比率已經上升了 3% 到 4%。

Okay. Great. No, that's helpful. And then just one follow-up question is in terms of the visibility of just sort of business transient or transient in total, has that moved out? And I know it's tough after the last 6 weeks because maybe it was moving out and now contracted a little bit.

好的。偉大的。不，這很有幫助。然後只有一個後續問題是關於某種業務瞬態或總瞬態的可見性，是否已經移出？而且我知道在過去 6 週之後這很艱難，因為它可能正在搬出並且現在有點收縮。

But how far in advance -- I feel like, pre pandemic, you used to talk about a 30-day booking window, and maybe last year, it was like a 7-day booking window. So just wondering if you're seeing transient a little more visibility or a little bit of improvement in the pace of that?

但是提前多長時間——我覺得，在大流行之前，你曾經談論過 30 天的預訂窗口，也許去年，它就像一個 7 天的預訂窗口。所以只是想知道你是否看到了更多的可見性或一點點的改善？

So the booking window has extended, but it is not the way it was back in 2019. So it's improved, but it is still the case that we're not back to where we are.

所以預訂窗口已經延長，但它不是回到 2019 年的方式。所以它得到了改進，但仍然是我們沒有回到我們現在的位置。

And I think, clearly, in Q1, Robin, January is a great example, where you saw special corporate particularly weaker with what was going on with Omicron. So I think part of this, you're going to see it get -- see more visibility as we get further and further into the year, but it is a bit better than it was in 2020.

而且我認為，很明顯，在第一季度，Robin，1 月是一個很好的例子，你看到特殊的公司在 Omicron 的情況下特別弱。所以我認為其中一部分，你會看到它得到 - 隨著我們進入這一年越來越遠，看到更多的可見度，但它比 2020 年要好一些。

And Robin, let me just give you a little more granular information to try to address your question. This is a global number. But if you look at the global booking window, it really got the shortest in the second quarter of 2020, where it was down to 5 years.

還有羅賓，讓我給你一些更詳細的信息來嘗試解決你的問題。這是一個全球號碼。但如果你看一下全球預訂窗口，它確實在 2020 年第二季度最短，降至 5 年。

5 days.

5天。

Excuse me, 5 days. If you look at fourth quarter of 2021, it had risen to about 17 days. So to Leeny's point, certainly not back to where we were pre pandemic but trending in the right direction.

對不起，5天。如果你看一下 2021 年第四季度，它已經上升到大約 17 天。因此，就萊尼而言，當然不會回到大流行前的狀態，而是朝著正確的方向發展。

We will take our next question from Joe Greff with JPMorgan.

我們將向摩根大通的喬·格雷夫提出下一個問題。

Throughout much of last year, leisure demand was fairly inelastic to rate in the industry's tough -- fairly robust rate gain, as you alluded to this morning. Can you talk about leisure price elasticity, thus far, in 2022 and in your forward bookings?

在去年的大部分時間裡，休閒需求在該行業的艱難——相當強勁的利率增長中缺乏彈性，正如你今天早上提到的那樣。到目前為止，您能談談 2022 年和您的遠期預訂中的休閒價格彈性嗎？

And are there any changes relative to last year, i.e., are you seeing demand become more sensitive to further ratings? Maybe more pronounced in markets or chain-scale segments, where service levels might be constrained by labor availabilities?

與去年相比是否有任何變化，即，您是否看到需求對進一步的評級變得更加敏感？也許在服務水平可能受到勞動力可用性限制的市場或連鎖規模細分市場中更為明顯？

Of course. Obviously, we're early in the year. But maybe a good indication that addresses your question as we gear up for President's Day weekend here at the end of the week, this is a U.S. data, but the RevPAR numbers are pacing up about 12% ahead of where we were in '19 for Friday through Sunday. And to your specific question about pricing power, ADR is pacing up about 20% versus '19.

當然。顯然，我們在年初。但也許一個很好的跡象可以解決您的問題，因為我們在本週末為總統日週末做準備，這是美國的數據，但 RevPAR 數字比我們在 19 年的水平高出約 12%週五至週日。對於您關於定價能力的具體問題，ADR 與 19 年相比增長了約 20%。

Great. And then a follow-up question on new development. Can you talk about the cadence of net rooms growth or net rooms growth rate this year? Is it even throughout the year? Is it more heavy in the second half? And lastly, how does the full-service, select-service mix of net room development in '22 compare to that mix the last couple of years?

偉大的。然後是關於新發展的後續問題。你能談談今年淨客房增長的節奏或淨客房增長率嗎？甚至全年都這樣嗎？下半場是不是更重了？最後，與過去幾年的組合相比，22 年網絡房間開發的全方位服務、精選服務組合如何？

Of course. What I will tell you is pretty consistent for the last decade or more is our transactors, they are a big fourth quarter team. We tend to see a big pop in signings volume in the fourth quarter.

當然。我要告訴你的是，在過去十年或更長時間裡，我們的交易員非常一致，他們是一支龐大的第四季度團隊。我們傾向於看到第四季度的簽約量大幅增長。

But because our conversion volume was meaningfully higher in '21 versus history, when you have a deal like Sunwing, which I think was in the second quarter, that can impact the quarter-to-quarter numbers. But fourth quarter tends to be the biggest volume of signups.

但是因為我們的轉換量在 21 年比歷史高得多，當你有像 Sunwing 這樣的交易時，我認為這是在第二季度，這可能會影響季度間的數字。但第四季度往往是最大的註冊量。

And for openings, Joe, I think we definitely saw in Q4 of this year that you clearly saw a bunch of owners wanted to get ahead of this recovery that's moving forward. So we had a great fourth quarter. But we have traditionally -- it's been fairly steady, unless there is a certain group of hotels that have all kind of come on at the same time.

對於空缺職位，喬，我認為我們在今年第四季度肯定看到，您清楚地看到一群業主希望在這種正在向前發展的複蘇中領先一步。所以我們有一個很棒的第四季度。但我們傳統上是相當穩定的，除非有特定的一組酒店同時出現。

So I would say, we've always tended to have some quarter-to-quarter variations, but that should march forward fairly squarely throughout the quarters on the openings side. I guess, the only other thing to point out is just a reminder that construction for a limited-service hotel takes, broadly speaking, 2 years, and full-service takes longer.

所以我想說，我們總是傾向於有一些季度到季度的變化，但這應該在整個開局的季度中相當直接地向前推進。我想，唯一需要指出的只是提醒一下，有限服務酒店的建設需要2年時間，而全方位服務則需要更長的時間。

So as you'd start to think about 2020 and recognize that as you get into Q3 of 2020, you were in the depths of the pandemic and starting to really see the impact on construction starts. That will start to obviously then have an impact as you go into '22.

因此，當您開始考慮 2020 年並認識到進入 2020 年第三季度時，您正處於大流行的最深處，並開始真正看到對開工建設的影響。當你進入 22 年時，這顯然會開始產生影響。

We will take our next question from Thomas Allen with JPMorgan -- I'm sorry, from Morgan Stanley.

我們將向摩根大通的托馬斯艾倫提出下一個問題 - 對不起，來自摩根士丹利。

So your non-RevPAR fees have been really encouraging. And Leeny, thanks for the commentary that you expect growth in 2022. Can you just give us a little bit more color there?

因此，您的非 RevPAR 費用確實令人鼓舞。 Leeny，感謝您對 2022 年增長預期的評論。您能給我們多一點色彩嗎？

I think I calculated that your 2021 non-RevPAR fees are about 15% above 2019 levels. What's giving you the confidence that, that should continue to grow?

我想我計算出您 2021 年的非 RevPAR 費用比 2019 年的水平高出約 15%。是什麼讓您有信心繼續增長？

Yes. So first of all, thanks very much. Just as a reminder that our credit card fees make up roughly 2/3 of our non-RevPAR-related fees. And so obviously, that's a big driver. They ended up, up 4% over 2019 levels for the full year in '21. And that was with really quite a weak Q1 as we were still in the heaviest part of the pandemic.

是的。首先，非常感謝。提醒一下，我們的信用卡費用約佔非 RevPAR 相關費用的 2/3。很明顯，這是一個很大的驅動力。他們最終在 21 年全年比 2019 年的水平增長了 4%。那是因為我們仍處於大流行最嚴重的部分，所以第一季度確實非常疲軟。

So as we continue to see great card acquisitions and credit card average spend, I think we feel very good about those. I think residential branding fees, that business has been doing extremely well. And we expect to continue to see strong openings of those, which is when we get the fees.

因此，隨著我們繼續看到大量的信用卡收購和信用卡平均支出，我認為我們對此感覺非常好。我認為住宅品牌費，該業務一直做得非常好。我們預計將繼續看到那些強勁的開放，這就是我們獲得費用的時候。

And then we continue to have application and relicensing fees as, obviously, our business continues to grow on the franchise side. So we feel quite confident in the growth of that fee stream based on a continued strong economy.

然後我們繼續收取申請和重新許可費用，因為很明顯，我們的業務在特許經營方面繼續增長。因此，基於持續強勁的經濟，我們對該費用流的增長充滿信心。

And just a follow-up, Leeny. Not asking for 2023 guidance, but there is some -- when we think about starts, right, like there is some impact from openings and close -- sorry, there is some impact with starts not only the [non], but like for residential branding fees, for example. Does that look like it's going to continue to grow as you go past 2022?

只是後續行動，Leeny。不要求 2023 年的指導，但有一些——當我們考慮開工時，對，就像開工和關門有一些影響——抱歉，開工不僅[非]有一些影響，而且比如住宅例如，品牌費用。到 2022 年之後，這看起來會繼續增長嗎？

No, that's a good reminder, actually, Thomas, to remember that while we do get annual management fees, that is the smaller part of the fee stream that we get from residential. And those are overwhelmingly onetime fees that we get when the unit is ready for occupancy.

不，這是一個很好的提醒，實際上，托馬斯，請記住，雖然我們確實獲得了年度管理費，但這是我們從住宅獲得的費用流中的一小部分。這些絕大多數是我們在單位準備好入住時獲得的一次性費用。

So in that regard, even in '22, I would expect our fees to be a little bit lower than they were in '21. Because in '21, it was -- we just had so many sales in residential. So I expect them to be a bit lower, although still meaningfully higher than our traditional levels of residential branding fees.

所以在這方面，即使在 22 年，我預計我們的費用也會比 21 年低一點。因為在 21 年，我們剛剛在住宅方面進行瞭如此多的銷售。因此，我預計它們會略低一些，儘管仍顯著高於我們傳統的住宅品牌費用水平。

And yes, you're right. They're lumpy because you can have 1 unit of 100 units that goes into sales and closes literally within a quarter or 2, and then another one might not happen for 2 more quarters. So it is likely to be lumpy. And again, overall, we're really pleased with new signings that we're getting in the residential branded business. So I think you'll continue to see that business grow very nicely.

是的，你是對的。它們很笨拙，因為您可以擁有 100 個單位中的 1 個單位進入銷售並在一個季度或 2 個季度內關閉，然後另一個可能不會再發生 2 個季度。所以它很可能是塊狀的。再次，總的來說，我們對我們在住宅品牌業務中獲得的新簽約感到非常滿意。因此，我認為您將繼續看到該業務增長得非常好。

We will take our next question from Patrick Scholes with Truist Securities.

我們將接受 Truist Securities 的 Patrick Scholes 的下一個問題。

Great. Tony, I have a question and a follow-up question. Tony, my first question, a high-level question. Last year, in March and April, we certainly saw a very large acceleration in U.S. leisure demand. And what that means is we certainly have a very tough comp for U.S. leisure demand coming up.

偉大的。托尼，我有一個問題和一個後續問題。托尼，我的第一個問題，一個高級問題。去年，在 3 月和 4 月，我們當然看到美國休閒需求大幅增長。這意味著我們對即將到來的美國休閒需求肯定有一個非常艱難的補償。

As far as your intuition, Tony, do you think U.S. leisure demand, once we hit those tough comps in April onwards, could actually eclipse last year's very strong levels? Just curious what you think about that.

就你的直覺而言，托尼，你認為美國的休閒需求，一旦我們在 4 月開始遇到這些艱難的競爭，真的會超過去年的強勁水平嗎？只是好奇你對此有何看法。

Of course. Thanks, Patrick. Well, we continue to be really optimistic that there's still a significant tailwind for leisure demand. And I think part of that is because of the evolution of the way folks work. The incremental flexibility that you're seeing in working from home, working from anywhere, has been an accelerant for leisure demand. And if anything, we expect further acceleration in that regard.

當然。謝謝，帕特里克。好吧，我們仍然非常樂觀地認為休閒需求仍有很大的推動力。我認為部分原因是人們工作方式的演變。您在在家工作和在任何地方工作所看到的增加的靈活性已經促進了休閒需求。如果有的話，我們預計在這方面會進一步加速。

And then when we look at our forward bookings, we already have more leisure on the books for months further out than we did in the same months last year. So we continue to be quite bullish on accelerated growth in leisure. And remember, leisure was already growing much more rapidly than business transient even pre pandemic.

然後，當我們查看我們的遠期預訂時，我們已經比去年同幾個月有更多的閒暇時間。因此，我們仍然非常看好休閒領域的加速增長。請記住，即使在大流行之前，休閒業的增長速度已經比商業短暫性要快得多。

And maybe the last part of my answer would be, you heard Leeny talk a little bit about how modest cross-border travel has been. We've really only seen domestic leisure travel. And as more and more borders open, we think that influx of international leisure travel will also serve to accelerate the pace of leisure demand growth.

也許我回答的最後一部分是，你聽到 Leeny 談到過跨境旅行是多麼溫和。我們真的只見過國內休閒旅遊。隨著越來越多的邊境開放，我們認為國際休閒旅遊的湧入也將有助於加快休閒需求的增長步伐。

Okay. That's definitely encouraging, and good points on the international. Shifting gears on my follow-up question here. Certainly, it's been tough sledding for the hotel industry in China due to the zero-COVID policy. With RevPAR really still significantly down in China, have you seen that -- any impact on your pipeline given how much the -- in China, given how much the industry is struggling in China?

好的。這絕對是令人鼓舞的，也是國際上的優點。在這裡轉移我的後續問題。當然，由於零新冠病毒政策，中國的酒店業一直很艱難。鑑於中國的 RevPAR 確實仍然顯著下降，您是否看到 - 考慮到中國有多少 - 考慮到該行業在中國苦苦掙扎，這對您的管道有什麼影響？

That's a good question. But thankfully, the answer is no. We continue to see really strong momentum, both on the signings and the openings front. And I think, in many ways, our owners and partners in China are the mirror image of our owners and partners in other areas of the world.

這是個好問題。但值得慶幸的是，答案是否定的。我們繼續看到非常強勁的勢頭，無論是在引援方面還是在空缺方面。而且我認為，在很多方面，我們在中國的所有者和合作夥伴是我們在世界其他地區的所有者和合作夥伴的鏡像。

They don't try to time the market for the next quarter or 2. They tend to be long-term investors. Many of the projects that are getting done are parts of larger mixed-use projects. And the hotel components, in some ways, define those projects, so they are critically important. So we've not seen any sort of meaningful slum down, quite the contrary. We continue to see really strong demand for our brands from a development perspective across China.

他們不會嘗試為下一季度或第二季度的市場計時。他們往往是長期投資者。許多正在完成的項目是大型混合用途項目的一部分。酒店組成部分在某些方面定義了這些項目，因此它們至關重要。所以我們沒有看到任何有意義的貧民窟倒塌，恰恰相反。從中國發展的角度來看，我們繼續看到對我們品牌的強勁需求。

Okay. Good to hear. Go ahead.

好的。很高興聽到。前進。

Just one quick follow-up for you -- one quick follow-up for you on that. When you look at how many rooms we've currently got in Greater China, it's around 140,000. And our pipeline is only about 20% to 25% less than that for the pipeline for Greater China. So it's really -- you're looking at doubling that business potentially in not too long.

只需為您提供一項快速跟進 - 為您提供一項快速跟進。看看我們目前在大中華區的房間數量，大約是 140,000 間。而我們的管道僅比大中華區管道低約 20% 至 25%。所以真的 - 你正在考慮在不久的將來將業務翻一番。

We will take our next question from Smedes Rose with Citigroup.

我們將在花旗集團接受 Smedes Rose 的下一個問題。

I wanted to just circle back on your commentary around conversion activity, which, I think, you said was about 18,000 rooms in '21. And I know you had said that you think it will continue to be strong.

我想回到你關於轉化活動的評論，我想你說的是 21 年大約有 18,000 個房間。我知道你說過你認為它會繼續強勁。

But can you maybe just -- do you think it can surpass what you saw in '21? And maybe you can talk a little bit about where you're seeing the conversions coming from on a regional basis. Is it mostly U.S.? Or...

但是你能不能——你認為它可以超過你在 21 年看到的嗎？也許您可以談談您在區域範圍內看到的轉化來自哪裡。主要是美國嗎？要么...

Sure. So I will remind you that one of the most significant contributors to our conversion volume in '21 was the conversion of about 7,000 all-inclusive rooms in the Caribbean with Sunwing. And I raised that not to apologize. Those sorts of large portfolio conversion opportunities are a meaningful part of our strategy and something that we'll continue to look for.

當然。因此，我要提醒您，21 年我們轉換量的最重要貢獻者之一是與 Sunwing 一起在加勒比地區轉換了約 7,000 間全包式客房。我提出這個不是為了道歉。這類大型投資組合轉換機會是我們戰略的重要組成部分，也是我們將繼續尋找的東西。

But in terms of baseline conversions, we are seeing elevated interest from the owner and franchise community for our brands. And so we expect to see really strong volume continuing into 2022 and beyond.

但就基線轉換而言，我們看到業主和特許經營社區對我們品牌的興趣日益濃厚。因此，我們預計將在 2022 年及以後看到真正強勁的銷量。

And as we talk with our owners and franchisees, not only do they like the flexibility of some of our soft brands, they like the fact that we've got conversion-friendly platforms across multiple chain scales. And they are focused not just on the ability of the company's revenue engines to drive top line revenue, but also some of the margin efficiencies that result from affiliation with our brands.

當我們與我們的所有者和加盟商交談時，他們不僅喜歡我們一些軟品牌的靈活性，而且他們喜歡我們擁有跨多個連鎖規模的轉換友好平台這一事實。他們不僅關注公司收入引擎推動收入增長的能力，還關注與我們品牌的關聯所帶來的一些利潤率效率。

And Smedes, just as a reminder, 27% of our signings in 2021 were for conversions. One of the things that's been really gratifying to see is a number of owners who want to do a conversion, but with meaningful investment in the property.

Smedes 提醒一下，我們在 2021 年的簽約中有 27% 是為了轉換。真正令人欣慰的一件事是，許多業主想要進行改造，但對房產進行了有意義的投資。

Yes, and I think that's a great point.

是的，我認為這是一個很好的觀點。

They may take 12 months to actually get open, but they're turning it into a beautiful representation of one of our brands and putting meaningful investment in it. So whether it opens specifically in '22 or '23, it's all going to be great for our guests and, frankly, for our associates and for the owners.

他們可能需要 12 個月才能真正開放，但他們正在將其變成我們品牌之一的精美代表，並對其進行有意義的投資。因此，無論它是在 22 年還是 23 年專門開業，這對我們的客人來說都將是一件好事，坦率地說，對我們的員工和業主來說也是如此。

And that 27%, Smedes, was about 10 percentage points higher than what we saw in the signings in '20 and in '19.

而這 27%，斯梅德斯，比我們在 20 和 19 年的簽約中看到的高出約 10 個百分點。

Great. And then I just wanted to ask you, when we were out at [Atlas] meeting, we met with a lot of owners. And there continues to be a lot of discussion, as you guys have commented on as well, of helping to reduce their costs being affiliated with large brands.

偉大的。然後我只想問你，當我們在 [Atlas] 會議上外出時，我們遇到了很多業主。正如你們所評論的那樣，關於幫助降低與大品牌相關的成本的討論仍在繼續。

And I'm just wondering, do you think there's a lot more to go there? Or do you feel like your sort of streamlining of brand standards are changing sort of customer expectations is kind of reset now? Or how is that sort of relationship sort of panning out? I mean, we heard, frankly, like just a broad range of commentary. Just wondering how you're seeing it from your side.

我只是想知道，你認為還有很多事情要做嗎？或者你覺得你對品牌標準的精簡正在改變客戶的期望現在有點重置？或者這種關係是如何發展起來的？我的意思是，坦率地說，我們聽到了廣泛的評論。只是想知道你是如何從你身邊看到它的。

Sure. So I think, first of all, I think the partnership during the pandemic between us and our owners and franchisees have never been better in terms of trying to manage these dramatically lower occupancy levels. And as I said in my comments, I think there is quite a bit of the savings that we put into place that is permanent, that will mean kind of significantly lower costs and significantly better productivity as we move forward.

當然。因此，我認為，首先，我認為在大流行期間，我們與業主和特許經營商之間的合作夥伴關係在嘗試管理這些顯著降低的入住率方面從未像現在這樣好。正如我在評論中所說，我認為我們節省了相當多的時間是永久性的，這意味著隨著我們的前進，成本會顯著降低，生產力也會顯著提高。

Now as you know, we've got the reality that for more complex hotels, there is a much higher percentage of costs that are labor-related. And we're obviously seeing a lot of pressure on that side, just like every other industry in the U.S. So there, we are -- we will continue to find ways to try to improve the margins.

如您所知，我們已經了解到，對於更複雜的酒店，與勞動力相關的成本比例要高得多。我們顯然在這方面看到了很大的壓力，就像美國的所有其他行業一樣。所以，我們在那裡——我們將繼續尋找方法來提高利潤率。

Rising occupancy, obviously, always ultimately helps you when you're spreading costs at a hotel. But it also means you've also got to make sure to have enough people there to deliver the service that our guests expect. And we are committed to making sure that we deliver those experiences that bring them back to our hotels over and over.

顯然，當您在酒店分攤成本時，不斷上升的入住率最終總能幫助您。但這也意味著您還必須確保那裡有足夠的人來提供我們客人期望的服務。我們致力於確保我們提供這些體驗，讓他們一次又一次地回到我們的酒店。

And then the last thing I'll mention is just the great part about our business is we do reprice our rooms every day. And so when you think about what's been going on with our ADR, that has been a fabulous mitigation of what's been going on the labor cost side. So we will certainly continue to find new ways, but we are determined to make sure to deliver what our customers want.

然後我要提到的最後一件事就是我們業務的重要部分是我們每天都會重新定價我們的房間。因此，當您考慮我們的 ADR 的情況時，這極大地緩解了勞動力成本方面的情況。所以我們肯定會繼續尋找新的方法，但我們決心確保提供客戶想要的東西。

We will take our next question from Michael Bellisario with Baird.

我們將向貝爾德的邁克爾·貝利薩里奧提出下一個問題。

Just a question for you on loyalty in -- and your top customers. Maybe help us understand how are they spending today versus pre-pandemic levels? And then when you think about the lifetime value of that, say, top-tier platinum customer, has your view changed on who that customer is, who that platinum customer is on a go-forward basis?

只是一個關於忠誠度和您的頂級客戶的問題。也許可以幫助我們了解他們今天的支出與大流行前的水平相比如何？然後，當您考慮頂級鉑金客戶的生命週期價值時，您對那個客戶是誰、那個鉑金客戶在前進的基礎上是誰的看法是否發生了變化？

Michael, sorry. You're breaking up. Can you start the question from the beginning?

邁克爾，對不起。你要分手了。你能從頭開始提問嗎？

Can you hear me better?

你能聽得更清楚嗎？

Yes.

是的。

Just a question for you on loyalty and your top-tier customers. How are they spending today? And where are they spending differently versus pre-pandemic levels? And then when you think about lifetime value, say, of a top-tier platinum customer, has your view changed on who that customer is going forward, given the changes in travel patterns today?

只是一個關於忠誠度和您的頂級客戶的問題。他們今天過得怎麼樣？與大流行前的水平相比，他們在哪些方面的支出有所不同？然後，當您考慮頂級鉑金客戶的終身價值時，鑑於當今旅行模式的變化，您對該客戶未來發展的看法是否發生了變化？

Okay. I said -- Mike, I apologize, you were breaking up a little bit. I think I heard your question. I think maybe our penetration rates, especially in the U.S., are maybe the best indication. We were back to 57% penetration in the fourth quarter, which is almost back to where we were pre pandemic. So we're quite encouraged about the penetration rates, the passion and the enthusiasm we see within the Bonvoy base and, as you heard in my prepared remarks, the pace at which the program continues to grow.

好的。我說——邁克，對不起，你有點分手了。我想我聽到了你的問題。我認為也許我們的滲透率，尤其是在美國，可能是最好的跡象。我們在第四季度回到了 57% 的滲透率，幾乎回到了大流行前的水平。因此，我們對 Bonvoy 基地內的滲透率、熱情和熱情感到非常鼓舞，正如您在我準備好的評論中所聽到的那樣，該計劃繼續增長的速度。

And I think one of the really exciting things for us was, as our credit card platforms continue to grow, they really gave us a unique opportunity to stay engaged with those most valuable Bonvoy customers, even when they had hit the pause button on the volume of travel they experienced prior to the start of the pandemic.

我認為對我們來說真正令人興奮的事情之一是，隨著我們的信用卡平台不斷發展壯大，它們確實給了我們一個獨特的機會來與那些最有價值的 Bonvoy 客戶保持聯繫，即使他們已經按下了音量上的暫停按鈕他們在大流行開始之前經歷的旅行。

And just to add fuel to Tony's fire, I'll mention 2 things. Number one, we have started doing credit card programs in other countries and found them to be really well received by the customers and seeing nice card acquisitions on that front. And then also, just when you think about the growth in our digital share, and that is very much tied to the Bonvoy platform.

為了給托尼火上澆油，我會提到兩件事。第一，我們已經開始在其他國家開展信用卡計劃，並發現它們受到客戶的好評，並且在這方面看到了不錯的信用卡收購。然後，就在您考慮我們數字份額的增長時，這與 Bonvoy 平台息息相關。

And when you look at our digital share compared to '19, the share of reservations has gone up almost 500 basis points on our digital channel. And overall, we've grown up 300 basis points in our direct channels, up to 76%. So I think that all ties very well into the power of Bonvoy.

與 19 年相比，當您查看我們的數字份額時，我們的數字渠道上的預訂份額增加了近 500 個基點。總體而言，我們的直接渠道增長了 300 個基點，高達 76%。所以我認為這一切都與 Bonvoy 的力量密切相關。

And we will take our next question from Richard Clarke with Bernstein.

我們將接受理查德克拉克和伯恩斯坦的下一個問題。

Just first, just following up from some of the questions you've had already on inflation, and particularly with regard to your incentive fees and the owned and leased portfolio profitability. If we get a full RevPAR recovery kind of into 2023, is that enough to get the incentive fees back to pre-pandemic levels?

首先，只是跟進您已經對通貨膨脹提出的一些問題，特別是關於您的激勵費用以及自有和租賃投資組合的盈利能力。如果我們在 2023 年實現 RevPAR 的全面恢復，是否足以讓激勵費恢復到大流行前的水平？

Or what's the dynamics that will kind of keep us away from that? And then a similar question on the owned and leased profitability, is inflation going to hold back the recovery there?

或者是什麼動力讓我們遠離它？然後是關於自有和租賃盈利能力的類似問題，通貨膨脹會阻礙那裡的複蘇嗎？

Right. So a couple of things. You are right to point out that nominal level of RevPAR is not the same as real. And so when we think about it, for example, now, the real recovery of RevPAR is about 3 points worse relative to the nominal just because of -- in '21, to your point, about inflation.

正確的。所以有幾件事。您正確指出 RevPAR 的名義水平與實際水平不同。因此，當我們考慮這一點時，例如，現在，RevPAR 的實際恢復比名義值低大約 3 個百分點，這僅僅是因為 - 在 21 年，就您而言，關於通貨膨脹。

At the same time, one of the things I think is -- what's been so impressive about the operating teams is we used to think about breakeven levels for a full-service hotel of 40% to 50% occupancy. And what you're finding is that, with the great work that they've done on managing the hotel and dramatically lower occupancies, that they've been able to return these hotels to either neutral profitability at dramatically lower levels of breakeven occupancy. And so I think that will really help offset on the inflation side.

同時，我認為的一件事是——運營團隊令人印象深刻的是，我們曾經考慮過入住率為 40% 至 50% 的全方位服務酒店的盈虧平衡水平。你會發現，憑藉他們在管理酒店方面所做的出色工作和顯著降低的入住率，他們能夠以極低的盈虧平衡入住率使這些酒店恢復到中性盈利能力。所以我認為這將真正有助於抵消通脹方面的影響。

The other comment I'll make is on the incentive fee side is just a reminder that it depends a whole lot on where. So just when you think, broadly speaking, we were at almost 72% of our hotels were earning IMF in 2019, and we're now still a tad under 50%. And where you see the biggest difference is really domestically in the U.S. And that is that, with owners' priorities, that is going to mean you really need to get back to those hurdles of levels of actual real profits before we're going to get our incentive fees.

我要發表的另一條評論是關於獎勵費方面的，只是提醒一下，這在很大程度上取決於哪裡。所以就在你想的時候，從廣義上講，2019 年，我們幾乎 72% 的酒店都在賺取 IMF，而我們現在仍然略低於 50%。你看到最大的不同是在美國國內這就是，在業主的優先事項下，這意味著你真的需要回到實際實際利潤水平的障礙，然後我們才能得到我們的獎勵費。

Now internationally, no surprise, where you've got quite a bit more of hotels without the owner's priority. There, you're already seeing dramatically higher percentages of hotels earning IMF. So I think we've got some great potential in the international hotels, where there have been such restrictions on entering the country, and they're more dependent on international travelers. I think of Asia Pacific outside of China as an example there.

現在在國際上，毫不奇怪，你有更多的酒店沒有業主的優先權。在那裡，您已經看到獲得 IMF 的酒店比例顯著提高。所以我認為我們在國際酒店方面有很大的潛力，那裡對進入這個國家有這樣的限制，而且他們更依賴國際旅行者。我認為中國以外的亞太地區就是一個例子。

And in the U.S., I think, as you heard me say in our comments, the IMF that we're getting from the resorts have just been fantastic and, in many cases, are already above 2019 levels. So when you think about the large cities in the U.S. and their greater relative dependence on international travel, I think it delivers a lot of confidence that we will get back. I just think predicting whether that is '23 or not is probably a bridge too far, but certainly moving in the right direction.

在美國，我認為，正如您在我們的評論中聽到我所說，我們從度假村獲得的國際貨幣基金組織非常棒，而且在許多情況下，已經高於 2019 年的水平。因此，當您考慮美國的大城市以及它們對國際旅行的相對依賴程度更高時，我認為這讓我們充滿信心，我們會回來。我只是認為預測那是否是 23 年可能是一座太遠的橋樑，但肯定會朝著正確的方向前進。

And just as a follow-up. Last year, you talked about trying to cut some of the kind of cost reimbursement fees for the underlying hotels to help out their profitability. In Q4, it looks like that cost reimbursement revenue is about 85% of 2019 level.

並且只是作為後續行動。去年，您談到試圖削減一些基礎酒店的成本報銷費用，以幫助他們提高盈利能力。在第四季度，費用報銷收入似乎約為 2019 年水平的 85%。

So it's recovered basically in line with your other fees. So just where are we in that process of sort of lowering that sort of reimbursement contribution from the owners?

所以基本上和你的其他費用是一樣的。那麼，我們在降低所有者的那種報銷貢獻的過程中處於什麼位置呢？

So a couple things. One is a reminder that 85% of our reimbursed costs are based on the top line revenues of the hotels. So an overwhelming part, like, for example, our sales and marketing fees are contractually set at a percentage of revenues of the hotels. So they are, by nature, going to move up and down.

所以有幾件事。一是提醒我們，我們報銷的費用中有 85% 是基於酒店的收入。因此，壓倒性的部分，例如，我們的銷售和營銷費用根據合同規定為酒店收入的百分比。因此，從本質上講，它們會上下移動。

The other thing is to recognize that we worked very hard on certain parts of the fees where we were able to impact kind of the fixed and floating component. And so that we do believe that there is more efficiency as we grow larger in terms of what we can do for the hotels.

另一件事是要認識到我們在費用的某些部分上非常努力，我們能夠影響固定和浮動部分的種類。因此，我們確實相信，隨著我們為酒店做的事情變得越來越大，效率會更高。

And as an example, when your digital share -- your direct share of reservations is growing as well as it is, it's just a reminder that those are some of the lowest-cost reservations for a hotel as possible. But we did lower our fixed cost by roughly 30% for the system. But as I said before, overwhelmingly, the charges are based on a function of hotel revenues.

舉個例子，當你的數字份額——你的直接預訂份額增長得很好時，這只是一個提醒，這些是酒店的一些最低成本預訂。但我們確實將系統的固定成本降低了大約 30%。但正如我之前所說，絕大多數費用是基於酒店收入的函數。

We will take our next question from Vince Ciepiel with Cleveland Research.

我們將向克利夫蘭研究中心的文斯·西皮爾提出我們的下一個問題。

You spoke about delivering the service that the guests expect. And when I hear that, I think about food and beverage, I think about housekeeping. I'm curious kind of what percent of the way back you are as it relates to your breakfast buffets in select-service hotels, your 3-meal-a-day restaurants and more full service?

您談到了提供客人期望的服務。當我聽到這個消息時，我想到了食品和飲料，我想到了家務。我很好奇你回來的百分比是多少，因為它與你在精選服務酒店的自助早餐、你的一日三餐餐廳和更全面的服務有關？

And can you remind us what percentage of guests are kind of -- are you on the opt-in model? And what percentage of guests are opting in for housekeeping?

你能提醒我們客人的比例是多少——你是選擇加入模式嗎？選擇客房清潔服務的客人比例是多少？

Sure. So on housekeeping, we continue to evolve our approach. Today, in our select-tier hotels, it is an opt-in approach. Daily housekeeping is available at the discretion of the guest. And at luxury, we are doing daily housekeeping.

當然。所以在管家方面，我們繼續改進我們的方法。今天，在我們的精選級別酒店中，這是一種選擇加入的方法。每日客房清潔服務由客人自行決定。在豪華酒店，我們每天都在做家務。

We're testing those options today. We're using those learnings to try and strike the right balance between guest expectations and economic realities for the owners. And as we work through those tests, we intend to launch a definitive approach sometime here early in 2022.

我們今天正在測試這些選項。我們正在利用這些經驗來嘗試在客人的期望和業主的經濟現實之間取得適當的平衡。當我們完成這些測試時，我們打算在 2022 年初的某個時候推出一種明確的方法。

Great. And how about on the food and beverage side? What percentage of the way back are you there?

偉大的。那麼在食品和飲料方面呢？你回來的路的百分比是多少？

Yes, we're here. So we're getting there. It's -- we are largely back to where we were in the markets that have seen the most rapid recovery. So if you are lucky enough to visit our hotels, particularly in resort destinations, you'll experience food and beverage services and offerings very similar to what you saw pre pandemic.

是的，我們在這裡。所以我們到了那裡。這是 - 我們在很大程度上回到了我們在市場中復蘇最快的地方。因此，如果您有幸參觀我們的酒店，尤其是在度假勝地，您將體驗到與大流行前所見非常相似的餐飲服務和產品。

An example of that, we just had our Board meeting down in South Florida. Most of us had to order in-room dining because the restaurants couldn't offer us reservations prior to 10:45 p.m., and they were full. In those markets where we've seen demand recover more slowly, we are moderating the pace at which we bring back our food and beverage offerings and trying to have that pace match the pace of demand recovery.

例如，我們剛剛在南佛羅里達州召開了董事會會議。我們中的大多數人不得不訂購客房內用餐，因為餐廳無法在晚上 10 點 45 分之前為我們提供預訂，而且已經滿員。在那些我們看到需求恢復較慢的市場中，我們正在放慢我們恢復食品和飲料產品的速度，並努力使這一速度與需求恢復的速度相匹配。

That makes a lot of sense. My second question is on distribution. With special corporate being down, I imagine OTA contribution is up. But can you just remind us, I think -- pre pandemic, I think you were in the low double digits for OTA contribution. What did that end up being in 2021?

這很有意義。我的第二個問題是關於分發的。隨著特殊公司的下降，我想OTA的貢獻會上升。但是你能提醒我們嗎，我認為 - 在大流行之前，我認為你的 OTA 貢獻處於兩位數的低位。 2021 年的結果是什麼？

And then I think your digital direct channel was growing pretty fast, maybe even faster than OTA. How has that evolved? And where do you see that going in 2022?

然後我認為你們的數字直銷渠道發展得非常快，甚至可能比 OTA 還要快。它是如何演變的？您認為 2022 年會發生什麼？

Sure. So I think a couple things. And that's just a reminder that, in 2019, you also had -- special corporate is classically done through what we call GDS. And that is what is obviously taking the biggest dip. So now when you look at kind of their percentage share, they're down 600 basis points as compared to '19.

當然。所以我想了幾件事。這只是提醒您，在 2019 年，您還擁有 - 特殊公司通常是通過我們所謂的 GDS 完成的。這顯然是最大的跌幅。因此，現在當您查看他們的百分比份額時，與 19 年相比，他們下降了 600 個基點。

Now the OTAs are up with all this leisure business by 200 basis points, and they're at 14% in 2021. But at the same time, a direct share of total room nights is up to 76.3%, and that's actually up 340 basis points.

現在，OTA 的所有休閒業務增長了 200 個基點，到 2021 年將達到 14%。但與此同時，總間夜數的直接份額高達 76.3%，實際上增長了 340 個基點點。

So actually, our direct channels have grown meaningfully more than the OTAs. The OTAs have clearly, obviously, benefited from the leisure business. And GDS, classically, and more related to business travel has been the one that has lost the most share.

所以實際上，我們的直接渠道比 OTA 增長得更有意義。很明顯，OTA 已經從休閒業務中受益。而與商務旅行相關的傳統 GDS 一直是失去最多份額的公司。

And the only other thing that I'll mention because I just find it interesting that also within the direct share growth is the movement off of voice to digital. And I think that all makes sense when you think about our Bonvoy technology and our app and how many downloads we get that our guests are feeling more and more comfortable using the digital channel, which, again, is an incredibly efficient channel from a cost perspective and from a value delivery to the customer.

我要提到的唯一另一件事是因為我發現在直接份額增長中也很有趣的是語音向數字化的轉變。而且我認為，當您想到我們的 Bonvoy 技術和我們的應用程序以及我們獲得多少下載量時，所有這些都是有道理的並從價值交付給客戶。

And we will take our next question from Rich Hightower with Evercore.

我們將從 Rich Hightower 和 Evercore 那裡回答我們的下一個問題。

So just on the development pipeline and as I think about supply chain delays and the like, maybe help us understand, if we go back to the beginning of 2021, what your outlook was for rooms growth at that time? How many of those projects got delayed versus your original outlook and maybe pushed into 2022? And then likewise, what sort of cushion do you get to the 2022 forecast as you think about ongoing delays and so forth?

因此，就開發管道而言，當我想到供應鏈延遲等問題時，也許可以幫助我們理解，如果我們回到 2021 年初，您當時對客房增長的看法是什麼？與您最初的展望相比，這些項目中有多少被推遲並可能推遲到 2022 年？同樣，當您考慮持續的延誤等問題時，您對 2022 年的預測有何緩衝？

Yes, I'll take a try at that one, and Leeny may chime in. I think about it a little bit -- I think about the pipeline a little like a conveyor belt. We've got some projects. One of the reasons that our openings were so strong in the fourth quarter is we saw some projects that, in our earlier forecast, we assumed would open Q1 '22. And they actually got done a little more quickly and opened in December.

是的，我會試一試，Leeny 可能會插話。我稍微考慮了一下——我認為管道有點像傳送帶。我們有一些項目。我們在第四季度的開業如此強勁的原因之一是我們看到了一些項目，在我們之前的預測中，我們假設這些項目將在 22 年第一季度開業。他們實際上做得更快一點，並在 12 月開業。

We do see some delays that come out the back end. But I think maybe the most relevant statistics are the pace at which shovels are going in the ground and the lengthening we've seen in the construction cycle. You heard Leeny in her remarks talk about roughly 24 months, start to finish, as an average for our select-service hotels here in the U.S. There's not a lot we can do to accelerate that.

我們確實看到後端出現了一些延遲。但我認為也許最相關的統計數據是鏟子在地下的速度以及我們在施工週期中看到的延長。你聽說 Leeny 在她的講話中談到了大約 24 個月，從開始到結束，作為我們在美國這裡的精選服務酒店的平均值。我們無法做很多事情來加快這一進程。

If anything, we've got some challenges with supply chain and the like. But that 24 months seems to be [holding]. It's one of the reasons we continue to be so focused on conversions in the year for the year.

如果有的話，我們在供應鍊等方面遇到了一些挑戰。但那 24 個月似乎 [holding]。這是我們繼續如此專注於這一年的轉換的原因之一。

And as Tony said, we do -- for what it's worth, when we build our budget, we do go project by project, country by country. So it is a quite detailed estimate. But as Tony pointed out, there are some that finished a little bit earlier and some that end up being a little bit later. And we do our best every year at estimating.

正如托尼所說，我們這樣做——為了它的價值，當我們制定預算時，我們會逐個項目、逐個國家地進行。所以這是一個非常詳細的估計。但正如托尼指出的那樣，有些完成得早一點，有些最終完成得晚一點。我們每年都會盡最大努力進行估算。

But the other part that I'll point out when we talked about where we were at the beginning of '21 is that we actually expect the deletions to be higher. And I think you all will remember that my comments then reflected probably about 50 basis points of an expected COVID-related hedge that it was hard to predict at that point where exactly all these hotels would go as we move through the pandemic.

但是，當我們談到我們在 21 年初所處的位置時，我要指出的另一部分是，我們實際上預計刪除率會更高。而且我想你們都會記得，我的評論可能反映了預期的與 COVID 相關的對沖的大約 50 個基點，在我們度過大流行病的過程中，當時很難預測所有這些酒店的確切去向。

And I think happily, with a lot of work on everybody's part, including the owners, in revenue management and on the cost side, that -- and the banks have been very good partners to work with as well, we have seen deletions come in better than we expected. And that has also ended up helping the net rooms growth number even compared to where we were 4 months ago.

我很高興地認為，包括所有者在內的每個人在收入管理和成本方面都做了很多工作，而且銀行也是非常好的合作夥伴，我們已經看到刪除比我們預期的要好。與 4 個月前相比，這也最終幫助了淨客房數量的增長。

That's really helpful color. And if I could just add one follow-up, maybe back to, I think, one of your responses on the leisure side and thinking about demand and pricing power in that segment. If we look at some of the nontraditional short-term rental companies, for instance, Airbnb and so forth, everybody sort of talks about their leisure customer the same way.

這顏色真的很有幫助。如果我可以添加一個後續內容，我認為可能會回到您在休閒方面的回應之一，並考慮該細分市場的需求和定價能力。如果我們看看一些非傳統的短期租賃公司，例如 Airbnb 等，每個人都會以同樣的方式談論他們的休閒客戶。

And a lot of this is the business has improved meaningfully with work from home and a hybrid workforce and all that kind of stuff. I mean, would you say that there's more or less or about the same customer overlap as you think about your core leisure customer versus what we see in the short-term rental space? And how has that changed over the course of COVID?

其中很大一部分是通過在家工作和混合勞動力以及所有類似的東西，業務得到了有意義的改善。我的意思是，您認為您的核心休閒客戶與我們在短期租賃領域看到的客戶重疊或多或少或大致相同？在 COVID 的整個過程中，情況發生了怎樣的變化？

Well, I think, if you look particularly at the performance we've seen in our luxury-tier resorts and our full-service resorts, one of the things we hear from our customers pretty clearly is their desire for a full complement of services and amenities. And as we've said in response to versions of this question in the past, that's probably the most significant differentiator between our product offering and some of the short-term rental offerings that are out there.

好吧，我認為，如果您特別關注我們在豪華度假村和全方位服務度假村所看到的表現，我們從客戶那裡聽到的其中一件事非常清楚，那就是他們對全面服務的渴望和設施。正如我們過去在回答這個問題的版本時所說的那樣，這可能是我們的產品與一些短期租賃產品之間最重要的區別。

The other thing I'll mention is, clearly, in the beginning of the pandemic, when you were kind of imagining searches for people wanting to get away, there was larger proportion of searches that were for places that are out of the way, truly places where people felt comfortable going where they could be away from others.

我要提到的另一件事是，很明顯，在大流行開始時，當你有點想像搜索想要逃跑的人時，有更大比例的搜索是針對那些不礙事的地方，真的人們感到舒適的地方 去他們可以遠離他人的地方。

And we have seen that gap narrow in terms of the searches for kind of classic room-sharing type places as well as hotels. We've seen that gap narrow, which, I think, makes sense given the progress as we move through the pandemic.

我們已經看到，在搜索經典的房間共享類型的地方以及酒店方面，差距縮小了。我們已經看到這種差距縮小了，我認為，鑑於我們在大流行中取得的進展，這是有道理的。

And we do have another question, and that will be from Stephen Grambling with Goldman Sachs.

我們還有另一個問題，那就是來自高盛的 Stephen Grambling。

On the owned and leased segment, can you give us a little bit more color on some of the puts and takes that could impact that segment's RevPAR and margin performance versus the system-wide trends in 2022? And maybe even tie in how you're thinking about any asset sales there, if possible, given how strong the transaction market has been?

在自有和租賃部分，您能否就一些可能影響該部分的 RevPAR 和利潤率表現與 2022 年全系統趨勢的看跌期權和收益給我們更多的顏色？考慮到交易市場的強勁程度，如果可能的話，甚至可能與您如何看待那裡的任何資產出售有關？

Sure. I think on the asset sales, we will obviously continue to be opportunistic, Stephen. And it really depends on where the hotel is, both in terms of its stage of CapEx. As you know, in a number of hotels that we own, we really want to get them to be great representations of our brands. And in cases where the markets have really not recovered, we are not going to feel compelled to rush that sale. So in that regard, it will really vary.

當然。我認為在資產出售方面，我們顯然會繼續投機取巧，斯蒂芬。這真的取決於酒店的位置，無論是在資本支出的階段。如您所知，在我們擁有的許多酒店中，我們真的希望讓它們成為我們品牌的絕佳代表。在市場真的沒有恢復的情況下，我們不會覺得有必要急於出售。所以在這方面，它真的會有所不同。

We've also got JV interests, as you know. For example, our St. Regis Punta Mita JV was sold during 2021. That market was doing great. That hotel was in great shape, and we were able to get a really good sales price on that asset. So I think it really does depend a lot on the situation.

如您所知，我們也有合資企業的利益。例如，我們的 St. Regis Punta Mita JV 於 2021 年出售。該市場表現良好。那家酒店的狀況很好，我們能夠以非常優惠的價格出售該資產。所以我認為這確實很大程度上取決於情況。

Remember that owned-leased also has termination fees. And that, also, I would expect not to be growing, but also to continue to provide somewhere in the ballpark of $40 million in fees a year. And then on the owned-leased profits, I think you will continue to see progress. But do remember that we have a chunk of leased hotels.

請記住，自有租賃也有終止費。而且，我預計不會增長，但也會繼續提供每年 4000 萬美元的費用。然後在自有租賃利潤方面，我認為您將繼續看到進展。但請記住，我們有大量的租賃酒店。

And there, you obviously need to get to where you're covering your fixed rent payment, to the extent it is fixed rent, which will mean it behaves a little bit more like a U.S. owner's priority, where you need to get to a floor before you're actually getting any profit. So I think we look forward to seeing the numbers get better and better. But in terms of getting back to the full levels of 2019, I think it will take a little bit of time.

在那裡，您顯然需要到達您支付固定租金的地方，就固定租金而言，這意味著它的行為更像是美國業主的優先事項，您需要到達樓層在你真正獲得任何利潤之前。所以我認為我們期待看到數字越來越好。但就恢復到2019年的全水平而言，我認為還需要一點時間。

Makes sense. And perhaps as a big picture follow-up, Tony, now that we're coming up on the roughly 1-year mark that you've taken over as CEO, I'm curious how you could characterize where your thought priorities are now in addition to the company, not only for its unique recovery, but longer term, and how they may have shifted over the course of the year, particularly given you've met with folks in the field more recently?

說得通。托尼，也許作為一個大的後續行動，現在我們即將迎來你擔任首席執行官大約一年的時間，我很好奇你如何描述你現在的優先考慮事項除了公司之外，不僅因為其獨特的複蘇，而且從長期來看，以及它們在一年中可能發生的變化，特別是考慮到您最近與該領域的人們會面？

Sure. Thanks. I don't think they've shifted meaningfully. I mean, I think we are encouraged, as you've heard this morning, about the pace of demand recovery. But the priorities really continue to revolve around our key constituents, leading with our associates, certainly our guests and, as we've discussed at length this morning, the economic health of our owners.

當然。謝謝。我不認為他們發生了有意義的轉變。我的意思是，正如你今天早上所聽到的，我認為我們對需求復甦的步伐感到鼓舞。但優先事項確實繼續圍繞我們的關鍵成員展開，與我們的員工一起領導，當然還有我們的客人，正如我們今天早上詳細討論的那樣，我們的所有者的經濟健康狀況。

Okay. Well, thank you all for your questions this morning, for your continued interest in Marriott. And with increasing frequency, we look forward to seeing you on the road. Thanks, and have a great day.

好的。好吧，感謝大家今天早上提出的問題，感謝你們對萬豪酒店的持續關注。隨著頻率的增加，我們期待在路上見到您。謝謝，祝你有美好的一天。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful day.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，度過美好的一天。