萬豪國際 (MAR) 2021 Q3 法說會逐字稿

Good day, everyone, and welcome to today's Marriott International's Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this call may be recorded, and I will be standing by should you need any assistance.

大家好，歡迎參加萬豪國際集團2021財年第三季財報電話會議。 （操作說明）請注意，本次電話會議可能會被錄音，如有任何需要，我將隨時為您提供協助。

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

現在，我很高興將今天的節目交給投資者關係高級副總裁傑基·伯卡 (Jackie Burka) 來主持。

Thank you. Good morning, everyone, and welcome to Marriott's Third Quarter 2021 Earnings Call. On the call with me are Tony Capuano, our Chief Executive Officer; Leeny Oberg, our Chief Financial Officer and Executive Vice President, Business Operations; and Betsy Dahm, our Vice President of Investor Relations. We are very happy to not only be doing this call all together in person this morning, but to be doing it from the road at the beautiful JW Marriott Orlando Bonnet Creek.

謝謝大家。早安，歡迎參加萬豪酒店集團2021財年第三季財報電話會議。與我一同出席會議的有：執行長托尼‧卡普阿諾 (Tony Capuano)；財務長兼業務營運執行副總裁莉妮‧奧伯格 (Leeny Oberg)；以及投資者關係副總裁貝齊‧達姆 (Betsy Dahm)。我們非常高興今天早上能夠齊聚一堂，共同召開此次電話會議，而且會議地點選在了風景優美的奧蘭多JW萬豪博內特溪酒店。

I would 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.

我謹提醒各位，我們今天所作的許多評論並非歷史事實，而是聯邦證券法所界定的前瞻性陳述。這些陳述受到許多風險和不確定因素的影響，詳情請參閱我們提交給美國證券交易委員會（SEC）的文件，這些風險和不確定因素可能導致未來的實際結果與我們評論中明示或暗示的結果有重大差異。我們今天稍早發布的新聞稿及評論中的陳述僅於今日有效，不會隨著實際情況的發展而更新。

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 reflects properties that are defined as comparable as of September 30, 2021, even if they were not open and operating for the full year 2019 or they did not meet all of the other criteria for comparable in 2019. 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.

另請注意，除非另有說明，我們的每間可供出租客房收入 (RevPAR)、入住率和平均每日房價 (ADR) 數據均反映的是系統範圍內可比酒店的固定匯率結果，其中包括因新冠疫情而暫時關閉的酒店。 2021 年與 2019 年的 RevPAR、入住率和 ADR 對比數據反映的是截至 2021 年 9 月 30 日被定義為可比較的酒店，即使這些酒店在 2019 年全年未營業或未滿足 2019 年所有其他可比酒店標準。您可以在我們的投資者關係網站上找到我們的獲利報告以及今天發言中提及的所有非公認會計準則 (non-GAAP) 財務指標的調節表。

And now I will turn the call over to Tony.

現在我將把電話交給東尼。

Thanks, Jackie, and good morning, everyone. Over the past few months, I've been fortunate to have spent the majority of my time back on the road. I've been speaking with our associates, meeting with customers, attending industry conferences and engaging with our owners and franchisees, as I've been doing this week here in Orlando.

謝謝傑基，大家早安。過去幾個月，我很幸運能把大部分時間都花在路上。我一直在和同事們交流，會見客戶，參加行業會議，並與我們的業主和加盟商互動，就像這週我在奧蘭多所做的那樣。

My travels have taken me to Europe, the Caribbean and Latin America and many parts of the country here in the U.S. It's been wonderful to see so many people traveling again and to witness firsthand the resilience of global travel. This resilience was clearly evident during the third quarter. The strong global RevPAR recovery momentum we experienced in the spring continued into the summer, thanks to sustained robust leisure demand and impressive average daily rates.

我的旅行足跡遍佈歐洲、加勒比海地區、拉丁美洲以及美國本土的許多地方。看到這麼多人再次踏上旅途，親眼見證全球旅遊業的韌性，真是令人欣喜。這種韌性在第三季表現得特別明顯。由於持續強勁的休閒旅遊需求和令人矚目的平均每日房價，春季全球每間可供出租客房收入（RevPAR）的強勁復甦勢頭延續到了夏季。

July worldwide RevPAR reached a new peak since the beginning of the pandemic, down just 23% compared to 2019 levels. Occupancy in July rose to 61%, an increase of over 500 basis points from June, while ADR was down less than 3% versus July of 2019. In August, global demand softened a bit, primarily as a result of the impact of the Delta variant and the subsequent delay in many companies' return to the office. However, demand stabilized in September before rising once again in October.

7月全球每間可供出租客房收入（RevPAR）創下疫情爆發以來的新高，僅比2019年同期下降23%。 7月入住率上升至61%，較6月增加超過500個基點，而平均房價（ADR）較2019年7月下降不到3%。 8月全球需求略有疲軟，主要原因是受達美航空疫情的影響，導致許多公司延後復工復產。然而，9月需求趨於穩定，並在10月再次回升。

Recovery trajectories remain varied by region and have been. RevPAR in all of our regions, except for Greater China, improved in the third quarter compared to the second quarter. The recovery in Greater China has been choppier, given its zero-COVID-19 policy.

各地區的復甦軌跡依然存在差異，而且一直如此。除大中華區外，我們所有地區的每間可供出租客房收入（RevPAR）在第三季均較第二季有所改善。鑑於大中華區採取的「零感染」政策，該地區的復甦進程較為坎坷。

Mainland China was the first market to see RevPAR return to pre-pandemic levels a quarter ago, and RevPAR rose again in July to 11% above July of 2019. But demand then fell significantly in August after the government imposed strict lockdowns in response to small regional COVID outbreaks, leading to a meaningful decline in RevPAR for the month. Demand then swiftly rose again in September as soon as those restrictions were lifted.

中國大陸是第一個在季度前RevPAR恢復到疫情前水準的市場，7月RevPAR再次上漲，比2019年7月增加了11%。但8月份，由於政府為應對局部地區的新冠疫情爆發而實施了嚴格的封鎖措施，需求大幅下降，導致當月RevPAR顯著下滑。 9月份，隨著這些限制的解除，需求迅速回升。

In the U.S. and Canada, third quarter RevPAR performance improved meaningfully to down less than 20% compared to the same quarter 2019. Results were driven by elevated leisure demand and ADR nearly at 2019 levels. Total occupancy reached 67% in July, retrenched a bit in August and held steady in September before rising again in October.

在美國和加拿大，第三季每間可供出租客房收入（RevPAR）表現顯著改善，與2019年同期相比降幅不到20%。業績改善主要得益於休閒需求旺盛以及平均房價（ADR）接近2019年水準。 7月總入住率達67%，8月略有回落，9月維持穩定，10月再回升。

Third quarter RevPAR in the U.S. and Canada improved across all brand tiers and all market segments: primary, secondary and tertiary. While primary markets are still the most challenged, these markets saw the largest RevPAR gains during the quarter as demand in gateway cities like New York continued to rise.

美國和加拿大第三季所有品牌層級和所有市場區隔（包括一級、二級和三級市場）的每間可供出租客房收入（RevPAR）均有所改善。儘管一級市場仍面臨最大挑戰，但由於紐約等門戶城市的需求持續成長，這些市場在本季實現了最大的RevPAR增幅。

Group demand accelerated nicely in the U.S. and Canada in the quarter. Group room revenues for the quarter were down 46% versus the third quarter of 2019, a significant improvement compared to the second quarter's decline of 76% versus the same time period in '19.

本季美國和加拿大的團體需求顯著成長。本季團體客房營收較2019年第三季下降46%，較2019年第二季年減76%的情況有了顯著改善。

Group bookings have also been increasing. In the year for the year, U.S. managed group bookings beat 2019 levels for each of the last 5 months through October, as event booking windows have shortened during the pandemic. Most importantly, group ADR has continued to rise. And for full year 2022, it's currently pacing nearly 4% above pre-pandemic levels.

團體預訂量也持續增加。截至10月的過去五個月中，美國管理的團體預訂量均超過了2019年同期水平，這主要得益於疫情期間活動預訂窗口期的縮短。更重要的是，團體平均房價（ADR）持續上漲。 2022年全年，團體平均房價預計將比疫情前水準高出近4%。

In the U.S. and Canada, special corporate was the segment most impacted by the Delta variant during the quarter, given the delay in return to office time lines. As a reminder, the special corporate segment represents business transient customers who book at prenegotiated rates. We estimate this segment has been accounting for roughly half of business transient room nights. Although we can't know with certainty the trip purpose for transient bookings other than special corporate, the special corporate segment, therefore, gives us the best indication of business demand trends.

在美國和加拿大，由於復工復產時間延遲，特殊商務旅客群體在本季受達美航空政策的影響最大。需要說明的是，特殊商務旅客群體指的是以預先協商價格預訂的商務散客。我們估計，該群體約佔商務散客客房預訂量的一半。雖然我們無法確定除特殊商務旅客預訂之外的其他散客預訂的具體出行目的，但特殊商務旅客群體仍然是衡量商務需求趨勢的最佳指標。

Special corporate bookings showed steady recovery each month this year until we saw a slight pullback in the back half of the third quarter. The gradual upward trajectory returned in October, with bookings versus 2019 growing each week during the month. Special corporate bookings are currently down less than 40% compared to the same time frame in 2019.

今年以來，企業特殊預訂量每月穩定回升，直到第三季後半段略有回落。 10月份，預訂量恢復逐步上升趨勢，當月每週的預訂量均較2019年同期成長。目前，企業特殊預訂量較2019年同期下降不到40%。

From conversations with our corporate customers, we know that many of them, especially those with more client-facing jobs, are increasingly eager to get back on the road. We expect the recovery in business transient to gradually continue as more workers return to the office, guest visitation policies are relaxed and greater numbers of employees are permitted to travel again. We also expect the traditional business trip to continue to evolve, with a blurring of the lines between business and leisure travel.

透過與企業客戶的交流，我們了解到，許多客戶，尤其是那些需要與客戶直接溝通的客戶，越來越渴望恢復出差。隨著更多員工返回辦公室、訪客政策放寬以及更多員工獲準再次出差，我們預計商務旅行的復甦將持續進行。同時，我們也預期傳統的商務旅行模式將持續演變，商務旅行和休閒旅行之間的界線將日益模糊。

In the Middle East and Africa, third quarter RevPAR came in less than 20% below pre-pandemic levels, led by strong performance in the UAE and Qatar. RevPAR topped third quarter 2019 levels in Qatar, thanks to preparations for the 2022 World Cup, while RevPAR in the UAE was nearly even with 2019, largely benefiting from staycations.

在中東和非洲地區，第三季每間可供出租客房收入（RevPAR）較疫情前水準下降不到20%，主要得益於阿聯酋和卡達的強勁表現。卡達的RevPAR超過了2019年第三季的水平，這主要得益於為2022年世界盃所做的準備工作；而阿聯酋的RevPAR與2019年基本持平，這主要得益於國內度假的興起。

Europe's recovery took another large step forward in the quarter. Occupancy doubled in 1 quarter to reach 47% as many key international borders reopened, entry restrictions eased and almost all hotels were once again open. The Caribbean and Latin America posted third quarter RevPAR 18% below 2019 levels.

歐洲的復甦在本季又向前邁出了一大步。隨著許多重要國際邊境重新開放、入境限制放寬以及幾乎所有飯店重新開業，入住率在一個季度內翻了一番，達到47%。加勒比海和拉丁美洲第三季的每間可供出租客房收入（RevPAR）比2019年同期下降了18%。

Demand for our resort properties remained robust, particularly in the Caribbean and Mexico. Urban destinations, while slowly improving, still lagged. Historically, the third quarter is the region's softest quarter seasonally, yet many resorts saw record occupancy in ADRs, and our luxury ADR in the region for the quarter was ahead of 2019 levels by 32%.

對我們度假村物業的需求依然強勁，尤其是在加勒比海和墨西哥地區。城市目的地的需求雖然緩慢回升，但仍略顯落後。通常情況下，第三季度是該地區的淡季，但許多度假村的平均入住率卻創下歷史新高，該地區豪華酒店的平均房價在本季度比2019年同期增長了32%。

The recovery in Asia Pacific, excluding China, advanced more slowly in the third quarter. Results were mixed across countries, though India saw a meaningful improvement in demand as COVID caseloads dropped and restrictions lifted. Encouragingly, many countries in the region have recently taken significant steps to reopen travel, such as announcing new vaccinated travel lanes. Demands in October accelerated nicely as a result.

除中國以外，亞太地區的經濟復甦在第三季進展較為緩慢。各國的情況不盡相同，但隨著新冠病例數下降和限制措施的解除，印度的需求出現了顯著改善。令人鼓舞的是，該地區許多國家近期採取了重要措施重啟旅行，例如宣佈設立新的疫苗接種者旅行通道。因此，10月份的需求出現了良好的成長。

Developer sentiment continues to improve, in step with the global recovery, and the pace of signings has picked up meaningfully this year. At the end of September, our pipeline stood at nearly 477,000 rooms. Gross room openings through the third quarter of this year exceeded the first 9 months of 2019 by 25% and surpassed the same period last year by almost 50%, and deletions from the pipeline remain at the low end of our long-term trend.

隨著全球經濟復甦，開發商信心持續改善，今年的簽約速度也顯著加快。截至9月底，我們的在建工程數量接近47.7萬間。今年第三季客房總數比2019年前9個月成長了25%，比去年同期成長了近50%，而專案取消量仍處於長期趨勢的低點。

Conversions remain a meaningful driver of rooms growth, given our impressive roster of conversion-friendly brands and the meaningful top and bottom line benefits associated with being part of the Marriott system. We've already added more conversion rooms in the first 9 months of this year than we did in all of 2019. Accounting for over 30% of all signings in the first 9 months of this year compared to around 15% of signings pre-pandemic, conversions are expected to be a significant contributor to growth over the next several years.

鑑於我們旗下擁有眾多易於轉換的品牌，以及加入萬豪體系所帶來的顯著營收和利潤成長，轉換仍是客房成長的重要驅動力。今年前九個月，我們新增的轉換客房數量已經超過了2019年全年。今年前九個月，轉換客房佔所有簽約量的30%以上，疫情前這一比例約為15%。預計未來幾年，轉換客房仍將是成長的重要貢獻者。

For the full year, we still expect that gross rooms growth will accelerate to around 6%. With more clarity around our estimated full year deletions, we now expect 2021 net rooms growth will be approximately 3.5%. The attractiveness of our brands, our increasing development activity, our momentum around conversions and our industry-leading pipeline give us confidence that we will see meaningful rooms growth going forward.

我們仍然預計全年客房總數成長率將加速至約 6%。隨著全年客房削減量的預估更加明朗，我們現在預計 2021 年淨客房成長率約為 3.5%。我們品牌的吸引力、不斷增長的開發活動、良好的改造勢頭以及行業領先的在建項目儲備，都讓我們有信心在未來實現顯著的客房增長。

We expect that over the next several years, we will get back to our typical mid-single-digit net rooms growth that we demonstrated prior to the pandemic. However, the exact timing is hard to predict and will depend on a host of factors related to the global recovery, including the lending environment and evolving supply chain dynamics. Supply chain issues have pushed some openings and construction starts out a few months, but the deals continue to move forward.

我們預計未來幾年內，淨客房成長率將恢復到疫情前正常的個位數中段水準。然而，具體時間難以預測，並將取決於全球經濟復甦的許多因素，包括信貸環境和不斷變化的供應鏈動態。供應鏈問題導致部分酒店開業和建設項目推遲數月，但相關交易仍在推進中。

Turning to Marriott Bonvoy. Global enrollments, driven by digital sign-ups, accelerated during the quarter, growing the program to 157 million members as of the end of September. We remain extremely focused on fostering engagement with our members. We recently rolled out numerous successful special promotions, such as our second annual Week of Wonders and the relaunch of Marriott Bonvoy Moments, where members can use points to gain VIP access to a broad variety of experiences.

再來看看萬豪旅享家。受線上註冊的推動，全球會員註冊量在本季加速成長，截至9月底，會員總數已達1.57億人。我們始終致力於提升會員的參與度。近期，我們推出了一系列成功的特別活動，例如第二屆年度“奇妙週”以及重新推出的“萬豪旅享家專屬體驗”，會員可使用積分兌換VIP專屬禮遇，暢享豐富多彩的體驗。

Additionally, we just announced several loyalty program updates, including status, award and point extensions, which should further encourage members to stay with us as global travel rebounds. Since the start of the pandemic, we've grown our share of bookings coming through our digital and other direct channels. Over 76% of our global room nights in the first 3 quarters of the year were booked through our direct channels, with around half of these booked through our digital channels.

此外，我們剛剛宣布了多項會員忠誠計畫更新，包括會員等級、獎勵和積分延期，這些舉措將進一步鼓勵會員在全球旅遊業復甦之際繼續選擇我們。自疫情爆發以來，我們透過線上管道和其他直銷管道獲得的預訂量佔比持續成長。今年前三個季度，我們全球超過76%的客房夜數是透過直銷管道預訂的，其中約一半是透過線上管道預訂的。

In closing, I firmly believe that the long-term recovery is on track. The resilience of travel and consumers' desire to visit our 7,900 global properties is undeniable, and I'm looking ahead with a lot of optimism about our future.

最後，我堅信長期復甦正在按計劃進行。旅遊業的韌性以及消費者對我們在全球7900家飯店的入住意願毋庸置疑，我對我們的未來充滿信心。

At this point, I'd like to turn the call over to Leeny. Leeny?

現在，我想把電話交給莉妮。莉妮？

Thank you, Tony. We're pleased with our third quarter results, which reflect the continued meaningful improvement in the global recovery. Third quarter worldwide RevPAR was down 26% compared to the same quarter in 2019 despite the impact of the Delta variant in the latter half of the quarter. In comparison, global RevPAR declined 44% in the second quarter versus the same period in 2019. Worldwide occupancy rose to 58% in the third quarter and ADR was only 4% below the third quarter of 2019.

謝謝托尼。我們對第三季的業績感到滿意，這反映了全球經濟復甦的持續顯著改善。儘管受到達美航空航班在第三季後半段的影響，但全球第三季每間可供出租客房收入（RevPAR）仍比2019年同期下降了26%。相較之下，全球第二季RevPAR比2019年同期下降了44%。第三季全球入住率回升至58%，平均房價（ADR）僅比2019年第三季下降了4%。

We've been very pleased to see rate almost back at pre-pandemic levels in just 20 months. In comparison, global ADR had lagged the recovery in RevPAR in prior downturns, taking around 5 years to rebound after the 2009 recession and around 4 years to recover post 9/11. Importantly, the recovery in rate has not just been driven by customer mix. Our third quarter retail or rack rate in the U.S. and Canada was essentially flat with the third quarter of 2019.

我們非常高興地看到，房價在短短20個月內幾乎恢復到了疫情前的水平。相較之下，在先前的經濟低迷時期，全球平均房價（ADR）的復甦速度都落後於每間可供出租客房收入（RevPAR）的復甦速度，例如在2009年經濟衰退後用了大約5年時間才得以反彈，在9/11事件後用了大約4年時間才得以恢復。值得注意的是，房價的復甦並非僅由顧客結構的變化所驅動。我們在美國和加拿大的第三季零售或標價房價與2019年第三季基本持平。

Gross fee revenue reached $776 million in the third quarter. Our non-RevPAR-related franchise fees were again particularly strong, totaling $173 million in the third quarter, 19% ahead of 2019 levels. Credit card branding fees of $113 million were up 11% compared to the 2019 third quarter on the back of strong new account acquisitions and robust global card spending. Our residential branding fees also had another outstanding quarter, totaling $18 million.

第三季總費用收入達7.76億美元。與每間可供出租客房收入（RevPAR）無關的特許經營費收入再次表現強勁，第三季總額達1.73億美元，比2019年同期增長19%。信用卡品牌推廣費收入達1.13億美元，較2019年第三季成長11%，主要得益於新帳戶的強勁成長和全球信用卡消費的旺盛。住宅品牌推廣費收入也再次表現出色，達到1,800萬美元。

Incentive management fees or IMF, totaled $53 million in the quarter. Over 40% of IMFs were earned at resort properties, with IMFs from our luxury resorts around the world up almost 30% compared to the third quarter of 2019. We were pleased to see positive results from our owned and leased portfolio in the quarter, primarily due to improved performance at hotels in the U.S. and Europe.

本季激勵管理費（IMF）總額為5,300萬美元。超過40%的IMF來自度假飯店，其中全球豪華度假飯店的IMF較2019年第三季成長近30%。我們很高興地看到，本季自有及租賃物業組合均取得正面業績，主要得益於美國及歐洲飯店業績的提升。

Third quarter G&A and other expense totaled $212 million and were impacted by compensation true-ups and additional legal expenses. We continue to realize meaningful savings from the significant restructuring activities undertaken last year, and we still expect full year G&A and other to be roughly $800 million, down 15% to 2019 levels.

第三季一般及行政費用及其他支出總計2.12億美元，主要受薪資調整及額外法律費用的影響。我們持續從去年實施的大規模重組活動中節省開支，並預計全年一般及行政費用和其他支出約為8億美元，較2019年下降15%。

We also recorded a $164 million pretax loss on extinguishment of debt during the quarter associated with the repurchase of $1 billion of our 5.75% senior notes due in May 2025. As part of our balance sheet management, we are focused on bringing down our average interest rate, lengthening our average debt maturities and reducing our debt balances. Over the last 18 months, we have reduced our outstanding net debt by $1.4 billion.

本季度，我們因回購10億美元將於2025年5月到期的5.75%優先票據而錄得1.64億美元的稅前債務清償損失。作為資產負債表管理的一部分，我們致力於降低平均利率、延長平均債務期限並減少債務餘額。過去18個月，我們已將未償淨債務減少了14億美元。

At the hotel level, we have significantly improved margins and lowered break-even occupancy levels around the world. In the third quarter, even with RevPAR for managed properties in the U.S. and Canada down 27% versus pre-pandemic levels, 97% of our managed hotels in the region had positive GOP or gross operating profit.

在飯店層面，我們大幅提高了全球的利潤率，並降低了損益兩平入住率。第三季度，儘管美國和加拿大地區我們管理飯店的每間可供出租客房收入（RevPAR）較疫情前下降了27%，但該地區97%的管理飯店仍實現了正的毛營業利潤（GOP）。

We're proud of the work our teams have done in maximizing margins during the pandemic. We expect many of the cost reduction and productivity enhancement initiatives we have implemented will be maintained as occupancies continued to rise. Given the current labor environment, we are keeping a close eye on wage and benefit inflation as associates are hired back and open positions are filled, but our cost reduction efforts could offset this inflation in future years.

我們為團隊在疫情期間為實現利潤最大化所做的努力感到自豪。我們預計，隨著入住率的持續上升，我們已實施的許多成本削減和生產力提升措施將繼續實施。鑑於當前的勞動力市場環境，隨著員工重返工作崗位和空缺職位的填補，我們將密切關注工資和福利的上漲情況，但我們的成本削減措施有望在未來幾年抵消這種上漲的影響。

As demand continues to rise, we're working closely with our owners and franchisees to maximize hotel profitability, while delivering the outstanding guest experiences our customers expect from our brands. We're close to completing an extensive review of our brand standards and are already implementing numerous changes intended to help reduce hotel operating expenses, while improving flexibility based on customer needs as occupancies rise. Looking ahead, we are still not in a position to be able to give specific RevPAR or earnings guidance, but I would like to share some general observations and provide color on certain additional items where we do have some visibility.

隨著需求持續增長，我們正與業主和加盟商緊密合作，力求在最大限度提高酒店盈利能力的同時，為顧客提供他們期望從我們品牌獲得的卓越體驗。我們即將完成對品牌標準的全面審查，並已開始實施多項旨在降低飯店營運成本的變革，同時隨著入住率的提升，我們也能根據顧客需求靈活調整服務。展望未來，我們目前仍無法給出具體的每間可供出租客房收入（RevPAR）或盈利預測，但我希望分享一些總體看法，並就我們已掌握一定信息的其他事項進行簡要說明。

We're optimistic about the pace of global recovery as we look ahead into next year as more markets reopen around the world. With meaningful continued improvement in business transient and group demand, continued growth in leisure demand and healthy levels of ADR, we expect to make substantial progress in closing the gap to 2019 RevPAR levels by the end of next year, assuming no major setbacks in the pandemic recovery. To further help your modeling for 2021, as a reminder, the fourth and the first quarters of the year historically have seen lower demand than the second and third quarters. In 2019, global occupancy fell around 6 percentage points from the third quarter to the fourth quarter.

展望明年，隨著全球更多市場重新開放，我們對全球經濟復甦的步伐感到樂觀。商務散客和團體需求持續顯著改善，休閒旅遊需求持續增長，平均房價（ADR）保持健康水平，我們預計到明年年底，RevPAR（每間可供出租客房收入）將大幅縮小與2019年水平的差距（假設疫情後的復甦過程沒有出現重大挫折）。為了進一步幫助您進行2021年的預測建模，需要提醒的是，歷史上第四季和第一季的需求通常低於第二季和第三季。 2019年，全球飯店入住率從第三季到第四季下降了約6個百分點。

Turning to fees. At current RevPAR levels, we still expect the sensitivity of a 1-point change in full year 2021 RevPAR versus 2019 could be $35 million to $40 million of fees. As we have seen, the relationship is not linear given the variabilities of IMFs and the inclusion of non-RevPAR-related franchise fees. We expect our non-RevPAR-related fees to continue to benefit from strong credit card and residential branding fees. Interest expense is now anticipated to be around $420 million. Full year cash taxes are now expected to be $350 million to $375 million.

接下來談談費用。依照目前的每間可供出租客房收入（RevPAR）水平，我們預計2021年全年RevPAR較2019年每變動1個百分點，費用收入可能增加3,500萬至4,000萬美元。如我們所見，考慮到國際貨幣基金組織（IMF）的波動以及包含與RevPAR無關的特許經營費，這種關係並非線性關係。我們預計，與RevPAR無關的費用將繼續受益於強勁的信用卡和住宅品牌推廣費用。目前預計利息支出約4.2億美元。全年現金稅預估為3.5億至3.75億美元。

Our anticipated full year cash flow from the loyalty program has not changed from our expectation a quarter ago. We still expect it to be positive for the full year before factoring in the reduced payments we will receive from the credit card companies. After factoring in these reduced payments, which are expected to effectively repay around 1/3 of the total $920 million we received in 2020, we continue to anticipate modestly negative cash flows from loyalty.

我們對全年忠誠度計畫現金流的預期與上一季相比沒有變化。在計入信用卡公司減少的付款之前，我們仍然預計全年現金流為正。在計入這些減少的付款後（預計這些付款將相當於我們2020年收到的9.2億美元總額的約三分之一），我們仍然預計忠誠度計劃的現金流將略微為負。

We remain focused on carefully watching capital expenditures, and we now expect full year investment spending of $525 million to $550 million, below our expectation of $575 million to $625 million that we shared last quarter. Total investment spending includes capital and technology expenditures loan advances, contract acquisition costs and other investing activities.

我們將繼續密切關注資本支出，目前預計全年投資支出為5.25億美元至5.5億美元，低於上季預測的5.75億美元至6.25億美元。總投資支出包括資本和技術支出、貸款預付款、合約獲取成本和其他投資活動。

As we think about capital allocation, retaining our investment-grade credit rating remains a top priority. We're making excellent progress bringing our credit ratios back in line as we continue to generate positive cash flow and manage our spending levels. Assuming this progress continues, we could be in a position to restart capital returns in the back half of 2022.

在考慮資本配置時，保持投資等級信用評等仍然是我們的首要任務。隨著我們持續創造正現金流並控制支出水平，我們在改善信用比率方面取得了顯著進展。假設這項進展能夠持續，我們預計在2022年下半年重啟資本回報計畫。

We're very enthusiastic about how our business is performing, and we're happy now to take your questions. Operator?

我們對公司目前的業務表現非常滿意，現在很樂意回答您的問題。接線生？

(Operator Instructions) Our first question from Joe Greff with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的喬·格雷夫。

I know you don't want to necessarily talk about 2022 with any great specificity, but I just want to get a sense of how you're thinking about the leisure segment as we head into next year. Obviously, that's a segment this year where demand has recovered the most and pricing has been fairly inelastic and price obviously up significantly.

我知道您並不想過多談論2022年的具體情況，但我只是想了解一下您對明年休閒旅遊市場的看法。顯然，今年休閒旅遊市場的需求復甦最為顯著，價格彈性相對較低，而且價格也明顯上漲。

Do you think leisure can maintain some sort of growth trajectory in 2022? Or do you think that has to come down? And then, obviously, it's more than compensated by the growth in the transient -- the business transient segment. How are you thinking about that right now?

您認為休閒旅遊在2022年還能維持成長動能嗎？還是說必然會下滑？當然，商務旅行等短期旅遊市場的成長足以彌補休閒旅遊的下滑。您現在對此有何看法？

Thanks for the question, Joe. We are -- continue to be quite bullish about leisure. We think there's lots more run room in terms of this leisure-led recovery. You heard some of the statistics that Leeny and I shared in our prepared remarks about the performance and the pricing power that we've seen in our resort destinations. And so the short answer is we absolutely believe that leisure can continue to grow into '22.

謝謝你的提問，喬。我們依然非常看好休閒產業。我們認為，休閒產業引領的復甦還有很大的成長空間。你剛才也聽到了我和莉尼在事先準備好的演講稿中分享的一些數據，這些數據反映了我們度假目的地的業績和定價能力。所以簡而言之，我們堅信休閒產業在2022年仍能維持成長動能。

Joe, one other comment I'll make is that we've seen -- actually since 2010, we've seen leisure trips grow faster than business trips. And I think with the reality that there's still some pent-up demand as well as increased savings rates and, frankly, more flexibility in travel, that we absolutely believe that leisure can continue to grow going into '22.

喬，我還要補充一點，自2010年以來，我們看到休閒旅行的成長速度超過了商務旅行。我認為，考慮到目前仍然存在一些被壓抑的需求，以及儲蓄率的提高，坦白說，旅行方式也更加靈活，我們絕對相信休閒旅行在2022年仍將繼續增長。

Great. And you mentioned it on the call and you have it in the press release that you have greater visibility on deletions, and I know that the room deletions comment was really specific for this year. Can you talk about the visibility on deletions for next year and maybe where that trends? Obviously, I'm not looking for a gross or a net rooms gross number, but just how you see the visibility on deletions for '22 maybe relative to historical percentage deletion rates.

好的。您在電話會議上提到過，新聞稿裡也提到過，您對客房刪除情況的了解更加清晰。我知道您之前提到的客房刪除情況是專門針對今年的。您能否談談明年客房刪除情況的了解情況，以及相關的趨勢？顯然，我不是想了解客房總數或淨數，而是想了解您如何看待2022年客房刪除情況的了解情況，以及與歷史刪除率相比的情況。

Yes. No, great question. And we're in the middle of our budgeting process now, so I think we feel extremely solid about the numbers for '21. It's too early to give you a specific number. But obviously, the onetime bump that we had this year from the SVC portfolio, we don't expect to happen. And I do believe that it will fall back to more normal levels in 2022 with perhaps still a tinge of COVID-related impact, but I think more likely to be falling back into levels that you've seen before.

是的。問得好。我們目前正在進行預算編制工作，所以我覺得我們對2021年的數據非常有把握。現在給出具體數字還為時過早。但顯然，今年來自SVC投資組合的一次性成長，我們預計不會再出現了。我相信2022年它會回落到更正常的水平，或許還會受到一些新冠疫情的影響，但我認為更有可能回落到之前的水平。

And we will take our next question from Shaun Kelley with Bank of America.

接下來，我們將回答來自美國銀行的肖恩凱利提出的問題。

Maybe as my first, Tony, sort of ask the same question, if I could, but focusing a little bit more on corporate and group. Obviously, we're right at the cusp of probably how much lead time you have. But can you just talk a little bit about corporate behavior? You gave us a little color through that things are rebounding a little bit in October. But just what little signs do we have heading into '22 on what I consider core business transient and then also just maybe on the group bookings front?

東尼，或許我可以先問你一個類似的問題，但這次我想更專注於企業和團體預訂。顯然，我們現在正處於你們的預訂週期即將結束的關鍵時刻。能談談企業預訂的情況嗎？你之前提到，10月情況有所改善。那麼，展望2022年，就我所認為的核心業務（即流動性較強的業務）以及團體預訂而言，我們有哪些跡象表明情況會有所好轉呢？

Of course. So the biggest improvement we expect or that we saw this quarter came from business transient, which has already picked up even a bit in October. We're quite encouraged. Special corporate bookings have improved each week in October when we compare them to 2019.

當然。我們預計或本季最大的改善來自商務散客，10月份已經略有回升。我們對此感到非常鼓舞。與2019年同期相比，10月份的特殊企業預訂量每週都有成長。

And because you asked for a little bit of granularity, I can tell you that new special corporate bookings in October for some of our key customer categories had some really nice growth. And I'll give you 2 examples. Accounting and consulting grew 35% over what we saw last month, and technology business grew about 31% versus last month.

既然您要求提供更詳細的信息，我可以告訴您，10月份我們一些重點客戶類別的新增企業專屬預訂量增長非常可觀。我舉兩個例子：會計和顧問業務較上月成長了35%，科技業務較上月成長了約31%。

When I slip to group, which was the second part of your question, at the end of September, group revenue was pacing down around 43% versus '19. But we think we could see some improvement from that level given the volume of last-minute bookings, which have been quite a significant recent trend. In the quarter, fourth quarter, bookings in October were above October of '19 by the highest percentage we've seen since the pandemic began.

當我談到團體旅遊時（也就是您問題的第二部分），9月底團體旅遊收入較2019年同期下降了約43%。但考慮到近期大量最後一刻預訂的出現，我們認為情況可能會有所改善。第四季度，10月份的預訂量較2019年10月份增長了自疫情爆發以來的最高幅度。

And maybe the last thing I would tell you on growth -- on group, excuse me, that is also quite encouraging. When we look at the group that's on the books for 2022, the ADR for that group is up about 3%, almost 4%, relative to the group that was on the books for 2019.

最後，關於成長——或者更準確地說，是關於集團——我想說的也是相當令人鼓舞的消息。當我們查看2022年已確定的集團業績時，該集團的平均每日房價（ADR）較2019年已確定的集團業績增長了約3%，接近4%。

And maybe just as my follow-up, if we could. Could you just give us a little bit -- there's been more discussion in the industry than probably is normal about small and medium-sized corporates, and that activity rebounding a bit faster than what we've seen in maybe the larger Fortune 500 or top 50 accounts. Could you talk a little bit about that exposure for Marriott, if you break it down that way, or maybe the behaviors that you're seeing between small and medium and larger-sized corporates?

如果可以的話，我想再問一個後續問題。您能否簡單談談——最近業內對中小企業的討論可能比往常更多，而且它們的復甦速度似乎比財富500強或前50強企業更快。您能否從這個角度分析萬豪酒店面臨的風險，或者說說您觀察到的中小企業和大型企業之間的行為差異？

Yes, of course. Historically, we saw business transient business coming out of small and medium-sized companies was about 60% of our business transient revenue. Now given that the larger businesses have been a little slower to recover during the pandemic, for the first 3 quarters of this year, we've seen about 75% of that revenue coming from small and medium accounts.

當然。以往，中小企業的商務旅行收入約占我們商務旅行總收入的60%。但鑑於大型企業在疫情期間復甦速度稍慢，今年前三個季度，我們約75%的收入都來自中小企業客戶。

And we will take our next question from Thomas Allen with Morgan Stanley.

接下來，我們將回答摩根士丹利的湯瑪斯艾倫提出的問題。

Given much of your marketing spend is done through the system fund, I'd be interested to hear just an update on where you are in your kind of marketing strategy and spend versus kind of pre-COVID. I remember back to early 2019, you did a big Bonvoy push. I'm just trying to think about what you're doing now and the potential implications for distribution and market share.

鑑於貴公司的行銷支出大多來自系統基金，我很想了解貴公司目前的行銷策略和支出狀況，以及與疫情前相比有何變化。我記得在2019年初，貴公司曾大力推廣萬豪旅享家（Bonvoy）。我只是想了解貴公司目前的行銷策略及其對分銷和市場份額的潛在影響。

So you're absolutely right that, broadly speaking, our marketing spend is a function of the top line revenue from our hotels. And that is in 2 places, Thomas. One is obviously in classic sales and marketing fund. But also when you think about the revenues coming into our loyalty program are also driven by a combination of our credit card spend as well as hotel revenues and penetration of Bonvoy stays at our hotels. And so clearly, that is still meaningfully down from 2019, however, obviously, a whole lot better than it was in 2020.

所以您說得完全正確，總的來說，我們的行銷支出與飯店的總收入密切相關。湯瑪斯，這體現在兩個方面。一方面，顯然是傳統的銷售和行銷基金。另一方面，我們忠誠度計畫的收入也取決於信用卡消費、飯店收入以及萬豪旅享家會員入住率的綜合影響。顯然，雖然這比2019年大幅下降，但比2020年的情況要好得多。

And I'm sure you've seen lately that we've done a fabulous new campaign that has been on everywhere from airlines to sports games, et cetera, that really emphasize how special it is to be able to travel and to have experiences that open your mind, if you will. And so it's been a really concentrated reminder to the -- to our consumers of how special travel is. And that new campaign has generated incredible response from all the different customers and media touch points.

我相信您最近也看到了，我們推出了一項精彩的新宣傳活動，涵蓋了從航空公司到體育賽事等各個領域，旨在強調旅行以及體驗能夠開闊眼界的經歷是多麼特別。這項活動集中提醒了我們的消費者，旅行是多麼珍貴。而且，這項新活動在所有客戶和媒體管道都獲得了極佳的迴響。

Okay. Just as a follow-up. Just can you update us on OTA distribution and your thoughts there?

好的。還有一個後續問題。您能否更新一下OTA分發的情況以及您對此的看法？

Yes, sure. It's very similar to what we've talked about before, which is that, clearly, the OTAs have gained share as a result of special corporate being down on a relative basis. But we're still seeing that our digital channels are gaining share faster than the OTAs. So while I'd say that OTAs are probably now at about 14% of total bookings, you still remember that our direct channels are over 76% and about half of that is coming through the digital channel.

是的，沒錯。這和我們之前討論過的情況非常相似，很明顯，由於企業專案預訂相對減少，在線旅行社（OTA）的市場份額有所增長。但我們仍然看到，我們的數位管道的市佔率成長速度超過了OTA。所以，雖然我估計OTA目前約佔總預訂量的14%，但您也別忘了，我們的直銷管道佔比超過76%，其中大約一半來自數位管道。

So we're very pleased to see that digital continues to gain share very nicely. Our mobile app downloads have grown really well. So the OTAs have been an important driver of business for us during this pandemic. But I think, from a share perspective, we're continuing to see the same trends we've been seeing.

我們很高興看到數位化管道的份額持續穩定成長。我們的行動應用下載量成長迅猛。因此，在疫情期間，線上旅行社（OTA）一直是推動我們業務發展的重要力量。但從份額的角度來看，我認為我們仍然延續了先前的趨勢。

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

接下來，我們將回答來自 Truist Securities 的 Patrick Scholes 提出的問題。

Hilton has been pretty vocal about having daily housekeeping on-demand, and I haven't heard as much from you folks. What do you think about that going forward, especially for your mid-scale types of properties?

希爾頓一直很積極地宣傳每日按需客房清潔服務，但我很少聽到你們在這方面提及。你們對未來這項服務有何看法，尤其是在你們的中檔飯店？

Well, it's a timely question, Patrick. As I mentioned in the opening remarks, we've just spent 2 full days with a significant number of our owners and franchisees here in North America. As we shared with them, we continue to run a few different proofs of concept evaluating how we strike the right balance between guest expectations and the economic challenges that our owner community continues to face. We got tremendous engagement and input from that community. And I think we continue to move towards a more definitive and permanent position on housekeeping.

派崔克，這個問題問得正是時候。正如我在開場白中提到的，我們剛剛與北美地區的眾多業主和加盟商進行了為期兩天的深入交流。正如我們與他們分享的，我們正在持續進行幾項概念驗證，以評估如何在滿足賓客期望和應對業主群體持續面臨的財務挑戰之間找到最佳平衡點。我們從業主群體那裡獲得了大量的參與和回饋。我認為，我們正在朝著制定更明確、更長期的客房服務方案的方向穩步前進。

Okay. And then just a quick follow-up question. You had noted eventually getting back to your mid-single-digit long-term net unit growth. But for next year, is it reasonable to assume that net unit growth percentages will be roughly similar to what they are this year?

好的。那我還有一個後續問題。您之前提到最終會恢復到個位數的長期淨銷售成長率。但對於明年，是否可以合理地假設淨銷售成長率會與今年大致相同？

It's too early to give specific expectations. Now what I can tell you is we are, with increasing confidence, feeling like in the midterm, we're going to get back to that mid-single-digit rooms growth. But I think it will be a bit challenging next year, and it will be challenged for a few reasons.

現在給出具體預期還為時過早。但我可以告訴大家的是，我們越來越有信心，中期業績將恢復到個位數的客房成長水準。不過，我認為明年會面臨一些挑戰，原因有以下幾點。

I think, number one, the continued unpredictability of the pandemic. But maybe more impactful, we have seen some delays in construction starts, some of which have been direct results of interruption to the supply chain. But again, those feel like short-term impediments.

我認為，首要因素是疫情持續的不確定性。但或許影響更大的是，我們看到一些建築項目開工延遲，其中一些是供應鏈中斷的直接結果。不過，這些似乎只是短期障礙。

And in fact, it's interesting if you look at the pipeline, both in Q2 and Q3, the fallout we saw was the lowest we've seen in the last 3 years. So that would certainly suggest that, while we may have to struggle through a bit of these short-term delays, it actually bolsters our confidence in our ability to get back to that mid-single-digit growth rate.

事實上，如果你看一下第二季和第三季的專案儲備情況，你會發現，專案下滑的程度是近三年來最低的。這無疑表明，儘管我們可能需要應對一些短期延誤，但這實際上增強了我們恢復到中個位數成長率的信心。

And we will take our next question from Stephen Grambling with Goldman Sachs.

接下來，我們將回答來自高盛集團的史蒂芬‧格林布林提出的問題。

I guess, to follow up on the initial 2022 expectations, what guardrails can investors think about around the more concrete expense items such as G&A? And should the relationship you've outlined between RevPAR and EBITDA generally hold as we think into future years?

我想，為了跟進2022年的初步預期，投資人可以考慮哪些與一般及行政費用等更具體的支出項目相關的指導原則？您之前概述的每間可供出租客房收入（RevPAR）與息稅折舊攤銷前利潤（EBITDA）之間的關係，在未來幾年是否仍然適用？

So sure. So a couple of things. On the G&A front, I think, certainly, you have to take into consideration what's going on with wage and benefit inflation. And then, I think, as we get back to more kind of fully loaded RevPAR numbers in the system, I think you should expect that, for the next year, anyway, that it will be a little bit higher than just inflation as we get the organization back to kind of full operations.

當然。有幾點要說明。關於一般及行政費用，我認為，當然要考慮薪資和福利的通膨情況。其次，我認為，隨著我們恢復到更完整的每間可供出租客房收入（RevPAR）數據，至少在未來一年內，隨著公司恢復全面運營，總費用應該會略高於通貨膨脹率。

But again, I still think that you're looking at overall levels of G&A reflecting the significant work that we did in 2020 to rebuild Marriott so that it still will be meaningfully lower than the kind of guidance that we gave at the beginning of 2020, which was $950 million to $960 million. Similarly, as you asked about -- what's your other question that you asked about, Stephen?

但是，我仍然認為，您看到的整體管理費用水準反映了我們在2020年為重建萬豪所做的巨大努力，因此它仍將遠低於我們在2020年初給出的9.5億美元至9.6億美元的預期。同樣，正如您之前問的——史蒂芬，您剛才問的另一個問題是什麼？

Just as we think about the relationship between RevPAR and EBITDA.

就像我們思考RevPAR和EBITDA之間的關係。

Yes, for EBITDA and RevPAR. Yes, I think it will be the same, except, perhaps a little bit bigger as we have more and more owned, leased profits coming back as well as IMFs coming back. If you remember, pre-pandemic, we were close to $50 million per point of RevPAR. We're obviously getting, hopefully, closer to $40 million. And that's obviously hotel-related RevPAR.

是的，EBITDA 和 RevPAR 都是如此。我認為兩者基本上持平，甚至可能略有增長，因為自有物業、租賃物業的利潤以及 IMF 的收益都在逐步恢復。如果你還記得，疫情前我們的 RevPAR 接近每點 5000 萬美元。顯然，我們希望能夠接近每點 4000 萬美元。這顯然是指酒店相關的 RevPAR。

The non-RevPAR will tie much more into both the residential fees as well as the credit card fees. But it should expand, although, I think, again, in 2022, it will still be closer to the $40 million in 2022 and then, again, continue to grow from there.

非RevPAR部分將與住宅物業費和信用卡手續費密切相關。但預計會有所成長，不過我認為，到2022年，這一數字仍將接近4,000萬美元，之後會繼續成長。

And since you mentioned the non-hotel-related fees and credit card fees, I think you referenced that you'd had very strong sign-ups. Can you just remind us of how a customer typically progresses once it signs up? Do you see a burst of spending right at sign-up? Or is there a kind of a gradual build? And are you seeing any change in behavior on that?

既然您提到了非飯店相關費用和信用卡手續費，我想您也提到註冊量非常高。您能否再跟我們說說客戶註冊後的消費流程？您是否觀察到客戶在註冊後會立即出現消費高峰？還是消費額會逐漸增加？您是否觀察到客戶的行為模式有任何改變？

Yes, absolutely. Absolutely a gradual build, you're right. It absolutely kind of -- it takes a while to get going.

是的，絕對是這樣。你說得對，這絕對是個循序漸進的過程。確實需要一段時間才能步入正軌。

And we will take our next question from Smedes Rose with Citi.

接下來，我們將回答花旗銀行的斯梅德斯·羅斯提出的問題。

I wanted to ask you a little bit more on the group bookings that you are seeing in the U.S. Is it fair to say that the sort of larger CBD, sort of more group-oriented properties, are continuing to lag? Or have you seen -- are you seeing kind of any uptick there? And maybe any other sort of just changes in the composition of the group?

我想再問您一些關於美國團體預訂的情況。是否可以說，那些位於中央商務區、更偏向團體預訂的飯店，其團體預訂量仍持續低迷？或者您觀察到任何回升的跡象？此外，團體成員的組成是否發生了其他變化？

Of course. Maybe I'll give you some macro observations. But before I do that, certainly, we're seeing really strong social group activity and expect that to continue. In terms of citywides, which, I think, was part of your question, it was interesting. We spent the last 2 days with many of our full-service owners here in the U.S. And I think their view is they're seeing softness in citywide activity in the first half of '22, but are hopeful they'll start to see some pickup in the back half of next year.

當然。或許我可以分享一些宏觀層面的觀察。但在此之前，我們想強調的是，目前社交群體活動非常活躍，而且預計這種勢頭會持續下去。至於城市層面的活動，我想這也是您問題的一部分，這很有趣。過去兩天，我們與美國許多提供全方位服務的業主進行了交流。我認為他們的觀點是，2022年上半年城市層級的活動變得疲軟，但他們希望明年下半年能夠回升。

More broadly around group, you heard some of the comments I made in the prepared remarks. Q3 revenue is down 46% in group as compared to '19, which was a big uptick compared to the statistics we shared with you last quarter, where we were down 76% versus '19. The other statistic I would share with you that I think is interesting. In the quarter for the quarter bookings in October were above in the quarter for the quarter bookings from October '19 by over 30%, which is the highest percentage increase we've seen since the beginning of the pandemic.

關於集團整體情況，你們也聽到了我事先準備好的發言稿中的一些內容。集團第三季​​營收年減46%，比起上個季度年減76%，這是一個顯著的改善。我還想和大家分享另一個我認為很有趣的數據。本季10月份的訂單量比2019年同期成長了30%以上，這是自疫情爆發以來我們見到的最高增幅。

Okay. And then I was just hoping if you could talk a little bit more about what your owners are seeing on labor costs. It sounds like you're sort of somewhat optimistic about the growth in IMF next year. And I'm just sort of trying to, I guess, square that with the fact -- I mean, we heard from 1 owner last night that labor is up 20%. I just wondered what your -- you folks are seeing.

好的。然後我想請您再詳細談談您的業主們對勞動成本的看法。聽起來您對明年國際貨幣基金組織（IMF）的成長比較樂觀。我只是想弄清楚，昨晚我們從一位業主那裡了解到勞動成本上漲了20%。我想知道你們那邊的情況如何。

Of course. So like many other companies around the country and around the world, we are seeing some challenges with labor. It won't surprise you that those challenges are most acute in the markets where we've seen the most rapid recovery in demand. So leisure destination is kind of leading the way. From our perspective, we have a multi-pronged approach to try and address those issues.

當然。和全國乃至全球許多其他公司一樣，我們也面臨勞動力上的挑戰。不出所料，這些挑戰在需求復甦最快的市場最為嚴峻。休閒旅遊目的地可以說是引領了這個趨勢。就我們而言，我們採取了多管齊下的方法來應對這些問題。

We've been doing -- we've ramped up our efforts in social and targeted marketing, highlighting the extraordinary opportunities that exist at Marriott. We have, in some instances, used onetime sign-on bonuses or temporary incentives. And we do still have many open positions to fill, but we are seeing a bit of an uptick in applicant flow and have been filling jobs pretty steadily over the last several months.

我們一直在加強社群媒體和精準行銷的力度，並專注於宣傳萬豪酒店集團提供的絕佳機會。在某些情況下，我們還提供了一次性簽約獎金或臨時激勵措施。目前我們仍有許多職缺，但申請人數略有增加，過去幾個月來，我們的招募工作也一直穩步推進。

And I would add, we are not hearing from our owners that it's universally 20%. There may be a couple of markets here and there where that could be happening in a particular situation. But broadly speaking, while it's clearly meaningfully higher than it was back in '18 and '19, I would say 20% is not the norm.

我還要補充一點，我們並沒有從業主那裡了解到普遍存在20%的這種情況。或許在某些特定市場，這種情況確實存在。但總的來說，雖然目前的水平明顯高於2018年和2019年的水平，但我認為20%並非普遍現象。

And the only other thing I'll say is that, while ADR is still not back to 2019 levels, traditionally, in our business, we have been able to see that ADR tends to be able to hold on to inflation, that we've seen ADR increases that are at least inflation, if not higher. And while, clearly, at the moment, we're not back there yet, that should be helpful as well.

我唯一要補充的是，雖然平均房價尚未恢復到2019年的水平，但根據我們行業的慣例，平均房價通常能夠抵禦通膨，我們看到平均房價的漲幅至少與通膨持平，甚至更高。雖然目前我們顯然還沒有達到那種水平，但這應該也會有所幫助。

And we will take our next question from David Katz with Jefferies.

接下來，我們將回答來自傑富瑞集團的戴維·卡茨提出的問題。

I know that we have seemingly a fair amount of time to discuss this. But with respect to capital returns, if you could just talk about what would have to happen for capital returns to maybe start earlier or later, for that matter. And within the construct of those capital returns, any changes in how you would think about the mix of buybacks versus dividends and the puts and takes around those, just so we can start the conversation now nice and early?

我知道我們似乎有相當多的時間來討論這個問題。但關於資本回報，您能否談談，如果資本回報要提前或延後開始，需要滿足哪些條件？此外，在資本回報的框架下，您會如何看待股票回購與分紅的組合，以及圍繞這些組合的買賣操作？這樣我們現在就可以儘早開始討論了。

Sure. So first of all, similar messages to what you've heard before, which, maintaining our investment-grade credit rating is a top priority for Marriott. We do want to continue to get our credit ratios back to the 3 to 3.5x levels of debt-to-EBITDAR. We are really pleased with the progress that we're making in that regard. It probably happened faster than we might have imagined a year ago. And so with that in mind, we are feeling increasingly confident that we'll be able to turn to returning capital to shareholders, perhaps with continued progress in the recovery in the back half of 2022.

當然。首先，我們想傳達的訊息與您之前聽到的類似，那就是維持萬豪的投資等級信用評等是我們的首要任務。我們希望繼續將債務與EBITDAR比率恢復到3到3.5倍的水平。我們對目前在這方面所取得的進展感到非常滿意。這一進展的速度可能比我們一年前的預期還要快。因此，考慮到這一點，我們越來越有信心，隨著2022年下半年經濟復甦的持續推進，我們將能夠向股東返還資本。

When we think about the mix of dividends versus share repurchases, I think it's instructive to look at what we did in the Great Recession, which is that we -- as we move closer and closer to that 3 to 3.5x range, we reinstituted a modest, a smaller than -- smaller-than-it-was-before cash dividend and then return to the normal level of cash dividend before we began share repurchases. And Tony and I will be talking about that to the Board and continuing to have a dialogue, but I don't think that, that's a pretty good framework for you to consider as we move forward.

當我們考慮分紅與股票回購的組合時，我認為回顧一下我們在大衰退期間的做法很有啟發性。當時，隨著本益比逼近3到3.5倍的區間，我們恢復了適度的現金分紅，金額比之前略低，然後又恢復到股票回購前的正常現金分紅水準。我和托尼會就此與董事會進行討論，並繼續保持對話，但我認為這是一個很好的參考框架，供大家參考。

I think from a kind of rationale, David, I think one of the things we really like about the 3 to 3.5x level, for us, is the flexibility that it then gives us when we see an opportunistic investment come our way. And so we do want to return to that area knowing that when those come up, we want to be able to take advantage of them. And in that regard, kind of reestablishing that policy and those levels, I think, is where we're headed.

我認為，從某種理性角度來說，大衛，我們之所以喜歡3到3.5倍的估值水平，其中一個重要原因是它能讓我們靈活地掌握投資機會。因此，我們希望重返這個區間，以便在機會出現時能夠抓住它們。在這方面，我認為重新確立這個策略和估值水準正是我們努力的方向。

Perfect. And if I can just follow up with one just modeling detail. When we look back historically versus this year, with the differential in cost reimbursements and revenue and costs, there are periodic positives versus negatives. And this year, it's been more of a positive so far. Is there any sort of input you can help us with the remainder of this year and how that evolves into next year, just to keep our models straight?

好的。我能否再補充一個關於建模的細節問題？回顧歷史數據與今年相比，成本補償、收入和成本的差異會呈現週期性的正負波動。而今年到目前為止，正向因素更多。您能否就今年剩餘時間以及明年的發展趨勢提供一些建議，以便我們更好地完善模型？

Yes, sure. I think, as a reminder, over time, that the idea is that is essentially a net neutral to the company, i.e., these are cost reimbursements without a profit component, and the timing of the revenues and the expenses can obviously vary. Just kind of to your point, as you look at what's happened this year, you have seen that the gap has narrowed between the net reimbursed revenue line, and that's really a reflection of loyalty.

是的，當然。我想提醒大家的是，從長遠來看，這本質上對公司而言是淨中性的，也就是說，這些是成本補償，不涉及利潤，而且收入和支出的時間安排顯然會有所不同。正如您所說，從今年的情況來看，淨補償收入與支出之間的差距已經縮小，這確實反映了客戶的忠誠度。

When you think about last year, far fewer redemptions were taking place. And we had lowered our administrative costs in the loyalty program to take into consideration the much lower RevPAR that we had in the system. So naturally, that has come back to a higher level this year as -- and redemptions have also grown meaningfully. But again, I think over time, you'll continue to see some variation quarter-to-quarter and year-to-year. But over time, the general direction is net neutral to the company.

回顧去年，兌換次數遠低於現在。為了因應系統內較低的每間可供出租客房收入（RevPAR），我們降低了會員計畫的管理成本。因此，今年的管理成本自然回升到了更高的水平，兌換次數也顯著成長。但我認為，隨著時間的推移，季度和年度數據仍會存在一些波動。不過，從長遠來看，這對公司整體而言是中性的。

And we will take our next question from Bill Crow with Raymond James.

接下來，我們將回答來自 Raymond James 的 Bill Crow 提出的問題。

All right. Sorry about that. Tony, I appreciate the comments on the special corporate-rated business travel and the pickup you're seeing in consulting and technology, in particular. I'm curious whether the destinations have changed. As we look at the STR data, it's pretty barren in some of these bigger New York, Chicago, San Francisco. Is that consistent with where your -- what you're seeing from the special corporate-rated business?

好的，抱歉。東尼，我很感謝你對特價企業商務旅行以及諮詢和科技業（尤其是諮詢和科技業）的增長情況的評論。我很好奇目的地是否有改變。我們查看STR的數據，發現紐約、芝加哥、舊金山等一些大城市的預訂量相當低。這和你從特價企業商務旅行中觀察到的情況一致嗎？

So first of all, as we talked about, the smaller and medium-sized business transient has been relatively stronger, and that, to your point, is more likely to be in secondary and tertiary markets. However, during Q3, we saw the best improvement in our big cities in special corporate that we've seen since the pandemic. So I think it is absolutely moving in the right direction, including those larger cities.

首先，正如我們之前討論的，中小企業的流動客流相對強勁，而且正如您所說，這種客流更集中在二、三線城市。然而，在第三季度，我們看到大城市企業客流出現了自疫情爆發以來最好的改善。所以我認為，包括這些大城市在內，整體趨勢絕對是朝著正確的方向發展。

Okay. And then my follow-up is kind of on a bigger-picture basis. So have we been putting a bigger risk premium on the fee income coming out of China, given the changes in kind of government attitudes going on there?

好的。接下來我想從更宏觀的角度來看這個問題。鑑於中國政府態度的變化，我們是否對來自中國的費用收入給予了更高的風險溢價？

Well, how much time do we have, Bill? I think, listen, China is a really important market for us. It is a dynamic and evolving market. Like anybody that's got a significant footprint in China, we continue to watch with great interest and great focus the evolving landscape there.

比爾，我們還有多少時間？我想說，中國對我們來說是一個非常重要的市場。它是一個充滿活力且不斷發展的市場。就像任何在中國擁有重要業務的公司一樣，我們持續密切關注著中國市場的變化。

But when you look at the composition of ownership that we have, when you look at the percentage of our portfolio that has whole or partial ownership by state-owned enterprises, I don't think we look at it as having any really remarkably higher risk profile than we've thought for the last number of quarters.

但是，當你審視我們的所有權組成，當你審視我們投資組合中國有企業全部或部分持股的比例時，我認為我們並不認為它的風險狀況比過去幾個季度以來我們認為的要高得多。

And one reminder, as I'm sure you know all too well, we typically do not have an owner's priority on our IMF there. And so the IMFs actually behave very similarly to base fees.

還有一點要提醒您，我相信您也非常清楚，我們通常對國際貨幣基金組織（IMF）的收費沒有所有權優先權。因此，IMF 的運作方式實際上與基本費用非常相似。

And we will take our next question from Dori Kesten with Wells Fargo.

接下來，我們將回答來自富國銀行的 Dori Kesten 提出的問題。

Based on your early -- based on early conversations that you're having with developers, how do you expect signings to trend over the next several quarters? And are there certain markets that you're having to provide additional incentives that you haven't historically?

根據您與開發商的初步溝通，您預計未來幾季的簽約量將呈現怎樣的趨勢？您是否需要在某些市場提供以往從未有過的額外激勵措施？

Well, as I mentioned earlier, the pace of global signings has picked up significantly since the bottom of the trough created by the pandemic. Year-to-date, our signings are up about 30% compared to where we were same time last year. What we hear anecdotally from our partners, financing for acquisitions and conversions of existing assets continues to be pretty readily available.

正如我之前提到的，自疫情造成的低谷以來，全球簽約速度已顯著加快。今年迄今為止，我們的簽約量比去年同期成長了約30%。根據我們從合作夥伴處了解到的情況，用於收購和現有資產轉換的融資仍然相當容易獲得。

Construction financing for new builds is more challenging. The construction financing that is out there, as we've seen in other more conventional down markets, tends to rely heavily on relationship lending, tends to rely heavily on quality of sponsorship and tends to rely heavily on the quality of the brand affiliation.

新建案的融資更具挑戰性。正如我們在其他較傳統的低迷市場中所看到的，現有的建築融資往往嚴重依賴關係貸款、擔保人的品質以及品牌合作的品質。

In terms of additional investment, we are not seeing any sort of remarkable spike in the use of the company's balance sheet. The guiding principles that have guided our deal-making in good and bad markets remain intact. In instances where we see a strategic imperative or in instances where we think we can drive premium fees and earnings for the company, we will consider use of the company's balance sheet.

就額外投資而言，我們並未看到公司資產負債表的使用有任何顯著增長。無論市場行情好壞，我們一直以來所遵循的交易指導原則依然不變。只有在我們認為具有策略必要性，或能為公司帶來更高收益的情況下，我們才會考慮動用公司資產負債表。

And I may have missed this, but what was the reasoning for the lower investment spending in 2020 -- I'm sorry, in '21?

我可能錯過了什麼，但是 2020 年（抱歉，是 2021 年）投資支出減少的原因是什麼？

No, that's fine. So as we've talked about before, a couple of things. One is that we did talk about how some construction starts have pushed forward a little bit. And so that would then impact some of when the key money goes out the door. But probably more importantly and larger is we just really are able to refine the amount of CapEx that we're going to spend on system CapEx as well as the company's new headquarters building. And when you put those together, you get the reduction that we described today in the press release.

沒問題。正如我們之前討論過的，有兩件事。首先，我們確實提到一些建設項目開工時間有所提前。這會影響到關鍵資金的撥付時間。但更重要的是，我們能夠更精確地控制系統性資本支出以及公司新總部大樓的支出金額。綜合考慮這些因素，就能得出我們在今天新聞稿中提到的削減方案。

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

接下來，我們將回答來自 Evercore 公司的 Rich Hightower 提出的問題。

Just in terms of the development pipeline, again, I guess, given that it's a little more heavily skewed towards luxury and upper upscale than maybe some of your peers, wondering if you could describe any differences in the economics of those tiers, specifically versus the select service tiers and even by geography. I mean, are there any pockets of tightness more so than the average around construction cost, lending availability, et cetera, et cetera, that we should be aware of?

就開發項目而言，鑑於貴公司可能比一些同行更偏重於豪華和高端項目，我想請您描述一下這些不同層級的經濟效益有何差異，特別是與精選服務層級相比，甚至按地域劃分的差異。我的意思是，在建築成本、貸款可用性等方面，是否存在一些比平均水平更緊張的領域，是我們應該注意的？

Sure. So maybe I'll remind you, we got a question on this topic a quarter ago. And I think the specific question we got was, within our portfolio, in terms of the economics to MI or to Marriott from a fee perspective, how would a luxury hotel like a Ritz-Carlton compare to a lower-tier product like a Fairfield Inn? And the response we gave a quarter ago was, obviously, subject to variability by geography, but it's about 10x.

當然。我提醒一下，我們在上個季度收到關於這個主題的提問。具體來說，我們當時問的是，就我們投資組合中的酒店而言，從費用角度來看，像麗思卡爾頓這樣的豪華酒店與像費爾菲爾德酒店這樣的低端酒店相比，對萬豪酒店集團（MI）或萬豪酒店集團來說，經濟效益如何？我們上個季度給的答案是，當然，具體情況會因地理而異，但大概是10倍左右。

We see about 10x the fee potential in a luxury hotel that we typically achieve in a select service hotel. They are more complex projects. They are more capital-intensive projects. The complexities of getting them financed are not insignificant. But as evidenced by the volume of luxury and upper upscale in our portfolio, the strength of our brands, I think, command pretty effective ability to source debt for those projects.

豪華酒店的潛在收益大約是精選服務酒店的十倍。豪華飯店專案更為複雜，資本投入也更大，融資難度也不容小覷。但正如我們投資組合中豪華和高端酒店的數量所證明的那樣，我認為我們強大的品牌實力足以讓我們有效地為這些項目籌集債務資金。

Yes, I appreciate that. And maybe I'll turn it on its head for a second, but the economics to the owners as well, I mean, are there any key differences in that regard versus what actually impacts Marriott itself?

是的，我明白。也許我可以換個角度來說，從業主的角度考慮經濟效益，我的意思是，這方面與真正影響萬豪酒店本身的因素相比，是否存在任何關鍵區別？

Well, as I said, these are complex projects. You heard in Leeny's prepared comments some pretty extraordinary numbers about our branded residential business. And with increasing frequency, we see the luxury projects being developed as mixed-use projects that include a branded residential component. That's often critical in underwriting those projects and getting them financed. In leisure destinations, the premiums we've seen in luxury rates over the last couple of quarters have been extraordinary.

正如我所說，這些都是複雜的項目。您在Leeny的發言稿中也聽到了一些關於我們品牌住宅業務的非常驚人的數據。而且，我們看到越來越多的豪華項目被開發成包含品牌住宅部分的綜合用途項目。這對於這些項目的承銷和融資至關重要。在休閒度假目的地，過去幾季我們看到的豪華住宅溢價非常驚人。

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

接下來，我們將回答瑞銀集團的 Robin Farley 提出的問題。

I want to circle back on the group booking outlook. I know you talked about price rates being up 4% next year. I'm wondering if you could give us a sense of what kind of group bookings is relative to 2019. I think there's this idea that there's going to be a lot of pent-up demand for it.

我想再談談團體預約的前景。我知道您提到明年價格將上漲4%。我想請您介紹一下團體預訂量與2019年相比的情況。我認為目前普遍認為，市場對團體預訂的需求會被大幅壓抑。

But I'm wondering if that's actually translated into bookings yet? Maybe, obviously, not for Q1, but are there quarters in Q2, 3 or 4, where the -- what's on the books is back to '19 levels? Or are groups kind of not pulling the trigger just yet?

但我很好奇這是否已經轉化為實際預訂量？當然，第一季肯定沒有，但第二、三、四季度，預訂量是否會恢復到2019年的水準？還是說各團體還沒真正下定決心預約？

Of course. Thanks, Robin. So if I look at 2022 in aggregate, and I look at total group revenue on the books at the end of this past quarter and compare that to what was on the books at the end of the third quarter in '19 for 2020, we're down about 20% in gross revenue. We're down about 23% in total booked rooms. And as I mentioned earlier, we're up nearly 4% in ADR.

當然。謝謝，羅賓。如果我把2022年整體狀況看作一個整體，並查看上個季度末的集團總收入，然後將其與2019年第三季末的2020年帳面收入進行比較，我們的總收入下降了約20%。預訂房間總數下降了約23%。正如我之前提到的，我們的平均房價上漲了近4%。

Okay. Great. Now that's helpful. And then just on the lower investment spend, and I know, Leeny, you mentioned that it was kind of refining some of the headquarters and systems CapEx. Is there -- is it somewhat related to the -- there's some like impaired contract investment in the quarter that -- was there like a significant project or maybe it's multiple ones that got canceled or something? Just wondering if that is related.

好的，太好了，這很有幫助。關於投資支出減少的問題，我知道Leeny，你提到這主要是在精簡總部和系統方面的資本支出。這是否與本季一些合約投資受損有關？是不是有一個或多個重大專案被取消了？我只是想知道這是否相關。

No, not at all.

不，完全不是。

So what's driving the impaired contract investment in the quarter?

那麼，本季導致不良合約投資的原因是什麼？

Sorry, yes. No, the -- actually, it was a -- it was not a contract investment. This was an initiative for some international hotels that we had begun in 2019 related to operational improvements in some international hotels. But as a result of COVID and all that is going on in those hotels that it no longer makes sense to carry forward with that. So the investment that we had put on our books to date needed to be written off. It was actually a program initiative of the company for the hotels. It was not related to a hotel contract.

抱歉，是的。不，實際上，這不是一項合約投資。這是我們2019年啟動的一項針對部分國際飯店的營運改善計畫。但由於新冠疫情以及這些飯店目前面臨的種種問題，繼續推動該計畫已不再合理。因此，我們先前計入帳目的投資需要註銷。這實際上是公司為這些酒店推出的一個項目計劃，與酒店合約無關。

So it was like you had kind of made loans to some hotel owners as an incentive, and then kind of now -- that the loans are written off. Is that roughly how it works?

所以，就好像你們之前為了鼓勵酒店經營，向一些酒店業主提供了貸款，而現在這些貸款都被免除了。大概就是這樣吧？

No. No, actually, as you know, very often, we have programs that we do for our hotels that they reimburse us for. And in some cases, we actually develop the programs and, over time, the hotel owners pay us back. And in this case, we had begun work on the program and invested some funds to develop the program and decided, once COVID came, it no longer made sense to implement that program at the hotels and have them repay us over time, so we wrote off the investment.

不，不，實際上，正如您所知，我們經常會為合作酒店提供一些項目，然後由酒店向我們支付費用。在某些情況下，我們會先開發這些項目，然後飯店業主會隨著時間的推移償還我們。而在這個計畫中，我們已經開始著手開發，並投入了一些資金，但新冠疫情爆發後，我們認為在酒店實施該項目並讓他們分期償還費用已經不再合理，所以我們註銷了這筆投資。

Okay. Great. That's helpful. I don't know if -- one final. So you made a comment when talking about priority of using your cash flow kind of reinstating a smaller dividend then repo then larger dividend. And you mentioned the investment-grade rating to kind of take advantage of opportunities -- to be opportunistic, I think, was the expression you used. Is there anything acquisition-wise that you think about where you would be looking for opportunities? I don't know if you can characterize anything, and then that's it for me.

好的，太好了，這很有幫助。最後一個問題。您之前提到，在談到優先使用現金流時，您建議先恢復較低的股息，然後是回購，最後才是較高的股息。您也提到投資等級評級，以便抓住機會—我想您用的是「把握機會」這個詞。在收購方面，您有沒有考慮過尋找機會？我不知道您能否具體說明一下，那就到此為止吧。

I would say that the approach we've taken to evaluating those sorts of opportunities remains intact. If you look at our track record in this area, we don't feel any particular pressure to do acquisitions, simply for the sake of scale. If we see a gap in our portfolio, whether that be a brand gap or a tier gap that we think represents significant growth opportunity or a significant gap in our geographic footprint, that can be solved the way we did with AC in Spain or Protea in South Africa, we would certainly take a look at that. But I think Leeny's comment is really around our capital philosophy to ensure we are in a good position should one of those opportunities present itself.

我認為我們評估這類機會的方法依然不變。回顧我們在這一領域的過往業績，我們並不覺得有必要為了規模擴張而進行收購。如果我們發現產品組合存在缺口，無論是品牌缺口、層級缺口（我們認為這代表著巨大的成長機會），還是地域覆蓋範圍上的重大缺口（就像我們在西班牙收購AC或在南非收購Protea那樣），我們當然會認真考慮。但我認為Leeny的評論實際上指的是我們的資本理念，即確保我們在機會出現時能夠處於有利地位。

And we will take our next question from Chad Beynon with Marquee (sic) [Macquarie].

接下來，我們將接受來自 Marquee（原文如此）[麥考瑞] 的 Chad Beynon 的提問。

I wanted to ask about the continued recovery in rates given how strong it's been. Anthony, you talked about the outlook for group, but I'm wondering if you could kind of touch on maybe some of the differences in leisure, BT and group? Have you guys been able to test and learn maybe how high you can push pricing? Or is this tough to do without kind of full compression nights.

我想問一下，鑑於房價持續強勁回升，情況會如何？安東尼，你談到了團體票的前景，但我想請你談談休閒票、商務票和團體票之間的一些區別？你們是否已經測試並了解了價格的上限？或者說，如果沒有滿額的壓縮房晚，這很難做到？

Well, there's a lot in that question, I think, that the good news, what we've seen through the last couple of quarters, is the ability of the leisure segment to create compression. And the creation of that compression, almost irrespective of which segment drives the compression, is driving really terrific pricing power.

我認為這個問題包含很多資訊。好消息是，過去幾季我們看到休閒娛樂板塊能夠壓縮市場空間。而且，無論這種壓縮是由哪個板塊推動的，它都帶來了非常強大的定價權。

I think when you look at our retail rates across the portfolio, we are essentially back to 2019 levels. And that's another statistical illustration of the strength of our pricing power. And what's really encouraging about that is that we're achieving that pricing power, albeit at lower occupancy levels than we were experiencing in 2019.

我認為，縱觀我們旗下所有物業的零售價格，我們基本上已經恢復到2019年的水平。這再次從數據上證明了我們強大的定價能力。更令人鼓舞的是，儘管入住率低於2019年的水平，我們依然能夠維持這樣的定價優勢。

Okay. Great. And then a quick follow-up, maybe a near-term modeling help. Leeny, you mentioned that normal seasonality is for Q4 over Q3 to be down 6% sequentially from a RevPAR standpoint. Has there been a major difference, looking back on leisure versus corporate, given that I think we all expect for corporate to kind of improve sequentially here?

好的，太好了。接下來我想快速問一個問題，或許可以幫您分析近期的市場狀況。 Leeny，您提到通常情況下，從每間可供出租客房收入（RevPAR）的角度來看，第四季度比第三季度環比下降6%。考慮到我們都預期企業客運量會季比有所改善，那麼回顧休閒旅遊和商務旅遊，兩者之間是否有顯著差異呢？

Yes, sure. I think when you look overall at the business, it is traditionally the case that you have lower business overall. Again, I think, interestingly, I actually expect leisure could continue to strengthen. Because when you think about coming out of the pandemic, increasingly, people are feeling comfortable traveling. Where we see festive bookings in places like CALA, et cetera, it's great demand. And the holidays are pacing up well compared to 2019, so I think we're very encouraged.

是的，當然。我認為從整體業務來看，傳統上來說，整體業務量有所下降。不過，有趣的是，我認為休閒旅遊可能會繼續走強。因為隨著疫情逐漸消退，人們越來越願意出行。我們看到像CALA這樣的旅遊勝地，節日期間的預訂量非常可觀，需求旺盛。而且與2019年相比，今年的假期預訂量也在穩定成長，所以我們對此感到非常鼓舞。

But the overall message we were trying to impart is that, typically, it is a period, just with family holidays, et cetera, that it is a lower occupancy quarter. And it's worth mentioning that when you go back to 2019 and '18 levels, and you look at our EBITDA in Q3 and Q4, as we talked about in our comments that, typically, Q3 is a higher RevPAR-driving quarter than Q4 typically.

但我們想傳達的整體訊息是，通常情況下，由於家庭度假等原因，這段時間入住率會較低。值得一提的是，回顧2019年和2018年的數據，看看我們第三季和第四季的EBITDA，正如我們在評論中提到的，通常情況下，第三季的RevPAR（每間可供出租客房收入）比第四季更高。

And I will now turn the program back over to Tony Capuano for any additional or closing remarks.

現在我將把節目交還給托尼·卡普阿諾，讓他作補充或總結發言。

Thank you very much. And thanks to all of you for your continued interest in the company and the recovery of the global travel and tourism industry. We are back on the road, and we look forward to running into you in our hotels around the world. Thanks again, and have a great day.

非常感謝。也感謝各位一直以來對公司以及全球旅遊業復甦的關注。我們已經重新上路，期待在世界各地的酒店與您相遇。再次感謝，祝您有美好的一天。

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，祝您有美好的一天。