萬豪國際 (MAR) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Marriott International's First Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加萬豪國際集團2021財年第一季財報電話會議。 （操作說明）請注意，本次會議正在錄音。 （操作說明）

I would now like to hand today's conference over to your speaker today, Jackie Burke McConagha, Senior Vice President, Investor Relations. Please go ahead.

現在我謹將今天的會議交給各位演講嘉賓，投資者關係高級副總裁傑基·伯克·麥康納哈女士。請開始吧。

Thank you. Good morning, everyone, and welcome to Marriott's First Quarter 2021 Earnings Call.

謝謝。各位早安，歡迎參加萬豪酒店集團2021財年第一季財報電話會議。

On the call with me today are Tony Capuano, our Chief Executive Officer; Leeny Oberg, our Executive Vice President and Chief Financial Officer; and Betsy Dahm, our Vice President of Investor Relations.

今天與我一起通話的有：我們的執行長 Tony Capuano；我們的執行副總裁兼財務長 Leeny Oberg；以及我們的投資者關係副總裁 Betsy Dahm。

I will 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.

我在此提醒各位，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。我們今天早些時候發布的新聞稿及評論中的陳述僅對今天有效，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 ADR 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 March 31, 2021, even if they were not open and operating for the full year 2019 or they did not meet all 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 3 月 31 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（非 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. As I enter my 26th year with Marriott, I'm honored and humbled to be here this morning for my first earnings call as CEO. The senior leadership team and I have worked together for many years. We are all committed to building on Arne's legacy and advancing the strategy we've put in place to navigate the pandemic, drive towards recovery and grow our business.

謝謝，傑基。在萬豪酒店集團工作滿26年之際，我非常榮幸和謙卑地今天早上能以首席執行官的身份參加我的首次財報電話會議。我和高階管理團隊已經合作多年。我們都致力於傳承阿恩的遺志，並推動我們為應對疫情、推動復甦和發展業務而製定的策略。

Global RevPAR is currently still substantially below pre-pandemic levels, and certain countries continue to experience concerning levels of COVID cases. Yet more and more people are getting vaccinated every day, and demand is rebounding rapidly in some of our largest regions. Over 95% of our hotels are open globally, and we've seen overall worldwide occupancy improve every month this year.

目前全球每間可供出租客房收入（RevPAR）仍遠低於疫情前水平，部分國家的疫情情勢依然令人擔憂。然而，每天都有越來越多的人接種疫苗，在我們一些最大的區域，需求正在迅速反彈。我們全球超過95%的飯店已經恢復營業，今年以來，全球整體入住率逐月提升。

In March, we saw the largest month-over-month sequential increase in global occupancy since the beginning of the pandemic. Occupancy reached over 45%, up 9 percentage points from occupancy in February. March Global RevPAR was down 53% compared to March of 2019, 8 percentage points better than February's decline. Global occupancy in April rose again to around 48%. RevPAR for April declined roughly 50% compared to the same month in 2019.

3月份，全球酒店入住率實現了自疫情爆發以來最大的月度環比增長。入住率超過45%，較2月上升9個百分點。 3月全球每間可供出租客房收入（RevPAR）較2019年3月下降53%，降幅較2月收窄8個百分點。 4月全球飯店入住率再度回升至48%左右。 4月RevPAR較2019年同期下降約50%。

We remain very encouraged by the strong recovery in Mainland China. While several markets were impacted by strict government-mandated lockdowns in January and February of this year, demand recovered quickly once COVID cases were under control and restrictions were relaxed. Occupancy in March was 66%, almost flat to the same time in 2019. Importantly, despite limited international travel into Mainland China, we saw robust demand from both leisure and business guests in March. Leisure transient room nights were above pre-pandemic levels for the third quarter in a row. Business transient room nights surpassed pre-pandemic levels in March, up 5% versus March 2019. While group room nights in March still trailed the same month in 2019, demand in this segment stepped up significantly after restrictions on large gatherings were lifted mid-month.

我們對中國大陸市場的強勁復甦感到非常鼓舞。儘管今年1月和2月部分市場受到政府嚴格封鎖措施的影響，但隨著新冠疫情控制、限制措施逐步放寬，需求迅速恢復。 3月份入住率為66%，與2019年同期大致持平。值得注意的是，儘管前往中國大陸的國際旅行受到限制，但3月休閒和商務旅客的需求仍然強勁。休閒旅客的散客入住夜數連續第三個季度超過疫情前水準。 3月份商務旅客的散客入住夜數也超過了疫情前水平，比2019年3月增長了5%。雖然3月份團體旅客的入住夜數仍低於2019年同期水平，但在月中解除大型集會限制後，該領域的需求顯著增長。

Seeing these trends in Mainland China running near pre-pandemic levels gives us confidence in strong full recoveries across all customer segments in other regions as conditions improve. We've seen demand pick up quickly and meaningfully in countries with early and swift vaccine rollouts, like the U.S., the UAE and Qatar, and in places where airlift has improved or travel restrictions have been relaxed, like Mexico, Macau and the U.S. Virgin Islands.

中國大陸的這些趨勢已接近疫情前水平，這讓我們對其他地區所有客戶群在情況好轉後強勁全面復甦充滿信心。我們看到，在美國、阿聯酋和卡達等疫苗接種早期迅速推廣的國家，以及在墨西哥、澳門和美屬維京群島等航空運力改善或旅行限制放寬的地區，需求都已迅速且顯著回升。

While room nights overall are still heavily weighted to leisure, the resilience of demand is clear. And whether it's from conversations with business leaders, customers, friends or family, we know there is a significant amount of pent-up demand for all types of travel given that so many trips had to be put on hold over the past year. For example, when the EU recently announced that they expect to be open to vaccinated U.S. travelers this summer, our reservation center saw an immediate surge in call volume.

雖然整體而言，休閒旅遊仍然是客房預訂的主要需求，但市場需求的韌性顯而易見。無論是與企業領導、客戶、朋友或家人的交流，我們都了解到，鑑於過去一年中許多旅行計劃被迫擱置，各類旅行的需求都存在顯著的積壓。例如，當歐盟近期宣布預計今年夏季對已接種疫苗的美國旅客開放時，我們的預訂中心立即接到了大量來電。

In the U.S., occupancy has increased swiftly this year with the acceleration of vaccine rollouts. In March, the U.S. and Canada region had the second highest occupancy behind Greater China at 49%. The domestic rebound is still being primarily led by leisure transient demand. Special corporate and group bookings in the U.S. and Canada remain meaningfully below pre-pandemic levels but are slowly recovering. In March, special corporate bookings for all future stays exceeded February's bookings by 25%, the largest sequential monthly increase in this customer segment since the pandemic began. And special corporate bookings took another nice leg up in April, improving 13% over March.

在美國，隨著疫苗接種的加速，飯店入住率今年迅速提升。 3月份，美國和加拿大地區的入住率達49%，僅次於大中華區，位居全球第二。國內市場的復甦仍主要由休閒散客需求推動。美國和加拿大的企業和團體預訂量雖然仍遠低於疫情前水平，但正在緩慢復甦。 3月份，所有未來住宿的企業預訂量比2月份增長了25%，這是自疫情爆發以來該客戶群最大的月度環比增幅。 4月份，企業預訂量持續穩定成長，比3月份成長了13%。

Group bookings for the U.S. and Canada also continue to pick up as meeting planners are increasingly optimistic about the recovery and are feeling more confident that they can plan events, especially in 2022 and beyond. At the end of the first quarter, group revenue on the books for 2022 was down less than 15% compared to pre-pandemic levels as compared to group revenue on the books as of the end of the first quarter of 2019 for 2020. Perhaps more importantly, rates for group room nights booked in the first quarter for 2022 and 2023 are currently 6% and 10%, respectively, above pre-pandemic levels, demonstrating that we are not trading rate for occupancy.

隨著會議策劃者對經濟復甦日益樂觀，並越來越有信心能夠策劃活動（尤其是在2022年及以後），美國和加拿大的團體預訂量也持續回升。截至第一季末，2022年團體預訂收入與疫情前水準相比，僅下降不到15%，而2020年第一季末的團體預訂收入也與疫情前水準相比有所下降。更重要的是，2022年和2023年第一季團體客房預訂價格分別比疫情前水準高出6%和10%，這表明我們並未為了提高入住率而犧牲價格。

Turning to other regions. Demand continues to improve in the Middle East and Africa. March occupancy reached 45% driven primarily by local leisure staycations, sporting events and room blocks for medical personnel related to vaccine rollouts.

再來看其他地區。中東和非洲的需求持續改善。 3月份入住率達45%，主要得益於當地休閒度假、運動賽事以及為配合疫苗接種工作的醫護人員預留的房間。

The recoveries across Asia Pacific, excluding China, or APAC, and the Caribbean and Latin America, or CALA, have been more uneven. In APAC, strong demand in Australia and the Maldives has been offset by rising COVID cases in other countries like India and Japan. In CALA, while many resort properties are enjoying strong demand, especially from U.S. leisure travelers, urban markets remain challenged.

中國以外的亞太地區（簡稱亞太地區）以及加勒比海和拉丁美洲地區（簡稱CALA）的復甦情況並不均衡。在亞太地區，澳洲和馬爾地夫的強勁需求被印度和日本等其他國家新冠病例的增加所抵消。在加勒比海和拉丁美洲地區，雖然許多度假村的需求強勁，尤其是來自美國休閒遊客的需求，但城市市場仍面臨挑戰。

In Europe, given rising COVID cases and strict restrictions in many countries, 25% of the region's hotels are currently closed and the recovery has been much more muted.

在歐洲，由於新冠病例不斷增加，許多國家都採取了嚴格的限制措施，該地區 25% 的飯店目前處於關閉狀態，復甦也遠沒有那麼順利。

Our marketing teams are employing localized and personalized marketing strategies that utilize our direct channels to help capture more leisure as well as bleisure travel as the lines between work and home blur. We are especially focused on leveraging our powerful Marriott Bonvoy loyalty program and on enhancing the platform through new expanded collaborations that help make the program even stickier for our 150 million members.

隨著工作與生活界線的日益模糊，我們的行銷團隊正運用在地化和個人化的行銷策略，透過我們的直銷管道，吸引更多休閒旅行和商務休閒旅行的遊客。我們尤其專注於發揮強大的萬豪旅享家忠誠計畫的優勢，並透過拓展新的合作項目來提昇平台體驗，從而增強我們1.5億會員的忠誠度。

Interacting with our members who are not yet ready to stay in a hotel has been a priority for us through the pandemic. Our co-branded credit card holders have been particularly engaged, and new cardholder acquisitions are improving as well. Helped by popular spending incentives, first quarter global credit card spending was down just 5% versus the first quarter of 2019.

在疫情期間，與尚未準備好入住飯店的會員保持互動一直是我們的工作重點。我們的聯名信用卡持卡人參與度尤其高，新持卡人成長情況也正在改善。由於廣受歡迎的消費激勵措施，第一季全球信用卡消費額僅比2019年第一季下降了5%。

We continued to grow our global co-brand portfolio with the recent introduction of new cards in South Korea and in Mexico, bringing the total number of countries with co-brand cards to 7. The early results from these recent launches have been excellent and are a strong testament to the power of our brands and the Bonvoy platform in markets around the world.

我們持續拓展全球聯名卡產品組合，近期在韓國和墨西哥推出了新卡，使聯名卡覆蓋的國家總數達到 7 個。這些新卡的早期發行效果顯著，有力地證明了我們品牌和 Bonvoy 平台在全球市場的強大實力。

Another way Bonvoy members have been engaging with us is through the whole home rental platform, Homes & Villas by Marriott International, or HVMI. While HVMI does not have a material impact on our financials, it is complementary to our portfolio of hotel brands. With roughly 30,000 listings, it continues to grow and is a popular way for members to earn and redeem points.

萬豪旅享家會員與我們互動的另一種方式是透過全屋租賃平台「萬豪國際旗下Homes & Villas」（簡稱HVMI）。雖然HVMI對我們的財務狀況沒有實質影響，但它與我們的飯店品牌組合相輔相成。 HVMI擁有約3萬套房來源，並且還在持續成長，是會員賺取和兌換積分的熱門途徑。

We also recently announced a new program with Uber, allowing members in the U.S. to earn loyalty points in high-frequency activities like ride-hailing and food delivery. Early engagement for this program has been quite strong.

我們最近也宣布與 Uber 合作推出一項新計劃，讓美國會員透過叫車和外送等高頻活動賺取積分。計劃的早期反應非常熱烈。

The health and safety of our guests and associates is extremely important to us. We first rolled out our elevated cleanliness standards over a year ago. Since then, we've continued to evolve our contactless experience and leveraged technologies such as mobile and web check-in and mobile key to help meet the changing needs of our guests while also driving productivity. We are currently testing contactless arrival kiosks and contactless grab-and-go marketplaces at several select-service properties across the U.S. as part of our efforts to further streamline our operations and enhance the guest experience.

賓客和員工的健康與安全對我們至關重要。一年多前，我們首次推出了更高的清潔標準。此後，我們不斷完善非接觸式服務體驗，並利用行動和網路辦理入住、行動鑰匙等技術，以滿足賓客不斷變化的需求，同時提升營運效率。目前，我們正在美國多家精選服務飯店測試非接觸式自助入住亭和非接觸式即取即走市場，以進一步簡化營運流程，提升賓客體驗。

Over the past year, we've ramped up engagement with our owner and franchisee community through multiple channels of communication. We've worked very hard to help owners lower their costs and maximize hotel operating margins in this low occupancy environment. We continue to work closely to align on priorities as we navigate the recovery together.

過去一年，我們透過多種溝通管道加強了與業主和加盟商的互動。在入住率低迷的環境下，我們竭盡全力幫助業主降低成本，並最大程度地提高飯店營運利潤率。我們將繼續緊密合作，共同推動復甦進程，確保各方優先事項保持一致。

Turning to development. Our pace of signings has picked up and is dramatically better than it was for much of last year. Our conversion activity was particularly strong in the quarter. As we talked about on our last call, In February, we signed a conversion deal in CALA for approximately 7,000 all-inclusive rooms, positioning us to be a top 10 player in the popular and fast-growing all-inclusive space.

再來說說發展方面。我們的簽約速度已經加快，比去年大部分時間都要好得多。本季我們的轉換活動尤其強勁。正如我們在上次電話會議上提到的，2月份我們在CALA簽署了一份約7000間全包客房的轉換協議，這使我們躋身於熱門且快速增長的全包式酒店領域的前十強。

Given our impressive roster of conversion-friendly brands and the meaningful benefits associated with being part of the Marriott system, we expect our momentum around conversions will continue. We added over 23,500 rooms to our system in the first quarter, 60% more than the first quarter of last year. 31% of the rooms added were from conversions, the highest percent in any quarter over the last 6 years.

鑑於我們旗下眾多易於轉換的品牌，以及加入萬豪體系所帶來的許多益處，我們預期轉換動能將持續。第一季度，我們新增客房超過23,500間，比去年同期成長60%。新增客房中有31%來自轉換，這是過去六年來任何一個季度的最高比例。

Looking ahead to the full year, we still expect gross rooms growth could accelerate to approximately 6%, and net rooms growth could be roughly 3% to 3.5%. While we and the industry are still seeing some delays in construction starts, 45% of our industry-leading pipeline of approximately 491,000 rooms is already under construction. Our net rooms growth expectation includes a onetime 100 basis points headwind on from the 88 Service Properties Trust, or SVC hotels, that left our system in the first quarter. We look forward to replacing the mostly limited service first-generation SVC hotels with newer product and are already in active discussions for new deals in nearly 3/4 of the portfolio's markets.

展望全年，我們仍預期客房總數成長率將加速至約6%，淨客房成長率約為3%至3.5%。儘管我們和業內其他酒店一樣，目前仍面臨一些開工延誤的情況，但我們業內領先的約49.1萬間客房儲備中，已有45%正在建設中。我們對淨客房成長的預期已包含來自第一季度退出我們系統的88家服務型飯店信託（SVC）帶來的100個基點的一次性不利影響。我們期待以更新的產品取代這些大多服務有限的第一代SVC酒店，並且已經在近四分之三的投資組合市場積極洽談新的交易。

Before I turn the call over to Leeny to talk about our financials in more detail, I want to say that our hearts are with everyone who have lost colleagues, friends or family because of COVID-19. We have all witnessed the devastation caused by this pandemic and it's hard to see the alarmingly high number of COVID cases in too many countries today.

在將電話轉給Leeny，讓她更詳細地談談我們的財務狀況之前，我想說，我們向所有因新冠肺炎失去同事、朋友或家人的人們致以最深切的慰問。我們都目睹了這場疫情帶來的巨大破壞，看到如今許多國家新冠肺炎病例數量居高不下，令人痛心。

I also want to recognize our amazing team of associates around the world who have worked tirelessly through these uncertain times. I couldn't be prouder of their dedication, determination and resilience during this crisis. They have redefined what it means to truly take care of each other and our guests.

我還要特別感謝我們遍佈全球的優秀團隊成員，他們在這段充滿不確定性的時期不懈地努力。我為他們在危機期間展現的奉獻精神、決心和韌性感到無比自豪。他們重新定義了真正關懷彼此和賓客的意義。

I do believe that Marriott will continue to see improving global trends and that we can all look ahead with real optimism. We are seeing wonderful signs that demand for travel is undeniably resilient. While some regions will recover faster than others, based on the progress we've seen to date, I am confident that it is not a question of if demand will return to pre-COVID levels, it is really only a question of when. Leeny?

我相信萬豪酒店集團將繼續看到全球趨勢好轉，我們都可以樂觀地展望未來。我們看到了許多令人振奮的跡象，顯示旅行需求具有毋庸置疑的韌性。雖然有些地區的復甦速度會快於其他地區，但根據我們迄今為止所看到的進展，我相信需求恢復到疫情前水準已不再是「是否」的問題，而只是「何時」的問題。 Leeny？

Thank you, Tony. We were pleased with the pace of continued recovery in our business during the first quarter, particularly in the U.S.

謝謝你，托尼。我們對第一季業務持續復甦的步伐感到滿意，尤其是在美國市場。

In the first quarter, global occupancy was 38% and RevPAR declined 59% compared to the first quarter of 2019 and 46% compared to the first quarter of 2020. Our gross fee revenues totaled $445 million for the quarter, down 29% compared to the year ago quarter. Franchise fees of $306 million declined only 26% year-over-year with our non-RevPAR-related fees proving to be particularly steady. They totaled $141 million in the first quarter, up slightly over the year ago quarter. Credit card branding fees were $81 million, down only 12% year-over-year. And we are also seeing strong performance in our branded residences business where fees were $11 million higher than a year ago. Incentive management fees, or IMFs, were $33 million in the quarter. Around 45% of our IMFs were earned in Asia Pacific, mostly from hotels in Greater China.

第一季度，全球入住率為38%，每間可供出租客房收入（RevPAR）較2019年第一季下降59%，較2020年第一季下降46%。本季總費用收入為4.45億美元，較去年同期下降29%。特許經營費為3.06億美元，年比僅下降26%，其中非RevPAR相關費用表現特別穩定，第一季總計1.41億美元，較去年同期略有成長。信用卡品牌推廣費為8,100萬美元，年比僅下降12%。此外，我們的品牌公寓業務也表現強勁，費用較去年同期成長1,100萬美元。本季激勵管理費（IMF）為3,300萬美元。約45%的IMF來自亞太地區，主要來自大中華區的飯店。

In the first quarter, which has traditionally been the seasonally lowest quarter of the year, adjusted EBITDA was $296 million. G&A improved by 22% versus the first quarter of last year primarily due to $50 million of lower bad debt expense and $14 million of lower guarantee reserves. Expenses in the 2021 first quarter included $14 million of additional nonrecurring executive compensation related to leadership changes.

第一季通常是全年業績最淡的季度，調整後EBITDA為2.96億美元。一般及行政費用較去年同期下降22%，主要得益於壞帳支出減少5,000萬美元以及擔保準備金減少1,400萬美元。 2021年第一季的支出包括與領導階層變動相關的1,400萬美元額外非經常性高階主管薪酬。

As Tony mentioned, we've been working closely with our hotel owners to rightsize costs at our hotels, given their low occupancy levels. We are pleased that we've been able to reduce hotel breakeven occupancy levels significantly. Many of our initiatives to streamline operations and improve productivity, such as more efficient management staffing levels at many of our managed hotels, will remain in place after the pandemic and should help offset wage inflation. Additionally, we are currently assessing post-COVID renovation and brand standards with a view towards finding more ways to improve hotel profitability while preserving the quality and experiences guests expect of our brands when they stay with us.

正如托尼所提到的，鑑於酒店入住率較低，我們一直在與酒店業主緊密合作，合理控製酒店成本。我們很高興能夠大幅降低飯店的損益兩平入住率。我們為簡化營運和提高效率而採取的多項舉措，例如提高旗下多家酒店的管理人員配置效率，將在疫情結束後繼續實施，並有助於抵消工資上漲的影響。此外，我們目前正在評估疫情後的翻新和品牌標準，以期在保持賓客入住我們品牌時所期望的品質和體驗的同時，找到更多提高酒店盈利能力的方法。

While the operating environment has been quite challenging for more than a year, we've been pleased that the vast majority of our hotels continue to pay their bills. We have even seen the number of hotels on payment plans come down meaningfully over the last several months as occupancy has improved.

儘管過去一年多來經營環境充滿挑戰，但我們很高興看到絕大多數酒店都能按時支付帳單。隨著入住率的提高，近幾個月來，分期付款的飯店數量也顯著下降。

Turning to our cash flow. Even in this low RevPAR environment, cash provided by operating activities was $27 million in the quarter. That amount reflects in part the impact of roughly $90 million of reduced cash payments from the co-brand credit card companies. As you may remember, the company received $920 million of cash in May 2020 as part of amendments to our credit card agreements, and we will, therefore, see lower cash payments for the remainder of '21 through '23. If you add back that roughly $90 million and also deduct capital and technology expenditures, loan advances and other investing activities of $39 million in the quarter, the company generated positive cash flows of around $78 million.

接下來談談我們的現金流。即使在RevPAR（每間可供出租客房收入）較低的環境下，本季經營活動產生的現金流量仍為2,700萬美元。這筆金額部分反映了聯名信用卡公司減少支付的約9,000萬美元現金的影響。您可能還記得，公司在2020年5月收到了9.2億美元的現金，這是信用卡協議修訂的一部分，因此，在2021年至2023年期間，我們將看到現金支付減少。如果加上這約9,000萬美元，並扣除本季3,900萬美元的資本和技術支出、貸款預付款和其他投資活動，公司產生的正現金流約為7,800萬美元。

We've been very pleased with the strength of our cash generation throughout the pandemic. It's a clear reflection of our ability to quickly and effectively adapt our business and a real testament to the power of our asset-light business model.

我們對疫情期間強勁的現金流表現非常滿意。這清楚地反映了我們快速有效地調整業務的能力，也充分證明了我們輕資產商業模式的優勢。

At the end of the first quarter, our net liquidity improved to approximately $4.7 billion, representing $600 million in available cash balances plus $4.1 billion of unused borrowing capacity on our revolver. During the quarter, we increased our weighted average debt maturity with a 10-year $1.1 billion bond issuance that has a 2.85% coupon, and we also retired $750 million of senior notes.

第一季末，我們的淨流動性改善至約47億美元，其中包括6億美元的可用現金餘額以及41億美元的循環信貸額度。本季度，我們發行了11億美元的10年期債券，票面利率為2.85%，從而提高了加權平均債務到期日；此外，我們還償還了7.5億美元的優先票據。

As we look ahead to the rest of 2021, assuming continued progress with vaccinations and an improving consumer and macroeconomic environment in many regions around the world, we believe that the pace of the global recovery will continue to accelerate. While trends will vary by region, we expect overall leisure demand will strengthen further into the summer months.

展望2021年剩餘時間，假設疫苗接種工作持續推進，且全球許多地區的消費和宏觀經濟環境不斷改善，我們相信全球經濟復甦的步伐將繼續加快。儘管各地區的趨勢會有所不同，但我們預計整體休閒需求將在夏季進一步增強。

In the U.S. and Canada, reservations at our resort hotels are particularly strong. Booked transient room nights for stays 30 days out or more are now over 60% above 2019 levels. And on top of that, rates are almost 20% higher than 2019 level. Occupancy on the books for our resorts in the region is higher relative to the same time in 2019 for every month through the end of the year. We believe transient, business transient and group will continue to slowly improve for now.

在美國和加拿大，我們度假酒店的預訂情況尤其強勁。提前30天或更長時間預訂的散客客房晚數已比2019年同期增長超過60%。此外，房價也比2019年同期上漲近20%。截至年底，我們該地區度假酒店的入住率在每個月都高於2019年同期水準。我們預計，散客、商務散客和團體預訂量在短期內將繼續緩慢增長。

And then business demand could really accelerate in the fall as more businesses reopen, with business transient returning faster than group given the lead time that generally required for booking group business.

隨著秋季更多企業重新開業，商務需求可能會真正加速成長，考慮到團體預訂通常需要提前預訂時間，商務散客的恢復速度將比團體更快。

As we think about the cadence of RevPAR recovery, ADR is also a key factor. It's encouraging to see that where demand has rebounded swiftly, ADR has come back quickly as well. In March, Hainan, the popular resort market in China, achieved occupancy of 79%, driving ADR 40% above 2019 levels and resulting in March RevPAR over 1.5x higher than 2019 levels.

在分析每間可供出租客房收入（RevPAR）的復甦節奏時，平均房價（ADR）也是關鍵因素。令人欣喜的是，需求快速反彈的地區，平均房價也隨之快速回升。 3月份，中國熱門度假勝地海南的入住率達到79%，推動平均房價較2019年同期成長40%，最終使3月份的每間可供出租客房收入比2019年同期增長超過1.5倍。

Here in the U.S., occupancy across our 34 luxury resorts rose to 59% in March, leading to ADR up 26% over March of 2019. Similarly, certain resort properties in Caribbean destinations such as the Ritz-Carlton St. Thomas and the Ritz-Carlton Reserve, Dorado Beach in Puerto Rico saw record first quarter ADR as a result of sudden surges in occupancy.

在美國，我們旗下34家豪華度假村的入住率在3月上升至59%，導致平均房價較2019年3月上漲了26%。同樣，由於入住率的突然飆升，加勒比海地區的某些度假村，例如聖托馬斯麗思卡爾頓酒店和波多黎各多拉多海灘麗思卡爾頓隱世度假酒店，也創下了第一季平均房價的歷史新高。

While we feel optimistic about the recovery trajectory ahead, there is still too much uncertainty about timing to be able to give specific RevPAR or earnings guidance. But I will again provide color on specific items where we do have some visibility.

儘管我們對未來的復甦前景持樂觀態度，但由於時間上仍存在諸多不確定因素，因此無法給出具體的每間可供出租客房收入（RevPAR）或盈利預期。不過，我會再次就我們目前掌握一些資訊的方面進行詳細說明。

Starting with the top line. At current RevPAR levels for full year 2021, we expect the sensitivity of a 1 point change in RevPAR versus 2019 RevPAR on our fees could be between $35 million and $40 million per year. Please note that given the nominal level of RevPAR in 2020, the impact of a 1 percentage point change in '21 RevPAR compared to 2020 could be more like $15 million to $20 million. As we have seen, the relationship is not linear given the variability of IMF and the inclusion of non-RevPAR-related franchise fees.

首先來看總數據。依照2021年全年目前的每間可供出租客房收入（RevPAR）水平，我們預計2021年RevPAR較2019年變化1個百分點，對我們的費用影響可能在每年3500萬美元至4000萬美元之間。請注意，考慮到2020年的RevPAR名目水平，2021年RevPAR較2020年變化1個百分點的影響可能更接近1500萬美元至2000萬美元。如我們所見，由於國際貨幣基金組織（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。

For us to start earning meaningful levels of IMF in the U.S. and other markets where IMF stand aside to owner priorities, we still need to see significant improvement in RevPAR. We expect our non-RevPAR-related fees to continue to show the impact of improved credit card spending and strong fees from our branded residences. We now expect full year G&A to be at the top end of the range we shared last quarter or roughly $800 million primarily due to the additional nonrecurring executive compensation associated with our recent changes in leadership and higher outside legal fees. This is significantly lower than G&A in 2019, and I'll also note that the cash component of G&A will be meaningfully below this range given noncash stock compensation.

為了在美國和其他市場（在這些市場中，IMF 優先於業主優先事項）獲得可觀的 IMF 收益，我們仍然需要看到 RevPAR 的顯著提升。我們預計，非 RevPAR 相關費用將持續受惠於信用卡消費的成長以及品牌公寓的強勁收費。我們現在預計全年 G&A 費用將達到上季度公佈的預期範圍的上限，約為 8 億美元，這主要是由於近期領導層變動帶來的額外非經常性高管薪酬以及更高的外部法律費用。這遠低於 2019 年的 G&A 費用，考慮到非現金股票薪酬，G&A 的現金部分也將遠低於此預期範圍。

Interest expense is still anticipated to be roughly $430 million for the full year. Full year cash taxes are now expected to be $300 million to $325 million.

預計全年利息支出仍約4.3億美元。全年現金稅預估為3億至3.25億美元。

Another element related to our company's cash flow is the loyalty program. As leisure demand has accelerated and been particularly strong for our resort properties, we've seen loyalty redemption nights pick up nicely. We expect this trend could continue as our Bonvoy members are excited to travel again. Even if redemptions do increase, given our focus on carefully controlling program administrative costs, we anticipate that full year cash flows from the loyalty program could be positive before factoring in the reduced payment 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, cash flows from loyalty could be modestly negative.

與公司現金流相關的另一個因素是會員忠誠計畫。隨著休閒需求加速成長，尤其是我們度假酒店的需求強勁，我們看到會員積分兌換的住宿晚數顯著增加。我們預計這一趨勢將持續，因為我們的萬豪旅享家會員渴望再次旅行。即使兌換量確實增加，鑑於我們一直致力於嚴格控制計劃的管理成本，我們預計在未計入信用卡公司減少的付款之前，會員忠誠計劃的全年現金流仍將為正。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），會員忠誠計畫的現金流可能會略微為負。

Our expectation for 2021 investment spending has not changed. Full year investment spending, excluding amounts expected to be reimbursed over time, is anticipated to total $375 million to $450 million for the year. We anticipate another $200 million of investment spending that is expected to be reimbursed over time. This would lead to total investment spending of $575 million to $650 million as compared to $375 million in 2020.

我們對2021年投資支出的預期並沒有改變。全年投資支出（不包括預計會分期償還的金額）預計為3.75億美元至4.5億美元。我們預計另有2億美元的投資支出將分期償還。這將使2021年的總投資支出達到5.75億美元至6.5億美元，而2020年為3.75億美元。

As a reminder, approximately $220 million of the total spending in 2021 is for maintenance capital and our new headquarters. Total investment spending includes capital and technology expenditures, loan advances, contract acquisition costs and other investing activities.

再次提醒，2021年總支出中約有2.2億美元用於維護性資本支出和新總部建設。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。

In closing, we are pleased with our progress so far this year and are increasingly confident that the pace of recovery will improve significantly from here. We hear from so many people who are eager to get back on the road, and we look forward to welcoming more and more guests at our hotels.

最後，我們對今年迄今的進展感到滿意，並越來越有信心，復甦步伐將從此顯著加快。我們收到許多人的回饋，他們都渴望重返旅途，我們也期待在我們的酒店迎接越來越多的賓客。

We'll now open the line for questions.

現在我們將開放提問環節。

(Operator Instructions) And your first question is from the line of Joe Greff with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Joe Greff。

Tony, you're probably the best guy at Marriott to ask this question, given your background in development. But can you just talk about your medium-term views on full-service urban development in the U.S. and how long that takes to recover?

東尼，鑑於你在開發領域的背景，你可能是萬豪酒店最適合回答這個問題的人選。你能談談你對美國全方位服務型城市開發的中期看法，以及這種模式需要多長時間才能復甦嗎？

And then maybe related to that, can you talk about within the net rooms growth outlook for this year, if you wanted to kind of break it out between -- on a global basis between managed and franchise, that would be helpful to us.

另外，或許可以談談今年的淨客房成長前景，如果您願意在全球範圍內按管理式酒店和特許經營酒店進行細分，這將對我們很有幫助。

Sure. Thanks, Joe. Well, as we've said for a while, the fluidity of the markets makes it pretty tough for us to look much beyond the end of 2021. We continue to feel confident in the forecast we've given you for 6% gross rooms growth through the end of 2021 and 3% to 3.5% net rooms growth, 4% to 4.5% if you back out the onetime headwind from SVC.

當然。謝謝，喬。正如我們之前所說，市場瞬息萬變，我們很難對2021年底後的情況做出過多預測。我們仍然對先前給出的預測充滿信心，即到2021年底，總客房數增長6%，淨客房數增長3%至3.5%，如果剔除SVC曾經帶來的不利影響，則淨客房數增長可達4%至4.5%。

On the mix of full service versus limited service, maybe I would point to the current pipeline. So if you look at the current pipeline today, interestingly, about 40% of the global pipeline is full service. And even within that 40%, 25% of those full-service rooms are in the luxury tier. And I think that's quite encouraging for us. As you know, the fees coming out of a new luxury hotel can easily be 10x that of a limited service hotel. And so I think we continue to focus certainly on the metric of gross and net rooms because that's an important metric. But as you've heard me, Joe, say for years, looking at the composition of those rooms is every bit as important.

關於全服務飯店與有限服務飯店的比例，我想指出目前的在建工程狀況。有趣的是，目前全球在建工程中約有40%是全服務飯店。而在這40%中，又有25%是豪華飯店。我認為這對我們來說非常令人鼓舞。如您所知，新的豪華飯店的收入很容易達到有限服務飯店的十倍。因此，我認為我們當然會繼續關注毛客房數和淨客房數這兩個指標，因為這確實是一個重要的指標。但正如我多年來一直強調的，分析這些客房的組成同樣至關重要。

Your next question is from the line of Shaun Kelley with Bank of America.

你的下一個問題來自美國銀行的肖恩凱利。

I was just wondering if you could comment a little bit more on some of the changes in brand standards that were mentioned. Obviously, it seems like some of this is here to stay. But also just wondering where you're at in that overall review process and sort of what does that mean for owners as we move into the kind of fall as occupancies pick up? Because we've definitely seen an explosion in margins for some hotel owners, but it seems like that's in part because they were still running on contingency plans a little bit. So just kind of curious on your comments.

我只是想請您就之前提到的品牌標準變更再多說幾句。顯然，其中一些變更似乎會長期存在。但我也想了解一下，您目前在整體審查流程中處於什麼階段，以及隨著秋季入住率回升，這些變更對業主意味著什麼？因為我們確實看到一些酒店業主的利潤大幅增長，但這似乎部分原因是他們之前仍在執行一些應急預案。所以，我很想聽聽您的看法。

Sure. Absolutely. You're right, and this is obviously a pretty fluid situation.

當然。沒錯。你說得對，這顯然是個瞬息萬變的局面。

So kind of the first part of this is around the dramatic changes that we made last year, which, obviously, cut down to the very bare bone of what we needed to do at a hotel to manage with extraordinarily low levels of occupancy. But then as you've seen demand pick back up, particularly in the resort hotels, we've obviously added back meaningfully more in the way of services for our guests.

首先，我想談談我們去年所做的重大調整。顯然，由於入住率極低，我們不得不大幅削減飯店的營運成本，使其只保留最基本的服務。但隨著需求回升，尤其是在度假酒店領域，我們已大幅增加了為客人提供的服務。

But to your point, we've also got the reality that guests also have their own views on what they feel comfortable with as it relates to housekeeping. And so we have made sure that there are choices for them to be able to, for example, in a luxury hotel, continue to have daily housekeeping, while, if they are not comfortable with somebody coming in with their stay, then they can have that, too.

但正如您所說，我們也意識到，客人對於客房清潔服務也有自己的看法。因此，我們確保提供多種選擇，例如，在豪華酒店，客人可以繼續享受每日客房清潔服務；而如果他們不希望有人在入住期間進入房間，也可以選擇不提供這項服務。

Our view is that we will continue to be looking at this really with an eye towards occupancy in a variety of markets where we're going to need to be flexible. But I do think by the end of the year, Shaun, that we will have been able to make some decisions as we look forward about how we'll manage this as occupancy really gets back closer to being normal. And in that regard, we do believe that there are some things that we can do to improve the productivity of the hotels. It obviously varies a lot by the tier. What is expected at a select service hotel is very different from a beach luxury hotel. But I do expect as we get into '22 that we will have reestablished where we are on the brand standards.

我們的觀點是，我們將繼續密切關注各市場的入住率，並保持靈活應對。但肖恩，我認為到今年年底，隨著入住率逐漸恢復正常，我們將能夠就如何應對未來做出一些決定。在這方面，我們相信可以採取一些措施來提高飯店的營運效率。當然，不同檔次的飯店營運效率差異很大。精選服務型飯店和海灘豪華飯店的要求截然不同。但我預計，到2022年，我們將重新確立品牌標準。

As you know, renovations is also a whole another topic. And there, we've got to make sure that we're taking into consideration the dramatically lower cash reserves that the hotel owners have and picking our spots and making sure that we're picking the renovation work that is critical to the customer experience.

如您所知，翻新也是另一個完全不同的主題。在這方面，我們必須考慮到酒店業主現金儲備大幅減少的現狀，謹慎選擇翻新項目，確保這些項目對顧客體驗至關重要。

Your next question is from the line Thomas Allen of Morgan Stanley.

你的下一個問題來自摩根士丹利的湯瑪斯艾倫。

Leeny, can you just give us some more detail on the owned and leased segment performance there and how you're thinking how that's going to recover through the year?

Leeny，你能否詳細介紹一下自有和租賃業務的業績表現，以及你認為該業務今年將如何復甦？

Sure. You're right on the money in terms of the question about the variability there, Thomas. Just as a quick reminder, we've got 66 owned, leased hotels, of which, 20 are owned. And I think it varies so much depending on what is going on in the occupancies of these various markets.

當然。湯瑪斯，你對其中的變數問題說得非常到位。簡單提醒一下，我們旗下有66家自有或租賃飯店，其中20家是自有的。我認為，飯店數量的波動很大程度取決於各個市場的入住率。

So just to give you a sense, CALA and EMEA are where we've got really the toughest time for occupancy right now for our owned, leased hotels. And for that, if you think about the Elegant acquisition where we had those hotels compared to a year ago in the first quarter, they obviously had a dramatic change in their profitability year-over-year in the first quarter and similarly in Europe. But at the same time, I think in the U.S., what we're seeing is with the improved demand situation that those owned, leased profits are in better shape.

簡單來說，目前CALA和EMEA地區是我們自有及租賃飯店入住率最低的地區。以我們收購的Elegant酒店為例，與去年同期相比，這些酒店在第一季的獲利能力出現了顯著的同比變化，歐洲的情況也類似。但同時，我認為在美國，隨著需求的改善，自有及租賃飯店的利潤狀況也更好了。

So broadly speaking, the other thing to remember is that in the first quarter, we also had $17 million of termination fees, which actually helped your owned, leased line. And that tends to be, in a given year, something like $45 million, in that ballpark. So I think it, for better for worse, is going to depend very much on what happens in CALA as well as in EMEA to see these owned lease numbers rebound.

總的來說，另一點要記住的是，第一季我們還有1700萬美元的終止費收入，這實際上對自有租賃線路的成長有所幫助。通常情況下，這部分收入每年都在4500萬美元左右。因此，我認為，自有租賃線路能否反彈，很大程度上取決於CALA和EMEA地區的市場表現。

Your next question is from the line of Smedes Rose with Citi.

你的下一個問題來自 Smedes Rose 與 Citi 的合作計畫。

I was just wondering if you could talk a little bit about for the -- in the U.S. for the group bookings and the corporate -- maybe modest corporate pickup you've seen so far. Any -- it sounds like no because you mentioned higher rates. But just in general, do you think companies are concerned around increasing their travel budgets after having enjoyed a year of no travel and relatively high productivity evidently? Any kind of pushback or just kind of thoughts you're getting around that?

我只是想問您能否談談美國團體預訂和企業預訂的情況——您目前看到的企業預訂量是否有所回升？聽起來好像沒有，因為您提到了更高的價格。但總的來說，您認為在經歷了長達一年的無差旅和相對較高的生產力之後，企業是否會擔心增加差旅預算？您有沒有遇到任何阻力，或有什麼想法？

Yes. So I think -- again, I think for all of us, we are all seeing that the comfort people have around travel is now moving in the right direction but there is still uncertainty. And as you've got different vaccination rates in different part of the world, and even within the U.S. -- at different rates in the U.S., there is still some concern around getting everyone together in a large group. But interestingly, what we see is that by the time you get to 2022, we really aren't seeing cancellations there. And frankly, even when you look at the pace between Q3 and Q4, you see a notable difference.

是的。所以我覺得——再次強調，我覺得對我們所有人來說，人們對於旅行的信心正在朝著正確的方向發展，但仍然存在不確定性。由於世界各地，甚至美國國內的疫苗接種率都不一樣，人們仍然擔心大型聚會會帶來風險。但有趣的是，我們看到，到了2022年，我們幾乎沒有看到取消預訂的情況。坦白說，即使你比較第三季和第四季的預訂量，也會發現顯著的變化。

And when you look at the ADR in the U.S., for example, for system-wide, you're actually looking at ADR from group pace being up versus '19 starting in Q3 of 2021 all the way through '22 and overall revenue being, from a group pace standpoint, 20 points better in Q4 than it is in Q3.

例如，從美國系統整體來看，平均房價 (ADR) 實際上從 2021 年第三季開始一直到 2022 年，集團整體房價都比 2019 年有所上漲，而且從集團整體房價的角度來看，第四季的總收入比第三季高出 20 個百分點。

So we do believe by the time we get to '22, there is a lot of pent-up demand and that, from all that we hear from our corporate clients and association clients, that people are very anxious to be back in the groups. But whether that feels comfortable exactly in Q3 or exactly in Q4 is where we do sense hesitancy, but that once you get past '21, that there is a full expectation that people will be getting back into doing their group business.

因此，我們相信到2022年，市場將積壓大量需求，從我們從企業客戶和協會客戶那裡了解到的情況來看，人們非常渴望重返團體活動。但我們感覺到，在第三季或第四季度，人們是否能夠真正安心地進行團體活動，目前仍存在一些猶豫。不過，一旦過了2021年，人​​們普遍預期會重新開始進行團體業務。

And I think just to build on Leeny's point, the statistics I gave you on rates for the front of '22 and '23 I think really speaks to your concern about reluctance. The fact that in the first quarter of '22 our rates are 6% higher than they were 2 years ago and 10% for '23 I think underscores Leeny's point that, that reluctance is fading as folks crave the ability to meet face-to-face.

我認為，為了進一步闡述Leeny的觀點，我之前提供的2022年和2023年初的利率統計數據，確實印證了你對人們不願見面的擔憂。事實上，2022年第一季的利率比兩年前高出6%，2023年則高出10%，我認為這恰恰印證了Leeny的觀點，即隨著人們渴望面對面交流，這種不願見面的情緒正在逐漸消退。

Your next question is from the line of Robin Farley with UBS.

你的下一個問題來自瑞銀集團的 Robin Farley。

Two clarifications. One is just on the group business. I know you were talking about the rates ahead in -- starting in Q3. Did you say the total group nights for '22, how that compares to pre-pandemic levels just in terms of the volume of nights?

有兩個問題需要澄清。第一個是關於團體業務的。我知道您之前提到過第三季開始的房價。您有提到2022年團體預約的總晚數嗎？與疫情前的水平相比，就晚數而言，情況如何？

Yes. Total room nights at this point are down 16%. Now this is on group pace. This is not on the books. This is just group -- kind of the group pace that we're seeing. And they were down 16% compared to '19 levels on rooms, as compared to this year, down 62%.

是的。目前總客房夜數下降了16%。這是按團體預訂量計算的，並非已預訂的房間。這只是我們目前看到的團體預訂量。與2019年的客房預訂量相比下降了16%，與今年同期相比則下降了62%。

But again, it's early days, right? We've only seen Q1. So I think part of this is the uncertainty I was pointing out, that people are looking for just a little bit more clarity around, is it August, is it October when people are more comfortable having these large group meetings where everybody can be together.

但話說回來，現在還為時過早，對吧？我們只看到了第一季的情況。所以我認為部分原因在於我之前提到的不確定性，人們希望更清楚地了解情況，究竟是八月還是十月，人們才能更放心地舉行這種所有人都能聚在一起的大型會議。

And then -- and you said the down 16% was group pace but not group room nights on the books. Is that a number you could kind of ballpark for us that for '22?

然後—您說下降的16%是指團體預訂速度下降，但不包括團體房間預訂量。您能大概估算一下2022年的這個數字嗎？

For group room nights on the books at this point, we'll get back to you. I don't have anything specifically in front of me. I would guess, again, at this point, it's down a bit more than that as, again, you would expect in the year for the year. I don't know, Jackie, your best figures, if you have it.

目前已預訂的團體房間數量，我們稍後會回覆您。我手頭上沒有具體數據。我估計，就目前而言，實際數量應該比預期要少一些，這也符合全年的正常情況。傑基，如果你有相關數據，請告訴我。

Room nights -- in the U.S. and Canada, room nights are down 16% in 2022.

客房入住夜數－2022 年美國和加拿大的客房入住夜數下降了 16%。

Right. That's pace.

沒錯，這就是節奏。

Yes. Right. And then revenues are down [14%].

是的。沒錯。然後收入下降了14%。

Okay. Sorry, I could circle back later. And then -- and maybe just one other clarification. When you're guiding for the growth and net for the year and just kind of looking at where Q1 came in, is there anything we should be keeping in mind about growth and net of changes in the next couple of quarters?

好的。抱歉，我稍後可以再回覆。還有一點需要澄清。在預測全年成長和淨利潤，並參考第一季的表現時，關於未來幾季的成長和淨利潤變化，我們是否應該注意一些事項？

In other words, clearly, there would have been maybe some construction delays in 2020 that -- so just thinking about is there -- are there quarters where the growth in net will not be as kind of consistent with the full year?

換句話說，很明顯，2020 年可能會出現一些建設延誤——所以想想看——是否存在某些季度的淨增長與全年增長不太一致？

That's a good question, Robin. And again, it's a little hard to forecast quarter-to-quarter. I think what I would say to you is we continue to see some construction delays around the world but it's part of the reason we're so encouraged by the first quarter's volume of conversion activity. Conversions will have been, and will continue to be, a significant priority for our transaction teams around the world. And I think it's, in many ways, the one silver bullet we have to offset the impact of ongoing construction delays.

羅賓，你問得好。再說一遍，季度預測確實有點難。我想說的是，我們仍然看到全球各地的一些建築項目出現延誤，但這正是我們對第一季轉換業務量感到如此鼓舞的原因之一。轉換業務一直是，並將繼續是我們全球交易團隊的重中之重。我認為，在許多方面，轉換業務是我們抵消持續建築延誤影響的唯一有效途徑。

And Robin, just to circle back, the -- on the books was the minus 16% of room nights that I gave you when we talked earlier.

羅賓，再補充一下，帳面上顯示的是之前我們談話時我告訴你的 -16% 的房間晚數。

In terms of bookings for next year, when we look at -- in the quarter, we also -- there, we're seeing that the room nights are down 30% if you're again looking solely at what was booked in Q1. But from the group that is on the books for the moment for next year, it was the 16% room nights that I described earlier.

就明年的預訂而言，當我們查看本季的數據時，我們發現，如果只考慮第一季的預訂量，客房夜數下降了30%。但就目前已預訂的明年客房夜數而言，正如我之前提到的，下降了16%。

Okay. And those are both versus 2019. Is that right?

好的。這兩個數據都是與 2019 年相比的，對嗎？

Yes, they are. Yes, we find that to be a better comparison.

是的，的確如此。是的，我們認為這樣的比較比較恰當。

Oh, yes. No, absolutely. I just wanted to make sure. Okay, great.

哦，是的。沒錯，我只是想確認一下。好的，太好了。

Our next question is from the line of Patrick Scholes with Truist Securities.

下一個問題來自 Truist Securities 的 Patrick Scholes。

One concern that I've been hearing from hotel owners, including one or more hotel REIT, REITs is regarding the automatic rebooking tools. These owners and REITs are feeling that the brands aren't doing enough in developing technology to prevent it, and they see these rebooking tools as a real resistance to increasing rates. Is there anything that you folks on your end can be doing to help with that?

我最近聽到一些酒店業主，包括一家或多家酒店房地產投資信託基金（REITs），表達了對自動續訂工具的擔憂。這些業主和REITs認為，飯店品牌在技術開發方面做得不夠，無法有效阻止此類工具的使用，他們認為這些自動續訂工具是阻礙飯店提價的一大因素。請問貴方能否採取一些措施來解決這個問題？

So I'll make one comment. I guess I think the first thing is to look at where we did talk about some of our March numbers, which was when you saw that occupancy rebound dramatically, you also saw a rate respond extremely well and very dynamically.

所以我只想補充一點。我想首先應該回顧一下我們三月的一些數據，當時入住率出現了大幅反彈，房價也隨之出現了非常積極且迅速的波動。

So our revenue management system is designed to be that dynamic, and we've spent a lot -- we've paid a lot of attention to making sure that we adjust it for what has happened to business over the last 1.5 years. And so I think from our perspective, we're very pleased with what we see in terms of rate discipline, the group numbers that we talked to you about, what we've seen on the special corporate side, which is that this year, rates stayed essentially flat.

因此，我們的收益管理系統旨在實現這種動態性，我們投入了大量精力，非常注重根據過去一年半以來業務的變化進行調整。所以，我認為從我們的角度來看，我們對目前的價格控制情況非常滿意，包括我們之前提到的團體數據，以及我們在特殊企業客戶方面看到的情況，即今年的價格基本上保持穩定。

So it is something that we're paying really close attention to and market by market is -- right? This is very much something that happens depending on exactly what's going on for a particular tier in a particular market. So we are very careful to be looking to make sure that as we see the pickup in demand that we're adjusting for rate extremely quickly.

所以，我們對此非常關注，而且會逐個市場進行分析——對吧？這很大程度取決於特定市場中特定層級的具體情況。因此，我們會非常謹慎地觀察，確保一旦發現需求回升，就能迅速調整價格。

Your next question is from the line of Stephen Grambling of Goldman Sachs.

你的下一個問題來自高盛集團的史蒂芬‧格林布林。

I may have missed this in the opening, but can you remind us of your capital allocation priorities, including how you might consider reinstating the dividend or buyback? And how do you think the pandemic has altered your view longer term on the right balance there?

我可能在開頭漏掉了，但您能否提醒我們您的資本配置優先事項，包括您會如何考慮恢復分紅或股票回購？您認為疫情如何改變了您對長期資本配置平衡的看法？

Sure. So as we talked about before, we are working quickly to get our leverage ratios back in line. We are still not there. We have a ways to go as you think about our EBITDA still being in the ballpark of down 60% to where it was before. And we are determined to, through both the spending, the cost, the cash management as well as obviously stimulating demand, to getting back there as quickly as we can. And we're confident that we're going to get there and hopefully sooner rather than later.

當然。正如我們之前討論過的，我們正在迅速努力使槓桿率恢復正常水平。目前尚未完全實現。正如您所想，我們的 EBITDA 仍比之前下降了大約 60%，因此我們還有很長的路要走。我們決心透過控制支出、成本和現金管理，以及刺激需求等措施，盡快恢復到先前的水準。我們有信心能夠實現目標，並且希望能夠盡快實現。

When we think about capital return, I'll also point out that we have worked hard to extend our weighted average maturities on our debt over the past 1.5 years, which I think does put us in good position to be thinking about capital return once we get our leverage ratios back where we want them to be. I can't predict exactly when that will be. And I think when you ask about the question of will we be keeping them at a different level, I think a lot of this does depend on how we see business coming back and the stability of it.

當我們考慮資本回報時，我還想指出，過去一年半以來，我們一直努力延長債務的加權平均到期日，我認為這讓我們在槓桿率恢復到理想水平後，能夠更好地考慮資本回報。但我無法準確預測何時才能達到理想水準。至於您問到的槓桿率是否會維持在某個水平，我認為這很大程度上取決於我們對業務復甦及其穩定性的預期。

So we will see when we get there, obviously, discussions with our Board on that topic and continue to look forward to that conversation. But again, I'm confident that we will be there before too long.

所以，我們到時候再看情況吧。顯然，我們會就此與董事會進行討論，並期待著那次對話。但我再次強調，我相信我們很快就能達成目標。

Your next question is from the line of David Katz with Jefferies.

你的下一個問題來自 Jefferies 的 David Katz。

I wanted to go back to the notion around prospective inflation and twofold, one being the degree to which that may play into construction costs and have some impact on new construction starting up again. And secondarily, we have an awful lot of discussions about labor costs across our coverage and the degree to which that is factoring into your thoughts today.

我想再次探討預期通膨的問題，主要有兩個面向：一是通膨在多大程度上會影響建築成本，並對新建築的重啟產生影響；二是我們在報道中經常討論勞動力成本，而勞動力成本在多大程度上影響了您今天的思考。

So I'll start on the hotel margin side and then Tony can talk about the development side. On the hotel margin side, as you've heard us talk about before, so much of how we hold on to these margins depends on how fast demand comes back. Because we do believe that there's some work that we've done that will permanently help keep some of this margin improvement. But obviously, depending on how long it takes for demand and ADR to come back, you've obviously got annual wage inflation risks that start to cut against some of the savings that we've come up with. So in that -- from that respect, we do watch really carefully.

那我先從飯店利潤率說起，然後托尼可以談談開發方面。關於飯店利潤率，正如您之前聽到的，我們能否保持這些利潤率很大程度上取決於需求恢復的速度。因為我們相信，我們所做的一些工作將有助於長期維持利潤率的提升。但顯然，需求和平均房價恢復所需的時間長短，會涉及到年度薪資上漲的風險，這可能會抵消我們節省下來的部分成本。因此，在這方面，我們會非常密切地關注。

I'd say roughly 50% of a full service cost structure is related to labor, and we are watching that very carefully as we see demand come back and look at all the things that we've done on the productivity side. But the pace there is very much around how quickly demand comes back.

我認為，全方位服務成本結構中大約50%與勞動力相關，我們正在密切關注這一比例，同時觀察需求的復甦情況，並評估我們在提高生產力方面所做的一切努力。但復甦的速度很大程度取決於需求復甦的速度。

So far, from what we can tell, we do like what we see in terms of the pop-back on rate and feel good about our ability to hold on to some of these savings in a more permanent way. But obviously, wage inflation is something that we see, and frankly, it has typically been the case that when you have inflation on wages, you often also have inflation on ADR, which helps to offset that. On the development side, I'll turn it over to Tony.

就目前來看，我們對利率回升的趨勢感到滿意，也對能夠更長久地保留部分節省下來的資金充滿信心。但顯然，薪資上漲是一個不容忽視的問題，坦白說，通常情況下，薪資上漲的同時，平均房價（ADR）也會上漲，這有助於抵消薪資上漲的影響。接下來，我將把開發方面的工作交給東尼。

Yes. I mean I think the point Leeny just made is an important one, which is that our owner and franchisee community look at both sides of that coin. We are seeing increases in construction costs, both on the labor and materials side. But as you've heard from us in the past, our owner community doesn't necessarily try to time the market based on cost factors in a given quarter. They tend to be long-term holders of these assets.

是的。我認為Leeny剛才提出的觀點非常重要，那就是我們的業主和加盟主會全面看待這個問題。我們看到建築成本正在上漲，包括人工和材料成本。但正如您之前所了解的，我們的業主群體並不一定試圖根據某個季度的成本因素來擇時入市。他們往往是這些資產的長期持有者。

And to Leeny's point, while they are appropriately aware of potential impact of inflation on wage rates, they also embrace the historical impact of inflation on ADR growth.

正如 Leeny 所指出的，雖然他們充分意識到通貨膨脹對薪資水準的潛在影響，但他們也認識到通貨膨脹對 ADR 成長的歷史影響。

Your next question is from the line of Michael Bellisario of Baird.

你的下一個問題來自 Baird 公司的 Michael Bellisario。

I was hoping you can provide some details on RevPAR index performance during the quarter. I don't think you provided any numbers.

我希望您能提供一些關於本季RevPAR指數表現的詳細資訊。但我認為您沒有提供任何具體數據。

And then, also just bigger picture, thinking a little bit further out, where do you think system-wide index could normalize compared to pre-pandemic levels?

此外，從更宏觀的角度來看，您認為系統性指數與疫情前水準相比，何時才能恢復正常？

Both great questions. The challenge, obviously, is in this environment, I'm not sure I've ever seen an environment where RevPAR index numbers are less relevant. We look anecdotally at the way our hotels are ramping up and the preference that our guests continue to have for our brands. But as you know, we've essentially -- we've been pleased with the momentum we saw coming into 2020 on the improvements of index. And we think when we get beyond the pandemic, we expect to pick up essentially right where we left off in terms of improvements in index across the portfolio.

這兩個問題都很好。顯然，挑戰在於，在當前的環境下，我從未見過RevPAR指數如此不重要的局面。我們透過觀察旗下飯店的業績成長情況以及客人對我們品牌的持續偏好來判斷。但如您所知，我們對2020年初RevPAR指數的提升動能感到滿意。我們認為，疫情過後，我們預期旗下所有飯店的RevPAR指數都能延續先前的提升動能。

Just as a reminder, index is done, as you know, at the local level. So right now, the index numbers can very often have a hotel that is either not open or it's just opened. And so while, frankly, the numbers may overwhelming -- look really good, they also, frankly, are not really a good steady state view of how the hotel is doing because the demand is so volatile.

再次提醒一下，如您所知，指數是在地方層級編制的。因此，目前的指數數據可能包含尚未開業或剛開業的酒店。所以，坦白說，雖然這些數字看起來非常亮眼，但它們並不能真正反映飯店的實際經營狀況，因為需求波動很大。

So at this point, we just don't believe it's a number that is reflective of the real state of play for our hotels and our brands, but look forward to them getting back that way.

所以目前我們認為這個數字並不能反映我們酒店和品牌的真實狀況，但我們期待它們能夠恢復到以前的水平。

Got it. And can you provide where 2019 was for the portfolio?

明白了。請問您能提供一下2019年投資組合的具體情況嗎？

We don't talk about specific numbers but except to tell you that they were going up steadily across all the brands. And frankly, as we moved into 2020, what we saw in January and February moving into with some really powerful momentum as the full integration of our loyalty program and all of the systems was complete and really a strong set of movement across all the brands around the world on RevPAR index.

我們不透露具體數字，但可以肯定的是，所有品牌的業績都在穩定成長。坦白說，進入2020年後，1月和2月的成長勢頭強勁，這得益於我們忠誠度計劃和所有系統的全面整合，全球所有品牌的每間可供出租客房收入（RevPAR）指數均呈現顯著增長。

And your last question will come from the line of Richard Clarke of Bernstein.

你的最後一個問題將來自伯恩斯坦的理查德·克拉克。

Just wanted to follow up on the 6% to 10% ADR uplift you were seeing in group. Is there anything behind that you called out in terms of mix? Is that helping -- is the U.S. recovering quicker there or different types of group? Or is this what you're charging? Are you charging up for this because of some of the new technology, the clean promises that are being put in there? And then maybe any commentary on what you're seeing in terms of rates for business transient as that comes back?

我想跟進一下您之前提到的團體平均房價 (ADR) 上漲 6% 到 10% 的情況。您提到的背後是否有任何因素，例如飯店組合的變化？這是否有幫助——例如，美國市場復甦速度更快，或者團體類型有所不同？還是說這是您目前的定價策略？您是否因為採用了某些新技術或新的服務承諾而提高了價格？另外，您能否就商務散客的房價走勢談談您的看法？

Yes, maybe I'll take the group question and let Leeny take the BT question. Nothing particularly remarkable. I don't think we're seeing any dramatic difference in trends from region to region. I think, as Leeny alluded to earlier, the strength of our revenue management infrastructure really is allowing us to drive rate in the face of what is really encouraging upticks in demand for group. And that really -- the demand for group is really kind of tracking the overall recovery REIT trends we've seen by region across leisure and BT.

是的，或許我可以回答團體預訂的問題，讓Leeny回答商務旅行的問題。沒什麼特別值得注意的。我認為我們並沒有看到各個地區趨勢有顯著差異。正如Leeny先前提到的，我們強大的收益管理體系確實使我們能夠在團體預訂需求顯著增長的情況下有效控制價格。而且，團體預訂的需求實際上與我們觀察到的休閒和商務旅行領域各地區房地產投資信託基金（REIT）的整體復甦趨勢基本一致。

And on business transient, this, again, gets to -- it's very market-specific. So if somebody, frankly, needed to go and do business in Miami in the month of March or April, frankly, they were paying really strong rates. But in many markets, it's more a reflection in like New York City or Chicago, where it was obviously lower.

至於商務旅客的差旅費用，這也取決於具體市場狀況。坦白說，如果有人需要在三月或四月去邁阿密出差，他們要支付的費用確實很高。但在許多其他市場，例如紐約或芝加哥，費用顯然要低得多。

Special corporate kind of rates overall, though, in terms of our contracted rates with our corporate -- large corporate clients, as you probably know, they actually rolled over in '21 from '20. So you see a pretty steady sort of pricing, while if you look at the last recession, they actually went down by 6%. So we've been pleased to see them hold steady. I think, obviously, as we get into this fall, we'll see where that goes for '22 because that's typically when we go out and renegotiate these rates for next year. But for this year, they've held pretty steady.

不過，就我們與大型企業客戶簽訂的合約價格而言，尤其是與大型企業客戶簽訂的合約價格，正如您可能知道的那樣，實際上在2021年沿用了2020年的價格。因此，您可以看到價格相當穩定。而如果您回顧上次經濟衰退時期，這些價格實際上下降了6%。所以我們很高興看到價格保持穩定。顯然，隨著秋季的到來，我們將觀察2022年的價格走勢，因為通常情況下，我們會在秋季重新協商明年的價格。但就今年而言，價格一直保持穩定。

And there are no further questions at this time.

目前沒有其他問題了。

Well, I want to thank you all again for joining us this morning and your continued interest in Marriott. As we said at the outset, we continue to be encouraged at the pace of recovery around the world and look forward to hopefully sharing more good news a quarter from now. Thank you.

再次感謝各位今天上午蒞臨，也感謝大家對萬豪酒店的持續關注。正如我們一開始所說，我們對全球經濟復甦的步伐感到鼓舞，並期待在下個季度與大家分享更多好消息。謝謝。

Thank you.

謝謝。

Thank you. This does conclude today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束，您可以掛斷電話了。