萬豪國際 (MAR) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Marriott International's Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions)

女士們，先生們，感謝您的耐心等待，歡迎來到萬豪國際集團 2020 年第四季度收益電話會議。 （操作員說明）

I would now like to hand the conference over to Jackie Burka McConagha, Senior Vice President, Investor Relations. Please go ahead.

我現在想將會議交給投資者關係高級副總裁 Jackie Burka McConagha。請繼續。

Good morning, everyone. We are all truly heartbroken by the recent unexpected passing of our President and CEO, Arne Sorenson. He was an exceptional visionary leader, but more importantly, an exceptional human being. He will be deeply missed.

大家，早安。我們的總裁兼首席執行官 Arne Sorenson 最近意外去世，我們都感到非常傷心。他是一位非凡的有遠見的領導者，但更重要的是，他是一位非凡的人。他會被人們深深地想念。

As you are aware, Arne decided to reduce his schedule to fully focus on his health earlier this month. In consultation with the Board, Arne asked Stephanie Linnartz, Group President of Consumer Operations, Technology & Emerging Businesses, and Tony Capuano, Group President of Global Development, Design & Operations Services, 2 long time members of our leadership team, to jointly oversee the company's day-to-day operations. Stephanie and Tony will continue in this capacity until our Board appoints a new President and CEO, which is expected to occur in the next 2 weeks.

如您所知，本月早些時候，Arne 決定減少他的日程安排以完全關注他的健康。在與董事會協商後，Arne 要求消費者運營、技術和新興業務集團總裁 Stephanie Linnartz 和全球開發、設計和運營服務集團總裁 Tony Capuano（我們領導團隊的 2 名長期成員）共同監督公司的日常運營。斯蒂芬妮和托尼將繼續擔任這一職務，直到我們的董事會任命新的總裁兼首席執行官，預計將在未來 2 週內完成。

Stephanie and Tony are joining us on our call this morning. As usual, we have Leeny Oberg, our Executive Vice President and Chief Financial Officer; and Betsy Dahm, our Vice President, Investor Relations, with us as well.

今天早上斯蒂芬妮和托尼將加入我們的電話會議。和往常一樣，我們有執行副總裁兼首席財務官 Leeny Oberg；和我們的投資者關係副總裁 Betsy Dahm 一起出席。

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.

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

Please also note that unless otherwise stated, our RevPAR and occupancy comments reflect system-wide constant currency year-over-year changes for comparable hotels and include hotels temporarily closed due to COVID-19. 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，否則我們的 RevPAR 和入住率評論反映了可比酒店在整個系統範圍內的固定貨幣同比變化，包括因 COVID-19 而暫時關閉的酒店。您可以在我們的投資者關係網站上找到我們今天的評論中提到的所有非 GAAP 財務措施的收益發布和對賬。

And now I will turn the call over to Leeny.

現在我將把電話轉給 Leeny。

Thank you, Jackie, and good morning. Like all of you, my heart is very heavy at Arne's passing. I feel incredibly fortunate to have worked with such a wonderful and talented leader and to count Arne as a good friend. So many of you have reached out to us with your condolences for his family and for Marriott, and have shared your fond memories with him. And we've been comforted by your kind words.

謝謝你，傑基，早上好。和你們所有人一樣，Arne 的去世讓我的心情非常沉重。我感到非常幸運能與這樣一位出色且才華橫溢的領導者共事，並將 Arne 視為好朋友。你們中的許多人都向我們表達了對他的家人和萬豪的哀悼，並與他分享了你們美好的回憶。你的客氣話讓我們感到安慰。

Stephanie, Tony and I wanted to share a few stories with you about Arne as well this morning. In hospitality business, work inherently includes a lot of travel. Those days, when Arne was on the road, he would lead an early morning group run around the hotel's neighborhood with his many associates as we're interested. As a solo runner, I would join the crew and watch Arne somehow find a way to spend time with every runner in the group, to run ahead with the quick runners and then run back to the walkers and find a way to connect with each and every person. He'd ask them about their families, their roles at Marriott, and their points of view about their markets.

斯蒂芬妮、托尼和我今天早上也想和你們分享一些關於阿恩的故事。在酒店業，工作本質上包括很多旅行。那些日子，當阿恩在路上時，他會帶領一個清晨小組和他的許多同事一起在酒店附近跑步，因為我們很感興趣。作為一個單獨的跑步者，我會加入團隊，看著 Arne 以某種方式找到一種方法來與團隊中的每個跑步者共度時光，與快速跑步者一起跑在前面，然後跑回步行者並找到一種與每個人聯繫的方式和每個人。他會詢問他們的家庭、他們在萬豪的角色以及他們對市場的看法。

The run would be over at 6:30, and then he would move on to a full day of meetings and at least 5 more hotel tours. You could tell he's fed on these connections with people, and that he cared about them deeply. I've learned so much from him, and I'll miss him tremendously.

跑步將在 6:30 結束，然後他將繼續一整天的會議和至少 5 次酒店遊覽。你可以看出他依賴於與人的這些聯繫，而且他非常關心他們。我從他身上學到了很多，我會非常想念他。

We're all committed to honoring our incredible leader by building on its legacy. And we, of course, want to update you on our business this morning as we move the company forward. Today, we will cover our usual earnings call topics with Stephanie focusing on the customer and demand side of the business, and Tony discussing our rooms growth and development trends. I'll cover our financial results and liquidity.

我們都致力於通過繼承其遺產來紀念我們令人難以置信的領導者。當然，在我們推動公司向前發展的過程中，我們今天早上想向您介紹我們的最新業務。今天，我們將討論我們通常的收益電話會議主題，Stephanie 將重點關注業務的客戶和需求方面，Tony 將討論我們客房的增長和發展趨勢。我將介紹我們的財務業績和流動性。

Given the uncertainty around the pace of vaccinations and therefore, demand recovery, we will not be providing earnings guidance today. We will, however, share what we can about our outlook for 2021 in a few key areas. We'll plan to take your questions after our prepared remarks. And now I'll turn it over to Stephanie.

鑑於疫苗接種速度的不確定性以及需求復甦的不確定性，我們今天不會提供收益指引。然而，我們將在幾個關鍵領域分享我們對 2021 年的展望。我們計劃在準備好的評論後回答您的問題。現在我將把它交給斯蒂芬妮。

Thank you, Leeny, and good morning. This week, we lost a wonderful friend and mentor. Arne was an incredible leader, both for Marriott and the industry, and he was fun in a competitive way. Like Leeny, I also remember the countless times we ran together. And he would always beat me, always. But what I will remember the most about Arne was his humility, his lack of ego and his passion for developing others. Arne and I attended the World Economic Forum in Davos together for the past 6 years.

謝謝你，Leeny，早上好。本週，我們失去了一位好朋友和導師。 Arne 是一位令人難以置信的領導者，無論是對於萬豪還是整個行業，他都以一種競爭的方式很有趣。和Leeny一樣，我也記得我們一起奔跑的無數次。而且他總是會打敗我，一直都是。但我對 Arne 印象最深的是他的謙遜、不自負以及他對培養他人的熱情。在過去的 6 年裡，Arne 和我一起參加了達沃斯世界經濟論壇。

The first year I attended, I went to everything with Arne, taking it all in and learning so much from all of his interactions. The second year we went, pretty much as soon as we arrived, he pushed me out of the nest, so to speak. He encouraged me to schedule my own meetings and do my own media interview. He believed I was ready. And in typical Arne fashion, he empowered me to grow. He knew it was best for me and for the company. That's what true leadership is. Believing in your team and helping your teammates believe in themselves. I am honored to have worked with him, and we are all committed to building on his legacy.

我參加的第一年，我和阿恩一起去了所有的地方，全都吸收了，並從他所有的互動中學到了很多東西。我們去的第二年，幾乎是我們一到，他就把我推出巢穴，可以這麼說。他鼓勵我安排自己的會議並進行自己的媒體採訪。他相信我已經準備好了。以典型的 Arne 方式，他賦予我成長的力量。他知道這對我和公司都是最好的。這才是真正的領導力。相信您的團隊並幫助您的隊友相信自己。我很榮幸與他共事，我們都致力於繼承他的遺產。

I know Arne would want us to talk about business. So let me start us off. COVID-19 has impacted our business to an extent we never imagined, making 2020 by far the most challenging year in our company's history. Full year worldwide RevPAR declined 60%, with average occupancy of just over 35% compared to 73% for full year 2019. In 2020, occupancy and year-over-year RevPAR changes showed steady improvement from the trough in April through the summer and into the early fall. However, with spikes in COVID cases in many markets around the world, we saw the global pace of recovery flatten in the fourth quarter and in the first few weeks of 2021. Currently, over 94% of our hotels are open.

我知道 Arne 希望我們談談生意。所以讓我開始吧。 COVID-19 對我們業務的影響達到了我們從未想像過的程度，使 2020 年成為我們公司歷史上迄今為止最具挑戰性的一年。全年全球 RevPAR 下降 60%，平均入住率略高於 35%，而 2019 年全年為 73%。2020 年，入住率和同比 RevPAR 變化顯示，從 4 月的低谷到夏季再到 2020 年穩步改善初秋。然而，隨著全球許多市場的 COVID 病例激增，我們看到全球復甦步伐在第四季度和 2021 年的前幾週趨於平緩。目前，我們超過 94% 的酒店都在營業。

Recovery trajectories to date have varied greatly by region. Mainland China, where there has generally been a sense that the virus is under control, has led the recovery and strongly exemplifies the resiliency of demand. Occupancy reached 60% in July and remained above that level through the end of 2020. Fourth quarter RevPAR in Mainland China was only down 12% year-over-year.

迄今為止的複蘇軌跡因地區而異。人們普遍認為病毒已得到控制的中國大陸引領了經濟復甦，並有力地證明了需求的彈性。 7 月份的入住率達到 60%，並一直保持在該水平之上，直至 2020 年底。中國大陸第四季度的 RevPAR 僅同比下降 12%。

We saw additional proof points of the ability for demand to recover quickly in other areas as well during the fourth quarter, including the Maldives and Dubai. Occupancy in both markets jumped to over 60% in December after their governments eased travel/entry restrictions.

我們在其他地區以及第四季度看到了需求快速恢復能力的更多證據，包括馬爾代夫和迪拜。在政府放寬旅行/入境限制後，這兩個市場的入住率在 12 月躍升至 60% 以上。

In the fourth quarter, many countries around the world reinstituted strict temporary limitations on traveling and gathering to combat rising virus cases. Demand in the U.S. was clearly sensitive to spikes in COVID cases in government travel advisories, as we saw during the traditionally travel-heavy holiday period from Thanksgiving through New Year.

第四季度，世界上許多國家恢復了嚴格的旅行和集會臨時限制，以應對不斷上升的病毒病例。美國的需求顯然對政府旅行警告中 COVID 病例的激增很敏感，正如我們在從感恩節到新年的傳統旅遊旺季期間所看到的那樣。

Many cities in Europe also shut down. Similarly, in China, we have recently seen several markets essentially on lockdown in January and February for several weeks at a time in order to fight the spread of the virus, leading to a meaningful drop in occupancy in these markets. Overall, occupancy in Mainland China year-to-date has fallen to an average of around 40%.

歐洲的許多城市也關閉了。同樣，在中國，我們最近看到幾個市場在 1 月和 2 月基本上處於封鎖狀態，一次持續數週，以抗擊病毒的傳播，導致這些市場的入住率大幅下降。總體而言，今年迄今中國大陸的平均入住率已降至 40% 左右。

The good news is that once these temporary shutdowns are lifted, we have seen demand return quickly. For example, occupancy in Chengdu and Qingdao recently jumped from around 20% to over 60% in just 2 weeks after their local governments announced the virus outbreaks were under control and removed travel restrictions.

好消息是，一旦這些臨時停工解除，我們就會看到需求迅速恢復。例如，在當地政府宣布疫情得到控制並取消旅行限制後的短短兩週內，成都和青島的入住率最近從 20% 左右躍升至 60% 以上。

Our worldwide occupancy and year-over-year RevPAR decline in January were roughly the same as we saw in December. Looking ahead to the rest of 2021, booking windows remain very short, and there is still a large amount of uncertainty. While vaccines are slowly rolling out, the pace is too uncertain to be able to predict when occupancy will move meaningfully higher. But as the year progresses, assuming wider distribution of effective vaccines, we are optimistic that the pace of recovery will pick up speed and accelerate throughout the year.

我們 1 月份的全球入住率和 RevPAR 同比下降與 12 月份大致相同。展望 2021 年剩餘時間，預訂窗口仍然很短，仍然存在大量不確定性。雖然疫苗正在慢慢推出，但速度太不確定，無法預測入住率何時會顯著提高。但隨著時間的推移，假設有效疫苗的分發範圍更廣，我們樂觀地認為複甦的步伐將在全年加快。

In the U.S. and Canada, we are encouraged to see some small green shoots of increased demand for corporate and leisure transient bookings as well as in group lead volume. While still down meaningfully year-over-year, transient booking pace and visits to our direct booking sites have been improving recently. Occupancy over President's Day weekend was the strongest we have had for a long weekend since the beginning of the pandemic, led by leisure demand. And we are also starting to see a bit of momentum behind special corporate bookings.

在美國和加拿大，我們很高興看到一些小的萌芽，表明對公司和休閒短暫預訂的需求以及團體領先量有所增加。雖然與去年同期相比仍有顯著下降，但近期的短暫預訂速度和對我們直接預訂網站的訪問一直在改善。在休閒需求的帶動下，總統日週末的入住率是自大流行開始以來我們度過的長周末中最強勁的。我們也開始看到特殊公司預訂背後的勢頭。

Group revenue pace in the U.S. and Canada for 2021 is also still down significantly compared to group revenue pace for 2020 at the same time last year. So the declines are less severe for the second half of the year. In January, we had a very strong month for group bookings in '22 and beyond. Additionally, this business was booked at average daily rates, 11% higher than business booked in January 2020 for stays in 2021 and beyond. These are encouraging signs that there is strong demand for travel in future years once real progress has been made in containing the virus.

與去年同期的 2020 年集團收入增速相比，美國和加拿大 2021 年的集團收入增速仍顯著下降。因此，今年下半年的跌幅沒有那麼嚴重。 1 月份，我們在 22 世紀及以後的團體預訂方面表現非常強勁。此外，該企業的平均每日預訂率比 2020 年 1 月預訂 2021 年及以後住宿的企業高 11%。這些令人鼓舞的跡象表明，一旦在遏制病毒方面取得真正進展，未來幾年對旅行的需求將非常強勁。

As we think about marketing in this environment, our teams continue to analyze the latest consumer trends to help shape our recovery strategy. We are keenly focused on personalization and localization, on capturing more leisure as well as leisure travel as the lines between work and home blur, and on increasingly leveraging our digital-direct channels, and in particular, our Marriott Bonvoy app. We recently released our updated, redesigned Bonvoy app with the goal of better meeting the travel shopping needs of today's leisure traveler.

當我們考慮在這種環境下進行營銷時，我們的團隊會繼續分析最新的消費者趨勢，以幫助制定我們的恢復策略。我們非常關注個性化和本地化，隨著工作和家庭之間界限的模糊，捕捉更多的休閒和休閒旅行，並越來越多地利用我們的數字直銷渠道，尤其是我們的萬豪旅享家應用程序。我們最近發布了經過更新、重新設計的 Bonvoy 應用程序，旨在更好地滿足當今休閒旅行者的旅行購物需求。

The power of the Bonvoy platform has become even more evident during the pandemic as many of our more than 147 million members have continued to interact with us in ways other than staying in our hotels.

Bonvoy 平台的力量在大流行期間變得更加明顯，因為我們超過 1.47 億會員中的許多人繼續以入住酒店以外的方式與我們互動。

Our Marriott Bonvoy credit card holders have remained particularly engaged. Global credit card spending on our cards for 2020 was down only 16% year-over-year, and marked contrast to the steeper decline in RevPAR. And while not material from a financial perspective, one of the most significant expanded offerings to members recently has been our whole home rental platform, Homes & Villas by Marriott International, or HVMI.

我們的 Marriott Bonvoy 信用卡持卡人一直特別投入。 2020 年全球信用卡支出同比僅下降 16%，與 RevPAR 的大幅下降形成鮮明對比。雖然從財務角度來看並不重要，但最近向會員提供的最重要的擴展服務之一是我們的整體房屋租賃平台 Homes & Villas by Marriott International (HVMI)。

We grew the number of units on the platform from around 2,000 at launch less than 2 years ago to approximately 25,000 today. And we saw increased demand from our Marriott Bonvoy members, with over 90% of HVMI room nights in 2020 booked by members.

我們將平台上的單位數量從不到 2 年前推出時的約 2,000 個增加到今天的約 25,000 個。我們看到萬豪旅享家會員的需求增加，2020 年超過 90% 的 HVMI 間夜是由會員預訂的。

We continue to focus on driving demand to our hotels and are engaging with our members. With creative content and special offers, including our Escape to Luxury and Bonvoy Escapes promotions. Additionally, early last year, we extended elite member status through early 2022, and we recently credited their accounts with another deposit of Elite Night credits to give them a head start towards elite status in 2022.

我們繼續專注於推動對我們酒店的需求，並與我們的會員進行互動。提供創意內容和特別優惠，包括我們的 Escape to Luxury 和 Bonvoy Escapes 促銷活動。此外，去年初，我們將精英會員身份延長至 2022 年初，最近我們又向他們的賬戶存入了另一筆精英住宿積分，讓他們在 2022 年搶先獲得精英身份。

Before I turn the call over to Tony, I want to thank our incredible team of associates around the world who have shown true dedication and resilience throughout these challenging times. Tony?

在我把電話轉給托尼之前，我要感謝我們在世界各地令人難以置信的同事團隊，他們在這些充滿挑戰的時期表現出了真正的奉獻精神和韌性。托尼？

Thank you, Stephanie, and good morning. Arne was a remarkable person, and I'm proud to call him a friend and mentor. One of my favorite trips with him sums up how truly special and unique he really was. After we acquired Starwood in 2016, Arne wanted his senior leadership team to do an 8-day world wind trip around the world. He wanted to visit as many properties as we could to welcome our new associates and show them that the Marriott people-first culture was real. And he wanted each of us there with him. As we toured property after property, Arne made a point to meet as many people as possible, to shake every hand and to look each person he met in the eye. He was so sincere and genuine.

謝謝你，斯蒂芬妮，早上好。 Arne 是一個了不起的人，我很自豪地稱他為朋友和導師。我最喜歡和他一起旅行的旅行之一總結了他真正是多麼的特別和獨特。我們在 2016 年收購喜達屋後，Arne 希望他的高級領導團隊在世界各地進行為期 8 天的世界風之旅。他想參觀盡可能多的酒店，以歡迎我們的新員工，並向他們展示萬豪以人為本的文化是真實存在的。他希望我們每個人都和他在一起。當我們參觀一處又一處財產時，Arne 特意與盡可能多的人會面，與每一個人握手並直視他遇到的每一個人的眼睛。他是如此真誠和真誠。

He also made sure to spend time with his leadership team outside of these meetings. In particular, I remember one overnight flight to the Middle East. Towards morning, Arne woke us all up and brought us to the lounge in the back of the plane, so we could just spend time together and enjoy each other's company. This was classic Arne. He wanted to build a cohesive team that while not afraid of some spirited debate, truly liked and respected each other, and it worked. Our jobs are infinitely easier because we're all rowing in the same direction.

他還確保在這些會議之外與他的領導團隊共度時光。我尤其記得有一次飛往中東的通宵航班。臨近早上，Arne 把我們都叫醒，帶我們到飛機後部的休息室，這樣我們就可以一起度過時光，享受彼此的陪伴。這是經典的阿恩。他想建立一個有凝聚力的團隊，在不懼怕激烈辯論的同時，真正相互喜歡和尊重，並且奏效了。我們的工作變得無比輕鬆，因為我們都在朝著同一個方向划船。

Now being the humble person that he was, I think Arne would say that we need to move on to the business. So let me now talk about our rooms growth. In 2020, we added nearly 63,000 rooms worldwide for rooms growth of 4.6% on a gross basis. Room openings in the year were impacted by slower construction time lines and supply chain issues as well as some owners temporarily waiting to open their hotels due to COVID-19. Asia Pacific was the one region where we opened more rooms in 2020 than we did in 2019, adding over 18,000 rooms with gross rooms growth of over 8% versus year-end 2019.

現在作為一個謙虛的人，我想 Arne 會說我們需要繼續做生意。那麼現在讓我談談我們的房間增長。 2020 年，我們在全球新增近 63,000 間客房，客房總量增長 4.6%。今年的客房開放受到施工時間較慢和供應鏈問題以及一些業主因 COVID-19 暫時等待開業的影響。亞太地區是我們在 2020 年新開客房數量超過 2019 年的地區之一，增加了 18,000 多間客房，與 2019 年底相比，客房總增長率超過 8%。

In China, we recently opened our 50th hotel in Shanghai, the J.W. Marriott Shanghai function, a phenomenal accomplishment as our international growth continues to strengthen. On a net basis, including deletions of 1.5%, our global distribution grew by 3.1% year-over-year. Deletions were generally in line with the average levels we've seen over the last 3 years despite a number of hotels exiting our system for COVID-19-related reasons.

在中國，我們最近在上海開設了第 50 家酒店，J.W.上海萬豪酒店是一項了不起的成就，因為我們的國際增長不斷加強。在淨基礎上，包括 1.5% 的刪除，我們的全球分佈同比增長 3.1%。儘管許多酒店出於與 COVID-19 相關的原因退出我們的系統，但刪除量總體上與我們在過去 3 年中看到的平均水平一致。

While signings for full year 2020 were not as robust as we had expected at the beginning of the year, our overall pipeline continues to lead the industry, totaling over 498,000 rooms at year-end. We also benefited from continued momentum in our residential branding business, and had another strong year for residential signings, a testament to the power of our brands.

雖然 2020 年全年的簽約情況不如我們年初預期的那麼強勁，但我們的整體渠道繼續領先於行業，年底客房總數超過 498,000 間。我們還受益於我們住宅品牌業務的持續發展勢頭，住宅簽約又是一個強勁的一年，這證明了我們品牌的力量。

For the full year 2021, assuming progress is made in containing the virus, we expect gross rooms growth to accelerate to approximately 6%. While we have seen some delayed construction starts and could continue to see some delays in openings, 46% of our pipeline is already under construction. Additionally, we anticipate benefiting from backlog of openings that were pushed from 2020 into this year. We also expect to see a meaningful impact from conversions this year as owners and their lenders seek the incremental top and bottom line benefits from being part of the Marriott system.

對於 2021 年全年，假設在遏制病毒方面取得進展，我們預計總客房增長率將加速至約 6%。雖然我們已經看到一些開工延遲，並且可能會繼續看到開工延遲，但我們 46% 的管道已經在建設中。此外，我們預計將從 2020 年推遲到今年的職位空缺積壓中受益。我們還預計今年的轉換會產生有意義的影響，因為業主和他們的貸方希望通過成為萬豪系統的一部分來增加頂線和底線收益。

We are extremely pleased with our recently announced conversion deal in CALA, that is expected to add 19 resorts and nearly 7,000 rooms to our all-inclusive portfolio. Our biggest deal yet in CALA. These hotels fit perfectly with our focus on leisure, currently the strongest segment of demand. And while they were not in our year-end pipeline, these properties are all anticipated to join our system during 2021.

我們對我們最近宣布的 CALA 轉換交易感到非常高興，該交易預計將為我們的全包式投資組合增加 19 個度假村和近 7,000 間客房。我們在 CALA 最大的交易。這些酒店完全符合我們對休閒的關注，而休閒是目前需求最旺盛的部分。雖然它們不在我們的年終管道中，但預計這些物業都將在 2021 年加入我們的系統。

Let's now shift to our 2021 outlook for net rooms growth. Not including the approximate 100 basis point onetime headwind from the 89 Service Properties Trust, or SVC, mostly limited service hotels that are leaving our system by the end of March, we expect deletions of 1.5% to 2%. That's slightly higher than we have experienced recently due to the potential for more COVID-19-related exits.

現在讓我們轉向我們對 2021 年淨客房增長的展望。不包括來自 89 Service Properties Trust (SVC) 的大約 100 個基點的逆風，這些酒店大多是在 3 月底之前離開我們系統的有限服務酒店，我們預計刪除 1.5% 至 2%。由於可能會有更多與 COVID-19 相關的退出，這比我們最近經歷的略高。

Coupled with our gross rooms growth expectation, we expect net rooms growth of roughly 3% to 3.5%, including the exiting SVC rooms. We have already received interest from multiple owners in that new deals in those markets and look forward to the opportunity to replace many of the first-generation limited-service SVC hotels with newer product.

加上我們的總客房增長預期，我們預計淨客房增長約 3% 至 3.5%，包括現有的 SVC 客房。我們已經收到多個業主對這些市場新交易的興趣，並期待有機會用更新的產品取代許多第一代提供有限服務的 SVC 酒店。

A key component of our demand recovery strategy is remaining keenly focused on the health and safety of our guests and associates. We first introduced our heightened cleanliness standards in April of last year. Since then, we've been increasingly leveraging contactless technologies such as mobile and web check-in, mobile key and mobile chat to reimagine the guest stay experience for this environment.

我們的需求恢復戰略的一個關鍵組成部分是繼續密切關注我們客人和員工的健康和安全。去年 4 月，我們首次引入了更高的清潔標準。從那時起，我們越來越多地利用移動和網絡登記入住、移動鑰匙和移動聊天等非接觸式技術來重新構想這種環境下的賓客入住體驗。

Last month, we began rolling out additional health protocol options for group meetings at certain properties, including on-site temperature checks and providing for COVID testing capabilities. We have also remained focused on working closely with our owner and franchisee community to help them navigate these challenging times and have taken many steps to significantly lower their costs in this environment. These steps include waving FF&E contributions for most hotels with lender consent, reducing certain fixed charges for programs and services and extending the delay on renovations. We are also working with hotels on payment plans when necessary, and we are very pleased that the vast majority of our hotels are paying their bills.

上個月，我們開始為某些酒店的小組會議推出額外的健康協議選項，包括現場溫度檢查和提供 COVID 測試功能。我們還一直專注於與我們的所有者和加盟商社區密切合作，幫助他們度過這些充滿挑戰的時代，並採取了許多措施來顯著降低他們在這種環境下的成本。這些措施包括在貸方同意的情況下為大多數酒店免除 FF&E 捐款、減少某些項目和服務的固定費用以及延長裝修的延遲時間。我們還在必要時與酒店合作制定付款計劃，我們很高興我們的絕大多數酒店都在支付賬單。

I also wanted to acknowledge our associates this morning. They have exemplified the Marriott culture throughout the pandemic, whether it's looking after first responders, prepping meals for those in need or hosting blood drives at our hotels. They are a remarkable team, and we could not be more proud.

今天早上我還想感謝我們的同事。他們在整個大流行期間體現了萬豪文化，無論是照顧急救人員、為有需要的人準備飯菜，還是在我們的酒店舉辦獻血活動。他們是一支非凡的團隊，我們感到無比自豪。

I will now turn the call back over to Leeny to talk about our fourth quarter financials in more detail.

我現在將把電話轉回給 Leeny，更詳細地討論我們第四季度的財務狀況。

Thank you, Tony. In the fourth quarter of 2020, worldwide RevPAR declined 64% with occupancy of 35%. As Stephanie noted, Mainland China continued to lead the recovery. Leisure remains the strongest driver of demand in Mainland China. And in the fourth quarter, stays in the leisure segment were up double digits year-over-year for the second quarter in a row. Business transient and group demand in the region also continued to rebound well in the fourth quarter, and we've been pleased to see this evidence of pent-up demand across all travel segments. In fact, group stays comprised around 20% of overall room nights in the fourth quarter, back in line with 2019's distribution.

謝謝你，托尼。 2020 年第四季度，全球 RevPAR 下降了 64%，入住率為 35%。正如斯蒂芬妮指出的那樣，中國大陸繼續引領復甦。休閒仍然是中國大陸需求的最強勁驅動力。在第四季度，休閒類酒店的入住率連續第二個季度同比增長兩位數。該地區的商務流動和團體需求在第四季度也繼續強勁反彈，我們很高興看到所有旅遊領域的需求都被壓抑的證據。事實上，第四季度團體住宿約佔總間夜量的 20%，與 2019 年的分佈情況一致。

Demand in the rest of Asia Pacific also continued to improve in the fourth quarter, with occupancy reaching 35%, up 10 percentage points from the third quarter, primarily driven by domestic leisure travel in Australia, South Korea and Japan as well as economic reopening efforts in countries like the Maldives and India.

亞太其他地區的需求在第四季度也持續改善，入住率達到 35%，較第三季度上升 10 個百分點，主要受澳大利亞、韓國和日本國內休閒旅遊以及經濟重啟努力的推動在馬爾代夫和印度等國家。

In the U.S. and Canada, leisure and drive to destinations remained the strongest markets throughout the fourth quarter. RevPAR declined 65% in the quarter in line with the year-over-year third quarter decline, with occupancy of 35%, just below third quarter's level of 37%. The seasonal decline in occupancy that typically happens during the fourth quarter was less pronounced in 2020, given the overall lower level of business travel.

在美國和加拿大，休閒和駕車前往目的地仍然是整個第四季度最強勁的市場。本季度 RevPAR 下降 65%，與第三季度同比下降一致，入住率為 35%，略低於第三季度 37% 的水平。考慮到整體商務旅行水平較低，通常在第四季度發生的入住率季節性下降在 2020 年並不那麼明顯。

Trends in EMEA were mixed. Fourth quarter occupancy in the Middle East and Africa reached 36%, an 11 percentage point improvement from third quarter, reflecting strong domestic leisure demand in many major markets in the Middle East. The recovery in Europe took a step back in the last few months of 2020 as most countries reimpose restrictions after major second waves of the virus.

歐洲、中東和非洲地區的趨勢喜憂參半。中東和非洲第四季度的入住率達到 36%，比第三季度提高 11 個百分點，反映了中東許多主要市場強勁的國內休閒需求。歐洲的複蘇在 2020 年的最後幾個月倒退了一步，因為大多數國家在第二波病毒大流行之後重新實施了限制措施。

During the fourth quarter, roughly 1/3 of our hotels in Europe were temporarily closed, and occupancy fell to 15%. In CALA, around 20% of hotels were closed during the fourth quarter, resort properties, particularly in Mexico, drove an improvement in occupancy to 24% in the region, up from 15% in the third quarter.

第四季度，我們在歐洲約有 1/3 的酒店暫時關閉，入住率降至 15%。在 CALA，第四季度約有 20% 的酒店關閉，度假村物業，特別是在墨西哥，將該地區的入住率從第三季度的 15% 提高到 24%。

With global RevPAR down 64%, our fourth quarter gross fee revenues totaled $423 million, a decline of 57% versus the year ago quarter, largely in line with the year-over-year decline we saw in the third quarter. Over 60% of the $44 million of fourth quarter incentive management fees were earned in Asia Pacific, of which 3 quarters were earned in Greater China. Over 95% of our hotels in Greater China had positive gross operating profit in the fourth quarter, with over 90% generating positive profits for the full year. These results reflect the strong rebound in demand when the virus is under better control and our ability to help our owners control costs.

隨著全球 RevPAR 下降 64%，我們第四季度的總費用收入總計 4.23 億美元，比去年同期下降 57%，與我們在第三季度看到的同比下降基本一致。第四季度 4400 萬美元的激勵管理費中，超過 60% 來自亞太地區，其中 3 個季度來自大中華區。我們在大中華區超過 95% 的酒店在第四季度實現了正的營業毛利潤，超過 90% 的酒店實現了全年的正利潤。這些結果反映了當病毒得到更好控制時需求的強勁反彈以及我們幫助業主控製成本的能力。

Within franchise fees, our non-RevPAR-related franchise fees continue to be resilient, totaling $133 million in the fourth quarter, down 15% from the year ago quarter, with credit card branding fees down 18%.

在特許經營費中，我們與 RevPAR 無關的特許經營費繼續保持彈性，第四季度總計 1.33 億美元，比去年同期下降 15%，信用卡品牌費用下降 18%。

Fourth quarter G&A improved by 31% year-over-year, reflecting our significant cost reduction efforts.

第四季度 G&A 同比增長 31%，反映出我們在削減成本方面做出的巨大努力。

In the fourth quarter, our total income tax provision was a benefit of $150 million, primarily due to the favorable resolution of pre-acquisition Starwood tax audit.

第四季度，我們的所得稅撥備總額為 1.5 億美元，這主要是由於收購前喜達屋稅務審計的有利決議。

We reported fourth quarter adjusted EBITDA of $317 million, down 65% versus the fourth quarter of last year, essentially the same decline as in the third quarter.

我們報告第四季度調整後的 EBITDA 為 3.17 億美元，比去年第四季度下降 65%，降幅與第三季度基本相同。

I'll now turn to cash burn. As we've described on prior calls, our monthly cash burn rate was only slightly negative in the fourth quarter, even with RevPAR down 64%. The impact of the company's $130 million 401(k) match payment in October and higher cash interest due to the timing of payments were partially offset by continued strong receivables collection efforts and robust loyalty cash flows. We've been pleased with the strength of our cash generation in 2020 in light of the dramatic reduction in revenues.

我現在轉向燒錢。正如我們在之前的電話會議上所描述的那樣，我們在第四季度的每月現金消耗率僅略微為負，即使 RevPAR 下降了 64%。公司 10 月份 1.3 億美元的 401(k) 配套付款和由於付款時間導致的現金利息增加的影響被持續強勁的應收賬款催收工作和強勁的忠誠度現金流部分抵消。鑑於收入大幅減少，我們對 2020 年現金產生的實力感到滿意。

Our full year financials show net cash provided by operating activities of $1.6 billion, which included the onetime $920 million of proceeds from our amended co-brand credit card agreements. Subtracting out the $920 million as well as all investment spending, we still generated positive operating cash flow, a strong performance in the year when RevPAR was down 60%. These results show the true power of our asset-light business model, and are a testament to our company's ability to quickly and effectively adapt to a significant and rapid change in demand.

我們的全年財務數據顯示，經營活動提供的現金淨額為 16 億美元，其中包括我們修訂後的聯名信用卡協議的一次性 9.2 億美元收益。減去 9.2 億美元以及所有投資支出，我們仍然產生了正的運營現金流，這在當年 RevPAR 下降 60% 時表現強勁。這些結果顯示了我們輕資產業務模式的真正力量，並證明了我們公司能夠快速有效地適應需求的重大和快速變化。

Loyalty was a key piece of the equation, generating over $500 million of net cash flow in 2020 after being a net user of cash in 2019. This year's positive cash generation from loyalty is on top of our credit card-related fees, including an EBITDA as well as the $920 million of cash received from our amended co-brand credit card agreement. The loyalty program benefited from strong cash inflows from our credit card programs given the resilience of consumer credit card spending, while the loyalty program's operating cost and redemption expenses were down significantly. Redemption expenses were much lower than usual in terms of both volume of nights and the rate paid hotels for redemptions given the low occupancy environment.

忠誠度是等式的關鍵部分，在 2019 年成為現金淨用戶後，它在 2020 年產生了超過 5 億美元的淨現金流。今年忠誠度帶來的正現金產生是在我們信用卡相關費用之上的，包括 EBITDA以及從我們修改後的聯名信用卡協議中收到的 9.2 億美元現金。鑑於消費者信用卡支出的彈性，忠誠度計劃受益於我們信用卡計劃的強勁現金流入，而忠誠度計劃的運營成本和贖回費用大幅下降。考慮到入住率低的環境，就住宿量和兌換酒店支付的房價而言，兌換費用遠低於往常。

At the end of the fourth quarter, our net liquidity was approximately $4.4 billion after the paydown of over $600 million of debt during the quarter. The company's net liquidity represents roughly $800 million in available cash balances, plus $3.6 billion undrawn on our revolver. We believe our liquidity position and resilient cash flow from operations comfortably position us to meet our short- and long-term obligations.

第四季度末，在本季度償還了超過 6 億美元的債務後，我們的淨流動資金約為 44 億美元。公司的淨流動資金代表大約 8 億美元的可用現金餘額，加上 36 億美元未從我們的循環中提取。我們相信，我們的流動性狀況和富有彈性的運營現金流使我們能夠輕鬆地履行我們的短期和長期義務。

I also want to briefly discuss the $243 million fourth quarter charge related to the Sheraton Grand Chicago put. Shortly after the Starwood deal closed, we granted the hotel owner a onetime right to put the leasehold interest to Marriott in 2022 for $300 million in cash. Given the current environment, we have determined the put is likely to be exercised, so we increased our liability. We have the right to defer the closing on the put until late 2024.

我還想簡要討論與芝加哥喜來登大酒店相關的第四季度 2.43 億美元費用。喜達屋交易完成後不久，我們授予酒店所有者一次性權利，在 2022 年以 3 億美元現金將租賃權益轉讓給萬豪。鑑於目前的環境，我們確定看跌期權很可能會被行使，因此我們增加了負債。我們有權將看跌期權的交割推遲到 2024 年底。

Moving on to full year 2021, while we won't be giving RevPAR or earnings guidance, I'll provide a bit of color on certain items where we do have some visibility. Starting with the top line. At current RevPAR levels for full year 2021, we expect the sensitivity of a 1 point change in RevPAR compared to 2019 RevPAR on our fees could be between $35 million and $40 million per year.

展望 2021 年全年，雖然我們不會提供 RevPAR 或收益指引，但我會在某些我們確實有一些知名度的項目上提供一些顏色。從第一行開始。按照 2021 年全年的當前 RevPAR 水平，我們預計 RevPAR 與 2019 年 RevPAR 相比變化 1 個百分點對我們費用的敏感性可能在每年 3500 萬美元至 4000 萬美元之間。

Please note that given the nominal level of RevPAR in 2020, the impact of a 1 percentage point change in 2021 RevPAR compared to 2020 RevPAR could be more like $15 million to $20 million.

請注意，鑑於 2020 年 RevPAR 的名義水平，與 2020 年 RevPAR 相比，2021 年 RevPAR 變化 1 個百分點的影響可能更像是 1500 萬至 2000 萬美元。

As we saw throughout 2020, the relationship is not linear, given the variability of IMS and the inclusion of non-RevPAR-related franchise fees as well. In order for us to start earning IMS in the U.S. and other markets where IMS stand aside to owner priorities, we'll need to see substantial improvement in RevPAR levels. We anticipate that the majority of IMS' in 2021 will again be earned in international markets. We expect our non-RevPAR-related fees to remain resilient and show strong year-over-year growth in 2021.

正如我們在整個 2020 年看到的那樣，考慮到 IMS 的可變性以及非 RevPAR 相關特許經營費的包含，這種關係不是線性的。為了讓我們開始在美國和其他 IMS 站在業主優先考慮的市場上賺取 IMS，我們需要看到 RevPAR 水平的顯著提高。我們預計 2021 年的大部分 IMS 將再次在國際市場上獲得。我們預計我們的非 RevPAR 相關費用將保持彈性，並在 2021 年呈現強勁的同比增長。

We expect G&A to total $775 million to $800 million in 2021. Note that the cash component of G&A will be lower than this range given noncash stock compensation. Interest expense is anticipated to be roughly $430 million for the full year.

我們預計 2021 年 G&A 總額將達到 7.75 億美元至 8 億美元。請注意，考慮到非現金股票補償，G&A 的現金部分將低於該範圍。全年的利息支出預計約為 4.3 億美元。

Turning to several other major items that will impact cash flow. Our cash taxes are expected to be $275 million to $300 million for full year 2021. The investment spending, excluding amounts expected to be reimbursed over time, is anticipated to total $375 million to $450 million for the full year. We anticipate another $200 million of investment spending that is expected to be reimbursed over time for total investment spending of $575 million to $650 million as compared to $375 million in 2020.

轉向影響現金流的其他幾個主要項目。 2021 年全年，我們的現金稅預計為 2.75 億至 3 億美元。投資支出（不包括預計隨時間推移償還的金額）預計全年總計為 3.75 億至 4.5 億美元。我們預計另外 2 億美元的投資支出預計將隨著時間的推移得到償還，總投資支出為 5.75 億美元至 6.5 億美元，而 2020 年為 3.75 億美元。

Approximately $220 million of the total spending in 2021 is for maintenance, CapEx and our new headquarters. Total investment spending includes capital and technology expenditures, loan advances, contract acquisition costs and other investing activities. We expect cash flows from the loyalty program to be roughly neutral in 2021, even after the reduced payments we will receive from the co-brand credit card companies that effectively repay roughly 1/3 of the $920 million received in 2020.

2021 年總支出中約有 2.2 億美元用於維護、資本支出和我們的新總部。總投資支出包括資本和技術支出、貸款墊款、合同獲取成本和其他投資活動。我們預計忠誠度計劃的現金流量在 2021 年大致保持中性，即使我們將從聯合品牌信用卡公司收到的付款減少，這些公司實際上償還了 2020 年收到的 9.2 億美元的大約 1/3。

In closing, while the timing of a full recovery is unpredictable, we are optimistic that we will see notable progress over the course of this year. We've seen real evidence of the pent-up demand for travel, and we look forward to welcoming more and more guests to our hotels.

最後，雖然全面復甦的時間無法預測，但我們樂觀地認為，我們將在今年看到顯著進展。我們已經看到旅行需求被壓抑的真實證據，我們期待著歡迎越來越多的客人入住我們的酒店。

We'll now open the line for questions.

我們現在打開問題熱線。

(Operator Instructions) Our first question comes from the line of Shaun Kelley of Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Shaun Kelley。

I guess, I'd just like to start by offering my most heartfelt condolences to the Sorenson and Marriott family and team regarding Arne's passing. I think we all appreciate the stories and memories that everyone shared on the call, and we're all better people for having gotten to spend time with him. So he will be warmly remembered, and greatly missed by all of us.

我想，首先我想就 Arne 的逝世向 Sorenson 和 Marriott 的家人和團隊表示最衷心的哀悼。我想我們都很感激每個人在電話中分享的故事和回憶，我們都因為有機會和他在一起而變得更好。因此，他將被我們所有人熱烈銘記，並深切懷念。

Thank you, Shaun.

謝謝你，肖恩。

If I could turn attention maybe to some of the comments appreciate all the color that the team has put together this morning. I think maybe a good place to start would be to refer to some of Stephanie's remarks around some of the green shoots that she alluded to and that we're starting to see in some of the travel environment. So Stephanie, if possible, I was wondering if you could elaborate a little bit on some of your comments around the group booking position as we maybe move across the year, if you could help to give us a little bit more on that? And then specifically, the rate commentary, you mentioned the up 11%. If you could help us unpack that a little bit? I think that's highly encouraging and a little different than we might expect to see in a different hotel environment or different cycle.

如果我可以將注意力轉移到一些評論上，請欣賞團隊今天早上整理的所有顏色。我認為也許一個好的起點是參考斯蒂芬妮關於她提到的一些綠芽的一些評論，我們開始在一些旅遊環境中看到這些綠芽。所以斯蒂芬妮，如果可能的話，我想知道你是否可以詳細說明一下你對團體預訂位置的一些評論，因為我們可能會跨年移動，你是否可以幫助我們提供更多信息？然後具體來說，利率評論，你提到了 11%。如果你能幫我們打開包裝一點？我認為這是非常令人鼓舞的，並且與我們在不同的酒店環境或不同的周期中可能期望看到的有所不同。

Sure, of course. So as it relates to our group business, we are encouraged to see some really positive trends. As I mentioned in the prepared remarks that the -- on end of the fourth quarter of 2020, our group pace for 2021, it was down negative 57%. But the second half of the year was down just 25% to 30%. We're also, on the group front, seeing some positive trends as it relates to group cancels. They've really slowed for the second half of 2021, and they are at normal levels for 2022 plus.

當然，當然。因此，由於它與我們的集團業務相關，我們很高興看到一些真正積極的趨勢。正如我在準備好的發言中提到的那樣——到 2020 年第四季度末，我們 2021 年的集團步伐下降了 57%。但今年下半年僅下降了 25% 至 30%。在團體方面，我們也看到了一些與團體取消相關的積極趨勢。他們在 2021 年下半年確實放緩了，並且在 2022 年以後處於正常水平。

We're also seeing some great trends on lead volume. While it's certainly behind 2019, it's improving. As a matter of fact, over the last 45 days, lead volume has increased 20 to 30 percentage points. So a significant improvement from what we experienced in the fourth quarter of 2020.

我們還看到了潛在客戶數量的一些重要趨勢。雖然它肯定落後於 2019 年，但它正在改善。事實上，在過去 45 天裡，潛在客戶量增加了 20 到 30 個百分點。因此，與我們在 2020 年第四季度的經歷相比有了顯著改善。

The other thing I'd note on the group from -- we're starting to see a pickup in what I'd call more normal types of groups. So as an example, we're starting to see some incentive meetings book in the fourth quarter of this year.

我要注意的關於小組的另一件事 - 我們開始看到我稱之為更正常類型的小組的回升。因此，舉例來說，我們開始在今年第四季度看到一些激勵會議預訂。

And to your question about rate, yes, January was not only a strong booking month, which was terrific. Actually, the best months we've had in a couple of years, but the rate was up for futures, 11%. And I should note, most of those groups that were booked into the future years at those higher rates were in-house groups versus citywides. We haven't quite seen citywide bookings come back yet.

對於您關於費率的問題，是的，1 月不僅是一個強勁的預訂月，這非常棒。實際上，這是我們幾年來最好的幾個月，但期貨的利率上漲了 11%。我應該指出，大多數以較高利率預訂到未來幾年的團體是內部團體，而不是全市團體。我們還沒有看到全市範圍內的預訂量回升。

So I think that the story on the group front just underscores the point that there will be a return to meetings and group business. It may be slower than we would like but we're seeing the demand. And as you can imagine, Shaun, we're talking to our customers all the time, meeting planners, our top accounts. And they all want to get back out on the road and travel.

所以我認為關於集團方面的故事只是強調了會議和集團業務將會回歸這一點。它可能比我們希望的要慢，但我們看到了需求。正如你想像的那樣，肖恩，我們一直在與我們的客戶、會議策劃者、我們的頂級客戶交談。他們都想重新上路旅行。

We're also seeing, in China, some quite positive things on the group front. As a matter of fact, the bookings in China, group bookings, were up to 20% of our room nights, again, which was encouraging. China is a great story. It shows that there's pent-up demand for travel. Six weeks after this virus was announced in China, people started booking room nights again, started with leisure. But then quickly towards as the year moved on, moved to both business travel and group. And of course, much of it -- most of it was domestic, but still strong demand. So we're very encouraged as to what we're seeing on the group front.

在中國，我們也在集團方面看到了一些非常積極的事情。事實上，中國的團體預訂占我們間夜的 20%，這再次令人鼓舞。中國是一個偉大的故事。這表明存在被壓抑的旅行需求。在中國宣布這種病毒後六週，人們又開始預訂房間，從休閒開始。但隨著時間的推移，很快轉向商務旅行和團體旅行。當然，其中大部分 - 大部分是國內的，但需求仍然強勁。因此，我們對在集團方面看到的情況感到非常鼓舞。

Your next question comes from the line of Joe Greff of JPMorgan.

你的下一個問題來自摩根大通的 Joe Greff。

I'd like to offer my condolences as well. Arne was obviously a talented executive, and everybody respected him for what he's done over the years at Marriott and for the lodging industry. But I remember him as just being a good man and how he treated everybody so respectfully and something to aspire to for everybody else. So I know it's a big loss for you guys. So I just wanted to mention that.

我也想表達我的哀悼。 Arne 顯然是一位才華橫溢的高管，每個人都尊重他多年來在萬豪酒店和酒店業所做的一切。但我記得他只是一個好人，他如何尊重每個人，以及他對其他人的渴望。所以我知道這對你們來說是一個很大的損失。所以我只想提一下。

So my question is for you, Tony. I was hoping on the gross rooms outlook commentary for this year, if you can go through the composition of the gross rooms. How much of it is conversions? How much of it is new construction? And of the new construction, I guess, how much of it is pre-COVID advantage versus any limited-service new construction that maybe think about it as commencing since March of last year? And then as you think about investment spend for the balance of what's in the pipeline, ex the 2021 gross rooms openings, do you think that accelerates in '22 and beyond relative to what you're spending this year?

所以我的問題是給你的，托尼。如果你能了解一下總房間的構成，我希望能看到今年的總房間展望評論。其中有多少是轉化？其中有多少是新建的？我猜，在新建築中，有多少是 COVID 之前的優勢，而不是可能認為它是從去年 3 月開始的任何有限服務的新建築？然後，當您考慮投資支出以平衡正在籌備的項目時，例如 2021 年總客房開放，您認為相對於您今年的支出，這在 22 年及以後會加速嗎？

Great. Well, first of all, thank you for your kind sentiments, most appreciated. I think as we think about 2021 openings, obviously, we've indicated in our prepared remarks, an acceleration to about 6% gross openings. And to state the obvious, there's more limited visibility than we've had into the markets pre COVID. But there's a number of factors, I think, that give us some measure of comfort that support our guidance. I think, number one, we've got about 230,000 rooms under construction around the world as we sit here today. You also heard us talk a little bit about the Sunwing all-inclusive project, adding 7,000 rooms. That gives us almost 100 basis points of growth in gross openings in 2021.

偉大的。好吧，首先感謝您的善意，非常感謝。我認為，當我們考慮 2021 年的開業時，很明顯，我們已經在準備好的發言中表示，總開業將加速到 6% 左右。顯而易見的是，與 COVID 之前的市場相比，我們對市場的了解更為有限。但我認為，有許多因素可以讓我們感到一些安慰，從而支持我們的指導。我認為，第一，當我們今天坐在這裡時，全世界有大約 230,000 個房間在建。您還聽到我們談了一些關於 Sunwing 全包項目，增加 7,000 間客房。這使我們在 2021 年的總營業額增長了近 100 個基點。

To your point, there were a number of hotels under construction last year that had been targeted for 2020 openings, and they slipped principally because of COVID-related construction delays. And we expect a significant number of those hotels to open in 2021.

就您的觀點而言，去年有許多在建的酒店原定於 2020 年開業，但主要是由於與 COVID 相關的施工延誤。我們預計這些酒店中有大量將在 2021 年開業。

And then I think the last thing I would say is that while it's certainly early days, we're only 10 or 11 weeks into the year, we're seeing some encouraging signs related to accelerating conversions activity. If you look at the fourth quarter of 2020, about 21% of our signings were conversions. And that was the highest percentage contribution from conversions that we had seen since the first quarter of 2019. And so we did go back and take a look at some previous cycles. And in fact, at the last peak, we saw conversions spike all the way up to about 24% of total signings. And I think that's quite encouraging as well.

然後我想我要說的最後一件事是，雖然現在還很早，但我們今年才 10 或 11 週，我們看到了一些與加速轉換活動相關的令人鼓舞的跡象。如果你看看 2020 年第四季度，我們大約 21% 的簽約是轉化的。這是我們自 2019 年第一季度以來看到的最高轉化貢獻百分比。因此我們確實回過頭來看看之前的一些週期。事實上，在上一個高峰期，我們看到轉化率一路飆升至簽約總數的 24% 左右。我認為這也非常令人鼓舞。

The only other thing I would add, Joe, that also gives us some measure of comfort, we've seen from quarter-to-quarter since the pandemic started, a relatively steady level of rooms under construction. And obviously, we've shared that with you in each of the quarterly calls.

喬，我要補充的唯一一件事也給了我們一些安慰，自大流行開始以來，我們已經看到每個季度的在建房間水平相對穩定。顯然，我們在每個季度電話會議中都與您分享了這一點。

And Joe, when you think about on the investment front, obviously, as you're adding more rooms on a relative basis to 2020, you'd see a little bit more investment. But when you think about the kind of classic typical investment either per deal or per average key in a full year, I would say we are not seeing any sort of meaningful increase in the amount of investment that were needed to put into deals. And obviously, when you look at our pipeline, for example, in the U.S., which is 80% limited service, there, typically, the investment is far less. And -- so I think while you would expect that our investment will increase a bit relative to the really low 2020 levels, I would not expect it to see it take kind of meaningful step-up relative to the overall numbers of rooms.

喬，當你考慮投資方面時，顯然，當你在相對於 2020 年的基礎上增加更多房間時，你會看到更多的投資。但是，當你考慮全年每筆交易或每筆平均關鍵的經典典型投資時，我會說我們沒有看到交易所需的投資量有任何有意義的增長。顯然，當你看看我們的管道時，例如，在美國，80% 的服務是有限的，通常，投資要少得多。而且 - 所以我認為雖然你會期望我們的投資相對於 2020 年的真正低水平有所增加，但我不希望它看到相對於房間總數的有意義的提升。

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

你的下一個問題來自摩根士丹利的 Thomas Allen。

And let me just echo my condolences to Arne's family and all of you at Marriott. As analysts, we were lucky enough to watch him as an incredible CEO, and experienced him as an amazing leader, And just that he will be truly missed.

讓我向 Arne 的家人和萬豪酒店的所有人表示哀悼。作為分析師，我們很幸運能夠看到他是一位了不起的 CEO，並體驗到他是一位了不起的領導者，而他將被人們真正懷念。

Thank you, Thomas.

謝謝你，托馬斯。

So for me, can we just talk about the all-inclusive strategy a bit more? In 2019, you announced Elegant Hotels acquisition. You've been intermittently announcing some more organic growth. And then that was the announcement this week or last week about -- with Sunwing. Can you just talk about what you've been learning so far as you've kind of built up this business?

所以對我來說，我們可以多談談全包戰略嗎？ 2019 年，您宣布收購 Elegant Hotels。你一直在間歇性地宣布一些更多的有機增長。然後就是本週或上週關於 Sunwing 的公告。你能談談到目前為止你在建立這項業務方面學到了什麼嗎？

Sure. Thomas, I think maybe I'll talk a little bit about all-inclusive from a growth and a deal side. And then I might ask Stephanie to chime in from a demand and a leisure perspective.

當然。托馬斯，我想也許我會從增長和交易方面談談全包。然後我可能會請斯蒂芬妮從需求和休閒的角度插話。

On the transaction side, as we talked about when we launched into the all-inclusive space, it was frustrating for us to see the pace of growth in the all-inclusive space, certainly in CALA, but even in Southeast Asia and some of the Eastern European resort markets, and not to have a platform to compete for those opportunities. Since our launch, the market reaction from the development community has been quite significant. I think one of the things that gives us so much enthusiasm about the Sunwing announcement, beyond the fact that it's great, rapid increase in our footprint, it has accelerated the volume of inquiries we're getting about new opportunities, particularly on the conversion side. And Sunwing is a terrific partner for us. They have been in the all-inclusive space much longer than we have, and we think it is going to be a very symbiotic relationship where we both have a lot to teach each other.

在交易方面，正如我們在進入全包空間時所說的那樣，看到全包空間的增長速度令我們感到沮喪，當然是在 CALA，但即使在東南亞和一些東歐度假市場，並沒有一個平台來爭奪那些機會。自推出以來，開發社區的市場反應非常顯著。我認為讓我們對 Sunwing 公告如此熱情的事情之一，除了我們足蹟的快速增長之外，它還加快了我們對新機會的詢問量，特別是在轉換方面. Sunwing 是我們的絕佳合作夥伴。他們在包羅萬象的空間裡的時間比我們長得多，我們認為這將是一種非常共生的關係，我們可以互相學習很多東西。

Stephanie, maybe you can chime in a little bit on leisure demand?

斯蒂芬妮，也許你可以在休閒需求上插話一下？

Yes. Sure, absolutely. We are really excited to see our offering and all-inclusive properties grow for our consumers. Leisure demand is very -- is the strongest segment right now. And it is also -- leisure is, as a segment, overall growing even faster than business travel. So we see a lot of runway for continued leisure demand. What we're most excited about with our all-inclusive properties is we're going to have properties across 7 of our brands, 7 of our premium and luxury brands. And it's going to be a terrific offering, particularly for our Marriott Bonvoy members. It is really -- anything that makes the Marriott Bonvoy program stickier and more engaging is great for our business. So whether it's growing our all-inclusive business, HVMI, of course, our terrific leisure properties around the world, we just see the growth of all-inclusive is a great proposition for our consumers.

是的。當然，絕對。我們很高興看到我們的產品和包羅萬象的物業為我們的消費者增長。休閒需求非常 - 是目前最強勁的部分。而且，作為一個細分市場，休閒旅遊的整體增長速度甚至超過商務旅行。因此，我們看到很多跑道可以滿足持續的休閒需求。對於我們的全包式酒店，我們最興奮的是我們將在 7 個品牌、7 個高端和奢侈品牌中擁有酒店。這將是一個了不起的產品，特別是對於我們的萬豪旅享家會員而言。確實 - 任何讓萬豪旅享家計劃更具粘性和吸引力的事情都對我們的業務大有裨益。因此，無論是發展我們的全包業務，HVMI，當然，我們在世界各地的極好的休閒物業，我們只是看到全包業務的增長對我們的消費者來說是一個很好的主張。

And then just sticking on the development front. In the past, you used to do about 1 bolt-on acquisition a year, thinking Delta, Protea, Gaylord. Is the current environment creating opportunities? And how do you think about kind of balancing it with your balance sheet?

然後只是堅持發展方面。過去，您通常每年進行大約 1 次補強收購，比如 Delta、Protea 和 Gaylord。當前環境是否創造機會？你如何看待它與你的資產負債表之間的平衡？

Sure. I think there are lots of conversations. I think from where I sit, I'll be surprised if there is a high volume of activity because I think buyer and seller pricing expectations are still out of alignment. And I think there may be some distressed circumstances where transactions occur. But I do think that gap is significant. We'll continue to look. And if we see something that makes sense, we'll use the same lens that we've always applied to the evaluation of bolt-on acquisitions, does it fill a gap for us in terms of either geographic distribution or segment and are the economics compelling.

當然。我認為有很多對話。我認為從我的角度來看，如果活動量很大，我會感到驚訝，因為我認為買賣雙方的定價預期仍然不一致。而且我認為交易發生時可能會出現一些令人沮喪的情況。但我確實認為差距很大。我們會繼續尋找。如果我們看到一些有意義的東西，我們將使用我們一直應用於評估補強收購的相同鏡頭，它是否填補了我們在地理分佈或細分市場方面的空白，以及經濟性引人注目。

Also -- maybe the last fine point I would put on that, not only for individual hotel transactions, but for M&A transactions, the financing markets are challenging at best. And I think that will have some cooling effect, potentially on the volume of M&A deals you see in the market.

此外 - 也許我要提出的最後一點，不僅對於個別酒店交易，而且對於併購交易，融資市場充其量也充滿挑戰。而且我認為這會產生一些降溫效果，可能會影響您在市場上看到的併購交易量。

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

你的下一個問題來自高盛的 Stephen Grambling。

I also want to share my condolences to everyone on the call as well as the entire Marriott and Sorenson family. We will miss Arne's voice, his openness and his outrageously fast response time in e-mails. So I guess it's just another sizability to connect with everyone.

我還想向通話中的每個人以及整個萬豪和索倫森家族表示哀悼。我們會想念 Arne 的聲音、他的坦率和他在電子郵件中的驚人快速響應時間。所以我想這只是與每個人聯繫的另一種規模。

So true.

如此真實。

So Leeny, you mentioned G&A in the $775 million $800 million range. Can you help us think about the different levers of costs that were removed? And how you may expect some of these to return perhaps in 2022 and beyond a more robust recovery? And as a related follow up, how do you think about permanent reductions in management costs or charge outs to owners that could also bolster margins for them and allow you to recapture IMS at a lower band RevPAR?

所以 Leeny，你提到 G&A 在 7.75 億美元到 8 億美元的範圍內。你能幫我們想想被移除的不同成本槓桿嗎？您如何預計其中一些可能會在 2022 年甚至更強勁的複甦之後回歸？作為相關的後續行動，您如何看待永久性降低管理成本或向所有者收費，這也可以提高他們的利潤率，並允許您以較低的 RevPAR 重新獲得 IMS？

Yes. Sure. So first of all, on the corporate G&A front, when you look at these levels compared to the 2019 levels, you're looking at a high-teens reduction in comparison. And you do need to remember that both of those numbers include bad debt. And while in the long run, bad debt is a cash cost, it is kind of in the year for the year, often not a cash cost because it's a reserve taken. And again, it's a little bit hard to predict exactly where that will go in '21. And I think you would normally expect in this environment, it might be a little bit higher than normal levels. And certainly in '19, it was not even anything to worry about. But overall, I would say, from a cash perspective, you would see that our cash cost on a G&A front with the $775 million to $800 million is -- that reduction is a bit higher than the high teens sort of number that I've described on the expense line.

是的。當然。因此，首先，在企業 G&A 方面，當您將這些水平與 2019 年的水平進行比較時，您會看到相比之下有十幾位的減少。你確實需要記住，這兩個數字都包括壞賬。雖然從長遠來看，壞賬是一種現金成本，但它有點年復一年，通常不是現金成本，因為它是一項準備金。再一次，很難準確預測 21 年的發展方向。而且我認為您通常會期望在這種環境下，它可能會比正常水平高一點。當然，在 19 年，甚至沒有什麼可擔心的。但總的來說，我想說，從現金的角度來看，你會看到我們在 G&A 方面的現金成本為 7.75 億至 8 億美元——這個減少比我所知道的高十幾歲的數字要高一些在費用線上描述。

And when I think about it going forward, Stephen, I would say a couple of things. First of all, obviously, I would expect that some will need to be added back as we move forward into a much improved picture for our industry. But I will also say that we undertook some work in 2020 that while extraordinarily painful and difficult, I think was a reflection that we view that it will take some time for the industry to recover. And we really need to put ourselves in a position where we could make these cost savings last a very long time, if not permanently. So while you could see costs go up a bit more than inflation, I think you will see most of these savings be sustainable.

當我考慮未來時，斯蒂芬，我會說幾件事。首先，很明顯，我希望隨著我們朝著行業大有改善的方向前進，需要重新添加一些內容。但我還要說的是，我們在 2020 年進行了一些工作，雖然非常痛苦和困難，但我認為這反映了我們認為該行業需要一段時間才能恢復。我們真的需要讓自己處於這樣一個位置，即我們可以使這些成本節省持續很長時間，如果不是永久的話。因此，雖然您可能會看到成本上漲幅度略高於通貨膨脹率，但我認為您會看到這些節省的大部分是可持續的。

And similarly, on the hotel front, we've done a lot of work to do things that are both temporary and sustainable on the cost front. We've obviously done some temporary reductions in fixed cost at the hotel level. We've obviously done some, again, really painful work in the way of furloughs, et cetera. But we've also done some really innovative things around how to better staff the hotels, how to better get our work done, how to manage some of the programmatic costs that go to those hotels. And I think those, again, will be sustainable.

同樣，在酒店方面，我們做了很多工作，在成本方面做一些既臨時又可持續的事情。我們顯然已經在酒店層面臨時削減了一些固定成本。顯然，我們在休假等方面又做了一些非常痛苦的工作。但我們也做了一些真正創新的事情，圍繞如何更好地為酒店配備員工、如何更好地完成我們的工作、如何管理這些酒店的一些項目成本。我認為這些將是可持續的。

When I think about in '21, what we've tried to do is (technical difficulty) to as much of the margins that we had in '19 as possible. So while I think the hotel margins will obviously suffer from a reduction in revenues compared to '19 at the hotel level. We think we have been able to save the vast majority of that margin decline through the work that we've done. And then obviously, as we move into a much more normal picture, there will be sustainable savings that allow us to get to a profitability point that returns back to where it was much quicker.

當我想到 21 年時，我們試圖做的是（技術難度）盡可能多地達到 19 年的利潤率。因此，雖然我認為與酒店層面的 19 年相比，酒店利潤率顯然會受到收入減少的影響。我們認為，通過我們所做的工作，我們已經能夠挽救絕大部分的利潤率下降。然後很明顯，隨著我們進入更加正常的局面，將會有可持續的節省，使我們能夠達到盈利點，從而更快地回到原來的位置。

Your next question comes from the line of Smedes Rose of Citi.

你的下一個問題來自花旗銀行的 Smedes Rose。

Our condolences as well regarding Arne. Just thinking about him, it just seems like he's always struck me as a man of such kind of grace. And it's just really sad that he's not with us anymore. I wanted to ask you...

我們也對 Arne 表示哀悼。只是想想他，似乎他總是給我留下如此優雅的印象。他不再和我們在一起真的很難過。我想問你...

Thank you, Smedes.

謝謝你，斯梅德斯。

I wanted to ask you, really just a little bit more about the relationship with owners who may be facing financial stress. And what, if anything, Marriott is doing, I guess, in terms of concessions or delayed payments or any other kinds of relief and whether some of those might be permanent?

我想問你，真的只是多一點關於與可能面臨財務壓力的業主的關係。我猜，萬豪在讓步或延遲付款或任何其他類型的救濟方面做了什麼，如果有的話，其中一些是否可能是永久性的？

Sure. I talked the question before about some substantive work that we've done to try to match the cost with the revenue decline in the short term and again, try to make a bunch of it sustainable. But overwhelmingly, our owners are paying us. And we've had tremendous success in collecting our receivables. Most hotels have reopened. And obviously, amongst the select service hotels, quite a few of them are actually cash flow positive. We have arranged payment plans for a large number of our hotels. And when you think about it typically, Smedes, they pay us in 30 days. And to be able to stretch that out over several months is a big help. And we're seeing there, again, overwhelmingly that they are making payments on those payment plans. And while there are obviously -- we need to get back to where there's substantial recovery to get them to a much better spot.

當然。我之前談到過這個問題，我們已經做了一些實質性的工作，試圖在短期內將成本與收入下降相匹配，並再次嘗試使其可持續。但絕大多數情況下，我們的業主正在付錢給我們。我們在收回應收賬款方面取得了巨大成功。大多數酒店已經重新開放。顯然，在精選服務酒店中，有相當一部分實際上是現金流為正的。我們已經為我們的大量酒店安排了付款計劃。當您通常考慮時，Smedes，他們會在 30 天內付款給我們。能夠將其延長幾個月是一個很大的幫助。我們再次看到，絕大多數人都在為這些付款計劃付款。雖然很明顯——我們需要回到有實質性複甦的地方，讓他們到達更好的位置。

For the moment, they are hanging in there, and they are able to pay some down and work with us to be able to navigate through this time. But I do agree with you, we are paying incredible attention to our cost on property and working with the owners to try to find ways to do even more. And a whole lot of this depends on what the owner's particular situation is, too, in terms of how well capitalized, what is the debt structure and what kind of market they're in. But overwhelmingly, we have seen really strong performance. And the newest information about the PPP loan extension and expansion as well as whatever may come from a stimulus bill, hopefully, will be added benefit to them as well.

目前，他們還在那裡，他們能夠支付一些首付並與我們合作，以便能夠度過這段時間。但我確實同意你的看法，我們非常關注我們的財產成本，並與業主合作，試圖找到做更多事情的方法。這在很大程度上取決於所有者的特殊情況，也包括資本充足率、債務結構是什麼以及他們所處的市場類型。但絕大多數情況下，我們已經看到了非常強勁的表現。希望有關 PPP 貸款延期和擴張的最新信息以及刺激法案可能帶來的任何信息也能為他們帶來更多好處。

Okay. And then I just wanted to ask you on the agreement with Sunwing. Did Marriott pay any upfront money for those properties to come into the system? And also, did the owner agree to invest any incremental CapEx? Or do you feel like they are kind of ready to go?

好的。然後我只是想問問你和Sunwing的協議。萬豪是否為這些進入系統的酒店支付了預付款？此外，所有者是否同意投資任何增量資本支出？或者你覺得他們有點準備好了？

Well, I'll take the first one, and then I'm going to turn it over to Tony for the second one. We would never get into specifics on a particular deal. But I can tell you that this was a very, very capital-light deal. I'll just leave it there.

好吧，我會拿第一個，然後我會把它交給 Tony 做第二個。我們永遠不會深入了解特定交易的細節。但我可以告訴你，這是一筆非常非常輕資本的交易。我會把它留在那裡。

And I think similarly, on the second half of your question, these are terrific physical assets. There are some modest renovation requirements, but these are pretty conversion-ready assets that we're excited to get into the system and start welcoming our Bonvoy guest.

同樣，我認為，在你問題的後半部分，這些都是非常好的實物資產。有一些適度的翻新要求，但這些都是非常適合轉換的資產，我們很高興進入系統並開始歡迎我們的 Bonvoy 客人。

Your next question comes from the line of Patrick Scholes of Truist Securities.

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

Certainly, our deepest condolences to both the Sorenson and Marriott families. Obviously, it goes without saying we will deeply miss him very much.

當然，我們向 Sorenson 和 Marriott 的家人表示最深切的哀悼。顯然，不用說我們會非常想念他。

Question for you, you talked about 94% of your hotels at the end of the year open and probably 6% not open. How might you think -- or what do you internally think about the trajectory of reopenings? And I assume those are mostly urban top 25 hotels, correct?

問你一個問題，你談到年底 94% 的酒店開業，可能有 6% 沒有開業。您會怎麼想——或者您內部對重新開放的軌蹟有何看法？我假設這些大多是城市排名前 25 位的酒店，對嗎？

Well -- so let me help you a little bit here. Thank you, Patrick, and we appreciate your thoughts. So first of all, in U.S. and Canada, we're only talking 3% of the hotels. So only 159 in all of North America. The biggest concentration is in Europe, where 34% of the hotels are closed. And then also in Caribbean and Latin America, where 11% of the hotels are closed. So I would say there can be some true structural reasons why in those markets, government regulations, actually, in some cases, require that the hotels been closed.

好吧，讓我在這里為您提供一些幫助。謝謝您，帕特里克，我們感謝您的想法。所以首先，在美國和加拿大，我們只談論 3% 的酒店。所以整個北美只有 159 個。最大的集中在歐洲，那裡有 34% 的酒店關閉。然後在加勒比海和拉丁美洲，那裡有 11% 的酒店關閉。所以我想說，在這些市場中，政府法規實際上在某些情況下要求關閉酒店，這可能有一些真正的結構性原因。

So I think one of the things that we've all learned over the last year is that, in many cases, even down at levels of 10% to 15% occupancy, a hotel can be better off being open than it is closed, from a cash flow perspective. And we've, again, done everything we can. Most of our charges, as you know, are based on revenues. So that floats with the occupancy.

所以我認為我們在過去一年中學到的一件事是，在許多情況下，即使入住率下降到 10% 到 15%，一家酒店開業也比關閉更好，從現金流的角度。我們再次竭盡所能。如您所知，我們的大部分收費都是基於收入。所以這會隨著入住率而浮動。

So I think, in general, we would, as you see things start to pick up a little bit, hopefully, as the vaccinations continue to progress even more, then you will start to see these remaining closed hotels open up.

所以我認為，總的來說，當你看到事情開始有所好轉時，我們希望隨著疫苗接種繼續取得更大進展，然後你將開始看到這些剩餘的關閉酒店重新開放。

Your next question comes from the line of Robin Farley of UBS.

你的下一個問題來自瑞銀的 Robin Farley。

Great. Please let me add my condolences on Arne's loss. I'm very sad. Obviously, he was such an unfailingly kind person. So I just want to add my condolences.

偉大的。請允許我對 Arne 的逝世表示哀悼。我好傷心。顯然，他就是這樣一個永遠善良的人。所以我只想表達我的哀悼。

Thank you, Robin.

謝謝你，羅賓。

My question is on the unit growth topic. I know conversion's visibility is kind of more limited, maybe only within the next few months, and removals kind of similarly. But when we think about gross unit additions from kind of new construction that would happen next year in '22, a lot of that would probably be underway or have to be underway already now. So I guess -- I wonder if you could give us some thoughts on the growth unit additions for '22? In other words, trying to get a feel for whether -- how much of the acceleration in gross additions in '21 is the openings that got pushed from '20 into '21? And kind of what that may look like past that, the impact of those openings sliding into '21?

我的問題是關於單位增長的話題。我知道轉化的可見性有點有限，可能只會在接下來的幾個月內發生，而刪除也有類似的情況。但是，當我們考慮明年 22 年將發生的某種新建築的總單位增加量時，其中很多可能已經在進行中，或者現在必須在進行中。所以我想 - 我想知道您是否可以就 22 年增加的增長單位給我們一些想法？換句話說，試圖了解是否 - 從 20 年推到 21 年的空缺在 21 年總增加量的加速中有多少？過去的情況是什麼樣子的，這些空缺進入 21 年的影響是什麼？

Robin, as I said in response to one of the earlier questions, state the obvious. There's a lot less visibility into the future than we had prior to the pandemic. I think beyond 2021, we're going to need to get a bit further into the economic recovery. We're going to have to see how quickly the financing markets rebound and how quickly construction starts -- begin to pick up.

羅賓，正如我在回答之前的一個問題時所說的那樣，陳述了顯而易見的事實。與大流行之前相比，我們對未來的了解要少得多。我認為 2021 年以後，我們將需要進一步進入經濟復甦。我們將不得不看看融資市場反彈的速度有多快以及建設開始的速度有多快 - 開始回升。

As I said, we do have 230,000 rooms under construction. But it is interesting, as I talk with our transactors around the world, the good news is we're generally not seeing much in the way of fallout of under construction pipe -- projects from the pipeline. I think if there's going to be an impact, it will likely be further impact on the length of the construction cycle. And so it's a little tough to know what that looks like in '22. I am hopeful that in the next couple of quarters, that visibility will improve a little bit. But I just don't think we've got great visibility beyond '21 at this point.

正如我所說，我們確實有 230,000 個房間在建。但有趣的是，當我與世界各地的交易者交談時，好消息是我們通常沒有看到在建管道的影響——來自管道的項目。我認為如果要產生影響，可能會進一步影響施工週期的長度。因此，很難知道 22 年的情況。我希望在接下來的幾個季度裡，能見度會有所提高。但我只是認為目前我們在 21 年後還沒有很好的知名度。

Okay. No. That makes sense. I mean it's actually surprising how many rooms are under construction, very similar to what it was a year ago, and actually given everything that's gone on, I would have thought that new starts would have made that number lower, but it's fairly consistent, 28,000 rooms different than a year ago. So that's why it seemed potentially encouraging for '22. But...

好的。不，這是有道理的。我的意思是，實際上有多少房間在建設中令人驚訝，與一年前非常相似，實際上考慮到所有發生的事情，我原以為新開工會使這個數字降低，但它相當一致，28,000房間與一年前不同。所以這就是為什麼它似乎對 22 年有潛在的鼓舞作用。但...

We agree. That's one of the statistics we've been watching. And to your point, it's quite encouraging that we've seen such stability in the volume of under construction rooms around the world.

我們同意。這是我們一直在關注的統計數據之一。就您的觀點而言，我們看到世界各地在建房間的數量如此穩定，這非常令人鼓舞。

Yes. And then just one quick follow-up. Can you give a little more color around the put option. It's just when we normally look at your what's added back restructuring -- for acquisition costs related to Starwood, obviously, that put option is a significant amount. So just a little bit of color around that.

是的。然後只是一個快速跟進。你能給看跌期權多一點顏色嗎？就在我們通常會查看您的重組後增加的內容時——對於與喜達屋相關的收購成本，顯然，看跌期權是一筆不小的數目。所以周圍只有一點點顏色。

Yes. Sure, absolutely. Yes, we always say, we're overwhelmingly done with the integration. And we're kind of hopeful that this is the last bit. But when we acquired the company, Starwood's management agreements for the Sheraton Grand Chicago and the Westin Times Square included very broad cross-brand territorial, which actually -- when you think about it, meant that for the rest of our 28 brands, we were severely limited in those areas.

是的。當然，絕對。是的，我們總是說，我們已經以壓倒性的速度完成了整合。我們有點希望這是最後一點。但是當我們收購這家公司時，喜達屋對芝加哥喜來登大酒店和時代廣場威斯汀酒店的管理協議包括非常廣泛的跨品牌領域，這實際上 - 當你想到它時，意味著對於我們其餘的 28 個品牌，我們是在這些地區受到嚴重限制。

So soon after we did the deal, we entered into a settlement agreement with a hotel owner where basically we granted that owner a onetime right to put the leasehold interest in the hotel to Marriott in 2022 for $300 million in cash. Now it's worth noting that there is a ground lease underneath this hotel. We actually don't have to buy that. If we want to buy that land, we'll have the right to for an additional $200 million, but it is worth noting that there is a ground lease on the hotel as well. But this is for buying the interest in the hotel.

在我們完成交易後不久，我們就與一家酒店業主簽訂了和解協議，基本上我們授予該業主一次性權利，在 2022 年以 3 億美元現金將酒店的租賃權益轉讓給萬豪。現在值得注意的是，這家酒店下面有地租。我們實際上不必購買它。如果我們想購買那塊土地，我們將有權額外支付 2 億美元，但值得注意的是酒店也有土地租約。但這是為了購買酒店的利益。

The other interesting part is that given the current economic conditions, we believe that the put is probable of being exercised. And as a result, we needed to reflect what we think is the current value. And obviously, all these markets are struggling, and that resulted in this charge.

另一個有趣的部分是，鑑於當前的經濟狀況，我們認為看跌期權很可能會被行使。因此，我們需要反映我們認為的當前值。顯然，所有這些市場都在苦苦掙扎，這導致了這一指控。

The other thing that's worth noting is that we actually have the right to not actually close on the put until late 2024. So even though it could get put to us in 2022, we wouldn't necessarily have to buy it until the end of '24. And so it's actually worth noting that also part of the impairment that we had in the contract, the amortization line reflects the fact that, frankly, right now, if you ask us, we would expect that we would defer that purchase until the end of '24 and continue to manage the hotel until the end of '24 to take into consideration the fact that we don't buy it until then.

另一件值得注意的事情是，我們實際上有權在 2024 年底之前不實際關閉看跌期權。因此，即使它可以在 2022 年交付給我們，我們也不一定要在 ' 24.因此，實際上值得注意的是，我們在合同中的部分減值，攤銷線反映了這樣一個事實，坦率地說，現在，如果你問我們，我們希望我們將購買推遲到'24 並繼續管理酒店直到 '24 年底，以考慮到我們在此之前不會購買它的事實。

The other part that I guess I'll add is that since that agreement was signed, we've actually added 4,000 rooms in the Chicago and New York markets. So while it is painful and clearly, a direct result of COVID, we do think that in the broad picture, it's really important for us to be able to have the capability to expand our brands in those really important markets.

我想我要補充的另一部分是，自該協議簽署以來，我們實際上已經在芝加哥和紐約市場增加了 4,000 個房間。因此，雖然這很痛苦，而且很明顯，這是 COVID 的直接結果，但我們確實認為，從廣義上講，能夠在那些真正重要的市場上擴展我們的品牌對我們來說真的很重要。

And if the value of the hotel improves over the next 2 years or between now and late '24, you would reverse some of the loss, I would assume, the value that's being run through?

如果酒店的價值在未來 2 年或從現在到 24 年底之間有所改善，我想你會扭轉一些損失，這是正在經歷的價值嗎？

Yes. Obviously, you've got to look at that every single quarter, and we would. But this will be a combination of a whole lot of different factors as we move over the next few years. But fundamentally, yes, you're right.

是的。顯然，你必須每個季度都檢查一下，我們會的。但隨著我們在未來幾年的發展，這將是許多不同因素的結合。但從根本上說，是的，你是對的。

Your next question comes from the line of Vin Ciepiel of Cleveland Research.

你的下一個問題來自克利夫蘭研究中心的 Vin Ciepiel。

Great. I also wanted to express my sympathy to Arne's family and the Marriott team. He certainly will be missed.

偉大的。我還想對 Arne 的家人和萬豪團隊表示同情。他肯定會被錯過。

I had a question on leisure. You mentioned the favorable trend lines there, expectations for outperformance in that segment for some time, meeting that demand with the all-inclusive offering. I wanted to dig more into your Homes & Villas. Just curious how you think you're progressing there? What you think about the trend lines and demand for short-term rentals as we live in an increasingly remote world? And how you think you're meeting the needs of those, around 150 million loyalty members in terms of their interest and appetite for short-term rentals?

我有一個關於休閒的問題。你在那裡提到了有利的趨勢線，對該細分市場一段時間內表現出色的預期，通過全包產品滿足該需求。我想深入了解您的房屋和別墅。只是好奇你認為你在那裡取得的進展如何？隨著我們生活在一個越來越偏遠的世界，您如何看待趨勢線和短期租賃需求？您認為您如何滿足大約 1.5 億忠誠會員對短期租賃的興趣和需求？

Great. Well, thank you, Vin, for that question. Yes, we really are excited about HVMI, primarily as an offering for our Marriott Bonvoy members. We launched that business in 2019 with about 2,000 homes as I mentioned in the prepared remarks. And the reason we launched the business is we were talking to our Marriott Bonvoy members and 8 out of 10 of them said not only -- not that they were just thinking about renting a home, but they actually had done it through another platform. So we knew it was an offering they wanted that we didn't have. And we knew it would be complementary to our core hotel business.

偉大的。嗯，謝謝你，Vin，提出這個問題。是的，我們對 HVMI 感到非常興奮，主要是為我們的萬豪旅享家會員提供的服務。正如我在準備好的發言中提到的那樣，我們在 2019 年推出了這項業務，擁有大約 2,000 個家庭。我們開展這項業務的原因是我們正在與我們的萬豪旅享家會員交談，其中十分之八的人表示，他們不僅在考慮租房，而且實際上已經通過另一個平台做到了。所以我們知道這是他們想要而我們沒有的產品。我們知道這將是對我們核心酒店業務的補充。

So we launched the business in 2019. We've grown it to 25,000 homes. There is about a couple of million homes in the segment in which we play in. I think it's really important when we talk about HVMI to make some distinction from other platform. First of all, we only have whole homes. We also -- it's not an open platform like some of the other players. You can't just put a home on there. We only work with professional housing management companies, and we have very, very strict standards about what type of premium and luxury homes we'll allow on the platform, standards around amenities, design aesthetic, service levels, safety, security, et cetera. So we are very strict about which homes get on the platform.

所以我們在 2019 年推出了這項業務。我們已經發展到 25,000 戶家庭。我們參與的細分市場中大約有幾百萬個家庭。我認為當我們談論 HVMI 時，與其他平台有所區別是非常重要的。首先，我們只有整棟房子。我們也 - 它不像其他一些玩家那樣是一個開放平台。你不能就在那里安家。我們只與專業的房屋管理公司合作，我們對平台上允許的優質和豪華住宅類型、便利設施標準、設計美學、服務水平、安全、保障等都有非常非常嚴格的標準。所以我們對平台上的房屋非常嚴格。

And one of the most important things about HVMI is you can earn loyalty points and burn loyalty points there. Yes, I mentioned in the prepared remarks that 90% of our bookings are coming from loyalty members. Also 30% of the bookings are redemptions. People redeeming their Marriott Bonvoy points. And we saw the business do well, particularly during last summer because people wanted a whole home. 40% of our HVMI destinations are actually new to Marriott. They're where we don't have hotels, and many of them are in more remote locations, which really was quite attractive during COVID. So we're excited about the offering, and we see it as complementary to our core business and a tremendous value proposition for our Marriott Bonvoy members.

關於 HVMI 最重要的事情之一是您可以在那裡賺取忠誠度積分並消耗忠誠度積分。是的，我在準備好的評論中提到，我們 90% 的預訂來自忠誠會員。此外，30% 的預訂是兌換。人們兌換萬豪旅享家積分。我們看到生意做得很好，尤其是在去年夏天，因為人們想要一個完整的家。我們 40% 的 HVMI 目的地實際上是萬豪的新目的地。他們是我們沒有酒店的地方，其中許多位於更偏遠的地方，這在 COVID 期間確實非常有吸引力。因此，我們對該產品感到興奮，我們將其視為對我們核心業務的補充，並為我們的萬豪旅享家會員提供巨大的價值主張。

Your next question comes from the line of Dori Kesten of Wells Fargo.

你的下一個問題來自富國銀行的 Dori Kesten。

I also want to offer my condolences. Arne was really one of a kind that will be sorely missed.

我也想表達我的哀悼。 Arne 確實是那種會被人們深深懷念的人。

Thank you, Dori.

謝謝你，朵麗。

I was wondering, I guess this is for Leeny, how important is it for Marriott internally to return to share repurchases and/or dividends? And is there anything beyond your leverage target that we should be using as a time line guide?

我想知道，我想這對 Leeny 來說，萬豪內部恢復股票回購和/或股息有多重要？在您的槓桿目標之外，我們應該使用什麼作為時間線指南？

No. I don't think so. I think, obviously, the stability of the marketplace will be important. I'm kind of assuming that we continue on the beginnings of this recovery and get to a much more stable place. I think we clearly have to recognize that it will take us a little while to get back to where our leverage ratios are where we want them to be, and we will need to be considering whether the market is as stable as it was from 2012 through 2019 when you think about the volatility of our cash flows.

不，我不這麼認為。我認為，顯然，市場的穩定性很重要。我有點假設我們會繼續這種複甦的開始，並到達一個更加穩定的地方。我認為我們必須清楚地認識到，我們需要一段時間才能將槓桿率恢復到我們希望的水平，而且我們需要考慮市場是否像 2012 年到 2012 年那樣穩定2019 年，當您考慮我們現金流量的波動時。

But I think, broadly speaking, looking at our business model and the way we generate cash, that I think the fundamental strategy is still the same, which is grow absolutely the best way we can with really efficient use of capital, resulting in a business model that generates significant excess cash over and above what we need to reinvest in the business. And in that respect, we would look forward to returning to both modest dividend and share repurchase.

但我認為，從廣義上講，看看我們的商業模式和我們產生現金的方式，我認為基本戰略仍然是相同的，這絕對是我們真正有效利用資本的最佳方式，從而實現業務增長產生大量超額現金的模型，超出我們需要再投資於業務的現金。在這方面，我們期待恢復適度的股息和股票回購。

Okay. And Stephanie, and as a follow-up, if you look out 3 years, how would you expect your exposure to leisure business, transient and group to have shifted? Are you of the belief that it'll eventually return to the distribution that we had over the last few years?

好的。斯蒂芬妮，作為後續行動，如果你展望未來 3 年，你預計你在休閒業務、臨時和團體方面的風險會發生怎樣的變化？你是否相信它最終會回到我們過去幾年的分佈？

Yes. When we look medium, longer-term task COVID, we think there is robust demand for travel across all segments: leisure, business travel, group meetings, there could be some slight shifts here and there. But again, we -- as I mentioned, we -- when the COVID gets under control, we see the demand come back. And we're already -- on the business travel side, we're starting to see green shoots. Our special corporate bookings in January in the month -- for the month were the best that we've seen since last fall. And when we look at the bookings from our corporate accounts further out, we're seeing them tick up each week, particularly from accounting and consulting firms and technology companies.

是的。當我們著眼於 COVID 的中期、長期任務時，我們認為所有細分市場的旅行需求都很強勁：休閒、商務旅行、團體會議，可能會有一些輕微的變化。但是，我們——正如我提到的，我們——當 COVID 得到控制時，我們看到需求又回來了。我們已經 - 在商務旅行方面，我們開始看到綠芽。我們在 1 月份的特別公司預訂 - 當月是我們自去年秋天以來看到的最好的。當我們進一步查看公司賬戶的預訂時，我們發現它們每週都在增加，尤其是來自會計和諮詢公司以及技術公司的預訂。

So again, post COVID, we see robust travel demand across all segments. Again, could there be some shifts here and there, yes, but we're quite bullish on the overall outlook.

因此，在 COVID 之後，我們再次看到所有細分市場都有強勁的旅行需求。同樣，是否會有一些變化，是的，但我們非常看好整體前景。

Your next question comes from the line of Chad Beynon of Macquarie.

你的下一個問題來自 Macquarie 的 Chad Beynon。

I'd also like to offer my condolences as well. We have learned so much from Arne, and he was such a kind person to all of us.

我也想表達我的哀悼。我們從 Arne 那裡學到了很多東西，他對我們所有人都非常友善。

Thank you, Chad.

謝謝你，乍得。

Tony, somewhat of a hypothetical, but how do you think domestic price integrity in ADRs will play out once occupancies improve, I guess, near-term in the back half of 2021 and then medium-term in 2022? Obviously, this is the higher component of house profit in IMS. Was there anything that you saw in China in the fourth quarter in terms of how pricing played out? And anything to think about this from prior cycles?

托尼，有點假設，但你認為一旦入住率在 2021 年下半年近期和 2022 年中期有所改善，國內 ADR 價格完整性將如何發揮作用？顯然，這是 IMS 中房屋利潤的較高部分。就定價如何發揮作用而言，您在第四季度在中國看到了什麼？從之前的周期中有什麼可以考慮的嗎？

Sure, Chad. I think -- this is Stephanie. I'll take that one on pricing. I mean pricing is really about compression, not trip purpose. And so in normal times, we can get compression from leisure business and our resorts when they are quite busy or special events. And our retail rates, we don't really differ between business and leisure. We do have some negotiated volume discounts for corporate accounts. But the key to pricing really is about occupancy rebounding. And right now, that's the challenge. I mean, in terms of ADR, it fell very steeply in April and May of last year. And that was driven by very low occupancies, and we had caregiver rates and the like in our hotels. But the occupancy did tick up throughout the year. Of course, it varies market to market. In general, last year, we saw luxury ADR hold up best with extended stay ADR next. And again, it really does get to compression. I think it will be interesting to watch this recovery. If demand comes back much more quickly than we anticipated, we may be able to grow ADR faster than we did coming out of the last downturn. But again, it's really about -- it's more about compression than it is about trip purpose.

當然，乍得。我想——這是斯蒂芬妮。我會接受那個定價。我的意思是定價實際上是關於壓縮，而不是旅行目的。因此，在正常情況下，當休閒業務和我們的度假村非常繁忙或有特殊活動時，我們可能會受到壓力。而我們的零售價，我們在商務和休閒之間並沒有真正的區別。我們確實為公司帳戶提供了一些協商的批量折扣。但定價的關鍵實際上是入住率反彈。而現在，這就是挑戰。我的意思是，就 ADR 而言，它在去年 4 月和 5 月急劇下降。這是由非常低的入住率推動的，我們的酒店有看護費等。但全年的入住率確實有所上升。當然，它因市場而異。總的來說，去年，我們看到豪華 ADR 表現最好，其次是長期住宿 ADR。再說一次，它確實可以壓縮。我認為觀察這種複蘇會很有趣。如果需求恢復的速度比我們預期的要快得多，我們可能能夠比上次走出低迷時更快地增長 ADR。但同樣，它真的是 - 它更多地是關於壓縮而不是關於旅行目的。

Ladies and gentlemen, we have reached the allotted time for questions and answers. I'll now return the call to Leeny Oberg for additional or closing comments.

女士們，先生們，我們已經到了規定的問答時間。我現在將電話轉回給 Leeny Oberg，以徵求更多意見或結束意見。

Thank you very much. I appreciate everybody joining this morning. We can't wait to see you out on the road, and thank you again so much for your kind thoughts. Take care.

非常感謝。感謝大家今天早上的加入。我們迫不及待地想在路上見到你，再次感謝你的善意。小心。

Thank you for participating in Marriott International's Fourth Quarter 2020 Earnings Conference Call. You may now disconnect.

感謝您參加萬豪國際集團 2020 年第四季度收益電話會議。您現在可以斷開連接。