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，歡迎參加萬豪國際集團2020年第四季財報電話會議。 （操作說明）

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

現在我將會議交給投資者關係高級副總裁傑基·伯卡·麥康納哈女士。請開始吧。

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.

各位早安。我們所有人都對總裁兼執行長阿恩·索倫森先生的突然離世感到無比悲痛。他是一位傑出的遠見卓識的領導者，但更重要的是，他是一位傑出的人。我們將深深懷念他。

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.

如你所知，本月初，Arne決定減少工作量，以便全心投入健康管理。經與董事會協商，Arne邀請了我們領導團隊的兩位資深成員——消費者營運、技術及新興業務集團總裁Stephanie Linnartz和全球開發、設計及營運服務集團總裁Tony Capuano——共同負責公司的日常營運。 Stephanie和Tony將繼續履行這項職責，直至董事會任命新的總裁兼首席執行官，預計將在未來兩週內完成。

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.

今天上午，Stephanie 和 Tony 將參加我們的電話會議。和往常一樣，我們的執行副總裁兼財務長 Leeny Oberg 以及投資者關係副總裁 Betsy Dahm 也將出席。

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.

我在此提醒各位，我們今天所作的許多陳述並非歷史事實，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，具體內容已在提交給美國證券交易委員會（SEC）的文件中闡述，這些風險和不確定因素可能導致未來的實際結果與我們在陳述中明示或暗示的內容有重大差異。我們今天稍早發布的新聞稿及相關陳述僅於今日有效，不會隨著實際情況的發展而更新。

Please also note that unless otherwise stated, our RevPAR 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，我們的每間可供出租客房收入 (RevPAR) 和入住率數據反映的是系統範圍內按固定匯率計算的同比變化，且包含因新冠疫情而暫時關閉的酒店。您可以在我們的投資者關係網站上查閱我們的獲利報告以及今天發言中提及的所有非公認會計準則 (non-GAAP) 財務指標的調節表。

And now I will turn the call over to Leeny.

現在我將把電話交給李尼。

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，早安。和大家一樣，得知阿恩過世的消息，我感到非常悲痛。能夠與這樣一位傑出而才華橫溢的領導者共事，並擁有阿恩這樣一位摯友，我深感榮幸。許多朋友都向我們表達了對他的家人和萬豪酒店的慰問，並分享了與他共事的美好回憶。你們的慰問讓我們倍感安慰。

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.

今天早上，史蒂芬妮、東尼和我都想和你們分享一些關於阿恩的故事。在飯店業，工作本身就包含大量的出差。那時候，阿恩出差的時候，會帶領他的許多同事（我們很感興趣）在飯店附近進行清晨跑步。我喜歡平常獨自跑步，所以會加入他們，看著阿恩如何想辦法和隊伍裡的每個人交流，他會先和跑得快的人一起跑，然後再跑回步行的人身邊，努力和每個人建立聯繫。他會問他們關於家庭、在萬豪酒店的工作以及對各自市場的看法。

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.

跑步活動會在六點半結束，之後他還要投入一整天的會議，以及至少五場飯店參觀。看得出來，他很享受與人建立聯繫的過程，而且他非常關心這些人。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.

我們全體員工都致力於傳承我們傑出領導者的遺志，並在此基礎上繼續發展。當然，今天早上我們也想向大家報告公司的最新進展。今天，我們將按照慣例召開財報電話會議，Stephanie 將重點介紹客戶和需求方面的情況，Tony 將探討客房業務的成長和發展趨勢。我將介紹我們的財務表現和流動性。

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.

鑑於疫苗接種速度以及由此導致的市場需求復甦存在不確定性，我們今天將不提供獲利預期。不過，我們將分享一些關於2021年幾個關鍵領域的展望。我們將在準備好的發言結束後回答各位的問題。現在，我將把發言權交給史蒂芬妮。

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，早安。這週，我們失去了一位摯友和良師益友。 Arne是一位傑出的領導者，無論對萬豪酒店集團還是對整個行業都貢獻良多，他風趣幽默，又不失競爭精神。和Leeny一樣，我也記得我們一起跑步的無數次經驗。他總是贏我，總是如此。但我最懷念的還是Arne的謙遜、他的謙遜以及他對培養他人的熱情。過去六年，我和Arne一起參加了在達沃斯舉行的世界經濟論壇。

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.

第一年，我幾乎全程都跟著阿恩，認真聆聽他的講解，從他與人交流中獲益匪淺。第二年，我們剛到公司，他鼓勵我獨立工作，就像把我從「小窩」裡推出來一樣。他鼓勵我安排自己的會議，接受媒體訪問。他相信我已經準備好了。阿恩一貫的風格就是賦能於我，讓我不斷成長。他知道這對我個人和公司都有好處。這才是真正的領導力：相信你的團隊，並幫助團隊成員建立自信。我很榮幸曾與他共事，我們都致力於傳承他的精神，繼續發揚他的成就。

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.

我知道阿恩希望我們談談業務。那麼，就讓我先從這方面說起。新冠疫情對我們業務的影響之大，超乎我們的想像，使得2020年成為公司歷史上最具挑戰性的一年。全年全球每間可供出租客房收入（RevPAR）下降了60%，平均入住率僅略高於35%，而2019年全年則為73%。 2020年，入住率和RevPAR同比變化從4月的低谷開始，在夏季和初秋穩步回升。然而，隨著全球許多市場新冠病例激增，我們看到全球復甦步伐在第四季和2021年的前幾週趨於平緩。目前，我們超過94%的飯店已恢復營業。

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，各地區的復甦軌跡差異顯著。中國大陸普遍認為疫情已受到控制，因此引領了復甦，並充分展現了需求的韌性。 7月份入住率達60%，並在2020年底前一直維持在該水準以上。中國大陸第四季每間可供出租客房收入（RevPAR）較去年同期僅下降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.

第四季度，馬爾地夫和杜拜等其他地區也出現了需求快速復甦的跡象。在兩國政府放寬旅遊/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，世界許多國家重新實施了嚴格的臨時旅行和聚集限制措施，以應對不斷上升的病毒感染病例。正如我們在傳統的旅行高峰期——從感恩節到新年假期期間所看到的那樣，美國的需求顯然對政府旅行建議中新冠病例激增的情況非常敏感。

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%.

歐洲許多城市也採取了封鎖措施。同樣，在中國，為了遏制病毒傳播，我們最近看到一些市場在1月和2月期間實際上處於封鎖狀態，持續數週之久，導致這些市場的入住率大幅下降。整體而言，中國大陸今年迄今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，一旦這些臨時封鎖措施解除，我們看到需求迅速回升。例如，成都和青島當地政府宣布疫情已獲得控制並取消旅行限制後，兩地的飯店入住率在短短兩週內就從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.

1月全球入住率及年比RevPAR下降幅度與12月大致相同。展望2021年剩餘時間，預訂窗口仍很短，有許多不確定因素。雖然疫苗正在逐步推廣，但速度尚不明朗，因此無法預測入住率何時才能顯著回升。但隨著時間的推移，假設有效疫苗的普及，我們樂觀地認為復甦步伐將會加快，並在全年加速。

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，我們很高興看到商務和休閒散客預訂需求以及團體預訂量出現了一些小幅回升的跡象。雖然年比仍大幅下降，但散客預訂速度和我們直接預訂網站的訪問量近期有所改善。總統日長週末的入住率創下了疫情爆發以來長週末的最高紀錄，這主要得益於休閒需求的強勁增長。此外，我們也開始看到商務預訂方面出現了一些成長動能。

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.

2021年美國和加拿大的團體收入成長率仍較2020年同期大幅下降。因此，下半年的下滑幅度有所緩和。 1月份，2022年及以後的團體預約量表現強勁。此外，這些預訂的平均每日房價比2020年1月預訂的2021年及以後的住宿價格高出11%。這些都是令人鼓舞的跡象，顯示一旦疫情得到有效控制，未來幾年的旅遊需求將會十分強勁。

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.

在當前環境下，我們思考行銷策略時，團隊會持續分析最新的消費者趨勢，以製定復甦策略。我們專注於個人化和在地化，力求在工作與生活界線日益模糊的當下，抓住更多休閒和休閒旅行的機遇，並不斷拓展數位化直銷管道，尤其是萬豪旅享家應用程式。我們近期發布了全新升級的萬豪旅享家應用程序，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.

在疫情期間，萬豪旅享家平台的強大功能變得更加顯而易見，因為我們超過 1.47 億的會員中，許多人除了入住我們的酒店外，還繼續以其他方式與我們互動。

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.

我們的萬豪旅享家信用卡持卡人一直保持著極高的活躍度。 2020 年，全球信用卡消費額年減 16%，與每間可供出租客房收入 (RevPAR) 的大幅下滑形成鮮明對比。雖然從財務角度來看影響不大，但近期我們為會員提供的最重要的擴展服務之一是我們的整屋租賃平台——萬豪國際旗下 Homes & Villas (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.

不到兩年前，平台上的房源數量從最初的約2,000套增加到如今的約25,000套。同時，我們也看到萬豪旅享家會員的需求不斷增長，2020年超過90%的HVMI房晚預訂都由會員完成。

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.

我們持續致力於提升飯店需求，並與會員保持密切互動，推出創意內容和專屬優惠，包括「奢華之旅」和「萬豪旅享家逍遙遊」促銷活動。此外，去年年初，我們將精英會員的會籍有效期延長至2022年初，並且近期又向會員帳戶充值了精英會籍有效房晚，助力他們在2022年更快地晉升精英會員。

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?

在把電話交給托尼之前，我想感謝我們遍布全球的優秀團隊成員，他們在這些充滿挑戰的時期展現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，史蒂芬妮，早安。阿恩是一位傑出的人，我很榮幸能稱他為朋友和導師。我和他一起的一次旅行最能體現他的獨特之處。 2016年我們收購喜達屋之後，阿恩希望他的高階管理團隊進行一次為期8天的環球之旅。他想盡可能多地參觀酒店，歡迎新同事的加入，並讓他們親身感受萬豪以人為本的企業文化。他希望我們每個人都能和他一起參與。在參觀一家又一家酒店的過程中，阿恩盡可能與人見面，與每個人握手，並看著他遇到的每個人的眼睛。他是如此真誠，如此坦率。

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.

除了這些會議之外，他還會抽出時間與他的領導團隊相處。我特別記得有一次飛往中東的夜間航班。接近清晨，阿恩把我們都叫醒，帶到飛機後方的休息室，讓我們聚在一起，享受彼此的陪伴。這很符合阿恩的風格。他想打造一個團結的團隊，團隊成員之間雖然不畏激烈的辯論，但彼此真心喜歡和尊重，而他也做到了。因為我們朝著同一個方向努力，我們的工作也變得輕鬆許多。

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.

以阿恩一貫的謙遜，我想他會說我們應該進入正題。那麼，現在讓我來談談我們的客房成長情況。 2020年，我們在全球新增了近63,000間客房，客房總數增加了4.6%。這一年的客房新增受到施工進度放緩、供應鏈問題以及部分業主因新冠疫情而暫時推遲酒店開業的影響。亞太地區是2020年客房新增量超過2019年的地區，新增客房超過18,000間，客房總數較2019年底成長超過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.

近期，我們在中國上海開設了第50家酒店－上海JW萬豪酒店，標誌著我們國際業務成長持續強勁，堪稱一項卓越的成就。淨成長方面，計入1.5%的減損損失，我們的全球分銷較去年同期成長3.1%。儘管部分飯店因新冠疫情相關原因退出我們的系統，但減損幅度總體上與過去三年的平均水準持平。

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.

儘管2020年全年簽約量不如年初預期，但我們的整體專案儲備依然領先產業，截至年底累計超過49.8萬間客房。此外，我們的住宅品牌業務也持續成長，住宅簽約量再創新高，充分證明了我們品牌的強大實力。

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.

假設疫情控制取得進展，我們預計2021年全年客房總成長率將加速至約6%。儘管部分工程開工延遲，開業時間也可能繼續推遲，但我們46%的在建項目已在建設中。此外，我們預計今年將受惠於2020年延至今年開幕的項目。同時，由於業主及其貸款方尋求加入萬豪體系後帶來的額外營收和利潤成長，我們預期今年的改制也將產生顯著影響。

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.

我們對近期在卡拉（CALA）宣布的改建交易感到非常高興，預計將為我們的全包式酒店組合新增19家度假村和近7000間客房。這是我們在卡拉迄今為止最大的一筆交易。這些飯店與我們專注於休閒度假的策略完美契合，而休閒度假目前正是我們需求最強勁的細分市場。雖然這些酒店不在我們年底的計劃之內，但預計它們都將在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.

現在讓我們來看看2021年淨客房成長的展望。若不計入89家服務型飯店信託（SVC）帶來的約100個基點的一次性不利因素（這些飯店大多是有限服務型飯店，將於3月底退出我們的系統），我們預期淨客房成長率將達到1.5%至2%。由於可能出現更多與新冠疫情相關的退出，這一增長率略高於我們近期的預期。

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.

結合我們對客房總數成長的預期，我們預期淨客房成長率約為3%至3.5%，其中包括現有SVC飯店的客房。我們已經收到多家業主對這些市場新交易的意向，並期待有機會用更新的產品替換許多第一代有限服務型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.

我們需求復甦策略的關鍵在於始終高度重視賓客與員工的健康與安全。我們在去年四月首次推出了更高的清潔標準。此後，我們不斷拓展非接觸式科技的應用，例如手機和網路辦理入住、手機鑰匙和手機聊天，以期在當前環境下為賓客重新打造入住體驗。

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，我們開始在部分飯店推出針對團體會議的額外健康防疫措施，包括現場體溫檢測和提供新冠病毒檢測服務。同時，我們也始終與業主和加盟商緊密合作，幫助他們應對當前充滿挑戰的時期，並採取多項措施大幅降低他們的成本。這些措施包括：在獲得貸款方同意的情況下，免除大多數飯店的家具、設備及用品（FF&E）費用；降低部分項目和服務的固定費用；以及延長翻新工程的延期期限。此外，我們還在必要時與酒店協商制定付款計劃，我們非常欣慰地看到，絕大多數酒店都能按時支付賬單。

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，我也想特別感謝我們的員工。在疫情期間，他們始終實踐著萬豪的企業文化，無論是照顧第一線緊急應變人員、為有需要的人準備餐食，或是在飯店組織捐血活動，他們都盡心盡力。他們是一支卓越的團隊，我們為此感到無比自豪。

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

現在我將把電話轉回給Leeny，讓他更詳細地談談我們第四季的財務狀況。

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.

謝謝托尼。 2020年第四季，全球每間可供出租客房收入（RevPAR）下降了64%，入住率為35%。正如史蒂芬妮所指出的，中國大陸繼續引領復甦。休閒旅遊仍然是中國大陸最強勁的需求驅動力。第四季度，休閒旅遊的入住量連續第二季年增兩位數。該地區的商務散客和團體旅遊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細分市場都出現了這種被壓抑的需求釋放的跡象。事實上，團體旅遊在第四季約佔總客房夜數的20%，與2019年的分佈情況基本持平。

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.

第四季亞太其他地區的需求也持續改善，入住率達到 35%，比第三季成長 10 個百分點，這主要得益於澳洲、韓國和日本的國內休閒旅遊，以及馬爾地夫和印度等國的經濟重新開放。

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，休閒旅遊和自駕遊市場在第四季依然表現強勁。第四季每間可供出租客房收入（RevPAR）年減65%，與第三季的降幅基本一致，入住率為35%，略低於第三季的37%。鑑於2020年商務旅遊整體水準較低，通常第四季出現的入住率季節性下降幅度較小。

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。第四季中東和非洲地區的飯店入住率達36%，較第三季提升11個百分點，反映出中東許多主要市場的國內休閒需求強勁。然而，由於大多數國家在第二波疫情高峰過後重新實施限制措施，歐洲的復甦在2020年最後幾個月有所放緩。

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，我們在歐洲約有三分之一的飯店暫時關閉，入住率下降至 15%。在 CALA 地區，第四季約有 20% 的飯店關閉，但度假村，特別是墨西哥的度假村，推動該地區的入住率從第三季的 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.

由於全球每間可供出租客房收入（RevPAR）下降64%，我們第四季的總費用收入為4.23億美元，較去年同期下降57%，與第三季同比降幅基本一致。第四季4,400萬美元的激勵管理費收入中，超過60%來自亞太地區，其中三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毛營業利潤，全年盈利的酒店比例超過90%。這些業績反映了隨著疫情得到有效控制，市場需求強勁反彈，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%.

在特許經營費方面，我們與RevPAR無關的特許經營費持續保持韌性，第四季總計1.33億美元，比去年同期下降15%，信用卡品牌費下降18%。

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

第四季一般及行政費用年減 31%，反映了我們大幅降低成本的努力。

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，我們的所得稅準備金總額為 1.5 億美元，主要原因是收購前 Starwood 稅務審計的有利解決方案。

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.

我們公佈的第四季調整後 EBITDA 為 3.17 億美元，比去年第四季下降了 65%，與第三季的降幅基本相同。

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.

接下來我將談談現金消耗狀況。正如我們在先前的電話會議中所述，即使第四季度每間可供出租客房收入（RevPAR）下降了64%，我們的月度現金消耗率也僅略微為負。公司10月份支付的1.3億美元401(k)退休金匹配款項以及因付款時間安排而增加的現金利息的影響，部分被持續強勁的應收帳款回收工作和穩健的會員現金流所抵銷。鑑於營收大幅下降，我們對2020年強勁的現金流狀況感到滿意。

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，經營活動產生的淨現金流為16億美元，其中包括修訂聯名信用卡協議帶來的一次性收益9.2億美元。在扣除這9.2億美元以及所有投資支出後，我們仍然實現了正的經營現金流，在每間可供出租客房收入（RevPAR）下降60%的情況下，這一業績表現強勁。這些結果充分展現了我們輕資產商業模式的強大優勢，也證明了我們公司能夠快速有效地適應市場需求的顯著快速變化。

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.

忠誠度計畫是關鍵因素，在2019年為淨現金流出後，2020年創造了超過5億美元的淨現金流。今年忠誠度計畫帶來的正現金流還不包括信用卡相關費用，包括EBITDA以及從修訂後的聯名信用卡協議中獲得的9.2億美元現金。由於消費者信用卡支出保持強勁，忠誠度計畫受益於信用卡項目的強勁現金流入，同時其營運成本和兌換費用也大幅下降。鑑於入住率較低，無論是兌換晚數或飯店兌換價格，兌換費用都遠低於往年水準。

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.

第四季末，在償還了超過6億美元的債務後，我們的淨流動資金約為44億美元。公司淨流動資金包括約8億美元的可用現金餘額，以及36億美元的未提取循環信貸額度。我們相信，我們良好的流動性狀況和穩健的經營現金流足以讓我們輕鬆履行短期和長期債務義務。

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.

我還想簡單說明一下與芝加哥喜來登大飯店選擇權相關的2.43億美元第四季費用。在喜達屋收購案完成後不久，我們授予酒店所有者一項一次性權利，允許其在2022年以3億美元現金將租賃權益出售給萬豪酒店集團。鑑於目前的市場環境，我們認為該選擇權很可能被行使，因此我們增加了相關負債。我們有權將該選擇權的交割日期延後至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，雖然我們不會給予RevPAR或獲利預測，但我會就一些我們能夠預見的方面做一些簡要說明。首先是營收方面。依照目前的RevPAR水平，我們預期2021年全年RevPAR每變動1個百分點，與2019年RevPAR相比，我們費用的變動幅度可能在每年3,500萬美元至4,000萬美元之間。

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 年的 RevPAR 名目水平，2021 年 RevPAR 與 2020 年 RevPAR 相比變化 1 個百分點的影響可能更接近 1500 萬美元至 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2020年所見，由於IMS的波動性以及包含與RevPAR無關的特許經營費，這種關係並非線性關係。為了在美國和其他IMS優先於業主優先事項的市場開始賺取IMS，我們需要看到RevPAR水準的顯著提升。我們預計2021年大部分IMS收入仍將來自國際市場。我們預計2021年與RevPAR無關的費用將保持穩定，並實現強勁的同比增長。

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年一般及行政費用總額為7.75億美元至8億美元。請注意，考慮到非現金股票補償，一般及行政費用中的現金部分將低於此範圍。全年利息支出預計約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.

接下來談談其他幾項將影響現金流的主要項目。我們預計2021年全年的現金稅為2.75億美元至3億美元。不包括預計會分期償還的款項，全年投資支出預計總計為3.75億美元至4.5億美元。我們預計還有2億美元的投資支出將分期償還，因此2021年全年投資支出總額將達到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。我們預計，即使在聯名信用卡公司支付的款項減少（相當於償還了2020年收到的9.2億美元中的約三分之一）之後，2021年忠誠度計劃的現金流量仍將大致持平。

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難以預測，但我們樂觀地認為，今年內將取得顯著進展。我們已經看到了被壓抑的旅行需求的真實體現，並期待著迎接越來越多的賓客入住我們的酒店。

We'll now open the line for questions.

現在我們將開放提問環節。

(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肖恩凱利。

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.

我想先向索倫森和馬裡奧特家族及團隊致以最深切的慰問，哀悼阿恩的離世。我們都非常珍惜大家在電話會議上分享的故事和回憶，與他相處的時光讓我們都受益良多。我們將永遠懷念他，深深思念他。

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.

如果可以的話，我想把注意力轉移到一些評論上，感謝團隊今天早上分享的精彩內容。我想，或許可以先談談史蒂芬妮提到的一些復甦跡象，以及我們在旅遊業中開始看到的一些積極變化。史蒂芬妮，如果可以的話，我想請你詳細解釋一下你之前關於團體預訂情況的評論，尤其是在今年這個階段，你能否給我們提供更多資訊？另外，關於房價，你提到了上漲11%。可否幫我們解讀一下這個數字？我認為這非常令人鼓舞，而且與我們在其他酒店環境或不同周期中可能看到的有所不同。

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.

當然可以。就我們的團體業務而言，我們很高興看到一些非常積極的趨勢。正如我在事先準備好的發言稿中提到的，截至2020年第四季末，我們2021年的團體業務成長率預計將下降57%。但下半年僅下降了25%至30%。此外，在團體業務方面，我們也看到一些正面的趨勢，例如團體取消預訂的情況有所改善。 2021年下半年的團體取消預訂量已大幅下降，並且2022年及以後將恢復到正常水準。

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.

我們也觀察到一些令人欣喜的銷售線索數量趨勢。雖然目前仍落後於2019年，但情況正在好轉。事實上，在過去的45天裡，銷售線索數量增加了20到30個百分點。因此，與2020年第四季的情況相比，這是一個顯著的進步。

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.

關於團體活動，我還想指出一點——我們開始看到一些更常見的團體活動增加。例如，我們開始看到今年第四季有一些激勵性會議的預訂。

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.

關於您提到的房價問題，是的，一月份的預訂量非常強勁，這真是太棒了。事實上，這是我們近年來最好的幾個月，而且未來幾年的房價也上漲了11%。需要說明的是，這些以較高價格預訂未來幾年的團體大多是飯店內部團體，而不是全市範圍的團體。我們目前還沒有看到全市範圍的預訂量回升。

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，團體業務方面的情況恰恰印證了會議和團體業務終將回歸。雖然速度可能比我們預期的要慢，但我們已經看到了需求。正如你所想，肖恩，我們一直在與客戶、會議策劃人員以及我們的大客戶溝通。他們都渴望重返旅途，開展業務。

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，我們也看到一些非常正面的團體預訂情況。事實上，中國的團體預訂量占我們客房預訂總量的20%，令人鼓舞。中國市場的發展勢頭強勁，顯示人們對旅行的需求被壓抑已久。在中國疫情爆發六週後，人們開始重新預訂飯店客房，最初是休閒旅遊。但隨著時間的推移，商務旅行和團體旅遊的需求迅速增長。當然，其中大部分是國內旅遊，但需求依然強勁。因此，我們對目前在團體預訂方面看到的情況感到非常振奮。

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喬·格雷夫。

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。阿恩顯然是一位才華橫溢的高管，多年來他在萬豪酒店和整個酒店行業所做的貢獻贏得了所有人的尊敬。但我印象最深刻的是他為人正直，待人彬彬有禮，是所有人學習的榜樣。我知道這對你們來說是一個巨大的損失，所以我想提一下。

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?

東尼，我的問題是想請教你。我希望你能對今年的客房總數展望做個分析，具體來說，你能詳細說說客房總數的組成嗎？其中有多少是改建客房？有多少是新建客房？在新建客房中，有多少是疫情前建成的，又有多少是自去年三月以來開工的那些服務有限的新建項目？另外，考慮到2021年即將開幕的客房總數，你認為2022年及以後的投資支出會比今年加快嗎？

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.

好的。首先，非常感謝您的友善評價，我們深表感激。展望2021年的新酒店開業，正如我們在事先準備好的演講稿中提到的，新酒店開業數量將加速增長至約6%。顯而易見，與疫情前相比，目前市場的可見度要低得多。但我認為，有一些因素讓我們對目前的預期更有信心。首先，截至目前，我們在全球有約23萬間客房正在興建中。您也聽到了我們之前提到的Sunwing全包式度假村項目，該項目將新增7000間客房。這些因素將使我們2021年的新酒店開業數量增加近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.

你說得對，去年有不少在建酒店原計劃於2020年開業，但由於新冠疫情導致的工期延誤，開業時間有所推遲。我們預計其中相當一部分酒店將於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.

最後我想說的是，雖然現在還處於初期階段（今年才過了10到11週），但我們已經看到了一些令人鼓舞的跡象，例如轉換率正在加速提升。回顧2020年第四季度，我們約有21%的簽約客戶最終成功轉換。這是自2019年第一季以來轉換率最高的一次。我們也回顧了之前的幾個週期。事實上，在上一個高峰期，轉換率一度飆升至簽約總數的24%左右。我認為這同樣令人振奮。

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，我還要補充一點，這一點也讓我們感到些許欣慰：自從疫情爆發以來，我們看到每季在建客房數量都保持相對穩定。當然，我們在每次季度電話會議上都和您分享了這一點。

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，從投資角度來看，顯然，隨著客房數量的增加（相對於2020年），投資額也會略有增加。但如果考慮每筆交易或每間客房全年的平均投資額，我認為我們並沒有看到交易所需投資金額有任何實質成長。顯然，以我們在美國的專案為例，其中80%是有限服務型飯店，那裡的投資額通常要低得多。因此，雖然預計我們的投資金額會比2020年的低水平略有增長，但我預計它不會相對於客房總數出現顯著增長。

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湯瑪斯艾倫。

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.

我謹向阿恩的家人以及萬豪酒店的所有同事致以最深切的慰問。作為分析師，我們有幸見證了他作為一位傑出CEO的卓越表現，也親身感受到了他作為一位傑出領導者的風範。他的離世令人無比惋惜。

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，我們可以再詳細談談你們的全包式戰略嗎？ 2019年，你們宣布收購Elegant Hotels。之後，你們也斷斷續續地宣布了一些其他的自然成長計畫。然後，就在上週，你們又宣布了與Sunwing的合作。你們能談談在發展這項業務的過程中，你們都學到了什麼嗎？

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。湯瑪斯，我想我會先從成長和交易的角度談談全包式度假。然後我可能會請史蒂芬妮從需求和休閒的角度補充一些內容。

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，正如我們當初進軍全包式度假村領域時所討論的，全包式度假村領域的增長速度令我們感到沮喪，尤其是在CALA地區，甚至東南亞和一些東歐度假市場也是如此，而我們卻缺乏一個能夠參與競爭的平台。自從我們推出以來，開發商的市場反應非常熱烈。我認為，Sunwing的收購消息之所以讓我們如此興奮，除了它能大大拓展我們的商業版圖之外，更重要的是，它加速了我們收到的新合作機會諮詢量，尤其是在度假村改造方面。 Sunwing是我們的絕佳合作夥伴。他們在全包式度假村領域的經驗比我們豐富得多，我們相信這將是一個互惠互利的合作關係，雙方都能從中獲益良多。

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

史蒂芬妮，或許你可以就休閒需求發表一下看法？

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，絕對是如此。我們非常高興看到我們的產品和服務，尤其是全包式飯店，能夠為消費者帶來更多選擇。休閒旅遊的需求非常強勁，是目前最強勁的細分市場。而且，休閒旅遊作為一個整體，其增長速度甚至超過了商務旅行。因此，我們認為休閒旅遊的需求仍有很大的成長空間。我們最興奮的是，我們將在旗下7個品牌－7個高端和豪華品牌－推出全包式飯店。這將為我們的萬豪旅享家會員帶來絕佳的體驗。任何能增強萬豪旅享家會員黏性和吸引力的舉措，都對我們的業務大有裨益。所以，無論是發展我們的全包式業務（當然還有HVMI），還是在全球範圍內打造我們優質的休閒酒店，我們都認為全包式旅遊的增長對我們的消費者來說是一個極具吸引力的選擇。

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?

然後我們再來看看發展方面。過去，你們每年大約會進行一次小型收購，例如收購 Delta、Protea 和 Gaylord。目前的市場環境是否創造了新的機會？你們又是如何考慮如何在資產負債表上平衡這些收購的呢？

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。我認為有很多相關的討論。就我個人而言，如果交易量很大，我會感到驚訝，因為我認為買賣雙方的價格預期仍然存在分歧。而且我認為可能會有一些迫於無奈的交易發生。但我確實認為這種差距很大。我們會繼續關注。如果我們發現合適的收購目標，我們會用評估補充收購時一貫採用的視角：它能否在地域分佈或細分市場方面填補我們的空白，以及其經濟效益是否具有吸引力。

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，最後一點需要補充的是，無論是單一飯店交易還是併購交易，目前的融資市場都充滿挑戰。我認為這會對併購交易的數量產生一定的抑製作用。

Your next question comes 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 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.

我還要向所有參加電話會議的人以及馬裡奧特和索倫森家族全體成員致以最深切的慰問。我們會想念阿恩的聲音、他的坦誠以及他回覆郵件的驚人速度。我想，這大概就是我們跟大家聯絡的另一個難關吧。

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?

Leeny，您提到一般及行政費用在7.75億至8億美元之間。您能否幫我們分析哪些成本被削減了？您預計其中一些成本會在2022年及以後，隨著經濟更強勁的復甦而重新出現嗎？另外，您如何看待永久性降低管理成本或向業主收取費用，從而提高他們的利潤率，並使您能夠在較低的每間可供出租客房收入（RevPAR）水平下重新獲得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。首先，就公司一般及行政費用而言，與2019年的水準相比，目前的水準下降了近10%。需要注意的是，這兩個數字都包含了壞帳。雖然從長遠來看，壞帳是現金成本，但在當年，它通常不是現金成本，因為它是提列的準備金。同樣，很難準確預測2021年的情況。我認為在目前的經濟環境下，壞帳水準可能會略高於正常水準。當然，在2019年，壞帳根本不成問題。但總的來說，從現金角度來看，我們一般及行政費用的現金成本在7.75億美元到8億美元之間——這一降幅略高於我之前提到的費用降幅。

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.

史蒂芬，展望未來，我想說幾點。首先，很顯然，隨著我們行業情況的顯著好轉，一些成本肯定需要重新投入。但我也想說，我們在2020年開展的一些工作雖然極其痛苦和艱難，但我認為這反映出我們認為產業復甦需要一段時間。我們確實需要確保這些成本節約能夠長期持續，甚至永久有效。因此，雖然成本可能略高於通貨膨脹率，但我認為大部分的節約措施都是可持續。

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，在飯店方面，我們也做了很多工作，力求在成本控制方面做到既有臨時性又可持續。顯然，我們已經在酒店層面暫時削減了一些固定成本。我們也確實採取了一些非常痛苦的措施，例如員工休假等等。但我們也採取了一些真正具有創新性的措施，例如如何更好地為飯店配備人員、如何更有效率地完成工作、如何管理一些飯店相關的專案成本。我認為這些措施同樣是可持續的。

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.

展望2021年，我們努力的目標是盡可能地恢復到2019年的利潤率水準（此處存在技術性問題）。雖然我認為酒店層面的收入較2019年有所下降，酒店利潤率肯定會受到影響，但我們相信，透過我們所做的工作，已經能夠最大程度地減少利潤率的下降。而且，隨著經濟狀況逐漸恢復正常，我們將能夠持續節省成本，從而更快地恢復到先前的獲利水準。

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

你的下一個問題來自 Smedes Rose of Citi 的系列。

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...

我們也對阿恩的離世表示哀悼。一想到他，我就覺得他一直是個風度翩翩、優雅高貴的人。他已經不在人世了，這真的令人非常難過。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?

我想再問您一些關於萬豪酒店與可能面臨財務困境的業主之間的關係方面的問題。萬豪酒店是否採取了任何措施，例如提供優惠、延期付款或其他形式的援助？這些措施中是否有些是永久性的？

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。我之前已經談過，為了在短期內使成本與收入下降相匹配，並努力使大部分成本能夠持續下去，我們做了一些實質的工作。但總的來說，我們的業主都在按時付款。我們在應收帳款的回收方面也取得了巨大的成功。大多數酒店已經重新開業。顯然，在精選服務酒店中，相當一部分實際上實現了正現金流。我們已經為許多酒店制定了付款計劃。通常情況下，Smedes 的付款週期是 30 天。能夠將付款期限延長至幾個月，對我們來說意義重大。而且我們看到，絕大多數業主都在按計畫付款。當然，我們還需要盡快恢復到經濟的實質復甦階段，才能讓他們的處境好轉。

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，他們仍在堅持，能夠償還部分款項，並與我們合作渡過難關。但我同意您的觀點，我們非常重視物業成本，並與業主合作，努力尋找更多節省成本的方法。當然，這很大程度上取決於業主的具體情況，例如資金狀況、債務結構以及所處的市場環境。但總體而言，我們看到了非常強勁的業績。有關PPP貸款延期和擴大以及可能出台的任何刺激法案的最新信息，希望也能為他們帶來額外的好處。

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。然後我想問一下關於與Sunwing的協議。萬豪是否為這些物業的併入系統支付了任何預付款？另外，業主是否同意追加任何資本支出？或者您覺得他們已經準備就緒了？

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，第一個我來處理，第二個交給東尼。我們不會透露具體交易的細節。但我可以告訴你，這是一筆非常非常輕資本的交易。我就說到這兒吧。

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.

關於您問題的後半部分，我也認為這些都是非常棒的實體資產。雖然需要進行一些簡單的翻新，但這些資產基本上已經具備改造條件，我們非常期待將它們納入系統，並開始迎接萬豪旅享家的客人。

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，我們向索倫森家族和馬裡奧特家族致以最深切的慰問。毋庸置疑，我們將無比懷念他。

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?

我有個問題想請教您，您提到年底時您旗下94%的飯店已經重新開業，可能還有6%尚未開業。您如何看待——或者說，您內部對酒店重新開業的趨勢有何看法？我猜這些酒店主要指的是城市排名前25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.

好的—讓我來幫您解答一下。謝謝您，派崔克，我們很感謝您的想法。首先，在美國和加拿大，我們說的只是3%的飯店。也就是說，整個北美只有159家飯店關閉。最集中的地區是歐洲，有34%的飯店關閉。其次是加勒比海和拉丁美洲，那裡有11%的酒店關閉。所以我認為，在這些市場，可能存在一些真正的結構性原因，在某些情況下，政府法規實際上要求酒店關閉。

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.

所以我覺得過去一年我們都學到的一點是，在很多情況下，即使入住率只有10%到15%，從現金流的角度來看，飯店開門營業也比關門歇業更有利。而且，我們已經盡了一切努力。如您所知，我們的大部分費用都是基於收入的，所以會隨著入住率的變化而波動。

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，隨著情況開始好轉，希望隨著疫苗接種工作的繼續推進，我們會看到這些剩餘的關閉飯店重新開放。

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

你的下一個問題來自瑞銀集團的 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.

太好了。請容許我向阿恩的離世表示慰問。我非常難過。他顯然是一位非常善良的人。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?

我的問題是關於單元增長的。我知道改建的可見度比較有限，可能只能在未來幾個月內看到，拆除的情況也類似。但是，如果我們考慮2022年新建單元的總量，其中許多項目可能已經在進行中或必須已經開始了。所以我想問您能否就2022年的單元成長情況談談您的看法？換句話說，我想了解一下，2021年新增單元數量的增長有多少是由於2020年推遲到2021年開放的？而這些新樓盤延期到2021年會對未來產生怎樣的影響？

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，正如我之前回答某個問題時所說，你說的顯而易見。與疫情爆發前相比，我們現在對未來的可見度要低得多。我認為2021年後，我們需要進一步觀察經濟復甦的進程。我們需要觀察融資市場反彈的速度以及建築開工的速度。

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，我們目前有23萬間客房正在建設中。但有趣的是，當我與世界各地的交易員交流時，好消息是，我們總體上沒有看到在建項目受到太大影響。我認為，如果真要說有什麼影響，那很可能是工期進一步延長。因此，現在很難預測2022年的情況。我希望在接下來的幾個季度裡，情況能有所改善。但就目前而言，我認為我們對2021年以後的情況還不太清楚。

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...

好吧。不，這說得通。我的意思是，在建房間的數量確實令人驚訝，和一年前差不多。考慮到過去發生的一切，我原本以為新開工的房間數量會減少，但實際上數量相當穩定，比一年前多了28,000間。所以，這看起來對2022年來說可能是個好兆頭。但是…

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。正如您所說，全球在建房間數量保持如此穩定，確實令人鼓舞。

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。還有一個後續問題。能再詳細解釋一下看跌期權嗎？我們通常會在分析您提到的重組成本時——例如與喜達屋相關的收購成本——會發現看跌期權的金額相當可觀。所以，請您再詳細解釋一下。

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，絕對的。是的，我們一直都說，整合工作基本上已經完成。我們也希望這是最後的收尾工作。但是，當我們收購這家公司時，喜達屋與芝加哥喜來登大酒店和時代廣場威斯汀酒店的管理協議中包含非常廣泛的跨品牌區域限制，實際上——仔細想想——這意味著我們旗下其他28個品牌在這些區域的運營受到了極大的限制。

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.

交易完成後不久，我們就與一位飯店業主達成了一項和解協議。根據該協議，我們授予該業主一次性權利，允許其在2022年以3億美元現金將酒店的租賃權轉讓給萬豪酒店集團。需要注意的是，這家旅館本身也存在土地租賃權。我們實際上不必購買這塊土地。如果我們想購買這塊土地，我們可以額外支付2億美元，但要注意的是，飯店本身也存在土地租賃權。不過，我們此次收購的是飯店的租賃權。

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.

另一個值得關注的地方是，鑑於當前的經濟形勢，我們認為該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價值。顯然，所有市場都面臨困境，這也導致了這項價格上漲。

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.

另一點值得注意的是，我們實際上有權在2024年底前不完成該項看跌期權的交割。因此，即使該選擇權可能在2022年被賣給我們，我們也不一定非要在2024年底前買進。所以，值得注意的是，合約中減損損失的一部分，即攤銷部分，也反映了這樣一個事實：坦白說，如果您問我們，我們預計會將購買推遲到2024年底，並繼續管理該酒店直至2024年底，以考慮到我們在此之前不會購買該酒店。

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.

我想補充的另一點是，自從簽署協議以來，我們在芝加哥和紐約市場實際上新增了4000間客房。所以，雖然這很艱難，而且顯然是新冠疫情的直接後果，但我們認為，從長遠來看，能夠在這些至關重要的市場拓展我們的品牌至關重要。

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?

如果飯店的價值在未來兩年內，或是從現在到 2024 年底之間有所提升，我想，你就能挽回部分損失，也就是彌補目前損失的價值吧？

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，每個季度我們都必須關注這個問題，我們也會這樣做。但未來幾年，這將受到許多不同因素的綜合影響。但從根本上來說，是的，你說得對。

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

你的下一個問題來自克里夫蘭研究公司的 Vin Ciepiel。

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

太好了。我也想向阿恩的家人和萬豪酒店團隊表達我的慰問。他一定會被大家懷念的。

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?

我有一個關於休閒度假的問題。您曾提及該領域的良好發展趨勢，預計未來一段時間內該領域將表現優異，並透過全包式服務來滿足市場需求。我想更深入地了解您的房屋和別墅業務。我很好奇您認為該業務進展如何？隨著我們生活在一個日益疏離的世界，您如何看待短期租賃的發展趨勢和需求？您認為您是如何滿足約1.5億忠誠會員對短期租賃的興趣和需求的？

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.

太好了。謝謝Vin的提問。是的，我們對HVMI（萬豪旅享家）真的非常興奮，尤其是它能為我們的萬豪旅享家會員提供更多選擇。正如我在準備的發言稿中提到的，我們在2019年推出了這項業務，當時擁有大約2000套房來源。我們推出這項業務的原因是，我們與萬豪旅享家會員進行了交流，其中十位會員中有八位表示，他們不僅考慮過租房，而且實際上已經透過其他平台租過房。所以我們知道，這是他們想要而我們之前沒有提供的服務。我們也知道，這項服務能夠與我們的核心酒店業務形成互補。

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.

我們在2019年推出了這項業務，目前已發展到擁有25,000套住宅。我們所處的細分市場大約有幾百萬套住宅。我認為，在談到HVMI時，與其他平台進行一些區分非常重要。首先，我們只提供整套住宅。其次，我們的平台並非像其他一些平台那樣開放。你不能隨意上傳房屋資訊。我們只與專業的房屋管理公司合作，並且對平台上的高端和豪華住宅有著非常嚴格的標準，包括配套設施、設計美學、服務水準、安全保障等等。因此，我們對入駐平台的房屋有著非常嚴格的篩選標準。

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.

HVMI最重要的優勢之一在於您可以在這裡賺取和使用積分。是的，我在準備的發言稿中提到，我們90%的預訂都來自會員。此外，還有30%的預訂是積分兌換，也就是人們使用萬豪旅享家點數兌換的。我們看到這項業務發展良好，尤其是在去年夏天，因為人們想要租整棟房產。我們HVMI目的地中有40%是萬豪的新項目。這些目的地是我們之前沒有飯店的地區，而且很多都位於較為偏遠的地方，這在疫情期間確實很有吸引力。因此，我們對這項服務感到非常興奮，我們認為它與我們的核心業務相輔相成，並為我們的萬豪旅享家會員提供了巨大的價值。

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。阿恩真的是個獨一無二的人，他的離世令人無比惋惜。

Thank you, Dori.

謝謝你，多莉。

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?

我想問一下，Leeny，對於萬豪內部而言，恢復股票回購和/或分紅有多重要？除了你們的槓桿目標之外，還有其他指標可以當作時間表參考嗎？

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。顯然，市場穩定至關重要。我大致認為，我們將繼續保持目前的復甦勢頭，並最終走向更穩定的局面。我們必須清楚地認識到，槓桿率恢復到理想水平還需要一段時間，而且考慮到現金流的波動性，我們也需要考慮市場是否像2012年至2019年那樣穩定。

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.

但總的來說，我認為，從我們的商業模式和現金流生成方式來看，我們的基本策略仍然不變，那就是以最高效的方式利用資本，實現最佳增長，從而打造一個能夠產生大量盈餘現金的商業模式，這些盈餘現金將用於業務再投資。在這方面，我們期待恢復適度派發股利和股票回購。

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。史蒂芬妮，作為後續問題，如果你展望未來三年，你預計你在休閒旅遊、散客和團體旅遊方面的投資會發生怎樣的變化？你認為最終會恢復到過去幾年的分佈模式嗎？

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。從中長期來看，我們認為新冠疫情的影響依然強勁，各領域的旅遊需求都很旺盛：休閒、商務旅行、團體會議等等，雖然可能會有一些小幅波動。但正如我之前提到的，一旦疫情得到控制，我們預期需求將會回升。在商務旅行方面，我們已經開始看到復甦的跡象。 1月我們收到的企業專屬預訂量是自去年秋季以來最高的。而且，當我們查看企業客戶的長期預訂情況時，發現預訂量每週都在增長，尤其是來自會計和諮詢公司以及科技公司的預訂量。

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.

所以，後疫情時代，我們看到各個細分市場的旅遊需求依然強勁。當然，某些領域可能會出現一些波動，但我們對整體前景非常樂觀。

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

你的下一個問題來自麥格理集團的查德·貝農。

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。我們從阿恩身上學到了很多，他對我們所有人都非常友善。

Thank you, Chad.

謝謝你，查德。

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?

東尼，我這個問題有點假設性，但你認為一旦入住率有所改善，國內平均房價（ADR）的走勢會如何？我猜短期內（2021年下半年）和中期（2022年）入住率會有所改善。顯然，這部分利潤在IMS（綜合市場分析）中佔比較高。你在中國第四季的房價走勢中觀察到了什麼？你覺得從以往的周期中可以藉鏡哪些經驗？

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，查德。我想——我是史蒂芬妮。關於定價，我來回答。我的意思是，定價的真正關鍵在於壓縮成本，而不是旅行目的。所以在正常情況下，休閒旅遊和度假村在客流量大或舉辦特殊活動時，我們可以實現成本壓縮。我們的零售價格，商務和休閒旅遊的價格其實差不多。我們確實為企業客戶提供一些協商好的批量折扣。但定價的關鍵在於入住率的回升。而這正是目前的挑戰。我的意思是，就平均房價而言，去年四、五月大幅下降。這主要是由於入住率極低，而且我們酒店還推出了護理人員優惠價等等。但入住率在全年都有所回升。當然，不同市場的情況也不盡相同。總的來說，去年豪華飯店的平均房價表現最好，其次是長期住宿飯店的平均房價。再說一遍，這確實與成本壓縮有關。我認為觀察這次復甦將會很有趣。如果需求復甦速度遠超預期，我們或許能夠比上次經濟低迷時期更快提昇平均房價。但話說回來，關鍵在於壓縮客運量，而非出行目的。

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，問答環節時間已到。現在我將把電話轉給莉妮·奧伯格，請她補充或作總結發言。

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。感謝今天早上各位的參與。我們迫不及待在路上見到你們，再次感謝你們的關心。保重。

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年第四季財報電話會議。您現在可以斷開連線了。