萬豪國際 (MAR) 2020 Q3 法說會逐字稿

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

女士們、先生們，感謝各位的耐心等待，歡迎參加萬豪國際集團2020年第三季財報電話會議。（操作說明）

I would now like to hand the conference over to our speaker today, Arne Sorenson, President and CEO. Please go ahead.

現在我謹將會議交給我們今天的演講嘉賓，總裁兼執行長 Arne Sorenson。請繼續。

Good morning, everyone, and welcome to our third quarter 2020 conference call. Joining me today are Leeny Oberg, Executive Vice President and Chief Financial Officer; Jackie Burka McConagha, our Senior Vice President, Investor Relations; and Betsy Dahm, Vice President, Investor Relations.

各位早安，歡迎參加我們2020年第三季電話會議。今天與我一同出席的有：執行副總裁兼財務長 Leeny Oberg；資深副總裁兼投資者關係負責人 Jackie Burka McConagha；以及副總裁兼投資者關係負責人 Betsy Dahm。

I want to 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.

我想提醒大家，我們今天發表的許多評論並非歷史事實，而是聯邦證券法意義上的前瞻性陳述。這些聲明受到許多風險和不確定因素的影響，正如我們在提交給美國證券交易委員會的文件中所述，這些風險和不確定因素可能導致未來的結果與我們在評論中明示或暗示的結果有重大差異。我們今天早些時候發布的評論和新聞稿中的聲明僅在今天有效，不會隨著實際情況的發展而更新。

Please also note that, unless otherwise stated, our RevPAR 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) 和入住率評論反映了系統範圍內按固定匯率計算的同比變化，適用於可比酒店，並且包括因 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的獲利報告以及我們今天演講中提到的所有非GAAP財務指標的調節表。

Before I talk about the quarter, I want to again thank our incredible team of associates around the world who continue to work tirelessly and show true resilience during these challenging times. The power of the Marriott culture has never been more evident, and I am incredibly grateful. I hope everyone joining us today is staying safe and well.

在談到本季業績之前，我想再次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繼續不懈努力，展現了真正的韌性。萬豪文化的力量從未如此顯而易見，我對此無比感激。希望今天所有參加我們節目的朋友都平安健康。

While COVID-19 is still significantly impacting our business, our third quarter results showed meaningful improvement versus the second quarter. Third quarter worldwide RevPAR declined 66%, almost 19 percentage points better than last quarter's decline. Globally, 94% of our hotels are now open, with 97% open in North America.

儘管 COVID-19 疫情仍對我們的業務造成重大影響，但我們第三季的業績與第二季相比有了顯著改善。第三季全球每間可供出租客房收入下降了 66%，比上一季的降幅小了近 19 個百分點。全球範圍內，我們94%的飯店已經重新開業，北美地區的開業率更是高達97%。

Our worldwide occupancy levels improved each month during the quarter and continued to close the gap to last year's. We saw a steady climb in demand through August, and then the rate of improvement began to plateau towards the end of the quarter in most regions. However, we are pleased with the overall progress we have made since the trough in April.

本季度，我們全球入住率逐月提高，並持續縮小與去年同期的差距。8 月我們看到需求穩定成長，但到了季度末，大多數地區的成長速度開始趨於平穩。然而，我們對自四月份低谷以來的整體進展感到滿意。

In September, our global occupancy reached just over 37%, an improvement of 25 percentage points from April's 12%. Worldwide RevPAR in September declined 64% versus September of last year, over 25 percentage points better than the year-over-year decline in April.

9 月份，我們的全球入住率達到略高於 37%，比 4 月份的 12% 提高了 25 個百分點。9 月全球每間可供出租客房收入 (RevPAR) 比去年 9 月下降了 64%，比 4 月同比下降幅度小了 25 個百分點以上。

The recovery trajectories have differed greatly by region. The recovery in Greater China, especially in Mainland China, has been the strongest. Results have improved meaningfully since February, demonstrating the resiliency of travel when the virus is perceived to be firmly under control.

各地區的復甦軌跡差異很大。大中華區，特別是中國大陸的復甦勢頭最強勁。自二月以來，結果有了顯著改善，這表明當人們認為病毒得到有效控制時，旅遊業展現了強大的韌性。

Occupancy in Mainland China reached 67% in September, a bit ahead of occupancy in September of last year, and extraordinary improvement from 9% occupancy in February. In 2019, around 75% of room nights in Mainland China were sourced from domestic markets -- domestic guests, excuse me. Even with strict travel entry requirements, limiting visitors from outside the mainland, demand has rebounded strongly across all segments.

中國大陸9月份入住率達67%，略高於去年9月份的入住率，與2月份9月份的9%相比有了顯著改善。2019 年，中國大陸約 75% 的客房夜數來自國內市場——抱歉，指的是國內客人。即使實施了嚴格的入境要求，限制來自中國大陸以外的遊客，各個領域的需求仍然強勁反彈。

Leisure transient bookings in the third quarter were over 25% ahead of last year's bookings, helped by domestic travelers taking more trips inside the country. Business transient and group bookings have strengthened each month since February solely from domestic meetings and events, but are still lagging a bit compared to last year.

第三季休閒散客預訂量比去年同期增長超過 25%，這得益於國內遊客在國內進行了更多旅行。自 2 月以來，光是國內會議和活動就帶動了商務散客和團體預訂量逐月增長，但與去年同期相比仍略顯落後。

Hong Kong and Macau, which are reliant on visitors from the mainland, are recovering more slowly as travel restrictions are easing. But cumbersome entry procedures are still inhibiting demand.

依賴內地遊客的香港和澳門，隨著旅遊限制的放寬，復甦速度較為緩慢。但繁瑣的入境程序仍然抑制了需求。

Demand in the rest of the Asia Pacific has also continued to improve, but generally at a much slower pace. Countries are in various stages of reopening, with many still imposing strict travel restrictions. Japan, Australia, New Zealand, South Korea and the Philippines continue to drive performance, helped by quarantine business for travelers entering those countries.

亞太其他地區的需求也持續改善，但整體成長速度要慢得多。各國重新開放的階段各不相同，許多國家仍實施嚴格的旅行限制。日本、澳洲、紐西蘭、韓國和菲律賓持續推動業績成長，這得益於入境這些國家的旅客的隔離業務。

In North America, where 95% of room nights in 2019 were sourced from domestic travelers, results in the third quarter were also meaningfully better than the second quarter, though the rate of improvement did slow in September. Third quarter RevPAR declined 65% versus the third quarter of last year, with occupancy reaching 37%.

在北美，2019 年 95% 的客房夜數來自國內旅行者，第三季度的業績也明顯好於第二季度，儘管 9 月份的改善速度有所放緩。第三季每間可供出租客房收入（RevPAR）較去年同期下降了65%，入住率達37%。

During the quarter, all chain scales continued to show improvement versus the second quarter, although there were still large variations among hotels and markets. Drive-to leisure demand continue to lead the recovery, particularly for extended stay and resort hotels and for properties in secondary and tertiary markets. Business transient and group bookings in the quarter picked up modestly versus the second quarter, but still remains significantly lower versus last year.

本季所有連鎖飯店的業績均較第二季有所改善，但飯店和市場之間仍存在較大差異。自駕休閒需求持續引領復甦，尤其是長期住宿飯店、度假飯店以及二、三線市場的物業。本季商務散客和團體預訂量較第二季略有回升，但仍遠低於去年同期水準。

The improvement in demand in Europe, the Middle East and Africa and the Caribbean and Latin America, or CALA, has been -- has also been slower than in North America and China. In the last few weeks, rising numbers of cases in many countries in Europe and CALA have led governments to reimpose or extend lockdowns, travel restrictions and social distancing regulations. These measures discourage international travelers who made up about 40% of Europe's room nights and about 60% of CALA's room nights in 2019.

歐洲、中東、非洲、加勒比海和拉丁美洲（簡稱 CALA）的需求改善速度也比北美和中國慢。在過去幾周里，歐洲和拉丁美洲許多國家的病例數量不斷上升，導致各國政府重新實施或延長封鎖、旅行限制和保持社交距離的規定。這些措施阻礙了國際旅客的出行，而國際旅客在 2019 年佔歐洲酒店客房夜數的約 40%，佔 CALA 酒店客房夜數的約 60%。

Compared to CALA and Europe, demand trends have been a bit better in the Middle East and Africa, where international guests have historically made up around 50% of room nights. Certain resort properties in Turkey, the UAE and Qatar were particularly strong in the quarter. Currently, 20% of hotels are closed in CALA, 26% of hotels are closed in Europe and 9% are closed in the Middle East and Africa.

與 CALA 和歐洲相比，中東和非洲的需求趨勢略好一些，國際客人歷來佔客房夜數的 50% 左右。本季度，土耳其、阿聯酋和卡達的某些度假村物業表現尤為強勁。目前，CALA地區有20%的飯店關閉，歐洲有26%的飯店關閉，中東和非洲有9%的飯店關閉。

Globally, the plateauing of demand that we saw towards the end of the third quarter has generally continued in the first few weeks of the fourth quarter. Occupancy levels in most regions have remained relatively in line to slightly better versus September levels, which were marginally ahead of occupancy levels in August. Booking windows remain very short, and visibility is still limited. Nonetheless, we do expect an easier year-over-year RevPAR comparison in the fourth quarter given our historical seasonality.

在全球範圍內，我們在第三季末看到的需求趨於平穩的趨勢，在第四季的前幾週基本上仍在持續。大多數地區的入住率與 9 月份的水平基本持平或略有提高，而 9 月份的入住率又略高於 8 月份的入住率。預訂窗口期仍然很短，而且能見度仍然有限​​。不過，考慮到我們以往的季節性因素，我們預期第四季的RevPAR年比會更容易。

We usually see a substantial step down in occupancy around the world in November and December as compared to September and October due to the holidays and relatively less business travel. In 2019, global occupancy was around 5 percentage points lower in November than October, and then December occupancy was another 8 percentage points lower than November.

由於假期和商務旅行相對減少，我們通常看到 11 月和 12 月全球酒店入住率與 9 月和 10 月相比大幅下降。2019 年 11 月全球入住率比 10 月低約 5 個百分點，12 月入住率又比 11 月低 8 個百分點。

This year, with the leisure segment showing the strongest demand, we could see occupancy levels throughout the fourth quarter remain relatively flat September and October. As a result, year-over-year RevPAR comparisons could look better in the fourth quarter than they did in the third.

今年，休閒旅遊市場需求最為強勁，我們預計第四季（9月和10月）的入住率將保持相對穩定。因此，第四季的同比RevPAR可能會比第三季好一些。

Of course, as we have seen to date, results vary greatly by region and can change quickly, and the recent virus resurgences in numerous countries could have a dampening effect on demand.

當然，正如我們迄今為止所看到的，結果因地區而異，而且變化很快，最近許多國家病毒的再次爆發可能會對需求產生抑製作用。

We know the road to recovery is going to take some time. However, we have been very pleased with the progress we are making across a number of key operational and financial areas. One of the biggest operational adjustments has been our heightened cleanliness standards. The health and safety of our associates and guests remain a top priority.

我們知道復甦之路需要一些時間。然而，我們對在多個關鍵營運和財務領域的進展感到非常滿意。營運方面最大的調整之一是提高了清潔標準。員工和顧客的健康與安全始終是我們的首要任務。

Throughout the pandemic, we have adjusted our protocols to elevate our cleanliness guidelines and tools, and every property across our portfolio is now required to complete a monthly commitment to clean certification.

在整個疫情期間，我們調整了規程，提高了清潔標準和工具，現在我們旗下所有物業都必須每月完成清潔認證。

By increasingly leveraging contactless technologies, such as mobile and web check-in, mobile key and mobile chat, we are reimagining the guest stay experience, while also amplifying operational efficiencies.

透過越來越多地利用非接觸式技術，例如行動和網路辦理入住、行動鑰匙和行動聊天，我們正在重新構想賓客的入住體驗，同時提高營運效率。

We also continue to roll out innovative, targeted phased-in marketing strategies. Our messaging emphasizes our heightened cleaning guidelines and safety measures, while appealing to evolving consumer sentiment and travel intent.

我們也會持續推出創新、有針對性的分階段行銷策略。我們的宣傳重點在於加強清潔標準和安全措施，同時迎合不斷變化的消費者情緒和旅行意願。

Many of our recent creative offerings, such as Fall for Travel and our October Week of Wonders, have been very successful in sparking leisure demand. And at the end of October, we announced our new work-from-anywhere packages, which are designed to capture additional revenue driven by the remote work trend.

我們近期推出的許多創意產品，例如“秋季旅行”和“十月奇妙週”，都成功地激發了休閒需求。10 月底，我們宣布推出新的「隨時隨地辦公」套餐，旨在抓住遠距辦公趨勢帶來的額外收入。

Our award-winning loyalty program underpins all of our marketing strategies, and we remain focused on engaging with our 145 million Marriott Bonvoy members, including those who are not yet ready for a hotel stay.

我們屢獲殊榮的忠誠度計畫是我們所有行銷策​​略的基礎，我們將繼續專注於與我們的 1.45 億萬豪旅享家會員互動，包括那些尚未準備好入住飯店的會員。

We have also been highlighting nonhotel stay experiences, such as Eat Around Town and Homes & Villas by Marriott International. And in collaboration with American Express and Chase, we have been offering numerous grocery and retail spending accelerators and limited-time offers on our co-branded credit cards.

我們也重點介紹了非飯店住宿體驗，例如「城中美食之旅」和萬豪國際集團旗下的「Homes & Villas」系列。我們與美國運通和摩根大通合作，在我們的聯名信用卡上提供了許多食品雜貨和零售消費加速器以及限時優惠。

The increased demand amongst our Bonvoy members for our Homes & Villas whole home rentals during the pandemic and a much more modest decline in Chase and Amex Bonvoy card spend compared to the decline in RevPAR are great indicators of the value of the Bonvoy program to our customers.

疫情期間，萬豪旅享家會員對我們 Homes & Villas 整套房屋租賃的需求增加，而 Chase 和 Amex 萬豪旅享家卡的消費額下降幅度遠小於 RevPAR 的下降幅度，這都很好地表明了萬豪旅享家計劃對客戶的價值。

Another key constituency is our owner and franchisee community. We have had an unprecedented level of engagement with them this year, including weekly webinars in many regions and more frequent interactions with our owner advisory committees. We are deeply committed to working closely together to manage through these challenging times. We remain focused on reducing their costs as much as possible in this environment, as Leeny will discuss during her remarks.

另一個重要的群體是我們的業主和加盟商群體。今年我們與他們的互動程度達到了前所未有的水平，包括在許多地區舉辦每週一次的網路研討會，以及與業主顧問委員會更頻繁的互動。我們堅定致力於緊密合作，共同應對這些充滿挑戰的時期。在這種環境下，我們仍然致力於盡可能降低他們的成本，Leeny 將在演講中討論這一點。

On the development front, we now anticipate net rooms growth of 2.5% to 3% in 2020, the high end of our expectation from a quarter ago, reflecting strong openings in the third quarter. This takes into account 1.5% to 2% deletions, which is around 50 basis points higher than we estimated in February, primarily due to certain hotels that were already struggling entering 2020, deciding to close permanently due to COVID-19.

在發展方面，我們現在預計 2020 年淨客房增長率為 2.5% 至 3%，這是我們上個季度預期的上限，反映出第三季度強勁的新酒店開業。這其中考慮到了 1.5% 到 2% 的刪除率，比我們在 2 月份的估計高出約 50 個基點，這主要是因為某些在 2020 年初就已經舉步維艱的酒店，由於 COVID-19 疫情而決定永久關閉。

Given the current fluid environment, we have more uncertainty than usual on opening dates for many hotels nearing completion, but the good news is that 46% of our almost 500,000-room pipeline is currently under construction, with rooms under construction up 6.5% from a year ago. Although sign-ins are not as strong as in 2019, they are quite solid considering the extraordinary impact of COVID-19 on our industry.

鑑於當前瞬息萬變的環境，許多即將完工的酒店的開業日期比往常更加不確定，但好消息是，我們近 50 萬間客房的在建項目中，有 46% 目前正在建設中，在建客房數量比一年前增加了 6.5%。雖然登入人數不如 2019 年那麼強勁，但考慮到 COVID-19 對我們行業的巨大影響，目前的登入人數已經相當穩定了。

We believe that many of the rooms that do not open in 2020 as a result of COVID-19 will now likely open in 2021. The pace of openings will likely vary depending on the recovery of lodging demand in specific markets, with heightened uncertainties in markets where airlift is key.

我們認為，由於新冠疫情的影響，許多在 2020 年未能開放的客房現在很可能在 2021 年開放。飯店開業的速度可能會因特定市場住宿需求的復甦情況而異，而航空運輸至關重要的市場則存在更大的不確定性。

We are also encouraged by the increasing number of conversations we are having around conversions. We remain keenly focused on conversion opportunities that are accretive from both a brand and a financial value perspective.

我們也對圍繞轉換率的對話數量不斷增加感到鼓舞。我們始終密切關注那些能夠從品牌和財務價值角度提升業績的轉換機會。

Assuming progress is made in containing the virus, we would expect our gross room additions to accelerate next year compared to our expectations for 2020. We are in the middle of developing our 2021 budget, so it is too soon to give a definitive outlook for rooms deletions for the coming year. It is worth noting that the potential 2021 exit of the 89 hotels owned by Service Properties Trust, which are almost all limited service properties, would create a short-term headwind of roughly 1% to net rooms growth, but we are confident in our ability to replace many of those first-generation limited service hotels with brand-new updated products.

假設在控制病毒方面取得進展，我們預計明年的客房新增總量將比我們對 2020 年的預期更快。我們正在製定 2021 年預算，因此現在就來年的客房削減情況做出明確預測還為時過早。值得注意的是，Service Properties Trust 旗下的 89 家酒店（幾乎都是有限服務酒店）可能在 2021 年退出市場，這將對淨客房增長造成約 1% 的短期不利影響，但我們有信心用全新的升級產品取代其中許多第一代有限服務酒店。

Finally, as Leeny will discuss in a moment, we have made significant strides in shoring up our financial position to weather the crisis. While the recovery is going to take longer than anyone would like, we are seeing encouraging signs that demand can be extremely resilient.

最後，正如 Leeny 稍後將要討論的那樣，我們在鞏固財務狀況以應對危機方面取得了重大進展。雖然復甦所需的時間會比任何人希望的都要長，但我們看到了一些令人鼓舞的跡象，表明需求可能具有極強的韌性。

With the steps we have taken for our customers and owners, the power of Marriott Bonvoy, our strengthened liquidity position and our incredible team of associates around the world, I am confident that we are very well positioned now and for the future.

憑藉我們為客戶和業主所採取的措施、萬豪旅享家的強大實力、我們增強的流動性以及我們遍布全球的優秀員工團隊，我相信我們現在和未來都處於非常有利的地位。

And now I'll turn the call over to Leeny Oberg, our CFO.

現在我將把電話交給我們的財務長 Leeny Oberg。

Thanks, Arne, very much. I hope all of you on the call are staying safe and well. I'd also like to thank our team of associates for their incredible work this year in making sure Marriott comes through this crisis strong and healthy.

謝謝你，阿恩。希望所有參加電話會議的人都平安健康。我還要感謝我們團隊的同事們今年所做的出色工作，確保萬豪酒店能夠強勢且健康地度過這場危機。

In the third quarter, with global RevPAR down 66%, our gross fee revenues totaled $397 million, a decline of 58% versus the year-ago quarter. Gross fees were comprised of base management fees of $87 million, franchise fees of $279 million and incentive management fees, or IMF, of $31 million. 75% of IMFs in the quarter were earned at hotels in the Asia Pacific region, who were contracted generally have no owner's priority.

第三季度，全球每間可供出租客房收入下降 66%，我們的總費用收入為 3.97 億美元，比去年同期下降 58%。總費用包括基本管理費 8,700 萬美元、特許經營費 2.79 億美元和激勵管理費（IMF）3,100 萬美元。本季 75% 的 IMF 收入來自亞太地區的飯店，這些飯店通常沒有業主優先權。

Over 90% of our hotels in Greater China had positive gross operating profit in September, with almost 3/4 generating positive profit for the first 9 months of the year. These results are a reflection of the strong rebound in demand and our ability to help our owners control costs.

9 月份，我們在大中華區的酒店中超過 90% 實現了正的毛營業利潤，今年前 9 個月中近 4% 的酒店實現了正利潤。這些結果反映了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 were again much more resilient, totaling $119 million in the third quarter, down 18% from the year-ago quarter, with credit card fees down 22%.

在特許經營費方面，與RevPAR無關的特許經營費再次表現出更強的韌性，第三季度總額為1.19億美元，比去年同期下降了18%，其中信用卡費用下降了22%。

Third quarter G&A improved by 40% year-over-year, primarily reflecting a full quarter of the difficult but necessary steps we took earlier this year in response to COVID-19. These steps included furloughs, reduced work weeks and meaningful cuts in executive compensation.

第三季一般及行政費用年增 40%，主要反映了我們今年稍早為應對 COVID-19 而採取的艱難但必要的措施已全面實施了一個季度。這些措施包括讓員工暫時休假、縮短工作週、大幅削減高階主管薪酬。

As RevPAR has improved from the global trough experienced in April, corporate and above-property furloughs and reduced work weeks generally ended by late September. Of course, RevPAR is still well below 2019 levels and expected to take some time to fully recover.

隨著 RevPAR 從 4 月的全球低潮中回升，企業和飯店以上員工的休假和縮短工時的做法通常在 9 月底結束。當然，RevPAR 仍然遠低於 2019 年的水平，預計需要一段時間才能完全恢復。

With that in mind, we focused on restructuring our organization to reduce costs on a more sustainable basis at the corporate and above-property level as well as at the hotel level, so we can operate more efficiently today and going forward.

考慮到這一點，我們專注於重組組織架構，以更永續的方式降低公司及以上層級以及飯店層級的成本，從而使我們能夠更有效率地運營，並在未來繼續保持這種效率。

Our restructuring efforts are anticipated to reduce total corporate and other above-property controllable costs by 25%, in line with the expectation we noted last quarter. This includes both classic corporate G&A as well as programs and services we provide to the hotels for which we are reimbursed.

我們的重組工作預計將使公司總成本和其他高於物業成本的可控成本減少 25%，這與我們上個季度的預期一致。這包括傳統的公司一般及行政費用，以及我們向酒店提供並獲得報銷的項目和服務。

We are still working through our budget and exact allocations for 2021, but based on our preliminary estimates, we expect total corporate G&A costs in 2021 could be around 20% lower than our original 2020 guidance of $950 million to $960 million, with expenses for reimbursable programs and services down well over 25%. Importantly, we expect the reduction in G&A to be largely sustainable, subject to wage and inflationary increases.

我們仍在製定 2021 年的預算和具體撥款，但根據我們的初步估計，我們預計 2021 年公司一般及行政費用總額可能比我們 2020 年最初的 9.5 億美元至 9.6 億美元的指導方針低 20% 左右，其中可報銷項目和服務的支出將下降超過 25%。重要的是，我們預期一般及行政費用的削減在很大程度上是可持續的，但會受到薪資成長和通貨膨脹的影響。

We reported third quarter adjusted EBITDA of $327 million, down 64% versus the third quarter of last year and a significant improvement from adjusted EBITDA in the second quarter of this year. We do have a couple of headwinds in the fourth quarter compared to third quarter adjusted EBITDA. As we have mentioned, G&A savings will not be as large as in the third quarter with the return of our workforce to full time, and the fourth quarter is a seasonally slower quarter.

我們公佈的第三季調整後 EBITDA 為 3.27 億美元，比去年第三季下降了 64%，但比今年第二季的調整後 EBITDA 有了顯著改善。與第三季調整後 EBITDA 相比，第四季我們確實面臨一些不利因素。正如我們之前提到的，隨著員工恢復全職工作，第四季一般及行政費用的節省不會像第三季那麼大，而且第四季是季節性淡季。

At the hotel level, as part of our cost-mitigation efforts, we conducted a thorough review of all reimbursable programs and services in order to reduce the associated costs to our hotels. This work went beyond the naturally lower fees charged in this environment given that the majority are built based on a percent of hotel revenues.

在飯店層面，作為成本控制措施的一部分，我們對所有可報銷的項目和服務進行了徹底審查，以降低飯店的相關成本。這項工作超出了這種環境下自然較低的收費標準，因為大多數收費標準都是根據酒店收入的百分比制定的。

Our work has led to significantly lower expenses for the hotels. While some savings are volume-related, given fewer associates, transactions and the like, others reflect a real reduction in program rates. For example, after providing a discount this year on certain fixed mandatory fees paid by all of our hotels around the world, we have worked to provide a meaningful discount on these same fees in 2021 as well. Of course, we have also significantly cut our expenses associated with providing programs and services given the lower expected levels of reimbursement from the hotels.

我們的工作顯著降低了酒店的營運成本。雖然有些節省是由於員工人數、交易量等減少而導致的，但其他節省則反映了專案費率的實際降低。例如，今年我們對全球所有飯店所支付的某些固定強制性費用提供了折扣，我們努力在 2021 年也對這些費用提供實質的折扣。當然，鑑於飯店預期報銷金額較低，我們也大幅削減了與提供項目和服務相關的費用。

As we noted last quarter, we've been able to reduce breakeven profitability rates at our managed properties by 3 to 5 percentage points of occupancy. As you might imagine, we are applying the same disciplined approach to our owned and leased properties as well.

正如我們上個季度所指出的，我們已經能夠將我們管理物業的盈虧平衡盈利率降低 3 到 5 個百分點（入住率）。正如您所料，我們對自有和租賃的物業也採用了同樣的嚴謹方法。

We have also been allowing owners to access FF&E reserves for working capital and have extended the waiver of required funding of these FF&E funds through the end of March 2021, with lender consent where applicable.

我們也允許業主動用家具、設備及用品儲備金作為營運資金，並將這些家具、設備及用品資金的必要融資豁免期限延長至 2021 年 3 月底，並在適用情況下獲得貸款人的同意。

Additionally, we worked with our U.S.-managed hotels to file for CARES Act tax credits, which led to refunds of $119 million, which should help support our hotels' working capital position.

此外，我們還與我們在美國管理的酒店合作，申請了《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 的稅收抵免，獲得了 1.19 億美元的退款，這應該有助於改善我們酒店的營運資金狀況。

These measures, combined with our aggressive collection efforts, have been quite effective. The vast majority of our owners and franchisees continue to pay their bills on time or on short-term payment plans.

這些措施，再加上我們積極的催收工作，已經取得了相當不錯的效果。絕大多數業主和加盟商都繼續按時支付帳單或選擇短期分期付款計劃。

Despite the current environment, only a small number of hotels have gone into foreclosure this year, as lenders have been relatively patient to date. And with only a handful of exceptions, the few hotels that are in foreclosure or receivership are retaining our flag. In North America, our management and related agreements generally protect us. And historically, we have held on to most franchise agreement -- agreements as well when properties go into foreclosure.

儘管當前環境不佳，但今年只有少數酒店被取消抵押贖回權，因為貸款機構迄今為止都比較有耐心。除了極少數例外，那些被取消抵押品贖回權或接管的酒店都保留了我們的品牌。在北美，我們的管理協議和相關協議通常會保護我們。從歷史上看，我們一直保留著大部分特許經營協議——即使房產進入止贖程序，我們也保留這些協議。

Last quarter, we laid out a cash burn scenario, with RevPAR down 70%, that indicated a monthly cash burn rate of around $85 million or $255 million a quarter at that RevPAR decline. Our actual cash burn for the third quarter was around flat, much better than the model would have shown, even including severance payments of around $60 million in the quarter that were not included in the model.

上個季度，我們提出了一個現金消耗情景，假設每間可供出租客房收入 (RevPAR) 下降 70%，則每月現金消耗率約為 8500 萬美元，按當時的 RevPAR 下降幅度計算，每季度現金消耗率約為 2.55 億美元。第三季的實際現金消耗基本上持平，比模型預測的情況要好得多，即使算上模型中未包含的當季約 6000 萬美元的遣散費。

We were pleased that total fees came in higher than our $2 million to $2.5 million of monthly fees per RevPAR point sensitivity would have predicted, with RevPAR for the quarter down 66% primarily due to higher incentive management fees.

我們很高興總費用高於我們根據每RevPAR點數的敏感度預測的每月200萬至250萬美元的費用，而本季度的RevPAR下降了66%，主要是由於更高的激勵管理費。

The other major drivers of our neutral cash burn were better owned leased results, lower G&A costs, strong working capital management and robust loyalty program cash flows. The model we provided last quarter should still be useful as we think about potential monthly cash burn in the fourth quarter with a couple of updates.

我們實現現金消耗中性的其他主要驅動因素是：自有租賃業務業績改善、一般及行政費用降低、營運資本管理穩健以及忠誠度計劃現金流充裕。我們上個季度提供的模型在經過一些更新後，仍然適用於我們考慮第四季度潛在的每月現金消耗。

We still expect the sensitivity of a 1-point change in RevPAR on our fees would be in the $2 million to $2.5 million per month range. As we've seen, the sensitivity is not completely linear given the variability of IMFs and does not include the impact of changes in credit card fees.

我們仍然預計，每間可供出租客房收入 (RevPAR) 每變動 1 個百分點，我們每月的費用將受到 200 萬至 250 萬美元的影響。正如我們所看到的，考慮到國際貨幣基金組織的波動性，敏感度並不完全是線性的，而且不包括信用卡費用變化的影響。

We expect that continued strong collections of receivables should again help minimize our working capital outlays in the fourth quarter. Investment spending for the full year is now expected to be slightly below the low end of our prior expectation of $400 million to $450 million and significantly below our original forecast of $700 million to $800 million at the beginning of the year.

我們預計，應收帳款的持續強勁回收將有助於我們在第四季度最大限度地減少營運資金支出。預計全年投資支出將略低於我們先前預期的 4 億至 4.5 億美元，遠低於年初我們最初預測的 7 億至 8 億美元。

This is another example of the strong progress we have made in reducing cash outlays in the current environment. The variance versus last quarter's expectation is primarily due to the timing of key money payment and additional reductions in system spending.

這再次反映了我們在當前環境下減少現金支出方面取得的巨大進展。與上季預期相比的差異主要是由於關鍵資金支付的時間以及系統支出的進一步削減。

There are also 2 timing-related items to highlight, which will impact our cash flow in the fourth quarter. In October, our working capital was impacted by the funding of our 2019 company match to associates' 401(k) plan contributions, which totaled around $130 million. That payment usually occurs earlier in the year. Also cash interest payments will be roughly $100 million higher in the fourth quarter than in the third quarter due to the timing of when the payments are due.

還有兩項與時間安排相關的事項需要重點說明，這將影響我們第四季的現金流。10 月份，由於公司為員工 401(k) 計劃繳款提供 2019 年匹配資金，我們的營運資金受到了影響，總額約為 1.3 億美元。這筆款項通常在年初支付。此外，由於付款到期時間的不同，第四季的現金利息支出將比第三季高出約 1 億美元。

Through the first 3 quarters of 2020, with year-over-year RevPAR down an unprecedented 59% through September 30, we have demonstrated our ability to adapt quickly, and we've confirmed the power of our asset-light business model. Our cash from operations less capital expenditures has been positive year-to-date.

2020 年前三個季度，截至 9 月 30 日，每間可供出租客房收入同比下降了前所未有的 59%，但我們已證明自己能夠快速適應，並證實了我們輕資產商業模式的強大力量。今年迄今，我們的經營活動現金流減去資本支出為正。

At the end of the third quarter, our net liquidity was approximately $5.1 billion, representing roughly $1.5 billion in available cash balances, plus $3.6 billion undrawn on our revolver. The substantial increase in liquidity from the prior quarter reflects our August $1 billion bond issuance maturing in 2032. Most of those proceeds were used to pay down a portion of our revolver balance. We believe our liquidity position and resilient cash flow from operations comfortably position us to meet our short- and long-term obligations.

第三季末，我們的淨流動資金約為 51 億美元，其中包括約 15 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。與上一季相比，流動性的大幅增加反映了我們8月發行的10億美元債券，將於2032年到期。大部分收益用於償還部分循環貸款餘額。我們相信，我們良好的流動性狀況和穩健的經營現金流使我們能夠輕鬆履行短期和長期義務。

In closing, while the timing of a full recovery is unpredictable, we're confident that COVID-19 will eventually be contained and that travel will come back quickly. We look forward to welcoming new and returning guests to our hotels before too long.

最後，雖然全面復甦的時間難以預測，但我們相信 COVID-19 最終會得到控制，旅行很快就會恢復。我們期待在不久的將來迎接新舊客人入住我們的酒店。

Thank you for your time this morning, and we'll now open the line for questions.

感謝您今天上午抽出時間，現在我們將開放提問環節。

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

（操作員說明）您的第一個問題來自美國銀行的 Shaun Kelley 的線路。

So just to start off, you covered a lot of ground in the prepared remarks. Could we hit on the net unit growth commentary for next year a little bit more deeply? I think, Arne, you talked about a couple of the puts and takes around the SVC terminations being a bit of a drag, but what else could factor in?

首先，你在準備好的發言稿中涵蓋了許多內容。我們能否更深入探討明年的淨銷售成長預期？Arne，我想你之前提到過，SVC 終端附近的一些買賣操作可能會造成一些阻礙，但還有什麼其他因素會影響交易呢？

And just broadly speaking, do you expect to see some level of maybe elevated terminations relative to -- or exits -- system exits relative to past behavior just given the environment we're in? Or do you think these can start to normalize? And in this comment, could you give any thoughts around particularly just maybe the health and status of the Starwood legacy portfolio?

總的來說，考慮到我們所處的環境，您是否預期會看到系統終止或退出數量相對於過去的情況增加？或者你認為這些情況會開始正常化嗎？在這篇評論中，您能否就喜達屋傳統資產組合的健康狀況和現狀談談您的看法？

All right. Well, there's a lot in that, and let me start maybe by saying it's still a little early, obviously. There's a lot of uncertainty out there because of the pandemic.

好的。嗯，這裡面有很多東西，首先我想說，顯然現在談論這個話題還為時過早。由於疫情的影響，現在有許多不確定因素。

I think we were pleased to see in Q3 the increase in openings again compared to Q2. I think in Q2, to some extent, even as projects were ready to reopen, either restrictions precluded it or the total lack of business precluded it or just the uncertainty in the environment precluded it. And so to get to about 19,000 rooms opening in Q3, I think, is a sign that at least for projects that are under construction and nearing completion, those will open.

我認為我們很高興看到第三季新店開業數量較第二季再次增加。我認為在第二季度，在某種程度上，即使項目已經準備好重新開放，但要么是限制措施阻礙了項目開放，要么是業務完全停滯阻礙了項目開放，要么是環境的不確定性阻礙了項目開放。因此，我認為，第三季將開放約 19,000 間客房，這表明至少對於那些正在建設中且即將完工的項目而言，它們將會開放。

And I think that -- that's what gives us the most optimism about not just Q4, but looking into 2021 that we should see -- obviously, all of this depends on the virus, but that we should see these projects that are under construction open as scheduled, if you will, over the course of the next couple of years, something like that, but very much including 2021.

我認為，正是這一點讓我們對第四季度乃至 2021 年都充滿樂觀——當然，這一切都取決於疫情，但我們應該看到這些正在建設中的項目在未來幾年內按計劃開放，當然也包括 2021 年。

The deletion side of the equation is harder. And of course, there's an offsetting potential upside, which is conversions. Both depend a little bit on what happens with properties that are under trouble and what happens with change in ownership or change in capital structure for existing hotels.

等式中刪除部分的計算更難。當然，還有抵消這種負面影響的潛在好處，那就是轉換率。兩者都在一定程度上取決於陷入困境的物業的狀況，以及現有酒店的所有權變更或資本結構變更的情況。

Some of what we've lost year-to-date are, as we mentioned in the prepared remarks, hotels that entered the COVID-19 pandemic already under financial pressure and simply did not make sense to reopen or certainly not to reopen under their current positioning, and I suspect we'll see some of that next year. Besides SVC, I don't -- we don't have a number for it yet. We're obviously just in the process of trying to build our budget. Our teams are dealing with owners all around the world.

正如我們在準備好的演講稿中提到的，今年迄今為止我們損失的部分酒店，是那些在新冠疫情爆發前就已經面臨財務壓力的酒店，重新開業根本沒有意義，或者更確切地說，在它們目前的處境下不應該重新開業。我懷疑明年我們還會看到一些這樣的飯店。除了 SVC 之外，我沒有——我們還沒有這方面的號碼。我們目前顯然正處於制定預算的過程中。我們的團隊與世界各地的業主都有合作。

I think, by and large, on the positive side, conversions into our system and on the negative side, deletions from our system will become clearer as ownership of hotels change hands or as the new capital stacks are put in place, and I suspect that will begin to occur more in 2021 than it is doing right now.

我認為，總的來說，隨著酒店所有權的變更或新的資本結構到位，積極方面（即納入我們系統的轉換）和消極方面（即從我們系統中刪除）將會變得更加清晰，我懷疑這種情況在 2021 年會比現在發生得更多。

And maybe just as a follow-up on the same topic would just be, are there a large number of these sort of, let's call it, cross single guarantee type contracts out there? Is the SVC situation pretty unique? I mean, just any color you can provide on those types of structures.

或許可以就同一主題進一步探討一下，目前是否存在大量此類，我們稱之為「交叉單一擔保」類型的合約？SVC的情況是否相當特殊？我的意思是，任何顏色都可以，只要能塗在那種類型的結構上就好。

Yes. SVC is very unusual. I mean, the -- those portfolios were initially put in place with HPT 20 years ago, maybe 25 years ago, something like that, and they were initially a lease structure or a lease-like structure. They've evolved since to be sort of a management structure, but with a capped guarantee.

是的。SVC 非常不尋常。我的意思是，這些投資組合最初是20年前，也許是25年前，和HPT一起建立的，它們最初是租賃結構或類似租賃的結構。它們後來發展成了一種管理結構，但擔保金額有上限。

That structure was redone with SVC earlier this year. We were quite optimistic that, actually, it was done in a way that would bode well for long term, including getting substantial additional new capital into those assets to bring them up to standard. And of course, the pandemic had profound impact to that.

今年早些時候，SVC對該結構進行了改造。我們當時非常樂觀地認為，實際上，這樣做對長遠發展是有利的，包括為這些資產注入大量新的資金，使它們達到標準。當然，疫情也對此產生了深遠的影響。

We are in discussions with SVC today about the possibility of renewing that. I think the -- based on what we heard, including as recently as yesterday from that team, they seem to be hardwired to make those hotels Sonestas. We, of course, don't know exactly how Sonesta would perform. But looking at the ROI from assets that have Sonesta flag versus ours, it looks like that ROI is roughly half. And it's a little bit surprising to us that the separate stockholder and debt holder interest in SVC could be furthered by converting those to Sonesta's brand as opposed to the dramatically stronger brands that are on those hotels today.

我們今天正與SVC商討續約的可能性。我認為——根據我們聽到的消息，包括昨天那個團隊的消息，他們似乎天生就想把那些酒店打造成索內斯塔酒店。我們當然無法確切知道索內斯塔的表現如何。但對比帶有 Sonesta 標誌的資產和我們自己的資產的投資回報率，似乎 Sonesta 的投資回報率大約只有我們的一半。令我們有些驚訝的是，透過將 SVC 的品牌轉換為 Sonesta 品牌，而不是目前這些飯店所擁有的實力更強的品牌，可以進一步提升 SVC 的股東和債權人的利益。

But again, that seems to be the direction they're heading, and so our expectations would be that those hotels would leave the system. We do not think there is anything comparable to that. That remains in the system.

但看來他們正朝著這個方向發展，因此我們預計這些酒店將會退出該系統。我們認為沒有任何其他事物可以與之媲美。它仍然保留在系統中。

Also just worth noting one addition that it's -- when you think about the impact on fees, it's quite minimal related to that portfolio. I think total fee in 2020 this year are expected to be $10 million to $15 million from those hotels.

另外值得一提的是，考慮到對費用的影響，與該投資組合相關的費用影響非常小。我認為今年這些酒店的總費用預計為 1000 萬至 1500 萬美元。

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

你的下一個問題來自摩根大通的喬·格雷夫。

Arne, you mentioned in your comments for next year in terms of gross room additions for that to accelerate next year, and part of that confidence is some of the rooms that would have opened in 2020 are being pushed out to open in 2021.

Arne，你在評論中提到，明年新增客房數量將會加快增長，而你之所以有信心，部分原因是原定於 2020 年開放的一些客房被推遲到 2021 年開放。

To what extent are the ones that you would have thought a year ago to open in 2021 will be pushed out to beyond 2021, 2022? And does that room addition -- gross room addition acceleration comment from you take that into account? And is there typically visibility in stuff that gets pushed out? So if something wouldn't hit in '21 right now, would Marriott in November of 2020 have a good sense of that?

一年前您認為會在 2021 年開業的項目，有多少會被推遲到 2021 年以後，甚至 2022 年？你提到的房間增加——房間總增加速度——是否考慮到了這一點？通常情況下，被推送出去的內容是否具有一定的可見性？所以，如果某些事情在 2021 年不會發生，萬豪酒店在 2020 年 11 月能否對此有所預感？

Yes. It's a fair question. And I think, generally, we would say that everything in that pipeline has gotten extended by at least a few months. Undoubtedly, that's a little bit of an overstatement, but when we deal with -- think about the end of the first quarter and the second quarter of this year with business sort of functionally disappearing in many markets around the world, including restrictions on lots of activity that has happened in those markets, the uncertainty and those restrictions certainly caused many, many, many projects to slow down, even if they were already under construction.

是的。這是一個很合理的問題。而且我認為，總的來說，我們可以說該流程中的所有環節都至少延長了幾個月。毫無疑問，這有點誇張，但當我們面對——想想今年第一季末和第二季度，世界各地許多市場的商業活動實際上已經消失，包括這些市場中發生的許多活動都受到限制，這種不確定性和限制無疑導致許多項目放緩，即使它們已經在建設中。

And so I think it's a fair point to say that if in January of 2020, we targeted a June of 2021 opening, that opening could well have slipped by a few months. We do have a team that is out there working with our development partners and trying to make sure they understand what is under construction and what the status of that construction and what the forecast of opening is for obvious reasons.

所以我認為，如果說我們在 2020 年 1 月的目標是 2021 年 6 月開業，那麼開業時間很可能會推遲幾個月，這種說法是合理的。我們確實有一個團隊在與我們的開發合作夥伴一起工作，努力確保他們了解正在建造的專案、建造進度以及預計的開放時間，原因顯而易見。

I think, on the very positive side here, the 45% or so of the rooms that are in the pipeline that are under construction, 230,000 rooms roughly, we can all have an extraordinarily high level of confidence that those hotels are going to open.

我認為，從非常積極的方面來看，正在建設中的約 45% 的客房（大約 23 萬間）我們都可以非常有信心這些酒店將會開業。

I think you get beyond that to the hotels that are not under construction yet, and I think we're going to have to watch that. I think they are real projects. They're -- in many respects, the land is owned and controlled. They've been designed. They've been approved by us and by our partners. We have signed contracts for the overwhelming majority of them. But if construction hasn't started, each one of those partners is going to make a decision about what do I get for building in a weaker environment, which I might save something on construction costs, and what do I potentially lose in committing myself to a project that may open in a market that is harder for me to predict and underwrite today.

我認為，除了這些之外，還有一些酒店尚未開工建設，我們需要密切注意這些酒店的情況。我認為它們都是真正的項目。在許多方面，土地是他們的所有和控制權。它們都是經過精心設計的。它們已經過我們和我們合作夥伴的批准。我們已經與絕大多數客戶簽訂了合約。但如果建設尚未開始，那麼每個合夥人都會做出這樣的決定：在較弱的環境下建設能獲得什麼好處（比如節省一些建設成本），以及投入到一個可能在今天更難預測和承保的市場中啟動的項目，可能會損失什麼。

Our experience from prior crises is that most of the projects which are not under construction, overwhelmingly, will ultimately open, but the delay in those openings could be not just some quarters, but some years, particularly for the higher-end luxury or full-service projects that may take some time to get financed to get underway.

我們從以往的危機中吸取的經驗是，絕大多數尚未開工的項目最終都會開業，但這些項目的開業可能會延遲數年，尤其是高端豪華或全方位服務項目，這些項目可能需要一些時間才能獲得資金啟動。

So on balance, I think we would say we can have a reasonably high level of confidence that the gross openings will step up next year. Again, this is based on reasonable assumptions on what happens with COVID-19. But it's a little bit too soon for us to give you really precise numbers about it.

綜上所述，我認為我們可以相當有信心，明年的總營業額將會上升。再次強調，這是基於對 COVID-19 疫情發展趨勢的合理假設。但現在我們還無法提供非常精確的數字。

That's helpful. And then as a follow-up, Leeny, your mutual cash burn in 3Q was impressive, and you mentioned working capital management was a contributor to it besides the EBITDA upside. To what extent do you think working capital can be a source of positive contribution to cash flow, operating cash flow, free cash flow next year?

那很有幫助。Leeny，作為後續問題，你們第三季的共同現金消耗情況令人印象深刻，你提到除了 EBITDA 成長之外，營運資本管理也是造成這種情況的原因之一。您認為營運資金在多大程度上可以對明年的現金流、經營現金流和自由現金流做出積極貢獻？

Well, one of the big questions is around loyalty. If you remember, Joe, last year, we actually had loyalty as a use of cash relative to strong redemptions throughout the system. And this year, it's been a bit of the opposite.

其中一個重要議題與忠誠度有關。喬，如果你還記得的話，去年，我們確實在整個系統中實現了現金使用率的強勁增長，從而提高了忠誠度。而今年情況則恰恰相反。

Now the reality is I actually would expect next year that, that stabilizes a bit as we continue to rebound from the low levels of demand that we are. So that while I would expect meaningfully more redemptions, they won't be quite at the same peak prices that they were at 2019.

實際上，我預計明年隨著我們繼續從目前的低迷需求水準中復甦，情況會稍微穩定一些。因此，雖然我預計兌換量會顯著增加，但兌換價格不會像 2019 年那樣達到高峰。

So from that perspective, I would expect that loyalty is not as large a source of cash as this year, but also not like 2019 either. And so when I think about it overall, we're still kind of early days as we go through the budgeting process, but I would not see it as a major source, but also not a major use of cash next year as we think about from a working capital perspective.

所以從這個角度來看，我預期忠誠度不會像今年那樣成為重要的現金來源，但也不會像 2019 年那樣。所以總的來說，我們目前還處於預算編制的早期階段，但從營運資金的角度來看，我認為它既不是主要資金來源，也不是明年現金的主要用途。

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

你的下一個問題來自瑞銀集團的 Robin Farley。

Great. I wonder if you can talk a little bit about sort of your owners have talked about saving -- permanent cost reductions from changing brand standards. I just wonder if you can talk about sort of how permanently is that really because, right now, okay, you don't need a doorman on duty or you don't need a 24-hour shuttle to the airport, but won't those come back? So how permanent are they really? And also when you have 30 brands, do you lose some of what distinguishes the brands if you -- if some of those brand standards do change permanently?

偉大的。我想知道您能否談談貴公司老闆們所說的節省成本——透過改變品牌標準實現的永久性成本降低。我只是想知道您能否談談這種情況究竟能持續多久，因為現在，好吧，你不需要值班的門衛，也不需要 24 小時機場班車，但這些服務以後不會再出現了嗎？那麼，它們究竟有多持久呢？另外，當你擁有 30 個品牌時，如果其中一些品牌標準發生永久性改變，你會不會失去一些區分這些品牌的特質？

Good question, Robin. The -- I think what we want to do is have as many of the savings as we've been able to find and implement, be it long lasting, to state the obvious. I think there are some, and your question illustrates a few of them.

問得好，羅賓。我認為我們想要做的，就是盡可能地節省開支，並加以實施，無論這些節省是長期的還是顯而易見的。我認為確實有一些，你的問題就說明了其中的一些。

I mean, food and beverage service, I think, would be one that's on the top of my list, maybe even before a doorman. We have in -- particularly in the markets in which demand is the weakest, we have fairly limited, sometimes dramatically limited food and beverage service, and that's not going to be satisfactory to most guests when we get back to a normal demand environment.

我的意思是，我認為餐飲服務應該是我最優先考慮的，甚至可能比門衛更重要。尤其是在需求最疲軟的市場，我們的餐飲服務相當有限，有時甚至非常有限，當我們恢復到正常的需求環境時，這肯定無法滿足大多數客人的需求。

Guests can be quite sympathetic and empathetic during a tough, tough time. But when we get back to something that feels a little bit more normal, they're going to expect the full services, particularly from a full-service hotel that they have come to anticipate.

在艱難時刻，賓客們往往會表現出極大的同情和理解。但當我們的生活恢復到更正常的狀態時，他們會期望得到全方位的服務，尤其是他們已經習以為常的全方位服務酒店。

Having said that, I think we will see some things in keyless entry. I think we will see some things in the staffing models that we have been experimenting with. I think some of the above-property costs that have been cut, and Leeny can talk a little bit about that, we think will stick and stay for a while. I mean, our estimates today I think are -- we've probably reduced breakeven occupancy by 3 to 5 points, something like that, depending on the brand.

話雖如此，我認為我們會在無鑰匙進入系統方面看到一些變化。我認為我們會在我們一直在嘗試的人員配置模式中看到一些變化。我認為上述一些被削減的房產成​​本（Leeny可以就此談談）將會持續一段時間。我的意思是，我們今天的估計是——我們可能已經將盈虧平衡入住率降低了 3 到 5 個百分點，大概是這樣，具體取決於品牌。

At the end of the day, though, we've got to make sure that the guest is satisfied with the experience that they're getting. And you're right, it is going to vary a little bit from brand to brand and segment to segment. Obviously, the advantages, of course, on the higher-end segments is we'll see rate begin to move at some point up to, even as the cost move forward a little bit.

但歸根結底，我們必須確保客人對他們所獲得的體驗感到滿意。你說得對，不同品牌和不同細分市場之間一定會有一些差異。當然，高端市場的優勢在於，即使成本略有上漲，利率也會在某個時候開始上漲。

Net-net, we'd expect that what we've done should deliver some long-lasting margin improvement. It's a little too soon to be able to tell you what that number will be.

總而言之，我們預期我們所做的一切應該會帶來一些持久的利潤率提升。現在告訴你具體數字還為時過早。

And then maybe just as a quick follow-up on the conversation about conversions. I know in the release you mentioned the percent of conversions is 1,400 out of the 19,000 rooms opened, so still a pretty small percent because, obviously, that was all pre-COVID. Can you talk about the signings in the quarter? What percent of those are conversions? Or did you see that go up during the quarter for signings?

然後，也許可以就轉換率相關的話題做一個簡短的後續討論。我知道你在新聞稿中提到，在開放的 19,000 間客房中，轉換率為 1,400%，所以這個百分比仍然很小，因為很明顯，這都是新冠疫情之前的數據。能談談本季簽約的情況嗎？其中轉換率是多少？或者你有沒有看到簽約人數在本季上升？

Yes, and I don't have that number. I know that the team is talking -- having significantly more conversations around conversions than they've had in the past. The one quarter signings don't necessarily make a huge amount of difference. I'm aware of a few significant ones that are underway now, and the team of transactors that are working on them are hoping that they get down in the fourth quarter. Whether that happens or not, of course, is another question.

是的，我沒有那個號碼。我知道團隊正在討論——他們圍繞轉換率的討論比以往要多得多。這一個季度的簽約並不一定會產生巨大的影響。我知道目前有幾個重要的項目正在進行中，負責這些項目的交易團隊希望它們能在第四季度完成。當然，這是否會發生，又是另一個問題了。

We've gone back and looked at our conversions experience through the cycles. Obviously, we knew this is of interest not just to you, but to us as well. And you can see, even in the last 2 years before COVID, we had -- of our openings in 2019, 18% were conversions. But the year before, in 2018, it was 12%.

我們回顧並分析了各週期內的轉換率。顯然，我們知道這不僅對您有意義，對我們自己也有意義。你可以看到，即使在新冠疫情爆發前的最後兩年，我們在 2019 年的新店開幕率也達到了 18%。但前一年，也就是 2018 年，這個數字是 12%。

And so you can see a little bit of the obvious fact here, which is even in a very similar economic environment, these things can be a little bit lumpy and a little bit hard to predict. We're in the teens for most of the last decade or so. And conversions as a percentage of our openings were highest coming out of the Great Recession, and they got -- '11 was higher than '10, '12 was higher than '11, '13 was higher than '12. And as a percentage, they peaked in '13, but the number of rooms we opened as conversions in 2014 was higher yet again.

所以，從這個角度可以看出一個顯而易見的事實，即使在非常相似的經濟環境下，這些事情也可能有些波動，難以預測。在過去十年左右的大部分時間裡，我們的數字都停留在十幾。從大蕭條時期開始，我們的開業轉換率達到了最高水平，而且 2011 年的轉換率高於 2010 年，2012 年高於 2011 年，2013 年高於 2012 年。從百分比來看，它們在 2013 年達到頂峰，但我們在 2014 年透過改造開放的客房數量再次增加。

And so I -- again, this is what we said before, but we would expect conversion activity to increase certainly in terms of discussions. Starting now, we would expect that the more substantial increase in terms of actually opening into our system will depend a bit on the -- what the new ownership structures or financial structures for hotels that cause those folks to be able to look to the future and say, "I now know what I want to do with that hotel."

所以，我——再說一遍，這是我們之前說過的，我們預期討論方面的轉換活動肯定會增加。從現在開始，我們預計實際進入我們系統的酒店數量的更大增長將在一定程度上取決於——酒店新的所有權結構或財務結構，這些結構將使這些人能夠展望未來並說，“我現在知道我想如何處置那家酒店了。”

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

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

With the layoff in corporate levels, sales staff and also property level sales staff, should we interpret that as your belief that it's going to be a long, slow recovery for your group business? And also related to that, what are some of the -- or how is your group business tracking for next year?

從公司層級、銷售人員到物業層面的銷售人員，你們都進行了裁員，這是否意味著你們認為集團業務的復甦將會是一個漫長而緩慢的過程？另外，關於這一點，你們集團明年的業務進展如何？

Yes. Our group business for next year is about -- down about 30%. It won't surprise you to know that the first quarter is the worst by far in terms of group business on the books. And as you get farther into the year, the decline is meaningfully less than that 30% number.

是的。我們集團明年的業務量預計將下降約 30%。不出所料，第一季是集團帳面上業務最糟糕的一個季度。隨著一年時間的推移，下降幅度明顯小於 30% 這個數字。

What does that tell you? It tells you that folks are still optimistic about holding their meetings, that COVID-19 will allow them to hold their meetings as you get further into 2021. I think we are optimistic as are many that we could have a vaccine or 2 maybe approved by the end of this calendar year and could see it start to get broadly distributed by -- sometime in the first half, maybe it's the latter part of the first half, and sometime in the first half of 2021. And as that takes hold, we're optimistic that group business will come back.

這說明了什麼？這說明人們仍然對召開會議持樂觀態度，認為隨著 2021 年的深入，COVID-19 將允許他們召開會議。我認為我們和許多人一樣樂觀地認為，到今年年底，我們可能會有一兩種疫苗獲得批准，並可能在2021年上半年，或許是上半年的後半段，開始廣泛分發。隨著這一趨勢的持續，我們樂觀地認為團體業務將會復甦。

I think what we're seeing in group today, and I think you heard this from other companies in the industry, there is group business. Obviously, it's stronger in China, but come back to the United States for a second. The group business in hotels in the United States is not a lot like the group that I think we all first think of, which is corporate group and association business and the like. I think the group business we have today is much more likely to be health care workers or somehow connected with the COVID-19 pandemic itself or things that are more leisure-focused. That could be some athletic groups. It could be some larger family groups, that sort of thing, and the core corporate business is still pretty weak.

我認為我們今天在集團業務中看到的現象，我想你也從業內其他公司那裡聽過，那就是集團業務。顯然，這種情況在中國更為普遍，但讓我們先回到美國的情況。美國飯店的團體業務與我們首先想到的團體業務（例如企業團體、協會團體等）有很大不同。我認為我們今天所擁有的團體業務更有可能是醫護人員，或與 COVID-19 疫情本身有關，或更側重於休閒娛樂。那可能是一些體育團體。可能是一些規模較大的家族企業之類的，而核心企業業務仍然相當疲軟。

I don't think you should read too much into the efforts we've made to manage our costs in the sales space. Obviously, those costs are borne by the system of hotels that are out there. We have got to make sure that we are managing those costs in a way that meets the level of reimbursement that can come in there. And we're doing our best to do that and to make sure we continue to call on the customers that we know are important to us and important to the recovery.

我認為你不應該對我們在銷售領域為控製成本所做的努力過度解讀。顯然，這些成本是由現有的飯店系統承擔的。我們必須確保以符合可獲得的報銷水準的方式來管理這些成本。我們正在盡最大努力做到這一點，並確保我們繼續聯繫那些對我們和復甦都很重要的客戶。

We'd be optimistic. I think if COVID-19 goes the way we think that we will start to see this group business that's on the books hang tight and ultimately come to pass. And we'll start to see meaningfully more bookings when that -- when those vaccines start to take effect.

我們會保持樂觀。我認為，如果 COVID-19 疫情的發展方向與我們預想的一致，我們將會看到一些已列入計劃的集團業務堅持下去，並最終得以實現。當疫苗開始生效時，我們將看到預訂量顯著增加。

Your next question comes from Stephen Grambling with Goldman Sachs.

下一個問題來自高盛的史蒂芬·格林布林。

Just had a bit more of, I guess, a strategic question related to the loyalty program. You've mentioned the strength in Bonvoy and corresponding credit cards. What are you learning from how consumers are engaging with the program in this difficult time that could drive changes to further differentiate the brand in a recovery and potentially even lead to stronger conversions and/or development in the future?

我剛才還有一個關於會員計畫的策略性問題。您提到了萬豪旅享家及其相關信用卡的實力。從消費者在當前困難時期參與該計劃的方式中，您學到了什麼？這些經驗可能會推動變革，從而在復甦階段進一步提升品牌差異化，甚至有可能在未來帶來更強的轉換率和/或發展？

Conversions and development, you're talking about hotel development or back to credit cards in the Bonvoy program?

您說的轉換和開發是指飯店開發，還是指萬豪旅享家計畫中的信用卡業務？

I mean, it's really all together because I feel like, if you're creating additional value and differentiation for the consumer, ultimately, that drives stronger RevPAR and development opportunity in the future.

我的意思是，這一切都息息相關，因為我覺得，如果你為消費者創造了額外的價值和差異化優勢，最終會推動更高的每間可供出租客房收入 (RevPAR) 和未來的發展機會。

Yes, yes. Well, I think the -- we mentioned a bit of this in the prepared remarks, but the -- we've been actually quite pleased with the performance of the credit card portfolio during this crisis, and probably we're starting with that because you would wonder about how well that would do, an affinity card for travel in a market which there is very little travel.

是的，是的。嗯，我想——我們在準備好的發言稿中提到了一些這一點，但是——我們對信用卡組合在此次危機期間的表現實際上相當滿意，我們可能首先要談到這一點，因為你會想知道在旅行很少的市場中，一張旅行聯名卡會表現如何。

But what we've seen is that folks are still aspiring to travel, dreaming about travel, eager to get back on the road. And as a consequence, when we've -- with our credit card partners done things around grocery or done things around restaurants or around hardware, the card has performed extraordinarily well. And the Bonvoy membership, I think, has continued to engage with us in a way that's pretty powerful.

但我們看到的是，人們仍然渴望旅行，夢想著旅行，渴望重新踏上旅程。因此，當我們與信用卡合作夥伴在雜貨店、餐廳或五金店等場所進行交易時，信用卡的表現都非常出色。我認為，萬豪旅享家會員一直以來都以非常有效的方式與我們保持聯繫。

I think if you go back to before the pandemic, what we saw was a continued increase year-over-year on the number of Bonvoy members as a percentage of the total business in our hotels.

我認為，如果回顧疫情之前的情況，我們看到的是萬豪旅享家會員數量占我們酒店總業務量的比例逐年持續增長。

And one of the frustrating things we've talked about this quarter ago about the timing of this pandemic is as we got into the second half of 2019, particularly the Starwood integration work was behind us, the systems work was behind us, the new Bonvoy program was launched, and we could see, whether it was in RevPAR index or in loyalty penetration or other data we look at very carefully, really powerful momentum towards sort of proving the value of those programs.

本季我們曾討論過，這場疫情爆發的時機令人沮喪的一點是，到了 2019 年下半年，特別是喜達屋的整合工作已經完成，系統工作也已完成，新的萬豪旅享家計劃也已推出，我們可以看到，無論是從每間可供出租客房收入指數、忠誠度滲透率還是我們非常仔細地研究計劃的其他數據來看，這些計劃的其他數據來看了它們非常強勁地證明了它們

I don't have any doubt that we will get back to that. It will come back stronger, obviously, the sooner people get back on the road and know that travel is going to be a part of the way they live their lives. But when they do, they will find that they've got a credit card program. They'll find that they've got a broad portfolio of destinations to stay at, including the biggest portfolio of hotels around the world, clearly the strongest in the luxury and lifestyle and resort and urban space, plus other things like Eating Around Town and Homes & Villas and other things that we still are working on and hope to get launched before too long.

我毫不懷疑我們會回到那個狀態。顯然，人們越早重返旅途，越早意識到旅行將成為他們生活方式的一部分，旅遊業就會越強勁地復甦。但當他們這樣做時，他們會發現自己擁有一個信用卡項目。他們會發現，他們擁有廣泛的住宿目的地選擇，包括全球最大的酒店組合，顯然在豪華、生活方式、度假村和城市領域是最強大的，此外還有其他項目，例如“城中美食”、“房屋和別墅”以及我們仍在努力開發並希望在不久的將來推出的其他項目。

The only other thing I'd add, Stephen, is the kind of the digital experience. If you think about travelers today, if they are traveling, the contactless element of the experience is all the more important, and that has all driven through the Bonvoy app. So as you see more and more people signing up for that experience, that again gets them more invested, and they really have an opportunity to see what Bonvoy can do for you.

史蒂芬，我唯一要補充的是數位體驗的類型。如果你想想今天的旅行者，如果他們正在旅行，那麼體驗中的非接觸式元素就顯得尤為重要，而這一切都推動了萬豪旅享家應用程式的發展。因此，隨著越來越多的人註冊體驗，這會讓他們更加投入，他們也真正有機會了解 Bonvoy 能為他們做些什麼。

Makes sense. That's helpful. I guess, one unrelated follow-up on the -- just at the hotel level from a profitability standpoint. What are you learning from reopened hotels that can inform when incentive management fees could come back in fuller force in North America?

有道理。那很有幫助。我想，還有一個與此無關的後續問題——僅從酒店盈利能力的角度來看。從重新開業的飯店中，您能了解到哪些訊息，可以指導北美何時才能全面恢復獎勵管理費？

Leeny, do you want to take that?

莉妮，你想拿嗎？

Yes, sure. Again, I think the reality is that we are in a position now where, in many cases, you've got for a full-service hotel, it is better to be open than closed, not in all cases, but in most cases, but that is really about kind of what is the least bad. So we're still a very long way from, obviously, occupancy levels that get us to IMFs because, overwhelmingly in the U.S., you've got owner's priorities.

當然可以。再次強調，我認為現實情況是，在很多情況下，對於一家提供全方位服務的酒店來說，開門營業總比關門歇業要好，雖然並非所有情況都是如此，但大多數情況下都是如此，但這實際上關乎的是哪種情況的壞處最小。所以，顯然我們距離達到國際貨幣基金組織的入住率目標還有很長的路要走，因為在美國，業主優先考慮的是…

But at the same time, I'll say, with the reduction in cost structure that I do think that it will help us, as we come back to get to incentive fees earlier than perhaps we were before COVID, because of all the work that we've done on the cost structure. I think the other side of that is obviously wage pressures, and I don't see any sign of those actually going away. I think what we obviously have done is try across every single discipline of our hotels to improve our efficiency and to improve ways that can drive more to the bottom line.

但同時，我認為，成本結構的降低將有助於我們更快恢復到疫情前的激勵水平，因為我們在成本結構方面做了很多工作。我認為另一方面顯然是薪資壓力，而且我看不出這些壓力有任何消失的跡象。我認為我們顯然已經在做的，就是在酒店的各個方面努力提高效率，並改進能夠提高利潤的方法。

So I do think it's -- certainly that we will hold on to a bunch of these savings in a sustainable way, but I think the wage pressure element on a full-service hotel is obviously going to be -- with those being, call it, 40% of your cost structure of a hotel, that's going to be a big element of how quickly we get back.

所以我認為——當然，我們會以可持續的方式保留這些節省下來的資金，但我認為，對於一家全方位服務的酒店來說，工資壓力顯然會是——假設工資佔酒店成本結構的 40%，這將是我們恢復速度的一個重要因素。

Your next question is from Anthony Powell with Barclays.

下一個問題來自巴克萊銀行的安東尼·鮑威爾。

You mentioned that business travel in China has lagged leisure, despite the virus being under much greater control there. Is there anything to read into from that in terms of the potential recovery in the U.S. or other markets?

你提到，儘管中國的疫情控制得更好，但商務旅行仍落後於休閒旅遊。從中能否看出美國或其他市場的潛在復甦前景？

No, I don't think so. I mean, I -- the -- obviously, we talked about occupancy being higher than it was a year ago, and so that's a really good sign. But beneath that total, you've got 2 things that are happening.

不，我不這麼認為。我的意思是，很明顯，我們談到入住率比一年前更高，所以這是一個非常好的跡象。但在這個總數之下，還有兩件事正在發生。

One is that business transient travel and group travel is still a bit softer than it was last year. And the second is you've got the Chinese travel business that used to go abroad stay in home, which is driving those leisure numbers meaningfully higher. Remember, we had in February 9% occupancy in China, country entirely shut down. And even today, now, we have occasionally a flare-up in the market in which the Chinese government response is to essentially shut down that market and test everybody in the market for COVID-19. And they've managed, at least in 2 or 3 circumstances, to sort of nip that in the bud, if you will, and get those markets reopened and get going again.

一是商務差旅和團體旅行仍然比去年略為疲軟。其次，以前經常出國旅遊的中國遊客現在選擇留在國內，這顯著提高了休閒旅遊人數。請記住，2月我們在中國的飯店入住率只有9%，當時整個國家都處於封鎖狀態。即使是今天，我們偶爾也會看到市場上出現疫情爆發，而中國政府的應對措施基本上是關閉該市場並對市場上的所有人進行 COVID-19 檢測。而且，至少在兩三種情況下，他們成功地將這種情況扼殺在萌芽狀態，使這些市場重新開放並恢復運作。

They have had an impact to us, probably less than 1 point or so on REVPAR, but a little bit of an impact as they roll forward. But it's just a reminder that even in China, where there's a much broader sense that COVID-19 is under control, it is not irrelevant yet. And until it becomes irrelevant, I suspect we will see a little bit of relative weakness in business transient and group, albeit they are dramatically stronger than what we're seeing in the United States, which, of course, would be the next strongest big market. You get to Europe and the rest of Asia Pacific, it's probably weaker yet.

它們對我們產生了一定的影響，可能對每間可供出租客房收入的影響不到 1 個百分點，但隨著時間的推移，確實會產生一些影響。但這提醒我們，即使在中國，人們普遍認為 COVID-19 已受到控制，但它仍然具有一定的現實意義。而且，在它變得無關緊要之前，我懷疑我們會看到商務散客和團體旅行出現一些相對疲軟的跡象，儘管它們比我們在美國看到的情況要強得多，而美國當然是下一個最強勁的大市場。到了歐洲和亞太其他地區，情況可能更糟。

Understood. And you've mentioned a few times the relative strength of Homes & Villas over the summer, but it still seems like that you view that as more of an amenity versus a core business. Is there an opportunity for you to maybe grow the inventory there and grow that business a bit more dramatically given the demonstrated, I guess, popularity of the offering that you've seen?

明白了。您曾多次提到夏季期間 Homes & Villas 的相對優勢，但您似乎仍然將其視為一種配套設施，而不是核心業務。鑑於您所看到的該產品的受歡迎程度，您是否有機會增加那裡的庫存，並更顯著地發展這項業務？

Yes. And it is -- we are growing it. As we've talked about from the beginning, though, our effort here is a whole home product. And obviously, if you look at our urban markets in -- globally, but particularly in the United States, you would see that we've got tremendous hotel capacity and extraordinarily little demand in those markets. Partly that's because offices remain closed in too many of those markets. You don't have business transient travel. You may not have much leisure travel because people are more inclined to go to resort destinations or other destinations.

是的。沒錯——我們正在發展它。正如我們從一開始就討論過的，我們在這裡努力打造的是一個全屋產品。顯然，如果你看看我們全球的城市市場，尤其是美國的市場，你會發現這些市場擁有龐大的飯店容量，但需求卻異常低。部分原因是，在太多這樣的市場中，辦公室仍然關閉。您沒有商務差旅。你可能不會有很多休閒旅行的機會，因為人們更傾向於去度假勝地或其他目的地。

So we will remain focused, I think, on whole home, warm weather, ski country, resort destinations. I am quite convinced that, that will continue to grow substantially, and it will be a nice complementary feature to the traditional hotel business for us.

所以我認為，我們將繼續專注於整體住宅、溫暖氣候、滑雪勝地和度假勝地。我深信，這一領域將繼續大幅成長，並將成為我們傳統酒店業務的一個很好的補充。

Could you work with the developers to maybe build new inventory in those markets, like ski resorts or warm weather? Or is that -- is it mainly going to be finding existing inventory?

您能否與開發商合作，在這些市場（例如滑雪勝地或氣候溫暖的地區）開發新的房源？或者說，主要目的是尋找現有庫存？

It will be both. We have had conversations with some of our good partners about exactly what you're talking about, which is building new inventory, if you will, in some of those resort markets.

兩者都是。我們已經和一些優秀的合作夥伴就您所說的內容進行了討論，也就是在一些度假市場建立新的庫存。

Anthony, just one follow-up on your comment about business travel is to remember that in the ballpark of a quarter of the travel in China in our hotels is from international business, from outside China. So the fact that business nights, yes, they are down, but again, you're also having the impact that you're not getting the travelers from outside China coming in.

安東尼，關於你提到的商務旅行，我只想補充一點：在我們飯店入住的中國旅客中，大約有四分之一是來自中國以外的國際商務旅客。所以，商務夜宿人數確實下降了，但同時，來自中國以外的旅客減少也產生了影響。

So all things considered, I would -- although it's a little -- not quite as robust as leisure, because people are not traveling outside China, it's still quite robust a recovery on the business side.

所以綜合考慮，雖然商業領域的復甦力道不如休閒旅遊那麼強勁（因為人們沒有出國旅行），但商業領域的復甦仍然相當強勁。

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

你的下一個問題來自 Jefferies 公司的 David Katz。

Arne, as you talk to your business peers, we obviously are all very focused on this business travel element. Do you think the collective wisdom is that the gating factor is entirely therapeutic? Or is that sort of one component of maybe a larger set of strategies to get the likes of me out and traveling again? What are you hearing?

Arne，當你和你的商業夥伴們交談時，我們顯然都非常關注商務旅行這個方面。你認為大家普遍認為這種限製完全具有治療效果嗎？或者，這只是讓像我這樣的人再次外出旅行的一系列更大策略中的一個組成部分？你聽到了什麼？

Well, I mean, I think there are 3 things. And obviously, the most urgent and most impactful will be what happens with COVID-19. Clearly, travel has plummeted because of the risks associated with it and the way those have impacted, either through formal restrictions or informal restrictions. Think about airline capacity, international travel, all of those sorts of things. That impact has been very profound. And we will have, I think, a meaningful step-up in group and business transient travel the moment that COVID-19 risk recedes from sort of the threatening horizon, if you will.

嗯，我的意思是，我認為有三件事。顯然，最迫切、影響最大的將是新冠肺炎疫情的發展。顯然，由於與旅行相關的風險以及這些風險透過正式或非正式限制產生的影響，旅行量大幅下降。想想航空公司的運能、國際旅行，以及所有這些方面。這一影響非常深遠。我認為，一旦 COVID-19 的風險從威脅的地平線上消退，團體和商務旅行將會迎來顯著的成長。

I think once that happens, there are 2 other things that we're going to have to pay attention to. One is what's the state of the underlying economy. And as we've all watched for years and years and years, demand in our industry does correlate well with the strength of the economy. And my guess is we're going to see an economy which has got some lingering weakness because of small businesses being closed, many probably not able to reopen, relatively higher levels of unemployment around the world, a number of factors that it will take some time for us to work our way through.

我認為一旦這種情況發生，還有兩件事我們需要注意。一是基本經濟狀況如何。正如我們多年來所觀察到的，我們行業的需求與經濟的強勁程度確實密切相關。我的猜測是，由於小企業倒閉（其中許多可能無法重新開業）、全球失業率相對較高等諸多因素，經濟將會出現一些持續疲軟的跡象，我們需要一些時間來克服這些因素。

And then I think the third is what happens as a function of remote work, the digital tools we've all learned to use even more than we used before to meet with each other and stay connected in a time in which we can't be out. I mean, we can't even be in our offices, let alone traveling. And there, of course, you've got significant conversation about how much of that will impact long-term travel trends.

我認為第三點是遠距辦公帶來的後果，我們都學會了比以前更多地使用數位工具來彼此見面，並在我們無法外出的時候保持聯繫。我的意思是，我們連辦公室都待不了，更別說出差了。當然，這其中也包含著關於這些因素將在多大程度上影響長期旅遊趨勢的重要討論。

That last piece, to some extent, is similar to the conversations we participated in during the Great Recession and even when the tech bubble burst in early 2001 and 9/11 followed and the travel recession we had then. And what generally we saw is that in the few years following, most of that group and most of that business transient travel comes back. Not all of it. If you look at 20 years' worth of mix for the industry and including for Marriott, we have seen a couple of points, maybe 2 or 3 points shift from business transient and group combined towards leisure.

最後這一點在某種程度上與我們在大蕭條時期參與的對話類似，甚至與 2001 年初科技泡沫破裂、9/11 事件以及當時的旅遊業衰退時期的對話類似。我們通常看到的是，在接下來的幾年裡，大部分群體和大部分商務旅行都會回歸。並非全部。如果縱觀過去 20 年整個產業的組成，包括萬豪酒店在內，我們發現商務散客和團體遊客的比例可能下降了 2 到 3 個百分點，轉向休閒旅遊。

I suspect we'll continue to see that in the years ahead, as leisure remains probably a pretty powerful driver of demand. But we'll get through -- we'll see business transient move to -- the fact of the matter is people love to travel. They love to travel both for themselves personally, and they love to travel for work. It's often the most interesting and the place they're going to learn the most. And we'll see the lion's share of that come back, even if it's not every single night from every single company that we do business with. Did that answer your question, David?

我懷疑未來幾年我們還會繼續看到這種情況，因為休閒娛樂可能仍然是需求的相當強大的驅動力。但我們會撐過去的——我們會看到商務旅客逐漸減少——事實是人們喜歡旅行。他們熱愛旅行，無論是個人旅行還是工作旅行。這通常是最有趣的地方，也是他們能學到最多東西的地方。即使不是每晚與我們做生意的每家公司都能收回大部分款項，我們也會看到其中絕大部分款項收回來。大衛，這樣回答你的問題了嗎？

It largely does. If I can follow it up just specifically around the COVID piece of your answer and the need for a vaccine to be a gating factor to mitigate the risks of COVID. Are you hearing from any of your peers about sort of interim steps or alternative strategies in conjunction with or instead of a vaccine? Just trying to think about whether we're sitting around waiting for one single event or a series of things just from what you're hearing.

基本上是這樣。如果我能就您回答中關於新冠疫​​情的部分，以及疫苗作為降低新冠疫情風險的關鍵因素這一問題追問一下的話。你的同行有沒有提到與疫苗合併使用或替代疫苗的過渡措施或替代策略？我只是想弄清楚，根據你聽到的情況，我們是在坐等一件單一事件發生，還是在等待一系列事件的發生。

Yes. I mean, I think -- I do spend a lot of time talking to our big customers, sometimes through the business roundtable, sometimes in other -- on one-on-one context. And I'd hesitate to speak for the corporate world globally, but I do think there is an increasing sense that, with each passing month, we lose a little bit more in terms of the connective tissue between our people in companies, in all sorts of different industries. And I think it's a consequence.

是的。我的意思是，我認為——我的確花了很多時間與我們的大客戶交談，有時是透過商業圓桌會議，有時是透過其他方式——一對一的交流。我不敢代表全球企業界發言，但我確實認為，隨著時間的推移，我們越來越感覺到，在各個不同行業的公司裡，我們員工之間的聯繫紐帶正在逐漸減弱。我認為這是一種後果。

And when you're talking about collaboration or innovation or strategic conversations, that maybe is most obvious that those are the things that are harder to do through a team's call or through some sort of digital tool. And so I think there is a sense that when we can safely do it, we should start to probably more significantly open offices and bring people back to work.

而當你在談論協作、創新或策略對話時，最明顯的一點是，這些事情很難透過團隊電話或某種數位工具來實現。因此，我認為大家有一種感覺：當我們能夠安全地做到這一點時，我們應該開始更大規模地開放辦公室，讓人們重返工作崗位。

That is made difficult by a resurgence of the virus today. I think we're talking about some days with over 100,000 new cases in the United States. And it's made difficult by the school situation, which, some markets, they're open. Some markets, they're closed. In many markets, they're hybrid. And employers are trying to work their way through that process.

由於病毒今日捲土重來，這使得情況變得更加困難。我認為我們說的是美國某些日子新增病例超過10萬例的情況。學校的情況讓事情變得更加困難，儘管有些市場已經開放。有些市場已經關閉。在許多市場，它們是混合型的。而雇主們正在努力完成這個過程。

But I am hopeful that we will -- even before the vaccine is broadly distributed, we will start to see offices opened up with social distancing, with mask wearing and probably with reduced density, but starting to get to a place where it's at least a step towards a more normal environment. It has to be done safely, but I think it can be done safely because I don't think the office environment is a particularly risky one. I don't think it's probably as risky as the grocery store for that matter. We will start to see, I think, some positive impact in our business from that, too, and that could precede the vaccine.

但我希望，即使在疫苗廣泛分發之前，我們也能看到辦公室在保持社交距離、佩戴口罩和降低人員密度的情況下重新開放，至少朝著更正常的環境邁出一步。必須確保安全，但我認為可以安全完成，因為我認為辦公室環境不是一個特別危險的環境。我認為它可能沒有去雜貨店那麼危險。我認為，我們也會開始看到這對我們的業務帶來一些正面影響，而且這可能會在疫苗問世之前就顯現出來。

Okay. If I can ask one more very short follow-up. You commented earlier in your remarks about conversions and accepting or embracing those that are financially accretive and brand accretive. If you could just color us because all conversions are clearly not created equal beyond the financial impact, how do you think about that brand accretive concept beyond just RevPAR index and the like?

好的。如果可以的話，我想再問一個非常簡短的後續問題。您之前在關於轉換率的發言中提到過，要接受或擁抱那些能夠帶來經濟效益和品牌效益的轉換率。如果可以的話，請容許我們這樣解釋：除了財務影響之外，所有轉換顯然都不是同等重要的。您如何看待除了RevPAR指數等指標之外的品牌增值概念？

Yes. So -- and I'm not sure you can even find out what we all do because we don't necessarily publish it. I think some of our -- some players in the industry are compensating their folks simply for adding units. Our compensation tools basically are to reward folks for units that deliver value. So an NPV calculation is a big part of our compensation scheme for the folks on our team that are out there helping us grow.

是的。所以——而且我不確定你是否能查到我們都在做什麼，因為我們不一定會公佈。我認為我們行業中的一些企業僅僅因為員工增加了銷售就給他們發放補償。我們的薪酬機制基本上是為了獎勵那些創造價值的產品的員工。因此，淨現值計算是我們薪酬方案的重要組成部分，它適用於那些幫助我們成長的團隊成員。

We've also got our brand and operators that are involved in making sure that the products we bring on meet brand standards. And typically, that will come home to roost for a conversion in what does the property improvement plan look like for a pre-existing hotel in order to put one of our flags on it. And we want to make sure that -- obviously, we want to make sure we're growing. We're really interested only in growing if it's delivering value. We're about creating value. We're not about simply adding rooms that have no value.

我們還有自己的品牌和營運團隊，他們會確保我們引進的產品符合品牌標準。通常情況下，這最終會體現在對現有酒店的改造計劃上，即為了掛上我們的旗幟，該如何改進現有酒店的物業。顯然，我們希望確保我們能夠發展壯大。我們只對能夠創造價值的成長感興趣。我們致力於創造價值。我們並非只是簡單地增加一些沒有價值的房間。

But we know long term that the reinforcing aspect of the power of growth depends on the strength of the brands. And so we've got to make sure that we are getting the kind of quality that represents the brand well. So all 3 of those things could be very much in the mix. And if we can't be satisfied that all 3 of those exist, we're not going to take that product.

但我們知道，從長遠來看，成長力量的強化作用取決於品牌的實力。所以我們必須確保我們獲得的產品品質能夠很好地代表品牌形象。所以這三件事都有可能會起作用。如果我們不能確信這三點都存在，我們就不會接受該產品。

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

你的下一個問題來自摩根士丹利的湯瑪斯艾倫。

So it was helpful calling in the prepared remarks that over 90% of hotels in China had positive gross operating profit in September. Do you have that percentage by region or for your broader portfolio? And how has it anticipated to trend?

因此，事先準備好的演講稿很有幫助，其中提到中國9月份超過90%的酒店實現了正的毛營業利潤。您能否提供按地區劃分的百分比數據，還是提供您整體投資組合的百分比數據？它的趨勢預測如何？

So yes, I don't have it for you by region. Obviously, it's not going to surprise you. We've got big chunks of hotels still closed in CALA and Europe. And with RevPAR down in the 70%, so it's an extremely difficult process for them.

是的，我沒有按地區劃分的數據供您選擇。顯然，這不會讓你感到驚訝。拉丁美洲和歐洲仍有大片飯店處於關閉狀態。由於每間可供出租客房收入下降了 70%，這對他們來說是一個極其艱難的過程。

In the U.S., I'll work on getting you some numbers. But obviously, it's going to be a far lower sort of percentage. But again, I think it shows you in China the remarkable resilience of both the profits and the revenues from a demand perspective.

在美國，我會努力幫你弄到一些數據。但很顯然，這個比例會低很多。但我認為這再次表明，從需求角度來看，中國的利潤和收入都具有驚人的韌性。

I guess, a bigger question, Leeny, is that, like, I mean, on the surface, I mean, I think people view that this is going to be a relatively -- I mean, in the short term, it's a very deep downturn. And then there's some concerns it's going to be a long recovery. And hotels may be seeing negative operating profits for a prolonged period of time, which, on the surface, a lot of people feel like will lead to closures, maybe not now, but once maybe debt maintenance deferrals are put off. What gives you confidence like that, that's not going to be the case?

我想，Leeny，一個更大的問題是，我的意思是，表面上看，我認為人們認為這將是一次相對的——我的意思是，短期內，這是非常嚴重的衰退。此外，也有人擔心這將是一個漫長的恢復過程。酒店可能會在很長一段時間內出現負營業利潤，表面上看，許多人認為這將導致酒店倒閉，也許現在不會，但一旦債務償還延期被推遲，就可能發生這種情況。是什麼讓你如此有自信？這種情況不會發生的。

Yes. So a couple things. First, again, I think you do have to look back at how -- you do have to look at China as being somewhat helpful in kind of evaluating how things can come back. So I don't think -- although we haven't seen it everywhere else, I think it is instructive.

是的。有兩件事。首先，我認為你確實需要回顧一下——你確實需要看看中國，這在某種程度上可以幫助我們評估事情如何恢復。所以我覺得——雖然我們在其他地方還沒有看到這種情況，但我認為這很有啟發性。

And then, for example, when you've seen in the luxury occupancy at the resorts, you've clearly seen that the leisure demand has moved that up quite nicely. When you see the Ritz-Carlton brand, for example, had 27% occupancy in the third quarter in North America, and we've talked before about how breakeven occupancy can be around 40, and that's still with RevPAR for Ritz-Carlton being down 64%. So all of that to be said is I think it can rebound fairly quickly.

例如，從度假村的豪華飯店入住率來看，很明顯，休閒需求已經很好地推動了入住率的成長。例如，麗茲卡爾頓酒店品牌在北美第三季度的入住率為 27%，而我們之前討論過，盈虧平衡入住率可能在 40% 左右，即便如此，麗思卡爾頓酒店的每間可供出租客房收入 (RevPAR) 仍然下降了 64%。綜上所述，我認為它能夠很快反彈。

I think if you look back and see what happened in the Great Recession, you also had the most complex hotels dramatically impacted by a massive drop in demand. And what you saw is while it took a little bit of time, they did get through it. They did get through to generally not being foreclosed upon and getting back to strong profits and, in many cases, incentive fees for us.

我認為，回顧大蕭條時期發生的事情，你會發現，最複雜的飯店也受到了需求大幅下降的嚴重影響。你們看到的是，雖然花了一些時間，但他們最終還是克服了困難。他們最終成功避免了被取消抵押贖回權，恢復了強勁的利潤，並且在許多情況下，還為我們帶來了激勵費用。

So i -- while I appreciate -- we all appreciate that this is going to take longer than any of us would like, I think the most -- the guiding light I know that we see is how quickly -- when people feel comfortable about travel, how quickly demand returns.

所以——雖然我理解——我們都理解這會比我們任何人希望的都要花費更長的時間，但我認為最重要的——我知道我們看到的指導意義在於——當人們對旅行感到放心時，需求恢復得有多快。

And frankly, rate, all things considered, rate has held up fairly well when you think about big picture where things are. So for example, when you see a quick pop to demand and a drive-to luxury resort, you actually see that rate stays in pretty good shape. And again, I think we've worked on the cost structure at the hotels to be able to take up some of the slack that have been created from the demand side.

坦白說，綜合所有因素來看，從大局來看，利率表現相當不錯。例如，當需求迅速上升，人們開車前往豪華度假村時，你會發現房價實際上保持得相當不錯。而且，我認為我們已經對酒店的成本結構進行了調整，以彌補需求方面造成的一些缺口。

So I -- you're right about it will depend based on how long this takes. But generally speaking, the hotels are in better shape from a leverage standpoint than they were at the last go around. I do think the lenders have been quite patient. And as -- I think when we get some ability to travel that the demand is going to come back fairly quickly.

所以——你說得對，這取決於需要多長時間。但總的來說，從談判籌碼的角度來看，酒店的狀況比上次要好得多。我認為貸款方已經相當有耐心了。而且——我認為，當我們能夠出行時，需求會很快恢復。

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

你的下一個問題來自 Smedes Rose 與 Citi 的合作計畫。

You've covered a lot of ground this morning, but I just wanted to ask you just kind of longer term, when free cash does start to reaccelerate more meaningfully, are there any changes in the way that you're thinking about the leverage levels that you'd like to attain? Or would you just -- should we expect that you'll just really focus on reducing debt? Or maybe how do you think about returning to a dividend program or some sort of repurchase program?

今天早上您談了很多，但我只想問您一個更長遠的問題，當自由現金流開始更顯著地重新加速成長時，您對想要達到的槓桿水平的看法會有什麼變化嗎？或者，我們可以期待您只專注於減少債務？或者，您覺得恢復分紅計畫或某種形式的股票回購計畫怎麼樣？

Sure. Thanks, Smedes. I would love to be thinking about those questions. I think, for the moment, that's still a little ways off. This will obviously depend on how quick RevPAR comes back.

當然。謝謝你，斯梅德斯。我很想思考這些問題。我認為，就目前而言，那還有一段路要走。這顯然取決於RevPAR（每間可供出租客房收入）恢復的速度。

And we've got -- as you know, we've got leverage ratios that we want to get back in line certainly on our revolver covenant. To even consider share repurchase and dividends, we need to get back to 4x to be able to even consider that.

如您所知，我們有一些槓桿比率需要調整，尤其是在循環信貸協議方面。要考慮股票回購和分紅，我們需要將市盈率恢復到 4 倍才有條件考慮。

So I think it's a ways off in terms of actual planning. I think one of the things that you know we've been focused on is really thinking about our debt maturity stack, and so that is one of the things that we've done that is more permanent and I think will hold us in good stead, as we think about kind of managing our cash flow. When you're not looking at having quite as much in commercial paper, which is so short term and so much more subject to a crisis like this, that, obviously, with stretching out our maturities, that will be helpful.

所以我覺得就實際規劃而言，還有很長的路要走。我認為我們一直關注的事情之一就是認真考慮我們的債務到期順序，這是我們採取的更持久的措施之一，我認為這將對我們管理現金流大有裨益。當你不再持有那麼多商業票據時（商業票據期限很短，更容易受到此類危機的影響），顯然，延長我們的到期日會有所幫助。

But I think we want to be strong investment grade. We want to continue to be in that range, but we also will obviously be working hard to generate that excess cash flow to consider what to do with it.

但我認為我們希望達到高投資等級。我們希望繼續保持在這個範圍內，但我們顯然也會努力創造多餘的現金流，以便考慮如何處理這些現金流。

We've liked the mix of dividends -- of a modest dividend and share repurchase for the flexibility and for the kind of modest ongoing return to the shareholders, and I suspect that we will continue to like that. But exactly where we want to peg the leverage, I think, will absolutely depend on the pace of this recovery and the timing of it.

我們喜歡這種分紅組合——適度的分紅和股票回購，因為它既靈活又能為股東帶來適度的持續回報，而且我懷疑我們會繼續喜歡這種組合。但我認為，我們究竟想把槓桿發揮到什麼程度，絕對取決於復甦的速度和時機。

Let me throw one thing in on this if I can. The -- what Leeny said is exactly right. There's obviously been a fair amount of conversation and policy circles about whether repurchasing stock is somehow a sign of a bad behavior by corporate America or by businesses around the world.

如果可以的話，我想補充一點。——Leeny說的完全正確。顯然，關於回購股票是否是美國企業或世界各地企業不良行為的某種標誌，已經有許多討論和政策界人士進行了探討。

And in the context of Marriott, we have been buying back stock for decades, 40 years, 45 years maybe, something like that. And it is because -- not because we are uninterested in growing our business or investing in the economy or in our people, but because the business produces cash. And in the fullness of time, we often find that we do not have attractive enough investments to use all of the capacity. And as a consequence, we believe it's our shareholders' money and should be returned to shareholders, either through dividends or share repurchases.

就萬豪酒店而言，我們已經回購股票幾十年了，40年，45年，大概是這樣。這是因為——不是因為我們對發展業務、投資經濟或培養員工不感興趣，而是因為業務能夠產生現金流。隨著時間的推移，我們常常發現我們沒有足夠的吸引力投資來充分利用所有產能。因此，我們認為這是股東的錢，應該透過分紅或股票回購的方式回饋給股東。

And while Leeny's comments about let's take this one step at a time and see how the recovery and EBITDA comes back, and -- we'll continue to monitor this in terms of appropriate debt ratios and the like and the maturity ladder of the debt that we have, all of those things are extremely important.

Leeny 的評論是，讓我們一步一步來，看看復甦和 EBITDA 如何恢復，我們將繼續監測適當的債務比率以及我們現有債務的到期階梯，所有這些都非常重要。

I do think we will get back fairly quickly back towards a place where we have excess financial resources that belong to our shareholders, and that through dividends and share repurchases, we will continue to get it back to them.

我認為我們很快就能恢復到擁有盈餘財務資源的狀態，這些資源將歸我們的股東所有，並且我們將透過分紅和股票回購，繼續將這些資源返還給他們。

Okay. Good. I just wanted to ask you, too, just circling back on the SVC, assuming those rooms do come out of the system. So I assume that, that lifts a lot of territorial restrictions. And just given that it is a big chunk, and you sort of talked about this on your opening remarks, but what would be sort of the strategy, I guess, to replace rooms in those markets sooner rather than later?

好的。好的。我也想問你一下，關於 SVC，假設那些房間確實從系統中移除。所以我認為，這解除了許多領土限制。鑑於這是一大塊市場，而且您在開場白中也談到了這一點，那麼，我想，為了盡快在這些市場中替換客房，應該採取怎樣的策略呢？

I'm not really familiar where the hotel specifically are. But do you -- would you expect to kind of have a very focused, I don't know, conversation with the developers or even conversion opportunities in those markets to kind of replace your presence there faster rather than -- sooner rather than later?

我不太清楚這家飯店的具體位置。但是，您是否期望與這些市場的開發者進行非常有針對性的對話，或者尋找轉換機會，以便更快地取代您在那裡的業務？

Our development team has already looked at that list, and they are obviously going to be focused on the markets where they are convinced hotels will make good economic sense. And we'll be talking to the appropriate partners in those markets to see whether or not we can add something there quickly.

我們的開發團隊已經研究過這份名單，他們顯然會將重點放在他們認為酒店在經濟上具有良好意義的市場。我們將與這些市場的相關合作夥伴進行洽談，看看我們是否可以迅速在那裡增加一些產品。

Now they will be new builds. So obviously, it -- and we are in a pandemic. So it's not like they won't be opening in the first quarter of 2021, but I suspect they'll move fairly quickly.

現在它們將都是新建的。很明顯，我們正處於疫情大流行之中。所以並不是說他們不會在 2021 年第一季開業，但我懷疑他們會很快採取行動。

And without getting too far into conversations, we've already received some phone calls on that very topic from some of our partners. So I think you can expect there will be some near-term opportunities.

無需過多深入討論，我們已經接到一些合作夥伴就此話題打來的電話。所以我認為近期內應該會有一些機會。

Okay. I mean, just sort of on that, I mean, are developers -- do you have just a sense in general of how developers are able to access financing now? Or kind of what sort of changes are you seeing?

好的。我的意思是，關於這一點，您大致了解開發商現在如何獲得融資嗎？或者說，你觀察到了哪些類型的變化？

So I think, obviously, you've got the reality that our large multi-unit partners and our lenders are assessing the situation and trying to kind of figure out the health of their own assets, right, whether it's the loans or the hotels they own. And so that is, in some cases, requiring that they take a bit of a pause. But at the same time, these are, in many cases, folks who are thinking over the longer term and who do have access to capital to get things going.

所以我覺得，很顯然，我們的大型多單元合作夥伴和貸款方正在評估形勢，並試圖弄清楚他們自己的資產狀況，無論是貸款還是他們擁有的酒店。因此，在某些情況下，這需要他們稍作停頓。但同時，在許多情況下，這些人都是著眼於長遠發展，並且擁有啟動資金的人。

So again, as you've seen, we've clearly had a drop in signings. We've had lenders clearly waiting on sidelines, but it's not to say that all activity has stopped. And certainly, in some of our larger diversified owners, they've got the ability to continue to move forward, looking at pieces of land and starting the process in talking to us and putting deals together.

所以，正如你所看到的，我們的簽約人數明顯下降了。我們看到一些貸款機構明顯在觀望，但這並不意味著所有活動都已停止。當然，我們的一些規模較大的多元化所有者有能力繼續推進項目，考察土地，並開始與我們洽談，達成交易。

So the conversations certainly get going. I think it's, as you've seen, certainly on the financing front, kind of putting pen to paper and getting committed capital on some deals has slowed. But the conversations absolutely continue, and the business has had downturns before. It's a cyclical business and will again. So I think this is sometimes when there can be some great opportunity, but to really see things pick up in a meaningful way will take that there's more resolution around the COVID situation.

於是，對話就此展開。我認為，正如你所看到的，尤其是在融資方面，一些交易的正式簽署和獲得承諾資金的進程已經放緩。但相關對話仍在繼續，而且該業務以前也經歷過低迷期。這是週期性產業，以後還會再經歷週期性波動。所以我認為，有時候這可能會帶來一些絕佳的機會，但要真正看到情況有所好轉，還需要新冠疫情得到更多解決。

Your next question comes from the line of Richard Clarke with Bernstein.

你的下一個問題源自於理查克拉克與伯恩斯坦的對話。

Just a quick question on the reimbursed costs. It looks like you're profitable on that line in Q3. You're talking about making a 25% cost saving in there. What will actually happen to the costs you save in there? Does that benefit the owners? Are you going to be able to cut their fees? Or will you reinvest that in marketing? Or does Marriott benefit somehow from that?

關於報銷費用，我有個小問題。看來你們第三季這條生產線獲利了。你們說的是要節省25%的成本。你節省下來的費用最終會如何處理？這樣對業主有好處嗎？你能幫他們降低費用嗎？還是你會把這筆錢再投資到行銷？或者萬豪酒店從中獲得了某種好處？

Right. Well, we benefited from it indirectly. We benefited from the standpoint that, obviously, we need to make sure that what we charge for our programs and services is competitive in a variety of RevPAR scenarios. And as you know, many, many of our charges are actually based on hotel level revenues, so they're percentage of sales. So we've got to make sure that our costs also flex with those changes.

正確的。嗯，我們間接地從中受益了。我們從這樣的角度受益：顯然，我們需要確保我們的專案和服務收費在各種 RevPAR 場景下都具有競爭力。如您所知，我們的許多收費實際上都是基於酒店層面的收入，也就是銷售額的百分比。所以我們必須確保我們的成本也能隨著這些變化而靈活調整。

So first and foremost, it -- ultimately, on the reimbursement, it is a net neutral goal. What you're trying to do over time is to match your costs to your revenues, but also make sure that what you're charging the properties is competitive. And so you're right that you see it's positive. But again, that's overwhelmingly due to loyalty. And as I talked before earlier, that really does flex a bit, depending on what's going on with redemption volume. We do basically manage it over time to be neutral as well as all the other programs and services that we charge the hotels for.

所以首先，歸根究底，就報銷而言，這是一個淨中性的目標。隨著時間的推移，你的目標是使成本與收入相匹配，同時也要確保你向物業收取的費用具有競爭力。所以你說得對，這確實是正面的一面。但再說一遍，這主要還是出於忠誠。正如我之前所說，這確實會根據兌換量的變化而有所調整。我們基本上會隨著時間的推移，努力保持中立，就像我們向酒店收取費用的所有其他項目和服務一樣。

Okay. So just to clarify, in future years, the costs you'll need to spend there will go down by 25%, but you should be able to recover the revenues you make in that line.

好的。為了澄清一下，未來幾年，你在那裡需要花費的成本將減少 25%，但你應該能夠收回你在這條產品線上獲得的收入。

I was going to say we -- since so many of the charges that we're charging them flex with revenues, I've got to reduce my cost by that 25% because, remember, I can't charge them as much.

我本來想說，由於我們向他們收取的許多費用都會隨著收入而變化，所以我必須將成本降低 25%，因為，記住，我不能向他們收取那麼多費用。

So when we talk about many of those costs that are above-property related to programs and services, that is a function of knowing that, as you think about, for example, next year, we're likely to enter into the year not meaningfully different from where we are now, unless there's some unbelievable piece of news.

所以，當我們談到許多與項目和服務相關的、高於財產成本的支出時，我們需要考慮的是，例如，當我們展望明年時，除非出現一些令人難以置信的消息，否則我們進入新的一年時，情況可能與現在不會有實質性的不同。

So again, we're just making sure that our cost structure matches what we, by contract, are able to charge the owners. So that 25% savings is really designed to match what we're charging the owners, but also to try to find ways, as I said in my comments, to actually reduce the rate that we're charging for programs and services, which will then show up in higher hotel profits over time, which should make us more competitive as a manager and franchisor. Is that -- does that address your question?

所以，我們再次強調，我們只是要確保我們的成本結構與我們根據合約能夠向業主收取的費用相符。因此，這 25% 的節省實際上是為了與我們向業主收取的費用相匹配，同時也是為了像我在評論中提到的那樣，努力尋找降低我們對項目和服務收費的方法，這將隨著時間的推移轉化為更高的酒店利潤，從而使我們作為管理者和特許經營商更具競爭力。這樣回答你的問題了嗎？

I get it now. That makes sense. If I can just ask one very quick clarification. On the front of your release today, you talk about a number of hotels that you've opened from other brands. Does that include from independents as well? Or is it just from alternative brand operators?

我現在明白了。這很有道理。我可以問一個非常簡短的問題嗎？在今天發布的新聞稿中，您提到了您從其他品牌引進的多家飯店。這是否也包括獨立出版商？還是僅僅是來自其他品牌經營者？

It's from independents as well.

它也來自獨立出版商。

It's from -yes, it's from any -- yes, any independent or other brands.

它來自——是的，它來自任何——是的，任何獨立品牌或其他品牌。

At this time, we have reached our allotted time for questions. I would like to turn it back over to Mr. Sorenson for closing remarks.

至此，我們的提問時間已到。我謹將發言權交還給索倫森先生，請他作總結發言。

All right. Well, thank you all very much for your time and attention this morning. I was thinking as the questions were asked by so many of you how much we miss you. It's great to hear your voices.

好的。非常感謝各位今天上午抽空關注。看到這麼多人提問，我一直在想，我們是多麼想念你們。很高興聽到你們的聲音。

So true.

如此真實。

We hope you're all navigating through this time well. We obviously can't wait for so many reasons to see you in person again soon. And between now and then, we wish you nothing but the best.

希望你們一切安好。我們當然迫不及待地想再見到你，理由很多。從現在到那時，我們祝福您一切順利。

Obviously, if there are questions that we didn't get to this morning, feel free to call the team, and we'll be in touch to make sure you got the information you need to have. But thank you all. Be well.

顯然，如果您還有今天早上我們沒有解答的問題，請隨時致電我們的團隊，我們將與您聯繫，確保您獲得所需的資訊。但還是要謝謝大家。祝您健康。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。