Wyndham Hotels & Resorts, Inc. (WH) 2025 Q4 法說會逐字稿

Good morning, everyone. Welcome to the Wyndham Hotels and Resorts fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions)

各位早安。歡迎參加溫德姆酒店及度假村2025年第四季及全年業績電話會議。（操作說明）

I would now like to turn the call over to Mr. Matt Capuzzi, Senior Vice President, Investor Relations. Please go ahead, sir.

現在我將把電話交給投資者關係高級副總裁馬特·卡普齊先生。請繼續，先生。

Thank you, operator. Good morning, and thank you for joining us. With me today are Geoff Ballotti, our CEO; and Kurt Albert, our Interim CFO. Before we get started, I want to remind you that our remarks today will contain forward-looking statements. These statements are subject to risk factors that may cause our actual results to differ materially from those expressed or implied.

謝謝接線生。早安，感謝各位的參與。今天陪同我的是我們的執行長傑夫·巴洛蒂，以及我們的臨時財務長庫爾特·阿爾伯特。在正式開始之前，我想提醒各位，我們今天的演講將包含一些前瞻性陳述。這些聲明受風險因素影響，實際結果可能與明示或暗示的結果有重大差異。

These risk factors are discussed in detail in our most recent annual report on Form 10-K filed with the Securities and Exchange Commission and any subsequent reports filed with the SEC. We'll also be referring to a number of non-GAAP measures. Corresponding GAAP measures and a reconciliation of non-GAAP measures to GAAP metrics are provided in our earnings release and investor presentation, which are available on our Investor Relations website at investor.wyndhamhotels.com.

這些風險因素已在我們最近向美國證券交易委員會提交的 10-K 表格年度報告以及之後向美國證券交易委員會提交的任何報告中進行了詳細討論。我們也會參考一些非GAAP指標。相應的 GAAP 指標以及非 GAAP 指標與 GAAP 指標的調整表已在我們的獲利報告和投資者簡報中提供，這些文件可在我們的投資者關係網站 investor.wyndhamhotels.com 上查閱。

We are providing certain measures discussing future impact on a non-GAAP basis only because without unreasonable efforts, we are unable to provide the comparable GAAP metric. In addition, last evening, we posted an investor presentation containing supplemental information on our Investor Relations website.

我們僅以非公認會計準則 (非 GAAP) 為基礎提供一些討論未來影響的措施，因為如果不付出不合理的努力，我們無法提供可比較的公認會計準則 (GAAP) 指標。此外，昨晚我們在投資者關係網站上發布了一份包含補充資訊的投資者簡報。

We may continue to provide supplemental information on our website and on our social media channels in the future. Accordingly, we encourage investors to monitor our website and our social media channels in addition to our press releases, filings submitted with the SEC and any public conference calls or webcast.

未來我們可能會繼續在我們的網站和社交媒體管道上提供補充資訊。因此，我們鼓勵投資者除了關注我們的新聞稿、向美國證券交易委員會提交的文件以及任何公開電話會議或網路直播外，還要關注我們的網站和社交媒體管道。

With that, I will turn the call over to Geoff. Geoff?

接下來，我會把電話交給傑夫。傑夫？

Thanks, Matt. Good morning, everyone, and thanks for joining us today. We closed out a challenging year on a very strong note, delivering net room growth of 4% and full year comparable adjusted EBITDA and adjusted EPS growth of 4% and 6%, respectively, all in line with the outlook that we shared back in October. Against this backdrop, we opened a record 72,000 rooms, the largest number of organic room additions in Wyndham's history and 13% more than last year.

謝謝你，馬特。各位早安，感謝大家今天收看我們的節目。我們以非常強勁的勢頭結束了充滿挑戰的一年，實現了淨客房增長 4%，全年可比調整 EBITDA 和調整後每股收益分別增長 4% 和 6%，所有這些都與我們在 10 月份分享的展望一致。在此背景下，我們新增了創紀錄的 72,000 間客房，這是溫德姆歷史上新增客房數量最多的一次，比去年增加了 13%。

We also signed 870 deals, which was 18% more than 2024's all-time high, further increasing our global development pipeline by 3% to nearly 260,000 rooms and more than 2,200 hotels. We drove a 15% increase in ancillary fee streams and our highly cash-generative business model produced $433 million in adjusted free cash flow, enabling us to return $393 million to our shareholders across the board where we could control the outcome our teams delivered in 2025.

我們還簽署了 870 項協議，比 2024 年的歷史最高紀錄高出 18%，進一步將我們的全球開發項目儲備增加了 3%，達到近 26 萬間客房和 2200 多家酒店。我們推動輔助費用流成長了 15%，我們高效的現金流商業模式產生了 4.33 億美元的調整後自由現金流，使我們能夠在 2025 年向所有股東返還 3.93 億美元，前提是我們能夠控制團隊交付的成果。

Our record number of new signings and openings are increasing Wyndham's long-term economics by securing franchise agreements that drive higher average royalty revenue. Our record development pipeline is now carrying an average fee par premium of 30% domestically and nearly 20% internationally compared to our existing system, which will enhance our future growth.

我們創紀錄的新簽約和開業數量正在透過確保特許經營協議來提高平均特許經營費收入，從而提高溫德姆的長期經濟效益。我們創紀錄的開發案儲備目前在國內平均收費溢價為 30%，在國際上平均收費溢價為近 20%，與我們現有的體系相比，這將促進我們未來的成長。

Domestically, system growth was driven by strong conversion activity, including the Balfour Miami Beach, a luxurious Registry Collection Art Deco Hotel on Ocean Drive and the Barley House, an upscale trademark collection boutique hotel on the Marina in the heart of Fort Lauderdale, along with so many high-quality new construction prototype additions like the new Wyndham Garden in Anna, Texas, the La Quinta by Wyndham in Jackson, Tennessee and the new Microtel by Wyndham Twilla in the Great State of Utah. Separately, developer excitement for our Echo Suites brand continues to build with half a dozen Q4 openings in Round Rock in Pasadena, Texas; Peoria, Arizona, Springfield, Missouri; Conyers, Georgia and Naples, Florida.

在國內，系統成長主要得益於強勁的改建活動，其中包括位於海洋大道上的豪華 Registry Collection Art Deco 酒店 Balfour Miami Beach，以及位於勞德代爾堡市中心 Marina 區的高檔 Signature Collection 精品酒店 Barley House，還有許多高品質的新建原型酒店，例如位於德克薩斯州安娜的 Wyndham Garden、位於田納西州的 Otelby Wyillan.另外，開發商對我們的 Echo Suites 品牌的熱情持續高漲，第四季將在德州帕薩迪納的 Round Rock、亞利桑那州皮奧裡亞、密蘇裡州斯普林菲爾德、喬治亞州康耶斯和佛羅裡達州那不勒斯開設六家分店。

We closed 2025 with 18 Echo Suites now operating and with RevPAR and operating margins ramping in line with expectations. New hotels continue to break ground and development time lines are faster than ever as construction costs moderate. Following our introduction of DaZLR Select by Wyndham in the economy conversion lifestyle space back in October, we added another 3 highly rated DaZLER Select conversions, allowing hotel owners to preserve their properties' individuality while leveraging the power of our global distribution, loyalty, technology and marketing platforms. And after a highly competitive RFP amongst our lodging peers, we were thrilled to be selected by the Choa Nation in the fourth quarter to add the spectacular AAA 4-diamond Choa Casino & Resort in Durant, Oklahoma to our Wyndham Grand brand, along with the upscale resort additions of the Choa Landing Hocha Town, the Choa Pacola and the Chota Grant to our Trademark Collection brand. This affiliate relationship adds 2,000 upscale rooms, over 40 restaurants, bars and lounges, full-service pools and spas and over 100,000 square feet of state-of-the-art conference and event space for our global sales teams to sell, all with an easy reach of DFW International, a getaway that our over 120 million Wyndham Reward members will want to book, earn and redeem at, reinforcing why Wyndham Rewards continues to be the #1 loyalty program in the industry.

截至 2025 年底，我們已有 18 間 Echo Suites 投入運營，RevPAR 和營業利潤率均按預期逐步提高。隨著建築成本趨於穩定，新酒店不斷破土動工，開發進度也比以往任何時候都快。繼去年 10 月我們在經濟型生活方式酒店領域推出 DaZLR Select by Wyndham 之後，我們又新增了 3 家備受好評的 DaZLR Select 酒店，讓酒店業主能夠在保留其酒店特色的同時，利用我們全球分銷、忠誠度、技術和營銷平台的強大功能。經過與酒店業同行們激烈的競爭，我們非常榮幸在第四季度被 Choa Nation 選中，將位於俄克拉荷馬州杜蘭特的壯觀的 AAA 四鑽 Choa Casino & Resort 納入我們的 Wyndham Grand 品牌，同時還將 Choa Landing Hocha Town、Choa Pacola 和 Chota Grant 這三家高檔度假村納入我們的 Trademark Collection 品牌。此次合作將為我們的全球銷售團隊帶來 2,000 間高檔客房、40 多家餐廳、酒吧和酒廊、全方位服務的游泳池和水療中心，以及超過 100,000 平方英尺的先進會議和活動空間，所有這些都可輕鬆抵達達拉斯-沃斯堡國際機場。我們超過 1.2 億的溫德姆獎賞計劃會員都渴望預訂、賺取和兌換此度假勝地，這也進一步鞏固了溫德姆獎賞計劃為何能繼續保持業內第一忠誠度計劃的地位。

The affiliated rooms from these Choa Resorts join us at an opportune time for our Wyndham Reward members as we'll be saying goodbye in the first quarter to approximately 3,000 legacy affiliated rooms, the bulk of which were sourced from travel and leisure and related to the closure of a handful of Wyndham Vacation Resorts that they have previously reported, along with rooms previously managed by Vacasa, which are being sold by Casa Go to its franchisees. While these terminations will not impact our ability to drive net room growth on a full year basis, they will create headwinds in the first quarter from a timing perspective.

這些 Choa Resorts 旗下的附屬客房加入我們的行列，對於我們的 Wyndham Reward 會員來說可謂恰逢其時，因為我們將在第一季度告別大約 3,000 間原有的附屬客房，其中大部分來自旅遊休閒行業，與之前報道過的幾家 Wyndham Vacation Resorts 的關閉有關，以及之前由 Vacasa 的客房出售給其客房。雖然這些終止不會影響我們全年實現淨客房成長的能力，但從時間安排來看，它們會在第一季造成不利影響。

We continue to work on adding more aspirational upscale hotels and resorts, which expand opportunities for Wyndham Rewards members to earn and redeem to status match and to transfer benefits, increasing Wyndham Rewards membership enrollments, which grew 13% in Q4, growing the share of direct Wyndham Rewards occupancy that our franchisees enjoy, which grew to a record 54% domestically this quarter and identifying new customer markets to drive credit card sales, Blue Thread marketing and other ancillary revenue opportunities.

我們持續努力增加更多高端酒店和度假村，從而擴大溫德姆獎勵計劃會員賺取和兌換積分以匹配等級和轉移福利的機會，增加溫德姆獎勵計劃會員註冊量（第四季度增長 13%），提高我們加盟商享有的溫德姆獎勵計劃直接入住率（本季度國內增長至創紀錄的 54%），並在尋找新的客戶市場以提供新的客戶行銷機會。

Internationally, we increased net rooms by 9%. EMEA grew rooms by 8% with spectacular new conversions like the Wyndham Corfu, an elegant beachfront retreat on the Ionian Sea in Greece, along with several new construction additions like the Ramada Arna Buta in Turkey, a country in which we now have 130 direct franchise hotels open with over 40 more in our development pipeline.

國際方面，我們的淨客房數增加了 9%。EMEA 的客房數量增加了 8%，這得益於一些令人矚目的新改造項目，例如位於希臘愛奧尼亞海沿岸的優雅海濱度假勝地 Wyndham Corfu，以及一些新建項目，例如位於土耳其的 Ramada Arna Buta。目前，我們在土耳其擁有 130 家直營特許經營酒店，另有 40 多家酒店正在開發中。

Latin America and the Caribbean increased net rooms by 5% with new conversions like the Oceanfront all-inclusive Casamarina Soua, a new trademark collection hotel in the Dominican Republic, along with new construction openings like the Wyndham Natal Pitonggi Beach on the sands of Petonggi Beach in Brazil's dyillic Northeastern tourist destination.

拉丁美洲和加勒比地區的淨客房數增加了 5%，這得益於新的改造項目，例如多明尼加共和國的新品牌系列酒店——海濱全包式 Casamarina Soua，以及新開業的酒店，例如位於巴西東北部風景如畫的旅遊勝地 Petonggi 海灘沙灘上的 Wyndham Natal Pitonggi Beach。

In Southeast Asia and the Pacific Rim, we grew net rooms by 11% with upscale conversions like the EvoloWualumalu, an upscale Wyndham hotel located on the heritage-listed Finger Wharf in downtown Sydney Harbor, along with several exceptional new construction additions like the Oceanfront Wyndham Go Sun, South Korea.

在東南亞和環太平洋地區，我們透過高端飯店改造，使淨客房數增加了 11%。 EvoloWualumalu 是一家位於雪梨港市中心歷史名勝區 Finger Wharf 的高級溫德姆飯店。此外，我們還新增了幾家卓越的飯店，例如韓國的 Oceanfront Wyndham Go Sun。

And finally, in Mainland China, we again grew our direct franchising system double digits by an impressive 14%, expanding our footprint across the country with conversions like our 136th Days Inn Hotel in Changsha and so many new construction additions like our 20th Hawthorne Suites in Xi'an and our 31st Microtel by Wyndham in NnXijianshi, along with dozens of other luxurious new openings like the Wyndham Lean in Sichuan province.

最後，在中國大陸，我們的直接特許經營體繫再次實現了兩位數的增長，增幅高達 14%，透過改造，例如在長沙開設了第 136 家戴斯酒店，以及新建了許多酒店，例如在西安開設了第 20 家豪生套房酒店，在西安建市開設了第 31 家酒店，此外溫德姆在其他豪華酒店開業。

Fourth quarter global RevPAR declined 6% in constant currency, with domestic RevPAR down about 6 points, excluding hurricane impacts in 2024 and international RevPAR declined 1 point. While we continue to see strength in several important Midwest and industrial states for us like Missouri, Minnesota, Michigan, Wisconsin and Oklahoma, where we're seeing increasing infrastructure demand being contracted, it was more than offset by continued softness in our 3 largest states, Texas, California and Florida, which account for 1/4 of our U.S. room count and which excluding hurricane impacts, declined 11%.

第四季全球每間可供出租客房收入（RevPAR）以固定匯率計算下降了 6%，其中國內每間可供出租客房收入下降了約 6 個百分點（不包括 2024 年颶風的影響），國際每間可供出租客房收入下降了 1 個百分點。儘管我們在密蘇裡州、明尼蘇達州、密西根州、威斯康辛州和俄克拉荷馬州等幾個重要的中西部和工業州繼續看到強勁的成長勢頭，這些州的基礎設施需求不斷增長，但德克薩斯州、加利福尼亞州和佛羅裡達州這三個最大的州的持續疲軟完全抵消了這種增長。這三個州占我們美國客房總數的四分之一，如果不計颶風的影響，客房數量下降了 11%。

Importantly, booking windows and cancellation rates both improved versus fourth quarter 2024. And on a full year basis, U.S. RevPAR declined 4%, which was in line with our expectations. In a moment, Kurt will walk you through our expectations for the full year. Excluding hurricane impacts, the decline of 6% we saw in Q4 improved to down 4% in January and has further improved thus far in February.

值得注意的是，與 2024 年第四季相比，預訂窗口和取消率均有所改善。從全年來看，美國每間可供出租客房收入下降了 4%，這與我們的預期相符。稍後，庫爾特將向大家介紹我們對全年的預期。排除颶風的影響，第四季 6% 的降幅在 1 月收窄至 4%，2 月至今進一步改善。

Leisure and corporate bookings are beginning to pick up as reflected in our booking backlog.

從我們的預訂積壓情況來看，休閒和企業預訂開始回升。

And as we approach the month of March, we'll lap the beginning of when our RevPAR significantly decelerated in 2025 and when our domestic comps become meaningfully easier. Internationally, in the fourth quarter, we continued to see solid growth across our EMEA region with RevPAR up 7%, driven by considerable strength in Southern Europe and across the Middle East. Our Latin America region also delivered impressive RevPAR growth of 6%, an 11-point sequential improvement from the third quarter, reflecting strong leisure demand and pricing power from our more upscale brands across the Caribbean.

隨著三月的臨近，我們將迎來 2025 年 RevPAR 大幅放緩的開始，屆時國內同類酒店的價格競爭將明顯趨於容易。在國際市場方面，第四季我們在 EMEA 地區持續保持穩健成長，RevPAR 成長 7%，主要得益於南歐和中東地區的強勁表現。我們在拉丁美洲地區的每間可供出租客房收入 (RevPAR) 也實現了令人矚目的 6% 的增長，比第三季度環比增長了 11 個百分點，這反映了加勒比地區強勁的休閒需求以及我們更高端品牌的定價能力。

Performance in Asia continues to lag the rest of our international regions. Southeast Asia and the Pacific Rim was down 2%, primarily due to weakness in Korea, and China was down 10% with continued ADR declines in their deflationary economy. We once again delivered outstanding growth in our ancillary revenues. New strategic partnerships and affiliations, new technology initiatives and continued momentum in our co-branded credit card program fueled a 19% growth in fourth quarter ancillary fees, bringing full year growth to 15% slightly ahead of our expectations from the beginning of the year.

亞洲地區的業績持續落後於其他國際地區。東南亞和環太平洋地區下跌 2%，主要原因是韓國經濟疲軟；中國下跌 10%，其通貨緊縮經濟導緻美國存託憑證 (ADR) 持續下跌。我們的輔助收入再次實現了卓越的成長。新的策略合作夥伴關係和聯盟、新的技術舉措以及聯名信用卡計劃的持續發展勢頭，推動第四季度輔助費用增長 19%，使全年增長率達到 15%，略高於我們年初的預期。

After its launch in October, Wyndham Rewards Insider, our Travel Rewards annual subscription program, saw its month-over-month paid membership double in November and then again double in December as our teams work to fully integrate Wyndham Rewards Insider into our booking paths and digital platforms.

自 10 月推出以來，我們的旅遊獎勵年度訂閱計畫 Wyndham Rewards Insider 的付費會員數量在 11 月翻了一番，12 月又翻了一番，因為我們的團隊正在努力將 Wyndham Rewards Insider 完全整合到我們的預訂流程和數位平台中。

We also recently signed an agreement with Mastercard to create our first international co-branded credit card in Canada, which is expected to launch later this year. Like all of our U.S. offerings, we will be including both no-fee and premium card options. This is an exciting growth opportunity for us, not only designed to bring more members into the Wyndham Rewards ecosystem and drive incremental ancillary revenues in Canada, but also serving as a blueprint as we plan for expansion of our credit card platform into additional new international markets.

我們最近也與萬事達卡簽署了一項協議，將在加拿大推出我們的第一張國際聯名信用卡，預計今年稍後推出。與我們在美國提供的所有產品一樣，我們將同時提供免年費卡和高級卡選項。這對我們來說是一個令人興奮的成長機會，不僅旨在為溫德姆獎勵計畫生態系統吸引更多會員，並在加拿大推動輔助收入的成長，而且還將作為我們計劃將信用卡平台擴展到其他新的國際市場的藍圖。

On our third quarter call, we highlighted the success of our AI initiatives with nearly 350 Agentic AI agents handling millions of guest calls and reservation requests, driving hundreds of basis points of additional direct bookings and generating incremental revenue while reducing on property labor costs for our franchisees. With a track record of proven results, we're accelerating our aggentic AI capabilities on the data foundation that set our transformation in motion.

在第三季電話會議上，我們重點介紹了人工智慧計畫的成功，近 350 個 Agentic 人工智慧代理商處理了數百萬個客人來電和預訂請求，推動了數百個基點的額外直接預訂，並創造了增量收入，同時降低了加盟商的酒店勞動力成本。憑藉著以往取得的顯著成果，我們正在數據基礎上加速發展我們的智慧AI能力，而正是這些數據基礎推動了我們的轉型。

Through our partnership with Salesforce, we created a first-of-its-kind Guest 360 data product, establishing a scalable AI factory that enables us to rapidly design and deliver advanced solutions that deepen engagement with both our guests and franchisees in ways we never imagined possible. We continue to work with public LLMs, including Google AI Mode and ChatGPT to establish direct connections of our hotel data to eliminate the need for these models to scrape our sites. For example, in November, Google selected Wyndham as one of a handful of partners to take part in an agentic booking experience on AI mode in search.

透過與 Salesforce 的合作，我們創建了首創的 Guest 360 數據產品，建立了一個可擴展的 AI 工廠，使我們能夠快速設計和交付先進的解決方案，以我們從未想像過的方式加深與顧客和加盟商的互動。我們繼續與包括 Google AI 模型和 ChatGPT 在內的公共 LLM 合作，建立我們飯店資料的直接連接，從而消除這些模型抓取我們網站的必要性。例如，去年 11 月，Google選擇溫德姆酒店集團作為少數合作夥伴之一，參與在搜尋中以人工智慧模式進行的代理預訂體驗。

Soon, guests will be able to discover Wyndham properties through natural conversational interactions while our connected systems enable seamless direct bookings within AI mode. And we're very excited to share that we successfully connected to Anthropic Clad, the family of LLMs known for its emphasis on safety and human-like reasoning with over 30 million monthly active users. It's an early glimpse of how AI native distribution will reshape the way guests find and book our hotels, which helps us rapidly improve the guest experience and increase direct booking capture.

不久之後，賓客將能夠透過自然對話互動來探索溫德姆酒店，而我們的互聯繫統將支援在人工智慧模式下進行無縫直接預訂。我們非常興奮地宣布，我們已成功與 Anthropic Clad 建立了連接。 Anthropic Clad 是一家以注重安全性和類人推理而聞名的 LLM 公司，擁有超過 3000 萬月活躍用戶。這讓我們得以初步了解人工智慧原生分銷將如何重塑客人尋找和預訂我們酒店的方式，這有助於我們快速改善客人體驗並提高直接預訂量。

Before I wrap up, as you saw in our release last night, we recorded noncash charges in our fourth quarter results related to the recent insolvency filings of a large European franchisee, Revo Hospitality Group. While our balance sheet exposure to Rivo was secured by certain collateral and guarantees, the scope of these filings has unfavorably impacted the value of our security and our expected recovery. We've engaged an experienced team of advisers to assist us during this complex process, and Kurt will walk through the impacts to our financial statements and reporting metrics in a moment.

最後，正如您昨晚在我們的新聞稿中看到的那樣，我們在第四季度業績中記錄了與歐洲大型特許經營商 Revo Hospitality Group 最近申請破產相關的非現金支出。雖然我們對 Rivo 的資產負債表曝險已透過某些抵押品和擔保得到保障，但這些備案的範圍已對我們的擔保價值和預期回收產生了不利影響。我們聘請了一支經驗豐富的顧問團隊來協助我們完成這個複雜的過程，庫爾特稍後將詳細介紹這對我們的財務報表和報告指標的影響。

We want to extend our heartfelt appreciation to our team members around the world. Our resilience in 2025 would not have been possible without their dedication and their support. Their commitment to our economy culture and to delivering the very best value to owners and guests in the face of what was considerable global RevPAR challenges remains the key to our continued success as the world's largest hotel franchisor. On behalf of our entire team, we would also like to recognize Alexandra Young, who joined our Board of Directors in November.

我們衷心感謝世界各地的團隊成員。如果沒有他們的奉獻和支持，我們不可能在2025年保持如此強大的韌性。面對全球RevPAR的巨大挑戰，他們始終致力於維護我們的經濟文化，並為業主和客人提供最佳價值，這仍然是我們作為全球最大酒店特許經營商持續成功的關鍵。我們謹代表全體團隊，並對 Alexandra Young 表示感謝，她於 11 月加入我們的董事會。

Alex is an accomplished leader who is recognized as an expert in global portfolio management and international investment, and our expertise spans multiple sectors, including hospitality and real estate. She serves on our corporate governance and audit committees, bringing valuable expertise to our Board. And finally, I'd like to welcome Kurt Albert, our Interim CFO, who continues to lead our global finance organization while we complete our comprehensive search for a permanent CFO, which we expect to conclude in the coming weeks.

Alex 是一位傑出的領導者，被公認為全球投資組合管理和國際投資領域的專家，我們的專業知識涵蓋多個行業，包括酒店業和房地產業。她擔任公司治理委員會和審計委員會的成員，為董事會帶來了寶貴的專業知識。最後，我謹代表公司歡迎臨時財務長庫爾特·阿爾伯特，他將繼續領導我們的全球財務部門，同時我們將全面尋找正式的財務官，預計這項工作將在未來幾週內完成。

And with that, I'll now turn the call over to Kurt. Kurt?

接下來，我將把電話交給庫爾特。庫爾特？

Thanks, Geoff, and good morning, everyone. Having spent more than 15 years with Wyndham, I have a deep affinity for this organization and have truly appreciated the opportunity to increase my engagement and conversations with the investment community since stepping into the CFO position a few months ago. That said, I'll begin my remarks today with a detailed review of our fourth quarter and full year results, followed by an update on our cash flows and balance sheet. I'll then cover our 2026 outlook.

謝謝傑夫，大家早安。我在溫德姆工作了 15 年多，對這家公司有著深厚的感情。自從幾個月前擔任財務長以來，我非常珍惜有機會增加與投資界的互動和交流。話雖如此，我今天首先將詳細回顧我們第四季度和全年的業績，然後更新我們的現金流量和資產負債表情況。接下來我將展望2026年。

Before we begin, let me remind everyone that the comparability of our financial results continues to be impacted by the timing of our marketing fund spend. In the fourth quarter of this year, marketing fund expenses exceeded revenues by $2 million compared to revenues exceeding expenses by $5 million in the fourth quarter of last year.

在開始之前，我想提醒大家，我們財務表現的可比較性仍受到行銷資金支出時間的影響。今年第四季度，行銷基金支出比收入多出 200 萬美元，而去年第四季收入比支出多出 500 萬美元。

During full year 2025, marketing fund expenses exceeded revenues by $3 million, while in 2024, marketing fund expenses exceeded revenues by $1 million. To enhance transparency and provide a better understanding of the results of our ongoing operations, I will be highlighting our results on a comparable basis, which neutralizes the marketing fund impact. As Geoff just mentioned, one of our large European franchisees, Revo, filed for insolvency proceedings for most of its operating entities under self-administration last month. Given collectibility concerns, we began deferring all Revo-related revenues starting in the fourth quarter. While these hotels continue to operate under our flags, they will remain in our system size, RevPAR and royalty rate metrics and fees owed to us will continue to accrue.

2025 年全年，行銷基金支出超過收入 300 萬美元；而 2024 年，行銷基金支出超過收入 100 萬美元。為了提高透明度，讓大家更了解我們持續營運的成果，我將以可比較的方式重點介紹我們的成果，從而消除行銷基金的影響。正如傑夫剛才提到的，我們的一家大型歐洲特許經營商 Revo 上個月為其大部分營運實體申請了破產管理程序。考慮到收款方面的擔憂，我們從第四季度開始推遲所有與 Revo 相關的收入。雖然這些飯店將繼續以我們的品牌經營，但它們仍將保留在我們的系統規模、每間可供出租客房收入 (RevPAR) 和特許權使用費率指標中，並且應收我們的費用將繼續累積。

For the purposes of our 2026 outlook, we have taken the conservative step of removing all Revo-related revenue recognition from our expected results until such time that we have greater certainty on expected outcomes and collectibility. We also recorded noncash charges of $160 million within the operating expenses and impairment lines on our P&L, which reflects a write-down to the net realizable value of the loans outstanding, accounts receivable and development advances with Revo as well as the carrying value of our Vienna House intangible assets. As Geoff said, we are continuing to work closely with a strong team of local advisers to pursue all available remedies to maximize the recoverability for our shareholders.

為了對 2026 年的業績進行展望，我們採取了保守的做法，將所有與 Revo 相關的收入確認從我們的預期業績中剔除，直到我們對預期結果和收款情況有更大的把握為止。我們還在損益表的營運費用和減損項目中計入了 1.6 億美元的非現金支出，這反映了 Revo 未償貸款、應收帳款和開發預付款的淨可變現價值以及維也納大樓無形資產帳面價值的減記。正如傑夫所說，我們將繼續與一支強大的當地顧問團隊密切合作，尋求所有可行的補救措施，以最大限度地提高股東的賠償金額。

And importantly, this relationship represents a unique circumstance given Revo's concentration within our portfolio. In the fourth quarter, we generated $334 million of fee-related and other revenues and $165 million of adjusted EBITDA. Fee-related and other revenues declined 2% year-over-year, primarily reflecting a 5% decrease in global RevPAR, lower other franchise fees and the deferral of fees from Revo. These headwinds were partially offset by a 19% increase in ancillary revenues and system growth of 4% -- despite a 5% decline in RevPAR, a $7 million reduction in fee-related and other revenues and increased costs associated with insurance, litigation defense and employee benefits, fourth quarter adjusted EBITDA increased by 2% on a comparable basis.

更重要的是，鑑於 Revo 在我們投資組合中的集中度，這種關係代表了一種獨特的情況。第四季度，我們獲得了 3.34 億美元的手續費及其他收入，以及 1.65 億美元的調整後 EBITDA。與費用相關的收入和其他收入年減 2%，主要反映出全球每間可供出租客房收入 (RevPAR) 下降 5%、其他特許經營費降低以及 Revo 費用的遞延。儘管RevPAR下降了5%，費用相關收入和其他收入減少了700萬美元，以及與保險、訴訟辯護和員工福利相關的成本增加，但輔助收入增長了19%，系統增長了4%，這些不利因素部分抵消了第四季度的不利影響，因此，第四季度調整後的EBITDA在可比基礎上增長了2%。

We'd like to thank and recognize our teams around the world who did a fantastic job this quarter, helping to drive cost containment measures, combined with operational savings aided by the realization of AI investments that drove efficiencies.

我們要感謝並表彰我們全球各地的團隊，他們在本季度表現出色，幫助推動了成本控制措施，並透過人工智慧投資的實施提高了效率，從而實現了營運成本的節約。

Adjusted diluted EPS for the quarter was $0.93, down 4% on a comparable basis as a previously anticipated higher effective tax rate and higher interest expense was partially offset by comparable adjusted EBITDA growth and the benefits of share repurchase activity. For the full year, we generated approximately $1.43 billion of fee-related and other revenues and $718 million of adjusted EBITDA. Fee-related and other revenues increased $25 million year-over-year, primarily reflecting a 15% increase in ancillary revenues and higher pass-through revenues associated with our global franchisee conference in 2025, partially offset by lower royalties and franchise fees and lower nonconference-related marketing, reservation and loyalty revenue.

本季經調整後的稀釋每股收益為 0.93 美元，以可比口徑計算下降 4%，原因是先前預期的較高實際稅率和較高利息支出被可比的經調整 EBITDA 成長和股票回購活動帶來的收益部分抵銷。全年來看，我們創造了約 14.3 億美元的手續費收入和其他收入，以及 7.18 億美元的調整後 EBITDA。與費用相關的收入和其他收入同比增長 2500 萬美元，主要反映了輔助收入增長 15% 以及與 2025 年全球加盟商大會相關的更高轉嫁收入，但部分被較低的特許權使用費和加盟費以及與會議無關的營銷、預訂和忠誠度收入的減少所抵消。

The decline in royalties and franchise fees and nonconference-related marketing, reservation and loyalty revenue primarily reflects a 3% decline in global RevPAR and the deferral of fees from Revo, partially offset by system growth of 4% and a 7 basis point increase in our U.S. royalty rate. The strength and efficiency of our business model in the face of declining U.S. and global RevPAR resulted in full year adjusted EBITDA increasing by 4% on a comparable basis.

特許權使用費、特許經營費以及非會議相關行銷、預訂和忠誠度收入的下降主要反映了全球每間可供出租客房收入 (RevPAR) 下降 3% 以及 Revo 費用的遞延，部分被 4% 的系統增長和美國特許權使用費率 7 個基點的增長所抵消。面對美國和全球每間可供出租客房收入 (RevPAR) 的下降，我們業務模式的實力和效率使得全年調整後 EBITDA 在可比基礎上增長了 4%。

This increase primarily reflected our growth in ancillary revenues as well as cost containment measures, including onetime variable cost reductions, partially offset by lower royalties and franchise fees and increased costs associated with insurance litigation expense and employee benefits. Adjusted diluted EPS increased 6% on a comparable basis to $4.58, reflecting adjusted EBITDA growth and share repurchase activity, partially offset by higher interest expense.

這一增長主要反映了輔助收入的增長以及成本控制措施，包括一次性可變成本削減，但部分被較低的特許權使用費和特許經營費以及與保險訴訟費用和員工福利相關的成本增加所抵消。經調整後的稀釋每股盈餘以可比口徑增加 6% 至 4.58 美元，反映了經調整的 EBITDA 成長和股票回購活動，但部分被更高的利息支出所抵銷。

Adjusted free cash flow was $168 million in the fourth quarter and $433 million for the full year with a conversion rate from adjusted EBITDA of 60%, slightly ahead of our expectations due to favorable working capital timing, which will reverse out in Q1. Our adjusted free cash flow yield of 7.5% continues to be best-in-class within the lodging sector. Development advance spend totaled $32 million in the fourth quarter, bringing our full year investment to $105 million, in line with our expectations and largely consistent with our spend in full year 2024.

第四季調整後自由現金流為 1.68 億美元，全年為 4.33 億美元，調整後 EBITDA 轉換率為 60%，略高於我們的預期，這得益於有利的營運資本時機，但這種情況將在第一季消失。我們調整後的自由現金流收益率為 7.5%，在酒店業中持續保持領先地位。第四季開發預付款支出總計 3,200 萬美元，使我們全年的投資達到 1.05 億美元，符合我們的預期，並且與我們 2024 年全年的支出基本一致。

Less than 1/3 of our openings in 2025 included development advances, room openings that are entering our system at a feePAR premium nearly 40% above our current system. Over the course of 2025, we added hotels in feePAR accretive markets such as Miami Beach, Houston, Atlanta, Mexico City and Singapore, and we expect to continue improving per room EBITDA economics, creating a compounding benefit over time. We returned $393 million to our shareholders in 2025, representing 5% of our market cap through $127 million of common stock dividends and $266 million in share repurchases.

2025 年我們新增的房間中，只有不到三分之一是開發預付款，這些房間的定價比我們目前的定價高出近 40%。2025 年，我們在邁阿密海灘、休士頓、亞特蘭大、墨西哥城和新加坡等能提升每間可供出租客房價格 (feePAR) 的市場增加了飯店，我們預計每間客房的 EBITDA 經濟效益將繼續提高，隨著時間的推移，這將產生複利效應。2025 年，我們向股東返還了 3.93 億美元，相當於我們市值的 5%，其中 1.27 億美元為普通股股息，2.66 億美元為股票回購。

Over the past 5 years, we have returned 37% of our market cap to our shareholders, leading all lodging C-Corps in capital return. Earlier this month, as part of our continued commitment to shareholder returns, our Board of Directors authorized a 5% increase to the quarterly cash dividend, raising it to $0.43 per share, beginning with the dividend expected to be declared in the first quarter of 2026 and reflecting the Board's ongoing confidence in the strength of our business model and our ability to consistently generate strong cash flows.

過去 5 年，我們已將 37% 的市值返還給股東，在所有住宿類 C 型公司中資本回報率最高。本月初，作為我們對股東回報的持續承諾的一部分，董事會批准將季度現金股息提高 5%，至每股 0.43 美元，預計將於 2026 年第一季度宣布派發股息，這反映了董事會對我們商業模式的實力以及我們持續產生強勁現金流的能力的持續信心。

And as a result of the completed refinance of our revolving credit facility in the fourth quarter, we closed the year with approximately $840 million in total liquidity, and our net leverage ratio of 3.5x remained as expected at the midpoint of our target range. Now turning to outlook for 2026. We expect full year global net room growth of between 4% and 4.5%. From a timing standpoint, in the first quarter, given the known termination of approximately 3,000 rooms that Geoff mentioned earlier, we expect our global system to be largely flat sequentially before returning to growth in Q2.

由於我們在第四季度完成了循環信貸安排的再融資，我們年底的總流動資金約為 8.4 億美元，淨槓桿率 3.5 倍保持在我們目標範圍的中點，符合預期。現在展望一下2026年。我們預計全年全球淨客房成長率將在 4% 至 4.5% 之間。從時間安排的角度來看，鑑於 Geoff 之前提到的大約 3,000 間客房的終止運營，我們預計第一季全球系統將基本保持平穩，然後在第二季度恢復成長。

Additionally, our full year net room growth outlook excludes any potential termination impact associated with Revo's ongoing insolvency. We are projecting global RevPAR to finish between up 0.5 point to down 1.5 points. Our expectations reflect several key dynamics. While U.S. RevPAR performance trends have improved thus far in 2026, given the first quarter features our most challenging comps of the year, we expect first quarter U.S. RevPAR to range from between down 3% to down 2%.

此外，我們的全年淨客房成長預期不包括與 Revo 持續破產相關的任何潛在終止影響。我們預期全球每間可供出租客房收入（RevPAR）將上漲0.5個百分點至下跌1.5個百分點。我們的預期反映了幾個關鍵因素。儘管 2026 年美國每間可供出租客房收入 (RevPAR) 的表現趨勢迄今為止有所改善，但考慮到第一季是全年最具挑戰性的比較季度，我們預計第一季美國每間可供出租客房收入 (RevPAR) 將下降 3% 至 2%。

As we move into the second quarter, we expect U.S. leisure demand to begin to improve, aided by events such as the FIFA World Cup and the 250th anniversary of America as well as the potential for U.S. government stimulus as we get closer to the midterm elections. However, and importantly, in order to achieve our full year outlook, we would only need U.S. RevPAR from Q2 to Q4 to be approximately flat.

隨著我們進入第二季度，我們預計美國休閒需求將開始改善，這得益於 FIFA 世界盃、美國建國 250 週年等活動，以及隨著中期選舉臨近，美國政府可能出台的刺激措施。然而，更重要的是，為了實現我們全年的預期目標，我們只需要美國第二季到第四季的每間可供出租客房收入（RevPAR）大致持平即可。

Full year international RevPAR growth is expected to remain roughly in line with 2025 performance. While the strong performance we saw in EMEA, Canada and Latin America in 2025 may grow at a bit of a slower rate in 2026, we are anticipating the potential for offsetting benefits from an improvement across Asia Pacific as China's recovery continues.

預計全年國際RevPAR成長將與2025年的表現大致持平。儘管我們在 2025 年於 EMEA、加拿大和拉丁美洲看到的強勁表現，在 2026 年可能會以稍慢的速度增長，但我們預計隨著中國經濟的持續復甦，亞太地區的改善可能會帶來抵消性的好處。

Moving on to the financials. Fee related and other revenues are expected to be $1.46 billion to $1.49 billion, which includes low to mid-teens year-over-year growth in our ancillary revenues. Adjusted EBITDA is expected to be between $730 million and $745 million, growing year-over-year by 2% to 4%. Excluding the previously noted return of approximately $15 million of onetime variable cost savings, and the impact of the deferral of approximately $12 million of royalties related to Revo, our adjusted EBITDA would otherwise be expected to grow between 5% to 7%.

接下來是財務數據。預計費用相關收入和其他收入將達到 14.6 億美元至 14.9 億美元，其中包括輔助收入年增 10% 至 25% 左右。調整後 EBITDA 預計在 7.3 億美元至 7.45 億美元之間，年增 2% 至 4%。除先前提及的約 1500 萬美元的一次性可變成本節約返還以及與 Revo 相關的約 1200 萬美元特許權使用費遞延的影響外，我們調整後的 EBITDA 預計仍將增長 5% 至 7%。

While we expect our marketing funds to break even on a full year basis, -- we will continue to see timing differences in our quarterly results. We expect to spend the funds by approximately $15 million to $20 million in the first quarter and then underspent in each of the remaining quarters of the year. Additionally, including the impact of our marketing fund spend, we would expect to generate approximately 20% of our full year adjusted EBITDA in the first quarter, consistent with the Q1 percentage of our full year 2025 adjusted EBITDA.

雖然我們預計全年行銷資金將實現收支平衡，但我們仍將在季度業績中看到時間差異。我們預計第一季將支出約 1,500 萬至 2,000 萬美元，然後在今年剩餘的每季都將有結餘。此外，考慮到行銷基金支出的影響，我們預計第一季將產生全年調整後 EBITDA 的約 20%，與我們 2025 年全年調整後 EBITDA 的第一季百分比一致。

Adjusted net income is projected to be $354 million to $368 million, and adjusted diluted EPS is projected at $4.62 to $4.80 based on a diluted share count of $76.7 million, which, as usual, assumes no share repurchase activity or incremental interest expense associated with any potential borrowing activity. Free cash flow conversion before development advances is expected to range from 55% to 60%. In addition to the cash we generate from operations, we will also continue to benefit from a strong balance sheet.

調整後淨收入預計為 3.54 億美元至 3.68 億美元，調整後攤薄每股收益預計為 4.62 美元至 4.80 美元，基於 7670 萬股的攤薄股份數，這像往常一樣假設沒有股票回購活動或與任何潛在藉款活動相關的額外利息支出。預計在開發預付款項之前，自由現金流轉換率將在 55% 至 60% 之間。除了營運產生的現金流外，我們還將繼續受益於強勁的資產負債表。

Combining our excess free cash flow and incremental capacity while maintaining leverage at 3.5x based on our projected EBITDA growth, we would anticipate having up to $400 million of available capital in 2026 to either invest in the business or return to shareholders. We expect approximately $110 million of this available capital will be deployed as development advance spend roughly consistent with 2025.

結合我們過剩的自由現金流和新增產能，同時根據我們預期的 EBITDA 成長將槓桿率維持在 3.5 倍，我們預計到 2026 年將有高達 4 億美元的可用資本，可用於投資業務或返還給股東。我們預計這筆可用資金中約有 1.1 億美元將作為開發預付款投入使用，大致與 2025 年的情況一致。

In closing, despite the challenges we faced in 2025, our results continue to reflect the highly cash-generative nature of our business, and a business model that has a proven ability to generate organic adjusted EBITDA and EPS growth amid macro uncertainty. We are entering 2026 with a strong balance sheet and efficient operating cost structure, prolific ancillary revenue growth and the potential for significant demand tailwinds.

最後，儘管我們在 2025 年面臨諸多挑戰，但我們的業績仍反映了我們業務的高現金流產生能力，以及在宏觀經濟不確定性下，我們業務模式已被證明能夠產生有機調整 EBITDA 和 EPS 成長的能力。我們以強勁的資產負債表和高效的營運成本結構、旺盛的輔助收入成長以及巨大的需求成長潛力進入 2026 年。

We will continue to invest in high-return growth opportunities and digital technology in order to provide incremental profitability for our owners while returning excess capital to shareholders in a consistent and sustainable manner. We are enthusiastic about building on our successes and capturing the opportunities that lie ahead in 2026.

我們將繼續投資於高回報的成長機會和數位技術，以便在為股東創造更多利潤的同時，以持續和可持續的方式將多餘的資本返還給股東。我們熱切希望在現有成功的基礎上，抓住 2026 年即將到來的機會。

With that, Geoff and I will be happy to take your questions. Operator?

那麼，我和傑夫很樂意回答你們的問題。操作員？

(Operator Instructions) Brandt Montour, Barclays.

（操作說明）布蘭特·蒙圖爾，巴克萊銀行。

So I was hoping you could put a finer point on what you're seeing year-to-date in terms of RevPAR, if you're actually seeing occupancy build sequentially? And where -- which segments and what type of demand segments that you're actually seeing that building? And then sort of last follow-up to that same question, would be how much of -- are you putting any of these green shoots that you're seeing on my words green shoots into your flat Q2 through Q4 average implied RevPAR growth in your guidance?

所以，我希望您能更具體地說明您今年迄今為止在RevPAR（每間可供出租客房收入）方面看到的情況，以及您是否確實看到入住率逐年增長？那麼，你實際上看到哪些細分市場和哪些類型的需求群體正在形成這種趨勢呢？最後，我想就這個問題再追問一下，您認為我所說的這些復甦跡象，在您的業績指引中，有多少會體現在您預期的第二季度到第四季度平均隱含RevPAR增長平穩的預期中？

I'll let Kurt talk about the guidance, but I'll talk first about just how encouraged we are year-to-date. With a significant improvement in January. I mean, to your question, it is the first real sign of green shoots that we've seen in a while. Overall, January U.S. RevPAR was down 4% normalized, and all of that RevPAR improvement was demand driven, which is just for us, so great to see.

關於指導意見，我會讓庫爾特來談談，但我首先要說說我們今年迄今為止所受到的鼓舞。1月情況顯著改善。我的意思是，回到你的問題，這是我們一段時間以來看到的第一個真正的復甦跡象。總體而言，1 月美國每間可供出租客房收入 (RevPAR) 經標準化後下降了 4%，而所有 RevPAR 的成長都是由需求驅動的，這對我們來說意義重大，所以很高興看到這種情況。

We saw very positive January trends as well in the 3 states that have dragged us down. We've been talking about over the last couple of calls. Texas improved by 600 basis points year-over-year in the quarter from down 5% to plus 1 in January, which is great to see. Florida improved 400 basis points from Q4 to what we saw in January.

我們也看到，先前拖累我們的三個州在一月份出現了非常積極的趨勢。我們最近幾次通話都在討論這個問題。德州本季同比改善了 600 個基點，從 1 月的下降 5% 轉為上升 1%，這是一個好兆頭。佛羅裡達州的疫情比第四季度好轉了 400 個基點，與我們一月份看到的水平相比有所改善。

In California, we're seeing really no signs of any deterioration in the RevPAR as we had been all along last year. So we're seeing continued strength, as we talked about in the Midwest, Wisconsin up 7%; Minnesota, up, Oklahoma, Michigan, all up, mid to low single digits. In February continues to improve in line with what we saw in January, just great news.

在加州，我們沒有看到像去年那樣 RevPAR 出現任何惡化的跡象。所以我們看到經濟持續走強，正如我們之前在中西部地區討論的那樣，威斯康辛州上漲了 7%；明尼蘇達州、俄克拉荷馬州、密西根州也都上漲了，漲幅在個位數中低段。二月的情況持續好轉，與一月的情況一致，真是個好消息。

And I think as you've all seen in the STR and the economy set which began improving, as we all know, in the late summer, it's continuing to improve. If you look at the last 4 weeks versus the last 8 weeks, last 4 weeks are 200 basis points better than the last 8 weeks. And again, our normalized U.S. occupancy here in the U.S. has only continued to improve.

正如大家在STR和經濟板塊所看到的，經濟板塊從夏末開始好轉，並且一直持續改善。如果比較過去 4 週和過去 8 週的數據，過去 4 週的數據比過去 8 週的數據高出 200 個基點。而且，我們美國的正常入住率也一直持續提高。

October was down 4%; November was down 3%, December down 2%, January only down 1%.

10 月下降 4%；11 月下降 3%；12 月下降 2%；1 月僅下降 1%。

And going back to 2019, one of the things I think a lot of folks miss is occupancy has recovered more so in economy and mid-scale, than it has in any other segment. If we look at upper upscale and luxury occupancy, which were both down 8%, 800 basis points to 2019 for the fourth quarter, economy and mid-scale perform 200 and almost 500 basis points better, respectively. And it's starting to feel like demand is beginning to really improve that -- those green shoots are beginning to come with the longer-term opportunity for our franchisees and small business owners being rate.

回顧 2019 年，我認為很多人忽略的一點是，經濟型和中檔飯店的入住率恢復情況比其他任何細分市場都要好。如果我們看一下高檔和豪華酒店的入住率，它們在第四季度都比 2019 年下降了 8%，即 800 個基點，而經濟型和中檔酒店的表現分別好於 200 個和近 500 個基點。而且感覺需求正在真正開始改善——這些復甦的跡象開始顯現，為我們的加盟商和小企業主帶來了長期的機會。

I mean, as we know upscale hotels have been able to price much more aggressively than our chain scales where the guest is obviously more price sensitive. ADR for economy was up 11% to 2019, but it was up 30% in the luxury segment. And that was the only segment that was able to outpace that 25%, 26% growth in inflation. So that's very good news from an green shoots standpoint to our economy and mid-scale owners from a pricing standpoint with ADR still a good 1,500 basis points below inflation.

我的意思是，眾所周知，高檔飯店的定價策略比連鎖飯店更具競爭力，而連鎖飯店的客人顯然對價格更敏感。經濟型轎車的平均房價較 2019 年上漲了 11%，而豪華轎車的平均房價則上漲了 30%。而這恰恰是唯一一個成長超過 25%、26% 通貨膨脹率的領域。從經濟復甦的角度來看，這對我們的經濟來說是個非常好的消息；從定價的角度來看，這對中型業主來說也是個好消息，因為平均房價仍然比通貨膨脹率低 1500 個基點。

And so as unemployment remains at historic lows and wage growth continues to outpace inflation. We think that's going to provide upside when consumer confidence does stabilize. And RevPAR returns which we know it will to its 3% 30-year CAGR. But Kurt, maybe you could tie that into the guidance.

因此，失業率仍處於歷史低位，薪資成長持續超過通貨膨脹。我們認為，當消費者信心穩定時，這將帶來上漲空間。而RevPAR（每間可供出租客房收入）將會恢復到3%的30年複合年增長率。但是庫爾特，或許你可以把這一點融入指導方針中。

Yes. Bren, I think when we think about some of the green shoots that we touched on in the prepared remarks. We have not necessarily tried to build an individual level of opportunity directly into our guidance, really 2 reasons. One, in isolation, some of these might end up being smaller and/or harder to quantify. And two, really the ultimate impact to the year will really be determined by when we do start to see some of these benefits come to fruition.

是的。布倫，我想當我們回顧一下我們在準備好的演講稿中提到的一些積極跡象時。我們並沒有刻意在指導中直接建構個人層面的機會，這主要有兩個原因。第一，單獨來看，其中一些因素最終可能會比較小，或難以量化。第二，對這一年的最終影響，實際上將取決於我們何時開始看到這些好處得以實現。

So the way we're thinking about it is as the year progresses and we see how these tailwinds materialize and start to maybe stack together, that could end up being how we get towards the higher end or maybe even above where our guidance is right now.

所以我們的想法是，隨著時間的推移，當我們看到這些利好因素逐漸顯現並開始疊加時，這最終可能會使我們達到更高的目標，甚至超過我們目前的預期。

David Katz, Jefferies.

David Katz，傑富瑞集團。

Good morning, everybody. So Geoff, I could probably venture an educated guess what your kind of least favorite part of the whole report. But you talked in your opening comments about a lot of different things that are positive. Do you have sort of 1 aspect of this sort of whole earnings report that you would pull out as sort of the most positive or your favorite?

大家早安。所以傑夫，我大概可以猜到你最不喜歡這份報告的哪一部分。但你在開場白中談到了很多正面的事情。在這份完整的財報中，你有沒有特別重視或最喜歡哪一方面？

David, that one thing would be development. If we look at net room growth acceleration, along with the acceleration in our executions and the growth of our pipeline, that would be the one thing that we're most excited about. I mean, to see the accelerated net room growth in these higher-fee par segments continue as we did a record 72,000 organic rooms, almost 600 hotels. It was up 13% to what was last year a record.

戴維，那件事就是發展。如果我們專注於淨客房成長速度的加快，以及我們執行速度的加快和專案儲備的成長，那將是我們最興奮的事情。我的意思是，看到這些高收費細分市場的淨客房成長加速，我們實現了創紀錄的 72,000 間有機客房，近 600 家飯店。比去年同期成長了13%，創下歷史新高。

And it just continued to build throughout the 4,000 net rooms added in Q1, 7,000 in Q2, 9,000 in Q3 and nearly 14,000 in Q4. That was the one thing that I think really stands out for all of our teams. And we are encouraged by both new construction and conversion. I know there's been a lot of talk across the industry that new construction pipelines are pressured. We're not seeing it.

而且這趨勢還在持續成長，第一季新增淨客房 4,000 間，第二季新增 7,000 間，第三季新增 9,000 間，第四季新增近 14,000 間。我認為這是我們所有團隊最突出的特點。我們對新建案和改建工程都感到鼓舞。我知道業內一直在討論新項目建設面臨壓力的問題。我們沒看到。

We're seeing growth in our new construction executions, which were up 15% the prior year, and new construction openings.

我們看到新建築施工量和新建築開業量都在成長，比前一年增長了 15%。

Domestically, our new construction openings increased 50% year-over-year. And globally, they increased 7% and over 30% of our openings this year were construction. Conversion is still solid. It was up 16% with good growth across the board. Our prototype brands like Hawthorne Sweets and Garden and La Quinta, all saw solid growth, both on the conversion and the new construction side.

國內方面，我們的新建築開工量年增了 50%。在全球範圍內，這一數字成長了 7%，今年我們新增的職位中，超過 30% 是建築業。轉換率依然穩定。整體上漲16%，各方面均實現良好成長。我們的原型品牌，如 Hawthorne Sweets and Garden 和 La Quinta，在改造和新建方面都取得了穩健成長。

And our economy brands, Days Inn, Super Travelodge all saw double-digit growth in economy opening. So I think the 1 thing we're really excited about, our franchise sales team have delivered a pipeline for us looking forward. that is larger and stronger than ever, 870 deals signed. That was a record for the full year, up 18% in really high fee part regions like across Latin America and Europe, Middle East Asia, it was really encouraging for us to see, and that would be my highlight.

我們的經濟型品牌 Days Inn 和 Super Travelodge 的經濟型飯店開幕數量均實現了兩位數成長。所以我覺得我們最興奮的一點是，我們的特許經營銷售團隊為我們打造了一個規模更大、實力更強的未來發展管道，已經簽署了870份合約。那是全年的最高紀錄，在拉丁美洲、歐洲、中東和亞洲等高收費地區成長了 18%，這真的讓我們很受鼓舞，也是我最重視的一點。

Dany Asad, Bank of America.

Dany Asad，美國銀行。

Geoff and Kurt. Just a demand question for you. So if we look at the 20% of bookings that are infrastructure related, how does the RevPAR from that demand segment compared to that of the leisure traveler and should we expect the mix of the 20% infrastructure versus the 70% leisure? Should we expect that mix to change over time as you move into higher fee part rooms?

傑夫和庫爾特。我有個問題想問您。因此，如果我們觀察與基礎設施相關的 20% 的預訂，那麼該需求細分市場的每間可供出租客房收入 (RevPAR) 與休閒旅客相比如何？我們是否應該預期基礎設施預訂佔 20%，休閒旅客預訂佔 70% 的比例會如何？隨著您入住更高收費的房間，這種組合是否會隨時間而改變？

Thanks, Danny. We will expect it to increase. Excluding the impact of the federal government, which was a considerable drag for us. Infrastructure performed a bit below leisure I think leisure was down something like 6. Infrastructure is probably down about 8%.

謝謝你，丹尼。我們預計它會增長。撇開聯邦政府的影響不談，聯邦政府的干預對我們來說是相當大的阻礙。我認為基礎設施的表現略低於休閒娛樂，休閒娛樂的降幅約為 6%。基礎設施可能下降了約 8%。

But infrastructure, we believe your question will continue to perform better than it did in 2025.

但就基礎設施而言，我們相信您提出的問題在 2025 年的表現會比現在更好。

And we expect it to continue to pick up. We still view that $1.2 trillion infrastructure spend as a real multiyear tailwind for us. And additionally, it will get back to driving that 150 basis points of additional RevPAR growth that it did for us in the Q4 of 24 pre-dose and pre-government shutdown, which slowed us down, this year. And we're also very encouraged about hotels, and there are so many private investment projects, infrastructure projects, especially data centers and semiconductor fabs, which, as we talked about, continue to outperform from a RevPAR and our RPI standpoint, excluding the government and the Fed rooms, which obviously down, as I mentioned, infrastructure demand, it kept pace. It helped drive, we believe, our weekday economy occupancy improvement that we saw each month of Q4.

我們預計這一趨勢還會繼續上升。我們仍然認為這1.2兆美元的基礎設施支出將在未來幾年為我們帶來真正的利多因素。此外，它將恢復到 2024 年第四季度為我們帶來的 150 個基點的額外 RevPAR 增長，而這發生在疫苗接種和政府停擺之前，當時政府停擺拖慢了我們的步伐。我們也對酒店業感到非常鼓舞，有很多私人投資項目、基礎設施項目，特別是數據中心和半導體製造廠，正如我們之前討論過的，從每間可供出租客房收入 (RevPAR) 和零售價格指數 (RPI) 的角度來看，這些項目繼續表現出色，當然，不包括政府和美聯儲的房間，正如我提到的，這些房間會降低基礎設施，但酒店業。我們相信，這有助於推動我們在第四季每個月的工作日經濟艙入住率的提高。

Economy occupancy, which was down 7% in October, 5% in November, 2.5% in December, that improvement just demonstrated the continued resilience and gradual pickup of our infrastructure demand. Our GSO teams did a fantastic job. Consumer revenue for full year grew 220 basis points with so much of that growth being infrastructure-related. And our contracted room nights right now are up about 2x what our consumed infrastructure room nights are. And our GSO year-to-date infrastructure booked and consumed is pacing well ahead more so than it fell off about 240 basis points ahead of same time last year.

經濟入住率在 10 月下降了 7%，11 月下降了 5%，12 月下降了 2.5%，這一改善恰恰表明了我們基礎設施需求的持續韌性和逐步回升。我們的全球策略營運團隊做得非常出色。全年消費者收入成長了 220 個基點，其中大部分成長與基礎設施相關。目前我們已簽約的客房夜數約為我們實際使用的基礎設施客房夜數的兩倍。今年迄今為止，我們的 GSO 基礎設施預訂和使用速度遠超預期，比去年同期下降了約 240 個基點。

So we think it will continue to pick up.

所以我們認為它會繼續成長。

Patrick Scholes, Truist Securities.

Patrick Scholes，Truist Securities。

A question then a follow-up question. And the first one, sorry if I missed it. Did you quantify what the RevPAR impact was in the fourth quarter from the government shutdown or another way of saying it, how much of an easy comp do you have from that in the upcoming 4Q?

一個問題，然後一個後續問題。第一個問題，如果我錯過了，請見諒。您是否量化了政府停擺對第四季每間可供出租客房收入 (RevPAR) 的影響？或者換句話說，即將到來的第四季度，您有多少可輕鬆比較的基數？

Patrick, in the fourth quarter of this year, the government shutdown was not a significant headwind, but it was about 50 basis points, maybe a little bit less than that, that we'll have coming up to a next fourth quarter.

帕特里克，今年第四季度，政府停擺並沒有造成重大不利影響，但對於即將到來的下一個第四季度，我們可能會面臨大約 50 個基點，甚至可能更少一些的影響。

Okay. So a little bit of a tailwind there from that coming up. Then not to dwell on the negative. Can you talk a little bit more about this bankruptcy? And was this with the Revo exactly what happened there?

好的。所以，這方面會有一些順風。然後就不要沉溺於消極情緒。能再詳細談談這次破產事件嗎？那麼，Revo的情況也正是如此嗎？

And was this the same -- was this the $44 million investment that you had made in this -- in 2022, just to make sure I'm understanding what your original participation in that was.

這是否就是您在 2022 年投入的 4,400 萬美元？我只是想確認一下，您最初是如何參與其中的。

Yes. Patrick, to your last question first, it was tied to the -- some of the loan investments we made earlier this year. As we noted in our prepared remarks, we learned about the solvency during the preparation of our year-end financial statements in January. So this drove the timing of recording the charges that we did in our fourth quarter results. since the filing we've been working closely with our team and advisers to determine next steps in this process and ultimately understand what our plan looks like moving forward.

是的。派崔克，先回答你的最後一個問題，這與我們今年早些時候進行的一些貸款投資有關。正如我們在準備好的發言稿中所提到的，我們在 1 月編制年終財務報表時了解到了償付能力問題。因此，這決定了我們在第四季度業績報告中記錄這些費用的時間。自從提交報告以來，我們一直與團隊和顧問緊密合作，以確定此流程的後續步驟，並最終了解我們未來的計劃。

Right now, it's really too early to speculate on what potential outcomes could look like. It's very early in the proceedings. And we believe while we boys they want to emerge from insolvency this year possible, we also believe these proceedings could last months -- many months potentially.

現在就推測可能出現的結果還為時過早。訴訟程序尚處於初期階段。我們相信，雖然他們希望今年能夠擺脫破產困境，但我們也相信這些程序可能會持續數月——甚至長達數月。

Dan Politzer, JPMorgan.

丹‧波利策，摩根大通。

I just wanted to follow up on the Revo topic. You had the Super MFA earlier this year. I mean, are there other franchisees or agreements that we should be kind of thinking about that are possibly in the danger zone. Has there been any change in your underwriting standards you've kind of sought these higher fee part deals. And then as we think about just kind of in terms of the overall program, what's the collection rate or the rate of this kind of stuff happening just we can gain a little bit more comfort with it?

我只是想跟進一下關於Revo的話題。你今年早些時候獲得了超級藝術碩士學位。我的意思是，還有哪些加盟商或協議可能處於危險境地，我們應該考慮一下？你們的承保標準是否有所改變？你們似乎一直在尋求收取更高費用的部分交易。然後，當我們從整體計畫的角度來思考，收集率或這類事情發生的頻率是多少時，我們就能對此更有信心？

Dan, I think what we touched on briefly in our prepared remarks is this circumstance was certainly an outlier on a number of levels. given the size, the history of the relationship that we had with the partner and then ultimately, the level of capital deployed. The way we think about it, when we look at our balance sheet right now and excluding anything that was related to Revo. There is only about $20 million of total additional loan expense across all of our other franchisees that we have around the world.

丹，我認為我們在事先準備好的演講稿中簡要提到的是，這種情況在很多方面都絕對是個例外。考慮到專案的規模、我們與合作夥伴的歷史關係，以及最終投入的資金規模。我們現在看待資產負債表的方式是，排除所有與 Revo 相關的項目。我們在世界各地的其他加盟商總共只有大約 2000 萬美元的額外貸款支出。

And then similarly, when we look at our development in that are outstanding, no franchise more than about 5% of that balance. So -- this was really the exception. Ultimately, it was a situation that we feel like was also very different than the Super rate situation earlier this year, which was the legacy Master relationship. So we do view it as an outlier.

同樣地，當我們審視我們的發展時，那些傑出的特許經營權，沒有一個超過該餘額的 5% 左右。所以——這真的是個例外。最終，我們覺得這種情況與今年早些時候的超級費率情況也大不相同，當時的情況是傳統的Master關係。所以我們認為這是一個異常值。

In terms of your second part of your question and how we're thinking about it moving forward, deployment of capital to support our business growth will remain and is and has always been our top priority. So short answer, we will absolutely continue to invest in the growth of our business, and we believe and we know we have ample capacity to do that. And so frankly, it does not change our position there. And like we do with all of our deals that have capital tied to them, we always will look back and evaluate what happened and anything that we can do moving forward to make sure that we put ourselves in the best position to succeed.

關於您問題的第二部分以及我們未來的考慮，部署資金以支持業務成長將一直是、也仍然是我們的首要任務。簡而言之，我們一定會繼續投資於業務成長，我們相信也知道我們有足夠的能力做到這一點。坦白說，這並不會改變我們在那裡的立場。就像我們對待所有涉及資金的交易一樣，我們總是會回顧過去，評估發生了什麼，以及我們未來可以做些什麼，以確保我們讓自己處於最有利的位置，從而取得成功。

Stephen Grambling, Morgan Stanley.

史蒂芬‧格林布林，摩根士丹利。

In the presentation, you highlighted a number of initiatives with AI partners. I was hoping you could just share maybe how to think about any costs or potential benefits from some of these initiatives? I know it's very early, but is this something that could eventually end up with new fee streams and what are some of the initial tests revealed in terms of the benefits of the system and what KPIs we should be tracking to evaluate the success of some of these.

在演講中，您重點介紹了與人工智慧合作夥伴開展的多項合作計畫。希望您能分享一下，如何看待這些舉措的成本或潛在效益？我知道現在還為時過早，但這最終是否有可能帶來新的收費來源？就該系統的優勢而言，初步測試揭示了哪些結果？我們應該追蹤哪些關鍵績效指標來評估其中一些指標的成功？

Thanks, Stephen. Yes, Matt and Scott Strickland and Mike Mahar, who -- our Chief Technology Officer, put in three great new slides. I'll take the first part of your question on costs. I mean there are nominal costs, say, less than $100,000 to connect our MCPs to the LLMs. There are no transaction costs, however, in Claude today, the guest receives a link to complete the transaction on our brand.com site.

謝謝你，史蒂芬。是的，Matt 和 Scott Strickland 以及我們的技術長 Mike Mahar 製作了三張很棒的新幻燈片。我先回答你關於成本問題的第一部分。我的意思是，將我們的 MCP 連接到 LLM 的成本很低，比如說不到 10 萬美元。雖然沒有交易費用，但今天在 Claude，顧客會收到一個鏈接，以便在我們的 brand.com 網站上完成交易。

ChatGPT works the same way.

ChatGPT 的工作原理相同。

And yes, I mean, looking forward, you'll see ads that seek to monetize some of that I think, Claude has said they're not doing it, they're not ever going to do it, but we'll see. In terms of how we think about the benefits and what it's doing for our franchisees, I mean it is just massive opportunity for us on so many different levels. And I think the exciting thing for us is we're no longer piloting these word deploying them. On the second quarter call, we talked about Wyndham Connect, which is a trained large language model, partnered with Canary technologies. There's a quote there on Slide 5 from Canary CEO that is allowing our over 5,000 of our hotels today to talk directly to all of their guests via AI.

是的，我的意思是，展望未來，你會看到一些廣告試圖將其中一部分變現。我認為克勞德說過他們不會這樣做，也永遠不會這樣做，但我們拭目以待。就我們如何看待其帶來的益處以及它對我們的加盟商的影響而言，我的意思是，這在許多不同層面上為我們提供了巨大的機會。我認為最令人興奮的是，我們不再需要試用這些詞語，而是可以部署它們了。在第二季電話會議上，我們談到了 Wyndham Connect，這是一個經過訓練的大型語言模型，與 Canary technologies 合作開發。投影片 5 中有一句 Canary CEO 的引言，他表示，如今我們旗下的 5,000 多家飯店可以透過人工智慧直接與所有客人溝通。

And it's taking costs for our franchisees in small business owners out of their front office it's allowing them to make extra money. We talked about this. I think this was your question on the last call by selling early check-ins and late checkouts and upgrades and amenities. And it's providing them with an economic platform free of charge that they did not have before to monetize that platform, small and large.

這不僅減輕了我們加盟商和小企業主的辦公室成本，還讓他們能夠賺取額外的收入。我們討論過這個問題。我想這就是你上次打電話諮詢時提出的問題，當時我們是透過銷售提前入住、延遲退房、升級服務和便利設施來進行諮詢的。它為他們提供了一個以前沒有的免費經濟平台，讓他們能夠透過這個平台（無論大小）來獲利。

We have a very engaged Howard Johnson's hotel, outside of the main gates of Anaheim that's making over $10,000 a month in incremental fees that are going to that hotel's bottom line. That's $120,000 a year. In a typical select service economy hotel may generate 5 million. So it's a big, big deal. The Wyndham Connect Plus that we outlined also in the deck, is leveraging Sales force and Canary with 350 AI agents.

我們在阿納海姆主入口外有一家非常活躍的霍華德約翰遜酒店，每月通過額外費用獲得超過 10,000 美元的收入，這些費用都計入了酒店的利潤。那就是每年12萬美元。典型的精選服務型經濟酒店可能創造 500 萬美元的收入。所以這可是件大事。我們在簡報中也概述了 Wyndham Connect Plus，它利用 Sales Force 和 Canary 平台，擁有 350 名 AI 代理程式。

We talked about this on our last call, that's handling hundreds of thousands of guest calls and handling all the requests, again, saving franchisee labor costs, but most importantly, to your question, it's driving that direct contribution, over 300 basis points of direct contribution to franchisees who who are using it.

我們在上次通話中討論過這個問題，那就是處理數十萬個客戶來電和處理所有請求，再次節省加盟商的人工成本，但最重要的是，回答你的問題，它能帶來直接收益，為使用它的加盟商帶來超過 300 個基點的直接收益。

And then this call and again, in the IP, we laid out where we are with ChatGPT with Gemini, full AI and with Claude seamless direct booking capabilities. to really with Cloude right now, it's live, click to book through to wyndham.com, and we're launching Wyndham apps on all of the emerging LLM via either our MCPs or our APIs directly. And that will continue to add new capabilities to optimize most importantly, how our brand sites appear in those searches to drive more direct bookings.

然後，在這次通話中，我們再次在IP中闡述了我們與ChatGPT、Gemini、完整的AI以及Claude的無縫直接預訂功能。現在，借助Cloude，這項功能已經上線，點擊即可透過wyndham.com進行預訂。我們正在透過我們的MCP或API直接在所有新興的LLM平台上推出溫德姆應用程式。這將持續增加新的功能，最重要的是，優化我們的品牌網站在搜尋結果中的顯示方式，從而帶來更多直接預訂。

Michael Bellisario, Baird.

Michael Bellisario，貝爾德。

Just 1 question on net rooms growth. One, are you guys doing more affiliate deals like Chata and then kind of help us understand what's the opportunity set there, and I understand these are higher fee programs, but you're only getting paid on the direct contribution, if that's correct.

關於客房淨成長，我只有一個問題。第一，你們是否會像 Chata 一樣開展更多聯盟行銷活動？能否幫助我們了解其中的機會？我知道這些項目的佣金較高，但如果真是這樣，你們只能從直接捐款中獲得報酬嗎？

And then just any numbers on what percentage of your rooms growth or gross openings in '25 or '26 are coming from these PPAR affiliate deals, but where you're only getting site 10%, 20% of the bookings? Any color there would be helpful.

然後，能否提供一些數據，說明在 2025 年或 2026 年，您的客房增長或總開業量中有多少百分比來自這些 PPAR 聯盟交易，但您只能獲得網站 10% 或 20% 的預訂量？任何顏色都會有所幫助。

Yes. Mike, we report on affiliates annually and their properties, as we've talked about, under agreement with either our former Wyndham Worldwide parent. T&L, as we talked about, or new third-party partners like our recent affiliation with Chata, which was a very competitive process, and we were thrilled to be selected. In terms of what percentage to your question of affiliate ads in 2025, I think it will be consistent to what we've been reporting on for the last several years.

是的。麥克，正如我們之前討論過的，根據我們以前的母公司溫德姆環球集團的協議，我們會每年報告附屬公司及其資產的情況。正如我們之前討論過的，T&L，或者像我們最近與 Chata 建立的合作關係這樣的新的第三方合作夥伴，這是一個競爭非常激烈的過程，我們很高興能夠被選中。至於你提出的 2025 年聯盟廣告佔比的問題，我認為它將與我們過去幾年報導的數據保持一致。

And the first part of your question, I mean, we will always look to add more aspirational hotels and resorts, where they make sense as Chocta does. Where they are providing our guests access to something unique that we don't have upscale vacation experiences. And importantly, where our Wyndham Reward members often most want to redeem and vacation, and I'd also add, they're very accretive and very helpful in driving our credit card and our ancillary our ancillary fee growth that has been doing so well.

至於你問題的第一部分，我的意思是，我們會一直尋找機會，增加更多像Chocta這樣具有吸引力的酒店和度假村，只要它們符合資格。他們為我們的客人提供了一些我們自己沒有的獨特高端度假體驗。更重要的是，我們的溫德姆獎勵計劃會員最常想兌換和度假的地方，我還想補充一點，它們對推動我們的信用卡和附屬費用增長非常有幫助，而我們的附屬費用增長一直都很好。

Ben Chaiken, Mizuho.

本·柴肯，瑞穗。

Geoff, or whoever wants to take this, how do you envision the ranking system within AI, how do you envision the ranking system working as consumers search for hotels to the extent you have a view -- do you think this will be a traditional kind of CPC auction model? Or do you have a sense that it will be determined purely on relevancy in the search. Obviously, it's early. It would all be your opinion on how that plays out. And kind of related, you've talked about the MCP server, maybe you could talk about how you're using this opportunity to differentiate the attributes associated with your assets to make them more relevant.

Geoff，或其他任何想回答這個問題的人，你們如何設想人工智慧中的排名系統？你們如何設想消費者搜尋飯店時排名系統的運作方式？你們認為這會是傳統的點擊付費競價模式嗎？或者您認為最終結果將完全取決於搜尋結果的相關性？顯然，現在還早。最終結果如何，將完全取決於你的看法。還有一點相關的是，您談到了 MCP 伺服器，也許您可以談談您如何利用這個機會來區分與您的資產相關的屬性，使它們更具相關性。

And am I thinking of that in the right way?

我這樣想對嗎？

Yes, I think you are. I mean, we've One of the things that our investment in our tech foundation allowed us to do is working with class partners like AWS and Oracle and taking a very data-driven approach with with a really mature and an established Salesforce data 360 product. We've been able to personalize a genic Guest 360 experience all in 1 place. It centralized our res, our loyalty, our CRM data, and I mean the way we're thinking about it is in terms of how that is allowing our guests in real time to answer questions in book direct, and check in and check out.

是的，我認為你是。我的意思是，我們對技術基礎的投資使我們能夠與 AWS 和 Oracle 等一流合作夥伴合作，並採用非常數據驅動的方法，使用非常成熟和成熟的 Salesforce 數據 360 產品。我們已經能夠在一個平台上提供個人化的 Genius Guest 360 體驗。它集中管理了我們的預訂、會員忠誠度、客戶關係管理數據，我的意思是，我們現在考慮的是，這如何讓我們的客人能夠即時回答預訂直接問題，以及辦理入住和退房手續。

We -- to your point, it's early days. But in terms of how we're communicating with our guests and delivering for them, answering these voice calls and messages and most of that volume through voice right now through the AI completing the booking, driving significant cost reductions for our call centers and and freeing up resources to redeploy in the marketing fund and sending the guests all of our availability, all of our rates, all of our inventory which they were already getting by scraping our brand.com sites.

正如您所說，現在下結論還為時過早。但就我們與客人溝通和為他們提供服務的方式而言，目前大部分語音通話和訊息都是透過人工智慧完成預訂的語音處理，這大大降低了我們呼叫中心的成本，並釋放了資源，可以重新部署到行銷基金中，並將我們所有的可用性、所有價格和所有庫存資訊發送給客人，而他們之前已經透過抓取我們的品牌網站獲取這些資訊。

But by connecting direct, we ensure that the data is the most accurate, the most current it could be and that our rates are always in parity for a guest who's shopping. And so our focus is really on driving more direct bookings, and it's early days, to your point, and that's what we're seeing.

但透過直接連接，我們確保數據最準確、最新，並確保我們為購物的顧客提供一致的優惠價格。因此，我們的重點實際上是推動更多直接預訂，正如您所說，現在還處於早期階段，而這正是我們目前所看到的。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

This is Isaac Sellhausen on for Ian. Could you touch on the drivers of the ancillary fee growth in '25 and then maybe some of the factors that enable you to grow in the low to mid-teens this year.

這裡是伊薩克·塞爾豪森替伊恩發言。您能否談談 2025 年輔助費用成長的驅動因素，以及今年讓您能夠實現 10% 到 25% 成長的一些因素？

Sure. Isaac, I think our biggest driver, like we've touched on a number of our previous calls is and will continue to be our U.S. toll brand card. We had the benefit of renewing that partnership with Barclays on a long-term deal and that provided some significant tailwinds, not just for 2025, but also in the early part of 2026. And in conjunction with that, it will -- and it has allowed us and our teams over at Barclays to work specifically on freshening up the program and the suite of products and the value proposition on those cards.

當然。艾薩克，我認為我們最大的驅動力，就像我們在之前的幾次電話會議中提到的那樣，是並將繼續是我們的美國收費品牌卡。我們很榮幸與巴克萊銀行續簽了長期合作關係，這不僅為 2025 年，也為 2026 年初帶來了顯著的利多。同時，這也讓我們和巴克萊銀行的團隊能夠專門致力於改進該計劃、產品組合以及這些信用卡的價值主張。

And so we see that to continue to be a big opportunity as we get into the second half of the year and then beyond. But that's not our only lever, of course, and our teams are hard at work. We've announced over the -- now in the last 12 months, a debit product in the U.S., we just announced this morning, you heard Geoff talk about our co-brand card that will be coming later this year in Canada.

因此，我們認為這將繼續是下半年甚至更長時間裡一個巨大的機會。當然，這並不是我們唯一的手段，我們的團隊正在努力工作。在過去的 12 個月裡，我們已經宣布了在美國推出借記卡產品，就在今天早上，你們也聽到了 Geoff 談論我們的聯名卡，該卡將於今年晚些時候在加拿大推出。

And of course, we're not going to stop there. We are evaluating our opportunities around the world. and we'll update you when those are available. And the same thing holds true with our different partnerships and affiliate relationships. And of course, then Wyndham Insider, which we do believe is a -- will be a unique game changer for us as we think about an opportunity to really engage with our members in a way that we have not yet been able to.

當然，我們不會就此止步。我們正在評估全球範圍內的各種機會，一旦有合適的機會，我們會及時通知您。同樣的情況也適用於我們的各種合作夥伴關係和附屬關係。當然，還有 Wyndham Insider，我們相信它將為我們帶來獨特的變革，讓我們有機會以前所未有的方式與會員互動。

Meredith Jensen, HSBC.

Meredith Jensen，匯豐銀行。

I was hoping you speak a little bit more about China, and perhaps unpacking a little bit what you saw at the end of the year and how the demand turns figure into the guidance that you gave? And maybe add on a little bit about development there and chain scale strategy. I know you mentioned the Baymont launch. So that would be great.

我希望您能多談談中國的情況，或許可以詳細解讀您在年底觀察到的情況，以及需求變化如何影響您給予的預測？或許還可以補充一些關於當地發展和鍊式擴張策略的內容。我知道你提到了 Baymont 的發表會。那太好了。

I'll start, and then I'll let Kurt touch on guidance. Our brands in China were -- Meredith, much like here in the U.S., they were the first to recover coming out of the lockdown. And looking at our overall RevPAR today versus where it was back in '19, we're in line with Smith Travel, and we're actually ahead of the industry by about 400 basis points in our China direct RevPAR, which was down 19% still to 2019 versus STR down 23%.

我先開始，然後讓庫爾特談談指導方面的問題。我們在中國旗下的品牌－Meredith，與美國的情況非常相似，是疫情封鎖結束後最早復甦的品牌之一。從我們目前的RevPAR（每間可供出租客房收入）與2019年的情況來看，我們與Smith Travel持平，而且我們的中國直銷RevPAR實際上比行業平均水平高出約400個基點，儘管與2019年相比下降了19%，但STR的下降幅度為23%。

In the quarter, overall, China ADR, which was good to see improved by 200 basis points from down 8% to down 6%. And what we all know is a deflationary economy, which is the longest inflation streak in China since the 1960s and likely to soon turn. There is just a tremendous occupancy opportunity and tailwind at only 83% at 2019 levels. And we think that has the opportunity to come back as ADR is already coming back for us and for our hotels over there after having been the first to recover.

本季度，中國ADR整體表現良好，降幅從8%改善至6%，增幅達200個基點。我們都知道，中國目前處於通縮狀態，這是自上世紀60年代以來中國持續時間最長的通膨時期，而且這種情況可能很快就會結束。目前入住率僅為 83%（相當於 2019 年的水平），這帶來了巨大的入住機會和利多因素。我們認為它有機會回歸，因為我們和我們在那裡的酒店的平均房價（ADR）在率先復甦後已經開始回升。

From a development standpoint, gosh, our room growth in China was spectacular. And the deals that we're signing now have royalty rates approaching 4% and overall royalty rate approaching our international royalty rate, which is great to see. And the bottom line for us is that every China room we add add incremental revenue and annuity like fee stream to our business. We grew rooms overall and delivered a 14% net room growth in the direct fee PAR accretive rooms. We executed 49 new deals in Q4.

從發展角度來看，我們在中國的客房成長非常驚人。我們現在簽署的協議的版稅率接近 4%，整體版稅率接近我們的國際版稅率，這真是令人欣喜。對我們來說，最重要的是，我們每增加一間中國客房，就能為我們的業務增加增量收入和類似年金的費用流。我們整體客房數量有所增長，直接收費客房的淨增長率達到了 14%。我們在第四季完成了 49 筆新交易。

We -- a lot of those were Baymont to your point, and it brought the year to 182 signings, which was up 10%.

正如你所說，其中許多都是貝蒙特大學的學生，這使得今年的簽約人數達到了 182 人，成長了 10%。

So we're feeling really, really good about our long-term prospects in China as the country recovers. And we do want to add new brands like Baymont, like we have with Hawthorn Suites and La Quinta to capture those guests who are trading up who want a reliable international name at a domestic price point. But Kurt, if you could touch upon the guidance.

隨著中國經濟復甦，我們對在中國的長期前景感到非常非常樂觀。我們確實希望增加像 Baymont 這樣的新品牌，就像我們引進 Hawthorn Suites 和 La Quinta 一樣，以吸引那些想要以國內價格享受可靠國際品牌的升級型客人。但是庫爾特，如果你能談談指導意見的話。

Yes. Meredith is the way we're thinking about China is we know that 2025 was a tougher year for our brands in the market. But overall, when you look at how we are stacked up with the industry compared to 2019, basically in about the same place. And so moving forward, we're not expecting to see the same type of year-over-year declines in the market. I think the industry is projected to be about flat for 2026.

是的。Meredith認為，我們對中國市場的看法是，2025年對我們品牌在中國市場來說是更艱難的一年。但總的來說，與 2019 年相比，我們與產業的差距基本上沒有變化。因此，展望未來，我們預期市場不會再出現同樣的年比下滑趨勢。我認為到 2026 年，該行業預計將保持穩定。

And that's where our brands are right on top of where the industry is. That's what's driving our underlying assumption is a performance much closer to flat in '26. And that will be would be a significant improvement from what we saw in '25.

而這正是我們的品牌始終處於業界領先地位的原因。這就是我們做出2026年業績將與去年持平的基本假設的原因。這將比我們在 2025 年看到的情況有顯著改善。

Lizzie Dove, Goldman Sachs.

莉齊·多芙，高盛集團。

I wanted to go back to U.S. rooms growth is possible. Obviously, some moving pieces in Q1 that you called out. But curious how to think about U.S. rooms growth just for the rest of the year and even just longer term.

我想回到美國，房間增長是可能的。顯然，正如你所提到的，第一季存在一些變數。但我很好奇，今年剩餘時間甚至更長遠的未來，美國飯店客房的成長情況會如何改變。

It feels like some of the operators are going into more of these conversion-friendly type brands in that kind of premium economy segment, which might overlap with you, but then you also have nice momentum happening right now at mid-scale and above. So just curious how to think about those puts and takes long term.

感覺有些業者正在進軍高端經濟艙細分市場，推出更多易於轉化的品牌，這可能與你們的業務有所重疊，但目前中檔及以上市場也呈現出良好的發展勢頭。所以，我只是好奇應該如何從長遠角度看待這些買入和賣出操作。

Yes. I mean we're encouraged, obviously, by the pipeline, Lizzie, that U.S. continues to pick up, really encouraged with, obviously, the conversion rooms, which were just so solid. And we continue to have an opportunity with our economy openings. I mean we opened 10,000 economy rooms domestically this year in 2025 versus 5,000, and in 2024.

是的。我的意思是，莉齊，顯然，美國的管道建設進展順利，這讓我們倍感鼓舞，尤其是轉換房間的業績非常穩健，這無疑讓我們更加振奮。隨著經濟的逐步開放，我們仍然擁有機會。我的意思是，我們計劃在 2025 年在國內開設 10,000 間經濟型客房，而 2024 年則只有 5,000 間。

2,000 of those were Echo suites. But just that was a 90% growth in economy opens, which drove a 4% U.S. gross adds to our economy system, which we we haven't seen in a while with a best-in-class economy retention rate of over 94%.

其中 2000 套是 Echo 套房。但光是這一項就實現了經濟開放 90% 的成長，推動美國經濟體系總收入成長 4%，這是我們一段時間以來都沒有見過的，同時經濟留存率也達到了業內最佳水平，超過 94%。

And you couple that domestically with how we're growing, at over 2% net room growth in the domestic mid-scale brands that you just mentioned. 2025 was the most opens in 9 years. Conversions are picking up, and the pipeline continues to grow. We're feeling feeling really good about the U.S.

再加上我們在國內市場的成長勢頭，正如您剛才提到的，國內中檔品牌酒店的客房淨增長率超過2%。 2025年是九年來新開幕酒店數量最多的一年。轉換率正在提升，銷售管道也持續成長。我們對美國的感覺非常好。

Trey Bowers, Wells Fargo.

Trey Bowers，富國銀行。

I guess just building on that, it was noticeable that economy rooms had the lowest declines. I think we've seen in many years, but mid-scale room slowed a little bit. Just on that mid-scale and above -- can you just dig in on some of the brands that are getting you guys excited and feel like could further accelerate that domestic pace? And then I guess I'll ask a piece of that I'm not sure if I missed this, but should we kind of expect to see a similar level of domestic net growth this year to last year? Or should we model for some level acceleration?

基於此，值得注意的是，經濟型客房的跌幅最小。我認為多年來我們已經看到，中型房間市場成長速度有所放緩。就中檔及以上規模而言—您能否深入探討哪些品牌讓您感到興奮，並認為它們可以進一步加快國內市場的步伐？然後我想問一下，我不確定我是否錯過了什麼，但我們是否應該預期今年的國內淨成長水準與去年類似？或者我們應該模擬一定程度的加速度？

Yes. I think similar, Trey, is fair. And in terms of the brands, I just mentioned day super travel all showing be digit growth. Mid scale brands were our prototype brands. on both the new construction and the conversion side.

是的。我覺得類似的說法，Trey，很公平。至於品牌方面，我剛才提到的 Day Super Travel 都實現了數位成長。中型品牌是我們的原型品牌，無論是在新建項目還是改建項目中都是如此。

We domestically signed 30 new construction deals. David Willner and his team just did a great job for our La Quinta new construction, Hawthorn Suites new construction. Obviously, extended stay is really hot right now.

我們在國內簽署了30份新的建設項目合約。David Willner 和他的團隊為我們的 La Quinta 新建專案和 Hawthorn Suites 新建專案做得非常出色。顯然，長住現在非常熱門。

Our Microtel by Wyndham is doing really well. And on the new construction side, the number of projects, the percentage of projects in the ground, I think we talked about this increased 300 basis points. We have a great new leader Keyera architecture design and construction team, and we're really excited about what we're doing on the new construction side. But extended stay is obviously hot for us across all scales. We've got a great economy extended stay brand, Echo Suites, which we talked about in our script, mid-scale with Hawthorn Suites and an upscale with Water walk.

我們這家溫德姆旗下的Microtel飯店經營狀況非常好。在新建設方面，項目數量和在建項目百分比，我認為我們討論過這方面增加了 300 個基點。我們擁有優秀的新領導團隊 Keyera 建築設計和施工團隊，我們對在新建築方面所做的工作感到非常興奮。但顯然，從各個層面來看，長期住宿對我們來說都非常受歡迎。我們有一個很棒的經濟型長住酒店品牌 Echo Suites（我們在腳本中提到過），一個中檔酒店品牌 Hawthorn Suites，以及一個高檔酒店品牌 Water walk。

All 3 of those are exciting and doing well. But I think it's great to see the acceleration, and we're looking for that to continue.

這三者都令人興奮，而且發展勢頭良好。但我認為看到這種加速發展趨勢是件好事，我們希望這種趨勢能持續下去。

And that will conclude our question-and-answer session this morning. Mr. Ballotti, back to you, sir, for any closing comments.

今天早上的問答環節到此結束。巴洛蒂先生，現在輪到您做總結發言了。

Well, thanks, Also, and thanks, everyone, for your questions and your interest in Wyndham Hotels & Resorts. We look forward to talking to and seeing many of you in the months ahead at many of the upcoming investor conferences that we'll be attending. In the meantime, have a great weekend ahead, everybody, and thanks again for joining us.

謝謝大家，也謝謝大家對溫德姆酒店及度假村的提問與關注。我們期待在接下來的幾個月裡，在即將參加的許多投資人會議上與各位見面交流。同時，祝大家週末愉快，再次感謝大家的參與。

Thank you, Mr. Ballotti, and thank you, Mr. Albert. Again, ladies and gentlemen, this does conclude Wyndham Hotels & Resorts fourth-quarter and full-year 2025 earnings conference call. Please disconnect your lines at this time, and have a wonderful day. Goodbye.

謝謝巴洛蒂先生，也謝謝阿爾伯特先生。女士們、先生們，溫德姆酒店集團2025年第四季及全年財報電話會議到此結束。請暫時斷開您的線路，祝您有美好的一天。再見。