切斯基称北美预订间夜数增速创四年来最快，回头客和新用户都在增加。

“在北美，预订间夜数增速为四年来最快。我们也看到更多房客回头再订，也有更多人首次尝试 Airbnb。”

原文 (en)

"In North America, nights booked grew at their fastest pace in four years," Chesky said. "We're also seeing more guests return to Airbnb, and more people try it for the first time."

切斯基认为聊天机器人不适合规划旅行，Airbnb 正在打造类似生成式 UI 的定制 AI 原生体验。

“也许最重要的是，我们正在专门为旅行打造一种新的界面。我们不认为传统聊天机器人是规划旅行的正确方式，那是错误的界面。所以我们正在开发一种定制设计的 AI 原生体验，响应房客的需求……它会有点像生成式 UI，在合适的时间为你的具体旅行需求呈现合适的界面。”

原文 (en)

"Perhaps most importantly, we're building a new interface specifically for travel," Chesky said. "We don't think the traditional chatbot is the right way to plan travel. It's the wrong interface. So what we are doing is developing a custom-designed AI-native experience that responds to what guests are looking for … This is going to feel a little bit like generative UI in the sense that it's going to offer up the right interface at the right time for your specific travel needs."

切斯基认为复杂任务上专业化将胜出，专用代理必须比通用代理好数倍才能克服转换成本。

我认为当任务变得非常复杂时，专业化会胜出。通用聊天代理可以把任务交给专用代理，但很多人会直接使用专用代理。

原文 (en)

I think as they get really, really complicated, specialization is going to win. Now, the chat agent can hand over to a specialized agent, but a lot of people are going to go direct to the specialized agent

切斯基视第三方 AI 代理为获客机会而非威胁，并称目前来自它们的订单微不足道。

我对代理的总体态度是很兴奋。我不视其为威胁，而是像谷歌一样，是让更多人发现 Airbnb 的机会。

原文 (en)

My general philosophy on agents are, I'm generally excited about them. I don't see them as a threat. I see them kind of like Google as an opportunity for more people to discover Airbnb.

切斯基称酒店业务增速远超核心业务，未来几年必将带来数十亿美元收入。

酒店业务增速明显快于核心业务。酒店是一个9000亿美元的市场，而我们的基数很小。我不想给出预测，但毫无疑问未来几年酒店业务将带来数十亿美元收入。

原文 (en)

Hotels are growing markedly faster than our core business. That's not to say our core business is growing slow. It's just hotels are a $900 billion market off of a very, very tiny base. I certainly don't want to put any like projections out there or forecast. But it's undoubtable that we will do multiple billions of dollars in revenue in hotels in the coming years.

切斯基称酒店业态度彻底转变，把 Airbnb 视为带来新客群（Z 世代居多）的盟友。

我认为酒店业突然把 Airbnb 视为重要盟友。他们喜欢被展示的方式，也喜欢我们带来全新的受众，尤其是 Z 世代占比很高。

原文 (en)

I think hotels suddenly saw Airbnb as a major ally. They really love the way they were merchandised. They love the fact that we were entirely new audience. We were disproportionately Gen Z.

切斯基称定价尤其是 AI 调优的动态定价是最大杠杆之一，可实现价格更低、房东收入更高的双赢。

定价大概是我们最大的杠杆之一，尤其是动态定价。

原文 (en)

pricing is probably one of the biggest levers we have, certainly dynamic pricing.

切斯基称 Airbnb 正在认真研究忠诚度计划，垂直业务越多越有吸引力。

我们绝对在考虑忠诚度计划，已经考虑了很久。我一直说最好的忠诚度计划是客户热爱你的产品。

原文 (en)

we are absolutely looking at a loyalty program. We've been looking at it for a long time. I think I've said for a long time, the best loyalty program is plus customers loving your product.

切斯基称 AI 使产品发布速度提升约70%，约40%客服问题无需人工解决，单订单客服成本下降超17%。

我相信 AI 是 Airbnb 有史以来发生的最好的事情之一。

原文 (en)

I believe AI is one of the best things to ever happen to Airbnb.

切斯基表示，Airbnb 正在重新加速增长，这对其这种体量的平台而言十分罕见。

像我们这种规模的平台很少能重新加速增长，但这正是我们正在做的。

原文 (en)

It’s rare for a marketplace of our size to reaccelerate growth, but that’s exactly what we’re doing,

切斯基称AI是Airbnb遇到的最好的事情之一，加快了产品发布并降低了客服成本。

我相信AI是发生在Airbnb身上最好的事情之一。我想举几个我们正在做的例子。

原文 (en)

I believe AI is one of the best things to ever happen to Airbnb. And I want to give you a few examples of what we're doing with it.

切斯基认为通用AI智能体不会主导旅行规划，因为旅行充满向往且复杂。

我不认为人们会用一个AI智能体做所有事情。如今的AI智能体擅长订餐厅、安排日程等简单例行任务，但规划旅行不同，旅行是充满向往的。

原文 (en)

I don't think people are going to use one AI agent for everything. You see today's AI agents like Muse and Instinct are good at simple routine tasks like making a restaurant reservation or scheduling an appointment. But planning a trip is different. Travel is aspirational.

切斯基表示Airbnb将于2027年上半年推出采用专用界面而非聊天机器人的AI原生旅行智能体。

我们认为传统聊天机器人不是规划旅行的正确方式，那是错误的界面。因此我们在开发定制设计的AI原生体验来响应客人的需求。

原文 (en)

We don't think the traditional chatbot is the right way to plan travel. It's the wrong interface. So what we are doing is developing a custom-designed, AI native experience to respond to what guests are looking for.

切斯基怀疑单一聊天机器人会成为统领所有应用的入口，认为那需要操作系统级控制。

我不认为会出现一个像谷歌首页那样、统领所有其他应用的聊天机器人。原因之一是，如果存在这样的东西，它必须位于操作系统层面。

原文 (en)

I don't think there will be 1 chatbot that's like Google in the front page, and it is the orchestra conductor for every other app. I'll tell you a couple of reasons why that I don't think that will happen. The first problem is if that were to exist, I think it would have to exist at the operating system level

切斯基预计Airbnb酒店业务未来几年将产生数十亿美元收入。

酒店是一个9000亿美元的市场，而我们的基数非常小。我不想给出预测，但毫无疑问未来几年我们的酒店业务将带来数十亿美元收入。

原文 (en)

hotels are a $900 billion market off of a very, very tiny base. I certainly don't want to put any like projections out there or forecast. But it's undoubtable that we will do multiple billions of dollars in revenue in hotels in the coming years.

切斯基称动态定价是巨大杠杆，能降低价格同时通过更高入住率提高房东收入。

定价可能是我们最大的杠杆之一，尤其是动态定价。如果只是少收10美元，就会带来足够多的预订，长期收入反而更高，因为入住率高得多。

原文 (en)

pricing is probably one of the biggest levers we have, certainly dynamic pricing. ... if you just charge like $10 less, you'll make enough more bookings that you'll actually make a lot more in the long run because your occupancy is much higher

切斯基称Airbnb正在积极考虑忠诚度计划，新增业务垂直领域让其更有吸引力。

我们绝对在研究忠诚度计划。没有可宣布的内容，但随着增加更多业务垂直领域，可发挥的空间更大，忠诚度计划也更有吸引力。

原文 (en)

we are absolutely looking at a loyalty program. I don't have anything to announce, but I can say that as we add more verticals, we just have a lot more to work with. So adding verticals make loyalty program more compelling.

切斯基称第三方AI智能体目前带来的流量和预订微不足道，他视其为机会而非威胁。

我们尚未看到来自Muse和Instinct的大量流量，预订更少。我们每天有近50万笔预订，而来自这两者的预订数量微不足道。

原文 (en)

we're not seeing a lot of traffic in even fewer bookings from Muse and Instinct, yet. We do have nearly 0.5 million bookings a day and a very nonmaterial number of bookings happen on Muse and Instinct.

切斯基认为社交旅行功能是被严重低估的机会，计划2027年推出更多。

我们想，如果把社交图谱带回来，不是线上的，而是由同行者和旅途中遇到的人组成的现实世界社交图谱呢？明年我们将推出更多社交功能。

原文 (en)

we thought what if we brought back the social graph, but instead of being an online social graph, it was a social graph in the real world of the people you travel with and the people you meet along the way of your travels. ... we are going to be launching a lot more social features and social connected features next year.

切斯基称赞助房源将在AI智能体推出后于其情境中开发。

我们在开发赞助房源，但会放在AI智能体的情境中。我们首先需要推出并完善智能体，然后再研究广告在新环境中如何运作。

原文 (en)

we are developing sponsor listings, but they'll be developed in the context of the AI agent. So we first need to launch the AI agent. We need to refine it, and then we figure out how ads work in that new world.

切斯基认为通用 AI 智能体适合处理日常琐事，而旅行规划带有向往性、探索本身就是体验，因此 Airbnb 要自建智能体。

如今像 Muse 和 Instinct 这样的 AI 智能体擅长订餐厅、安排预约之类简单的日常任务，但规划旅行不同。旅行是令人向往的，探索去哪里、住哪里本身就是体验的一部分。

原文 (en)

Today’s AI agents like Muse and Instinct are good at simple routine tasks like making a restaurant reservation or scheduling an appointment. But planning a trip is different. Travel is aspirational. Discovering where to go and where to stay is part of the experience.

切斯基表示 Airbnb 的智能体将用类生成式 UI 的旅行专用组件取代文字密集的聊天，并计划于 2027 年上半年推出。

我们正在开发一种定制设计的 AI 原生体验来回应房客的需求。我们不只依赖文字量很大的传统聊天方式，那绝对不是规划旅行该有的方式；我们的智能体会从数百个旅行专用界面组件（地图、照片、对比、日历、行程）中调用，并实时组合以匹配用户需求。

原文 (en)

What we are doing is developing a custom-designed AI-native experience that responds to what guests are looking for. So instead of relying on traditional chat alone, which is very text-heavy — which, again, is definitely not the way you should plan travel, our agent draws from a library of hundreds of travel-specific interface components — maps, photos, comparisons, calendars, itineraries — and composes them in real time to match what they’re looking for.

切斯基称 Airbnb 增长重新提速，第三季度是三年多来最快的营收增长。

Airbnb 重回增长模式。对于我们这种规模的平台来说，增长重新加速很罕见，但我们正在做到。第三季度是三年多来最快的营收增速。

原文 (en)

Airbnb is back in growth mode. It’s rare for a marketplace of our size to reaccelerate growth, but that’s exactly what we’re doing. Q3 was our fastest revenue growth in more than three years,

切斯基表示，Airbnb 目前来自 Muse 和 Instinct 等 AI 智能体的流量很少，预订更少。

我们目前还没有看到来自 Muse 和 Instinct 的多少流量，预订就更少了。

原文 (en)

We’re not seeing a lot of traffic, and even fewer bookings, from Muse and Instinct yet

切斯基不认为 AI 智能体是威胁，而是类似谷歌的获客渠道，能让更多人发现 Airbnb。

我把它们看作类似谷歌，是让更多人发现 Airbnb 的机会。

原文 (en)

I see them kind of like Google, as an opportunity for more people to discover Airbnb.

切斯基认为旅行规划本身就是体验的一部分，多数人不会愿意完全交给智能体。

旅行是充满向往的。发现去哪里、住哪里本身就是体验的一部分。

原文 (en)

Travel is aspirational. Discovering where to go and where to stay is part of the experience.

切斯基认为通用 AI 智能体不适合规划旅行，因为旅行发现过程本身带有向往色彩，所以 Airbnb 要自建 AI 旅行智能体。

如今的 AI 智能体，比如 Meta 的 Muse 和邀请制的 Instinct，擅长订餐厅、安排预约这类简单的日常任务。但规划旅行不同。旅行带有向往的色彩，发现去哪里、住哪里本身就是体验的一部分……我不认为通用型智能体最适合做这件事。这就是我们要打造自己的 AI 智能体的原因。

原文 (en)

Today's AI agents, like [Meta's AI agent] Muse and [invite-only AI assistant] Instinct, are good at simple routine tasks like making a restaurant reservation or scheduling an appointment. But planning a trip is different. Travel is aspirational. Discovering where to go and where to stay is part of the experience… I don't think the general-purpose agents are the best to do that. That is why we are building our own AI agent.

切斯基介绍该智能体会为租车、邀请旅伴等需求动态生成定制界面，超越纯聊天式体验。

如果你想租车，智能体会生成一个小小的汽车界面，并以定制生成的界面精美地呈现。如果你想邀请同行旅伴，智能体也会帮你。

原文 (en)

If you want a car rental, the agent generates this little UI of a car, and it's [presented] beautifully in a custom-generated interface. If you want to invite co-travellers, the agent helps you.

Chesky 称 Airbnb 自建 AI 旅行助手的优势在于近 20 年的数据积累，以及对支付、变更和客服等预订流程的掌控。

关于我们自建的 AI 旅行助手：我们认为有三大优势。第一，我们拥有近 20 年的数据，最了解自己的市场。第二，我们掌控预订流程本身，包括支付、变更和客服保障。

原文 (en)

Regarding our self-built AI travel agent: We believe there are three key advantages. First, we understand our own market best, with nearly 20 years of data. Second, we control the booking process itself, including payments, changes, and customer support protection.

Nassetta表示希尔顿业务受益于“C型”经济，低端和中端追上高端，驱动力来自税收政策、监管政策和AI。

在美国，去年有一系列因素在我看来无疑会增强我们的业务，并带来“C型”经济，即低端和中端业务的增长追上高端业务。这些驱动力是非常有利的税收政策、非常有利的监管政策以及AI。

原文 (en)

Here in the United States, there was a bunch of factors that to me [last year] were undeniably going to strengthen our business and to a C-shaped economy, where the lower end of the business and the middle of the business was going to come up and meet the high end of the business in terms of growth. Those drivers were very favorable tax policy, very favorable regulatory policy, and AI,

Nassetta对中国展望相对克制，认为已企稳并有望从低位小幅改善。

我们已经看到中国企稳，有望从当前低位出现一些不算大、但基础的改善。

戈林认为，AI 智能体能简化比价，但无法取代 Expedia 在预订环节提供的信任、内容准确性和客户服务。

“人们本来就会在多个平台比价，智能体能让这件事更轻松，”戈林说。“但真正到预订环节——要确信内容、设施、价格都正确，出了问题有人帮你解决、接电话、陪着你——我不认为这些智能体能做到，这也是人们信任 Expedia 并选择我们的原因。”

原文 (en)

"People were already shopping across a number of places, so the agent can do that in a much easier way," Gorin said. "But when it comes to actually booking — being confident that the content that you're getting is right, the amenities are right, the price is right, if something goes wrong, someone's going to actually either solve it for you, answer the phone, be there for you — I don't think those agents are going to do it for you, and that's why people trust Expedia and come to us."

戈林称 Expedia 正与所有 AI 智能体合作，确保在 AI 结果中的曝光和必要的系统集成。

戈林表示，Expedia 正在“与所有智能体合作”，以确保自己出现在 AI 结果中，了解智能体如何获取信息，并确保具备必要的集成。

原文 (en)

Gorin said Expedia is "working with all of the agents" to make sure it surfaces in AI results, to understand how the agents get information and to make sure that the company has the necessary integrations.

戈林将第四季度指引偏弱归因于地缘政治、中期选举和秋季促销提前，而非消费者走弱。

戈林将 Expedia 第四季度指引的“放缓”归因于“中东和欧洲的地缘政治事件”、中期选举，以及公司将秋季促销从第四季度提前至第三季度。

原文 (en)

Gorin attributed the "moderation" in Expedia's fourth-quarter guidance to "geopolitical events in the Middle East and Europe," the midterm elections and the company moving its fall sale from the fourth quarter to the third quarter.

Gorin认为即便AI平台分流了旅行发现环节，供给、支付与服务的复杂性仍使信任、规模和可靠性成为Expedia的差异化优势。

我们看到，虽然发现环节正分散到AI助手、搜索和社交平台，但旅行中困难的部分并没有变得更容易：对接全球多业务线供给并保证价格准确、处理预订与支付、为预订负责、在行程变化时解决问题。信任正是在这种复杂性中建立的。

原文 (en)

What we are seeing is that while discovery is spreading across AI assistance, search, and social platforms, the hard parts of travel are not getting any easier. Connecting to global supply across multiple lines of business with accurate prices. Handling bookings and payments, standing behind bookings, and fixing problems when plans change. That complexity is where trust is earned.

Gorin表示智能体AI擅长旅行发现，但用户完成预订时仍倾向于选择可信品牌。

到目前为止，我们看到智能体AI的真正优势在于发现环节，而在预订时，人们仍希望通过值得信赖的品牌预订，确信出问题时有人负责，也相信内容和价格。

原文 (en)

So far, what we are seeing is that Agentic AI's real strength is in discovery, but that when it comes to bookings, people still want to book with a trusted brand where they know that they will be taken care of if something goes wrong, they know they can trust the content and the prices and the like.

Gorin称智能体流量目前很小但质量高，且未见其蚕食直接流量。

如你所说，智能体流量目前非常小。我们认为它是高质量流量，不认为它影响直接流量，它要么是增量，要么来自其他付费渠道。

原文 (en)

As you say, it is agentic traffic is very small so far. We think it is high we see it as high quality traffic. We do not see it as impacting the direct traffic. I think it is, you know, it is either incremental or it is taken from other paid channels.

Gorin表示Expedia会测试新的AI广告产品并接受初期较低回报，预计其中许多将成为大渠道。

新产品出现时，重要的是采取测试姿态，愿意接受低于成熟优化产品的回报。我们对新的AI服务产品都是这样做，边测试边学习，我相信其中许多最终会成为我们的大渠道。

原文 (en)

I think it is important as there are new products that come out on the market to be to take the posture of testing, being willing to maybe accept some returns that are not as high as more established products that are more optimized. And that is our approach across the board as some of these new AI services come out with new products. We will be you know, testing and learning. And then over time, I believe many of these will become big channels for us.

Gorin称AI降低客服成本并加速开发，例如Vrbo智能体解决超15%咨询、酒店入驻智能体不到一个季度完成。

在客服方面，我们在Vrbo推出了新的智能体体验，头两个月就有效解决了超过15%的来电，满意度更高、成本更低。AI还加速了产品开发，新的自主酒店入驻智能体由一个小团队不到一个季度就完成了。

原文 (en)

In servicing, we released our new agentic experience on Vrbo, And already in the first 2 months, it is effectively resolving over 15% of inbound contacts. Driving higher satisfaction scores at a lower cost. AI is also enabling us to accelerate product development. Our new autonomous hotel onboarding agent was built in less than a quarter by a small focused team.

Gorin将B2B可触达市场定义为超3万亿美元旅游市场剔除供应商直销和最大OTA后的部分。

从最高层面看，我把整体超过3万亿美元的旅游市场，剔除供应商直销和全球最大的几家OTA，剩下的就是B2B的可触达市场。

原文 (en)

At the highest level, the way I think about the size of the DVD travel market is you take the overall travel market, which is over $3 trillion you remove from that sort of all of supplier direct. You remove from that couple of the biggest OTAs in the world, and you say, all of the rest is the addressable market for b 2 b.

Gorin称Expedia的B2B基础设施使其有能力为想自行提供旅行预订的智能体供货。

如果有智能体想自己成为旅行预订的提供方，而不是现有旅游品牌的需求渠道，我们显然有能力做到这一点。

原文 (en)

If there are agents who say, you know what? We wanna be the provider ourselves, of travel booking rather than being a demand channel for existing travel brands, we clearly are well positioned to be able to do that.

Gorin认为流量入口顶端的碎片化对Expedia有利。

如果漏斗顶端更加分散，对我们来说是好事。

原文 (en)

And, you know, to the extent that there is more fragmentation at the top of the funnel, that is a good thing for us.

Gorin 称美国消费者在国内游和前往欧亚的出境游方面都保持强劲。

Expedia CEO Ariane Gorin 对路透社表示：“美国消费者在国内旅行以及前往欧洲和亚洲的出境游方面都表现强劲。”

原文 (en)

"The US consumer was strong both in domestic travel and in outbound to Europe and Asia," CEO Ariane Gorin told Reuters.

Gorin 把第四季度指引放缓归因于美国中期选举及中东、欧洲的动荡。

Gorin 将第四季度预期放缓归因于美国中期选举以及中东和欧洲的动荡。

原文 (en)

Gorin pinned moderation in the fourth-quarter forecast on the US midterm elections and unrest in the Middle East and Europe.

Gorin 指出欧洲旅客国内游多于长途出境游。

Gorin 指出，在欧洲，人们国内旅行多于长途出境游。

原文 (en)

In Europe people traveled more domestically than long-haul outbound, Gorin noted.

Gorin 表示代理式 AI 的优势在于旅行发现阶段，旅客预订时仍倾向选择出问题时有保障的可信品牌。

代理式 AI 的真正优势在于发现和探索阶段。

原文 (en)

agentic AI’s real strength is in discovery.

Gorin 认为旅客希望在可信品牌处预订，以便出问题时获得支持。

他们知道一旦出问题会得到妥善处理的地方。

原文 (en)

where they know that they’ll be taken care of if something goes wrong.

戈林表示，Expedia 在强化平台的同时，把 AI 当作力量倍增器，以更快创新并提升运营效率。

作为一种力量倍增器

原文 (en)

as a force multiplier

Fogel 表示 Booking Holdings 正在整个旅客旅程中测试 AI，并扩大最有价值的能力。

我们正在整个旅客旅程中积极测试 AI，从真实使用中学习，并扩大那些为旅客和合作伙伴创造最大价值的能力。

原文 (en)

We are actively testing AI across the traveler journey, learning from real-world usage and scaling the capabilities that create the most value for travelers and partners.

Fogel 认为，将 AI 助手与平台实时库存和预订能力结合，可把旅行推荐变为顺畅预订。

这些体验展示了推荐一次旅行与真正让人顺畅预订之间的差别。无论是比较地点、照片、房型和价格，我们都能把 AI 助手的便捷与我们平台的信息、实时库存、预订能力和服务结合起来。

原文 (en)

These experiences show the difference between recommending a trip and actually enabling someone to book it seamlessly. Whether it's comparing locations, photos, room choices and prices, we can combine the ease of an AI assistant with the information, live inventory, booking capabilities and service of our platforms.

Fogel 称 Lola 和 Vayo 是新 AI 能力的试验场，经验将推广到整个集团。

这些平台是试验场，我们可以在此探索新的 AI 能力、快速迭代，并把所学应用到整个 Booking Holdings。

原文 (en)

These platforms are testing grounds where we can explore new AI capabilities, iterate quickly and apply what we learn across Booking Holdings.

Fogel提醒地缘政治和宏观不确定性可能影响近期旅游趋势，但Booking将继续专注长期投入并让旅行更便捷。

尽管地缘政治和宏观经济的不确定性可能影响近期的旅游趋势，我们仍专注于让旅行更便捷、帮助合作伙伴成功，并为公司的长期发展持续投入。

原文 (en)

While geopolitical and macroeconomic uncertainty may affect near-term travel trends, we remain focused on making travel easier, helping our partners succeed, and investing in our business for the long term,

Fogel 称 AI 带来自工业革命以来最具变革性的时期，尤其重塑旅游分销。

我们认为这是自工业革命以来各行业最具变革性的时期。尤其是在旅游分销领域，AI 正在开辟人们发现、规划、预订和管理旅行的新方式。

原文 (en)

We believe this is the most transformational time for industries since the dawn of the Industrial Revolution. Particularly in travel distribution, AI is opening up new ways for people to discover, plan, book and manage travel.

Fogel 认为 AI 智能体令旅行发现入口碎片化是利好，可能降低获客成本。

我认为这其实是件好事：人们开始探索旅行的入口可能更加碎片化，这让我们能以更低成本获取客户。

原文 (en)

I believe this is actually a wonderful thing that there could be much more of a fragmentation of the way people are beginning their discovery that enables us to actually be able to obtain customers at a lower cost.

Fogel 提醒，尤其在欧洲，复杂监管可能使通用个人智能体的普及慢于预期。

我认为在世界某些地区，这些通用个人智能体的普及速度可能比预期慢得多。

原文 (en)

I think there's parts of the world where the adoption of these horizontal personal agents may be much slower than is anticipated.

Fogel 表示欧盟 DMA 对谷歌搜索的改变目前尚未给 Booking 带来明显优势。

目前我们没有看到这一变化带来很大优势。显然还为时尚早，数据上也没有看到任何变化。

原文 (en)

We -- right now, we don't see any great advantage from this change. Obviously, it's early, et cetera. We haven't seen anything in terms of numbers change.

Fogel 认为向旅行者和 AI 智能体提供更多价值将带来长期竞争优势。

你必须为人类旅行者或智能体提供更多价值，让他们使用我们、浏览我们、通过我们交易。如果能做到，长期我们将拥有竞争优势。

原文 (en)

you got to provide more value, whether it be to a human traveler or to the agent, such that the agent, we want that agent or that person to be using us, looking at our stuff, going through us, transacting with us. If we are able to do that, in the long run, we will have a competitive advantage.

Fogel 称若通用智能体采用与 Booking 类似的变现模式，公司将处于更有利位置。

如果这些通用智能体走上与我们过去二十年类似的变现路径，我们的处境会更好。

原文 (en)

if these horizontal agents do go down the route of some type of monetization that is not dissimilar to what we have been doing over the last 2 decades, we will be even in a better position.

Fogel 承诺升级 Genius 忠诚计划，为旅行者和合作伙伴创造更多价值。

我们会改进 Genius，它未来会是更好的计划。我坚信为旅行者和合作伙伴提供价值的重要性。

原文 (en)

We are going to improve Genius. It's going to be an even better program down the road. I absolutely believe, and as I said earlier, I said it several times now, the issue, the importance of providing value, providing value to that traveler and it's also value to the partner.

Fogel 称旅行需求韧性与执行力推动预订额两位数增长，公司将继续投资AI以革新旅客发现、规划和预订方式。

首席执行官 Glenn Fogel 表示，旅行需求保持韧性且执行有纪律，推动本季度总预订额实现两位数增长，调整后每股收益增长17%。他还表示，公司继续投资人工智能，开发旅客发现、规划和预订行程的新方式。

原文 (en)

Chief Executive Glenn Fogel said resilient travel demand and disciplined execution supported double-digit gross bookings growth and 17% growth in adjusted earnings per share during the quarter. He added that the company continued to invest in artificial intelligence as it develops new ways for travellers to discover, plan and book trips.

Glenn Fogel 表示，尽管存在地缘政治和经济不确定性，出行的内在需求依然具有韧性。

出行的内在意愿依然保持韧性。

原文 (en)

the underlying desire to travel remained resilient.

Capuano称万豪在美加地区的需求覆盖各客户群体和酒店档次，表现广泛强劲。

总裁兼首席执行官Anthony Capuano表示，美国和加拿大的需求在各客户群体和酒店档次中都很广泛。

原文 (en)

Anthony Capuano, president and chief executive officer, said demand was broad-based across customer segments and chain scales in the U.S. and Canada.

Capuano 称 Bonvoy 会员计划深化宾客关系、为业主带来直接预订，也是业主和开发商选择加入万豪体系的关键原因。

Marriott Bonvoy deepens our relationships with guests, drives valuable direct bookings for our owners, and is a key reason owners and developers choose to join the Marriott system.

万豪CEO Anthony Capuano表示，尽管战争冲击中东业务，但该地区的业务趋势自春季以来已显著改善。

趋势出现了显著改善

原文 (en)

trends improved meaningfully

Capuano 表示，万豪在受战争影响的中东业务趋势较春季明显改善。

即使在受战争影响的中东地区，万豪 CEO Anthony Capuano 表示，相比春季，“趋势明显改善”。

原文 (en)

Even in the Middle East, where the war has affected its business, CEO Anthony Capuano said that “trends improved meaningfully” from the spring.

Capuano 表示，中东冲突仍在拖累该地区业绩，但相比第二季度趋势已显著改善。

“尽管中东持续的冲突继续影响该地区的业绩，但与第二季度相比，趋势已明显改善。”

原文 (en)

“While the ongoing conflict in the Middle East continued to impact results in that region, trends improved meaningfully from the second quarter,”

Capuano 认为 AI 目前主要在重塑旅游发现环节，对预订的影响较慢，但长期将深刻影响各行业。

我始终坚信，AI 将深刻影响几乎所有行业，旅游业尤其如此。在某种程度上，AI 进入旅游业还处于早期阶段。目前我们认为 AI 主要在重塑旅游的发现环节。这并不意味着它将来不会对预订产生类似影响，但这一块的推进似乎更慢。

原文 (en)

I continue to be a firm believer that AI is going to profoundly impact virtually every industry, certainly the travel vertical. In some ways, we're in the early innings of AI's entry into travel. Right now, our view is that AI is largely reshaping travel discovery. That doesn't mean at some point it won't have a similar impact on bookings, but that piece seems to be moving more slowly.

Capuano 表示万豪将继续加码品牌转换，并看好刚起步的中端扩张，已近 600 家酒店。

我们打造了这艘超级油轮，专门用来抓住各类转换机会，我们打算继续踩油门。我们进入中端档次还处于相对初期，进展很好。已开业和在建合计已接近 600 家酒店，但仍然很早期。

原文 (en)

We have built this supertanker that is really built to take advantage of the wide range of conversion opportunities that are out there, and we intend to continue to stand on that accelerator. The last thing I would say to you is, as we have discussed, we are in our relative infancy of entering the mid-scale tier. It is going great. Between open and pipeline, we are already approaching 600 hotels in the system, but it is early.

Capuano 称 key money 已成为转换竞争的主要手段，使用它的交易每间客房价值溢价今年约 75%。

不管我们喜不喜欢，key money 似乎已成为应对竞争格局的首选武器。2025 年使用 key money 的交易每间客房平均价值溢价约 65%，今年前三季度约为 75%。

原文 (en)

Whether we like it or not, key money seems to be the weapon of choice against that competitive landscape. If you look at all the deals we did in calendar 2025, the deals where Marriott participated with key money had an average value premium per room of about 65%. Year to date through the first three quarters this year, those deals where we deployed key money had an average premium per room of about 75%.

Capuano 假设中东旅行扰动持续、2027 年逐步改善，同时称项目管线未出现异常流失。

我们目前假设旅行扰动持续，2027 年会逐步改善。局势显然高度不稳定。但无论在中东还是全球，我们的在建项目流失都远未超出正常水平。

原文 (en)

We're currently assuming ongoing travel disruption with some gradual improvement during the course of 2027. I wish I had a better crystal ball. It's obviously a highly volatile situation. What I will tell you is we are not seeing fallout from the pipeline, whether it be in the Middle East or on a global basis, that is anywhere close to outside what we have experienced around the world in normal circumstances.

Capuano 将 2026 年全球 RevPAR 增长指引上调至 4.5%-5%，称旅行需求异常强劲。

我们再次上调 2026 全年指引，预计全球 RevPAR 增长 4.5%-5%，远高于最初预测的 1.5%-2.5%，因为尽管地缘政治不确定，今年旅行需求异常强劲。

原文 (en)

We are raising our full year 2026 guidance. We now expect 4.5%-5% global RevPAR growth. This is well above the 1.5%-2.5% growth range we initially forecast on our year-end 2025 earnings call, as travel demand has been remarkably robust this year despite geopolitical uncertainty.

Capuano 指出美加新建开工增长 20%，全球下降约 24%，凸显转换项目的重要性。

美国和加拿大新建开工去年增长约 7%，今年前三季度同比增长 20%。全球范围前三季度新建开工下降约 24%。

原文 (en)

The new build construction starts in the U.S. and Canada, last year were up about 7% versus the prior year. Through the first three quarters this year, new build construction starts are up 20% year over year. Globally, which I think was the second part of your question, year to date through the first three quarters of the year, new build construction starts were down about 24%.

Capuano 表示，尽管地缘政治存在不确定性，今年旅行需求依然异常强劲，第三季度增长超出此前预期。

今年的旅行需求异常强劲，尽管存在地缘政治不确定性。

原文 (en)

travel demand has been remarkably robust this year, despite geopolitical uncertainty

Capuano 将休闲 RevPAR 增长归因于全球消费者持续优先选择旅行等线下体验。

因为世界各地的人们继续优先选择旅行这类线下体验。

原文 (en)

as people around the world continue to prioritize in-person experiences like travel

Capuano 表示，转换型项目仍是重要增长动力，占签约量逾三分之一、开业量逾 40%。

持续是增长的重要驱动力。

原文 (en)

continued to be an important driver of growth

Capuano 表示中东冲突仍拖累该地区业绩，但自第二季度以来趋势已明显改善。

首席执行官 Anthony Capuano 表示，中东冲突仍在影响该地区的业绩，但趋势较第二季度“明显改善”。

原文 (en)

Chief Executive Anthony Capuano said the conflict in the Middle East continued to affect results in that region, but trends "improved meaningfully from the second quarter."

Ed Bastian批评希思罗机场计划在2028年将达美迁至4号航站楼、与维珍大西洋分开，称其目光短浅且损害消费者利益。

达美航空CEO Ed Bastian称该决定目光短浅、令人深感失望，并且对航空消费者不利。

原文 (en)

Delta CEO Ed Bastian called the decision short-sighted, deeply disappointing and bad for airline consumers.

Bastian认为希思罗机场将达美与维珍大西洋分开的决定损害多年投入和一体化的客户利益，称该决定令人深感失望且短视。

将我们的运营分开，会损害多年的投入，并无视我们在同一航站楼联合运营所带来的紧密一体化的客户利益。

原文 (en)

Separating our operation undermines years of investment and disregards the tightly integrated customer benefits that we offer in our co-located terminal

Ed Bastian 批评希思罗机场把达美迁往4号航站楼、与合作伙伴维珍大西洋分开的计划，称其短视且损害消费者利益。

达美航空 CEO Ed Bastian 称该决定短视、令人深感失望，且对航空消费者不利。

原文 (en)

Chief Executive Ed Bastian called the decision short-sighted, deeply disappointing and bad for airline consumers.

Ed Bastian批评希思罗机场将达美迁至4号航站楼的计划目光短浅、损害乘客利益，并称达美将寻求一切可用的补救措施。

首席执行官 Ed Bastian 称希思罗机场的决定目光短浅，并表示这对航空消费者不利。

原文 (en)

Chief Executive Ed Bastian called Heathrow's decision short-sighted and said it was bad for airline consumers.

巴斯蒂安批评希思罗机场将达美与维珍大西洋拆分到不同航站楼的决定短视，且损害消费者利益。

希思罗机场有限公司决定将达美的业务迁至4号航站楼、远离我们的合作伙伴维珍大西洋航空，这一决定短视、令人深感失望，对航空消费者不利。

原文 (en)

Heathrow Airport Limited’s decision to relocate Delta’s operation to Terminal 4, away from our partner Virgin Atlantic, is short-sighted, deeply disappointing and bad for airline consumers

巴斯蒂安表示达美将寻求一切可用补救措施（包括可能的法律途径），并敦促希思罗重新考虑。

我们致力于维护达美与维珍大西洋所享有盛誉的无缝出行体验，并将寻求一切可用的补救措施来纠正这一决定。我们敦促希思罗机场有限公司重新考虑，作出更审慎周全、以旅客为先并让希思罗竞争得以繁荣的决定。

原文 (en)

We are committed to preserving the seamless travel experience for which Delta and Virgin Atlantic are known and will pursue all available remedies to correct this decision. We urge Heathrow Airport Limited to reconsider their decision in favor of a more prudent and thoughtful outcome that puts travelers first and allows competition to flourish at Heathrow.