Anthony Capuano

Capuano表示大中华区RevPAR基本持平，奢华及港琼台市场强劲，但内地其余地区国内休闲需求放缓抵消了增长。

大中华区RevPAR基本持平，奢华酒店以及香港、海南和台湾地区市场持续强劲，但中国内地其余大部分地区的国内休闲旅游需求放缓，抵消了这些增长。

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."

Capuano表示万豪计划在美国和加拿大推出推荐意愿激励，对客人满意度高的酒店给予费用折扣。

我们现在还计划在美国和加拿大推出新的ITR（推荐意愿）激励机制，为客人满意度得分高的顶级酒店提供费用折扣。

原文 (en)

We are also now planning to roll out a new ITR, or Intent to Recommend incentive, in the U.S. and Canada that will provide a fee discount for top hotels that receive strong guest satisfaction scores.

万豪CEO Anthony Capuano表示，市场对奢华旅行的需求近乎无法满足。

今年6月，首席执行官Anthony Capuano告诉CNBC，市场对奢华旅行有着“近乎无法满足的需求”。

原文 (en)

In June, CEO Anthony Capuano told CNBC there's an “almost insatiable appetite” for luxury travel.