Chris Nassetta

Nassetta认为中期选举后的民主党大胜在未来两三年内不会带来剧烈影响，美国政治体制具有韧性。

我们的政治体制建设得相当不错。开国先贤打造了一个有韧性的体系。我们总能想办法解决，这次也会。现实是，未来两三年里，我看不到最近几天的选举结果会带来任何真正剧烈的影响。

原文 (en)

Our political system has been built pretty well. Our founders did a pretty good job of creating a resilient system. We always figure it out. We'll figure it out this time. The reality is, in the next two or three years, I don't see any real dramatic impact as a result of the last couple days.

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。

Nassetta 称技术将成为希尔顿更大的战略优势，让员工、业主和宾客都受益。

未来几年，我们相信技术将成为希尔顿更大的战略优势，赋能团队成员、提升业主业绩，并让宾客更轻松地体验希尔顿的最佳服务。

原文 (en)

In the years to come, we believe technology will become an even greater strategic advantage for Hilton, empowering our team members, strengthening performance for our owners, and making it easier for guests to experience the very best of Hilton

Nassetta 认为 AI 智能体快速、简便、有效，消费者会趋向使用，其影响将堪比互联网。

它们会快速、简便、非常有效，而人们喜欢这样，也会趋向于使用它们。

原文 (en)

They're going to be fast, they're going to be easy, they're going to be very effective, and humans like that, and they're going to trend to that

Nassetta 表示希尔顿正与所有 AI 智能体平台合作，包括较小的参与者，尽管仍处于非常早期阶段。

你们应该假设我们正在与每一家（AI 智能体）合作。

原文 (en)

you should assume we're working with each and every one of them

Nassetta 表示 AI 消费者代理目前在希尔顿预订中占比微不足道，但他认为这是分销的未来，类似早期互联网。

还很早，说实话，微不足道。

原文 (en)

early and it is insignificant, to be honest.

Nassetta 称希尔顿控制美国约 25% 优质酒店库存且技术栈现代化，在与 AI 平台谈判中占优，AI 代理还可能为业主降低分销成本。

Nassetta 表示希尔顿基本与所有 AI 平台合作，并在这些平台上提供产品。他指出公司规模是优势，估计希尔顿控制着美国约 25% 的优质酒店库存，这让其在相关谈判中拥有强势话语权。

原文 (en)

Nassetta said Hilton works with essentially every AI platform and has products available across them. He pointed to the company's scale as an advantage, estimating that Hilton controls about 25% of quality hotel inventory in the U.S., which he said gives it a strong seat at the table in those conversations.

Nassetta 将酒店需求与 AI 驱动的投资周期挂钩，预计至少持续几年。

他表示，非住宅固定投资连续六个季度的增速接近其20年均值的两倍，酒店需求与之密切相关。他举出 AI 基础设施、数据中心、能源、桥梁和公路等需要商务出行的项目，并预计这种投资驱动的需求至少持续几年。

原文 (en)

He said non-residential fixed investment has grown nearly twice as fast as its 20-year average for six quarters, and that hotel demand closely tracks it. He cited AI infrastructure, data centers, energy, bridges, and highways as projects that require business travel, often by middle-class workers, and said he expects that investment-driven demand to continue for at least a couple of years.

Nassetta 表示希尔顿品牌具备 RevPAR 指数溢价，通过转换项目仍有显著增长空间。

由于我们的品牌能带来 RevPAR 指数溢价，我们相信通过转换项目继续增长存在巨大机会。

原文 (en)

Because our brands drive RevPAR index premiums, we believe there is significant opportunity to continue growing through conversions

Nassetta 称第三季度系统 RevPAR 增长 5.8% 得益于强劲出行需求和有利宏观趋势，并上调了全年 RevPAR 预期。

受出行需求强劲以及有利宏观趋势的支撑。

原文 (en)

driven by strength in travel demand supported by favorable macro trends

Nassetta 认为酒店需求与非住宅固定投资高度相关，后者增速近两倍于长期均值，因此看好2026年之后的需求。

展望2026年之后，我们对不断增强的需求背景保持乐观，尤其是我们所在细分市场的酒店需求与非住宅固定投资（NRFI）高度相关。过去6个季度（即将是第7个季度）NRFI的增速接近此前20年平均水平的2倍，为我们的业务提供了异常强劲且持久的宏观环境。

原文 (en)

Looking beyond 2026, we remain optimistic about the strengthening demand backdrop particularly given the close correlation between hotel demand in our segments and non residential fixed investment or NRFI. NRFI growth for the past 6 and soon to be 7 quarters has been growing nearly 2x faster than the average rate over the prior 20 years, providing an unusually strong and durable macroeconomic for our business.

Nassetta 预计2027年全球RevPAR增长3%至4%。

我想说，明年我们相当有信心全球RevPAR将处于3%至4%区间。

原文 (en)

I would say next year we feel pretty darn good that global RevPAR numbers are going to be in the 3% to 4% range.

Nassetta 称AI分销尚处早期但令人兴奋，预计AI代理将以更低成本带来更多直销。

我对这些新兴的AI代理以及我们正在推进的许多其他举措感到非常兴奋。我认为我们正处于AI机遇的早期阶段，尤其是在分销领域。

原文 (en)

I am very excited by what I see vis a vis these new and nascent, and a whole bunch of other activities we are in the middle of. I think we are in the very early days of this opportunity with AI, particularly in the distribution space.

Nassetta 认为希尔顿现代化的技术栈是重要优势，便于与AI代理直连。

我确实相信我们的技术栈是巨大的竞争优势。我们比大多数甚至所有同行都更早完成了技术栈现代化，许多合作方也一再告诉我们，我们建立直连要容易得多。

原文 (en)

I do believe our tech stack is a huge competitive advantage. We have modernized our tech stack ahead of most, if not all, And I consistently hear from many of our counterparties that it is a lot easier for us to create direct connectivity.

Nassetta 认为AI与基础设施投资将使C型经济至少持续数年。

只要NFI保持在这样的高位（我个人认为至少未来几年势不可挡），你就会看到这种C型经济持续下去。

原文 (en)

As long as you are seeing NFI at these elevated levels, which I think my own view is pretty unstoppable in the next at least, couple of years. You are going to see this C-shaped thing to keep going.

Nassetta 称商务散客差旅正接近疫情前水平，反驳了怀疑者。

深入细分数据看，商务散客需求正接近疫情前水平，很多人曾说永远不会恢复、人们不会再为商务出差。但我们说过会恢复，而且确实在恢复。

原文 (en)

business transient when you really dig deep into the segmentation is approaching pre COVID levels, which I know a lot of people said, oh, it never will. People are not going to travel for business. Well, we said they would and they are

Nassetta 表示从未对增长机会如此兴奋，并看到6%至7%的净增长空间。

老实说，我对我们的增长机会从未像今天这样兴奋。我认为我们拥有合适的品牌。

原文 (en)

Honestly, I have never been more excited about our growth opportunities than I am today. I think we have the right brands.

Nassetta 认为欧洲独立酒店占60%而希尔顿仅占2%，转换机会巨大。

独立非品牌酒店约占该地区当前供给的60%，而希尔顿仅占该地区供给的2%。

原文 (en)

Independent non branded hotels account for approximately 60% of the region's current supply, while Hilton represents just 2% of the region's supply.

Nassetta 称中东冲突和分时度假许可费疲弱导致全年EBITDA展望下调。

中东比我们想象的更受打击，而分时度假业务的许可费表现也未达到我们的预期。

原文 (en)

You have the Middle East is a little more beaten up. than we thought, and license fees in the timeshare segment are not performing at the level that we had expected.

Nassetta 预计美国持续改善，墨西哥和中东明年大体回归正常。

全球运行率约为3.5%，各种因素有进有退。好处是美国持续回升；我希望并认为今年受挫的墨西哥和中东将在很大程度上恢复正常。

原文 (en)

I think the way to think about it is on a global basis, if the run rate is about 3.5%, you have things that are going back and forth The benefits I think are clearly we see The U. S. Continuing to pick up. I would hope and think that Mexico and The Middle East, which have been challenged this year, are going to normalize to a large degree

Nassetta 承诺2027年第一季度前后推出RISE 2.0，借助技术、AI和规模降低业主成本。

我们已告诉业主正在推进RISE 2.0。我不详谈，但大概明年第一季度，我们会再次审视系统侧忠诚度成本，寻找还能提效的地方。

原文 (en)

We have what we have, you know, we have told our owners we are working on RISE 2.0. I am not going to get. get into it in detail, but probably in the first quarter of next year, we will be looking again at the system side loyalty to figure out alright, where can we buy use.

Nassetta 押注一年后10年期收益率下降，有利开发融资。

我个人的判断是，一年后10年期国债收益率会更低。

原文 (en)

My own bet would be a year from now that the tenure will be lower.

纳塞塔表示，第三季度有机开业客房数量创公司历史新高，进入第四季度开发势头依然强劲。

第三季度是我们历史上有机开业客房数量最多的季度，进入第四季度后势头依然强劲。

Nassetta 表示希尔顿认为纳斯达克与其增长目标高度契合，是创新公司备受尊敬的聚集地。

我们期待加入一个备受尊敬、汇聚众多全球最具创新力公司的市场。

原文 (en)

We look forward to joining a marketplace that is highly respected as the home of many of the world's most innovative companies

纳塞塔称纳斯达克与希尔顿的增长雄心契合，期待加入汇聚众多创新企业的市场。

克里斯·纳塞塔表示，纳斯达克与希尔顿的增长雄心高度契合，公司期待加入这个被尊为众多全球最具创新力企业之家的市场。

原文 (en)

Chris Nassetta said Nasdaq is closely aligned with Hilton's growth ambitions and that the company looks forward to joining a marketplace respected as the home of many of the world's most innovative companies.

纳塞塔表示，希尔顿转板纳斯达克与其增长愿景和长期战略高度契合，因为该交易所聚集了众多领先科技与创新企业。

纳斯达克作为全球众多领先科技与创新企业的聚集地，与希尔顿的增长愿景及长期战略高度契合。

纳塞塔认为轻资产模式、品牌、文化和技术平台使希尔顿持续引领旅行行业。

凭借轻资产商业模式、一流品牌、屡获殊荣的企业文化以及领先的商业和技术平台，希尔顿持续定义旅行的未来。

原文 (en)

Fueled by our asset-light business model, best-in-class brands, award-winning culture and leading commercial and technology platforms, Hilton continues to define what’s next in travel.

纳塞塔表示转板纳斯达克契合希尔顿的增长雄心，使其跻身创新型公司行列。

纳斯达克与我们的增长雄心高度契合，我们期待加入这个作为全球众多最具创新力公司之家而备受尊重的市场。

原文 (en)

Nasdaq is closely aligned with our growth ambitions, and we look forward to joining a marketplace that is highly respected as the home of many of the world’s most innovative companies.

纳塞塔表示，转板至聚集众多科技与创新企业的纳斯达克，与希尔顿的增长愿景和长期战略高度契合。

希尔顿首席执行官克里斯·纳塞塔（Chris Nassetta）表示，纳斯达克作为全球众多领先科技与创新企业的聚集地，与希尔顿的增长愿景及长期战略高度契合。

纳塞塔称与Scandic的协议是希尔顿在北欧的重要里程碑，为其品牌在四国扩张开辟清晰路径，体现了对该地区的长期雄心。

这项战略协议是希尔顿在北欧的重要里程碑，为我们在四个重要市场扩张领先品牌开辟了清晰路径。它体现了我们对该地区的长期雄心，并与Scandic一道，为希尔顿、业主和宾客打开了重大新机遇之门。

原文 (en)

This strategic agreement represents a significant milestone for Hilton in the Nordics, creating a clear pathway to expand our leading brands across four important markets. It reflects our long-term ambition for the region and, together with Scandic, opens the door to significant new opportunities for Hilton, our owners and our guests.