Geoff Ballotti

Ballotti指出中国区ADR同比持平，RevPAR下滑源于入住率承压而非降价。

但集团CEO Geoff Ballotti特别指出“中国区ADR同比持平”——RevPAR下滑主要来自OCC承压，而非降价。

Ballotti表示，温德姆的中西部和工业州布局使其受益于基础设施需求，而基础设施法案近80%的资金尚未投放。

我们在中西部和工业州表现强劲，爱荷华州增长16%，伊利诺伊州增长15%，俄亥俄州增长10%，印第安纳州增长9%，这表明我们的资产组合有望受益于基础设施相关需求的增长，而基础设施法案近80%的资金尚未投放。

原文 (en)

We continued to see strong performance across our Midwest and industrial states with significant growth in Iowa, up 16%. Illinois, up 15%, Ohio, up 10%, and Indiana up 9%, highlighting a portfolio well positioned to benefit from increasing infrastructure related demand, with nearly 80% of the infrastructure bill yet to be deployed.

Ballotti预计忠诚会员会指示AI代理优先使用温德姆忠诚计划，帮助其相对OTA赢得直订。

我们设想未来，这些自主AI代理会被客人、尤其是温德姆奖励会员明确指示，把我们的酒店忠诚度计划作为搜索条件的前提偏好。我们认为这意义重大，能真正帮助我们增长。

原文 (en)

We envision a future in which these new autonomous agents are explicitly instructed by our guests and especially by our Wyndham reward members to use our hotel loyalty program as preferences as a prerequisite in their search criteria. So we think it is a big deal, and we think it could really help us grow.

Ballotti称生成式引擎优化可能比SEO便宜得多，AI预订佣金将塑造所有品牌和OTA的经济模式。

对我们和营销基金而言，GEO很可能比SEO便宜得多，但这仍有待确定。随着AI交易增长，Meta的Muse正在内置一小笔佣金。这是需要关注的领域，它将塑造每个品牌和每个OTA的AI经济模式。

原文 (en)

GEO may well prove to be for us and for our marketing fund, a whole lot less expensive than SEO. that is still to be determined. It is a great question. I mean, as AI transactions ramp, you have got Meta's muse out there, again, headline, building in right now a small commission. But it is the space to watch, and it will shape the economics of AI for every brand and every OTA.

Ballotti称利率上升拉大买卖价差，经济型和中档酒店交易下降超30%创历史新低，拖累转换，但预计将回升。

我们认为这暂时拉大了买卖交易的买卖价差，而这些交易对我们的转换引擎非常重要。本季度经济型和中档精选服务细分市场的交易下降超过30%，创历史新低。

原文 (en)

We think it temporarily widened that bid ask spread on buy sell transactions, which are so important to our conversion engine. With transactions in our segments falling over 30% in both the economy and the mid scale segments select service segments this quarter to historic all time lows

Ballotti称中国通缩周期可能见底，PPI和CPI转正，尽管二线城市RevPAR下降10%。

他们确实相信，也有很多分析师认为中国所处的通缩周期正在见底。今年PPI多年来首次转正，CPI近期也转正。

原文 (en)

They do believe and there is a lot of analysts out there that believe that the deflationary cycle that China has been in is beginning to bottom. I mean, we have seen this year PPI turn positive for the first time in several years. We have seen CPI recently also turn positive.

Ballotti认为中等收入消费者具有韧性，强劲的就业和工资将在2027年继续支撑休闲出行。

我们的中等收入消费者财务上仍有韧性，我们认为基本面健康。我们认为明年不会有变化，就业强劲、工资增长强劲，支撑休闲支出增加。

原文 (en)

our middle income consumers, they remain financially resilient and we think fundamentally healthy. And that is driven by. And we see no change to that, going into next year, strong employment, strong wage growth. Which is supporting increased leisure spending.

Ballotti 称温德姆美国 RevPAR 广泛增长并超预期、份额提升，系统和管线增长 4%，并持续投资技术、会员与分销。

我们实现了广泛的美国 RevPAR 增长，超出最初预期，并获得了市场份额。此外，我们的系统规模和开发管线各增长 4%，特许权使用费和特许经营费增长 6%，同时我们持续投资于行业领先的技术、会员和分销举措，以支持加盟商盈利能力和客户满意度。

原文 (en)

We delivered broad-based U.S. RevPAR growth outperforming our initial expectations, as well as market share gains. Additionally, we grew our system and development pipeline each by 4% and increased royalties and franchise fees by 6%, as we continued to invest in industry-leading technology, loyalty and distribution initiatives that support franchisee profitability and customer satisfaction.

Ballotti 表示强劲的资产负债表和现金流支持提升股东回报，回购授权增加 4 亿美元即为体现。

我们强劲的资产负债表和现金流创造能力为持续提升股东短期和长期回报提供了重要机会，董事会批准将股票回购授权增加 4 亿美元即是明证。

原文 (en)

Our strong balance sheet and cash flow generation capabilities provide significant opportunities to continue enhancing returns to our shareholders over both the short and long-term, as evidenced by our Board of Directors' approval of a $400 million increase in our share repurchase authorization.