Management remarks
Call period: 2026 Q2 · 2026-07-28
Guidance: Christopher J. Nassetta: Given this momentum, we are raising our full-year system-wide RevPAR growth expectations to 3% to 3.5% with third quarter above our full-year range benefiting from the World Cup and holiday shifts and fourth quarter a bit below due to calendar shifts and midterm elections.Demand and orders: Christopher J. Nassetta: Leisure transient RevPAR was up 1.6%, supported by World Cup demand exceeding expectations, but offset by unfavorable holiday shifts and pressure from the conflict in the Middle East.Margins: Christopher J. Nassetta: And the combination of those things is, you know, somewhere between 75 and 100 basis points in margin for owners.Analyst Q&A
Analyst Brandt Montour asked: I was hoping, maybe, Kevin, if you could talk a little bit about the EBITDA guidance that you guys gave you beat the Q2 guide by a healthy figure and did not flow through all of that to the full-year EBITDA guidance in the midpoint. Just wondering if there is anything to call out there or just general conservatism? Management Kevin J. Jacobs answered: And the increase in our guidance is flowing through for the full-year the way you would have expected it. what is really going on over the course of the year, if you think about the midpoint of our guidance being close to 9% growth, you have got, we mentioned it, a pretty significant drag in the ownership segment, right? We have three hotels, three major hotels. And if you think about if you take a step back in not to go on a full rant about that segment. But if you go back in time, we had about 100 hotels.管理层陈述
电话会期间：2026 Q2 · 2026-07-28
指引：克里斯托弗·J·纳塞塔：鉴于这一增长势头，我们将全年全系统RevPAR增长预期上调至3%至3.5%。第三季度因世界杯和假日档期调整超出全年区间，第四季度则因日历档期调整和中期选举略低于区间。需求与订单：克里斯托弗·J·纳塞塔：休闲短期散客RevPAR上涨1.6%，得益于超出预期的世界杯需求，但被不利的假日档期调整和中东冲突带来的压力所抵消。利润率：克里斯托弗·J·纳塞塔：综合这些因素，业主的利润率将提升75至100个基点。分析师问答
分析师布兰特·蒙图尔提问：凯文，想请你谈谈EBITDA指导——本季度你们远超第二季度指导目标，但未将全部超额收益纳入全年EBITDA指导区间中点，请问这是有特殊因素，还是仅出于保守态度？管理层凯文·J·雅各布斯回应：全年指导增幅已如预期落地。当前全年指导中点接近9%的增幅，但直营酒店业务存在显著拖累，我们目前仅运营3家主要直营酒店，而此前我们曾有约100家直营酒店，暂不深入讨论该板块细节。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
