It has fewer rooms, fewer loyalty members, and is in fewer countries around the world.

它的客房數量、忠誠會員數量以及在全球的國家數量都在減少。

But look a little closer, and you'll see that Hyatt wants to play in a different league.

但仔細觀察一下，你就會發現凱悅想在不同的聯盟中打球。

Because one area where Hyatt exceeds its competitors is its average room rate.

因為凱悅超越競爭對手的一個方面就是其平均房價。

One of the fundamental differences is that we serve a much higher-end customer base.

其中一個根本區別是，我們服務的客戶群要高端得多。

Our World of Hyatt members spend more on property.

我們的 "凱悅天地 "會員在酒店的消費更高。

They spend more in average daily rate.

他們的日均消費更高。

They are very good customers.

他們是非常好的客戶。

This is the economics of Hyatt Hotels.

這就是凱悅酒店的經濟效益。

In 2017, Hyatt began selling off its properties to outside owners, earning itself over $960 million.

2017 年，凱悅開始向外部業主出售旗下物業，為自己賺取了超過 9.6 億美元的收益。

This allowed it to keep its name on these hotels, but without the financial risk that comes with owning that real estate, a model known as asset light.

這樣，它就可以在這些酒店上保留自己的名字，但又不承擔擁有這些不動產所帶來的財務風險，這種模式被稱為輕資產模式。

It's a strategy other hotel chains put into play decades ago.

這是其他連鎖酒店幾十年前就採用的策略。

Did waiting a bit longer allow you to be more deliberate in making a decision?

多等一段時間是否能讓你在做決定時更加深思熟慮？

We didn't want to do it in a wholesale fashion and basically accept discounts for speed when we thought a more deliberate approach would actually pay off for our shareholders.

當我們認為更深思熟慮的方法會給股東帶來實際回報時，我們不想以批發的方式來做，而且基本上是為了速度而接受折扣。

Now, Hyatt owns about 2% of its properties.

現在，凱悅擁有其約 2% 的物業。

But while Hyatt has been selling off its real estate, it's collected in other areas of the business.

不過，在凱悅出售房地產的同時，它也在其他業務領域進行了收儲。

Hyatt has more than doubled the number of luxury rooms in its portfolio, tripled resort rooms, and quadrupled rooms in what it calls the lifestyle category.

凱悅酒店將其產品組合中的豪華客房數量增加了一倍多，度假村客房增加了兩倍，所謂的生活方式類客房增加了四倍。

And for the most part, it has accomplished this without buying more real estate.

而且在大多數情況下，它是在沒有購買更多房地產的情況下實現這一目標的。

Instead, Hyatt has mainly purchased smaller companies focused on the branding and booking aspects of the business, companies that already have a loyal following in the luxury space.

相反，凱悅主要收購了專注於品牌推廣和預訂業務的小型公司，這些公司已經在豪華酒店領域擁有了一批忠實的追隨者。

For a combined $3.7 billion, it bought Miraval Group, Two Roads Hospitality, Apple Leisure Group, and Dream Hotel Group, bringing brands like Alila, Destination, and Thompson under the Hyatt umbrella.

它以 37 億美元的總價收購了 Miraval Group、Two Roads Hospitality、Apple Leisure Group 和 Dream Hotel Group，將 Alila、Destination 和 Thompson 等品牌納入凱悅旗下。

These brands do bring more complex logistics with additional amenities, but those amenities are treated as an asset, bringing in clientele beyond the overnight guests.

這些品牌確實帶來了更復雜的物流和更多的便利設施，但這些便利設施被視為一種資產，帶來了過夜客人以外的客源。

A lot of them are larger hotels where we can accommodate our customers and hold big meetings and conventions.

其中很多都是較大型的酒店，我們可以在那裡接待客戶，舉辦大型會議和大會。

And things like restaurants, spas, and roof decks can bring in more local customers.

餐廳、水療中心和屋頂露臺等也能為當地帶來更多顧客。

The best-performing restaurants and the best-performing outlets that we've got are ones that have a local following.

我們擁有的業績最好的餐廳和門店，都是在當地擁有追隨者的餐廳和門店。

Thompson Hotels have roof decks and celebratory spaces.

湯普森酒店擁有屋頂平臺和慶祝空間。

The restaurants tend to be really vibrant, so they become real draws to that brand in particular.

這些餐廳往往非常有活力，是以對該品牌具有真正的吸引力。

The degree to which we are serving the local community is equal to guests of the hotel actually using those outlets.

我們為當地社區服務的程度等同於酒店客人實際使用這些網點的程度。

But where Hyatt falls short is its global presence.

但凱悅的不足之處在於其全球業務。

There, Hyatt trails its competitors.

在這方面，凱悅落後於競爭對手。

Analysts say this could explain Hyatt's recent acquisition, the luxury hotel booking platform Mr. & Mrs. Smith, which Hyatt bought for approximately $72 million.

分析人士認為，這可以解釋凱悅最近以約 7200 萬美元收購豪華酒店預訂平臺 Mr.

At the time of the acquisition, Mr. & Mrs. Smith had more than 1,500 properties, propelling Hyatt to more than 20 new countries.

在收購之時，史密斯夫婦已擁有 1,500 多處房產，並將凱悅推向了 20 多個新的國家。

Hyatt doesn't actually own any of these properties, but it does plan to integrate some into its loyalty program this year.

凱悅實際上並不擁有這些酒店，但它確實計劃在今年將其中一些納入其忠誠度計劃。

This expansion also brings a pool of luxury customers.

這一擴張也帶來了一批奢侈品客戶。

When Hyatt bought Mr. & Mrs. Smith, it had one million members, established customers who will likely become loyalty members in the world of Hyatt.

當凱悅收購史密斯夫婦時，它擁有 100 萬名會員，這些老客戶很可能成為凱悅世界的忠誠會員。

These customers were a big draw for the company, since world of Hyatt members stay 46% more in a year than non-members, spend 76% more on average, and book direct 90% of the time.

這些客戶是公司的一大亮點，因為凱悅世界的會員一年的入住率比非會員高出 46%，平均消費高出 76%，而且 90% 的情況下都是直接預訂。

The company says that the revenue from one top-tier member is equivalent to 40 non-members.

該公司表示，一個頂級會員的收入相當於 40 個非會員的收入。

They are frequent travelers by definition.

顧名思義，他們是旅行常客。

They are highly qualified customers, and they spend more money.

他們是高素質的客戶，花的錢也更多。

And its acquisition strategy is targeting a very specific customer base.

其收購戰略的目標客戶群非常明確。

All of the brands that we bought serve higher-end customers.

我們購買的所有品牌都是為高端客戶服務的。

So the first screen that we use, is there a connectivity between the existing customer base for those brands and our customer base?

是以，我們使用的第一個螢幕是，這些品牌的現有客戶群與我們的客戶群之間是否存在聯繫？

And either is it complementary, or is it additive to the existing customer base that we've got, and more diversity in terms of markets and types of offerings?

它是對我們現有客戶群的補充，還是增加了市場和產品類型的多樣性？

Where do you see the hotel industry sort of evolving?

您認為酒店業的發展方向是什麼？

People will be looking for more diverse experiences, not just stay experiences, not just different types of hotel brands to stay in, but different experiences.

人們將尋求更多樣化的體驗，不僅僅是住宿體驗，不僅僅是入住不同類型的酒店品牌，而是不同的體驗。

And I think that that will be a pathway towards really having a bigger share of the travel wallet for our core customer base.

我認為，這將是我們的核心客戶群真正獲得更大旅遊錢包份額的途徑。