Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2015 Hyatt Hotels Corporation Earnings Conference Call. My name is Simon, and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. As a reminder, this conference is being recorded for replay purposes. I would now like to turn the conference over to your host for today, Ms. Amanda Bryant, Director, Investor Relations. Please proceed.

Thank you, Simon. Good day, everyone, and thank you for joining us for Hyatt's fourth quarter 2015 earnings call. Here with me in Chicago is Mark Hoplamazian, Hyatt's President and Chief Executive Officer, and Atish Shah, Hyatt's Interim CFO. Mark is going to start by discussing the progress we're making toward our long-term strategic goals, and he'll turn it over to Atish to provide details on our financial performance during the quarter and current expectations, then we'll take your questions. Before we get started, let me remind everyone that certain statements made on this call are not historical facts are considered forward-looking statements. These statements are subject to numerous risks and uncertainties as described in our Annual Report on Form 10-K and other SEC filings, which could cause our actual results to differ materially from those expressed in, or implied by our comments. Forward-looking statements in the earnings release that we issued earlier this morning, along with the comments on this call are made only as of today, February 18, 2016, and we undertake no obligation to publicly update any of these forward-looking statements as actual events unfold. You can find a reconciliation of non-GAAP financial measures referred to in our remarks on our website at hyatt.com under the Press Release section of our Investor Relations link and in this morning's earnings release. An archive of this call will be available on our website for 90 days per the information included in this morning's release. With that, I'll turn it over to Mark to get started. Mark S. Hoplamazian - President, Chief Executive Officer & Director: Thanks, Amanda. Good morning, everyone, and welcome to Hyatt's fourth quarter 2015 earnings call. This morning, I would first like to talk about our fourth quarter and our full-year 2015 results and how those…

Thanks, Mark. I'll begin with our results in the quarter, then move to our outlook and finish up with a few items to help with modeling. Let's start with the quarter. In our most significant market the United States, we saw continued rate driven growth as our comparable full service hotel RevPAR increased 4.9% in the quarter. Our hotels in New York City negatively impacted U.S. full service RevPAR by 50 basis points. Comparable select service hotel RevPAR increased 6.3%. Our increases beat their respective benchmarks, U.S. upper upscale RevPAR and U.S. upscale RevPAR as reported by STR. This was the fourth consecutive quarter that we outperformed the industry. Mark provided significant color on dynamics around the world, so my only point to add is that we expanded share. Over the course of 2015, we grew share as measured by systemwide RevPAR index by over a 100 basis points. At our comparable owned and leased hotels, RevPAR grew 4.4% in constant dollars. RevPAR increased over 10% at several of our hotels in markets such as Orlando, San Francisco, Atlanta, and Mexico City. Our hotels in New York City negatively impacted RevPAR growth by about a 140 basis points. In other words owned and leased hotel RevPAR would have been up 5.8% if you exclude our two New York City comparable owned hotels. Moving ahead to the margin front. Overall, we were pleased with our comparable owned and leased margin growth in the quarter. We grew comparable margins by a 150 basis points in the fourth quarter off of our 4.4% RevPAR gain in the quarter. In the Americas, comparable owned and leased margins increased approximately a 120 basis points. Strong performance in both rooms and food and beverage margins at owned hotels in Orlando, Mexico City and Chicago led the…

Your first question comes from the line of Joseph Greff with JPMorgan. Your line is open.

Good morning, all. Mark S. Hoplamazian - President, Chief Executive Officer & Director: Good morning, Joe.

Two questions. Thanks for the introduction of RevPAR guidance, it certainly is helpful, especially now. When you think about it on a currency-adjusted basis at current exchange rates, what does that translate to on a U.S. dollar FX adjusted basis of 3% to 5%? Then I have a quick follow-up.

Yeah. We actually looked at the roll up on a constant currency basis, and I don't think we can give you an affected range on reported basis.

Okay. Then I'll follow-up the piece later. And then more of a, I guess, big picture question for you Mark, and I've missed the first 20 seconds of prepared comments, I don't think you talked about it. My question for you is this, Mark, how big is M&A – broader scale M&A a focus for you right now relative to where it was a few months ago? I will ask in a big picture way. Mark S. Hoplamazian - President, Chief Executive Officer & Director: I guess, we've been asked various questions about, are you open to or looking at brand acquisitions or platform acquisitions and so forth. And our consistent answer has always been, not only is the answer to that yes, but we've actually done such deals in the past. So I guess I would say, it remains definitely an opportunity for us. And as we look around the world, we're constantly evaluating whether there are places where we could apply capital or expand through M&A to really establish a platform or expand in a given way. So I don't think it's changed materially, as we think about how we look at opportunities over time.

Great. Thank you.

Your next question comes from the line of Steven Kent with Goldman Sachs. Your line is open. Steven Eric Kent - Goldman Sachs & Co.: Hi. Just a couple of questions. Are you there? Mark S. Hoplamazian - President, Chief Executive Officer & Director: Yeah. Steve, you're pretty faint though, is there any way you can get closer to your phone? Steven Eric Kent - Goldman Sachs & Co.: Yeah, hold on for a second. Okay. Mark S. Hoplamazian - President, Chief Executive Officer & Director: Okay. Much better, thanks. Steven Eric Kent - Goldman Sachs & Co.: Okay. So, Mark and Atish your U.S. RevPAR growth has been very strong in the past few quarters, ahead of your peers STR. I mean, can you just give us a little bit of what's driving the outperformance beside superior senior management and great brands, et cetera? Is there something different there that we're missing? Could it be – it does really standout. And then, can you just talk a little bit about, is there a change in the last minute traveler or what they look like? Are they changing a little bit faster? Are they using sites like HotelTonight or others to look for that last minute rate change and then take advantage of it? Mark S. Hoplamazian - President, Chief Executive Officer & Director: Okay. First of all, the two explanatory variables that you mentioned sound pretty good to me. So I guess I'll reiterate that. But I think – look, we have been very focused on the development of and deployment of new revenue management tools over the last year, which we did do over this past year. So I guess you're starting to see the impact of those tools that we've deployed. I would say our approach hasn't…

Your next question comes from the line of Thomas Allen with Morgan Stanley. Your line is open. Thomas G. Allen - Morgan Stanley & Co. LLC: Hi. Can you give us more color on the drivers of the 3% to 5% RevPAR guide? Is it top down or bottoms up? If it's top down what kind of GDP growth are you assuming? And any more color on the various regions would be helpful? Thank you.

Yes. Sure, Thomas, I'll take that one. So, it's a good question. So, our approach has been the same approach we've used for many years. It's a bottoms up approach to budgeting. It's a comprehensive approach. We budget in the late fall and roll up our preliminary budget in early December, and then refine that in late in the year and early January based on actuals. So, that process hasn't changed and it is bottoms up. The color I can provide as to regional performance is that Americas is where we expect the strongest levels of RevPAR growth, frankly led by the U.S. with slightly lower growth in Latin America and the other Americas. Second in terms of our three regions would be Asia Pacific RevPAR growth, led by strong growth in Japan and moderate growth in China as well, and then relatively speaking the EMEA, Southwest Asia region would have the lowest relative level of RevPAR growth. We're seeing some headwinds in Europe and in the Middle East as well. So, I think India should be fine and performed a little bit better than Europe and the Middle East. So, that's kind of the regional breakout of that 3% to 5%. Mark S. Hoplamazian - President, Chief Executive Officer & Director: I was just – if I could just take a minute and just add to that, if you look back over the course of the year, we saw a transient revenue, total transient revenue for – now I'm just talking about U.S. full service managed hotel to provide little bit more color for the Americas for example. Transient revenue was up almost 7% including rate growth of 5%, group revenue was up about 7.5% with rate growth up about 6%. So, we see growth across all customer segments. I think the other key thing that you need to remember or note is that the close-in corporate demand remains very strong. Our total group production in the fourth quarter was about – up about 6%, and as Atish mentioned, the in the quarter for the quarter production was up almost 17%. So, if you look over the course of last year, on a weighted average basis, are in the quarter for the quarter production was up year-over-year about 23%. So, that year-end corporate demand has been a consistent and significant driver of overall demand on the group side for us. And I think that helps to provide a little bit more color on kind of what the profile look like over this past year and maybe gives you a little context for how we think about the business.

And I'll just also add, an answer to the question that Joe asked earlier. Our guidance of 3% to 5% RevPAR growth in constant dollars, on a reported basis, the impact would be about a 100 basis points to 125 basis points of foreign exchange. So hopefully that helps us, helps everyone understand the impact of FX. Mark S. Hoplamazian - President, Chief Executive Officer & Director: And that's just based on our current – the current forward rates.

Correct. Yeah. Thomas G. Allen - Morgan Stanley & Co. LLC: That's helpful too. And then just following up on, on your unit growth, you gave the stats that you opened 49 hotels this year, expecting 60 hotels next year. But we, obviously, don't know the size of those hotels or their potential attrition rates. So, how are you thinking about your unit growth? And I think you guys reported based off of total system size, when I think a lot of your peers just give management franchise growth. So, I think your management franchise growth was closer to 8%, not 6%. I mean should we expect that to accelerate over the next three years? And, I guess – sorry, I'm putting a lot in here, but what are you hearing from developers in terms of the financing environment. Thank you. Mark S. Hoplamazian - President, Chief Executive Officer & Director: All right. First as to growth and attrition. Our attrition rates have been very, very low. So, we have been – can't speak for it through the end of 2015. But, we look back at this over the last several years and we were running at the low 0.5% per annum over the prior few years. So, our "attrition" is extremely low. And, a lot of that, when you look at our system, I think it's really important to put this into context, something like if you look over the last – I think it's five years – is it five years? – over the last five years, we have today 40% more hotels in our system than we did five years ago and about 30% more rooms. I think that's just – I'll pause here for a second, because I think when you think about us as a…

Yeah. So it's a definite acceleration that we've been seeing and we expect to continue to see. We'll take the next question, please.

Your next question comes from the line of Bill Crow with Raymond James. Your line is open. Bill A. Crow - Raymond James & Associates, Inc.: Hi. Good morning, guys. Mark S. Hoplamazian - President, Chief Executive Officer & Director: Good morning. Bill A. Crow - Raymond James & Associates, Inc.: Mark, I think you mentioned that your special corporate negotiated rates were up 7%; that's a terrific number. How are volumes associated with that? How much of your total demand does that represent and are there any industries, in particular, that are driving that strong growth?

Thanks, Bill. It's Atish. So I would say that overall it represents about 10% of our volume roughly, and we're seeing strong increases from many sectors, but pharma continues to be really strong, technology is very strong. So those are a couple of areas where we're seeing strong levels of growth. Mark S. Hoplamazian - President, Chief Executive Officer & Director: Yeah. And obviously on the other side of the equation, this will shock no one on the phone, but energy companies are on the other side of that coin. Bill A. Crow - Raymond James & Associates, Inc.: Is there a tradeoff between agreeing to higher rates but maybe giving more flexibility on actual demand or rooms used? Mark S. Hoplamazian - President, Chief Executive Officer & Director: Terms really on that side haven't changed. If anything, they've both remained the same and maybe tightened up a little bit over time. Bill A. Crow - Raymond James & Associates, Inc.: Okay. And one final question for me. Mark, does the fact that we're sitting here late cycle and we've got a lot of economic, political turmoil going on, does that change the way you think about capital recycling, your willingness to buy assets like you've done in the past or maybe increase the urgency to sell the owned assets that remain? Any change to your philosophy from that perspective? Mark S. Hoplamazian - President, Chief Executive Officer & Director: Not really. We've always talked about recycling through the cycle. We're in a point now as I look out, we've seen an increase in opportunities actually over the last several months. The number of properties that are coming to market in markets on which we are the most focused have increased actually. We continue to focus on the four areas that we always talk about, which is key gateway cities, resorts, convention hotels in selected convention markets and then urban select service hotels. And by way of markets, we've talked a lot about the fact that we are really focused on expanding in L.A., Miami, and London. On the sales side, we don't have any properties listed for sale at this point. Having said that, we regularly have dialogue with buyers of hotels who have expressed an interest in one or more of our hotel properties. So as to recycling overall I would say we've always imagined and believed that recycling through the cycle is a good idea. And we had a very modest year last year, so we could well see an increase in 2016 over a pretty quiet 2015. Bill A. Crow - Raymond James & Associates, Inc.: All right. Thanks for your time.

Your next question comes from the line of Smedes Rose with Citi. Your line is open.

Hi. Thanks. I wanted to ask on your appetite to kind of buy and sell as well. As you look out, have you seen any changes in pricing in some of the markets that you talked about where you would like to have more presence? Mark S. Hoplamazian - President, Chief Executive Officer & Director: I would say we're paying a lot of attention to what kind of buyers are coming into the marketplace. I think there is a big dichotomy between the select service market and what's going on there and the full service market. I think that both for financing reasons and capital formation reasons, meaning private REIT capital formation and public REIT trading levels, the marketplace on the select service side has backed up a fair amount over the last 12 months to 15 months. On the full service side, you've seen maybe evolution – I was going to say rotation, but that sounds like it's predictable and structured. It's more like an evolution of different kinds of buyers from different places around the world. So, I haven't really – I don't think there is anything that I would point to that I would call a trend or something that is able to be extrapolated to some kind of market-wide comment. I think the fact remains that great assets and great markets and great locations remain in demand. And there are enough buyers in the world for those kinds of assets that pricing will be firm for great assets. That's the way I think you should think about it.

And in the markets we're talking about, it's not as if you've seen that many trades print. Mark S. Hoplamazian - President, Chief Executive Officer & Director: That's true. That's true. So, the volumes have not been that high.

It's hard to get that gauge.

Okay. Thank you. Are you able to share your – you mentioned your RevPAR index brand-wide. I guess can you share it for Hyatt Place and Hyatt House or maybe on a combined basis or... Mark S. Hoplamazian - President, Chief Executive Officer & Director: I don't know that we've got that.

We don't – yeah, we don't – we don't have that handy, but I think that I mentioned that we'll be doing an Investor Day towards the end of this year. And I think that's a time where we may more comprehensively talk about index across our brands and the progression we've seen just in a more comprehensive way than on the call.

Okay, thanks. And then just one final one, I just want to ask you guys, as of the end of the year can you break down how many A shares and how many B shares are outstanding? And in the quarter in your buyback, what was the split between the A and the B?

So as to the quarter, fourth quarter it was all A shares. And I can give you kind of where we sit as of the end of last week in terms of share count, maybe that'll help. We had approximately 135.2 million shares outstanding and 25.6 million were A shares and 109.6 million were B shares.

Thank you.

You're welcome.

Simon, we'll take our last question.

Certainly. Your last question comes from the line of David Loeb with Baird. Your line is open. David Loeb - Robert W. Baird & Co., Inc. (Broker): I'm honored. I thought you were going to just skip me. Just to continue on about the buyback program, your current authorization represents about 30% of the outstanding Class A shares, I guess more than that, how do you seeing managing the float versus continuing to buyback Class A shares? Mark S. Hoplamazian - President, Chief Executive Officer & Director: Look, you know that we look at share repurchase capacity as a tool in our toolkit for return of capital to shareholders over time and has worked well for us in that way. We're of course, aware of our float and the trading volumes of the stock. Overall, I would say the way we look at it is that the increased authorization we view it as a part of the overall capital planning for the year. It's a year in which we might well see increased activity on the asset recycling front. So we're paying attention to that. And also we can't predict necessarily when additional B shares might become available for purchase. So I think what we're paying attention to is, where our capital base is, what our trading volumes look like and where the float is relative to what the potential opportunities may look like over the course of the year. David Loeb - Robert W. Baird & Co., Inc. (Broker): Mark, if I can follow up and let me just ask that from a 90-degree angle. There are investors who see your buyback program as sort of a creeping take private. You said that's something you watch, but what's your view on how important it is to, on the one hand continue returning stock, returning cash to shareholders; and on the other hand, maintaining some public size and maintaining the status as a publicly listed company? Mark S. Hoplamazian - President, Chief Executive Officer & Director: Right. Well, look, as I said, we're aware of our capital base, the current float and the trading levels of the stock. And we are considering this and evaluating the overall capital strategy. But I would also add and I think this just reiterates what you just heard on the call and what we said consistently over the last five years. And that is, we remain focused on building long-term value – long-term shareholder value and included in that is growing our platform. We've been, obviously, active investors in our own business and we also continue to build our ability to expand our brands around the world with a lot of additional resources. So our investment profile is very dedicated to future growth and to building value over time; that's really our focus. David Loeb - Robert W. Baird & Co., Inc. (Broker): Okay. Do I have time for one more?

Sure. David Loeb - Robert W. Baird & Co., Inc. (Broker): Thank you, Atish. Do you have an update on $7.5 billion in owned hotel value that you've given in the past, particularly based on what you're seeing in the transaction market today?

Yeah, David, that's a good question. We first provided an estimate of owned value to be helpful to investors at our Investor Day back in 2014 – early 2014, and we updated it last year when we were doing kind of a deeper dive on our call about owned and leased assets just to give a sense of value given that we had traded a lot of assets, both on the buy and sell side in 2014. It's not something that we do sort of on a quarterly basis, and I think it's a good question, and one we will address in the context of our Investor Day at the end of this year. But, as you know, given that you cover a lot of the lodging REITs, it's difficult to pinpoint values across an entire portfolio and around the world on a quarterly basis. So, I think look towards us and towards the end of this year to provide kind of more detailed assessment, but for now, I don't think there is any updates with regards to that. Mark S. Hoplamazian - President, Chief Executive Officer & Director: Yeah. I would just point out that, at a point in time, it's – there are a lot of factors that you take into account and actually doing that assessment. I guess one of which, we need to be looking at how the public market is evaluating real estate – hotel real estate at this point in time as well. So, I would just say that – it's clear that there is movement from time to time, sometime is volatile movement as you've seen recently. So, I guess what I would say is, it's probably something that should be taken as a point in time estimate, and as Atish mentioned, I think when we dedicate more time in the Investor Day, we'll definitely revisit this and update everyone on the portfolio as well, which has changed quite a lot over the last year and a half since we had our last Investor Day. David Loeb - Robert W. Baird & Co., Inc. (Broker): Great. Thank you both. And Atish, great to have had you in the CFO seat for a while.

Thanks very much, David. I appreciate it.

Thank you, everyone, for joining us today. And we look forward to talking to you soon. Good bye.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.