另据披露，由于10月梅利莎飓风造成的破坏，凯悦在牙买加的7家酒店预计将关闭至2026年第四季度。 凯悦酒店集团股价今年以来累计上涨4.2%。华尔街分析师对该股的一致评级为"买入"。 此次出售的房地产资产组合涉及15家位于墨西哥、多米尼加共和国和牙买加的全包式度假村。正如此前 披露，凯悦已于9月18日将其中的一家酒店以2200万美元出售给另一独立第三方买家。至此，凯悦已将 以总额20亿美元的价格出售了整个Playa房地产资产组合。 据悉，此次房地产资产组合的出售彰显了凯悦对其资产轻量化业务模式的承诺，并为股东创造了价值。 展望未来，出售房地产所得收益将用于偿还为部分收购Playa资产而筹集的延迟提款定期贷款。凯悦预 计，在形式上，其净杠杆率将保持在与维持其投资级信用评级所需阈值一致的水平。 凯悦酒店集团(H.US)宣布，已将以约20亿美元的价格，将其此前从Playa Hotels&Resorts N.V.收购的房地 产资产组合出售给Tortuga Resorts的交易完成交割。此外，若达到特定的运营指标，凯悦还可获得最高 1.43亿美元的额外收益。作为交易的一部分，凯悦保留了在Tortuga的2亿美元优先股权益 ...

Financial Data and Key Metrics Changes - Adjusted revenue reached HKD 4.9 billion, with cash profits of HKD 203 million, despite a net loss attributable to shareholders of HKD 988 million due to non-cash adjustments [3][5][11] - The adjusted gross profit margin increased by 3.6 percentage points to 34.8%, driven mainly by property sales [11][12] - The net gearing ratio improved to 64.9%, down 2.7 percentage points compared to the end of March [6][13] Business Line Data and Key Metrics Changes - Property development revenue was HKD 3.2 billion, with a profit margin increase from 31.3% to 36.8% [25][26] - Hotel revenue increased by 10% to nearly HKD 1 billion, with significant contributions from the newly opened Dorset Kai Tak [4][35] - Car park revenue decreased by 10% to HKD 343 million, while gaming revenue increased by 11% to HKD 2,018 million [43][45] Market Data and Key Metrics Changes - The company reported strong sales momentum in Manchester, with prices increasing from GBP 380 to over GBP 580 per sq ft, reflecting over 50% growth [27] - In Hong Kong, the Pavilion Forest project has seen strong sales, with over 700 units sold out of 1,300 [32] - The hotel market in Hong Kong is showing improvement, with occupancy rates trending upwards [35] Company Strategy and Development Direction - The company aims to accelerate project completions to optimize cash flow and reduce debt levels, maintaining a robust development pipeline of approximately HKD 62 billion [25][28] - There is a focus on divesting non-core assets and transitioning towards an asset-light business model [8][50] - The company is also looking to enhance its hotel portfolio and expand its presence in key markets [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stabilization of the Hong Kong property market and the potential for further sales growth [53][54] - The company is focused on reducing bank loans and improving financial health before addressing perpetual bond issues [60][61] - Future cash flow visibility is strong, with HKD 9.3 billion in pre-sales and contracted sales expected to contribute significantly [49] Other Important Information - The company has entered into agreements to dispose of certain non-core assets, including car parks and hotel interests, to unlock capital for future investments [8][21] - The company is actively involved in community support initiatives following a recent tragedy, demonstrating its commitment to social responsibility [24][56] Q&A Session Summary Question: Any further impairment expected for the Sai Ying Pun project? - Management does not foresee further material impairment, citing recent sales performance and market stabilization [53][54] Question: What is the company's strategy regarding sustainability? - The company is converting more loans to sustainability-focused financing and emphasizes its commitment to social impact through various initiatives [55][56] Question: What are the plans for the perpetual bonds? - The priority remains on reducing bank loans, with no immediate plans for land replenishment unless attractive opportunities arise [60][61]