Good day, ladies and gentlemen, and welcome to the Second Quarter 2015 Hyatt Hotels Corporation's Earnings Conference Call. My name is Amy, and I will be your operator for today. At this time, all participants are in 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, Mr. Atish Shah, Senior Vice President, Interim Chief Financial Officer. Please proceed.

Thank you, Amy. Good morning, everyone, and thank you for joining us for Hyatt's second quarter 2015 earnings call. Here with me in Chicago is Mark Hoplamazian, Hyatt's President and Chief Executive Officer. Mark is going to start by discussing the progress we're making towards our long-term strategic goals, and then I will come back to provide detail on our financial performance during the quarter. Then we will take your questions. Before we get started, let me remind everyone that certain statements made on this call are not historical facts and 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, August 4, 2015, 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 release. An archive of this call will be available on our website for 90 days per the information included in this morning's release. And with that, I'll turn it over to Mark to get us started. Mark S. Hoplamazian - President, Chief Executive Officer & Director: Thanks, Atish. Good morning and welcome to Hyatt's second quarter 2015 earnings call. This morning, I'd like to first talk about our continued progress against the long-term strategy that we described at our 2014 Investor Meeting and how our second quarter…

Thanks, Mark. Our core results in the second quarter demonstrate our progress on the long-term strategy that Mark just described. We achieved industry-leading results across many key performance metrics. Let me start first with our overall RevPAR results around the world. On a system-wide basis globally, comparable RevPAR grew 5.6% in constant dollars. This was led by the United States, with flattish performance elsewhere in the world. In the U.S., we saw continued strong growth with our comparable full service hotel RevPAR increasing 7.5%, comparable select service hotel RevPAR increased 7.2%. With occupancy rates at record highs, the vast majority of this growth was driven by ADR increases. This has helped us generate strong margin growth for the U.S. chain and our owners. Outside of the United States, the results were more moderate. In the Asia Pacific region, RevPAR increased 2.2% on a constant dollar basis. As one would expect, results varied across the sub-regions. Northeast and Southeast Asia saw relative strong growth in the mid single-digit percentage range. However, Australia and the Pacific region showed flat RevPAR growth, as did Greater China. Moving on to the EAME and Southwest Asia region, our results were also relatively flat on a constant dollar basis. The majority of Europe experienced low single-digit percentage range RevPAR growth. Offsetting this was a RevPAR decline in the low-teens percentage range at our hotels in the Middle East. The timing of Ramadan, as well as new hotel supply in Dubai, led to the decrease. At our owned and leased hotels, RevPAR grew 4.8% in constant dollars. Owned and leased hotels in Amsterdam, Berlin, Atlanta, Chicago and several markets in California all posted RevPAR growth in excess of 10%. On the flip side, a handful of our hotels experienced RevPAR declines. New hotel supply negatively impacted results…

Your first question comes from the line of Joe Greff with JPMorgan. Joe, your line is open.

(25:22-25:30) so, I guess, if you could just give us a sense for what is driving your pipeline performance today? And then second question, have you been more incrementally active on the corporate M&A side? Mark S. Hoplamazian - President, Chief Executive Officer & Director: Sorry about that. Was the first question – for some reason, we had an audio issue on our side. The first question related to pipeline. Is that right?

Yeah. Just that pipeline came in flat looking at where it was at the end of the first quarter, and most others were up sequentially, so just kind of looking for more some incremental color on kind of what's going on in the pipeline. Mark S. Hoplamazian - President, Chief Executive Officer & Director: Okay. So the pipeline has continued to expand over the last year on a – net of the openings, we're maintaining the total base of executed contracts. So it's not that the pipeline is static. We continue to open at a faster pace and we're replacing those openings with new deals. In terms of environment, what's going on in the environment, more broadly, I would say that the demand and pace and activity on the select service front, Hyatt Place and Hyatt House, is extremely high everywhere. So if you look at our total pipeline, something on the order of 50% of the pipeline – I'm sorry, 40% of the pipeline is select service hotels around the world, and almost half of that is outside of the U.S. So the demand for Hyatt Place and Hyatt House in markets around the world is expanding rapidly. And this is a particularly important strategy for us because we recognize that as more and more people in what we call the commercial class or what you may call, in U.S. context, the middle class are coming in to travel in different places, especially India and China. So Hyatt Place and Hyatt House will be the brand that we lead with in a lot of markets in those countries. With respect to overall full service development activity, we've seen a clear slowdown in India in terms of development activity. While India had a very strong quarter and is progressing well…

Was there a second part to your question? If not, we'll just take the next question, please.

Your next question comes from the line of Patrick Scholes with SunTrust. Patrick, your line is open.

Can you give us a little bit of color on your expectations for the impact of foreign exchange by quarter for the rest of the year?

Yeah. Sure. So the impact of foreign exchange is roughly the same as what we expected it to be when we started the year, so nearly $25 million on a full year basis. As we indicated, the impact in the second quarter was $8 million. In the third quarter we expect it to be approximately $7 million, and in the last quarter of the year, the fourth quarter, we expect it to be about $5 million. Any other questions, Pat?

No. I'm all set. Thank you.

Okay. Great. We'll take our next question, please.

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

I wanted to ask you, you mentioned in your opening remarks that you thought the value of your owned real estate was – I think you said $7.5 billion. Could you talk about what you're using to calculate that? Is that on a trailing cap rate? Are you looking at replacement costs? Is that on forward cap rates? How are you coming up to that number? Mark S. Hoplamazian - President, Chief Executive Officer & Director: We looked at the valuation of our portfolio in March of 2014 when we presented at the Investor Day, and what we did was updated that analysis and we added a couple of hotels that we've acquired since then at their purchase price. And so the expansion of earnings and the evolution of the market has yielded an increase in value. And so our belief right now in using a comparable or similar approach that we did in March of last year is that the portfolio has maintained or grown value, even though it's a smaller portfolio today, very different mix than it was in March of 2014 obviously.

Yeah. The only thing I would add, our methodology at that time which we included in the pack from March of 2014, we did look at cap rate based on asset type and location, and we utilized comparable hotels that either we had transacted on or that we had observed in the marketplace. So that was the general approach to that illustrative valuation.

Okay. And I wanted to ask, is there any way to provide some guidance for these equity losses and equity earnings that are, obviously – I mean, there seem to be the huge swing between kind of consensus forecast and then your reported numbers, because, obviously, enormous differences here. I mean, is this mostly related to your Playa investments? I'm just trying to get a sense of where this is going to go for the year.

Yeah. I mean, in the past, this had been much more moderate, these swings from quarter-to-quarter had been in the couple few million dollar range. They've been higher this year, and, frankly, a big piece of that is currency because of these, in some cases, U.S. dollar denominated loans at our joint ventures. And we do expect future currency impacts at some of these JVs, so it's really – it's a hard one to give an exact number on.

How about a rough number?

Well, we have been sort of in the plus or minus a few million dollar per quarter range on this equity earnings and losses line item, and it's hard to project because we don't know how currency is going to move and impact the numbers. We do anticipate in this coming quarter to have a $20 million loss due to a sale of a joint venture interest. That's a translation loss. It's noncash, so similar to the loss we experienced this quarter, and it will be most likely special items. So that gives you some sense of sort of what lies ahead, but we'll try to provide more information as we move forward.

Okay. Thank you.

Your next question comes from the line of Rich Hightower with Evercore ISI. Rich, your line is open.

Good morning, guys. Just a couple of questions, follow-ups on the owned and leased portfolio. I appreciate the color in the prepared comments. But as I look at your owned and leased portfolio today, you still have a lot of what I would consider to be non-core assets relative to the high-quality assets you referenced in the comments. Should we assume that you guys would look to sell many of those, just given the capital availability window that we see at this point in the cycle and your sort of historical activity on that front? Mark S. Hoplamazian - President, Chief Executive Officer & Director: Thanks for that. We had been in the market over time with different hotels and we did not end up transacting on about five hotels that we thought we would last year and we do have in mind that ultimately they're available for recycling. What we're also doing is paying attention to opportunities for redeployment of capital. And so I would say that we are much more planful at this point about how those – that that deal activity actually begins to match up. So I would say that we will continue to be in the market on the buy side and the sell side as we are today. We have not transacted anything in the first half of this year, but we remain active on both sides of the equation.

Okay. And just in Manhattan, can you tell us what portion of overall owned and leased EBITDA Manhattan represents today and maybe where you expect it to be at (36:08) end of the year? Mark S. Hoplamazian - President, Chief Executive Officer & Director: We posted that in our fourth quarter earnings release in terms of concentration.

Okay. And is it still consistent?

It's roughly consistent, yeah. It's about 8%, 9% of owned and leased EBITDA.

Okay. Thank you.

Yeah.

Your next question comes from the line of Bill Crow with Raymond James. Bill, your line is open. Bill A. Crow - Raymond James & Associates, Inc.: Hey. Thank you. Good morning. A simple question, I'm surprised we're still asking it, but any status update on the CFO search that seems to have gone on for an awfully long time? Mark S. Hoplamazian - President, Chief Executive Officer & Director: Thanks for that. We are continuing the search process. We've been in discussions with a number of candidates as we were before. We obviously appointed Atish as the Interim CFO and that's actually been working very well, and we continue to have good coverage of all of our needs on the finance front at this point. But the search does continue and we'll provide an update when we've got something more to report. Bill A. Crow - Raymond James & Associates, Inc.: Okay. Thank you.

We'll take...

Your next question comes from the line of Joe Greff with JPMorgan. Joe, your line is open.

Hi, guys. It's Brent (37:35) again. Sorry about earlier. So my second question was just if you guys have been incrementally more active at all on the corporate M&A side? Mark S. Hoplamazian - President, Chief Executive Officer & Director: We don't really comment specifically on anything that we may be involved in. So we've been active in the past and I think our concentration right now is to execute on the strategy that we have in place that we outlined last year. So anything that we would do outside of the asset recycling and our growth plan would be incremental to our current strategy.

Okay. Thanks for that. I guess, if I may. You guys gave some pace information for 2016. I was wondering any other color you can tell us about kind of how 2016 is shaping up on the group side? How much is on the books at this point or anything like that? Mark S. Hoplamazian - President, Chief Executive Officer & Director: Yeah. Right now, it's a bit over 50% of the business on the books, which is about where we would expect it to be. The mix continues to evolve as between corporate and association business. What's interesting is, in the quarter, for the quarter and in the quarter for the year activity continues to be very high and I think that that is a good sign of sort of short-term demand, but also booking curve has moved out and I think we're definitely seeing more movement towards securing dates in the future. And the interesting other profile issue is that pace for 2017 is also increasing rather nicely at this point. Now, there's only a little over a third of the business on the books for 2017, so it's not like we can declare that as a definitive indicator for 2017, but right now all indications are positive.

Got it. Thanks a lot. Mark S. Hoplamazian - President, Chief Executive Officer & Director: You're welcome.

We'll take the next question, please.

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

Hi. I'm sorry if I missed this, but could you break out the A shares versus the B shares on your buyback for the second quarter and also for year-to-date if you have it?

Yeah, sure. In the second quarter, it was about 60% A shares, 40% B shares. So in terms of dollars, the $157 million that we spent on share repurchases, $97 million was for A shares and $60 million was for B shares. In the first quarter, we had about $50 million of B shares and about $143 million of A shares. So that made up the $187 million.

Okay. Okay. Thanks a lot.

Okay.

This concludes our question-and-answer session. I would now like to turn the call back over to Mr. Atish Shah for closing remarks. Mark S. Hoplamazian - President, Chief Executive Officer & Director: Thanks, Amy. Look, we believe we're making really good progress on our long-term strategy and we are well-positioned to benefit from the increased presence that we've got around the world in opening new hotels and the network effect that Atish mentioned. Obviously, asset recycling is adding to that and our brands are clearly punching above their weight when you look at our share progression during the quarter. So our long-term goal remains clear, which is to drive preference for the brands among our colleagues, our guests, and our owners in order to create long-term value, and that's what we remain focused on. So thanks for joining us this morning, and we look forward to talking with you again soon. Bye for now.

This concludes today's conference call. You may now disconnect.