Summary of Hotel Industry Conference Call Industry Overview - The hotel industry experienced a strong performance during the National Day holiday in 2025, with chain hotel Average Daily Rate (ADR) increasing due to high consumer trust in chain brands, stable pricing strategies, and a preference for family travel [2][3][6] - Mid-range hotels like Atour and Hilton Garden Inn performed exceptionally well, while the economy segment saw HanTing leading [2][7] - The peak booking period was from October 1 to 4, 2025, extending one day compared to the previous year [2][8] - The industry is expected to see a positive RevPAR year-on-year only by the second half of 2026 due to multiple factors including a slowdown in new contracts and strong demand [2][9] Key Performance Metrics - During the National Day period, Huazhu Group reported an ADR of 393 RMB, an occupancy rate (OCC) of 88.2%, and a RevPAR of 346.6 RMB, reflecting a year-on-year increase of 4%, 1.1 percentage points, and 5.1% respectively [3] - Jinjiang Group's ADR was 366 RMB, with an OCC of 85.5% and a RevPAR of 312 RMB, showing increases of 4.5%, 4 percentage points, and 8.6% respectively [3] - The overall performance was strong despite a decline compared to the May Day holiday due to the longer duration of the National Day holiday [3] Regional Performance - Key cities such as Beijing, Shanghai, Chengdu, Nanjing, Hangzhou, Suzhou, Chongqing, and Tianjin showed strong hotel performance, while Shenzhen and Guangzhou's RevPAR was weaker due to typhoon impacts [5] - The North China region, including Beijing-Tianjin-Hebei and Shanxi, saw RevPAR increases of 100% to 120% [5] - Southwest and Northwest regions benefited from rich tourism resources and relatively low hotel supply, enhancing their pricing power [5] Future Outlook - The hotel supply side is expected to decrease in the second half of 2026, with many poorly performing hotels facing closure or rebranding [10][11] - The industry is experiencing a cleansing phenomenon, particularly affecting single hotels, with about 80% of the affected being independent hotels [13] - Major hotel groups like Huazhu and Jinjiang continue to expand despite overall supply slowing down, focusing on increasing market share [16] Investment and Financial Metrics - Full Season hotels have the best investment return rate, with a payback period of approximately 4 to 4.5 years, translating to a return rate of 23-24% [15] - HanTing leads in the economy segment with a payback period of about 5 years in high-tier cities and slightly shorter in lower-tier cities [15] - The investment landscape is shifting, with a growing proportion of younger investors and those with government connections entering the market [24][25] Booking Trends - The proportion of bookings through Central Reservation Systems (CRS) is increasing, with Huazhu at approximately 65% and Atour at around 60% [4][19] - The trend is moving towards enhancing member contribution rates, aiming for a 70% self-owned channel and 30% OTA channel [4][19] Key Challenges - The hotel industry faces challenges such as increased competition, saturation in key markets, and the need for strategic rebranding to attract customers [17][18] - The overall demand for business travelers has increased in absolute terms but decreased as a percentage of total guests due to the growing number of hotels [12] Conclusion - The hotel industry is poised for a complex recovery, with strong performance indicators during peak seasons but facing challenges in supply and market saturation. The focus on strategic expansion and rebranding will be crucial for navigating the evolving landscape.

Core Insights - During the 2025 National Day Golden Week, China's tourism consumption demand showed significant resilience, with a year-on-year increase in nationwide travel volume, particularly in eastern cities like Shanghai and Nanjing [3] - The southern and western regions experienced slightly weaker performance due to weather factors, but self-driving trips and scenic area visits continued to rise, leading to a notable improvement in hotel occupancy rates, with some areas achieving record high RevPAR [3] - Retail and dining sectors recorded steady growth during the holiday, indicating a rational consumer behavior leaning towards mid-to-high-end experiences, with larger brands and companies demonstrating stronger performance elasticity amid industry competition [3] - Short trips and day tours became mainstream, while some traditionally popular tourist destinations like Hainan saw slow recovery due to weather impacts [3] - Huazhu Group, as an industry leader, has a dense layout in high-demand areas, achieving significant increases in occupancy rates and revenue per room during the Golden Week, benefiting from the tourism recovery [3] - The group's efficient operations and multi-brand strategy are expected to help it maintain a leading position amid the upgrading of domestic consumption structures [3]

北京商报讯（记者 吴其芸）9月30日，华住集团旗下高端人文度假品牌花间堂北京天安门·御道店正式开业。据悉，酒店坐落于北京中轴线南段，定位高端度 假酒店，将在地文化与现代旅宿深度融合。华住集团公布的数据显示，截至2025年二季度，花间堂品牌在营酒店已近百家、客房近5000间，待开业酒店200 家。 华住集团永乐华住事业部CEO梁尚兵表示，未来，花间堂将继续探索文旅融合的商业路径，通过每一个优质酒店项目，将"文化体验+高端住宿"的模式推向 更广阔的市场。 据介绍，在功能空间上，花间堂北京天安门·御道店延续"一店一特色"的理念，为不同客群提供兼具文化品位与实用价值的体验场景。其中，多功能会议 室"太和"借鉴故宫太和殿"天地和谐"理念，以新中式宫廷风打造商务空间；儿童乐园"堂趣"取材故宫纹样与节气文化，为3—12岁儿童营造沉浸式互动体 验；24小时开放的城市会客厅"怡和"则融合了东方园林与都市社交功能。 ...

Core Viewpoint - The WTT China Grand Slam 2025 is generating significant interest, leading to high hotel occupancy rates in the Shijingshan District, particularly around Shougang Park [1] Group 1: Hotel Occupancy - Many hotels in the vicinity, such as Jinjiang Inn, Quanjing, and Home Inn, are experiencing tight room availability, with some dates already fully booked [1] - For instance, the Jinjiang Inn Apple Park location is completely booked from October 2 to 3, indicating strong demand due to the table tennis events [1] - Several hotel staff reported that some rooms were reserved as early as last year, highlighting the advance planning by guests [1] Group 2: Guest Behavior - Visitors, like Ms. Chen from Shanghai, are proactively planning their stays, opting for hotels approximately 5 kilometers away from Shougang Park, accessible via the S1 line [1] - Many fans are sharing their hotel booking experiences online, showcasing the convenience of transportation options such as S1, Line 6, Line 1, and nearby hotels [1] Group 3: Hotel Preparations - Hotels are enhancing their offerings with themed rooms and dedicated exhibition areas, such as the WTT China Grand Slam theme exhibition hall set up in the lobby of the Beijing Wanshang Garden Mercure Hotel [1]

Group 1 - The upcoming Mid-Autumn Festival and National Day holiday is driving a surge in travel bookings, with Tuniu reporting a week-on-week increase in travel product reservations for the holiday period [1] - Domestic travel bookings are particularly strong, with self-driving and free travel products seeing over 60% week-on-week growth, while group travel bookings have increased by over 50% [1] - Hotel and homestay bookings are also on the rise, with Huazhu Group reporting a 3 percentage point increase in overall booking rates compared to last year, with first-tier cities like Beijing leading the way [2] Group 2 - The "拼假" (Pinyin: pīn jià) trend is contributing to increased travel interest, with a 26% year-on-year rise in bookings for travel products from September 26 to September 28 [3] - Popular destinations are seeing significant increases in hotel search and booking volumes, particularly in cities like Beijing, Shanghai, and Chengdu, as well as lesser-known locations [3] - Tujia reported a 10% year-on-year increase in homestay bookings from September 27 to September 30, with a notable proportion of "post-00s" travelers [3] Group 3 - Flight prices for certain routes are at "floor prices," making them attractive for travelers, with one-way tickets from Beijing to Urumqi priced just over 1,000 yuan [4] - Meituan Travel identified the top 10 destinations for the holiday, including Hainan, Xinjiang, and Yunnan, with some flights experiencing price drops [4] - Despite some price reductions, overall flight prices for the holiday period remain higher than last year [4][6] Group 4 - Popular domestic routes are maintaining high prices as the holiday approaches, with specific routes like Shanghai to Kunming priced at 1,200 yuan and Beijing to Sanya at 2,698 yuan [5][6] - Airlines are dynamically adjusting ticket prices based on real-time sales and inventory, leading to some price drops before the holiday [4][6]

Group 1 - The first domestic cultural tourism animation IP "Adventure in Nalati" was launched on September 22, 2025, utilizing a combination of CG technology and real-life shooting, bringing new vitality and perspective to the cultural tourism sector [1][10][11] - The Nalati scenic area has introduced over 100 IP-themed cultural and creative products, including figurines, plush toys, clothing, and accessories, allowing visitors to take home memories of Nalati [1][11] - The scenic area has partnered with major platforms like Baidu, Sina Weibo, and Douyin to launch a travel photography activity, attracting numerous KOLs with millions of followers, resulting in over ten million interactions [1][11] Group 2 - The Shenbai High-Speed Railway officially commenced operations on September 28, 2025, significantly reducing travel times to Long White Mountain Station, with the shortest travel times from Beijing Chaoyang Station and Shenyang North Station being 4 hours 33 minutes and 1 hour 53 minutes respectively [2][12] - This railway line is a crucial part of China's Northeast high-speed rail network, facilitating regional economic circulation and promoting tourism resource development along the route [2][12] Group 3 - The Ministry of Culture and Tourism predicts that over 12,000 cultural activities will be held nationwide during the National Day and Mid-Autumn Festival holidays, including more than 300 large-scale light shows and over 500 intangible cultural heritage exhibitions [3][13] - The holiday period is expected to extend from 12 to 16 days due to various holiday combinations, enhancing travel opportunities [3][13] Group 4 - There is a notable increase in long-distance outdoor consumption demand, with spending on domestic long-distance products rising over 20% year-on-year and bookings for domestic charter tours increasing by over 115% [5][16] - Hotel and scenic area package bookings have also seen a growth of over 20% year-on-year, indicating a trend towards integrated travel experiences [5][16] - The popularity of immersive consumption scenarios is on the rise, with cultural, historical, leisure, and entertainment activities driving new consumer demands [7][17] Group 5 - The report highlights a significant increase in outbound travel bookings, with a year-on-year growth of over 30% due to visa-free policies, and a nearly twofold increase in bookings for travel to Russia following the mutual visa exemption [7][17] - The top ten popular outbound travel destinations during the holiday period include Japan, Thailand, Hong Kong, Macau, Singapore, South Korea, Malaysia, the United States, Vietnam, and Indonesia [7][17]

Group 1 - The article discusses the upcoming "Super Golden Week" during the National Day holiday, highlighting the potential for increased travel demand due to an extended holiday period of up to 12 days [1][2] - There is a notable disparity in hotel performance, with popular tourist destinations experiencing high occupancy rates and room prices, while less popular areas struggle to attract guests [1][5] - Many hotels are adopting a strategy of not raising prices during peak holiday periods, indicating a shift towards price competition to attract customers [1][6][21] Group 2 - Data from Ctrip indicates a significant increase in hotel search interest, with a 400% month-on-month rise in searches for domestic hotels during the upcoming National Day holiday [2] - Young travelers aged 18-29 are identified as the primary demographic driving travel bookings, with major cities like Shanghai, Chengdu, and Beijing leading in flight reservations [5][10] - The hotel market is expected to see explosive growth during the National Day holiday, despite concerns from investors about the previous summer's poor performance [5][9] Group 3 - The average hotel prices have decreased by approximately 4.5% year-on-year, with many hotels offering non-inflated pricing as a standard practice [8][21] - There is a growing trend towards smaller, less crowded destinations, with three to four-tier cities becoming key growth areas for hotel bookings [10][12] - The increase in hotel supply, with over 93,300 hotels and nearly 7.07 million rooms projected by 2024, may lead to intensified price competition and pressure on revenue per available room (RevPAR) [15][18][20] Group 4 - The article emphasizes the need for hotels to balance occupancy rates (OCC) and average daily rates (ADR) amidst a competitive market, suggesting that dynamic pricing strategies will be crucial for profitability [21][22] - The hotel industry is experiencing a significant influx of new entrants, leading to a saturated market where differentiation and unique offerings are becoming increasingly important [20][21] - The upcoming holiday seasons, including the Spring Festival, will require hotels to make strategic decisions regarding pricing and occupancy management earlier than in previous years [22]

Core Insights - The upcoming extended holiday in 2025 is driving an increase in hotel bookings, with H World Group reporting a year-on-year rise in overall booking rates as of September 23 [1][2] - H World Group has initiated a "Service Quality Assurance Action" to enhance customer experience during peak travel times, leveraging various member benefits such as the "Price Guarantee" [1][3] Group 1: Booking Trends - Hotel booking rates for the "Double Festival" period have surpassed last year's figures across various city tiers, with first-tier cities like Beijing leading the way [2] - Coastal cities and regions in Guangxi have shown particularly strong booking performance, with cities like Dalian, Tianjin, and Guilin among the top [2] - High-end brand hotels are experiencing increased booking rates, with brands like Huajian Tang and Songpin leading, while economy brands like Haiyou and Hanting also see significant growth [2] Group 2: Marketing and Service Initiatives - H World Group has implemented a digital response system and standardized service manual to address key service areas such as check-in, hygiene, and dining, ensuring efficient service during peak times [3] - The "Price Guarantee" service under the H World membership program alleviates customer price concerns by offering refunds for price drops and compensation for higher prices [3][4] - Targeted promotional activities are being conducted in various cities, including discounts for early bookings and themed campaigns to encourage travel to specific destinations [4]

Core Insights - Hotel prices are significantly increasing ahead of the National Day holiday, with some hotels raising prices from approximately 90 yuan to around 1000 yuan, representing a more than tenfold increase [2] Price Trends - The overall price trend for hotels in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen shows a notable increase during the National Day period, with a significant differentiation among various hotel brands [2] - Economy and mid-range hotel brands are the most sensitive to the holiday price surge, generally achieving double-digit percentage increases [2] Economy Segment Performance - Among economy brands, Home Inn saw an average price increase of 27.1%, the highest in this category [2] - Hanting followed with a price rise of 20.6%, while Jinjiang Inn experienced a 25.9% increase [2] Mid-Range Segment Performance - In the mid-range category, Vienna Hotels recorded the largest price increase at 32.0% [2] - Other mid-range brands also showed strong performance, with All Seasons increasing by 21.3%, Atour by 18.3%, and Lavande by 15.8% [2] - Orange Crystal exhibited a more moderate increase of 6.2%, indicating its closer positioning to the high-end market [2]

Group 1 - The upcoming "super long golden week" during the Mid-Autumn Festival and National Day in 2025 is expected to drive increased consumer travel demand [1] - As of September 23, hotel booking rates for the "Double Festival" period have increased by 3 percentage points compared to last year, with all city tiers showing growth [1] - Beijing continues to lead in hotel booking rates among first-tier cities, surpassing Shenzhen and Shanghai by 6 percentage points [1] Group 2 - Coastal cities such as Dalian, Tianjin, Yantai, Qingdao, and Rizhao are experiencing high hotel booking rates, with Guangxi's cities like Liuzhou, Guilin, Beihai, Chongzuo, and Baise showing significant increases [1] - High-end brand hotel bookings are rising, with Huazhu Group reporting leading booking rates for brands like Huajian Tang and Songpin, while brands like Mercure and Shijia also show significant year-on-year growth [1] - Economy and national brands remain popular among guests, with Haiyou brand hotels seeing a 5 percentage point increase and Hanting brand hotels seeing a 4 percentage point increase in bookings compared to last year [1] Group 3 - Initial travel demand during the short holiday period is strongest, with hotel booking rates peaking on October 2 [2] - To prepare for the travel peak, Huazhu Group has launched a "Service Quality Assurance Action," focusing on key service areas such as check-in, hygiene, and breakfast [2] - The company is implementing a digital response system and standardized service manual to monitor potential issues like parking and lobby congestion, ensuring efficient and smooth service [2]