Summary of the Hotel Industry and Travel Insights Industry Overview - The hotel industry performed well during the 2025 National Day holiday, but a decline of approximately 3-4% is expected in Q4 due to an oversupply of hotels in recent years, leading to a short-term supply-demand imbalance. There may be opportunities for supply-demand restructuring next year [1][5][9]. Key Performance Metrics - During the 2025 National Day holiday, Huazhu Group's RevPAR (Revenue per Available Room) reached 105.1%, an increase of 5 percentage points year-on-year. The average room rate was 393 RMB, up 4% year-on-year, with an occupancy rate of 88.2%, up 1.1 percentage points [2]. - Jinjiang Group reported an ADR (Average Daily Rate) of 366 RMB, a 4.5% increase year-on-year, with an occupancy rate of 85.5%, up 4 percentage points. RevPAR was 312 RMB, an increase of 8.6 percentage points year-on-year [2]. Consumer Behavior and Preferences - Consumers are increasingly prioritizing customer experience, safety, and hygiene, leading to a preference for chain brands over individual inns. During the 2025 National Day holiday, chain hotels performed well, while homestays saw poor occupancy [3][11]. - Huazhu's OTA (Online Travel Agency) orders accounted for 40% of bookings, while member orders made up about 50% during the holiday, indicating effective control over OTA order ratios by leading hotel chains [3][16]. Pricing Dynamics - The significant price increases by Huazhu and Jinjiang are related to budget planning based on last year's revenue performance, with ADR rising over 4%, indicating strong demand. However, consumer sensitivity to high prices may limit future price increases [7][8]. - Despite the rapid increase in hotel supply, prices are not expected to drop significantly due to budget pressures on operators. New hotels are primarily concentrated in lower-tier markets, gradually moving towards mid-range and high-end products, allowing for pricing power during peak holiday periods [9][10]. Market Trends and Future Outlook - The hotel industry is expected to face challenges in Q4 due to an oversupply, but the exit of smaller hotels may create opportunities for RevPAR improvement next year [5]. - The 2025 National Day holiday's extension to 8 days did not significantly boost hotel demand, as most travelers preferred shorter trips [13][14]. - The government has shown limited intervention in hotel pricing, allowing market forces to dictate prices, although some cities had previously implemented price control measures [10]. Conclusion - The hotel industry is navigating a complex landscape of supply-demand dynamics, consumer preferences, and pricing strategies. While current performance metrics are strong, future challenges related to oversupply and consumer price sensitivity will require careful monitoring and strategic adjustments by industry players [1][5][9].

酒店专家交流 20251008 摘要 2025 年国庆期间，连锁酒店 ADR 提升主要归因于消费者对连锁品牌信 任度高、酒店集团定价策略稳定以及家庭出行偏好。中高端酒店如亚朵、 希尔顿欢朋表现突出，经济型酒店中汉庭优势明显。 国庆预订高峰集中在 10 月 1 日至 4 日，峰值较去年延长一天。行业 RevPAR 同比转正预计需等到 2026 年下半年，受签约放缓、行业出清 及需求旺盛等多重因素影响。 预计 2026 年下半年酒店供给侧将减少，单体酒店和部分连锁老旧门店 面临经营压力。华住和亚朵成翻牌首选，因其出租率稳定，吸引业主提 升流量。 商务客人需求绝对值增长，但占比下降。行业已现出清现象，单体酒店 受影响较大。全季投资回报率最佳，周期约 4 至 4.5 年，汉庭经济型酒 店表现突出。 华住、锦江等头部集团持续扩张，但全国酒店供给在华北、华东、华南 及部分西南核心城市趋于饱和，贵阳、昆明、新疆、宁夏等地仍有缺口。 Q&A 今年国庆期间酒店行业的整体表现如何？ 今年国庆期间（2025 年 10 月 1 日至 7 日），酒店行业整体表现超出预期。华 住集团的平均每日房价（ADR）为 393 元，同比去年增长 ...

来源：市场资讯 （来源：真灼财经） 来源：凯基证券 2025 年国庆黄金周期间，中国旅游消费需求展现出明显韧性。全国出行量按年提升，尤其东部城市如 上海、南京表现突出，旅客量显著增长，反映区域需求强弱分化。天气因素导致南部及西部表现略逊， 但自驾出行及景区游热度持续提升，带动酒店入住率明显改善，局部地区酒店 RevPAR 创新高。 消费层面，零售及餐饮企业于假期录得稳健增长，反映消费理性且更偏向中高端体验。品牌及规模企业 在行业竞争下更具抗压力，于区域消费动能改善时展现更强业绩弹性。短途游及一日游成为主流，部分 传统热门旅游地如海南受天气影响复甦进展缓慢。 华住集团作为行业龙头，布局密集于需求旺盛地区，黄金周期间入住率及每房收益录得大幅提升，全面 受益于旅游复甦。结合集团高效营运与多品牌组合优势，预期将在内需消费结构升级中持续巩固领先地 位。 ...

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]