入住率跌至45.8%，客房不足8000间，绿地酒店怎么了？

Core Insights - Greenland Holdings' hotel business is facing significant challenges, with a decline in occupancy rates, a reduction in the number of hotel rooms, and a drop in revenue per room [1][9][12] Group 1: Performance Metrics - As of the end of 2025, the number of hotel rooms has decreased to 7,176, down from 9,738 at the end of 2024 and 11,455 in 2023 [1][6][7] - The occupancy rate for 2025 stands at 45.81%, a decline from 49.1% in 2024 and 53.4% in 2023, indicating a downward trend in the hotel industry [9][10] - Average daily revenue per room has fallen to 335 yuan in 2025, down from 365 yuan in 2024 and 420 yuan in 2023, marking a new low over the past five years [12][14] Group 2: Strategic Challenges - The management has acknowledged that many hotels are inefficient and unprofitable, failing to meet investment return requirements [1][17] - The slow expansion of light-asset models is evident, with a low conversion rate of project reserves into actual contracts, despite a reported near 100 signed projects [18] - The hotel sector's performance is reflective of a broader industry trend where supply exceeds demand, leading to continued declines [9][10] Group 3: Industry Context - Owner-operated hotel groups, including Greenland, are struggling in a post-real estate era, facing operational and expansion difficulties [20][22] - The company has been forced to adapt to liquidity issues, with a projected loss of up to 19 billion yuan in 2025, leading to asset sales [23][24] - The future of owner-operated hotel groups may involve a shift towards asset management and diversified business models, leveraging their experience in integrated projects [35][36]