首旅酒店(600258)：首旅酒店点评：投资新建酒店推进资产扩张

Core Viewpoint - The company is strategically expanding its presence in the mid-to-high-end hotel sector by investing in two key projects in high-potential regions, aiming to optimize its development model and capitalize on industry recovery opportunities [2][3]. Project Summaries - The company plans to invest 280.51 million yuan in a new hotel property in Suzhou, with a construction period of 14 months and an expected internal rate of return (IRR) of approximately 4% [1]. - A lease agreement for a property in Beijing's Tongzhou District is set for 10 years, with a total investment of approximately 43.6 million yuan, including renovation costs, and an expected IRR of about 12% [1]. Regional Focus - Both projects are strategically located in core economic zones: the Suzhou project in the Yangtze River Delta and the Beijing project in the Beijing-Tianjin-Hebei region, aligning with the trend of focusing on core areas in the domestic hotel industry [2]. - The Suzhou project is positioned in a provincial high-tech zone, benefiting from strong business and leisure demand due to its proximity to major cities and established enterprises [2]. - The Beijing project is near the Universal Studios cultural tourism core area, which is expected to generate significant visitor traffic, enhancing the hotel's market presence [3]. Product Structure - Both projects focus on mid-to-high-end brands, aiming to upgrade the company's offerings and reduce reliance on low-end hotels [4]. - The Suzhou project will feature the "Jian Guo Pu Yin" and "Home Inn Select" brands, while the Beijing project will introduce three core brands: "Jian Guo Bo Cui," "Jian Guo Pu Yin," and "Jian Guo Fei Man" [4]. - The company emphasizes a differentiated strategy to avoid internal brand competition, targeting various customer segments within the mid-to-high-end market [4]. Development Model - The company employs a dual model of "new construction + leasing," balancing long-term asset accumulation with short-term profit realization [5]. - The Suzhou project, being a new build, focuses on long-term asset value, while the Beijing project, through leasing, allows for quicker operational deployment and immediate revenue generation [5]. Revenue Expectations - The expected IRR for the Suzhou project is around 4%, reflecting the long-term nature of new hotel developments, while the Beijing project is projected to have an IRR of approximately 12%, benefiting from its strategic location and operational model [6]. - This differentiation in expected returns aligns with the company's strategy to balance long-term stability with short-term profitability [6].