2024MVI中国酒店市场价值指数三十城榜单：守得云开 励耕新程

Investment Rating - The report indicates a positive outlook for the hotel industry, highlighting a significant recovery in 2023 with a strong rebound in demand and supply dynamics [5][45]. Core Insights - The hotel market in China is experiencing a robust recovery, with distinct supply and demand characteristics across different cities, emphasizing the industry's diversity and growth opportunities [45]. - The Market Value Index (MVI) is introduced as a tool to evaluate hotel market value across cities, districts, and properties, aiding in rational investment decisions and understanding market cycles [5][6]. - The report identifies a clear differentiation in supply between first-tier and new first-tier cities, with Shanghai and Beijing maintaining a leading position due to their substantial supply and brand penetration [9][10]. - Demand fluctuations are evident, with tourism being a primary driver for performance growth in cities rich in leisure resources, while business-centric cities show slower recovery [10][11]. - Investment focus is shifting towards existing assets, with a notable increase in attention to renovation and adaptive reuse projects in first-tier cities, reflecting market maturity [11][42]. Summary by Sections Market Supply Dynamics - The supply structure of the hotel market is stabilizing, with a widening gap between first-tier and second-tier cities. Shanghai and Beijing continue to lead in supply scale and high-end offerings [9]. - New first-tier cities like Chengdu and Hangzhou are rapidly expanding their high-end supply, although they still lag behind top-tier cities in overall scale [9][10]. Market Demand Trends - Strong domestic tourism demand has significantly boosted hotel performance in cities like Changsha and Chengdu, while business-oriented cities like Shenzhen face slower recovery [10]. - The report notes that the average revenue per available room (RevPAR) in major cities has increased by 17% compared to 2019, with some tourist cities seeing growth exceeding 40% [33]. Investment Landscape - Investment activity is increasingly focused on existing hotel assets, with first-tier cities leading in renovation and adaptive reuse projects, indicating a shift towards a more mature market [11][42]. - Shanghai has regained its position as the top city for investment heat, with significant interest in coastal cities like Haikou and Qingdao due to their unique resources [42]. Market Value Index (MVI) - The MVI evaluates hotel market value through various dimensions, including supply, brand penetration, and market performance, providing a comprehensive assessment of market conditions [6][12]. - The report highlights that the top five cities maintain a strong market value index, while cities ranked 6 to 30 show greater volatility in their performance [12][13]. Future Outlook - The hotel industry is expected to face structural adjustments and optimization in both supply and investment in 2024, with a potential cyclical downturn following the post-pandemic demand surge [45].