花旗：中国酒店_低线城市表现优异；首选华住
城市测量师行·2024-10-16 16:32
13 Oct 2024 19:38:04 ET │ 11 pages China Hotels Outperformance of Lower-tier Cities; Top Pick H World CITI'S TAKE Our recent checks have confirmed the outperformance of lower-tier cities during the Golden Week in terms of hotel RevPAR resilience. This should benefit H World, in our view, given its continuous penetration into the lower-tier cities. We expect easing RevPAR pressure from 4Q24E on easier ADR comp and stable RevPAR trend into 2025E. With industry supply likely back to pre-covid level by year-end ...