来源：钛媒体 2026年的到来，也开启了新一年的文旅热潮。去哪儿旅行大数据显示，2026年1月1日-3日假期期间，国内多个热门城市酒店订单量同比增长3倍以上。 近年来，文旅热始终保持着高温状态。文旅部数据显示，2025年我国县域旅游市场规模预计持续攀升，3小时可达旅行方式，成为年轻人拥抱周边、体验 生活的新选择，微度假兴起。 但与文旅业相辅相成的酒店业，却出现了"涨不动价""客流下降"等现象。酒店业不赚钱，早已经不是什么秘密。 根据今年8月，北京市统计局发布的2025年1月至6月限额以上住宿和餐饮业法人单位主要经济指标显示，共5135家法人单位，营业收入同比下降3.7%，营 业成本同比下降1.2%，但利润总额同比下降67%。 其中，北京住宿业1613家单位营业收入同比下降7.3%，利润总额仅5980万元，降幅达92.9%，平均下来，上半年每家只赚了3.7万元。 事实上，这种行情从2024年就开始显现。 官方数据显示，2024年上半年北京限额以上住宿业营业收入同比下滑1.3%，利润总额大降31.9%；上海二季度也出现营收下滑和利润亏损。与2023年高基 数相比，2024年以来各档酒店的平均房价（ADR）和每房收 ...

Core Viewpoint - The acquisition of Wanda Hotel Management by Tongcheng Travel has drawn attention to the development prospects of "real estate-based" hotel groups in the industry [1][2]. Company Overview - Fengyue Hotel and Resort, which started as a hotel division of Country Garden Group, became an independent operation in April 2020 and ranks 15th in the 2024 list of China's top 50 hotel groups, with 231 operating stores and 59,298 rooms by the end of 2024 [1][2]. - Fengyue Hotel and Resort has established several proprietary brands, including Fengyue, Fengyi, and Phoenix, and has strategic partnerships with Hilton and Accor for brand development in China [1]. Market Dynamics - In a market characterized by oversupply, the focus is on creating value differentiation through enhanced core offerings in sleep and dining services, as well as integrating local culture into the hotel experience [2][6]. - The hotel industry has seen rapid growth among "real estate-based" hotel groups over the past 30 years, but their development paths have diverged significantly [2][6]. Recent Developments - Wanda Hotel Management, acquired by Tongcheng Travel, is a light-asset segment under Wanda Hotel Development, which reported a revenue of HKD 890 million for 2024 and operates 204 hotels with over 40,200 rooms [2][3]. - Greenland Holdings has also engaged in similar transactions, transferring a 52% stake in Shanghai Greenland Hotel Management to Mingyu Business Travel for CNY 624 million, indicating a trend of consolidation among real estate-based hotel groups [4]. Future Strategies - Fengyue Hotel and Resort is open to attracting strategic investors and may consider acquiring regional hotel management companies to diversify its shareholder base [5][6]. - The company aims to enhance its performance in 2025 and is focusing on optimizing its standardized products to cater to local cultural differences, thereby improving customer experience [6].