报告共计：41页 今天分享的是：2026年全球旅游趋势报告(英文) 混合式规划：AI助手与真人经验并存 尽管生成式AI工具在行程规划中的使用率一年内飙升64%，但旅客并未完全依赖机器。报告揭示，2026年真正的趋势是"旅行混合学"——人们聪明地在AI推 荐、社交媒体、用户生成内容与传统口碑之间切换，以获取既高效又可靠的旅行方案。例如，通过AI工具快速生成目的地列表，再转向Reddit论坛或 YouTube视频获取真实体验细节；或是利用视觉搜索技术，直接通过短视频解锁完整行程。尽管AI能节省时间、提供个性化推荐，但约四分之一旅客曾遭遇 其提供的信息过时或不准确。因此，信任感成为关键，融合机器效率与人性真实的混合规划模式，正成为主流。 直飞时代：世界因窄体机而变小 航空技术的进步正在重新绘制世界地图。新一代长途窄体客机，如空客A321XLR，凭借更低的燃油消耗与更远的航程，使得直飞二线城市或小众目的地成 为可能。低成本航空与全服务航司纷纷借此开辟新航线，例如印度至雅典、蒙特利尔至马略卡岛等以往需中转的路线将被直飞连接。对旅客而言，这意味着 更短的旅途时间与更便捷的出行选择；对目的地而言，则是旅游经济的新机遇。此外 ...

Group 1: Bankruptcy Filings - A number of resorts, hotels, and mixed hotel-apartment complexes have filed for bankruptcy in the last months of 2025, including The Tuscany and Hotel 27 in New York City, which shut down operations in September 2025, and Oheka Castle hotel in Long Island, which is in Chapter 11 proceedings with debts exceeding $60 million [1][2] - Vacation rental company Sonder filed for Chapter 7 bankruptcy in November after Marriott withdrew from a key licensing deal, while the owner of Fairmont Breakers hotel in California's Long Beach also filed for bankruptcy amid over $50 million in debt [2] Group 2: Mandarin Oriental Project - The owner of Mandarin Oriental Boca Raton has filed for Chapter 11 bankruptcy, with the company being part of a luxury hospitality group founded in 1963, which currently operates 45 hotels and 12 residences globally [3] - The construction of a new 164-room Mandarin Oriental in Boca Raton began in 2019 but has faced multiple delays and lawsuits related to deposits for 95 private homes and condos included in the development plans [4][5] - Via Mizner Owner II, the development company, filed for Chapter 11 bankruptcy on December 23, showing debts of approximately $130.2 million to TIG Romspen US Master Mortgage LP and $80 million to Via Mizner Funding, L.P., while holding assets between $50 million and $100 million [6] - The filing indicates intentions to restructure secured debt and continue the project while protecting property value, with creditors including design and construction contractors and Nicholas Architects [8]

Core Viewpoint - Wyndham Hotels & Resorts Inc has faced a difficult year in 2025, with a total return of -20%, contrasting sharply with the S&P 500's total return of 17% during the same period [1]. Company Performance - The total return for Wyndham Hotels & Resorts Inc in 2025 is reported at -20% [1]. - In comparison, the S&P 500 index has achieved a total return of 17% in the same timeframe [1].

一、解决方案的应用场景是什么？ 本方案适用于传统酒店行业，尤其是面临重资产投入大、资金沉淀严重、流动性差、客户粘性低等问题的酒店企业。通过将酒店未来运营收益权数字化、通 证化，发行限量NFG权益，吸引用户以较低门槛投资并享受住宿权益与资产增值，实现"资产数字化、运营轻量化、权益流通化"。 权益可转赠、拆分、交易，通过区块链确保流转透明可信。 权益价值随酒店经营表现波动，形成市场化定价。 二、核心算法与机制是怎样的？ 1. 资产打包与发行机制： 将酒店未来一定期限（如5年）的运营成本与预期收益打包为"资产包"，据此限量发行数字权益凭证（NFG）。每份NFG对应明确的"使用权"与"受益权"。 2. 分润与收益计算机制（数据化规则）： 3. 流通与退出机制： 4. 兑付机制： 使用权分润： 用户每次入住，酒店收取房费的10%作为服务费。 公式：单次服务费 = 房费 × 10% 受益权分润： NFG权益持有人共享酒店经营增值收益。 每份NFG权益价值 = 酒店总营收 ÷ NFG发行总份数 用户收益 = （期末权益价值 - 初始认购价）× 持有份数 权益收益以区块链积分形式发放，1积分=1元，支持灵活兑换。 三、解决了 ...

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Core Viewpoint GreenTree Hospitality Group Ltd. reported a decline in financial performance for the third quarter of 2025, with total revenues decreasing by 15.0% year-over-year, primarily due to reduced hotel and restaurant revenues. Despite the challenges, the company maintained a strong operational presence with a significant number of hotels and restaurants in operation. Financial Performance - Total revenues for Q3 2025 were RMB303.6 million (US$42.6 million), a decrease of 15.0% year-over-year [7][12] - Income from operations was RMB70.1 million (US$9.8 million), down from RMB106.4 million in Q3 2024 [27] - Net income decreased to RMB60.3 million (US$8.5 million) from RMB65.2 million in Q3 2024 [31] - Adjusted EBITDA (non-GAAP) was RMB115.0 million (US$16.1 million), a 6.1% year-over-year decrease [34] Hotel Operations - As of September 30, 2025, the company operated 4,533 hotels with 323,510 rooms [8] - Hotel revenues were RMB254.5 million (US$35.7 million), an 11.3% year-over-year decrease, attributed to an 8.4% decline in RevPAR [11] - The average daily room rate was RMB173, down 4.1% from RMB181 in Q3 2024 [8] - The occupancy rate was 71.3%, a decrease from 74.6% in Q3 2024 [8] Restaurant Operations - The company had 185 restaurants in operation as of September 30, 2025 [9] - Restaurant revenues were RMB49.4 million (US$6.9 million), a 30.1% year-over-year decrease [12] - The average daily sales per store (ADS) was RMB3,714, a decrease of 24.1% from RMB4,891 in Q3 2024 [9] Cost Management - Total operating costs and expenses were RMB241.0 million (US$33.9 million), a decrease of 9.1% year-over-year [17] - Operating costs for the hotel business were RMB134.3 million (US$18.9 million), a 13.5% year-over-year decrease [17] - General and administrative expenses were RMB24.2 million (US$3.4 million), a 38.5% year-over-year decrease [21] Cash Flow and Guidance - Operating cash inflow was RMB144.5 million (US$20.3 million) for Q3 2025 [45] - The company maintains its revenue guidance for the hotel business to be in the range of -10% to -13% year-over-year [47] Market Position - GreenTree is recognized as a leading hospitality and restaurant management group in China, ranked 13th among the largest global hotel groups by HOTELS magazine in 2024 [53]

A family trust linked to South African tycoon Koos Bekker sold 2.5 billion rand ($150 million) of Naspers shares to finance the construction of hotels in South Africa, the UK and Italy https://t.co/qzJJRjFaUj ...

2025Q3 Performance Highlights - Hotel RevPAR was RMB 124, down 84% compared with 2024Q3[14] - Restaurant Average Daily Sales Per Store (ADS) was RMB 3,714, down 241% compared with 2024Q3[14] - Hotel Revenues were RMB 2545 million, down 113% compared with 2024Q3[14] - Hotel Income from Operations was RMB 691 million, down 305% with a margin of 272% compared with 2024Q3[14] - Adjusted Income from Operations was RMB 1093 million, up 36% with a margin of 405% compared with 2024Q3[14] - Net Income was RMB 595 million, up 15% with a margin of 234% compared with 2024Q3[14] - Adjusted Net Income was RMB 905 million, up 57% with a margin of 284% compared with 2024Q3[14] - Adjusted EBITDA was RMB 1150 million, down 61% with a margin of 379% compared with 2024Q3[14] Strategic Execution - Further Expansion into Mid-to-Upscale Segment[43] - Greater Penetration in Tier 3 and Lower Cities in South China[43]

Group 1 - Aoris Investment Management's "Aoris International Fund" Q3 2025 investor letter reported a 6.5% rise in global equity markets, represented by the MSCI AC World Accumulation Index ex Australia, in AUD for the September quarter [1] - The fund's Class A (Unhedged) returned -2.6% after fees, while Class C (Hedged) declined by 1.0%, both underperforming their respective benchmarks [1] - The letter highlighted InterContinental Hotels Group PLC (NYSE:IHG) as a significant stock, with a one-month return of 6.51% and a 52-week gain of 13.24% [2] Group 2 - InterContinental Hotels Group PLC (NYSE:IHG) operates 6,600 hotels under 20 brands, with Holiday Inn being the largest, contributing to approximately half of its revenue [3] - As of December 22, 2025, InterContinental Hotels Group PLC (NYSE:IHG) had a market capitalization of $21.46 billion, with shares closing at $143.42 [2] - The company was held by 14 hedge fund portfolios at the end of Q3 2025, a decrease from 16 in the previous quarter, indicating a decline in popularity among hedge funds [4]

Core Viewpoint - Apple Hospitality has expanded its portfolio by acquiring the Motto by Hilton hotel in downtown Nashville for approximately $98.2 million, enhancing its presence in a market with strong tourism and event-driven demand [1][2][6]. Group 1: Acquisition Details - The acquisition price for the 260-key Motto by Hilton hotel is around $98.2 million, translating to about $378,000 per room [1]. - This transaction increases Apple Hospitality's total portfolio to 217 hotels with 29,580 guest rooms across 37 states and Washington, DC [1]. Group 2: Market Context - The acquisition adds a downtown Nashville location to Apple Hospitality's diversified portfolio during a period of sustained tourism and event-driven demand [2]. - Nashville's diverse economic landscape attracts visitors for various purposes, including leisure, entertainment, conventions, healthcare, manufacturing, and technology [5]. Group 3: Strategic Insights - The president of Apple Hospitality, Nelson Knight, expressed satisfaction with the acquisition, highlighting the innovative nature of the newly constructed hotel and the appeal of the Nashville market [3][6]. - The hotel features connecting rooms that can accommodate guest groups, enhancing its attractiveness for various types of visitors [2]. - Knight noted that demand trends in Nashville remain strong, supported by a wealth of entertainment and sporting venues, as well as a business-friendly environment attracting corporates [6][7].