斑马消费 杨柘 富力地产二次重组境内债券还没有新进展，旗下酒店资产再次被摆上货架，继续割肉回血。 除土地储备外，酒店是更易变现的资产。自2022年以来，公司陆续出售多家酒店；更关键的是，去年9月由于债务未偿还，旗下68家酒店被债权人接管，"全 球最大豪华酒店业主"的光环由此渐渐褪色。 在严酷的流动性危机面前，这个"光环"早已不重要了。 割肉回血 上述酒店被拍卖，主要涉及司法纠纷。据广州市中院委托书显示，此次公证债权文书纠纷案的申请人是招商银行广州分行，被执行人为广州兆晞投资、富力 地产、廊坊万达嘉华酒店等。 今年8月，富力地产旗下长沙富力万达文华酒店被广州市中院挂牌处置，评估价约6.42亿元，最终被湖南骊驰以5.13亿元拍得。 折价变现酒店资产，是富力地产在流动性压力下不得已而为之。 2022年9月，公司将广州富京酒店管理有限公司100%股权转让给北京英协置业，对价5.5亿元，出售亏损653.7万元。当年，公司先后出售位于镇江、福州及 北京3处酒店资产，回笼资金12.45亿元；2023年，相继将位于武汉、西安及长沙的相关酒店出售。 久未缓解的流动性危机之下，酒店资产成为富力地产（02777.HK）手中为数不多 ...

以下文章来源于房地产和互联网 ，作者房互君 根据万达方面以及购买方同程旅行的公告，同程旅行宣布计划以约24.97亿元人民币收购万达酒店管 理（香港）有限公司100%股权，待上市公司股东大会审批同意后即可生效。 作为万达系众多业务中的一环，万达酒店管理是万达旗下哪块业务？频频被原来的合作方起诉和被 法院强制执行，王健林的万达现在到底有多缺钱？接手万达酒店管理业务的同程旅行，又是什么来 头？ 房地产和互联网 . 有料，有干货，有深度 作者 | 房互君 来源 | 房地产和互联网 导 语："卖卖卖"后，万达集团依然债务缠身。 王健林又卖了！这次卖的是万达酒店管理。 万达酒店管理，是什么？ 在王健林的万达商业帝国中，共有三大业务板块，分别是万达商管、万达文旅、万达投资。 万达商管即大家所熟知的万达广场，万达文旅包括万达酒店发展、宝贝王、万达体育、文旅项目、 国际医院等，投资开发万达广场、万达酒店、万达文旅城、万达小镇和住宅项目等重资产集中在万 达投资。 万达酒店发展是目前唯一一家万达控股的上市公司，其业务范围包括酒店营运及管理服务、酒店设 计及建设管理服务、投资物业租赁和海外买卖及租赁物业。其中，酒店营运及管理服务业务 ...

Investment Rating - The industry is rated as "Buy" with expectations of an upward movement exceeding 15% in the next 3-6 months [11][48]. Core Insights - The report highlights a significant acceleration in the growth of the catering sector, with March retail catering revenue increasing by 5.6% year-on-year, up from 4.3% in the previous month. Notably, revenue from enterprises above a certain threshold rose by 6.8%, marking the first time in 12 months that this segment outpaced overall growth [2][18]. - The "2025 Service Consumption Quality Improvement and Benefit Action Plan" was released, outlining 48 specific measures across six areas to enhance service consumption, including catering, accommodation, and tourism [2][21]. - High booking interest for the upcoming May Day holiday was reported, with hotel and flight searches on Ctrip increasing by 100% and 80% respectively week-on-week, and a year-on-year increase of 200% in hotel searches for inbound travel [3][22]. Summary by Sections Industry Updates - The catering sector continues to show improvement, with March retail catering revenue growth accelerating. The report emphasizes the importance of service consumption policies and the upcoming May Day holiday as key drivers [2][18]. - The acquisition of Wanda Hotel Management by Tongcheng Travel for approximately 2.497 billion yuan is noted, with an EV/EBITDA valuation of 9.5 times. This acquisition is seen as strategically beneficial for enhancing Tongcheng's hotel supply chain [4][26]. Market Performance - The report indicates that the social service sector has shown a strong performance, with the sector's index rising by 8.64% over the past two weeks, ranking third among 31 major industry sectors [8][29]. - Specific stock performances are highlighted, with notable increases in the catering sector, including a 12.73% rise in A-share catering stocks [8][29]. Company Performance - Action Education reported a revenue of 780 million yuan for 2024, reflecting a 16.5% increase, with a net profit of 270 million yuan, up 22.4% [5][28]. - Jiuhua Tourism is expected to achieve a net profit of approximately 69 million yuan in Q1 2025, representing a 32% year-on-year growth, driven by strong visitor traffic [4][27]. Investment Recommendations - The report suggests focusing on the catering sector, particularly on growth-oriented companies and undervalued leaders affected by tariff impacts, with specific mentions of brands like Gu Ming and Da Shi [9][16]. - In the hotel and tourism sectors, attention is drawn to quality scenic spots and hotel stocks, particularly Shou Lv Hotel [9][16].