近期，华住集团旗下高端品牌美仑酒店于厦门市集美软件园三期开出其国内最大体量项目——约310 间 客房。在城市布局中，产业园区、科技园区、总部基地等园区正成为酒店与长租公寓品牌争抢的新阵 地。与此同时，产业园区里，酒店与公寓的界限正在变得模糊…… 华住美仑最大体量酒店入驻园区 本文来自微信公众号"空间秘探"，作者：武爽，36氪经授权发布。 近期，华住集团旗下美仑品牌在厦门集美软件园三期开业，其位于厦门市集美区诚毅北大街9-3号，拥 有310 间客房，是目前国内体量最大的该品牌酒店。从报道中来看，项目由厦门轨道集团打造，设计元 素融合了"滨海戏浪"与"闽南红砖古厝"两种文化理念，同时酒店配置多功能会议室、特色餐厅及自助健 身区，已明确瞄准园区内的商务及会展客源。 空间秘探观察发现，有两点值得关注： 一是选址在园区而非传统核心商圈。对比传统城市酒店多聚焦城市核心、高端商务地段，品牌定位 从"市中心酒店"向"园区酒店"移动，转向产业聚集、城市扩展、服务配套尚未饱和但具有潜力的新节 点，这也意味着酒店集团在选址逻辑上正发生改变。 二是从配置来看，园区场景的"差旅＋会议＋商务活动"需求被酒店方显然看重。酒店设计不仅为了住 ...

最近，身边多位酒店投资人分享着他们在贵阳的考察经历和投资计划。 从一线城市转向西南省会，酒店投资"西南飞"的现象正悄然形成一股新趋势。 在小红书搜索"贵阳酒店投资"，居然有近百篇相关笔记——从资深酒店投资人的市场分析，到新入行者的实地考察vlog，再到众筹招募，这个西南城市正 以前所未有的热度刷屏酒店投资圈。 这帮嗅觉比猎犬还灵敏的投资人，竟然扎堆出现在贵阳，这绝对不是偶然。 在西南地区酒店投资全景中，贵阳的表现堪称亮眼。 与西南地区酒店经营数据整体低于全国平均水平形成鲜明对比，贵阳酒店市场在平均房价和出租率方面均展现出强劲势头。 今年暑期，贵阳住宿需求同比激增40%，日均入住率超过85% ，七八百元的经济型酒店、千元以上的中端酒店在高峰期遍地都是。 贵阳，这座西南低调多年的城市，正悄然成为酒店投资的新热土。 贵阳有什么魔力？ 贵阳这波酒店投资热，并非偶然。 2025年开春以来，贵阳酒店市场迎来爆发式增长，核心区域酒店入住率持续突破90%。 相关数据显示： 图源：小红书 酒店之家数据显示，截至今年8月，贵阳酒店数量为2922家（客房15间及以上），连锁酒店存量只有360家。数量占比最大的经济型酒店，连锁化率只 ...

Core Points - The Wanshou River Wetland Park in Wuxi has been included in the third batch of open shared urban green spaces in Jiangsu, covering an area of approximately 68,000 square meters, making it the largest urban green space in Wuxi city center [1] - The park serves around 15,000 residents and the future 10,000 students and faculty of the newly constructed Nanjing University of Posts and Telecommunications Wuxi campus [1] - The park integrates urban functions with Jiangnan water town culture, acting as a "green lung" for the surrounding population [1] Group 1 - The park was designed by a professional landscaping company according to urban comprehensive park standards, featuring recreational, educational, and fitness elements, and was completed after six months of construction [2] - It incorporates natural ecological elements such as rain gardens and grassed ditches, functioning as a "sponge park" that effectively absorbs rainwater [2] - The park is divided into five distinct zones and twelve scenic spots, with amenities like a winding rainbow walkway, numerous resting benches, and a newly built parking lot with 80 spaces to alleviate parking issues [2] Group 2 - The area surrounding the park is developing rapidly, with the construction of the Nanjing University of Posts and Telecommunications Wuxi campus expected to significantly increase the local population [2] - The park enhances the quality of life in the Huishan High-tech Zone, providing a friendly living environment for all ages and contributing to the area's leisure and business offerings [3] - It is part of a broader initiative to meet the public's demand for improved living conditions and to share the benefits of development with the community [3]

Core Insights - Sheraton is lowering prices to compete with mid-range hotels, with recent packages as low as 699 yuan for two nights, which is cheaper than local competitors like Atour [1][10] - The average room rate for Sheraton hotels in major cities has decreased by 8%, from 931 yuan to 857 yuan [8] - Sheraton's average price is now comparable to mid-range brands, raising questions about its brand positioning and consumer perception [9][10] Pricing Strategy - Recent promotions include a three-day, two-night package at Sheraton Zhongshan for 699 yuan, and rates starting at 487 yuan in Shunde and 449 yuan in Huizhou [1] - The average room rate for Sheraton in Shanghai is 734.7 yuan, while Atour's average is 713.5 yuan, indicating a significant shift in pricing strategy [9] Brand Perception - Consumers are confused about Sheraton's brand identity, questioning whether it is moving towards a lower-end market or struggling in the high-end segment [10] - There are complaints about outdated facilities and poor service quality at some Sheraton locations, leading to a decline in brand reputation [11][17] Financial Performance - Financial data reveals significant losses for some Sheraton properties, such as a net loss of over 20 million yuan for the Wenzhou Sheraton, indicating financial distress [14] - The brand's management struggles and rapid expansion have contributed to inconsistent service quality and operational challenges [18] Market Positioning - Sheraton's positioning has become awkward since being acquired by Marriott, struggling to find a place among luxury and mid-range brands [15] - The brand's transformation efforts have largely failed, with many owners unwilling to invest in renovations [15][19] Competitive Landscape - Sheraton is now competing directly with local brands like Atour and Crystal, which offer modern amenities at similar price points [19] - Marriott plans to open over 40 new high-end hotels in Greater China, indicating ongoing investment in the market despite Sheraton's challenges [19][20]

Core Viewpoint - The article discusses the challenges faced by Atour, a hotel brand, in maintaining its pricing strategy amidst increasing competition and changing market dynamics, particularly in the context of corporate travel budgets being tightened [3][20][22]. Group 1: Pricing and Market Position - Atour's average room price exceeds 400 yuan, making it unaffordable for many corporate travelers whose accommodation standards are often below this threshold [4][20]. - Comparatively, Atour's pricing is higher than that of its competitor, Hanting, with a RevPAR of 343 yuan and an ADR of 433 yuan, indicating a premium positioning in the market [9][20]. - The hotel brand's pricing strategy is under pressure as the industry faces a decline in key performance indicators, with RevPAR down by 4.3% and ADR decreasing by approximately 8 yuan [20][22]. Group 2: Operational Strategy and Challenges - Atour is shifting towards a lighter asset model, focusing on franchise operations to reduce costs while aiming for expansion, with a target of 2000 stores by year-end [15][20]. - The brand's emphasis on personalized service and unique experiences is becoming a standard expectation in the industry, leading to increased competition [17][22]. - Recent controversies, such as price gouging incidents, have raised concerns about Atour's management efficiency and public perception [16][20]. Group 3: Retail Business Development - Atour's retail segment, particularly its "Atour Planet" brand, has shown promising growth, with sales of its flagship product, the "Deep Sleep Pillow PRO," exceeding 11 billion yuan in revenue [23][24]. - The retail business is projected to grow significantly, with estimates suggesting a compound annual growth rate of 32% from 2024 to 2030 [24]. - However, there are concerns regarding the sustainability of this growth, as the retail sector is not Atour's primary focus and may face challenges in establishing long-term brand value [24][26].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][12][13] Core Viewpoints - The company has demonstrated strong growth momentum in both its hotel and retail segments, leading to an upward revision of its full-year revenue guidance [3][12] - In Q2 2025, the company reported a revenue of 2.469 billion yuan, representing a year-on-year increase of 37.4%, and a net profit of 425 million yuan, up 39.8% [6][12] - The dual business model of hotel expansion and retail growth is expected to continue driving performance ahead of industry averages [3][12] Summary by Sections Hotel Performance - Hotel revenue in Q2 2025 reached 1.449 billion yuan, growing by 20.0% year-on-year, with franchise revenue at 1.299 billion yuan (+26.5%) and self-operated hotel revenue at 150 million yuan (-17.0%) [6][11] - The gross margin for hotels improved from 35.7% in Q2 2024 to 38.3% in Q2 2025 due to an increase in franchise revenue and structural changes [6][11] Store Expansion and Pipeline - In Q2 2025, the company opened 118 new hotels and closed 21, resulting in a net increase of 97 hotels, bringing the total to 1,824, a 29% year-on-year growth [11] - The company has a pipeline of 816 stores, with a goal of reaching 2,000 stores by the end of the year [11] Retail Performance - The retail business achieved a GMV of 1.144 billion yuan in Q2 2025, a significant increase of 84.6%, with revenue of 965 million yuan, up 79.8% [3][12] - The company has revised its full-year retail revenue guidance from 50% to 60%, reflecting strong performance during promotional periods [3][12] Financial Projections - The adjusted net profit forecasts for 2025-2027 are 1.68 billion yuan, 2.09 billion yuan, and 2.54 billion yuan, respectively, with corresponding PE ratios of 22, 18, and 15 [3][12][14] - The company maintains a dividend payout ratio of no less than 50% and has a share buyback limit of 400 million USD, enhancing its attractiveness as an investment [3][12]

Core Viewpoint - Atour Hotel, a leading lifestyle group in China, is planning a secondary listing on the Hong Kong Stock Exchange after its initial public offering on NASDAQ in November 2022, driven by geopolitical risks and a more favorable valuation environment for consumer companies in Hong Kong [1][5]. Company Overview - Atour Hotel operates in two main business segments: hotels and retail, and is projected to become the largest mid-to-high-end hotel chain in China by the end of 2024, with a network covering 209 cities and 1,619 hotels offering 183,184 rooms [1][3]. - The company was founded in 2013 by Wang Haijun, who introduced cultural elements into hotel spaces, establishing the concept of "humanistic hotels" [1]. Market Position and Challenges - Atour has successfully captured the market's recognition, particularly among the middle class seeking quality living, but faces challenges due to intensified competition in the mid-to-high-end hotel market [3]. - Recent financial reports indicate a decline in key operational metrics, with average daily room rates dropping to 418 yuan, occupancy rates decreasing by 3.1 percentage points, and revenue per room falling by 7.2% year-on-year [3]. Retail Business Growth - Despite challenges in the hotel sector, Atour's retail business has flourished, selling 3.8 million pillows and 770,000 cooling blankets in 2024, with retail revenue now accounting for 30% of total revenue [3]. - The "hotel + retail" business model has created new growth opportunities but raises concerns about potential dilution of the brand's core values [3]. Strategic Considerations for Secondary IPO - The secondary IPO in Hong Kong is seen as a strategic move to mitigate risks associated with U.S. regulations and to leverage a more favorable market for consumer companies [5]. - The company faces the challenge of balancing expansion with quality control, restructuring its business model, and adapting to the evolving demands of a new generation of consumers [5]. Future Outlook - The mid-to-high-end hotel market in China has significant growth potential, driven by ongoing consumer upgrades and increasing expectations for accommodation experiences [5]. - If Atour can leverage its secondary IPO to transition from "scale leadership" to "quality leadership," it could create greater value for investors and serve as a model for the upgrade of the Chinese hotel industry [5].

Core Viewpoint - The urgency for Atour to pursue a secondary listing in Hong Kong is highlighted due to its declining performance and market challenges, despite its rapid expansion and previous success in the U.S. market [4][9][19]. Company Overview - Atour is a leading lifestyle group in China, primarily operating in the hotel and retail sectors, and is the largest mid-to-high-end hotel chain in China by room count as of the end of 2024, with 1,619 hotels and 183,184 rooms across 209 cities [5][18]. - The company was listed on NASDAQ in November 2022, with a market capitalization of approximately $4.585 billion [6]. Growth and Expansion - Atour's hotel count surged from 570 to 1,727 in five years, with a remarkable 63% increase in new openings in 2024, totaling 471 new hotels [8][21]. - The company reported a revenue of 7.248 billion yuan in 2024, a year-on-year increase of 55.3%, and an adjusted net profit of 1.306 billion yuan, up 44.6% [17][21]. Performance Challenges - Despite rapid growth, Atour faced significant challenges in early 2025, with a 5.5% decline in net profit and key performance indicators such as average daily rate, occupancy rate, and revenue per room all showing declines [22]. - The company has been embroiled in controversies, including complaints about hygiene and service quality, which have damaged its reputation [26][27]. Retail Business - Atour's retail segment has become a significant revenue driver, contributing 30% to total revenue in 2024, with expectations of a 35% growth in retail income for 2025 [23][24]. - The retail business's success contrasts sharply with the declining hotel performance, highlighting a potential imbalance in the company's business model [25]. Market Context - The trend of Chinese companies returning to Hong Kong for secondary listings is driven by geopolitical risks and regulatory pressures in the U.S., with Atour among several companies considering this move [30][31][33]. - The Hong Kong market offers a more favorable environment for Chinese companies, with lower compliance costs and a better understanding of their business models, which could enhance their valuations [33][34].

Core Viewpoint - Atour, a leading mid-to-high-end hotel chain in China, is considering a secondary listing in Hong Kong to raise several hundred million dollars [2][5]. Company Overview - Atour was founded in 2013 and has grown to become the largest mid-to-high-end hotel chain in China, with 1,727 hotels as of Q1 2025 [3][4]. - The company targets China's 400 million middle-class consumers, focusing on lifestyle hotels that offer a unique experience beyond traditional budget accommodations [3][4]. - The founder, Wang Haijun, has a background in hotel management and previously co-founded Hanting Hotels [3]. Business Performance - Atour went public on NASDAQ in November 2022, with a market capitalization of $4.9 billion [5]. - In 2024, Atour reported total revenue of 7.248 billion yuan, a year-on-year increase of 55.3%, with adjusted net profit rising 44.6% to 1.306 billion yuan [8]. - Hotel business revenue accounted for approximately 4.851 billion yuan, representing about 67% of total revenue, with a year-on-year growth of 36.8% [9]. Retail Business Development - Atour launched the "Atour Planet" brand in 2021, focusing on sleep products aimed at the new middle class suffering from insomnia [6]. - The retail business is rapidly growing, with a GMV of 2.592 billion yuan in 2024, a year-on-year increase of 127.7% [9]. - Despite the growth in retail, Atour plans to maintain its focus on hotel operations, as the core hotel business faces growth challenges [9]. Market Challenges - Average room revenue for Atour decreased by 7.3% to 304 yuan in Q1 2025, with daily room rates down 2.8% to 418 yuan and occupancy rates declining [9]. - The company is responding to economic pressures by reducing procurement prices for hotel supplies to alleviate franchisees' operating costs [10]. - The current economic environment is markedly different from when Atour was founded, with middle-class consumers becoming more cautious in their discretionary spending [10].

Core Viewpoint - Atour, a chain hotel listed in the US, is considering a secondary listing in Hong Kong, potentially raising hundreds of millions of dollars [2] Group 1: Company Overview - Atour Group (ATAT) successfully listed on NASDAQ on November 11, 2022, becoming the "first stock of China's new accommodation economy" [3] - Founded in 2013, Atour has developed a unique business model that combines hotels with bookstores, coffee shops, and photography exhibitions [4] Group 2: Business Performance - According to Frost & Sullivan, Atour is the largest mid-to-high-end hotel chain in China by room count projected for the end of 2024 [5] - As of March 2025, Atour operates 1,727 hotels, with a net increase of 108 hotels compared to the end of 2024, achieving a compound annual growth rate of 31.8% from 2022 to 2024 [5] - In Q1 2025, Atour reported revenue of 1.906 billion RMB, a year-on-year increase of 29.8%, and an adjusted net profit of 345 million RMB, up 32.3% [5] - The adjusted EBITDA for the same period was 474 million RMB, reflecting a growth of 33.8% [5] - The average revenue per available room (RevPAR) was 304 RMB, 92.8% of the level in the same period of 2024, with an average daily rate (ADR) of 418 RMB, at 97.2% of the previous year's level [5] Group 3: Retail Business - In Q1, Atour's retail business achieved a GMV of 845 million RMB, a year-on-year increase of 70.9%, with over 90% of sales coming from online channels [7] - The retail business primarily sells hotel-related products, with the deep sleep pillow series being a top seller, contributing over 70% of total GMV [7] - As of March 31, the number of registered members exceeded 96 million, a growth of 35.4% year-on-year [7] - Based on strong retail performance, Atour raised its revenue guidance for 2025, expecting a year-on-year growth of 25%-30% [7] Group 4: Shareholder Returns - Atour announced a shareholder return plan, projecting a total dividend of approximately 58 million USD for 2025, along with a three-year buyback plan totaling up to 400 million USD [7]