酒店专家交流 20251008 摘要 2025 年国庆期间，连锁酒店 ADR 提升主要归因于消费者对连锁品牌信 任度高、酒店集团定价策略稳定以及家庭出行偏好。中高端酒店如亚朵、 希尔顿欢朋表现突出，经济型酒店中汉庭优势明显。 国庆预订高峰集中在 10 月 1 日至 4 日，峰值较去年延长一天。行业 RevPAR 同比转正预计需等到 2026 年下半年，受签约放缓、行业出清 及需求旺盛等多重因素影响。 预计 2026 年下半年酒店供给侧将减少，单体酒店和部分连锁老旧门店 面临经营压力。华住和亚朵成翻牌首选，因其出租率稳定，吸引业主提 升流量。 商务客人需求绝对值增长，但占比下降。行业已现出清现象，单体酒店 受影响较大。全季投资回报率最佳，周期约 4 至 4.5 年，汉庭经济型酒 店表现突出。 华住、锦江等头部集团持续扩张，但全国酒店供给在华北、华东、华南 及部分西南核心城市趋于饱和，贵阳、昆明、新疆、宁夏等地仍有缺口。 Q&A 今年国庆期间酒店行业的整体表现如何？ 今年国庆期间（2025 年 10 月 1 日至 7 日），酒店行业整体表现超出预期。华 住集团的平均每日房价（ADR）为 393 元，同比去年增长 ...

"是华强北的'门面'，小时候'高端酒店'的代名词" "结婚摆酒、升学宴、谢师宴都在这里，是我人生的地 标"……今年5月，位于福田区华强北商圈核心区域的老牌五星级酒店圣廷苑酒店宣布歇业，引发众多市 民的关注与回忆。近日，记者走访了解到，原中洲圣廷苑酒店已完成更名调整，换上"城际酒店"新招 牌；相邻的圣廷苑世纪楼则变更为"全季酒店"，从高端自营品牌转向与成熟酒店管理集团合作的轻资产 运营模式。 深圳首家五星级绿色商务酒店 "圣廷苑"曾是一代人的情感地标 29日，记者在现场看到，酒店主楼大堂门口悬挂了24年的"圣廷苑酒店"标牌已拆卸完毕，取而代之的 是"城际酒店"和其英文标识。酒店主楼一侧与楼面一体化的大型旧标识也正在更换，大堂入口处围起了 施工围挡。从侧门进入酒店内部，在巨大的圆形穹顶下，酒店内部装修依旧显得豪华，客房正在升级改 造。 "城际酒店"预计10月中下旬开业 作为深圳首家五星级绿色商务酒店，圣廷苑酒店承载着一代人的记忆。资料显示，1997年，深圳中洲圣 廷苑酒店有限公司成立，其前身为长城地产； 2001年8月酒店正式开业，不仅以"融豪华气派与幽静自 然于一体"的定位成为海内外客商首选，还斩获"中国酒店金 ...

Core Insights - The county-level markets in China are emerging as new engines of consumption, covering approximately 1 billion people and contributing 46.3% to the total retail sales of consumer goods [1][3] - The hotel industry is increasingly focusing on these "value-laden" markets, which are seen as the next growth frontier [2][6] Economic Growth and Consumer Behavior - The steady increase in rural residents' disposable income, which reached 11,272 yuan in the first half of 2023, growing by 6.6% year-on-year, is driving consumption capability and quality demand [3][5] - McKinsey predicts that by 2030, 66% of China's personal consumption growth will come from county-level markets, particularly in travel and tourism [3][5] Hotel Market Trends - There has been a significant shift from "budget travel" to "quality travel," with consumers now prioritizing amenities such as breakfast, airport transfers, and fitness facilities [5] - The rise of "reverse tourism" is noted, where young travelers seek unique experiences in small towns rather than crowded tourist spots, facilitated by improved transportation infrastructure [5] Competitive Landscape - Major hotel groups are implementing strategies to penetrate county-level markets, with Huazhu Group aiming for "a Huazhu in every county" and planning to open approximately 1,800 new hotels in 2024, primarily in lower-tier markets [7] - Jinjiang Hotel Group focuses on the three- and four-tier markets, with its economy and mid-range hotels contributing 97% of its revenue [7] - The introduction of a "light management" franchise model by Home Inn aims to attract local hotels for renovation, with 71.6% of its total hotels being economy and light management types [7] Differentiation Strategies - Shangmei Smart Hotel Group has carved out a niche by focusing on smaller, boutique hotels in lower-tier cities, with a unique "small but beautiful" model [8] - Local hotels are enhancing their facilities and services to compete with chain hotels, adapting to local market needs while maintaining cost-effectiveness [8] Success Factors in County-Level Markets - Successful hotel brands are adopting location strategies tailored to the characteristics of county markets, with tourism-oriented hotels near attractions and business-oriented hotels near commercial hubs [10] - Pricing strategies are crucial, with most hotels in these markets positioned in the 200-400 yuan range, and flexible requirements for franchisees to lower entry barriers [11] Future Outlook - The explosive growth of the county hotel market is just beginning, with further potential expected as urban-rural integration and transportation infrastructure improve [12] - The competition among national brands, regional chains, and local hotels will intensify, offering consumers more choices and better experiences [12]

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].

Core Viewpoint - The article highlights the significant role of Huazhu Hotels in providing quality accommodation along the challenging G318 Sichuan-Tibet Highway, enhancing the travel experience for tourists in high-altitude regions [1][3][5]. Group 1: Company Initiatives - Huazhu has established over 300 hotels along the G318 route, ensuring comprehensive coverage for travelers from Chengdu to Tibet [3][7]. - The launch of the "Huazhu Club Hotel Sample Room RV" marks a unique initiative to engage members in a journey along the G318, celebrating the company's 20th anniversary [3][7]. - Huazhu's "Price Guarantee" program offers members assurance against price fluctuations, enhancing customer confidence in booking accommodations [16]. Group 2: Market Demand and Challenges - The G318 route is increasingly popular, with a reported 3.1272 million visitors during the 2024 National Day holiday, reflecting a 13.85% year-on-year increase [5]. - Tourists face significant challenges such as altitude sickness and inadequate accommodation options, making reliable hotels essential for a comfortable experience [8][11]. - The article emphasizes the need for improved infrastructure and services along the G318 to attract more visitors and enhance their travel experience [19][20]. Group 3: Customer Experience - Huazhu hotels provide essential amenities such as oxygen supply systems and 24-hour hot water, addressing the specific needs of travelers in high-altitude areas [11][15]. - The availability of clean and comfortable accommodations, along with nutritious breakfast options, significantly improves the overall travel experience for visitors [13][15]. - The company’s commitment to maintaining consistent service standards across its hotels ensures that travelers can expect a reliable experience regardless of location [15].

Core Viewpoint - Huazhu Group reported a revenue of 11.8 billion yuan for the first half of 2025, a year-on-year increase of 3.5%, and a net profit of 2.4 billion yuan, up 41.2% year-on-year, indicating resilience despite industry challenges [1][2]. Financial Performance - In Q2 2025, Huazhu achieved a revenue of 6.4 billion yuan, a 4.5% increase year-on-year, with adjusted net profit reaching 1.35 billion yuan, up 7.6% [1][2]. - The total transaction volume (GMV) for the group reached 26.9 billion yuan, reflecting a 15% year-on-year growth [2]. - The number of hotels in operation increased to 12,137, a growth of 18% year-on-year, with total rooms reaching 1,184,915, up 18.3% [1][2]. Business Strategy - Huazhu's strategy focuses on expanding into new cities and regions, particularly in lower-tier cities, to achieve high-quality network expansion [1][2]. - The company opened 597 new hotels in Q2, with economy and mid-range hotels making up 44% and 42% of the new openings, respectively [1][2]. Revenue Breakdown - Revenue from management and franchise hotels was 5.4 billion yuan, a 22% increase, accounting for 45.4% of total revenue, up from 38.5% in the same period last year [2]. - The revenue from leased and owned hotels was 6.2 billion yuan, a decline of 8.7%, with Huazhu China specifically seeing a 10.3% drop [2]. Market Dynamics - The overall RevPAR (Revenue per Available Room) for Huazhu decreased by 7.9% to 233 yuan, with occupancy rates dropping by 2.9 percentage points to 81.1%, indicating increased market competition and weak demand [3]. - The company anticipates a slight decline in RevPAR for the full year due to increased hotel supply and weaker consumer sentiment, but aims to meet its revenue guidance through product upgrades and sales enhancements [4]. Brand Development - Huazhu's HanTing brand ranked first in the latest "Top 50 Hotel Brands" list, while its Orange Hotel brand surpassed 1,000 locations, positioning itself as a second growth engine in the mid-range market [5]. - The company is leveraging the current real estate market downturn to acquire prime properties in first and second-tier cities for new high-end hotel developments [5].

Core Viewpoint - The hotel industry in China faces challenges due to rapid supply increases and macroeconomic factors, but H World Group (Huazhu) demonstrates resilience and growth through strategic expansion and operational excellence [1][3]. Financial Performance - In Q2 2025, Huazhu's hotel revenue reached 26.9 billion yuan, a 15% year-on-year increase; total revenue was 6.4 billion yuan, up 4.5% [1]. - Management and franchise income grew by 22.8% to 2.9 billion yuan; adjusted net profit was 1.35 billion yuan, a 7.6% increase; adjusted EBITDA was 2.3 billion yuan, up 11.3% [1]. - The total number of operating hotels reached 12,137, an 18% increase year-on-year, with 1,184,915 rooms, up 18.3% [1]. Expansion Strategy - Huazhu opened 597 new hotels in Q2, with a focus on economy and mid-range hotels, which accounted for 44% and 42% of new openings, respectively [6]. - The company emphasizes high-quality expansion rather than blind growth, targeting underdeveloped markets, including rural areas [3][6]. - The brand matrix is diversifying, with the launch of new hotel versions catering to different market segments [8][10]. Market Position and Trends - The Chinese hotel market is experiencing structural changes, with mid-range hotels becoming the main growth driver [10]. - Huazhu's brands, including Hanting and Qianxi, are positioned to meet the rising demand for quality and affordable accommodations [11]. - The company ranks fourth globally in terms of operating rooms, surpassing InterContinental Hotels Group [8]. Membership and Customer Engagement - Huazhu upgraded its membership program to address consumer concerns about pricing, enhancing member loyalty [12]. - As of Q2, the number of Huazhu members reached 288 million, a 17.5% increase, with member bookings accounting for 65.1% of total room nights [12].

Core Insights - Huazhu Group reported a recovery in performance for the first half of 2025, with revenue and profit both increasing after a challenging 2024 [1][2] - The company achieved a revenue of 11.8 billion yuan, a year-on-year increase of 3.5%, and a net profit of 2.4 billion yuan, up over 40% from the previous year [2][3] Financial Performance - In the first half of 2025, Huazhu's net profit exceeded the same period in 2023 by 400 million yuan [3] - The revenue structure shows that direct-operated hotels accounted for 62 billion yuan, while management and franchise hotels contributed nearly 54 billion yuan, representing 45% of total revenue [7][9] Market Dynamics - The hotel industry is experiencing oversupply, leading to intense competition and declining profitability for many listed hotel groups [2][5] - Despite a recovery in occupancy rates and average daily rates (ADR), key performance indicators such as RevPAR have shown a year-on-year decline [13][14] Strategic Focus - Huazhu maintains a focus on the economy and mid-range hotel segments, aiming to optimize existing store quality and expand in core urban areas [5][10] - The company is transitioning towards a light-asset model, with 92% of its hotels under management or franchise agreements, which is expected to enhance profitability [6][9] Brand Development - Huazhu's brand Hanting has been recognized as the largest hotel brand globally by room count, with 4,401 operating hotels and 728 in the pipeline [15][16] - The company is addressing the challenge of aging properties by upgrading older hotel models to maintain competitiveness in the market [16]

Financial Performance - In Q2 2025, the company reported a revenue increase of 4.5% year-on-year to 6.4 billion RMB, with a net profit of 1.5 billion RMB, reflecting a 36.4% year-on-year growth and a 67.8% quarter-on-quarter increase [2] - The hotel operating revenue reached 26.9 billion RMB, showing a 15% year-on-year increase [2] Operational Metrics - Key operational metrics continued to decline year-on-year, with Average Daily Rate (ADR) down 2% to 290 RMB, occupancy rate (OCC) decreasing from 82.6% to 81%, and Revenue per Available Room (RevPAR) down 3.7% to 235 RMB [3] - However, these metrics showed improvement compared to Q1 2025, recovering to 98.1%, 98.4%, and 96.2% respectively [3] Expansion Strategy - The company opened 595 new hotels in Q2, a slowdown compared to Q1, with economy and mid-range hotels making up 44% and 42% of new openings respectively [5] - By the end of Q2, the company operated a total of 12,137 hotels, with a net increase of 452 hotels from the previous quarter [2][5] Brand Performance - The HanTing brand launched a new 4.0 version in Q2, while the Juzi Hotel surpassed 1,000 openings, indicating a successful strategy in the competitive mid-range hotel market [7] - The Intercity brand saw a 57.1% year-on-year increase in operating and upcoming hotels, with a RevPAR of 370 RMB [7][8] Membership and Revenue Expectations - As of the end of Q2, the company had 288 million members, a 17.5% year-on-year increase, with a 28.8% rise in member booking nights [8] - The company anticipates Q3 2025 revenue growth between 2% to 6%, with management and franchise income expected to grow by 20% to 24% [9] Market Outlook - Despite a prosperous summer travel market, the company predicts a decline in RevPAR for Q3 due to extreme weather and macroeconomic uncertainties, although the decline is expected to be less severe than in Q2 [9] - The company remains optimistic about long-term growth in the Chinese tourism and hotel industry, despite short-term challenges [8][9]

Group 1 - The core viewpoint of the article highlights Huazhu Group's strong financial performance in Q2 2025, with significant year-on-year growth in hotel revenue and adjusted net profit [1] - In Q2 2025, Huazhu Group's hotel operating revenue reached 26.9 billion yuan, a 15% increase year-on-year, while total revenue was 6.4 billion yuan, up 4.5% [1] - The adjusted net profit for the quarter was 1.35 billion yuan, reflecting a 7.6% year-on-year growth, and adjusted EBITDA was 2.3 billion yuan, increasing by 11.3% [1] Group 2 - As of the end of Q2 2025, Huazhu Group operated a total of 12,137 hotels, marking an 18% increase year-on-year, with a total of 1,184,915 rooms, up 18.3% [1] - The company opened 597 new hotels during the quarter, with a total of 2,947 hotels in the pipeline, covering 1,522 cities [1] - The average daily room rate, occupancy rate, and average revenue per available room for Huazhu China were 290 yuan, 81%, and 235 yuan, respectively, showing recovery compared to the previous quarter [1] Group 3 - The hotel industry in China is undergoing structural changes, with oversupply in high-end hotels, a need for upgrades in budget hotels, and rapid growth in mid-range hotels [2] - Huazhu's membership program, Huazhu Club, reached 288 million members, a 17.5% increase year-on-year, indicating a shift towards direct sales and reduced reliance on third-party platforms [2] - Industry experts predict that competition will intensify, with hotel brands needing to enhance their competitiveness through improved booking and membership systems to attract more owners [2]