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 ...

Core Insights - The hotel industry in China, backed by a population of 1.4 billion, is seen as a promising investment opportunity despite current market challenges, including oversupply and increased competition [2][3] - The focus has shifted from "whether to invest" to "how to invest," emphasizing the need for systematic methodologies and clear transformation paths in hotel models [2][5] - The supply-side reform in China presents a significant opportunity for the hotel industry, with potential for brand standardization and operational efficiency improvements [5][6] Market Demand and Segmentation - The core logic of hotel investment is supported by a robust market demand driven by the 1.4 billion population, leading to increased travel and consumption [3][4] - The market can be segmented into three dimensions: geographical (first-tier, second-tier, and county-level markets), income (luxury, middle-class, and budget consumers), and age demographics (youth, middle-aged, and seniors) [3][4] Supply-Side Reform Opportunities - Supply-side reform is viewed as a critical driver for investment opportunities, with significant room for improvement in hotel scale and chain rates compared to the U.S. [5][6] - The potential for transforming underperforming hotels into branded, standardized operations is substantial, particularly in lower-tier cities [5][6] - Current economic conditions provide a "cost dividend," reducing property rental and construction costs, thus facilitating market entry for investors [6] Investment Criteria: Two "Three Goods" - Successful hotel investment hinges on two sets of "three goods": good location, good rent, and good product, where "good product" encompasses brand, property, and quality [7][8] - A strong brand is identified as a key variable for enhancing asset value, with emphasis on brand effect, membership systems, and technological capabilities [8][10] Competitive Landscape and Brand Strategy - The hotel market is characterized by increasing brand proliferation and homogenization, necessitating distinct positioning and unique value propositions for brands to stand out [10][11] - Leading brands within the industry, such as Huazhu, have demonstrated resilience and rapid recovery capabilities, supported by robust membership systems and technological advancements [10][11] - The head brand's competitive advantages have been validated, with Huazhu ranking fourth globally and its HanTing brand recognized as the largest single hotel brand worldwide [10][11]

Core Insights - The article discusses the shift in mindset among the new generation of hotel investors, particularly focusing on the experiences of a young investor, Mr. Lin, who is navigating the challenges of the hotel industry in China [1][2][3]. Group 1: Changing Perspectives in Hotel Investment - The previous generation of hotel investors relied heavily on international brands for credibility and success, viewing hotels as status symbols rather than cash flow generators [3][5]. - Mr. Lin's family faced significant financial difficulties due to over-reliance on high-end international hotel brands, leading to a reevaluation of investment strategies [5][9]. - The new generation prioritizes cash flow and operational efficiency over brand prestige, emphasizing the need for flexible contracts and clear ROI [10][18]. Group 2: Practical Investment Strategies - Mr. Lin proposes a shift towards more adaptable hotel brands that understand the local market, such as Huazhu's City Inn and Atour's new lifestyle brand, rather than sticking to traditional high-end international brands [8][18]. - The younger generation of hotel investors is more educated in hotel management and financial modeling, leading to a more analytical approach to investment [14][15]. - Key principles for the new generation include flexible contract terms, clear investment returns, and adaptable exit strategies, reflecting a pragmatic approach to hotel management [20][22][25]. Group 3: Industry Implications - The traditional negotiation framework with international hotel brands is becoming less effective as new investors demand more control and flexibility in contracts [19][20]. - The emergence of local hotel brands that can meet the demands of the new generation is changing the competitive landscape, as these investors are less willing to accept long-term contracts that limit their options [21][25]. - The focus is shifting from brand prestige to operational performance, with an emphasis on data-driven decision-making and financial viability [26].

Core Insights - The article discusses the shift in mindset among the new generation of hotel investors, moving away from reliance on international brands and focusing on cash flow and operational efficiency [1][3][11] Group 1: Changing Perspectives in Hotel Investment - The younger generation, represented by Lin, is less romantic about high-end international hotel brands and more pragmatic about cash flow management [4][6] - Lin's father, a traditional investor, still believes in the prestige of international brands, while Lin emphasizes the need for flexible contracts and clear ROI [2][3][6] - The new generation is more educated in hotel management and financial models, leading them to prioritize profitability over brand prestige [5][9] Group 2: Investment Strategies and Principles - Lin outlines four key principles for hotel investment: prioritize cash flow, ensure flexible contracts, maintain controllable investments, and have exit strategies [6][8] - The trend among new investors is to avoid long-term contracts that lock them into unfavorable conditions, preferring shorter agreements with local brands [8][10] - There is a growing emphasis on performance metrics and ROI calculations before making investment decisions, contrasting with the previous generation's approach [7][10] Group 3: Market Dynamics and Future Outlook - The article notes that the traditional negotiation tactics of international hotel groups are becoming less effective with the new generation of investors [8][9] - The younger investors are redefining what constitutes a reasonable partnership, focusing on flexibility and performance rather than brand prestige [8][11] - The future of hotel investment is expected to be driven by data and operational efficiency, rather than reliance on brand names [10][11]

Core Insights - The hotel industry in China is experiencing a historic development opportunity, driven by the pursuit of a better life by 1.4 billion people and supported by a complete industrial system and world-class infrastructure [2][3] - The market shows distinct regional characteristics, with significant potential in county-level markets where the chain rate is below the national average [2][3] - The middle-income group, exceeding 400 million people, is driving high-quality development in the hotel industry through their demand for quality living [2][3] Market Dynamics - Current market pressures are prompting a return to the essence of investment, creating conditions for rational investment [3] - The supply side is undergoing deep transformation driven by franchising and branding [3] - AI technology is enhancing customer experience and operational efficiency [3] Investment Standards - A new investment standard system has been proposed, focusing on "good location, good rent, good product" on the investment side, and "good brand, good property, good quality" on the product side [3] Brand Development - The company launched a new brand "All Seasons Grand," which aims to elevate the hotel experience to a lifestyle concept, integrating Eastern aesthetics into travel scenarios [3] - The brand seeks to provide a unique Eastern aesthetic experience and aims to become a world-class Eastern brand [3] Company Achievements - Over the past 20 years, the company has welcomed more than 2 billion guests and driven nearly 300 billion yuan in industry chain investment [4] - The company has established a comprehensive brand matrix covering various consumer segments, with a repurchase rate of over 30% for All Seasons hotel franchisees [4] - The company expresses strong confidence in the future, aiming to let "Chinese service" resonate globally and transform hotels into significant "beautiful spaces" for humanity [4] Event Participation - Nearly 4,000 hotel investors, franchisees, industry partners, and employees attended the 2025 Huazhu Partners Conference [5]

Core Insights - The core message of the event was a strong endorsement of the Chinese hotel industry, emphasizing a positive outlook for the future and the importance of supply-side reforms in driving growth [1][12][16] Company Overview - Huazhu Group has achieved significant milestones, including 300 million members and operations in over 12,000 hotels across 19 countries, ranking fourth globally among hotel groups [8][10] - The company has established a comprehensive brand matrix covering various market segments, with high repurchase rates among franchisees and leading performance metrics in the industry [8][10] New Brand Launch - The new brand "All Seasons Grand View" was introduced, focusing on a lifestyle approach that integrates Eastern aesthetics into the hospitality experience, aiming to create a unique cultural and aesthetic experience for guests [6][10] Market Position and Strategy - Huazhu's growth strategy is centered on three key pillars: deepening focus on the Chinese market, leveraging a triadic model of brand, membership, and technology, and pursuing high-quality growth [11][12] - The company is positioned to capitalize on the ongoing transformation in the hotel industry, moving from rapid expansion to a focus on quality and efficiency [10][15] Industry Trends - The Chinese hotel industry is undergoing a significant transformation, with opportunities arising from market pressures, the rise of franchising, advancements in AI technology, and the potential in lower-tier cities [15][16] - The current state of the industry presents a chance for supply-side reforms, addressing issues of fragmentation and homogeneity in the market [15][16]

Core Insights - The hotel industry is experiencing unprecedented opportunities driven by market pressures, supply-side reforms, AI technology, and the potential of county markets [1] - The founder of Huazhu Group, Ji Qi, introduced the concept of "three markets" in the Chinese hotel industry, highlighting the distinct characteristics of developed markets, provincial cities, and county markets [1] - The middle-income group, exceeding 400 million people, is driving high-quality development in the hotel sector due to their pursuit of quality living [1] Market Dynamics - The increasing pressure in the stock market is prompting a return to the essence of investment, creating favorable conditions for rational investment [1] - Franchise investments are becoming a significant trend in the industry, with a focus on supply-side transformation [1] - The county market shows significant potential for growth, with a low chain rate compared to the national average, and improving infrastructure and consumption upgrades creating a conducive environment for hotel investment [1] Consumer Behavior - The hotel industry is witnessing parallel development across three consumer segments: luxury, middle-class, and budget consumers [1] - Younger consumers, who have grown up in affluent environments and possess a strong educational background, are demanding higher aesthetic standards in hotel products, significantly altering the competitive landscape [1] Company Milestones - Huazhu Group celebrated its 20th anniversary, having hosted over 2 billion guests and driven nearly 300 billion yuan in industry chain investments [2] - The company has established a comprehensive brand matrix covering various hotel categories, including national hotels, select services, lifestyle, high-end brands, and serviced apartments [2] Performance Metrics - The repurchase rate for franchisees of the All Seasons Hotel exceeds 30% [4] - The RevPAR (Revenue per Available Room) of Orange Crystal Hotels continues to lead the industry [4] - Intercity Hotels have achieved an annual growth rate of 155% [4]

Core Insights - The transformation of iconic hotels into chain brands reflects a broader trend in the hospitality industry, where many landmark hotels are rebranding to adapt to changing market conditions and consumer preferences [1][10][16] Summary by Sections Hotel Closure and Rebranding - The Saint Ting Yuan Hotel in Shenzhen has officially closed and rebranded as a "City Intercontinental Hotel," marking the end of an era for a hotel that has been a part of the city's identity for 24 years [1][2] - The closure has sparked nostalgia among former guests who associate the hotel with significant life events and memories [1][4] Historical Significance - The Saint Ting Yuan Hotel was once a five-star green business hotel and a symbol of luxury in Shenzhen, having opened in 2001 during a peak period for the area [4] - The hotel received numerous accolades, including the "China Hotel Golden Pillow Award" and "National Top Ten Conference Hotels" [4] Financial Challenges - The parent company, Zhongzhou Holdings, is undergoing a difficult transformation, facing its first loss in 30 years with a net profit of -1.845 billion yuan in 2023, a 2412.74% decline year-on-year [4][5] - The hotel has also reported its first loss in over 20 years, compounded by aging facilities that require renovation [4][5] Strategic Shift - The rebranding to City Intercontinental is part of Zhongzhou Holdings' strategic shift from high-end self-operated brands to partnerships with established hotel management groups, aimed at reducing operational costs and improving asset efficiency [5][6] - This trend is not isolated, as other landmark hotels across various cities are also transitioning to chain brands, indicating a widespread industry shift [7][10] Market Trends - The trend of landmark hotels rebranding to chain hotels is becoming increasingly common, with many older hotels unable to compete with modern standards and consumer expectations [10][11] - The shift reflects a broader market trend where the emotional and nostalgic value of these hotels is diminishing, and operational efficiency and cash flow are becoming the primary focus for asset holders [16] Future Outlook - The rebranding of landmark hotels to mid-range or mid-high-end chain brands is seen as a pragmatic choice, aligning with current market demands and consumer preferences for value and practicality [13][16] - Successful transformations should focus on creatively integrating local culture and history into the new brand identity, rather than erasing the past [14][15]

Core Insights - Huazhu Group's brand, Qianxi, is accelerating its expansion in Southeast Asia, with recent signings in Kuala Lumpur and Phnom Penh, marking a significant step in its overseas strategy [1][2] - The Southeast Asian market is becoming a testing ground for domestic hotel brands seeking global presence, driven by increasing business travel and tourism from China [5][6] Group 1: Qianxi's Southeast Asia Expansion - Qianxi has signed three new hotels in Southeast Asia, with locations in Kuala Lumpur and Phnom Penh, targeting business and leisure travelers [1][2] - The Kuala Lumpur hotel will feature 101 rooms and is set to open in Q4 2026, while the Phnom Penh hotel aims to become a benchmark in the CBD area, opening in Q2 2026 [2] - The strategy involves analyzing local market trends and consumer demands, indicating a shift from mere acquisitions to a more nuanced approach in overseas expansion [2] Group 2: Market Dynamics and Opportunities - The Southeast Asian tourism landscape is changing, with Vietnam becoming the top destination for Chinese tourists, receiving 3.5 million visitors in 2025, a 44% increase [5] - Recent visa policies in Southeast Asia have facilitated travel for Chinese tourists, enhancing the potential customer base for Qianxi hotels [6] - The growing demand for quality accommodations is driven by a young population, with over 50% under 30 years old, and a rapidly expanding middle class [7][8] Group 3: Competitive Landscape and Strategic Approaches - Domestic hotel groups are increasingly looking to Southeast Asia as a new growth market amid intense competition in the domestic market [9][15] - The first wave of expansion involved partnerships and franchise models, while the current phase sees more direct investments and brand establishment [9][10] - Companies like Jinjiang and Huazhu are diversifying their brand offerings and leveraging local partnerships to enhance their market presence [11][12] Group 4: Technological and Operational Innovations - The integration of digital systems and localized operations is becoming a competitive advantage for hotel groups entering Southeast Asia [14] - Huazhu's establishment of a global headquarters in Singapore aims to streamline operations and adapt to local market needs [3] - The focus on a robust membership system and localized marketing strategies is essential for building brand recognition and customer loyalty in new markets [13][15]

Core Insights - The iconic Shentinyuan Hotel in Huaqiangbei, Shenzhen, has ceased operations and rebranded as "Intercity Hotel," marking a significant shift in the local hospitality landscape [1][2][5] Company Overview - Shentinyuan Hotel, established in 2001, was recognized as Shenzhen's first five-star green business hotel and won multiple awards, including the "Best Influential Hotel in Shenzhen Tourism 2023" [5][9] - The hotel was a key venue for business meetings and personal celebrations, becoming a landmark for many residents, particularly those who moved to Shenzhen in the late 1990s and early 2000s [7][8] Strategic Shift - The transition from a high-end self-operated brand to a partnership with established hotel management groups reflects a strategic response to the evolving travel market, emphasizing a light-asset operation model [9][10] - The new "Intercity Hotel" is set to open in mid to late October, with renovations aimed at enhancing guest experience while maintaining competitive pricing [9][12] Market Context - The hotel industry is experiencing a trend towards chain operations, driven by the need for cost reduction and improved asset efficiency amid challenging economic conditions [10] - Recent financial data indicates that the hotel and restaurant revenue accounted for only 9.55% of the main business income for the parent company, Zhongzhou Holdings, which faced significant losses in recent years [10] Urban Development - The local government is actively promoting the transformation of the area into a vibrant "sports+" urban zone, enhancing accommodation and commercial offerings in preparation for upcoming major sporting events [16][18] - The district is also focusing on environmental improvements and commercial upgrades to create a lively atmosphere for residents and visitors [17][18]