Core Viewpoint - The collaboration between Tongcheng Travel and Wanda Group marks a significant move in the online travel agency (OTA) sector, as Tongcheng plans to acquire Wanda Hotel Management for 2.497 billion, aiming to strengthen its position in the hotel management market amidst increasing competition from platforms like Meituan and Douyin [1][3][7]. Group 1: Acquisition Details - Tongcheng Travel announced the acquisition of 100% equity in Wanda Hotel Management for 2.497 billion, with a valuation of 9.5 times the adjusted EBITDA for 2023, slightly below the industry average [3]. - Wanda Hotel Management operates a light-asset model with nine hotel brands, managing 204 hotels and over 40,200 rooms, with an additional 376 hotels under contract to open [3]. - The acquisition is expected to enhance Tongcheng's competitiveness in the high-end hotel sector, leveraging Wanda's established brand portfolio and experienced management team [3][4]. Group 2: Market Context and Strategy - The hotel supply currently exceeds demand, leading to intensified competition and opportunities for low-cost acquisitions, prompting OTAs to enhance their accommodation offerings [1][2]. - Analysts suggest that OTAs are seeking new growth avenues through hotel acquisitions, which can provide direct operational profits and strengthen market positions through industry chain collaboration [2][7]. - Data indicates that accommodation bookings remain a core revenue source for major OTAs, with Tongcheng's accommodation service revenue reaching 4.7 billion, accounting for 27% of total revenue, and Ctrip's accommodation revenue at 21.6 billion, making up 40% of total revenue, both showing double-digit growth year-on-year [7]. Group 3: Competitive Landscape - The competition in the hotel booking market has intensified, with platforms like Meituan and Douyin capturing significant market share from traditional OTAs [7][10]. - The acquisition strategies of both Tongcheng and Ctrip are seen as essential moves to mitigate competition from emerging players and to control scarce supply resources more effectively [10]. - The future competition in the OTA sector is expected to focus on deepening supply chain integration and enhancing user engagement [10].

作 者丨 刘婧汐 编 辑丨骆一帆 天眼查显示，近日，上海山海有野酒店集团获得由上海赫程国际旅行社有限公司A轮融资2 6 2 6万元，占股6 7%，而后者由成都携程信息技术有 限公司1 0 0%持股。 也就是说，携程以2 6 2 6万元拿下了高端民宿品牌大乐之野6 7%股权。 价格战、同质化竞争激烈 小宁在桂林、阳朔运营民宿已有十年时间，但近两年来，她愈发觉得生意不好做了。 | 实际控制人 1 ⑦ ♀♀ 岳 实际控制人图谱 | | 国导出 2天眼查 | | --- | --- | --- | | 序号 | 实际控制人 | 总持股比例 | | | 携程 携程旅行网（香港）有限公司 (CTRIP.COM (HONGKONG) LIMITED) 垂 143 | 67.0443% + | 携程持有山海有野6 7 %股份。图源：天眼查 据悉，上海山海有野酒店集团有限公司2 0 1 7年成立于莫干山，创始人吉晓祥为同济大学规划专业背景。目前，山海有野旗下酒店数量为2 5家， 分布在莫干山碧坞村、苏州余山岛、宁夏中卫等地。 就在前不久，俞敏洪也向一家小众高端酒店品牌递去了橄榄枝 。天眼查显示，西藏松赞绿谷文化旅游有限公司的注 ...