2025年的市场呈现出了与以往截然不同的格局。如果说过去行业是在享受"增量市场"的红利，大家忙着 跑马圈地，比谁规模大、比谁布局快，那么这一年我们全身心投入了"存量市场"的耕耘，考验的是大家 对市场的理解力，需要有更多专业和深度的内容出现。 在这个赛道，谁能活得好？关键在于对以下四方面的把握—— （来源：中国旅游报） 转自：中国旅游报 □ 本报首席记者 王 玮 旅游住宿业为游客提供着"美好生活空间"。回望2025年，很多酒店和民宿业者心头交织着两种截然不同 的情绪——既有经营发展的现实压力，又有热烈生长的希望之火。当2026年的第一缕阳光照亮前行的道 路，我们相信，只要坚守以人为本、服务至上的经营理念，游客会以"用脚投票"的方式回报每一家努力 的企业。 2025年整个酒店行业打了一场硬仗。在较为复杂的经济环境下，市场的蛋糕没有快速变大，而分蛋糕的 人却在不断进化。 当然，这一年行业也迎来了希望。消费者对于美好生活的渴望愈发强烈。老百姓对于"出去走走"的想 法、对于"过一种不同生活"的投入和追求不仅没有减少，反而更加丰富和生动。他们更加关注那些可以 产生"多巴胺"的事儿，比如听演唱会、比如看"苏超"。对于住酒店 ...

Core Insights - Vail Resorts, Inc. is a leading global mountain resort operator with premier ski destinations in the U.S., Canada, and Australia, competing with other leisure and hospitality businesses [1] Financial Performance - Vail Resorts has a Return on Invested Capital (ROIC) of 5.19%, which is below its Weighted Average Cost of Capital (WACC) of 6.06%, resulting in a ROIC to WACC ratio of 0.86, indicating a need for improved capital efficiency [2][6] - Comparative analysis shows that Fair Isaac Corporation (FICO) has a ROIC of 53.59%, significantly outperforming Vail Resorts in capital utilization [6] Peer Comparison - Masimo Corporation has a negative ROIC of -11.49% and a WACC of 9.14%, resulting in a ROIC to WACC ratio of -1.26, indicating struggles in generating returns above its cost of capital [3] - Hyatt Hotels Corporation has a ROIC of -20.09% and a WACC of 8.41%, with a ROIC to WACC ratio of -2.39, highlighting inefficiencies in capital utilization [3] - IDEXX Laboratories, Inc. has a ROIC of 38.09% and a WACC of 11.47%, resulting in a ROIC to WACC ratio of 3.32, indicating efficient capital utilization [4] - The Toro Company has a ROIC of 13.58% and a WACC of 7.28%, with a ROIC to WACC ratio of 1.87, also demonstrating effective capital utilization [4] - FICO stands out with a ROIC to WACC ratio of 5.72, indicating strong capital efficiency and value creation for shareholders [5]

当地时间1月5日，美国国土安全部（DHS）公开指控希尔顿集团旗下酒店拒绝为移民与海关执法局（ICE）官员提供住宿服务，称相关行为系一场"协调 一致的行动"。该事件迅速引发舆论关注，并对希尔顿的品牌形象及股价造成冲击。 DHS在社交平台X上发布了多张通信截图，披露其与明尼苏达州莱克维尔一家欢朋酒店的邮件内容。欢朋酒店为希尔顿旗下多个品牌之一。 截图中，一封邮件明确写道："我们不允许ICE或任何移民执法人员入住我们的物业。" 酒店沟通邮件截图来源：美国国土安全部X平台账号 DHS据此指控该酒店蓄意阻挠联邦执法人员执行公务，并将矛头指向希尔顿集团，认为此举并非偶发事件。 该部门发言人特里西娅·麦克劳克林（Tricia McLaughlin）在一份声明中措辞强烈，指责希尔顿恶意取消执法人员预订。 "为什么希尔顿酒店要站在杀人犯和强奸犯一边，蓄意破坏并阻挠国土安全部执法人员执行我们国家移民法律的使命？" 希尔顿方面对此次事件迅速作出回应。一名希尔顿发言人表示，涉事酒店为独立运营的加盟物业，其行为不代表希尔顿集团的价值观或官方立场。 另一封邮件则表示，在进一步进行线上调查后，酒店发现预订人"与移民执法工作有关"，因此决定 ...

【环球网报道】据美国广播公司（ABC）、《纽约时报》等媒体报道，美国国土安全部当地时间5日指 控希尔顿酒店"恶意取消"了其下属机构美国移民与海关执法局特工在明尼苏达州明尼阿波利斯市预订的 房间，拒绝向他们提供服务。希尔顿酒店随后对这些指控作出回应，称该酒店由另一家集团独立运营。 该集团已就此事致歉。 报道提到，拥有该酒店的公司也在声明中表示道歉，并称此次取消预订的行为违反了其"欢迎所有客 人"的政策。 据了解，美国本届政府去年1月执政以来奉行强硬的驱逐非法移民政策，引发广泛争议。ABC援引多名 知情人士消息介绍称，此次事件发生之际，国土安全部可能将向明尼阿波利斯市和圣保罗市部署多达 2000名特工，以开展欺诈和移民调查。 国土安全部在帖文中指责希尔顿酒店发起了一场"协同一致的行动"，拒绝为该部人员提供服务。"当执 法人员使用官方政府邮箱和价格预订房间时，希尔顿酒店恶意取消了他们的预订。这是不可接受 的。"国土安全部称，"为什么希尔顿酒店要站在杀人犯和强奸犯一边，蓄意破坏并阻挠国土安全部执法 人员执行国家移民法律的使命？" ABC称，希尔顿酒店发言人驳斥了相关指控，称该酒店为独立运营，"其行为并不代表希尔顿的价 ...

Group 1: Overall Market Performance - Hangzhou's cultural tourism market experienced a significant boost during the 2026 New Year's holiday, attracting 6.6019 million visitors and generating ticket revenue of 79.9778 million yuan, with a 15.9% year-on-year increase in visitors from outside the city [1] - The average hotel booking volume in Hangzhou surged by 280% year-on-year on New Year's Day, with overnight visitors reaching 1.032 million, marking a 7.1% increase [2] Group 2: Consumer Trends and Preferences - The search volume for "New Year travel" increased by 125% year-on-year, with the post-00s demographic making up 39% of travelers, indicating a strong preference for experiential and ceremonial activities [3] - Personalized cross-year packages offered by local inns, featuring activities like bonfire parties and tea gatherings, achieved an average occupancy rate of 75.76% [2] Group 3: Cultural and Entertainment Activities - Various cultural events and markets, such as the "New Year Treasure Hunt" and traditional performances, attracted over 90,000 participants, showcasing the city's rich cultural heritage [4] - The integration of food, non-heritage activities, and local markets created a vibrant atmosphere, enhancing the overall visitor experience during the holiday [4] Group 4: Winter Sports and Activities - The cold weather and snowfall led to a surge in winter sports tourism, with ski resorts in nearby areas seeing a 930% increase in orders, while local ski venues also performed well [5] - Hangzhou's ice and snow amusement parks received approximately 33,000 visitors during the holiday, reflecting the growing popularity of winter activities [5]

最近，美国斩杀线这个话题在简中社交媒体上火了，一些网民用它描述那些看似体面的美国中产阶级，随时可能因一次意外或风险跌入深渊。 看着网上七嘴八舌的讨论，我却想起了数月前在洛杉矶住酒店的经历，那个深夜的遭遇，让我看到了美国社会一条更残酷的实物红线。 去年10月中旬，抵达洛杉矶前几天，我们住在圣莫尼卡海滩附近的一家连锁五星酒店，价格大概是含税400美元左右。 | 在线付 | ¥7997.56 | | --- | --- | | 10-18 | ¥2665.89 | | 10-19 3份早餐/间 | ¥2665.89 | | 10-20 3份早餐/间 | ¥2665.89 | | 10-21 3份早餐/间 | | | 支付优惠 | -¥0.11 | | 口今他信甜 ¥112/11 | | 虽然酒店距离海滩足足有1公里，但在今天通货膨胀极其严重的洛杉矶，已经属于性价比比较合适的酒店。 第一天晚上，我被时差折磨得毫无睡意，凌晨两点，怕打扰老婆孩子休息，便拎着电脑独自下楼去大堂写稿。电梯门打开的一瞬间，我立刻感觉到气氛有 些诡异，空气里没有五星级酒店惯用的香氛，反倒飘着一股焦糖烧焦的甜腻味道。 大堂吧角落里蜷缩着几个黑影， ...

扬子晚报网1月2日讯(记者王夕悦)2026年元旦假期第二天，南京文旅市场持续火力全开！据南京智慧旅游大数据监测平台显示，1月2日，全市景区景点、 文博场馆、乡村旅游、国家级夜间文旅消费集聚区等监测点接待游客量207.7万人次，按可比口径较去年同期上升26.4%。其中，外地游客占比68%，省外 客源地排名前十的地区分别是安徽、上海、浙江、河南、山东、广东、江西、北京、湖北、河北。 假期前两天，全市累计接待游客量403.8万人次，日均较去年同期上升22.9%。其中，玄武湖景区推出全新沉浸式体验、黄册库护卫巡游等活动，叠加冬日 赏梅亮点，两天累计接待游客量21.8万人次，日均较去年同期上升62.7%；红山森林动物园南门新区显著拉动游客量增长，两天累计接待游客量13.4万人 次，日均人数为去年同期2.9倍；高淳老街历史文化景区聚焦非遗主题开展系列迎新活动，两天累计接待游客量3.2万人次，日均较去年同期上升57.1%。 文旅消费同步实现强劲增长。元旦当天，银联商务渠道的南京全市文旅消费金额12.4亿元，同比增长33.1%。其中，异地文旅消费金额7.4亿元，同比增长 46%，显示出外地游客强劲的消费带动能力。 景区景点和 ...

人民财讯1月1日电，据南京日报，南京市文旅局数据显示：2026年1月1日(元旦假期第一天)，全市景区 景点、乡村旅游、国家级夜间文旅消费集聚区等监测点接待游客量196.1万人次，按可比口径较2025年 同期上升19.4%，其中，外地游客占比58.4%。景区景点游客量102.1万人次，83家乡村旅游监测点游客 量17万人次。假期第一天，全市星级饭店和部分品牌酒店平均入住率90.7%，金陵饭店（601007）、香 格里拉大酒店、洲际酒店、凯宾斯基酒店、河西安达仕酒店等近50家酒店满房。跨年夜当天，全市文旅 消费金额9.1亿元，同比上年增长32%。 ...

Core Insights - The article highlights the shift in consumer preferences towards social and experiential accommodations, with the "hotel+" trend emerging as a new wave in the industry [5][6]. Financial Performance - In Q3 2025, the total revenue of 51 listed cultural tourism companies in A-shares reached approximately 839.93 billion yuan, with a net profit of about 226 billion yuan, while Ctrip alone generated a revenue of 183.38 billion yuan and a net profit of 198.9 billion yuan, capturing 21% of the industry's revenue and 88% of its profits [5][6]. Industry Dynamics - The Chinese hotel industry is experiencing a structural reshuffle characterized by "total growth and structural differentiation," driven by market concentration among leading hotel groups and changing consumer preferences [6][8]. - As of December 31, 2024, the total number of accommodation facilities in China reached 570,000, with a total room capacity of 19.278 million, marking historical highs for both metrics [8]. Leading Hotel Groups - Jinjiang Group, as the largest hotel brand in China, has expanded its portfolio to 43 brands through acquisitions, with a high-end hotel room share of 69.79% and over 14,000 hotels globally [9]. - Huazhu has expanded its brand matrix to over 30 brands, with a total of 12,702 operating hotels and a significant contribution from its franchise business, which accounts for approximately 64.1% of its operating profit [11]. - Shoulv Home has 29 brands and over 7,500 hotels globally, with a franchise business share increasing from 89% in 2024 to 92.5% in Q3 2025, indicating a strong shift towards a light asset model [14][16]. Market Trends - The mid-range hotel segment is becoming a key driver of industry growth, with the chain rate for mid-range hotels increasing from 21.42% in 2018 to 55.33% in 2024 [18][22]. - The demand for high-end and mid-range hotels is rising, with the chain rate for high-end hotels slightly increasing to 55.33% [20]. Consumer Behavior - There is a notable shift in consumer preferences from traditional accommodation to lifestyle experiences, with younger generations favoring unique hotel designs and experiences over conventional services [26]. - The search interest for experiential stays, such as cultural and family-oriented activities, has surged, with a 50% increase in searches for cultural experience trips during the Dragon Boat Festival [27]. Challenges in the Industry - Despite growth in the number of hotels and rooms, the industry faces challenges such as homogenization and a disconnect between scale expansion and value creation [30]. - The reliance on traditional revenue streams and high customer acquisition costs through online travel agencies (OTAs) are significant issues, with many hotels still heavily dependent on room and dining revenues [31][33]. - The industry is experiencing a talent shortage, particularly in lower-tier cities, leading to inconsistent service quality across different hotel types [33].

贡布省一家酒店老板英隆告诉记者，以往临近新年，酒店的预订单都会爆满，但连日来的战事让节日没 了气氛，订单也下降不少。"景区是安全的，但客人心里会怕。"在吴哥窟从事中文、泰文讲解的柬埔寨 导游阿明告诉记者，目前暹粒主要景区总体虽保持正常秩序，也有游客来往，但人数明显减少。阿明 说，近期暹粒的游客多数来自欧美、印度等地，以前还会接待来自泰国的游客，但从今年7月以来，几 乎没有了泰国的订单。很多导游都在为生计发愁，大家讨论最多的还是"怎么熬过这段时间"。大部分导 游仍在观望中，并没有因为游客的骤减而彻底失去行业信心，正如阿明所说："战争总会结束，眼前的 困难只是暂时的。" 柬埔寨亚太旅游协会（PATA）主席西南指出，世界正面临地缘风险加剧、全球经济萎靡等多重挑战。 柬埔寨旅行社协会（CATA）主席蔡秀玲承认，部分原计划经泰柬口岸入境的游客选择取消行程或延 期，边境冲突正加剧游客的担忧。 暹粒、金边、贡布、西港等地是柬埔寨主要旅游目的地。25日晚，《环球时报》特约记者在金边部分酒 吧街走访时发现，外国游客时常聚集的街区与往年比显得人气不够，热闹的音乐仍有，但人流稀疏，商 家招呼声也不积极。 【环球时报驻柬埔寨特约记者 ...