04 Jan 2026 13:31:03 ET │ 17 pages China Tourism Vi e w p o i n t | A Good Start to 2026: Decent Leisure Travel Demand & Strong Hainan DFS During New Year Holiday CITI'S TAKE We continue to see encouraging travel momentum in China during the 2026 New Year Holiday (1-3 Jan 2026), with domestic tourist number/tourism revenue totaling 142m person times/Rmb84.8bn, implying +5.2%/+6.4% compared to 2024's (given only 1-day New Year Holiday in 2025) and +15.1%/+12.3% above 2019's. Per capita spend improved by 1.1% ...

Hospitality stock Hyatt Hotels Corporation (NYSE:H) is down 1.7% to trade at $160.79 at last check, after the company lowered its full-year guidance due to damage stemming from Hurricane Melissa. The Category 5 storm was the strongest on record to hit Jamaica, with seven of Hyatt's properties facing cancellations and closures until late 2026.H maintains a 28.8% nine-month lead, and is on track to close 2025 with a modest 2.6% gain. The stock is now pacing for a third-straight loss, however, and could snap i ...

In the current session, the stock is trading at $316.07, after a 0.68% increase. Over the past month, Marriott International Inc. (NASDAQ:MAR) stock increased by 2.38%, and in the past year, by 14.39%. With performance like this, long-term shareholders are optimistic but others are more likely to look into the price-to-earnings ratio to see if the stock might be overvalued.Comparing Marriott International P/E Against Its PeersThe P/E ratio measures the current share price to the company's EPS. It is used by ...

Core Viewpoint - Wyndham Hotels & Resorts Inc has faced a difficult year in 2025, with a total return of -20%, contrasting sharply with the S&P 500's total return of 17% during the same period [1]. Company Performance - The total return for Wyndham Hotels & Resorts Inc in 2025 is reported at -20% [1]. - In comparison, the S&P 500 index has achieved a total return of 17% in the same timeframe [1].

[1]Total revenues decreased by 15.0% year over year to RMB303.6 million (US$42.6 million). [1]Income from operations was RMB70.1 million (US$9.8 million) compared to RMB106.4 million for the third quarter of 2024. [1]Net income was RMB60.3 million (US$8.5 million) compared to RMB65.2 million for the third quarter of 2024. [2] [1]Adjusted EBITDA (non-GAAP) decreased 6.1% year over year to RMB115.0 million (US$16.1 million) [1]Cash from operations increased 3.8% year over year to RMB144.5 million (US$20.3 ...

Core Insights - Marriott International, Inc. is a leading global hospitality company facing competition from major hotel chains like Hilton and Hyatt [1] - Barclays maintains a "Negative" grade for Marriott, with a price target increase to $276 from $274 [1][6] - Despite Barclays' cautious stance, significant institutional investments have been made in Marriott, indicating strong interest [2][3][6] Investment Activity - B. Riley Wealth Advisors Inc. acquired 3,507 shares valued at approximately $958,000 during the second quarter [2] - Norges Bank made a significant investment, purchasing a new stake worth $639 million [2][6] - Alliancebernstein L.P. increased its stake in Marriott by 194.7%, now owning over 1.7 million shares valued at $407 million [3] - Kingstone Capital Partners Texas LLC acquired a new stake valued at approximately $266 million [3] - Wellington Management Group LLP increased its holdings by 16.4%, reflecting strong institutional interest [3] Stock Performance - Marriott's stock reached a new 52-week high following an upgrade by The Goldman Sachs Group, which raised its rating from neutral to buy with a price target of $345 [4][6] - On the day of the upgrade, the stock traded as high as $310.23, with over one million shares exchanged [4] - However, the stock has experienced a decline of approximately 8% over the past week [4] Revenue Outlook - Management announced at a Barclays conference that fourth-quarter revenue per available room (RevPAR) is expected to be at the lower end of their guidance range [5] - The company faces a challenging macroeconomic environment, particularly in the U.S., where RevPAR growth has slowed [5] - Despite these challenges, international markets have shown modest growth, and investors are weighing short-term weaknesses against Marriott's robust development pipeline and strong cash generation capabilities [5]

Core Viewpoint - Goldman Sachs upgraded Hilton Worldwide (NYSE:HLT) to Buy from Neutral and raised its price target to $317, citing favorable demand trends and strong capital return potential [1] Group 1: Demand Trends and Market Position - Hilton is well positioned to benefit from continued strength among higher-end consumers and international travelers [1] - Goldman Sachs economists have a constructive growth outlook for 2026, particularly for middle-income consumers [1] Group 2: Development Pipeline and Growth Potential - Hilton has an industry-leading development pipeline, measured as a percentage of existing room count [2] - The company is expected to sustain its current level of net unit growth despite macroeconomic volatility [2] - Hilton's global RevPAR premium and growing focus on conversions are key supports for future growth [2] Group 3: Capital Return Profile - Goldman Sachs forecasts roughly $11 billion in share repurchases over the next four years, equivalent to about 20% of the company's market capitalization [3] - This capital return is expected to drive a free-cash-flow-per-share compound annual growth rate of approximately 15% [3] - Hilton is anticipated to maintain a solid balance sheet while executing its capital return strategy [3]

Core Insights - Groupe Partouche reported a consolidated turnover of €460.2 million for fiscal year 2025, reflecting a growth of 6.0% compared to the previous year [4][10] - The Gross Gaming Revenue (GGR) for fiscal year 2025 reached €748.3 million, marking a 5.1% increase from €712.3 million in 2024 [2][10] - The company successfully renovated three major casinos, resulting in significant GGR growth of 20.9%, 17.7%, and 15.0% for Annemasse, Divonne, and La Tour-de-Salvagny respectively [2] Financial Performance - In Q4 2025, GGR increased by 6.4% to €197.8 million compared to €186.0 million in Q4 2024 [2][9] - Annual GGR in France grew by 5.2% to €669.4 million, supported by a 4.9% increase in attendance [2][10] - Net Gaming Revenue (NGR) for the year was €352.4 million, up 4.0% from €338.7 million in 2024 [3][10] Revenue Breakdown - Turnover excluding NGR rose by 12.4% to €110.7 million, driven by non-gaming activities [3][10] - In Q4 2025, total consolidated turnover was €112.4 million, a 5.1% increase from €107.0 million in Q4 2024 [9][12] - The breakdown of turnover by activity in Q4 2025 showed casinos generating €100.0 million, hotels €8.7 million, and other activities €3.8 million [12] Strategic Developments - Groupe Partouche arranged a refinancing syndicated loan totaling €80 million to extend the average maturity of its debt [5][6] - Must Group, a partnership 40% owned by Groupe Partouche, reported a turnover of €5.4 million in its first full year of operation [7] - Upcoming projects include the reopening of Doobie's restaurant and modernization of the Medellín club, aimed at enhancing customer experience [11]

Core Viewpoint - Atour Lifestyle Holdings Limited (NASDAQ: ATAT) is experiencing significant growth in the hospitality sector, as evidenced by its strong financial performance and positive market outlook [2][3][5]. Financial Performance - In Q3 2025, Atour's net revenues increased by 38.4% year-over-year, reaching RMB 2,628 million (approximately $369 million) [2][6]. - The company's net income rose by 24.6% year-over-year to RMB 474 million (around $67 million), indicating robust growth [3][6]. Market Position - Atour operates a large network of 1,948 hotels with 219,359 rooms as of September 30, 2025, positioning itself as a leading player in the Chinese hospitality market [1]. - The company's market capitalization is approximately $5.24 billion, with a trading volume of 1,031,620 shares [5]. Stock Performance - Macquarie has reaffirmed its "Outperform" rating for ATAT, raising the price target from $39 to $44, reflecting confidence in the company's financial metrics and growth potential [3][6]. - The current stock price is $37.75, with a slight decrease of 0.21% during the trading day, and has shown volatility over the past year, ranging from a high of $42.34 to a low of $21.50 [4].

Financial Data and Key Metrics Changes - Wynn Las Vegas reported EBITDA growth of 3% to $211 million on a hold-adjusted basis, with casino revenues up 10% [3][11] - Adjusted property EBITDA for Wynn Las Vegas was $203.4 million on $621 million of operating revenue, resulting in an EBITDA margin of 32.8% [11] - Macau operations generated adjusted property EBITDA of $308.3 million on $1 billion of operating revenue, with an EBITDA margin of 30.8% [12] Business Line Data and Key Metrics Changes - Slot revenues at Encore Boston Harbor grew over 5% year-on-year, contributing to an adjusted property EBITDA of $58.4 million on revenue of $211.8 million [11] - The company maintained a disciplined approach to operating expenses (OPEX), with OPEX per day in Boston up only 1.9% compared to Q3 2024 [11] - In Macau, mass volumes were strong, up 15% year-on-year, despite weather disruptions [6] Market Data and Key Metrics Changes - The gaming market share in Las Vegas continued to grow, driven by strong demand and effective marketing strategies [3] - Macau experienced sustained double-digit market-wide growth in gross gaming revenue (GGR), indicating a positive outlook for the region [6] - The company noted that demand in Boston remained healthy in October, with both drop and handle above last year [5] Company Strategy and Development Direction - The company is focused on completing renovations and expansions, including the Fairway Villas and the Chairman's Club gaming area [4][8] - Wynn Al Marjan Island is positioned as a unique integrated resort opportunity in the UAE, with no competing operations announced to date [10] - The company plans to continue investing in its market-leading assets in Las Vegas while managing macroeconomic uncertainties [5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Las Vegas market, noting improvements in group bookings and overall demand [19][20] - The company remains bullish on Macau's long-term prospects, citing evolving consumer preferences and a dynamic market environment [65][66] - Management acknowledged the potential headwinds from the Encore Tower remodel but emphasized the importance of maintaining competitive rates [5] Other Important Information - The company has a strong liquidity position with global cash and revolver availability of $4.6 billion as of September 30 [13] - Wynn Macau paid out approximately $125 million in dividends in Q3, reflecting a commitment to returning capital to shareholders [14] - The company expects to spend $200 million-$250 million in total CAPEX for 2025 [13] Q&A Session Summary Question: Can you talk about the Las Vegas environment and expectations for growth in 2026? - Management noted that the summer business environment had improved, with a focus on rate rather than occupancy, leading to better results in Q3 and positive expectations for 2026 [19][20] Question: What are the dynamics in the UAE market regarding EBITDA scenarios? - Management discussed various factors affecting market size and share, emphasizing the absence of near-term competition and the focus on delivering a high-quality product [23][24] Question: How is the company addressing pricing pushback in Las Vegas? - Management stated that they have not seen pushback on pricing, as their customer base values the premium experience offered [28][29] Question: What is the outlook for Macau's competitive dynamics? - Management acknowledged the competitive nature of Macau but emphasized their focus on driving revenues and managing costs effectively [43][44] Question: How will the company allocate free cash flow in 2027? - Management indicated that capital returns and potential investments in the UAE land bank will be considered, depending on market conditions [92][93]