20230509-东吴证券-酒店行业双周报_奢华酒店和经济型酒店恢复弹性领先_10页_785kb

Summary of Hotel Industry Weekly Report

• RevPAR Recovery Elasticity:

  • Luxurious hotels led with the highest RevPAR growth (165%) during April 16-4/29, driven by strong occupancy (OCC) and average daily rate (ADR) increases.
  • Economy hotels recorded significant RevPAR growth of 105%, reaching a 2023 peak on April 22-4/29, showing robust recovery.
  • Top-tier hotel groups and mid-high end hotels had lower RevPAR growth rates, sustaining around 99% and 94% respectively.

• OCC and ADR Trends:

  • OCC declined for most hotel types post-April 09-4/15, with luxury hotels leading in recovery elasticity.
  • ADR consistently rose across categories, supporting RevPAR recovery.

• Investment Recommendation:

  • Maintain a "Hold" or "Add" stance, with luxury and economy hotels outperforming.
  • Recommended stocks include 旅 游 酒店 (Futel Hotel), 金华 酒店 (Jinjiang Hotel); watch list includes 君亭酒店 (Junting Hotel) and China Resources Hotel Group-S.

• Risks:

  • Potential disruptions from pandemic resurgences, economic downturns, heightened competition, or underperformance in hotel operations and expansion.