美国酒店行业.ppt

The Lodging Industry Industry Scope 35,000 Hotels in U.S. 3.7 million Rooms in U.S. Annual Revenues of $95 Billion Profit of $19 Billion Hotel Industry ProfitsNet Profit or Loss Changing Sentiment in theCapital Markets General anxiety over trouble abroad and their impact on the US economy. Concerns about overbuilding. General feeling that easy money has been made in the sector. Growth and momentum investors have sold their positions and have not been replaced by value investors. Capital market response has led to equilibrium. 1992 - 1998 Lodging Equity Offerings Key Players Management Company e.g. Marriott, Sheraton, Hyatt Franchisor e.g. Holiday Inn, Best Western, Sheraton Owner - numerous possibilities REIT Hotel Co. Private Owner or Ownership Group Joint Ventures Average Management Franchise Fees Public C-Corporations Public REITs REIT Structures Normal REIT Paired Share Stapled or Paper Clip REIT Private Hotel Companies Hyatt Destination Hotels Resorts KSL Resorts Kimpton Group Joie de Vivre Hospitality Structure Example #1 Hyatt Regency Kauai Structure Example #2 San Francisco Marriott Structure Example #3 Best Western Victorian Inn, Monterey Structure Example #4 Los Angeles Marriott Structure Example #5 Ritz-Carlton, Philadelphia LIMITED SERVICE No Food Beverage Midscale Economy Budget Suites/Extended Stay Food Beverage Deluxe Luxury Upscale Midscale Resorts Convention Suites/Extended Stay Deluxe Four Seasons Regent Ritz-Carlton The St. Regis Luxury Collection Full Service Luxury Hilton Hotel Sofitel Hyatt Meridien Inter-Continental Nikko Omni Marriott Hotels Westin Renaissance Sheraton Wyndham Full Service Upscale Doubletree Crowne Plaza Hotel Novotel Radisson Embassy Suites Red Lion Full Service Midscale with FB Best Western Courtyard Sheraton Four Points Holiday Inn Holiday Inn Select Howard Johnson Ramada Full Service Resort Lots of recreational activities. Trend towards mixing business (conferences) with pleasure. Full