大摩闭门会-中国酒店行业：结构转换和价值差距.pdfVIP

大摩闭门会：中国酒店行

ChinaHotelSector:StructuralShiftsandValuationGaps

摘要

Chinashotelbrandpenetrationreached42%,trailingtheUS(72%),

withgrowthdrivenbyeconomy-to-midscaleconversionandexpansion

inTier2/lowercities

•Asset-lightmodelsyield50%EBITDAmarginsvs.24%forasset-heavy�

HWorldleadsinefficiencywhileJinjiangremainsthelargestby

roomcount(l.3M).

•RevPARishighlyvolatilewith30