Overall performance of mainland hotels in April: the epidemic has led to business pressure. In April of 22, the hotel rental rate in Chinese Mainland was 42.4%, a decrease of 24.3pct compared with April of 21, and a decrease of 25.3pct compared with April of 19. The average house price was 341 yuan / night, a decrease of 20.2% compared with April 21, and recovered to 70.8% in the same period of 19 years. RevPAR is 144 yuan / night. When the rental rate and average house price are declining, RevPAR is significantly reduced by 49.2% compared with April 21 and restored to 44.3% in the same period of 19 years.
Performance of medium and high-end hotels in mainland China in April: the rental rate is slightly better than the whole due to the disturbance of the epidemic. Affected by the epidemic, the occupancy rate of medium and high-end hotels in Chinese Mainland was 44.9% in April, 22, slightly higher than the overall average level, down 21.9pct compared with April, 21, and 20.3pct compared with April, 19. The average house price was 297 yuan / night, a decrease of 15.3% compared with April 21, and recovered to 70.3% in the same period of 19 years. RevPAR is 133 yuan / room night. Under the condition of the decline of rental rate and average house price, RevPAR has significantly decreased by 43.1% compared with April 21 and recovered to 47.7% in the same period of 19 years, slightly better than the overall average level.
Conclusion: the fluctuation of the operation data of the mainland hotel industry is still highly related to the spread and recurrence of the epidemic. In April of 22, the epidemic situation was repeated and severe. On a month on month basis, the overall hotel rental rate in Chinese Mainland rose slightly, the average house price decreased slightly, and RevPAR only decreased by 1.1%. On a year-on-year basis, the rental rate and average house price decreased significantly, resulting in a significant decline in RevPAR, which only recovered to 40% in the same period of 19 years. The RevPAR recovery of medium and high-end hotels is better than the overall average level, which is mainly reflected in the smaller decline in the rental rate due to the impact of the epidemic.
Investment suggestion: hotel performance is still greatly affected by the spread of the epidemic, but the overall supply and demand pattern is good, mainly reflected in the clearing of supply. In the months from April to July of 21, when the epidemic was less prevalent, RevPAR overall recovered to more than 80% in the same period of 19 years; With the impact of the epidemic on the supply of the hotel industry (especially single hotels), the supply and demand pattern is expected to continue to improve. It has medium and long-term investment logic, including the opportunities for rapid store expansion and structural optimization brought by the improvement of supply and demand pattern and the improvement of chain rate. It is suggested to focus on Btg Hotels (Group) Co.Ltd(600258) , Shanghai Jin Jiang International Hotels Co.Ltd(600754) , Huazhu hotels.
Risk factors: the impact of repeated epidemic on the tourism industry and the impact of macro-economy on the tourism industry.
