Overall performance of mainland hotels in December: y]] volume and price chain comparison improved. The operation of hotels in mainland China recovered slightly, and the overall occupancy rate increased slightly month on month. In December 21, the occupancy rate of Chinese mainland hotels was 50.4%, which slipped below 8.6pct in 20 months and 12 in December, down by 11.8pct compared with December. The average house price was 396 yuan / night, a decrease of 1.8% compared with December 20, and recovered to 91.1% in the same period of 19 years. RevPAR 200 yuan / room night, as the rental rate and average house price decreased year-on-year, decreased by 16.1% compared with December 20, and recovered to 73.8% in the same period of 19 years.
Overall performance of medium and high-end hotels in mainland China in December: ADR recovered poorly. In December 21, the occupancy rate of high-end hotels in Chinese mainland was 49.1%, slightly lower than the overall average level. It slipped 6.8pct compared with 12 in December, and declined by 11.5pct compared with December. The average house price was 315 yuan / night, a decrease of 4.5% compared with December 20, and recovered to 81.7% in the same period of 19 years. The recovery was significantly lower than the overall average level. RevPAR is 155 yuan / night. Due to the year-on-year decline in rental rate and average house price, RevPAR decreased by 18.8% compared with December 20 and recovered to 66.2% in the same period of 19 years.
Summary: the fluctuation of the operation data of the mainland hotel industry in 21 years is still highly related to the spread and recurrence of the epidemic, and the overall RevPAR recovered to more than 80% from April to July; On July 20, the epidemic situation in Nanjing repeatedly caused a sharp decline in the rental rate and average house price. The RevPAR in August was only 47% of that in the same period of 19 years. In September, with the epidemic situation under control, it recovered significantly month on month, reaching nearly 80% in the same period of 19 years; The epidemic situation was repeated again. In October, it still benefited from the driving effect of the National Day golden week. RevPAR only recovered to 60% in November and improved slightly month on month in December. The RevPAR recovery of medium and high-end hotels is still not as good as the whole, which is mainly reflected in that the recovery of average house prices is significantly weaker than the overall average level.
Investment suggestion: the hotel performance in the past 21 years 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. It can be seen that in the months with few outbreaks from April to July, RevPAR has recovered to more than 80% in the same period of 19 years. From the three quarterly reports of Btg Hotels (Group) Co.Ltd(600258) , it can also be seen that RevPAR has exceeded the level in the same period of 19 years in the week before July 20, indicating strong demand; With the impact of the epidemic on the supply of the hotel industry (especially individual 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 chain rate. It is suggested to focus on Btg Hotels (Group) Co.Ltd(600258) , Huazhu group and Shanghai Jin Jiang International Hotels Co.Ltd(600754) .
Risk factors: the impact of repeated epidemic on the tourism industry and the impact of macro-economy on the tourism industry.
