【英文】HSBC报告：中国旅游与酒店业：连锁反应给了酒店领导者成长的空间（66页）

Mid-end chain leaders are likely to benefit from the industry trough We believe that the growth of leading mid-end chain players will rely on their brand building  ability and improvements in the industry cycle. This is a cyclical sector due to the heavy upfront  capex involved and long payback period. As a result of the recent macroeconomic slowdown,  the performance of the overall hotel industry has declined since 2018, with growth of industry  revenue falling to 5% in 2019, according to Euromonitor. But we think the industry is set to bottom out, especially once the impact of the coronavirus  outbreak is behind us. In fact, the pandemic should help industry leaders find new opportunities  for market consolidation as smaller operators struggle to recover. 

In our view, big hotel  companies with a franchise system or established brand will become stronger, increasing the  pace of industry consolidation. Leading hotel players should benefit from:  Robust demand for mid/high-end hotels. The increasing per capita income will boost  RevPAR growth as people take more vacations, and spend more money on holiday and on  business trips.  Acceleration in market consolidation. Leading players will likely gain more market share,  backed by their wide range of brands, advanced IT platforms and integrated membership  systems. The franchise model. In China, more and more hotels now operate under franchise  arrangements as leading hotel players shift towards an asset-light business model to  reduce the impact of the industry cycle. Given the substantial growth potential of the brand franchise model, we believe its increasing penetration will drive up the profit margins of the  top brands.