解码酒店业——正确的资产方式.pdf

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1、Decoding the Hotels Industry:The Asset Right WayCast of CharactersThe Grand Old WarriorsThe Regional Legends The Global GoliathsThe HNW Hotel-OwnerThe Real Estate OwnerThe Institutional InvestorThe GovernmentThe Heritage SetThe Disruptors9,173 Properties51 Properties14,312Rooms16,76,335 RoomsSource:

2、Company Report(as of 31stDec 2024)Note:Owned/Leased includes Timeshare,which Marriot spun off in 2011.Source:Company ReportsNote:In 2017,Hilton spun off the bulk of its real estate business into a REIT and its Timeshare business as 2 separate publicly traded companies.Source:Company ReportsRevenue s

3、plit by ownershipBut what does Managed and Franchised mean?1.Owning the Asset2.Managing the Asset3.Branding the AssetThe Taj Mahal Palace,MumbaiJW Marriot Sahar,MumbaiFour Points by Sheraton,Navi MumbaiWhats in it for the Brand?Hilton own investment vs pipelineHilton Investment:$325mTotal Capital in

4、 pipeline:$60bnSource:As of Oct 2024,per Hilton DisclosureSource:Company ReportsSource:Marriot WebsiteWhats in it for the Owner?Is it that simple?Top 20 Hotel Brands by Existing Inventory(August 2024)Key Terms ARR-Average Room RateOccupancy Rate(%)RevPAR-Revenue Per Available Room=ARR x Occupancy Ra

5、teIndias Historical Performance3,2693,5694,2995,4447,0717,9897,7226,4896,5136,0325,7795,6115,5325,5275,6715,7686,0386,1044,6304,9516,9318,0551,8702,3132,9663,8925,0495,4964,5983,8613,9473,5753,3433,2753,3103,4993,6773,7914,0004,0331,5972,4714,6045,43957%65%69%71%71%69%60%60%61%59%58%58%60%63%65%66%6

6、6%66%34%50%66%68%0%10%20%30%40%50%60%70%80%01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000FY03FY04FY05FY06FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24ARR(INR)RevPar(INR)Occupany Rate(%)Phase 1:The BoomPhase 2:Flat GrowthS:14%D: