便宜的酒店，正在批量消失

\u003cdiv class=\"rich_media_content\"\u003e\u003csection style=\"margin-bottom: 24px; text-align: center\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_0--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e今年七月，布丁酒店由于利润微薄，填不上疫情期间的大窟窿，触发\u003cstrong\u003e“连续三年净资产为负”\u003c/strong\u003e红线，被交易所强制退市。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e布丁其实有不少自救措施，尝试过品牌升级高端化转型，摸索过长租公寓和餐饮业务，但收效一般。核心指标RevPAR（单间客房平均收入）在去年反而同比下滑。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e以布丁为代表，主打廉价实用的经济型酒店正在集体退场，在连锁酒店体系中表现得更加明显。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e按照中国饭店协会的口径，到2024年底，经济型客房占比已仅剩54%[1]。过去一年，\u003cstrong\u003e锦江、首旅、\u003c!--SECURE_LINK_BEGIN_0--\u003e华住\u003c!--SECURE_LINK_END_0--\u003e\u003c/strong\u003e三巨头合计新增酒店3400多家，其中经济型酒店不足600家，占比仅为17.6%。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e首旅收购如家后，体内经济型酒店占比不到40%，锦江作为经济型酒店鼻祖，内部经济型酒店占比只剩下27.6%。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e与之对应，三巨头的客房均价在过去几年水涨船高，与小确丧的经济形势似乎格格不入。更反常的是，各家连锁酒店的入住率不仅没有下降，中高端酒店的入住率反而比经济型酒店更高。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e无论是主动削减，还是被动压缩，都指向一个残酷事实：经济型酒店顶峰已过，下坡路还很长。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e都在疫情里挨了打，隔壁的餐饮还在挣扎，对门的航空苦等拐点，唯独酒店业光速复苏，不知内卷为何物。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 17px\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 128, 255)\"\u003e经济但脆弱\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e不论几星级的酒店，核心经营指标都是\u003cstrong\u003e房间均价\u003c/strong\u003e和\u003cstrong\u003e入住率\u003c/strong\u003e。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e酒店的商业模型其实很像民航，即成本刚性，收入弹性。飞机起飞降落，燃油成本是刚性的，收入取决于旅客有多少。对酒店来说，太阳落下升起，房租和人力成本是刚性的，空出来的房间就成了损失的收入。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e为实现单房收入最大化，连锁酒店基本都有一套中央收入管理系统，基于入住率的实时变化，动态调节每日房价，最终形成消费者看到的报价。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e这种特征也形成了经济型酒店的脆弱性：\u003cstrong\u003e收入弹性太差。\u003c/strong\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cstrong\u003e\u003cbr/\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e一方面，经济型酒店本身定价上限低，距上海田子坊不到600米的布丁酒店，当日特价房可以低到200元以内，隔壁的全季大多时间都在600元以上，两者的弹性区间不可同日而语。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e相比中高端酒店，经济型酒店的溢价空间极其有限。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e酒店的定价因素相对复杂，但可以简单拆解为\u003cstrong\u003e成本+地段+服务\u003c/strong\u003e三大项，经济型酒店又叫有限服务酒店，意思是只提供一张床一顿早饭（B\u0026amp;B），缺少“服务”环节的附加值，收入几乎完全依赖入住率。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e相比之下，中高端酒店大多有配套餐饮、按摩、健身，不管顾客用不用，都能客观上起到抬价的效果。高档酒店还能承接宴会活动，收入更加多元，对入住率的依赖也就更低。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e通常来说，五星级酒店的餐饮服务能占整体收入的20%-40%[2]，亚朵虽然定位中端，也能靠卖枕头这种神来之笔，去年赚了20多亿。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e另一方面，酒店经营本身有淡旺季，还会受到演唱会等偶然因素造成的短期需求暴涨，大部分消费者都是先找便宜的，这就导致一个尴尬问题：\u003cstrong\u003e越早满房的酒店，潜在损失越大。\u003c/strong\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cstrong\u003e\u003cbr/\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e举例来说，假设周杰伦在上海体育馆开演唱会，短期需求暴涨，由于酒店定价高度市场化，提前被定走的房间反而起到了抬价作用，因此，任何酒店都不希望自己在旺季最早满房，给同行抬轿子。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e这种情况下，经济型酒店在旺季反而吃亏，成为中高端酒店的套利对象。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e大部分连锁酒店品牌不会只做经济型酒店，各个子品牌对应的价格区间泾渭分明。一旦价格体系被破坏，集团内部的子品牌也会互相打架。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e旺季赚的少，淡季亏得多，经历疫情重创，经济型酒店的复苏进展也最慢。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e与布丁的惨状相比，定位中高端的亚朵复苏势头最猛。2023年，亚朵营收一跃来到46.7亿元，同比增长106%，净利润翻了6.7倍，领先一众同行。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection style=\"line-height: 1.6em; margin: 8px; text-align: justify\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_1--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e但问题是，经济型酒店在商业上的劣势一直都存在，为什么在近几年纷纷遇到了经营困难，批量退场？\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e答案与酒店业的连锁化率有关。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 17px\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 128, 255)\"\u003e漫漫下坡路\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e1997年，国内首家经济型酒店\u003cstrong\u003e锦江之星-锦江乐园店\u003c/strong\u003e开业，房间均价158元，在当时的中国，定位是经济型，定价是高档型。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e时过境迁，如今的锦江乐园店已经变成了锦江旗下另一个经济型品牌白玉兰，房间均价346元[3]，在上海算亲民。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e连锁酒店在全球范围内都是一个比较新的行业，2005-2009五年间，是国内经济型酒店增长的黄金周期。经济型酒店门店与房间规模的复合增速双双超过60%[4]。期间，如家整体营收从2.7亿增长至26亿，净利润规模翻了11倍[5]。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e无论经济型酒店的商业模型有多少脆弱性，它都有一个不可替代的优点：\u003cstrong\u003e投资成本低。\u003c/strong\u003e非常适合在高增长期跑马圈地。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection style=\"line-height: 1.6em; margin: 8px; text-align: justify\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_2--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e2012年前后，经济型酒店的盈利能力就已经达到了峰值，2012至2015年间，如家房间均价从170元降至160元以下；汉庭入住率从98%降至84%[6]，利润率一度跌破5%[4]，行业的整合出清开始。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e相比餐饮等天然分散的行业，连锁酒店可以通过整合出清，形成几大寡头分割市场的格局，在线下服务业中并不多见。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e原因在于，不同定位的酒店组成的价格区间范围极广，同时酒店品牌形象与价格带定位牢牢绑定——不可能出现200块的全季，也不可能出现800块的汉庭。由于一个品牌很难同时覆盖多个定位和价格带，客观上会催生大型酒店集团的出现。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e2016年，国内前十大酒店集团中，锦江、首旅、华住三巨头的房间数量占比已经达到75%。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection style=\"line-height: 1.6em; margin: 8px; text-align: justify\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_3--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e另一方面，单体酒店以不稳定的散客为主，连锁酒店能通过会员体系和协议客户保障基础入住率，华住体系内，会员就贡献了近70%的收入。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e因此，加盟酒店品牌，相比单体经营的确定性更强，进一步促进整体连锁化率。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection style=\"line-height: 1.6em; margin: 8px; text-align: justify\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_4--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cstrong\u003e\u003cbr/\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cstrong\u003e因此，酒店的连锁化率一定会提高，开始就很难停下来。\u003c/strong\u003e2015年至2019年，国内连锁化率提高了13.6%，国内“三巨头”的新增门店中，加盟门店增长已连续四年超过100%。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e行业集中度提高、连锁化率提升，都会推动头部企业话语权变大。同时，经济型酒店的同质化竞争，也会推动酒店集团默契的提高中高端酒店占比。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e由于平均房价有限，经济型酒店很难在装潢和配套设施上玩什么花活，结果就是大家的房间都长一个样，区别约等于杰森斯坦森和郭达。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e但中高端酒店有高房价支撑，可以在装潢设计、配套餐饮和设施上形成品牌特色，实现差异化竞争。全季和亚朵开始冒头，恰恰就始于市场格局整体稳定。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cstrong\u003e疫情期间，经济型酒店下滑和连锁化率提高的趋势又被加强\u003c/strong\u003e。2020至2022三年，大量抗风险能力弱的单体经济型酒店关门，出让了大量市场空间[7][8][9]。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e连锁酒店则抄底低价物业，过去五年，仅“三巨头”就逆势扩张近1.3万家，酒店连锁化率也一口气冲到了40%以上。而在新增的1.3万家酒店中，经济型酒店只有不到2000家。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection style=\"line-height: 1.6em; margin: 8px; text-align: justify\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_5--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e目前，在“三巨头”体系内，中高端酒店占比都超过了50%，体现在单价上，相比2020年，客房均价都有相当明显的涨幅。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection style=\"line-height: 1.6em; margin: 8px; text-align: justify\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_6--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e但从当下的市场情况来看，经历疫情洗礼，经济型酒店的供给，似乎还是有点太多了。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 17px\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 128, 255)\"\u003e供需的合谋\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e从上市酒店集团的财报看，最近几年，价格更高的中高端酒店入住率并没有变差，反而在接近甚至反超经济型酒店。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e2023年，华住体系内经济型入住率一度比中高端多出11.1%，但目前两者差距微乎其微，一度不到1%。无独有偶，锦江收购中端酒店品牌维也纳后，在2018年就实现了中高端入住率对经济型的反超。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_3--\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection style=\"line-height: 1.6em; margin: 8px; text-align: justify\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_7--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e与此同时，尽管经济型酒店比例已较高点大幅回落，但房型在大盘中占比依然高达54%[10]。由于天然存在同质化竞争，竞争烈度反而更大。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e按照酒店集团财报，连锁品牌与加盟店相关的收入越来越多。加盟服务费与房价直接挂钩，在入住率接近的情况下，扩张中高端酒店，也比经济型酒店获利更多。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection style=\"line-height: 1.6em; margin: 8px; text-align: justify\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_8--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e换句话说，供给侧有充足的意愿推动中高端化，而在需求侧，消费者也倾向于更贵的中高端酒店。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e一方面，除了连锁化率提高了酒店的话语权，在涨价这件事上，酒店的中高端化并没有什么强有力的制约因素。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cstrong\u003e作为酒店重要客流来源，OTA平台和酒店虽然存在博弈关系，但在中高端化上，两者的利益客观上是一致的。\u003c/strong\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cstrong\u003e\u003cbr/\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003eOTA平台的收入来自酒店订单佣金，因此，酒店有很强的意愿用自有渠道绕开OTA平台。如果你经历过酒店大堂劝你退掉OTA平台的订单，在酒店小程序上重新订更便宜，你就成为了这场旷日持久的商业博弈中的一员。\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e但中高端酒店占比提高，酒店的OTA平台的收入都能增长。OTA平台通过补贴等形式降价，更多是出于平台间抢夺流量的考虑，和平台与酒店的博弈关系无关。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e另一方面，降价对酒店经营并没有什么直接帮助。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e酒店是商务和旅游出行的配套消费，消费者会因为国补置换家电，但没理由因为酒店便宜就住酒店。因此，酒店的经营取决于经济活动和旅游业的繁荣，市场开始复苏，中高端酒店的利润空间反而更大。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e假设“经济下行”导致消费者压缩相关开支，那么最有可能的一种情况，也是旅游出行开支整体砍掉，或者以短途出行代替长途旅游。这样一来，也是经济型酒店受损最大。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e从布丁的财报看，过去五年，布丁用来投流的推广费整体提高了近2倍，但同期营收仅增长0.15亿，同比增幅7%，进一步显示了经济型酒店需求的整体萎缩。\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection style=\"line-height: 1.6em; margin: 8px; text-align: justify\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_9--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e作为携程的创始人，又先后将如家和华住送上市的季琦，显然比大多数人都更了解OTA平台和连锁酒店的经营，早在2016年就发出预言[11]：\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.6em; margin-bottom: 8px; margin-left: 8px; margin-right: 8px; margin-top: 8px; text-align: justify\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"margin-bottom: 24px; margin-left: 8px; margin-right: 8px\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"color: rgb(0, 128, 255)\"\u003e中档酒店在未来十年会像过去经济型酒店一样席卷整个中国酒店业，席卷整个中国大陆，把这个行业重新洗牌，重新分配。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"margin-bottom: 24px; margin-left: 8px; margin-right: 8px\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"color: rgb(0, 128, 255)\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003csection style=\"letter-spacing: 0.578px; line-height: 1.6em; margin: 8px; text-align: justify\" data-exeditor-arbitrary-box=\"image-box\"\u003e\u003c!--IMG_10--\u003e\u003c/section\u003e\u003cp style=\"line-height: 1em; margin-bottom: 0px; margin-left: 8px; margin-right: 8px; margin-top: 0px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 12px\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(178, 178, 178)\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1em; margin-bottom: 0px; margin-left: 8px; margin-right: 8px; margin-top: 0px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 12px\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(178, 178, 178)\"\u003e作者：严张攀\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1em; margin-bottom: 0px; margin-left: 8px; margin-right: 8px; margin-top: 0px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 12px\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(178, 178, 178)\"\u003e编辑：李墨天\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1em; margin-bottom: 0px; margin-left: 8px; margin-right: 8px; margin-top: 0px; text-align: justify\"\u003e\u003cspan style=\"letter-spacing: 0.5px\"\u003e\u003cspan style=\"font-size: 12px\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(178, 178, 178)\"\u003e责任编辑：黄茜琳\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cstyle\u003e.data_color_scheme_dark{--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}.data_color_scheme_dark{--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-COLOR-ACTIVE: #373737}.data_color_scheme_dark{--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-5: #2c2c2c;--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-LINK: 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新华全媒头条丨 62岁李连杰近照曝光！“换心”传闻后现身寺庙，返老还童真相惊呆众人