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[Blue Lotus Lodging Sector Update]: Dividend from Supply Shortage Can Continue into 2024
310 Views09 Nov 2023 07:14
SUMMARY
- China hotel supply shortage haven’t fully recovered from Covid, the total hotel volume is still 11% lower than pre-Covid level in 2023, we expect a full recovery in 2024.
- Due to the continue of hotel supply shortage, we think hotel groups in China can still enjoy the premium pricing in the next 6-12 months.
- We think Atour has better fundamentals than Huazhu/Jinjiang/BTG, in terms of 1) hotel room scale leverage; 2) RevPAR quality; 3) upper midscale class positioning and less burden in legacy brands.
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Blue Lotus Research Institute
China growth and global non-US Internet equities
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