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Tourism has returned with a vengeance. Authorities have lifted mask and Covid testing requirements. Eager vacationers have been shrugging off higher airfares and thronging airports.
旅遊業捲土重來。當局已經取消了口罩和新冠檢測要求。熱切的度假者對更高的機票價格和擁擠的機場毫不在意。
Hotels — some of the hardest-hit businesses during the pandemic — are benefiting from the travel surge. Too bad that not many investors are checking in.
酒店是疫情期間受影響最嚴重的行業之一，正受益於旅遊激增。糟糕的是，沒有多少投資者參與進來。
In the US, occupancy rates and room revenues are nearing pre-pandemic levels, according to the American Hotel and Lodging Association. It predicts that 63 per cent of the country’s 5mn guest rooms will be full this year, up from 44 per cent in 2020 and close to the 66 per cent occupied in 2019. Room revenues should reach $188bn by the end of this year, topping the $170bn recorded in 2019 on a nominal basis.
根據美國酒店和住宿協會的數據，在美國，入住率和客房收入已接近疫情前的水準。該機構預計，今年全國500萬間客房中有63%將滿座，高於2020年的44%，接近2019年66%的入住率。到今年年底，客房收入應會達到1880億美元，名義上超過2019年的1700億美元。
Second-quarter results from big hotel groups confirmed the trend. At Hilton Worldwide, revenue rose by more than two-thirds. Wyndham Hotels & Resorts, the company behind La Quinta and Howard Johnson, reported a one-third increase in net income, despite lower revenue. The latter was largely due to the group’s exposure to China.
大型酒店集團的第二季度業績證實了這一趨勢。希爾頓環球酒店的收入成長超過三分之二。推出拉昆塔酒店(La Quinta)和豪生酒店(Howard Johnson)的溫德姆酒店及度假村(Wyndham Hotels & Resorts)公佈，儘管營收下降，但淨利潤成長了三分之一。後者主要是由於該集團對中國區的敞口。
Both companies raised full-year guidance, suggesting demand will stay robust. That has not been enough to get investors to extend their stay. Shares in Hilton are down 17 per cent this year, while Wyndham has lost 24 per cent. Marriott International, the world’s biggest hotel company by room numbers, is the relative outperformer, falling just 4 per cent. It reported a big bounceback in revenues on Tuesday, but shares were flat.
兩家公司都上調了全年預期，表明需求將保持強勁。這還不足以讓投資者延長投資期限。希爾頓(Hilton)股價今年下跌17%，溫德姆(Wyndham)下跌24%。按客房數量計算，全球最大的酒店公司萬豪國際(Marriott International)表現相對較好，僅下跌4%。該公司週二報告營收大幅反彈，但股價持平。
With the US in a technical recession and inflation squeezing consumers’ wallets, investors fear the rebound in travel demand will not last.
隨著美國陷入技術性衰退，通貨膨脹擠壓著消費者的錢包，投資者擔心旅遊需求的反彈不會持續。
Investors would do well not to underestimate people’s desire to travel after more than two years of living with Covid restrictions. Credit card data suggest people are shifting spending away from goods to travel and entertainment. Business travel is also recovering. Bar another lockdown, investors in big hotel groups — especially those that run the gamut in terms of price points — should be able to sleep soundly enough.
投資者最好不要低估人們在受新冠肺炎限制兩年多後旅行的願望。信用卡數據顯示，人們的消費正從商品轉向旅遊和娛樂。商務旅行也在復甦。如果不再實行封鎖，大型酒店集團的投資者——尤其是那些價格全方位的酒店集團——應該可以睡個好覺了。