CHINA HOTEL INVESTMENT WATCH 215 郑州 152

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1 EXCERPTS CHINA HOTEL INVESTMENT WATCH 215 ZHENGZHOU 节选中国酒店投资展望 215 郑州 MAY 年 5 月 Daniel J Voellm 王敬源 Managing Partner, Asia-Pacific 管理合伙董事 - 亚太区 Emily Zhang 张笑语 Analyst 分析师 HVS Level 21, The Center, 99 Queen s Road Central, Hong Kong 豪威盛香港皇后大道中 99 号中环中心 21 楼

2 CHINA HOTEL INVESTMENT WATCH 215 郑州 152

3 郑州 ZHENGZHOU 访客数量 VISITOR ARRIVALS 郑州作为河南省的省会, 是河南省的政治经济文化金融和科教中心, 也是中国八大古都之一郑州的旅游资源较为丰富, 并且近年来不断加大旅游产业投资力度, 其中以选址新郑新区的港中旅旅游度假综合体的投资规模最大, 预计总投资为人民币 27 亿元 21 年以来, 郑州市总访客人次持续增长受国内经济增速放缓以及宣传力度有限的影响, 其访客人次增长率逐渐放缓然而,214 年郑州总访客量增长率还是超过了 1%, 而国内访客人次达到约 7,72 万, 占访客总人次的 99.4% Zhengzhou, the capital of Henan Province, is the political and economic nerve-centre of the province and a key technological and educational centre. Moreover, Zhengzhou is blessed with rich tourism resources and has continuously increased its investment in the tourism industry over the years. The largest investment project represented by CTS Tourist Resort Complex in Xinzheng New District is expected to have a total investment of RMB2.7 billion. Visitor arrivals to Zhengzhou have continued to increase since 21. Due to the economic slowdown and limited promotion efforts, the visitation growth gradually decelerated; however, the overall growth was still higher than 1% in 214, and domestic visitor arrivals reached approximately 77.2 million, accounting for 99.4% of the total visitation. Domestic Visitor Arrivals, Zhengzhou, % 访客人次 ( 百万 )Arrivals (Million) % 1% 5% 增长率 % Change 国内访客人次 Domestic Visitor Arrivals 增长率 % Change 来源 : 豪威盛 Source: HVS Research 153

4 CHINA HOTEL INVESTMENT WATCH 215 International Visitor Arrivals, Zhengzhou, 访客人次 ( 百万 )Arrivals (Million) % 9% 6% 3% 增长率 % Change 入境访客人次 International Visitor Arrivals 增长率 % Change 来源 : 豪威盛 Source: HVS Research Mix of Visitor Arrivals, Zhengzhou, 214.6% 99.4% 国内访客人次 Domestic Visitor Arrivals 入境访客人次 International Visitor Arrivals 来源 : 豪威盛 Source: HVS Research 154

5 郑州 ZHENGZHOU STAR-RATED HOTEL MARKET SUPPLY 郑州作为中原经济区的最核心城市和河南省的省会, 商务和会奖客源是郑州客源市场的最主要组成部分, 分别占郑州客源市场的 4% 至 45% 和 3% 至 35%; 由于其地处中原的便利位置, 与周边的旅游目的地相距不远, 其休闲客源仍占郑州客源市场的 25% 至 3% 随着郑州航空港经济综合实验区的发展, 加上郑州自贸区的规划建设, 其商务和会奖市场将有可能进一步扩大 As the core city in the Economic Region of Central China and the capital of Henan Province, Zhengzhou s hotel demand is mainly driven by the Commercial and MICE segments, which account for 4% 45% and 3% 35%, respectively, of overall demand. Due to Zhengzhou s good location in Central China and proximity to adjacent tourist destinations, the Leisure segment still accounts for 25% 3% of the city s overall demand. With the development of Zhengzhou Airport Economic Comprehensive Experimental Zone and the planning of China (Zhengzhou) Pilot Free Trade Zone, the city s Commercial and MICE segments are expected to further expand. Hotel Market Segmentation, Zhengzhou 4% 45% 25% 3% 休闲 Leisure 会奖 MICE 商务 Commercial 3% 35% 来源 : 豪威盛 Source: HVS Research 郑州星级酒店客房的总供应量在 214 年 ( 估计 ) 底达到 6,975 间, 较 213 年增长 38%, 其中增幅最大的为三星级酒店, 增长率达到 6%; 四星级酒店客房则增长了 3%; 其他星级酒店客房数则保持不变郑州是重要的交通换乘枢纽, 同时郑州市本身商务气氛浓厚, 因此 214 年 ( 估计 ) 三星级酒店客房供应占比最高, 达到了 54%; 其次为四星级酒店客房供应, 占比为 32%; 由于郑州高档酒店客源市场还需要进一步培育, 五星级酒店客房供应 214 年 ( 估计 ) 底占比仅为 12% 值得注意的是, 酒店评星标准的调整进一步影响了郑州星级酒店市场的供给 In late 214E, there were a total of 6,975 star-rated hotel rooms in Zhengzhou, translating to an increase of 38% over the total room supply in 213. The three-star room inventory recorded the highest growth of 6% in 214E; the four-star room inventory increased by 3%; and the room count of the other segments remained constant. Owing to the city s status as a port of transit and its importance for commerce and business, the three-star room inventory had the largest share of total supply, which touched 54% in 214E, followed by the four-star room inventory, which accounted for 32% of total room supply. As Zhengzhou s upscale hotel market has yet to be further developed, the five-star room inventory accounted for only 12% of total supply in late 214E. Notably, the new certification standards imposed on the hotels since 211 has significantly impacted the supply figures of Zhengzhou s hotel market. 155

6 CHINA HOTEL INVESTMENT WATCH 215 Star-Rated Hotel Market Supply, Zhengzhou, E 18, 客房数 No. of Rooms 15, 12, 9, 6, 3, E 一二星级酒店 One- & Two-Star Hotels 四星级酒店 Four-Star Hotels 三星级酒店 Three-Star Hotels 五星级酒店 Five-Star Hotels E 五星级酒店 Five-Star Hotels 9% 2% 19% 17% 12% 四星级酒店 Four-Star Hotels 24% 19% 31% 34% 32% 三星级酒店 Three-Star Hotels 53% 49% 43% 47% 54% 一二星级酒店 One- & Two-Star Hotels 14% 12% 7% 2% 2% * 注 :211 年的酒店供给下降是由于中国国家旅游局颁布了新的星级酒店评定标准, 提高了星级酒店的门槛 *Note: The reduction in 211 supply was due to the higher standards imposed on star-rated hotels by the China National Tourism Administration (CNTA). 来源 : 豪威盛 Source: HVS Research 目前郑州的酒店主要集中在商业金融中心和郑东新区, 形成了两个主要的酒店分布区商业金融中心是本地主要商务客源的汇集之处, 较为临近商业区, 是郑州老牌高档酒店的主要聚集区域郑州市规划建设中的郑东新区被誉为新郑州, 未来将是本地区的金融会展中心和高校聚集区, 以商务和会奖客源为主目前已有多家酒店入驻此区域, 未来还会有诸多新酒店在此选址在中原经济区实现跨越式发展的政策推动下, 郑东新区以及郑州航空港经济综合实验区成为未来的发展重点在郑州中心东移的同时, 郑州旧中心也在进行大规模的更新改造, 位于郑州旧中心内的传统的火车站商圈和二七商圈也在建设改造中焕发新的生机 Currently, Zhengzhou s hotels are mainly distributed in the Business and Finance Centre and Zhengdong New District, forming two major hotel submarkets. Within close proximity to the business district, the Business and Finance Centre mainly attracts local business visitors, and is a major submarket for established upscale hotels in Zhengzhou. Dubbed the new Zhengzhou, Zhengdong New District is, in its master plan, envisaged to emerge as a centre for finance, conventions and exhibitions as well as a cluster for universities and colleges, attracting mainly commercial and MICE visitors. A number of new hotels have opened here and more are expected to enter this submarket in the future. Fuelled by the the leapfrog development policy of the Economic Region of Central China, Zhengdong New District and Zhengzhou Airport Economic Comprehensive Experimental Zone have become the future development priorities. At the same time, as the city centre shifts eastwards, large-scale improvement and facelifting of the old centre of Zhengzhou is being proactively carried out. The traditional Railway Station business district and Erqi business district, which are situated within the old centre of Zhengzhou, are also being revitalised. 156

郑州 ZHENGZHOU 下图展示了郑州现有酒店区的分布状况 : The following map illustrates the distribution of existing hotel submarkets in Zhengzhou: Distribution of Existing Hotel Submarkets, Zhengzhou, 215 22 连霍高速中原区二七区

7 郑州 ZHENGZHOU 下图展示了郑州现有酒店区的分布状况 : The following map illustrates the distribution of existing hotel submarkets in Zhengzhou: Distribution of Existing Hotel Submarkets, Zhengzhou, 连霍高速中原区二七区郑州站 A 南三环京B 速机场高速港澳高现有酒店区 Existing Hotel Submarkets New Supply A. 商业金融中心 Business and Finance Centre 1) 郑州香格里拉大酒店 Shangri-La Hotel Zhengzhou (218*) 2) 郑州丽思卡尔顿酒店 The Ritz-Carlton Zhengzhou (219*) B. 郑东新区 Zhengdong New District 1) 郑州龙湖威斯汀酒店 The Westin Zhengzhou Longhu (22*) 2) 郑州东港费尔蒙酒店 Fairmont Zhengzhou (218, 35 间 /Rooms) 3) 郑州郑东英迪格酒店 Hotel Indigo Zhengzhou East (215, 13 间 /Rooms) 4) 郑州郑东新区万怡酒店 * Courtyard Zhengzhou East* 其他地区 Other Areas 1) 郑州万达文华酒店 Wanda Vista Zhengzhou (216*) 2) 郑州新世界酒店 New World Zhengzhou Hotel (216*) 3) 郑州二七塔铂瑞酒店 * Primus Zhengzhou Erqi Tower* 4) 郑州惠济丽笙酒店 Radisson Blu Hotel Zhengzhou (215, 275 间 /Rooms) 5) 郑州君悦酒店 Grand Hyatt Zhengzhou (219*) * 注 : 酒店开业年和客房数待定 *Note: The opening year and room count are yet to be confirmed. 来源 : 豪威盛 Source: HVS Research 157

8 CHINA HOTEL INVESTMENT WATCH 215 星级酒店市场经营业绩 STAR-RATED HOTEL MARKET PERFORMANCE 郑州市星级酒店市场入住率自 21 年以来整体呈现波动下降趋势, 除了受中央八项规定政策影响之外, 市场出现的大量新增供给对市场的影响也非常大受 213 年下半年以来 5 家酒店 ( 建业艾美酒店希尔顿酒店东方维景国际大酒店绿地 JW 万豪酒店以及美盛喜来登酒店 ) 先后开业的影响, 虽然市场需求在持续增长, 但 214 年 ( 估计 ) 郑州的五星级酒店入住率与 213 年相比出现了大幅下滑, 降幅超过了 1 个百分点随着竞争加剧, 郑州五星级酒店的平均房价也相应下降 Because of the significant impact of the implementation of the Eight Provisions and the entry of substantial new supply into the market, marketwide occupancy in Zhengzhou has fluctuated from 21 onwards, but shown an overall downward trend. Affected by the opening of five new hotels from the second half of 213 Le Méridien Hotel Zhengzhou, Hilton Zhengzhou, Grand Metropark Orient Hotel, JW Marriott Hotel Zhengzhou and Sheraton Zhengzhou Hotel the five-star occupancy in Zhengzhou declined significantly in 214E as compared with 213, decreasing by over 1 percentage points despite the continuous growth in market demand. The five-star average rate also dropped as a result of the intensified competition. Occupancy by Star Rating, Zhengzhou, E 7% 6% 入住率 Occupancy 5% 4% 3% 2% E 三星级酒店 Three-Star Hotels 四星级酒店 Four-Star Hotels 五星级酒店 Five-Star Hotels 来源 : 中国旅游研究院 / 豪威盛 Source: CTA/HVS Research 158

9 郑州 ZHENGZHOU 213 年郑州市各星级酒店的各项收入比重存在一定的差异, 如五星级酒店相较来说客房体量较大, 客房收入占比相对较高, 为 48%; 四星级酒店的餐饮收入占比以及三星级酒店的其他收入占比均高于其他星级, 分别为 4% 和 21% 总体来看,213 年郑州市三星级和五星级的客房收入餐饮收入和其他收入的比重为 5:3:2, 而四星级酒店此三项收入的比重为 4.5:4.: 年郑州市三星级四星级五星级酒店市场整体的营业利润率分别为 19% 22% 和 28%, 五星级酒店盈利能力明显高于三星级和四星级酒店 In 213, the contribution of the different revenue categories varied across the different star-rated segments in Zhengzhou. The rooms revenue of five-star hotels enjoyed a relatively higher contribution due to a larger room inventory, accounting for 48% of total revenue. The contribution of food and beverage revenue of four-star hotels and other revenue of three-star hotels was higher than that of the other star-rated categories, accounting for 4% and 21%, respectively, of total revenue. Overall, rooms revenue, food and beverage revenue and other revenue of three-star and five-star hotels in Zhengzhou stood at a ratio of 5:3:2 in 213, while those of four-star hotels stood at a ratio of 4.5:4.:1.5. Gross operating profit (GOP) margins across the three-star, four-star and five-star segments were 19%, 22% and 28%, respectively, in 213. Evidently, the fie-star segment demonstrated a higher profitability than the three-star and four-star segments. TRevPAR and Revenue Structure by Star Rating, Zhengzhou, 213 4, 每可售房总收入 ( 人民币 / 元 ) TRevPAR (RMB) 3, 2, 1, 三星级酒店 Three-Star Hotels 四星级酒店 Four-Star Hotels 五星级酒店 Five-Star Hotels 客房总收入 Total Rooms Revenue 餐饮总收入 Total Food & Beverage Revenue 其他总收入 Total Other Revenue * 注 : 印刷前无法获得 214 年数据 *Note: Data for calendar year 214 was not available at the time of publishing. 来源 : 中国旅游研究院 / 豪威盛 Source: CTA/HVS Research 159

10 CHINA HOTEL INVESTMENT WATCH 215 TRevPAR and Revenue Structure by Star Rating, Zhengzhou, 213 ( Cont d) 三星级酒店 Three-Star Hotels 四星级酒店 Four-Star Hotels 五星级酒店 Five-Star Hotels 每可售房总收入 ( 人民币 / 元 ) TRevPAR (RMB) 112, 1% 161, 1% 36, 1% 客房总收入及占比 Total Rooms Revenue and Percentage 5, 45% 73, 46% 172, 48% 餐饮总收入及占比 Total Food & Beverage Revenue and Percentage 38, 34% 64, 4% 124, 34% 其他总收入及占比 Total Other Revenue and Percentage 24, 21% 23, 14% 64, 18% * 注 : 印刷前无法获得 214 年数据 *Note: Data for calendar year 214 was not available at the time of publishing. 来源 : 中国旅游研究院 / 豪威盛 Source: CTA/HVS Research GOP Margin by Star Rating, Zhengzhou, 213 3% 28% 营业利润率 GOP Margin 25% 2% 15% 1% 5% 19% 22% 三星级酒店 Three-Star Hotels 四星级酒店 Four-Star Hotels 五星级酒店 Five-Star Hotels * 注 : 印刷前无法获得 214 年数据 *Note: Data for calendar year 214 was not available at the time of publishing. 来源 : 中国旅游研究院 / 豪威盛 Source: CTA/HVS Research 16

11 ABOUT HVS HVS is the world s leading consulting and services organisation focused on the hotel, mixed-use, shared ownership, gaming and leisure industries. Established in 198, the company performs more than 4,5+ assignments each year for hotel and real estate owners, operators and developers worldwide. HVS principals are regarded as the leading experts in their respective regions of the globe. Through a network of more than 35 offices and 5 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. HVS.COM Superior results through unrivalled hospitality intelligence. Everywhere. HVS ASIA PACIFIC is represented by its offices in Beijing, Shanghai, Shenzhen, Hong Kong, Bangkok, Singapore, and New Delhi. Through its four offices in Greater China, HVS has appraised or advised on existing hotels and resorts, as well as development projects located in more than 15 cities and resort markets across China. HVS also hosts three of the main annual industry events in the region, namely the China Hotel Investment Conference (CHIC), Hotel Investment Conference - South Asia (HICSA) and the Tourism, Hotel Investment & Networking Conference (THINC) Indonesia. The China Hotel Investment Conference (CHIC), now in its 11th year, is widely regarded as the most influential hotel investment conference in the region. Additionally, HVS publishes a wide range of leading research reports, article sand surveys on all aspects of hospitality, including hotel valuations, investing, lending, operations, asset management and sales & marketing, among others. About the Authors Emily Zhang is an analyst at HVS Beijing, working primarily on hotel consulting assignments, including market studies and feasibility studies, in the mainland of China. Graduating with Master of Management degree from the Beijing International Studies University and with previous working and research experience in hotel operations, Emily brings a comprehensive knowledge of the hospitality industry to HVS. Daniel J Voellm, Managing Partner HVS Asia-Pacific, is based in Hong Kong and has provided advice in all major markets across 18 countries in the region. Daniel Voellm started his career at HVS in the New York office; as Vice President at the global headquarters, he conducted a wide range of appraisals and market studies as well as underwriting due diligence services in 22 US states and in Canada. Daniel brings a strong understanding of the hospitality industry to HVS. His experience in hotel and food and beverage operations in Germany, Switzerland, England and the USA is complemented by an Honours Bachelor of Science degree from Ecole Hôtelière de Lausanne in Switzerland. Daniel works closely with key institutional and private owners of hotel properties, financiers, developers and investors, and has gained a strong understanding of their investment requirements and approaches to assessing the market value of investment properties. Daniel further advises on property and concept development and strategy. For more information, please visit HVS.COM HVS Level 21, The Center, 99 Queen s Road Central, Hong Kong

豪威盛简介豪威盛是一家全球领先咨询与服务机构, 服务范围主要涉及酒店综合开发项目共享所有权博彩和休闲物业公司成立于 198 年, 每年为全球的酒店及房地产业主管理公司和开发商进行超过 4,5 个咨询服务项目豪威盛的领导团队由全球各区域的顶尖专家组成豪威盛在全球各地设有超过 35 家办事处, 由 5 多名经验丰富的专业人士组成, 为酒店业提供无与伦比的优质配套服务 HVS.

(THINC) 豪威盛今年成功主办中国最具影响力的酒店投资会议第 11 届中国酒店投资高峰论坛此外, 豪威盛也出版了大量涵盖酒店业各个领域包括酒店估值投资贷款运营资产管理销售和市场营销等的研究报告文章和调查分析报告作者简介张笑语是豪威盛北京办公室的分析师, 主要负责酒店咨询, 包括市场研究和可行性研究工作其酒店咨询项目主要在中国大陆地区

12 豪威盛简介豪威盛是一家全球领先咨询与服务机构, 服务范围主要涉及酒店综合开发项目共享所有权博彩和休闲物业公司成立于 198 年, 每年为全球的酒店及房地产业主管理公司和开发商进行超过 4,5 个咨询服务项目豪威盛的领导团队由全球各区域的顶尖专家组成豪威盛在全球各地设有超过 35 家办事处, 由 5 多名经验丰富的专业人士组成, 为酒店业提供无与伦比的优质配套服务 HVS.COM 以全球视野结合本土智慧, 引领酒店行业开拓卓越绩效豪威盛亚太区办事处分布于香港曼谷北京广州雅加达上海和新德里通过其位于大中华区的 4 家办事处, 豪威盛曾为遍布中国 15 多个城市和度假市场的酒店度假村和开发项目提供咨询豪威盛还在亚太区主办三大主要年度行业盛会 : 中国酒店投资高峰论坛 (CHIC) 南亚酒店投资会议 (HICSA) 和印度尼西亚旅游酒店投资与交流峰会 (THINC) 豪威盛今年成功主办中国最具影响力的酒店投资会议第 11 届中国酒店投资高峰论坛此外, 豪威盛也出版了大量涵盖酒店业各个领域包括酒店估值投资贷款运营资产管理销售和市场营销等的研究报告文章和调查分析报告作者简介张笑语是豪威盛北京办公室的分析师, 主要负责酒店咨询, 包括市场研究和可行性研究工作其酒店咨询项目主要在中国大陆地区她获得北京第二外国语学院管理学硕士学位, 拥有酒店相关理论研究和运营的工作经验, 对酒店业有深刻的理解和认识王敬源现任豪威盛亚太区管理合伙人, 常驻香港, 服务亚太地区的 18 个主要市场他在豪威盛的履历始于本公司纽约总部, 担任副总裁, 在美国 22 个州和加拿大负责各类评估市场研究和承销尽职调查服务王敬源深入了解酒店行业, 他在德国瑞士英国和美国获得的酒店和餐饮运营经验, 与其所获得的瑞士洛桑酒店管理学院理学士 ( 优等 ) 学位相得益彰王敬源与主要的酒店物业机构和私人业主融资方开发商及投资者密切合作, 深入了解他们的投资要求和评估投资物业市场价值的方式, 进而提供有关物业和概念开发及战略方面的咨询建议如欲了解更多信息, 请访问 HVS.COM 豪威盛香港皇后大道中 99 号中环中心 21 楼

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