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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.
旅游业卷土重来。当局已经取消了口罩和新冠检测要求。热切的度假者对更高的机票价格和拥挤的机场毫不在意。
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.
酒店是疫情期间受影响最严重的行业之一，正受益于旅游激增。糟糕的是，没有多少投资者参与进来。
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.
根据美国酒店和住宿协会的数据，在美国，入住率和客房收入已接近疫情前的水平。该机构预计，今年全国500万间客房中有63%将满座，高于2020年的44%，接近2019年66%的入住率。到今年年底，客房收入应会达到1880亿美元，名义上超过2019年的1700亿美元。
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.
大型酒店集团的第二季度业绩证实了这一趋势。希尔顿环球酒店的收入增长超过三分之二。推出拉昆塔酒店(La Quinta)和豪生酒店(Howard Johnson)的温德姆酒店及度假村(Wyndham Hotels & Resorts)公布，尽管营收下降，但净利润增长了三分之一。后者主要是由于该集团对中国区的敞口。
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.
两家公司都上调了全年预期，表明需求将保持强劲。这还不足以让投资者延长投资期限。希尔顿(Hilton)股价今年下跌17%，温德姆(Wyndham)下跌24%。按客房数量计算，全球最大的酒店公司万豪国际(Marriott International)表现相对较好，仅下跌4%。该公司周二报告营收大幅反弹，但股价持平。
With the US in a technical recession and inflation squeezing consumers’ wallets, investors fear the rebound in travel demand will not last.
随着美国陷入技术性衰退，通货膨胀挤压着消费者的钱包，投资者担心旅游需求的反弹不会持续。
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.
投资者最好不要低估人们在受新冠肺炎限制两年多后旅行的愿望。信用卡数据显示，人们的消费正从商品转向旅游和娱乐。商务旅行也在复苏。如果不再实行封锁，大型酒店集团的投资者——尤其是那些价格全方位的酒店集团——应该可以睡个好觉了。