China hotel: International Players Signal a Strong Q1, Outpacing Global Growth

研报英文原文证据摘录

China hotel: International Players Signal a Strong Q1, Outpacing Global Growth

Deutsche Bank

Research

Asia Industry Date

China 12 May 2026

China hotel

Consumer Industry Update

Hotels / Leisure / Gaming

International Players Signal a Strong

Q1, Outpacing Global Growth

Sammi Xu

Major international hotel chains reported strong Q1 China hotel demand Research Analyst

Most US-listed international hotel chains reported strong Q1 hotel demand in +852-2203-5415

China. The majority of the brands we track are focusing on the high-end/luxury

hotel segment, which suggests robust business and leisure demand in that tier Companies featured

during the period. H World (HTHT.OQ),USD47.43 Buy

2025A 2026E 2027E

All four companies we track showed improvement on both a QoQ and YoY. By P/E (x) 17.5 17.1 14.6

RevPAR, Hilton grew by 1.3% YoY, Marriott grew by 5.7% YoY, Hyatt jumped by

EV/EBITDA (x) 8.2 8.8 7.0

12.4% YoY, and IHG surged by 5.7% YoY. This improvement can be attributed to

Price/book (x) 8.1 5.4 3.9

positive growth in both occupancy (Occ) and average daily rate (ADR). Q1 also

H World (1179.HK),HKD37.14 Buy

marked the first time that China's RevPAR growth surpassed the worldwide rate.

P/E (x) 17.1 17.1 14.6

Outlook comments lead to improved business and better full-year guidance

EV/EBITDA (x) 8.0 8.8 7.0

Marriott raised its full-year outlook for China, expecting full-year RevPAR growth in

Price/book (x) 8.2 5.4 3.9

the low single-digit range. Greater China demand is boosted by Hong Kong and

Hainan Island, both up by 20% YoY, backed by strong ADR growth. Atour Lifestyle (ATAT.OQ),USD38.61 Buy

Hilton China RevPAR increased by 1.3%, driven by business demand recovery, but P/E (x) 19.1 16.9 14.4

convention, meetings, and leisure demand are considered relatively soft.