普通外文研报

First Read: China hotel RevPAR and airfare weekly "Midscale/upper-midsca..."

发布日期: 2026-05-21研究机构: UBS Equities报告页数: 13原文语言: 英语证据页码: 1

研报英文原文证据摘录

First Read

EquitiesChina hotel RevPAR and airfare weekly

Midscale/upper-midscale segment RevPAR -5%/- China

4% YoY; domestic airfare +20% YoY Leisure Goods & Services

Xin Chen

Analyst

xin.chen@ubs.com

Mainland China hotel RevPAR -0.1% YoY during May 10-16 +86-21-3866 8864

According to STR, mainland China hotel RevPAR -0.1% YoY during May 10-16 2026 vs. Ingrid Zhang

the week of May 11-17 2025. The RevPAR growth weakened from +15% YoY the prior Analyst

week, mainly due to different length of the Labor Day holiday being included. Average S1460517080003

daily rate (ADR)/occupancy rate (OCC) +2.9%/-1.9ppt YoY, respectively, vs. +13.6%/ ingrid.zhang@ubs.com

+0.8ppt in the prior week. +86-21-3866 8853

Beini Du

Midscale/upper-midscale segment RevPAR -5%/-4% YoY Associate

By segment, upscale/upper-midscale/midscale/economy hotels RevPAR -6%/-4%/-5%/ S1460525090002

+3% YoY, respectively. In our view, the new supply in the sector mainly focused on the betty-za.du@ubs.com

+86-213-866 8753

upper-midscale and midscale segments, leading to the RevPAR of these two segments

facing more pressure. Jarrod Castle, CFA

Luxury segment RevPAR +3% YoY jarrod.castle@ubs.com

+44-20-7568 8883

On the other hand, luxury and upper-upscale hotels RevPAR +3% YoY, better than

midscale segment, mainly due to: 1) relatively less incremental supply in the high-end Robin M. Farley

and luxury segment; 2) increasing inbound travel boosting demand in the segment.

robin.farley@ubs.com

+1-212-713 2060

Average domestic airfares +20% YoY on the week of May 11-17

Sukrit Friestad

According to Flight Master, a 20% YoY increase in domestic airfares weighed on Analyst

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