【雅思课外精读】锦江和华住集团的发展或超万豪和希尔顿

　　【雅思课外精读】锦江和华住集团的发展或超万豪和希尔顿  原文译文  *注：本文摘自12月3日《经济学人》

　　Accommodating climate

　　酒店业行情

　　How China’s Jin Jiang and Huazhu put Marriott and Hilton to shame

　　中国的锦江和华住发展超越万豪和希尔顿

　　Two Chinese hospitality groups thrive as Western rivals struggle

　　在西方酒店苦苦挣扎之际，两家中国酒店集团蓬勃发展

图片来源网络

　　1.COVID-19 HAS, received wisdom has it, been terrible for hotels. The share prices of the eight biggest listed Western groups by room count have slipped by 14%, on average, this year. Theglum consensus is, though, being challenged by two big Chinese chains. Both are enjoyingresurgent demand for domestic travel as China has tamed its epidemic. And strength at home is fuelling ambitions abroad.

　　人们普遍认为，新冠会打击酒店业。按客房数量计算，八大上市西方集团的股价今年平均下滑了14%。然而，这种观点如今正在被两家中国大型酒店连锁企业打破。中国遏制了新冠疫情，国内旅游复苏，这两家酒店也在复苏。国内的发展也推动了这两个集团向海外扩张。

　　2.Jin Jiang, the world’s second-biggest hotel firm by capacity, boasted an occupancy rate of 74% in the third quarter, in line with last year and more than double that of its bigger rival, Marriott International. Its market value has soared by three-quarters this year, to $6.4bn, above better-known Asian brands such as Shangri-La and Mandarin Oriental. Huazhu, which like Jin Jiang is based in Shanghai, saw revenue per available room recover by 40% from the second quarter, to 179 yuan ($27). The group is now worth $16bn, behind only Marriott and Hilton Worldwide among the world’s listed hoteliers.

　　以客容量计算，锦江酒店是世界第二大酒店集团，该公司宣称第三季度的入住率为74%，与去年持平，是其竞争对手万豪国际集团的两倍多。锦江集团市值今年已飙升四分之三，达到64亿美元，超过了香格里拉和文华东方等更为知名的亚洲酒店。华住酒店和锦江酒店一样，总部都位于上海，该酒店每可用客房收入较第二季度回升了40%，至人民币179元(合27美元)。华住集团目前的市值为160亿美元，在全球上市酒店企业中仅次于万豪和希尔顿。

　　3.Similarly to their big Western rivals, Jin Jiang and Huazhu each owns a portfolio of brands that cater to different customers. Jin Jiang, which is controlled by Shanghai’s local government, operates everything from budget digs (think Marriott’s Fairfield Inn) to the upper end of the mass market (like Sheraton). Huazhu is a more all-encompassing group, which also competes in the luxury segment. Both companies prefer to offload the costs of hotel construction tofranchisees in exchange for lower franchise fees, which enables them to expand much more rapidly.

　　和西方酒店一样，锦江和华住都拥有满足不同客户需求的不同酒店品牌。锦江酒店由上海地方政府控股，经营范围从经济型酒店(类似于万豪的费尔菲尔德酒店)到高端大众市场(类似于喜来登酒店)。华住的涵盖范围更广，该集团甚至涉足豪车领域。两家公司都倾向于将酒店建设成本转嫁给特许经营人，以换取更低的特许经营费用，使它们能够更快地扩张。

　　4.The pair indeed look poised to capture a greater market share at home, reckons Yulin Zhong of 86Research. In America chain hotels accounted for 72% of all hotel rooms at the end of 2019. In China the equivalent figure as just 27%.

　　86Research的钟玉林(音译)认为，这两家公司看起来确实有望在国内占据更大的市场份额。在美国，到2019年底，连锁酒店占所有酒店客房的72%。在中国，这一数字仅为27%。

　　5.As incomes rise and Chinese travellers become more discerning, the standardized, dependable amenities and good service that big chains guarantee begin to look more appealing. Domestic providers of such things enjoy a substantial first-mover advantage. The number of hotel rooms in China held by Wyndham, the biggest foreign operator, is merely a third that of Huazhu and a fifth that of Jin Jiang. And their advantage is growing—the two firms have more than 7,300 hotels under development between them, mostly in China,equivalent to 47% of their existing stock.

　　随着收入的增加和中国游客鉴赏力的提高，大型连锁酒店提供的标准化设施和优质服务开始变得更有吸引力。这类产品的国内供应商享有巨大的先发优势。最大的外资酒店运营商温德姆在中国拥有的酒店客房数量仅为华住的三分之一，是锦江的五分之一。这两家公司的优势不断增长——两家公司共有7300多家酒店正在开发中，其中大部分都是在中国，是其现有股份的47%。

　　6.In a bid to break into the global market, two years ago Jin Jiang purchased a majority stake in Radisson, the world’s 11th-biggest hotel operator bycapacity, for $332m. In January Huazhu paid $868m for Deutsche Hospitality, a posh German group. Such tie-ups allow the new owners to study the nuances of serving a sophisticated foreign clientele without spending millions on marketing their unfamiliar brands in the West (or raising the sort of hackles that Chinese acquisitions often do in more sensitive industries such as technology or finance). As American and European hoteliers continue to reel amid the pandemic’s second wave, more last-minute deals may be on offer for the Shanghai duo.

　　两年前，为了打入全球市场，锦江斥资3.32亿美元收购了丽笙酒店的多数股权。按产能计算，丽笙酒店是全球第11大酒店运营商。今年1月，华住斥资8.68亿美元收购了德国豪华集团德意志酒店集团。这样的收购有利于让中国酒店能够为客户提供更好的服务而不必斥巨资推广那些让外国人陌生的酒店品牌（中国企业在科技和金融领域常常会引起人们的不满，而这样的收购完美地避开了这一点）。由于第二波疫情来袭，欧美酒店业还在苦苦挣扎，而上海的这两家酒店集团可能会因此活得更多优势。