主要連鎖飯店的全球發展策略

Abstract

Mintel European Travel Exposure is a diverse yet detailed collection of reports examining the structure, size and dynamics of an industry experiencing constant change. The series provides a continual assessment of the travel business throughout Europe (and, when available, providing a global analysis), offering an invaluable guide to the issues affecting the sector. Exhaustive primary research from numerous specialist sources means that Mintel Travel Exposure titles examine more than general questions, investigating individual travel markets, each in a clear and concise manner, the research varying from country to country to outline the differences in outlook across the world.

Whether you are a tour or hotel operator, tourist board, airline, business school, media agency or industry investor, our definitive research publications provide a genuine means to get to grips with challenging and exciting markets.

Table of Contents

• Introduction
• Definitions of key terms
• Data Sources
• Overview
• HNWI financial wealth to grow
  • Figure 1: Growth in the numbers and financial wealth of high net worth individuals, 1995-2005
• North America
• Japan
• Europe
• Strong contenders
  • Figure 2: Countries with the fastest growth in the number of high net worth individuals, 2004-05
  • Figure 3: HNWI financial wealth forecast, by region, 2003-10
• What could upset the applecart?
• Rising interest rates spell higher risk
• Air travel restrictions a long-term risk
  • Figure 4: GDP, air travel and hotel demand in the US, 1987-2003
• Long-haul flights will be reserved for an elite
• The impact of an ageing population
• A steady rather than spectacular future
• Branding
• Too strict or too loose...?
• One-brand chains put all their eggs in one basket
• Intangible service features define the upscale brand
• Architectural uniformity defines the budget brand
• Low-cost airlines are the business model for budget hotels
• Express by Holiday Inn is one of the most standardised
• Multi-brand chains target a broad market
• Brand portfolios
• InterContinental Hotel Group (IHG)
  • Figure 5: IHG brand positioning, 2006
  • Figure 6: IHG brands' positioning and pipeline, September 2006
• Branding strategy
• Wyndham Worldwide is targeting international expansion
• A third more rooms by 2010
  • Figure 7: Wyndham brand positioning vis à vis the competition in the US market, 2006
• Marriott has broad hotel market coverage
• Select service the way forward
• Only offer what guests want and need
• Self-service lowers prices
• Open lobbies encourage guests to do their own thing
• Mini-markets instead of mini-bars
• Lower moderate-price select-service categories
• New SpringHill Suites rollout
• Collaboration with franchisees
• Four extended-stay products
• Hilton reunited
• Hilton' s brands cover all markets except the economy segment
• Hilton and Hampton account for 60% of HHC' s branded rooms
  • Figure 8: Hilton hotels and rooms, by brand, September 2006
• Hilton targeting around 25% growth in branded rooms by 2009
• Hilton to take its limited-service brands abroad
• Hilton Garden Inn has already come to Europe
• Hilton has sold Scandic
• Choice covers the range from economy to lower upscale
• Suburban Extended Stay positions Choice as economy extended stay
• Accor has two categories of brands
• Mercure' s easy format has favoured rapid expansion
  • Figure 9: Accor' s brand positioning 2006 and 2010
• A non-standardised brand for the economy segment
• Red Roof Inns under review
• Sofitel a weak link in the chain?
• ' Wine & Women' or ' Women & Wine' ?
• Starwood concentrated in upscale and luxury
  • Figure 10: Starwood hotels and rooms, by brand, 2006
• Stepping up its rate of expansion
  • Figure 11: Starwood' s pipeline, 2006-09
• The first smoke-free hotel chain
• Preserving Le Méridien brand
• W Hotels -- Starwood' s boutique hotel brand
• W is taking the advice of celebrity chefs
• Whatever, Whenever and Whappenings
• Eight hotels in the pipeline
• Some Ws have Bliss spas
• Carlson Hotels Worldwide
• Carlson' s hotel brands cover the range from upper economy to luxury
• Regent is finally getting off the ground
• North America
• Asia-Pacific
• Europe
• The Middle East
• Future Perspective: new brands for new lifestyles
• Choice is entering the upscale all-suites segment
• Some 43 franchises already on the way
• Hilton: the Waldorf-Astoria Collection
• Hyatt' s brand renewal
• Targeting Generation X
• Conversion will cost US$220 million
• Entering the extended-stay segment too
• IHG' s Hotel Indigo -- a lifestyle boutique hotel brand
• Sol Meliá
• Music, art and cuisine
• Key execs come from Hard Rock & W Hotels
• Rande Gerber bars and restaurants
• Álvaro Sans collaborated with Keith Hobbs
• The first hotel has opened in Madrid
• Two new Starwood brands: aloft and element
• David Rockwell as design consultant
• aloft already exists in the virtual world
• Developers keen
• 500 alofts by 2012?
• element, the latest Starwood brand
• element will offer ' smart space' living
• À la carte breakfasts and barbecues
• Target customers are well-to-do business travellers
• element hotels will cost US$110,000-130,000 per key to build
• Also targeting 500 elements worldwide
• Crillon and ' 1' Hotel
• Crillon
• €1.5 billion to spend on hotels
• Major capitals and unique resorts are being targeted
• ' 1' Hotel & Residences is designed for eco-appeal
• ' 1' Hotels to be built according to LEED standards
• A list of branding experts are guiding the process
• Key operations will be outsourced to industry leaders
• 15 hotels over the next two years
• Big chains leverage their brands
• Timeshare and ' fractionals'
• The big chains have a great advantage in marketing
• Restoring the image of timeshare
• Banking services
• Timeshare owners
• Cost synergies and maintenance fees
• Wyndham Worldwide extends its brand to all its timeshare development activity
• Around 18 upscale Wyndham resorts by end 2007
• Timeshare contributes 45% of group EBITDA
• Wyndham is launching a major publicity campaign
• Marriott was the first hotel chains to enter the timeshare business
• Exchangeable points enhance timeshare' s attractiveness
• Hilton Grand Vacations Club has 37 properties in its system
• Starwood is in the timeshare business too
• Hyatt has developed 12 timeshare resorts since 1994
• Carlson' s hotel brands extend into the cruise business
• Regent brings a more personalised approach
• "Circles of Interest" provides guests an individualised experience
• Redesigned suite life
• Big chains working with luxury brands
• Bulgari hotels run by Ritz-Carlton
• Ferragamo is also a hotelier
• Soon to be two Palazzo Versaces
• Rezidor has replaced Cerruti with Missoni
• Missoni is into interior decoration, clothing and fragrances
• Three Hotel Missoni sites are already in the pipeline
• Studio Thun' s master design concept realised locally
• Armani Hotels & Resorts to launch four luxury properties
• Hotel operations are headed up by former Méridien chief
• EMAAR has deep pockets and a long reach
• Hamptons will help promote Armani hotels and residences
• Ten properties over the next decade
• LXR Luxury Resorts & Hotels' first Hotel Ralph Pucci
• Collaboration with architect/designers Pilar Proffitt and Robert Bristow
• Hodge-podge or brilliant design concept?
• Distribution and Marketing Strategies
• Direct channels
• The hotel chain website
• Online travel agents
• Electronic channels generate three quarters of chain CRO bookings
• Present trends set to continue
  • Figure 12: Trends in booking channels for 23 major hotel chains, Q3 2006
• Internet bookings by type of website
• Brand websites
• Third-party distributors
  • Figure 13: Internet hotel reservations, by type of website, Q3 2006
• IHG has laid down the law
• Taxes and fees obscured by websites
• Online travel agents increasingly unattractive
• Links cut with Expedia
• Still working with other websites
• Hilton has established ground rules
• Merchant & ' opaque' transactions
• Centralisation of the reservation function
• Travelodge (UK)
• Strong growth in hotel performance has favoured the chains
• Expedia' s hotel distribution margins under pressure
• Search engine optimisation
• Discounting only works when demand elasticity is high
  • Figure 14: Elasticity of demand for hotel rooms and correlation to GDP growth in the US, 1967-2003
• Loyalty programmes
  • Figure 15: Change in loyalty programme effectiveness*: 2002-05
• The ten leading brands
  • Figure 16: Brands with the most effective loyalty programmes, 2005
• Driving clients to chain websites
• ' Me-too' programmes
• Accor' s scheme separates ' soft' and ' hard' benefits
• Guest loyalty schemes -- costly necessity or dynamic marketing?
  • Figure 17: Breakdown of US hotel guests, by travel frequency and overnights generated per segment, 2005
  • Figure 18: Number of loyalty scheme memberships for frequent travellers, 2005
• Loyalty versus rewards
• The risk of cannibalisation
• Costs high and unpredictable
• Real value essential
• Onsite benefits of little value
• Solution: charge a fee?
• Property Affiliation Structures
• Specialisation the name of the game
• Expansion driving brand values
• Property owners bear the risk
• Franchises
• Beds, bathrooms and breakfast centre of attention
• Franchise fees based essentially on room revenues
• Some chains charge for CRS
• Key customer agreements help drive business
• Financing loyalty programmes
• Only the tip of the iceberg
• High land costs can impede expansion of franchised brands
  • Figure 19: Costs and requirements for economy hotel franchises in the US, 2006
  • Figure 20: Costs and requirements for mid-scale hotel franchises in the US, 2006
• Management or lease contracts
  • Figure 21: Costs and requirements for upscale hotel franchises in the US, 2006
• Working with ' second-tier' managers
  • Figure 22: Interstate hotel portfolio, by brand, 2006
• Property owners' upper hand
• Hotel owners becoming more demanding
• No standard fee structure
• Chains forced to make further concessions
• Length of management contracts
  • Figure 23: Management contract terms, by region, 2005
• Net instead of gross operating profit
• Meeting agreed standards
• Management companies can be terminated
  • Figure 24: Profile of management contract in the Americas, 2005
• Base fees
  • Figure 25: Profile of management contracts in the Asia-Pacific region, 2005
  • Figure 26: Profile of management contracts in Europe, 2005
• Incentive fees
• Leases
  • Figure 27: Profile of lease contracts in Europe, 2005
• Affiliation structure by major chain
• IHG
  • Figure 28: Hotel affiliation structure of IHG brands, 2006
  • Figure 29: Room affiliation structure of IHG brands
• Marriott
  • Figure 30: Marriott' s hotel portfolio, by affiliation structure, Q3 2006
• Hilton
  • Figure 31: Hilton asset management structures, by numberof hotels and rooms, 2006
  • Figure 32: Profile of lease contracts in Europe, 2005-06
• Accor
  • Figure 33: Affiliation structure, by Accor brand, 31 December 2005
  • Figure 34: Projected change in Accor' s asset management structure, 2004 and 2009
• Starwood
  • Figure 35: Starwood' s portfolio, by asset management structure, 31 December 2005
• Financial Management Strategy
  • Figure 36: Top eight publicly quoted hotel chains, by number of branded rooms, 2005
• IHG
  • Figure 37: Chart of IHG' s stock price (in UK pence), 2006-07
• Wyndham Worldwide
  • Figure 38: Wyndham/Cendants share price performance versus the S & P 500, 1996-2006
• Marriott International
  • Figure 39: Diluted* weighted average shares outstanding 1998-2006
• HHC
• Choice Hotels International
  • Figure 40: Trend in the share price of Choice Hotels International 1998-2007
• Accor
• Starwood Hotels & Resorts
• TUI AG/TUI Hotels & Resorts
  • Figure 41: TUI share price 2002-07
• Two of the top ten are still in private hands
• REITS
• IPOs
• Private equity funds
• Colony Capital has bitten off a chunk of Accor
• Similar trend on the other side of the Atlantic
• The deal of the year
• Colony already owned Raffles
• FHR is largest luxury hotel manager in North America
• Fairmont and Raffles combined
• Four Seasons bought out
• Other acquisitions and divestitures
• Starwood and Le Méridien
• Hotel groups are selling non-core assets
• Hilton has disposed of its standalone health club business
• Still substantial asset sales to come for Accor
• Geographical Expansion Strategy
• Chains seeking portfolios
• Critical mass is important
• Chain growth outpacing overall hotel sector
  • Figure 42: Hotel industry growth, 1995-2004
• Accor
• Accor jumps headfirst into India
• 100 Formule 1s for India
• 15 Ibis hotels on the drawing board
• Midscale hotels: Novotel and Mercure
• Choice
  • Figure 43: Choice' s international hotel capacity, 2001-05
• International portfolio
  • Figure 44: Choice' s foreign hotels, by major country, December 2005
• Friendly
• Relinquishing its master franchise
• CHE' s troubles not over yet
• Strong grip on the Scandinavian market
• Brazilian partner
• Doubling its Mexican properties
• Australian focus
• Big in Japan and India
• Hilton
• Little geographical overlap
• Taking its limited service brands abroad
• Hilton Garden Inn already in Europe
• Hilton wants to sell Scandic
• Targeting 50-75 hotels in India by 2014
• Hilton Garden Inn coming to China
• Hilton and Doubletree to enter Costa Rica
• Hyatt
  • Figure 45: Hyatt pipeline, 2006
  • Figure 46: Hyatt Hotels under construction, March 2007
• Favouring mixed-use development
  • Figure 47: Hyatt hotels in development in Greater China, 2007-09
• Grand Hyatt expanding in southern China
• Hyatt Regency
• IHG
• Buying its way into the Japanese market
• First mover advantage
• ANA' s hotels to be co-branded
• Quadrupling its portfolio in Japan
• 13 ANA hotels up for sale
• Big luxury brands moving into Tokyo
• Moving into China -- full steam ahead
• InterContinentals sprouting up in the provinces
• Investing in education and training
• Marriott
• Courtyard Marriott' s growth vehicle
  • Figure 48: Courtyard Europe and Middle East compared to US model, 2006
  • Figure 49: Marriott room openings in Asia-Pacific, by brand, 2007-09
• Different ownership profiles
• NH Hoteles
• Doubling numbers
• Driven abroad by stiff competition at home
• Possibly a take over candidate?
• Aggressive growth objectives
• Starwood
• Le Méridien geographically well diversified
• Rapid expansion in China
• Breaking new ground in Inner Mongolia
• German partnership restructured
• Wyndham
• Hospitality Alliance
• Turnover-based leases reduce risk
• HA is targeting MICE and wellness
• Ramada and Treff hotels
• Ramada on ice
• Rudi Ramada promoting the brand
• Recent performance has been strong
• Re-branding
• Wyndham signed up second European partner
• Adapting brand standards
• Numerous equity partners
• Super 8 international market leader
• Indian partner
• Specialised Lodging Groups
• Tour operators
• First Choice and Club Med move upmarket
• MyTravel already forced to retreat from vertical integration
• Thomas Cook is ' dis-integrating'
• TUI plans further new openings
  • Figure 50: TUI Hotels & Resorts, properties and beds, 2006
• Vertical integration enhances quality control
• Who is better qualified to own resort hotel?
• TUI centralises many hotel functions
  • Figure 51: Geographical presence of TUI lodging brands, 2006
• RIU accounts for nearly half of TUI capacity
• RIU has 50% more capacity than in 2000
  • Figure 52: Growth of RIU, 2000-06
• RIU in Cape Verde
• RIU in Mexico and the Caribbean
  • Figure 53: RIU' s portfolio of hotels in the Caribbean, as of end 2006
  • Figure 54: Schedule of RIU hotel openings, 2007-08
• Grecotel is the first and largest Greek hotel chain
  • Figure 55: Grecotel locations and seasonal opening dates, 2006
• Other TUI lodging brands include:
• Atlantica Hotel
• Dorfhotel
• Gran Resort Hotels
• Grupotel
• Iberotel
• Magic Life
• Nordhotel
• Paladien
• Club Robinson
• Sol y Mar Hotels
• Explosive growth for gaming groups
• Hotels are growing in importance
• MGM Mirage more than doubled its lodging capacity in 2005
• Macao is the new Eldorado for US casino operators
• MGM to expand with non-gaming hotels in China
• Harrah' s has doubled it capacity due to the merger with Caesar' s
• Harrah' s itself has been bought
• Harrah' s is expanding internationally
• Harrah' s still largely dependent on Vegas and Atlantic City
  • Figure 56: Harrah' s capacity, by location, 31 December 2005
  • Figure 57: Harrah' s gaming and lodging capacity, 31 December 2005
• Theme park operators: case study
• Disney
• Four for three
• The Mickey Mouse Penthouse
• Disney to offer standalone hotels
• Disneyworld in Bahrain?
• What Next?
• Chains stepping up expansion rate
• Challenges
• Concessions will have to be made
• Hotel brands must proliferate rapidly
• Niche opportunities remain in US market
• Hotel brands must represent a lifestyle choice
• The chains will squeeze intermediaries
• Frequent-guest programmes
• More share buybacks on the way
• More ' taking private' to come
• Index to Travel & Tourism Analyst
• Index grouped by geographic area
• Index to TTI Destination Reports 1993-2006
• Country reports
• Special Reports Index