摩根大通：全球酒店行业研究报告2009年3月

International Lodging Operating
Trends - January 2009
Soft Global Operating Trends Persist
Lodging
Joseph GreffAC
(1-212) 622-0548
joseph.greff@jpmorgan.com
Kevin Milota
(1-212) 622-0987
kevin.milota@jpmorgan.com
Daniel Yoon
(1-212) 622-1205
daniel.yoon@jpmorgan.com
J.P. Morgan Securities Inc.
See page 39 for analyst certification and important disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their
investment decision.
GLOBAL DATA. We believe it is important for lodging investors to track
global operating trends to more accurately assess the magnitude of the
current lodging down cycle, especially given the expansion in international
portfolios of major lodging companies. In this monthly report, we present
historical revenue per available room (RevPAR), occupancy, and average
daily rate (ADR) trends for four regions – Americas (AMR), Europe
(EUR), Middle East & Africa (MEA), & Asia Pacific (AP) – as well as
subregions & selected cities as compiled by Smith Travel Research. We
also present the portfolio and financial exposures of lodging companies
under our coverage to these regions, based on available data.
• JANAURY 2009. In January ’09, RevPAR in USD in all regions was
negative, with MEA (RevPAR in USD -7.7%) and AMR (RevPAR in
USD -15.9%) outperforming AP (-28.3%) and EUR (-30.8%) on a
relative basis. ADR in MEA (in USD) was +6.9%, while ADR in AMR,
AP, and EUR posted declines of 6.1%, 12.2%, and 22.5%, respectively.