Hospitable climate 氛围宜人


Two hotel groups thrive amid their industry’s pandemic malaise


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. The glum consensus is, though, being challenged by two big Chinese chains. Both are enjoying resurgent demand for domestic travel as China has tamed its epidemic. And strength at home is fuelling ambitions abroad.
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.
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 to franchisees in exchange for lower franchise fees, which enables them to expand much more rapidly.
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 was just 27%.
As incomes rise and Chinese travellers become more discerning, the standardised, 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.
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 by capacity, 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.
为了打入全球市场,锦江两年前斥资3.32亿美元收购了丽笙酒店(Radisson)的多数股权。按客房数量计算,丽笙是全球第11大运营商。今年1月,华住以8.68亿美元收购了德国豪华酒店集团德意志酒店(Deutsche Hospitality)。通过这样的联手合作,新东家可以学习为成熟的外国客户服务的微妙之处,还不用花数百万美元在西方营销自己不出名的品牌(也不会像中国企业在科技或金融等更敏感的行业里发动收购那样引发怒火)。美国和欧洲的酒店经营者仍在第二波疫情中挣扎,上海这两大集团也许能捡到更多最后一分钟特价房。


三、翻译园地-among, amidst, between区别

(1) 当说某事物在两个以上的物体、人、国家等之间,而又把他/它周围的事物个别地看时(他(它)们不多,每一个又跟其他清楚地区分开来) 时,常用between。
She was sitting between John and Tom. 她坐在约翰和汤姆中间。
Switzerland lies between France, Italy, Austria and Germany.
(2) 用among可表示某事物在三个或三个以上个体(人或物) 组成的一个群体中间,并且不把这些人或物的集合体分开看。
We must go among the masses. 我们必须到群众中去。
(3) 表示两边有一些或许多事物,通常用between。
A little valley lies quiet between high mountains.
(4) 表示三个(或以上) 当中的每一个和其他的每一个的相互关系时,用between。
A treaty was signed between three nations after four days' talks.
(5) divide和share之类的词,当后面使用几个单数名词时,用between;如用复数名词,between和among均可用。
He shared his property between his wife, his daughter and his son.

I divide my time between teaching, writing and lecturing.
He divided his money between/among his five sons.
They divided the money among themselves. 他们把这笔钱给分了。
(6) 当谈及事物间的区别时,总是用between。
What's the difference between a crow and a rook?

(7) among可用来指“……之一(one of)”,“一些(some of)”或“包括在内”。Among the first to arrive was the young girl.
He has a number of criminals among his friends.
(8) amid意为“在……中”(英式口语中多用amidst),强调处在障碍、困难、黑暗、危险等之中。这些事物是由一些不能分开或不能加以区别,甚至是浑然一体的事物组成的。
We walked amid the snow all the morning. 我们在雪地里走了一上午。
He was brave amid/amidst all dangers. 他身处危险时很勇敢。Amid/Amidst warm applause/the cheers the honored guests mounted the rostrum. 在热烈的掌声/欢呼声中贵宾们登上了主席台。

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