-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下:万豪酒店集团第一季度业绩超出预期,调整后每股收益为2.72美元(同比增长17%),高于市场普遍预期的2.55美元;全球每间可供出租客房收入(RevPAR)同比增长4.2%,超过此前预期的上限。尽管受到中东市场波动的影响,但美国和加拿大RevPAR仍增长4.0%,国际RevPAR增长4.6%,这主要得益于各客户群体和连锁规模的强劲表现,抵消了投资者对休闲旅游淡季趋势的担忧。轻资产模式展现了运营杠杆效应,净费用收入同比增长12%(达14亿美元),这主要得益于特许经营费(增长17%)和联名信用卡费用的增长。管理层将全年每间可供出租客房收入(RevPAR)预期从1.5%-2.5%上调至2.0%-3.0%,并将调整后EBITDA预期上调至58.8亿美元-59.7亿美元。开发势头依然强劲,新增客房数量达到创纪录的61.8万间(同比增长5%),净客房增长率达4.5%,为以特许经营为主的增长模式提供了有力支撑。然而,鉴于美国联名信用卡对特许经营费收入的显著贡献,持续进行的美国联名信用卡重新谈判将成为下半年业绩预测的关键影响因素。
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