High-End Hotels Shouldn’t Fear Airbnb Says Wall Street Exec

Julie Verhage, Bloomberg (彭博社) – May 04, 2016 11:00 pm
(中譯自 2016-05-06 17:24 經濟日報 記者湯淑君 之報導文章)

Sohn投資大會現場

In his bullish call on Hyatt Hotels Corp., John Khoury of Long Pond Capital LP said the high-end leisure market shouldn’t worry about Airbnb Inc. The budget hotel market, however, may be in for a rough ride.
美國避險基金Long Pond Capital經理人約翰 ‧ 庫瑞看好投資凱悅酒店集團(Hyatt Hotels)，認為高端休閒市場不必對旅遊住宿網站Airbnb的競爭過度擔憂，倒是平價旅舍業者可要當心了，前頭可能有坎坷的路要走。

Speaking at the Sohn Investment Conference in New York, Khoury touted Hyatt, saying shares have more than a 60 percent upside despite lodging being the most “out of favor” piece of the real estate sector. One of the reasons he cited for his optimism is that, unlike leisure travel, Airbnb and its online community of accommodations is unlikely to damage the industry’s revenue stream from business and high-end travelers.
庫瑞在紐約舉行的Sohn投資會議上演講時對凱悅集團大表讚賞，預期該股還有超過60%的上漲空間，儘管目前旅宿業者是不動產業類股中最「失寵」的一個族群。庫瑞指出，他樂觀看待凱悅這類高端飯店的未來展望，原因是 Airbnb及其客房共享社群主要吸引的是精打細算的背包客和其他休閒遊客，不太可能損及傳統飯店業者來自商務人士和頂級客層的營收。

A number of Wall Street firms recently pointed to this trend. A note from Cowen & Co. last month showed that hotels have a clear advantage among business travelers. The survey also revealed that respondents who used Airbnb were more likely to use hotels for business travel.
一些華爾街公司近來也點出這項趨勢。上個月Cowen & Co.發佈的調查發現，高端飯店業者在商務差旅市場擁有明顯的競爭優勢，而且，使用過Airbnb服務的受訪者也表示，他們在出差旅行時，比較可能選擇住一般傳統的旅館飯店。

Goldman Sachs Group Inc. also conducted a survey earlier this year that showed while people do typically stick with Airbnb after using it [Editor’s note: “Stickiness” is still stronger at hotels], the peer-to-peer travel market still has low penetration among business travelers.
高盛公司(Goldman Sachs)在今年稍早的調查也顯示，雖然民眾使用過Airbnb後可能就一試成主顧 [編註 : 旅館酒店的「黏著度」仍高於Airbnb所提供的客房]，但點對點 (peer-to-peer，簡稱P2P) 旅遊市場在商務旅客之間的市場滲透率仍然偏低。