最新Accenture精品：Lodging Industry Overview

Copyright©2007AccentureAllRightsReserved.Accenture,itslogo,andHighPerformanceDeliveredaretrademarksofAccenture.0LodgingIndustryOverviewMay28,2008Copyright©2007AccentureAllRightsReserved.1Althoughthelodgingindustryhasshownsteadygrowth,ithasbeencharacterizedbyglobalfragmentation.GlobalLodgingIndustrySource:Datamonitor,Company10-Ks,Accentureanalysis$0$50$100$150$200$250$300$350$400$450$500$550$600$6502002200320042005200620072008200920102011U.S.EuropeAsiaROW7%CAGR($B)GlobalMarketSize4%CAGR6%CAGR4%CAGR2006MarketShare(%ofRooms)GlobalU.S.=Top5LodgingCompanies=RestofMarketTop5PlayersRepresent16%oftheGlobalMarket16%43%Top5PlayersRepresent43%oftheU.S.MarketCopyright©2007AccentureAllRightsReserved.2ManagedHybridTherehavebeenwinnersinbothshortandlong-termvaluecreation...IndustryShareholderReturnsƒThelodgingindustryhasbeenanattractivesegment,outperformingtheS&P500onbotha3and7-yearbasisƒRealwinnershavebeenabletodelivervalueinboththeshort-andlongertermtimeframesƒTopshareholdervaluecreatorsincludeHilton,Marriott,andIntercontinentalƒChoiceHotelshasdeliveredthelargestlongtermshareholderreturns,buthasslippedversuspeersetinrecentyears0%5%10%15%20%25%30%35%10%15%20%25%30%35%40%3-yearTotalReturntoShareholders(TRS)17-yearTotalReturntoShareholders(TRS)1S&P500-5%5%ValueCreatorsSlippingRecentMoversLaggardsaverageaverageBuyoutapproved4/6/071TRSdataasof3/30/2007Source:YahooFinance,Bloomberg,AccentureanalysisOwnedFranchisedBuyoutcompletedOctober2007Copyright©2007AccentureAllRightsReserved.3…andthemarketseemstohavesignificantfuturegrowthexpectationsforthemajorityofindustryplayers.EnterpriseValueDecomposition:CurrentValuevs.FutureValue75%49%33%32%16%57%61%63%67%68%84%25%37%39%51%43%IntercontinentalChoiceWyndhamAccorHiltonMarriottStarwoodFourSeasonsCurrentValueFutureValueAverage=52%ƒSignificantgrowthexpectationsexistwithover50%oftheIndustry’svaluebaseduponfuturegrowthƒGrowthexpectationsspanalloperatingmodels–owned,managed,andfranchisedƒThefourlargestindustryplayers–Marriott,Hilton,Accor,andStarwood–alsocarrythegreatestexpectedgrowth1Source:S&P,Accentureanalysis1Note:FourSeasonsgrowthexpectationsprimarilydrivenbyprivateequitybuyoutCopyright©2007AccentureAllRightsReserved.4Manycompanieshavecommunicatedsimilarcoregrowthstrategiestothemarketplace.CompanyStrategiesSource:CompanyPresentationsCopyright©2007AccentureAllRightsReserved.5HowevertheLodgingIndustryisfacingchallengesonmultiplefronts…KeyIndustryTrendsLodgingCompaniesÂIntermediaryproliferationÂGDSderegulation&preferenceschemesÂDirectchannelpushÂInventoryandpricingoptimizationÂBrandedhotelunder-penetrationÂGlobalconsolidationopportunitiesÂRapidgrowthinemergingmarkettourismandbusinesstravelÂDiverse,demanding,&elusivecustomersÂMasscustomization&personalizationÂHotelbrandextensions&proliferationÂLifestylesegmentation&targetingÂHotelstaff’sroleinthebrandedexperienceÂ50%+non-managementturnover,costing~$6,000-$10,000peremployeeÂPotentialsupply/demandimbalanceÂOwnership-centricmodelsdiversifyingtowardsbalancedportfoliosÂSignificantprivateequitypresenceÂTimeshare&fractionalhypergrowthÂExponentialgrowthinpropertylevelcapitalexpendituresÂAmenitiesandrenovationsmigratefrom“differentiators”to“must-have’s”DistributionComplexityInternationalGrowthEvolvingBusinessModelsTheTalentPoolProductInvestmentsCustomer&BrandComplexityÂCurrentIndustryupcycleexpectedtocontinuethrough2008/9ÂPriordowncyleIndustrypre-taxprofitsbottomed-outat12%versustoday’s21%PeakingIndustryCycleCopyright©2007AccentureAllRightsReserved.6TrendImplicationsIncreasingPressureto...ƒLeverageproactivebusinessplanningcapabilities,asset-lightoperatingmodels,andfinancialflexibilitytomanagethependingdowncycleƒEstablishandleveragepowerfulbrandstopulldemandƒBuildstrongfranchise/propertyownervaluepropositionandmanagementcapabilitiesƒCreateaglobalfootprintandtheassociatedinternalinfrastructureƒEstablishastrongwebpresenceƒDeveloprobustchannelmanagementcapabilitiesthatutilizeasingleviewofinventoryandprice/yieldoptimizationschemesƒBuildROIandcustomerinsightdisciplineintoSales&MarketingdecisionsƒIdentifyandenablepointsofdifferentiationbeyondthetraditionalphysicaldimensionsoftheroomandguestserviceƒCreateaninternalculturewherethepeoplelivethebrand,andbecomebrandconduitsfortheguestsEvolvingBusinessModelsInternationalGrowthDistributionComplexityCustomer&BrandComplexityProductInvestmentsTheTalentPool...thatwillhavesignificantgo-forwardimplications.PeakingIndustryCycleCopyright©2007AccentureAllRightsReserved.7Withaggressivecostcuttinganddevelopmentrationalizationkeyresponsesofthelastdowncycle,companiesmayneedtosharpenfocusondrivingmoreprofitabletoplinegrowth.PriorDowncycleReactions“Overthepastyear,Choicehastakenaggressivestepstoimprovetheefficiencyofitsoperations,includingareorganizationandconsolidationofreservationcentersinNovember2001.Managementwillcontinuetoreviseourstructure,createmoreefficientinternalprocesses,andusetechnologytolowercostandimproveresults.”-Choice200110-K“(Starwood)onceagainisrealigningandeliminatingredundanciesinitsNorthAmericanoperations