经济学人:实体酒店亏损是必然?在线中介狂揽利润

 　　Business: Hospitality Stay with me

　　商业：酒店业，别离开我

　　As online rivals whizz ahead, hotels try to be both big and nimble.

　　眼看网络竞争对手飕飕前进，各酒店力求变得大而灵活。

　　HOTEL companies check out well just now.

　　酒店企业最近表现不错。

　　On May 3rd Hyatt became the latest chain to report sunny results—profits were up by 55% over the same quarter in 2015.

　　5月3日，凯悦成为最新发来喜讯的连锁酒店——其利润率相比2015年同季度增长55%。

　　In America RevPAR (revenue divided by rooms available in a given period) has risen for the past six years, according to STR, a data outfit¹.

　　据数据机构STR报告，在美国，单间可用房收益（指一定时间内的客房总收入除以可用客房总数）过去六年持续上升。

　　Analysts² debate when fortunes will change.

　　分析家们已经开始讨论好运何时会到头的这个问题。

　　America’s market has been buoyed³ by a temporary mismatch of slow-growing supply and robust⁴ demand.

　　美国市场缓慢增长的供给和强劲的需求之间存在着一种暂时性的错位，而美国市场正是靠这点才支撑到今天。

　　In the long term, however, the greatest uncertainty⁵ is not cyclical, but structural⁶, as online firms change the industry’s shape.

　　但是从长远看来，随着线上公司逐渐改变该行业格局，最大的不确定性不是在于周期，而在于结构。

　　Neither Airbnb, a room-sharing site, nor online travel agents are hotels’ obvious adversaries⁷.

　　不管是空房租赁网站Airbnb，还是网上旅行社都不是实体酒店的显著竞争对手。

　　Big hotel chains subsist⁸ on weary business travellers; Airbnb does not.

　　大的连锁酒店主要靠疲惫的商务旅客赚钱，而Airbnb却不是。

　　Yet the growing popularity of the platform, now valued at around $25 billion, means it may siphon more guests from hotels in future.

　　然而这个现在市值250亿美元的住宿预订平台，其日益增长的受欢迎程度意味着其未来可能从酒店吸引走更多客户。

　　Booking sites help hotels but chomp⁹ into their margins¹⁰ with fees of up to 25%.

　　预定网站对酒店有一定帮助，但高达25%的中介费却使酒店利润大减。

　　Last year they accounted for nearly one in five bookings in America, up from one in ten in 2006, according to Phocuswright, a research firm.

　　据研究机构Phocuswright报告，在美国，来自网站的房间预订占比从2006的十分之一上涨到去年的近五分之一。

　　In Europe, where the hotel market is more fragmented, online agents account for one in four.

　　在酒店市场较为分散的欧洲，在线中介的比例则达到了四分之一。

　　For hotel firms, one solution is to get bigger.

　　对于酒店集团来说，解决方法之一就是扩大经营规模。

　　After a bidding war with Anbang, a Chinese insurer, Marriott agreed to buy Starwood for more than $13 billion last month.

　　上个月，经历了一场与中国保险公司安邦之间的投标大战后，万豪同意以超过130亿美元的价格收购喜达屋。

　　The result will be a 1.1m room behemoth. Other firms are bulking up, too.

　　这意味着一个拥有110万间客房的巨型企业由此诞生。其他公司也在扩大其规模。

　　Last year saw $67 billion of hotel mergers¹¹, according to Dealogic, a research firm—the highest level since 2007.

　　据研究机构Dealogic称，去年酒店企业并购金额达670亿美元，创下自2007年以来的最高记录。

　　Scale will help hotels battle their main competitors: other hotels.

　　巨大的规模将使酒店在与其主要对手（其他酒店）竞争时更具优势。

　　But the recent spate¹² of deals is also a response to challengers online.

　　但最近的并购热潮也是对其网络对手的一种回应。

　　A bigger hotel firm can seek lower fees from online travel agents.

　　酒店公司越大，需要付给网上旅游代理商的钱就可以越少。

　　Investments in technology can be deployed¹³ across more rooms.

　　技术上的投资可以用于覆盖更多的房间。

　　And the more hotels a firm manages, the more credibly¹⁴ it can urge travellers to bypass third parties and look for rooms on its own site, as Hilton, InterContinental Hotels and others are doing.

　　并且如果一个企业运营的酒店数目越多，它就越能说服旅行者们绕过第三方，直接登录酒店官网预订房间，例如希尔顿，洲际酒店等酒店就是如此。

　　Hotels are also finding new partners or acquiring firms outright¹⁵.

　　酒店也在需找新的合作伙伴或直接并购整个公司。

　　On April 5th AccorHotels, a French firm, said it would buy onefinestay, an upscale rival to Airbnb.

　　4月5日，法国酒店集团雅高称其将收购“高端版” Airbnb的对手Onefinestay。

　　InterContinental, which was due to hold its annual meeting on May 6th, is partnering with a company called Amadeus to launch a new, cloud-based reservation system that gives more personalised service.

　　本该在5月6日召开年会的洲际酒店却正忙于与一家叫Amadeus的公司联手推出一个全新的云端预订系统以提供更个性化的服务。

　　Despite such efforts, it will be difficult for hotel firms to keep up.

　　尽管做出了这些努力，酒店还是很难保持其发展势头。

　　They cannot beat online firms’ reach.

　　网络公司的覆盖面要比他们大得多。

　　Airbnb has more rooms than even the combined Marriott and Starwood; online travel agents’ inventory¹⁶ is broader still.

　　例如，Airbnb所拥有的房间甚至比合并后的Marriot和Starwood都要多，而网上旅游中介的房间存量更多。

　　Expedia’s scale is particularly worrisome for hotel companies.

　　Expedia的规模尤其令酒店企业担忧。

　　Its sites include not just Expedia. com but Travelocity, Hotwire, Hotels. com and Orbitz—an acquisition regulators declined to challenge in September to the dismay of hotel chains.

　　它所拥有的网站不仅仅有Expedia.com还有Travelocity，Hotwire，Hotels.com and Orbitz—监管机构在九月份拒绝提出质疑的这一收购行为使得酒店连锁业倍感沮丧。

　　Less than two months later, Expedia said it would pay $3.9 billion to buy HomeAway, which helps property owners rent their houses to those who want them for a holiday.

　　一个月多后，Expedia称其将以39亿美元的价格收购HomeAway。HomeAway主要致力于帮助房主出租房屋给那些需要房子度假的人。

　　Matching online firms’ agility¹⁷ will be equally challenging.

　　想要变得像线上公司那样灵活也同样不容易。

　　Airbnb is trying to attract business types by helping¹⁸ them find homes with wireless¹⁹ internet, 24-hour access and a desk.

　　Airbnb正试图通过寻找带有无线网络和办公桌并且能全天候入住的房间，以此吸引商务人士入住。

　　Expedia plans to offer more listings that show hotel rooms beside houses and flats.

　　Expedia还计划提供更多住宿信息，供顾客查询房屋和公寓附近的酒店房间。

　　Such a move could make both Airbnb and hoteliers bristle²⁰.

　　该举动可能会使Airbnb和酒店老板们大为恼火。

　　1.slow-growing 生长缓慢的

　　例句:They probably over-estimate the appeal of slow-growing Western markets.

　　他们大概高估了增长缓慢的西方市场的吸引力。

　　2.keep up 保持

　　例句:She shook her head and started to walk on. He kept up with her.

　　她摇了摇头开始往前走。他跟了上去。

　　3.bulk up 胀大；蓬松

　　例句:Holyfield has bulked up to 210 pounds using weights.

　　霍利菲尔德体重增到了210磅。

　　4.check out 检查；结账离开

　　例句:They packed and checked out of the hotel.

　　他们收拾好东西，办理了退房手续。

1 outfit   

n.（为特殊用途的）全套装备，全套服装

参考例句：

• Jenney bought a new outfit for her daughter's wedding.珍妮为参加女儿的婚礼买了一套新装。
• His father bought a ski outfit for him on his birthday.他父亲在他生日那天给他买了一套滑雪用具。

2 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

3 buoyed   

v.使浮起( buoy的过去式和过去分词 )；支持；为…设浮标；振奋…的精神

参考例句：

• Buoyed by their win yesterday the team feel confident of further success. 在昨天胜利的鼓舞下，该队有信心再次获胜。
• His encouragement buoyed her up during that difficult period. 他的鼓励使她在那段困难时期恢复了乐观的情绪。 来自《简明英汉词典》

4 robust   

adj.强壮的，强健的，粗野的，需要体力的，浓的

参考例句：

• She is too tall and robust.她个子太高，身体太壮。
• China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。

5 uncertainty   

n.易变，靠不住，不确知，不确定的事物

参考例句：

• Her comments will add to the uncertainty of the situation.她的批评将会使局势更加不稳定。
• After six weeks of uncertainty,the strain was beginning to take its toll.6个星期的忐忑不安后，压力开始产生影响了。

6 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

7 adversaries   

n.对手，敌手( adversary的名词复数 )

参考例句：

• That would cause potential adversaries to recoil from a challenge. 这会迫使潜在的敌人在挑战面前退缩。 来自辞典例句
• Every adversaries are more comfortable with a predictable, coherent America. 就连敌人也会因有可以预料的，始终一致的美国而感到舒服得多。 来自辞典例句

8 subsist   

vi.生存，存在，供养

参考例句：

• We are unable to subsist without air and water.没有空气和水我们就活不下去。
• He could subsist on bark and grass roots in the isolated island.在荒岛上他只能靠树皮和草根维持生命。

9 chomp   

v. （人、动物进食时）大声地咬，嚼得很响

参考例句：

• I lost a tooth while chomping on a French baguette!我啃法棍面包时，崩掉了一颗牙！
• They just chomp on tundra, nap a few hours and feast again.它们只是在苔原上大嚼特嚼，睡上几小时，接着再吃。

10 margins   

边( margin的名词复数 )； 利润； 页边空白； 差数

参考例句：

• They have always had to make do with relatively small profit margins. 他们不得不经常设法应付较少的利润额。
• To create more space between the navigation items, add left and right margins to the links. 在每个项目间留更多的空隙，加左或者右的margins来定义链接。

11 mergers   

n.（两个公司的）合并( merger的名词复数 )

参考例句：

• Mergers fall into three categories: horizontal, vertical, and conglomerate. 合并分为以下三种：横向合并，纵向合并和混合合并。 来自辞典例句
• Many recent mergers are concentrated within specific industries, particularly in retailing, airlines and communications. 现代许多合并企业集中进行某些特定业务，在零售业、民航和通讯业中更是如此。 来自英汉非文学 - 政府文件

12 spate   

n.泛滥，洪水，突然的一阵

参考例句：

• Police are investigating a spate of burglaries in the area.警察正在调查这一地区发生的大量盗窃案。
• Refugees crossed the border in full spate.难民大量地越过了边境。

13 deployed   

（尤指军事行动）使展开( deploy的过去式和过去分词 )； 施展； 部署； 有效地利用

参考例句：

• Tanks have been deployed all along the front line. 沿整个前线已部署了坦克。
• The artillery was deployed to bear on the fort. 火炮是对着那个碉堡部署的。

14 credibly   

ad.可信地；可靠地

参考例句：

• I am credibly informed that. 由可靠方面听说。
• An effective management software ensures network to run credibly. 一个高效的网管软件是网络运行的可靠保证。

15 outright   

adv.坦率地；彻底地；立即；adj.无疑的；彻底的

参考例句：

• If you have a complaint you should tell me outright.如果你有不满意的事，你应该直率地对我说。
• You should persuade her to marry you outright.你应该彻底劝服她嫁给你。

16 inventory   

n.详细目录，存货清单

参考例句：

• Some stores inventory their stock once a week.有些商店每周清点存货一次。
• We will need to call on our supplier to get more inventory.我们必须请供应商送来更多存货。

17 agility   

n.敏捷，活泼

参考例句：

• The boy came upstairs with agility.那男孩敏捷地走上楼来。
• His intellect and mental agility have never been in doubt.他的才智和机敏从未受到怀疑。

18 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

19 wireless   

adj.无线的；n.无线电

参考例句：

• There are a lot of wireless links in a radio.收音机里有许多无线电线路。
• Wireless messages tell us that the ship was sinking.无线电报告知我们那艘船正在下沉。

20 bristle   

v.（毛发）直立，气势汹汹，发怒；n.硬毛发

参考例句：

• It has a short stumpy tail covered with bristles.它粗短的尾巴上鬃毛浓密。
• He bristled with indignation at the suggestion that he was racist.有人暗示他是个种族主义者，他对此十分恼火。