同程25亿元收购万达酒管、携程入主“大乐之野”，OTA平台为什么集中发力住宿？

每日经济新闻2025-04-18

日前，一则同程、万达两大知名品牌携手的消息，让不少业内人士为之一惊。4月17日晚，同程旅行（HK00780）披露，其子公司将以24.97亿收购万达酒店发展（HK00169）旗下子公司万达酒店管理（香港）有限公司（以下简称万达酒管）。值得一提的是，不久前，携程收购国内知名高端民宿品牌“大乐之野”母公司的控股权。不可否认，OTA（在线旅游）平台正试图通过加深布局住宿业务来加固自己的护城河。旅游酒店行业...

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Why did the OTA platform focus on accommodation?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"09961":1,"00780":0.9},"content_text":"日前，一则同程、万达两大知名品牌携手的消息，让不少业内人士为之一惊。4月17日晚，同程旅行（HK00780）披露，其子公司将以24.97亿收购万达酒店发展（HK00169）旗下子公司万达酒店管理（香港）有限公司（以下简称万达酒管）。值得一提的是，不久前，携程收购国内知名高端民宿品牌“大乐之野”母公司的控股权。不可否认，OTA（在线旅游）平台正试图通过加深布局住宿业务来加固自己的护城河。旅游酒店行业高级经济师赵焕焱向《每日经济新闻》记者分析，目前的酒店供给大于需求，导致存量竞争加剧，市场上出现了大量优质酒店资源，并且有不少低价收购机会。OTA平台通过收购现成的优质住宿业态，可以在不需要新建品牌的基础上，增加平台资源，进一步控制供应链。“OTA平台增加自有酒店数量，控制更多‘货源’，根本上是为了增加自己供应链的优势和护城河。他们瞄准的真正对手是美团、抖音。”赵焕焱说。酒店行业资深分析师王婷则表示：“OTA平台也在寻找新的业务增长点，通过收购酒店可以直接获取经营利润，拓展盈利渠道。同时，无论携程还是同程，收购（酒店业务）有利于通过产业链协同进一步巩固市场地位，做更好的生态占位。优势方面，OTA平台积累了大量用户数据，作为更了解消费者的OTA平台，或可以通过数据分析协助酒店运营，提升酒店经营效益。”4月18日的“2025腾讯云城市峰会·成都”的圆桌对话环节中，广西旅发科技股份有限公司CTO（首席技术官）苏鸿也透露：“OTA平台正在深入酒店、景区、交通等方方面面，相比之前介入更深。”图片来源：视觉中国-VCG4182834149同程补齐高端酒店缺口根据同程旅行的公告，公司以24.97亿元收购万达酒管100%股权，交易对价对应万达酒管2023年经调整EBITDA（税息折旧及摊销前利润）的9.5倍，这一估值略低于行业常见区间，但交易规模在近年酒店业并购事件中仍处高位。据悉，万达酒管为万达酒店发展旗下的轻资产板块，业务范围包含酒店管理、酒店设计及建设等，拥有覆盖中端至奢华档次的九大酒店品牌。截至2024年底，万达酒管在营酒店共计204家，客房总量超过40200间，另有376家酒店已签约待开业。同程旅行表示，看好中国酒店管理市场的增长潜力，同时认为万达酒管拥有完善的高端酒店品牌组合，在国内市场具有较大影响力且管理团队经验丰富，将增强公司在高端酒店领域的竞争力。同程旅行旗下艺龙酒店科技平台已经有大量酒店品牌，包括雅致酒店、艺龙酒店、美豪丽致酒店、美豪酒店等。此次收购万达酒管的交易完成后，同程旅行的酒管业务将增加高端酒店业务。2024年年度业绩公告显示，截至2024年12月底，同程旅行在营酒店数量上升至2300家，另有1400家酒店正在筹备中。同程旅行还表示，收购完成后万达酒店品牌将保持独立发展。OTA平台如何抵御抖音美团的竞争近年来，美团、抖音和OTA平台在酒店预定市场的竞争越来越激烈。赵焕焱认为，同程旅行收购万达酒管正是为了抵御美团和抖音的竞争，而试图通过收购酒店在供应链加深布局的不只有同程旅行。2024年3月的报道显示，携程当时已控股了国内高端民宿品牌“大乐之野”母公司，此举被视为携程加码非标住宿、抵御美团乡村民宿冲击的关键动作。王婷认为，OTA平台也在寻找新的业务增长点，酒店业务作为重要营收来源则是重要增长方向。通过收购酒店，平台可以直接获取经营利润，拓展盈利渠道。财报数据显示，住宿预订仍是OTA平台巨头们的核心收入来源。2024年，携程住宿业务收入216亿元，占总营收40%。同程旅行的住宿预订服务业务收入47亿元，占总收入的27%。同比上年，两者都实现了两位数增长。但战场早已不限于OTA平台内部。从结果看，这两年的抖音、美团在酒店预订领域已经分走了“携程们”不少订单。苏鸿表示：“文旅行业传统的1.0时代，就是好山好水，是走马观花式的旅游。2.0时代是休闲旅游，是去放松，去住十天半个月；现在文旅行业已经更新到了3.0时代。3.0时代是什么？就是能够最大化地去满足游客情绪价值的深度体验，要挖掘旅游者的情绪价值，通过新技术打造文旅行业‘智能体集群’，为民宿等旅游相关企业赋能。”“2025腾讯云城市峰会·成都”的圆桌对话环节中，广西旅发科技股份有限公司CTO苏鸿发言 图片来源：腾讯提供无论是同程旅行收购万达酒管，还是携程收购“大乐之野”，本质都是通过资本手段缩短品牌孵化周期，直接控制稀缺供给资源。随着抖音以“内容+低价”搅动市场，传统OTA平台不得不加固护城河。而未来的竞争，将是供应链深度与用户心智宽度的双重较量。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation,merge","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2528062918","isCrawlerRequest":true}