<p>尽管能源价格飙升和地缘政治紧张局势，随着夏季的到来，旅行需求依然强劲。美国旅行协会预计，经过通胀调整的旅行支出将在 2026 年增长 1%，2027 年增长 3%，而由于世界杯的影响，美国的国际旅行将出现反弹。本月早些时候，CoStar 和旅游经济学公司将美国的每间可用房收入（RevPAR）预测上调至同比增长 2.8%，在 2026 年第一季度的 4.0% 之后，创下历史最高季度 RevPAR 数字。</p>
<p>自然，旅游行业正在蓬勃发展，对吧？可别急，我的朋友。酒店股票创下新高，但航空公司、邮轮公司和其他旅游股票却落后于整体市场和酒店行业同行。为什么一个子行业表现出色，而其他行业却滞后？答案当然在霍尔木兹海峡。</p>
<p>获取 <strong>万豪国际</strong> 的提醒：</p>
<h2>石油是旅游行业的宏观排序机制</h2>
<p>自 3 月初伊朗关闭霍尔木兹海峡以来，油价一直高于每桶 90 美元。高能源价格压缩了消费者的支出，但旅行需求依然坚挺。然而，石油在旅游行业中已成为一种排序机制，市场正在根据盈利中的燃料暴露重新评估该行业，而不是原始需求。</p>
<ul>
<li>航空公司：燃料是任何航空公司三大成本项目之一，持续高企的航空燃油价格正在侵蚀航空公司的利润。美国全球航空 ETF NYSE: JETS 今年迄今下跌超过 2%，而表现最佳的航空公司股票，达美航空公司 NYSE: DAL，也是最具对冲能力的，因为它拥有一家炼油厂。</li>
</ul>
<ul>
<li>邮轮公司：尽管预订创下纪录，邮轮行业的收益也面临来自油价冲击的压力。挪威邮轮控股有限公司 NYSE: NCLH 在上个月的 2026 年第一季度报告中已下调其 2026 年全年每股收益预期。而唯一对冲油价的邮轮公司，皇家加勒比邮轮 NYSE: RCL，今年迄今仍下跌超过 3%。</li>
</ul>
<ul>
<li>在线旅游代理商（OTAs）：尽管没有燃料成本，OTAs 也未能摆脱油价冲击。预算紧张的度假者正在放弃国际旅行，转向更便宜的国内旅行，这减少了整体支出并削减了 OTAs 的费用收入。航空公司也可能通过削减支付给 OTAs 的佣金来抵消燃料成本的增加。全球最大的上市 OTA，Booking Holdings Inc. NASDAQ: BKNG，今年迄今下跌超过 25%。</li>
</ul>
<p>不难看出，为什么酒店表现优于其他行业。酒店在变现旅行需求方面处于最佳位置，因为它们不需要承担燃料成本。而且一些行业领导者甚至不再支付房地产的抵押贷款。</p>
<h2>2 只在这个夏天创下新高的酒店股票</h2>
<p>这里列出的三只酒店股票都有一个共同主题：特许经营商业模式。在这种模式下，酒店特许经营者承担所有周期性风险，包括抵押贷款成本、劳动力、折旧、保险和公用事业。品牌收取总房收入和其他费用的一定比例，并允许运营商使用其名称并访问其预订和忠诚度引擎。一个轻资本的系统，具有经常性收入，适合宏观冲击环境，这就是这些股票今年飙升至新高的原因。</p>
<h3>万豪：全方位运转的收费机器</h3>
<p>非 RevPAR 收入流是万豪国际公司 NYSE: MAR 与同行的区别所在。</p>
<p>2026 年第一季度，卡片费用同比增长 37%，管理层将全年总费用指引上调至 59.3 亿至 59.9 亿美元的区间。</p>
<p>项目管道也很强劲；创纪录的 618,000 间客房，其中 43% 已经在建。第二季度 RevPAR 指引也上调至最高 2.5%。</p>
<p>MAR 股票也享受着强劲的技术动能。50 日移动平均线在近一年内提供了支撑，而移动平均收敛发散（MACD）指标则发出看涨动能上升的信号。基本面和技术面确认了同样的故事，未来还有更多上行空间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260610134413_mar2026-06-1014-24-24.PNG?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1200" height="683" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260610134413_mar2026-06-1014-24-24.PNG"/></p>
<h3>希尔顿：酒店行业最纯粹的复合增长者</h3>
<p>净单位增长是希尔顿全球控股公司 NYSE: HLT 的催化剂。该公司在 2026 年第一季度的财报中报告了 131 家新酒店开业，行业领先的净单位增长率为 6.3%。</p>
<p>希尔顿计划在今年剩余时间内实现 6-7% 的单位增长，并对这一预测充满信心，尽管中东面临逆风。系统范围内的 RevPAR 增长 3.6%，超出预期，目前有创纪录的 527,000 间客房在建。</p>
<p>HLT 股票自 4 月初以来交易平稳，但今年迄今仍上涨超过 15%，并且有迹象表明下一轮反弹即将到来。50 日移动平均线的支撑依然强劲，相对强弱指数（RSI）现已回升至看涨区域。</p>
<p>该股票以 37 倍的前瞻性收益溢价交易，但其增长率和资本回报（2026 年计划回购和分红 35 亿美元）引人注目。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260610134907_h2026-06-1014-30-05.PNG?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1200" height="683" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260610134907_h2026-06-1014-30-05.PNG"/></p>
<h2>你现在应该投资 1,000 美元在万豪国际吗？</h2>
<p>在考虑万豪国际之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而万豪国际并不在名单上。</p>
<p>虽然万豪国际目前在分析师中获得中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>查看这五只股票</p>

万豪国际

希尔顿全球

<p>酒店股票如万豪国际和希尔顿全球由于高油价对依赖燃料的行业（如航空公司和邮轮）造成压力而表现优于旅游同行。酒店受益于资本轻型特许经营模式，避免了燃料成本，使其能够利用强劲的旅行需求和创纪录的每间可用房收入（RevPAR）预测</p>

<p>Despite soaring energy prices and geopolitical tension, travel demand remains strong as the summer kicks off. The U.S. Travel Association projects inflation-adjusted travel spending to grow 1% in 2026 and 3% in 2027, with international travel in the U.S. rebounding due to the World Cup. Earlier this month, CoStar and Tourism Economics upgraded their U.S. RevPAR (revenue per available room) forecast to 2.8% year-over-year (YOY) following a 4.0% figure in Q1 2026, the highest quarterly RevPAR number on record.</p>
<div class="lb-trans"><p>尽管能源价格飙升和地缘政治紧张局势，随着夏季的到来，旅行需求依然强劲。美国旅行协会预计，经过通胀调整的旅行支出将在 2026 年增长 1%，2027 年增长 3%，而由于世界杯的影响，美国的国际旅行将出现反弹。本月早些时候，CoStar 和旅游经济学公司将美国的每间可用房收入（RevPAR）预测上调至同比增长 2.8%，在 2026 年第一季度的 4.0% 之后，创下历史最高季度 RevPAR 数字。</p>
</div><p>Naturally, the travel sector is booming, right? Not so fast, my friend. Hotel stocks are making new highs, but airline, cruise line, and other travel stocks are lagging both the broader market and their hotel industry peers. Why is one subsector winning big while the rest of the industry lags? The answer, of course, lies in the Strait of Hormuz.</p>
<div class="lb-trans"><p>自然，旅游行业正在蓬勃发展，对吧？可别急，我的朋友。酒店股票创下新高，但航空公司、邮轮公司和其他旅游股票却落后于整体市场和酒店行业同行。为什么一个子行业表现出色，而其他行业却滞后？答案当然在霍尔木兹海峡。</p>
</div><p>Get <strong>Marriott International</strong> alerts:</p>
<div class="lb-trans"><p>获取 <strong>万豪国际</strong> 的提醒：</p>
</div><h2>Oil Is the Travel Sector’s Macro Sorting Mechanism</h2>
<div class="lb-trans"><h2>石油是旅游行业的宏观排序机制</h2>
</div><p>Oil prices have been elevated above $90 per barrel since early March when Iran closed the Strait of Hormuz. High energy prices have squeezed consumers, yet travel demand remains firm. However, oil has become a sorting mechanism in the travel industry, and the market is re-rating the sector based on fuel exposure in earnings, not raw demand.</p>
<div class="lb-trans"><p>自 3 月初伊朗关闭霍尔木兹海峡以来，油价一直高于每桶 90 美元。高能源价格压缩了消费者的支出，但旅行需求依然坚挺。然而，石油在旅游行业中已成为一种排序机制，市场正在根据盈利中的燃料暴露重新评估该行业，而不是原始需求。</p>
</div><ul>
<li>Airlines: Fuel is one of the three biggest cost line items for any airline, and consistently high jet fuel prices are cutting into airline profits. The U.S. Global Jets ETF NYSE: JETS is down more than 2% year-to-date (YTD), and the best-performing airline stock, Delta Air Lines Inc. NYSE: DAL, is also the most hedged since it owns a refinery.</li>
</ul>
<div class="lb-trans"><ul>
<li>航空公司：燃料是任何航空公司三大成本项目之一，持续高企的航空燃油价格正在侵蚀航空公司的利润。美国全球航空 ETF NYSE: JETS 今年迄今下跌超过 2%，而表现最佳的航空公司股票，达美航空公司 NYSE: DAL，也是最具对冲能力的，因为它拥有一家炼油厂。</li>
</ul>
</div><ul>
<li>Cruiselines: Despite record bookings, the cruise line industry’s earnings are also facing pressure from the oil shock. Norwegian Cruise Line Holdings Ltd. NYSE: NCLH already lowered its full-year 2026 EPS outlook during its Q1 2026 report last month. And the only oil-hedged cruise line, Royal Caribbean Cruises NYSE: RCL, is still down more than 3% YTD.</li>
</ul>
<div class="lb-trans"><ul>
<li>邮轮公司：尽管预订创下纪录，邮轮行业的收益也面临来自油价冲击的压力。挪威邮轮控股有限公司 NYSE: NCLH 在上个月的 2026 年第一季度报告中已下调其 2026 年全年每股收益预期。而唯一对冲油价的邮轮公司，皇家加勒比邮轮 NYSE: RCL，今年迄今仍下跌超过 3%。</li>
</ul>
</div><ul>
<li>Online Travel Agencies (OTAs): OTAs aren’t insulated from the oil shock despite having no fuel costs. Tapped-out vacationers are eschewing international travel for cheaper domestic trips that reduce overall spend and slash OTA fee revenue. Airlines could also offset fuel cost increases by slashing commissions paid to OTAs for their listings. Booking Holdings Inc. NASDAQ: BKNG, the largest publicly-traded OTA, is down more than 25% YTD.</li>
</ul>
<div class="lb-trans"><ul>
<li>在线旅游代理商（OTAs）：尽管没有燃料成本，OTAs 也未能摆脱油价冲击。预算紧张的度假者正在放弃国际旅行，转向更便宜的国内旅行，这减少了整体支出并削减了 OTAs 的费用收入。航空公司也可能通过削减支付给 OTAs 的佣金来抵消燃料成本的增加。全球最大的上市 OTA，Booking Holdings Inc. NASDAQ: BKNG，今年迄今下跌超过 25%。</li>
</ul>
</div><p>It’s not hard to see why hotels have outperformed. Hotels are best positioned to monetize travel demand because they don’t have to cover fuel costs. And some of the industry leaders aren’t even paying the mortgage on the real estate anymore.</p>
<div class="lb-trans"><p>不难看出，为什么酒店表现优于其他行业。酒店在变现旅行需求方面处于最佳位置，因为它们不需要承担燃料成本。而且一些行业领导者甚至不再支付房地产的抵押贷款。</p>
</div><h2>2 Hotel Stocks Setting New Highs This Summer</h2>
<div class="lb-trans"><h2>2 只在这个夏天创下新高的酒店股票</h2>
</div><p>The three hotel stocks listed here all have a common theme: a franchise business model. Under this model, a hotel franchisee bears all cyclical risks, including mortgage costs, labor, depreciation, insurance, and utilities. The brand collects a percentage of gross room revenue and other fees, and allows the operator to use their name and access their booking and loyalty engines. A capital-light system with recurring revenue is ideal for a macro shock environment, which is why these stocks have soared to new highs this year.</p>
<div class="lb-trans"><p>这里列出的三只酒店股票都有一个共同主题：特许经营商业模式。在这种模式下，酒店特许经营者承担所有周期性风险，包括抵押贷款成本、劳动力、折旧、保险和公用事业。品牌收取总房收入和其他费用的一定比例，并允许运营商使用其名称并访问其预订和忠诚度引擎。一个轻资本的系统，具有经常性收入，适合宏观冲击环境，这就是这些股票今年飙升至新高的原因。</p>
</div><h3>Marriott: Fee Machine Firing on All Cylinders</h3>
<div class="lb-trans"><h3>万豪：全方位运转的收费机器</h3>
</div><p>Non-RevPAR revenue streams are what set Marriott International Inc. NYSE: MAR apart from its peers.</p>
<div class="lb-trans"><p>非 RevPAR 收入流是万豪国际公司 NYSE: MAR 与同行的区别所在。</p>
</div><p>Card fees were up 37% YOY in Q1 2026, and management boosted full-year gross fee guidance to a range of $5.93 billion to $5.99 billion.</p>
<div class="lb-trans"><p>2026 年第一季度，卡片费用同比增长 37%，管理层将全年总费用指引上调至 59.3 亿至 59.9 亿美元的区间。</p>
</div><p>The pipeline is also robust; a record 618,000 rooms, 43% of which are already under construction. Q2 RevPAR guidance was also boosted to a top range of 2.5%.</p>
<div class="lb-trans"><p>项目管道也很强劲；创纪录的 618,000 间客房，其中 43% 已经在建。第二季度 RevPAR 指引也上调至最高 2.5%。</p>
</div><p>MAR shares are also enjoying strong technical momentum. The 50-day moving average has provided support for nearly a year, and the Moving Average Convergence Divergence (MACD) indicator is signaling a bullish momentum uptick. The fundamentals and technicals confirm the same story, and that’s more upside ahead.</p>
<div class="lb-trans"><p>MAR 股票也享受着强劲的技术动能。50 日移动平均线在近一年内提供了支撑，而移动平均收敛发散（MACD）指标则发出看涨动能上升的信号。基本面和技术面确认了同样的故事，未来还有更多上行空间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260610134413_mar2026-06-1014-24-24.PNG" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260610134413_mar2026-06-1014-24-24.PNG"/></p>
<h3>Hilton: The Hotel Industry’s Purest Compounder</h3>
<div class="lb-trans"><h3>希尔顿：酒店行业最纯粹的复合增长者</h3>
</div><p>Net unit growth is the catalyst for Hilton Worldwide Holdings Inc. NYSE: HLT. The company reported 131 new hotel openings during its Q1 2026 earnings release, with industry-leading net unit growth of 6.3%.</p>
<div class="lb-trans"><p>净单位增长是希尔顿全球控股公司 NYSE: HLT 的催化剂。该公司在 2026 年第一季度的财报中报告了 131 家新酒店开业，行业领先的净单位增长率为 6.3%。</p>
</div><p>Hilton is targeting 6-7% unit growth over the rest of the year, and it is confident enough in this projection to raise RevPAR growth despite Middle East headwinds. System-wide RevPAR of 3.6% outperformed expectations, and a record 527,000 rooms are currently in the pipeline.</p>
<div class="lb-trans"><p>希尔顿计划在今年剩余时间内实现 6-7% 的单位增长，并对这一预测充满信心，尽管中东面临逆风。系统范围内的 RevPAR 增长 3.6%，超出预期，目前有创纪录的 527,000 间客房在建。</p>
</div><p>HLT shares have traded flat since the start of April, but remain up more than 15% YTD, and there’s evidence that the next leg of the rally is imminent. Support remains strong along the 50-day moving average, and the Relative Strength Index (RSI) has now pushed back into bullish territory.</p>
<div class="lb-trans"><p>HLT 股票自 4 月初以来交易平稳，但今年迄今仍上涨超过 15%，并且有迹象表明下一轮反弹即将到来。50 日移动平均线的支撑依然强劲，相对强弱指数（RSI）现已回升至看涨区域。</p>
</div><p>The stock trades at a premium multiple of 37 times forward earnings, but the growth rate and capital returns ($3.5 billion in buybacks and dividends scheduled for 2026) command attention.</p>
<div class="lb-trans"><p>该股票以 37 倍的前瞻性收益溢价交易，但其增长率和资本回报（2026 年计划回购和分红 35 亿美元）引人注目。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/logos/articles/med_20260610134907_h2026-06-1014-30-05.PNG" alt="" original-src="https://www.marketbeat.com/logos/articles/med_20260610134907_h2026-06-1014-30-05.PNG"/></p>
<h2>Should You Invest $1,000 in Marriott International Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1,000 美元在万豪国际吗？</h2>
</div><p>Before you consider Marriott International, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑万豪国际之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Marriott International wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而万豪国际并不在名单上。</p>
</div><p>While Marriott International currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然万豪国际目前在分析师中获得中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看这五只股票</p>
</div>

为什么这两只酒店股票的表现优于其他旅游类股票