<p>儘管能源價格飆升和地緣政治緊張局勢，隨着夏季的到來，旅行需求依然強勁。美國旅行協會預計，經過通脹調整的旅行支出將在 2026 年增長 1%，2027 年增長 3%，而由於世界盃的影響，美國的國際旅行將出現反彈。本月早些時候，CoStar 和旅遊經濟學公司將美國的每間可用房收入（RevPAR）預測上調至同比增長 2.8%，在 2026 年第一季度的 4.0% 之後，創下歷史最高季度 RevPAR 數字。</p>
<p>自然，旅遊行業正在蓬勃發展，對吧？可別急，我的朋友。酒店股票創下新高，但航空公司、郵輪公司和其他旅遊股票卻落後於整體市場和酒店行業同行。為什麼一個子行業表現出色，而其他行業卻滯後？答案當然在霍爾木茲海峽。</p>
<p>獲取 <strong>萬豪國際</strong> 的提醒：</p>
<h2>石油是旅遊行業的宏觀排序機制</h2>
<p>自 3 月初伊朗關閉霍爾木茲海峽以來，油價一直高於每桶 90 美元。高能源價格壓縮了消費者的支出，但旅行需求依然堅挺。然而，石油在旅遊行業中已成為一種排序機制，市場正在根據盈利中的燃料暴露重新評估該行業，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項目之一，持續高企的航空燃油價格正在侵蝕航空公司的利潤。美國全球航空 ETF NYSE: JETS 今年迄今下跌超過 2%，而表現最佳的航空公司股票，達美航空公司 NYSE: DAL，也是最具對沖能力的，因為它擁有一家煉油廠。</li>
</ul>
<ul>
<li>郵輪公司：儘管預訂創下紀錄，郵輪行業的收益也面臨來自油價衝擊的壓力。挪威郵輪控股有限公司 NYSE: NCLH 在上個月的 2026 年第一季度報告中已下調其 2026 年全年每股收益預期。而唯一對沖油價的郵輪公司，皇家加勒比郵輪 NYSE: RCL，今年迄今仍下跌超過 3%。</li>
</ul>
<ul>
<li>在線旅遊代理商（OTAs）：儘管沒有燃料成本，OTAs 也未能擺脱油價衝擊。預算緊張的度假者正在放棄國際旅行，轉向更便宜的國內旅行，這減少了整體支出並削減了 OTAs 的費用收入。航空公司也可能通過削減支付給 OTAs 的佣金來抵消燃料成本的增加。全球最大的上市 OTA，Booking Holdings Inc. NASDAQ: BKNG，今年迄今下跌超過 25%。</li>
</ul>
<p>不難看出，為什麼酒店表現優於其他行業。酒店在變現旅行需求方面處於最佳位置，因為它們不需要承擔燃料成本。而且一些行業領導者甚至不再支付房地產的抵押貸款。</p>
<h2>2 只在這個夏天創下新高的酒店股票</h2>
<p>這裏列出的三隻酒店股票都有一個共同主題：特許經營商業模式。在這種模式下，酒店特許經營者承擔所有周期性風險，包括抵押貸款成本、勞動力、折舊、保險和公用事業。品牌收取總房收入和其他費用的一定比例，並允許運營商使用其名稱並訪問其預訂和忠誠度引擎。一個輕資本的系統，具有經常性收入，適合宏觀衝擊環境，這就是這些股票今年飆升至新高的原因。</p>
<h3>萬豪：全方位運轉的收費機器</h3>
<p>非 RevPAR 收入流是萬豪國際公司 NYSE: MAR 與同行的區別所在。</p>
<p>2026 年第一季度，卡片費用同比增長 37%，管理層將全年總費用指引上調至 59.3 億至 59.9 億美元的區間。</p>
<p>項目管道也很強勁；創紀錄的 618,000 間客房，其中 43% 已經在建。第二季度 RevPAR 指引也上調至最高 2.5%。</p>
<p>MAR 股票也享受着強勁的技術動能。50 日移動平均線在近一年內提供了支撐，而移動平均收斂發散（MACD）指標則發出看漲動能上升的信號。基本面和技術面確認了同樣的故事，未來還有更多上行空間。</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>希爾頓：酒店行業最純粹的複合增長者</h3>
<p>淨單位增長是希爾頓全球控股公司 NYSE: HLT 的催化劑。該公司在 2026 年第一季度的財報中報告了 131 家新酒店開業，行業領先的淨單位增長率為 6.3%。</p>
<p>希爾頓計劃在今年剩餘時間內實現 6-7% 的單位增長，並對這一預測充滿信心，儘管中東面臨逆風。系統範圍內的 RevPAR 增長 3.6%，超出預期，目前有創紀錄的 527,000 間客房在建。</p>
<p>HLT 股票自 4 月初以來交易平穩，但今年迄今仍上漲超過 15%，並且有跡象表明下一輪反彈即將到來。50 日移動平均線的支撐依然強勁，相對強弱指數（RSI）現已回升至看漲區域。</p>
<p>該股票以 37 倍的前瞻性收益溢價交易，但其增長率和資本回報（2026 年計劃回購和分紅 35 億美元）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>你現在應該投資 1,000 美元在萬豪國際嗎？</h2>
<p>在考慮萬豪國際之前，你需要聽聽這個。</p>
<p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦在更廣泛的市場注意到之前立即購買……而萬豪國際並不在名單上。</p>
<p>雖然萬豪國際目前在分析師中獲得中等買入評級，但頂級分析師認為這五隻股票更值得購買。</p>
<p>查看這五隻股票</p>

萬豪國際

希爾頓全球

<p>酒店股票如萬豪國際和希爾頓全球由於高油價對依賴燃料的行業（如航空公司和郵輪）造成壓力而表現優於旅遊同行。酒店受益於資本輕型特許經營模式，避免了燃料成本，使其能夠利用強勁的旅行需求和創紀錄的每間可用房收入（RevPAR）預測</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>儘管能源價格飆升和地緣政治緊張局勢，隨着夏季的到來，旅行需求依然強勁。美國旅行協會預計，經過通脹調整的旅行支出將在 2026 年增長 1%，2027 年增長 3%，而由於世界盃的影響，美國的國際旅行將出現反彈。本月早些時候，CoStar 和旅遊經濟學公司將美國的每間可用房收入（RevPAR）預測上調至同比增長 2.8%，在 2026 年第一季度的 4.0% 之後，創下歷史最高季度 RevPAR 數字。</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，旅遊行業正在蓬勃發展，對吧？可別急，我的朋友。酒店股票創下新高，但航空公司、郵輪公司和其他旅遊股票卻落後於整體市場和酒店行業同行。為什麼一個子行業表現出色，而其他行業卻滯後？答案當然在霍爾木茲海峽。</p>
</div><p>Get <strong>Marriott International</strong> alerts:</p>
<div class="lb-trans"><p>獲取 <strong>萬豪國際</strong> 的提醒：</p>
</div><h2>Oil Is the Travel Sector’s Macro Sorting Mechanism</h2>
<div class="lb-trans"><h2>石油是旅遊行業的宏觀排序機制</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 月初伊朗關閉霍爾木茲海峽以來，油價一直高於每桶 90 美元。高能源價格壓縮了消費者的支出，但旅行需求依然堅挺。然而，石油在旅遊行業中已成為一種排序機制，市場正在根據盈利中的燃料暴露重新評估該行業，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項目之一，持續高企的航空燃油價格正在侵蝕航空公司的利潤。美國全球航空 ETF NYSE: JETS 今年迄今下跌超過 2%，而表現最佳的航空公司股票，達美航空公司 NYSE: DAL，也是最具對沖能力的，因為它擁有一家煉油廠。</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>郵輪公司：儘管預訂創下紀錄，郵輪行業的收益也面臨來自油價衝擊的壓力。挪威郵輪控股有限公司 NYSE: NCLH 在上個月的 2026 年第一季度報告中已下調其 2026 年全年每股收益預期。而唯一對沖油價的郵輪公司，皇家加勒比郵輪 NYSE: RCL，今年迄今仍下跌超過 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>在線旅遊代理商（OTAs）：儘管沒有燃料成本，OTAs 也未能擺脱油價衝擊。預算緊張的度假者正在放棄國際旅行，轉向更便宜的國內旅行，這減少了整體支出並削減了 OTAs 的費用收入。航空公司也可能通過削減支付給 OTAs 的佣金來抵消燃料成本的增加。全球最大的上市 OTA，Booking Holdings Inc. NASDAQ: BKNG，今年迄今下跌超過 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>不難看出，為什麼酒店表現優於其他行業。酒店在變現旅行需求方面處於最佳位置，因為它們不需要承擔燃料成本。而且一些行業領導者甚至不再支付房地產的抵押貸款。</p>
</div><h2>2 Hotel Stocks Setting New Highs This Summer</h2>
<div class="lb-trans"><h2>2 只在這個夏天創下新高的酒店股票</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>這裏列出的三隻酒店股票都有一個共同主題：特許經營商業模式。在這種模式下，酒店特許經營者承擔所有周期性風險，包括抵押貸款成本、勞動力、折舊、保險和公用事業。品牌收取總房收入和其他費用的一定比例，並允許運營商使用其名稱並訪問其預訂和忠誠度引擎。一個輕資本的系統，具有經常性收入，適合宏觀衝擊環境，這就是這些股票今年飆升至新高的原因。</p>
</div><h3>Marriott: Fee Machine Firing on All Cylinders</h3>
<div class="lb-trans"><h3>萬豪：全方位運轉的收費機器</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 收入流是萬豪國際公司 NYSE: MAR 與同行的區別所在。</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，卡片費用同比增長 37%，管理層將全年總費用指引上調至 59.3 億至 59.9 億美元的區間。</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>項目管道也很強勁；創紀錄的 618,000 間客房，其中 43% 已經在建。第二季度 RevPAR 指引也上調至最高 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 股票也享受着強勁的技術動能。50 日移動平均線在近一年內提供了支撐，而移動平均收斂發散（MACD）指標則發出看漲動能上升的信號。基本面和技術面確認了同樣的故事，未來還有更多上行空間。</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>希爾頓：酒店行業最純粹的複合增長者</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>淨單位增長是希爾頓全球控股公司 NYSE: HLT 的催化劑。該公司在 2026 年第一季度的財報中報告了 131 家新酒店開業，行業領先的淨單位增長率為 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>希爾頓計劃在今年剩餘時間內實現 6-7% 的單位增長，並對這一預測充滿信心，儘管中東面臨逆風。系統範圍內的 RevPAR 增長 3.6%，超出預期，目前有創紀錄的 527,000 間客房在建。</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 月初以來交易平穩，但今年迄今仍上漲超過 15%，並且有跡象表明下一輪反彈即將到來。50 日移動平均線的支撐依然強勁，相對強弱指數（RSI）現已回升至看漲區域。</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>該股票以 37 倍的前瞻性收益溢價交易，但其增長率和資本回報（2026 年計劃回購和分紅 35 億美元）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>你現在應該投資 1,000 美元在萬豪國際嗎？</h2>
</div><p>Before you consider Marriott International, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮萬豪國際之前，你需要聽聽這個。</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 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已識別出五隻股票，頂級分析師正在悄悄地向客户推薦在更廣泛的市場注意到之前立即購買……而萬豪國際並不在名單上。</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>雖然萬豪國際目前在分析師中獲得中等買入評級，但頂級分析師認為這五隻股票更值得購買。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看這五隻股票</p>
</div>

為什麼這兩隻酒店股票的表現優於其他旅遊類股票