(本文选自《经济学人》20201205期)
背景介绍：
突如其来的新冠肺炎疫情对全球经济造成巨大冲击，包括餐饮、影视、酒店、交通、旅游等在内的许多行业面临着经营困境。受疫情影响最为严重的酒店行业更是经历了一场前所未有的打击。然而，就在全球酒店行业普遍陷入困境之际，中国两大酒店集团却得以蓬勃发展。
How China’s Jin Jiang and Huazhu put Marriott and Hilton to shame
Two Chinese hospitality groups thrive as Western rivals struggle
在西方竞争对手苦苦挣扎之际，中国两大酒店集团却在蓬勃发展
Covid-19 has, received wisdom has it, been terrible for hotels. The share prices of the eight biggest listed Western groups by room count have slipped by 14%, on average, this year.
人们通常认为，新冠肺炎疫情会对酒店行业带来严重的打击。今年，西方最大的8家酒店集团（以客房数量计）的股价平均下跌了14%。
The glum consensus is, though, being challenged by two big Chinese chains. Both are enjoying
resurgent
demand for domestic travel as China has tamed its epidemic. And strength at home is fuelling ambitions abroad.
虽然人们普遍对酒店行业持悲观态度，但中国两大连锁酒店却让人大吃一惊。随着疫情在中国得到了有效控制，国内旅游业得以复苏，两家酒店因而受益。而国内形势的一片大好也激发了两家酒店海外扩张的雄心。
Jin Jiang, the world’s second-biggest hotel firm by capacity, boasted an occupancy rate of 74% in the third quarter, in line with last year and more than double that of its bigger rival, Marriott International. Its market value has soared by three-quarters this year, to $6.4bn, above better-known Asian brands such as Shangri-La and Mandarin Oriental.
锦江酒店是全球容客量第二大的酒店集团，其第三季度的客房入住率几乎与去年持平，高达74%，是其最大竞争对手万豪国际的两倍多。锦江集团的市值也在今年飙升至64亿美元（增幅高达75%），一度超过了香格里拉和文华东方等亚洲知名连锁酒店品牌。
Huazhu, which like Jin Jiang is based in Shanghai, saw revenue per available room recover by 40% from the second quarter, to 179 yuan ($27). The group is now worth $16bn, behind only Marriott and Hilton Worldwide among the world’s listed hoteliers.
与锦江酒店一样，华住酒店的总部也位于上海，其每间可用客房平均收益较第二季度增长了40%，达179元（约合27美元）。目前，华住集团的市值已达160亿美元，在全球已上市的酒店集团中仅次于万豪和希尔顿。
Similarly to their big Western rivals, Jin Jiang and Huazhu each owns a
portfolio
of brands that cater to different customers. Jin Jiang, which is controlled by Shanghai’s local government, operates everything from budget digs (think Marriott’s Fairfield Inn) to the upper end of the mass market (like Sheraton).
与西方酒店巨头一样，锦江和华住旗下拥有一系列能够满足不同客户需求的子品牌。由上海市政府控股的锦江集团经营着从经济型酒店（类似于万豪的费尔菲尔德酒店）到大众市场高端酒店（类似于喜来登酒店）的各种类型的酒店。
Huazhu is a more all-encompassing group, which also competes in the luxury segment. Both companies prefer to offload the costs of hotel construction to franchisees in exchange for lower franchise fees, which enables them to expand much more rapidly.
华住集团更是包罗万象，甚至涉足了高端奢侈酒店领域。两大集团都是通过较低的加盟费吸引加盟，并将酒店建设的成本转嫁给加盟商，这也是它们得以迅速扩张的原因。
The pair indeed look poised to capture a greater market share at home, reckons Yulin Zhong of 86Research. In America chain hotels accounted for 72% of all hotel rooms at the end of 2019. In China the equivalent figure was just 27%.
八六证券研究公司的钟玉林认为，锦江和华住确实有望在国内市场占据更大的份额。截至2019年底，美国市场的连锁酒店客房占比为72%。而中国市场这一比例仅为27%。
As incomes rise and Chinese travellers become more discerning, the standardised, dependable
amenities
and good service that big chains guarantee begin to look more appealing. Domestic providers of such things enjoy a substantial first-mover advantage.
随着国民收入的增长以及人们对住宿条件有着越来越高的要求，那些能够提供标准化、可靠设施和优质服务的大型连锁酒店变得越来越有吸引力。能够满足这些要求的酒店有着巨大的先发优势。
The number of hotel rooms in China held by Wyndham, the biggest foreign operator, is merely a third that of Huazhu and a fifth that of Jin Jiang. And their advantage is growing—the two firms have more than 7,300 hotels under development between them, mostly in China, equivalent to 47% of their existing stock.
温德姆集团是中国最大的外资酒店运营商，其在中国拥有的酒店客房数量仅为华住集团的三分之一（或锦江集团的五分之一）。而华住和锦江的优势仍在进一步扩大——两大集团现有超过7300家（相当于两大集团现有酒店数量的47%）正在建设中的酒店，其中大部分都在中国。
(红色标注词为重难点词汇)
本文翻译：Vinnie
校核：Vinnie
编辑：Vinnie
随着新冠肺炎疫情在全球肆虐，2020年对于酒店行业来说无疑是一个灾年，包括万豪、希尔顿在内的全球连锁酒店巨头都遭受了严重的打击。然而寒冬之下，中国两大酒店巨头锦江集团和华住却仍然能够保持增长。究其原因，一方面是疫情在中国得到有效控制外，另一方面是人们对住宿条件有了越来越高的要求。
重难点词汇：
resurgent
[rɪˈsɜːrdʒənt] adj. 复活的；复苏的
