米其林鑰匙(Michelin Key)酒店評鑑系統宣布覆蓋日本
Michelin Key hotel rating system expands to Japan

海擇短評 Haize Comment：

近期歐洲輪胎製造商兼旅遊指南公司米其林(EPA: ML)宣布評級日本酒店，米其林指南基於五大標準，包括“獨特的當地體驗”、“建築和室內設計”、“服務品質和舒適度”、“物有所值的體驗”和“獨特性”，在日本評選出243家酒店；其中三鑰酒店(3 Michelin Key)有6家，米其林將之定位為日本最卓越酒店，提供最高標準的舒適度、服務、風格和優雅，認為屬於是一生必須入住一次的旅行終極目的地，其中涵蓋神奈川縣箱根町的"強羅花壇"、京都市的"京都三井飯店"、三重縣志摩市的"Amanemu(安縵旗下品牌)"、東京都的"東京皇宮飯店"、"東京大手町四季酒店"及"東京寶格麗酒店"。

米其林是一家在1889年由愛德華·米其林(Édouard Michelin)和安德烈·米其林(André Michelin)兄弟在法國克萊蒙費朗創立的輪胎製造商，其後發行了廣為人知的米其林指南(Michelin Guide)，對全球的餐廳和酒店進行評價和推薦。今(2024)年4月開始推出米其林鑰匙(Michelin Key)的評鑑系統，創始地法國共有189家酒店入選Michelin Key，其中24家為三鑰酒店。

米其林餐廳是全球都認可的餐飲指標，米其林酒店的地位我們認為還在建立中。那麼，它是一個純粹非盈利的部門，抑或它們也有適合的商業模式？根據公司財報，米其林指南的盈利方式大概有四種，包括"廣告收入、品牌授權、美食活動、訂房服務"。不過海擇資本認為，這四種無論哪一種，都不容易規模化盈利。如果米其林指南想維持超然獨立的評價，前三種(廣告收入、品牌授權、美食活動)的潛在客戶群其實不大，也不能是客戶願意給錢它就收；而訂房服務更是一門專業技術，講究的是"雞生蛋、蛋生雞"，如果沒有足夠的產量，很難讓酒店給到米其林有競爭力的價格或是獨特的服務，所以目前米其林選擇的是作為Booking(NASDAQ: BKNG)的分銷商取得住宿庫存，但價格就沒有特殊競爭力。

從結論來看，米其林指南的收入確實也不好。米其林集團2023年銷售額達到283億歐元，其中包括米其林指南在內的非輪胎事業，YoY增速僅10%，不能說是非常突出的產品線。不過，或許這是維持米其林評鑑的公正性與米其林指南的超然獨立地位的必要條件。

信譽重於一切。

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Recently, European tire manufacturer and travel guide company Michelin (EPA: ML) announced its hotel ratings in Japan. Michelin Guide evaluates hotels based on five criteria: "Unique Local Experience," "Architecture and Interior Design," "Service Quality and Comfort," "Value for Money," and "Uniqueness." They selected 243 hotels in Japan, with six achieving the prestigious 3 Michelin Key rating. These are considered Japan's most exceptional hotels, offering the highest standards of comfort, service, style, and elegance, deemed as ultimate destinations for a once-in-a-lifetime stay. The six hotels include Gora Kadan in Hakone, Kyoto Mitsui Hotel, Amanemu in Shima, Tokyo Palace Hotel, Tokyo Otemachi Four Seasons, and Tokyo Bulgari Hotel.

Michelin, founded in 1889 by brothers Édouard and André Michelin in Clermont-Ferrand, France, is a tire manufacturer known for the Michelin Guide, which rates and recommends restaurants worldwide. In April 2024, they launched the Michelin Key rating system. In France, 189 hotels were selected, with 24 earning the  3 Michelin Key.

Michelin restaurants are globally recognized dining benchmarks, but Michelin hotels are still establishing their status. Is this purely a non-profit endeavor, or do they have a viable business model? According to company reports, the Michelin Guide generates revenue through four channels: "advertising, brand licensing, gourmet events, and booking services." Haize Capital believes that none of these are easily scalable. To maintain independent evaluations, the first three (advertising, brand licensing, and gourmet events) have limited potential customers and can't accept money from everyone. Booking services require a critical mass to secure competitive prices or unique services from hotels. Currently, Michelin operates as a distributor for Booking (NASDAQ: BKNG) to access inventory, but lacks price competitiveness.

In conclusion, Michelin Guide's revenue is not particularly strong. In 2023, Michelin Group's sales reached €28.3 billion, with non-tire businesses, including the Michelin Guide, growing only 10% YoY. This isn't a standout product line, but it may be necessary to maintain the impartiality and independence of Michelin's ratings.

Reputation is paramount. 

標籤 Label： EPA: ML  Michelin  Hotel  Guide