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Hotel or asset separation trend more and more obvious

Date: 2014-11-30

As Hilton worldwide hotel holding company (hereinafter referred to as the "Hilton") announced the $1.95 billion price to sell its waldorf astoria hotel in New York to business insurance, its light assets operating strategy is more obvious. And this is only in recent years the hotel industry a microcosm of light and heavy assets separation trend became apparent.
Beijing commercial daily reporter learned that, in New York City park avenue, group purchase, BBS (data) on the waldorf astoria, occupancy rate can reach more than 90%, Hilton keep the future management of the 100, the management fee income remains considerable. At the same time, the light asset operation strategy to make it can effectively reduce the book assets. In addition, selling real estate of large amounts of cash, also can effectively supplement group cash flow, easy to buy other hotel.
However, in the huamei hotel consultant co., LTD., chief expert Zhao Huanyan knowledge management point of view, the $1.95 billion New York waldorf-astoria hotel has 1232 guest rooms, if, in accordance with the hotel industry popular one over one thousand principle (namely the highest standard of hotel prices, shall be one over one thousand of the value of its hotel rooms assets), housing prices should to be 9700 yuan can keep business ideal. Business insurance, as it were, to such a high price to buy the hotel, also inevitably faced with certain challenges.
In fact, the hotel industry to sell real estate, brand power output, in exchange for a management contract asset light strategy has become an indisputable trends. Beijing commercial daily reporter learned that, at present worldwide hotels group, the proportion of self-owned property in reducing year by year. Data shows, the intercontinental self-owned property accounts for less than 1% by the end of 2013, marriott self-owned property accounts for less than 2%.
Actually, at home, take the light and heavy assets separation strategy of hotel group also is not uncommon, in recent years, the trend is increasingly obvious. Such as kaiyuan hotel group established China's first real estate investment trust - kaiyuan industry, will the parent company of the hotel heavy asset stripping gradually; Beijing capital tourism group was also in last year's hotel business for the adjustment, the light asset of hotel management by Beijing Beijing capital tourism group co., LTD. Is responsible for the hotel, property and other heavy assets business shall be the responsibility of the Beijing capital tourism real estate; Jinjiang hotel is currently hold hotel property through "light capitalization" gradually reduce, transformation into a professional hotel management company. Zhao Huanyan to Beijing business newspaper reporters, capital operation and assets management in the hospitality industry difference is very big, global hotel management in the listed companies industry p/e ratio for 25 to 30 times, and the real estate investment property p/e ratio is only 8-10 times. Therefore, the hotel light, serious separation assets become industry trends.