Re -discover the value of hotel assets

Over the years, we have paid more attention to the operation of the hotel, and we have paid less attention to the value of hotel assets. In fact, whether it is a new hotel or a stock, re -discover the value of assets will not only help ensure the preservation and value -added of hotel assets, but also help maximize the benefits from the investor level.

New hotel

The first factor that determines the value of new hotel assets is to build, which is where the city is.

The second question is how the scale and structure of hotels and hotels are built to adapt to customer sources.

The third problem is the scale of investment and funding, that is, the capital structure is reasonable.

First, site selection conditions. The hotel is a long -term holding property, and is also an operating real estate. It is essentially the real estate industry. The difference in real estate prices first stems from the difference in geographical location. The cost of Jian'an is actually not much different.

There are two main sources of the hotel's profit. One is the profit generated by the operation, and the second is the profit generated by the asset value -added. The address is critical.

The hotels built in the core location of the central city not only have better operating efficiency, but also can share the dividends of real estate appreciation, although the initial investment may be higher. During the construction of the hotel, you must fully consider the appreciation of real estate. Do not find some remote cities to build high -end hotels because of the cheap land. Such hotel assets not only lack liquidity The value of assets depreciates sharply.

2. Market positioning and corresponding hotel size and structure. During the planning and construction of hotels, it is essential to make comprehensive consideration of its economy, technical and operating. For a newly -built hotel, we must first work hard to make the target customer base and market positioning, and then determine the size of the hotel and the corresponding room structure and dining ratio. Will fall. Whether it is large rooms, small catering or small rooms, and large catering, it is determined by the characteristics of the customer source structure and demand. If it is confused, the result of the wrongdoing of the room catering can only be poor.

Third, investment cost. The control of the investment cost of new hotels is very critical. At the beginning, the planning and design must be done well, and the "three -sided" project cannot be made, resulting in great increase in investment costs. Control the initial investment of the hotel and reduce the cost per square meter compared with the investment standards of different cities. It is very critical to form a benign operation in the later stage of the hotel. Otherwise It is difficult to produce profits and damage the confidence of the operator.

At the same time, pay attention to the source of funds for hotel construction. If the leverage is too high or the cost of funds is too high, it will cause tremendous pressure on the later hotel operation and maintenance investment, which will easily cause damage to hotel assets.

Most domestic hotels have a relatively high average stall area, which stems from the pursuit of lobby or banquet halls, which makes the income area lower in the total area of ​​total area, and the inefficient and even idle space is too large. Low Ping's effect is a common phenomenon in domestic hotels. It is necessary to balance the needs of the target customer base, the expectations of investors, and the relationship between the sustainable operation of the hotel.

Existing hotel

The value of increasing the assets of stock hotels is a long -term task. First of all, we must have this consciousness, analyze the value of assets, and continuously adjust the structure to remove invalid and inefficient assets; to continuously improve the operating ability, especially with innovative ideas, give full play to the operating value of hotel assets, and create better operating benefits ; Constantly promote hotel asset securitization and actively docking with the capital market.

First, follow the quality of hotel assets. It is necessary to strengthen the financial analysis of the quality of hotel assets, not just operational analysis. The financial analysis of the hotel is basically at the operation level, without analyzing from the perspective of the owner. We must continuously improve the level of returns and increase the yield of net assets. According to the "Standard Value of Enterprise Performance Evaluation in 2020" compiled by the State -owned Assets Supervision and Administration Commission of the State Council, the average value of the accommodation and catering industry is 2.7%, the good value is 5.7%, and the excellent value is 7.9%. To continuously increase operating income and increase the overall asset turnover level, data from the SASAC show that the average value of the accommodation and catering industry is 0.4, the good value is 0.6, and the excellent value is 1.0. We must continuously increase the ability to pay debt and gradually reduce the asset -liability ratio; continuously increase the growth capacity, thereby increasing the level of income growth; continuously increase the company's value, thereby increasing the level of return on market investment.

Second, adjust the asset structure of hotels. If the hotel's assets are not profitable for a long time, it is a low -effect asset, and it is necessary to make up to deal with it and achieve the value of assets through trading, otherwise the continuous loss will further lower the value of assets.

In addition, overall function adjustment can be performed, such as transforming into an elderly hotel or a confinement center, which can further increase the value of assets by adapting to the new needs of the market. It can also start from market demand, local adjustment of different functions, and increase the output of unit area.

Single hotels must make product re -positioning and asset reuse, formulate annual business plans, pay attention to ping effects, and use the analysis of the ping effects to optimize the target market and adjust the space layout to further improve the asset benefits to further improve the benefits of assets The goal. The high standardization and homogeneity of its products that focus on business and conferences will face a more severe competition situation and need to pay more attention to this issue. 3. Increase the efficiency of hotel operations. The quality of a hotel's assets has a lot to do with its operating level. Some industrial funds that specialize in hotels are purchased at the right price to acquire hotels and improve hotel operations. By improving the efficiency of hotels, the value of hotel assets is increased, and assets are sold on this basis to obtain the value of improving.

The means of improvement are many aspects, focusing on intensiveization, such as centralized procurement, staffing, energy optimization, etc., thereby improving profitability. Single hotels add a capable hotel group to share the brand advantages of hotel groups, market advantages, procurement advantages, and customer source advantages, and will further enhance the value of assets. For stock hotels, hotel operations are very professional. You can consider entrusted professional hotel management companies to manage. If the negotiations are reasonable, the premium income generated by the operation of the hotel management company can completely cover the management costs.

Fourth, make full use of hotel passenger flow. The hotel's passenger flow has created value for the hotel. How to use these passenger flows well, use the hotel's consumption scenarios, and use the characteristics of strong consumption capacity of the store guests to increase the extension value of hotel assets. It is a problem that must be considered. Essence For example, the supplies in the hotel room can be sold as long as the guests like it. As long as there is such a sales awareness, you can strengthen the cooperation with suppliers so that the guest rooms can become the experience and sales venue of various supplies, so as to better realize the traffic to better realize , Enhance the value of hotel assets.

5. Promote hotel asset securitization and capitalization. The hotel has a relatively stable cash flow to design asset securitization products. At present, there are dozens of such products in the market. The financing cost of asset securitization is relatively low. The period structure can also be designed flexibly. The financing period can be determined according to the hotel's basic assets, its income status, and financing purposes. It has half a year, 1 year, 3 years, 5 years, or even longer, which is more flexible. The use of funds for sponsors' financing is not restricted, and it is not necessary to disclose it, which has opened a new path of low -cost and more flexible financing for enterprises. It is an important task to use financial innovation tools to activate hotel assets. Of course, actively promoting the listing of assets is also an effective financing way, but this road is not flat.

6. Building a hotel asset operation platform. How to buy and sell hotel assets? How to combine buying and selling behaviors with hotel management? It is not easy for hotel groups, and professionals in this area are quite lacking.

Establishing a heavy asset platform for hotels will help special personnel to pay attention to the improvement of asset value, help improve the level and ability of capital operation, and help cooperate with the operating platform of light assets and the hotel's listing platform. Increase the value of hotel assets.

7. Evaluation of hotel asset value. The value of a hotel is not exactly depending on the amount of investment, it depends on the ability of hotels to create cash flow, depending on market transactions that everyone generally adopts and accepts evaluation methods. Very important. There are three commonly used evaluation methods: one is the cost method, mainly based on the cost of hotel construction and the new rate of hotels; the second is the income method, mainly based on the hotel's future operation cash flow discounts, the hotel's future operation capabilities and assessment of the hotel in the hotel The market interest rate is the key to the evaluation of the value of hotel assets. The future operating capacity of the stock hotel has a lot to do with the daily maintenance and investment of the hotel. Evaluating the value of hotel assets is usually used together, and their respective results constitute the data foundation of asset value.

Revalu value

Further improve the understanding of hotel asset management. Over the years, our research on hotels has basically stayed inside the hotel, focusing on operations and services, and did not take the hotel as a whole carefully, and conducted more research and excavation from the asset value.

Re -discover the value of hotel assets, we must first raise awareness. The source of hotel profits not only comes from operations, but also the value -added of hotel assets. Therefore, whether it is the location and investment of new hotels, or the renewal and renewal of the assets of the stock hotel, it deserves full attention.

Listed companies need to manage market value, and hotel assets also need value management.

Further strengthen the cultivation of hotel asset management personnel. The training of the general manager of the hotel industry has asset management of the general manager's training, which is worthy of our reference. It is necessary to strengthen the construction of hotel asset management professional teams, and it is difficult for professional talents to do professional things. It is believed that with the rise of professional third -party hotel asset management companies, it can provide more professional services for hotel owners, and it is also conducive to the training of talents.

Further improve the level and ability of hotel asset management.The understanding of the understanding and the cultivation of talents depends on whether each hotel can seize the key to the appreciation of assets and continuously improve the level of hotel asset management in practice. All the foundations are the ability of the hotel to create cash flow. This is the hotel. This is the hotel.The fundamental guarantee of asset value.The lack of innovation in operation, no characteristics, no benefits, and the value of assets will not be well reflected and improved.The value of hotel assets was re -found, allowing the assets of the hotel to flow, let the assets appreciate in the flow, and flashed in the flow.(Author: Chen Rong; Editor: Cao Xuewen)

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