Facing the problem of transactions, the liquidity value of the leased hotel is greatly increased

In recent years, the hotel industry has moved to a deeper shuffle stage.

The Zhongliang joint report shows that in the first half of 2022, the total number of hotel transactions in Asia Pacific reached US $ 6.8 billion, an investment increased by 33.0%year -on -year, an increase of 11.9%over 2019. The capital allocation of hotel industries in the Asia -Pacific region has returned to the level before the epidemic.

In the domestic hotel trading market, the transaction of the Grand Hotel is also very active in the first half of this year. Hotels under a number of real estate groups have reported news that hotel assets are selling hotel assets on multiple platforms. Only R & F Real Estate, in addition to selling a hotel in Fuzhou for 430 million yuan. The hotel negotiations are currently in about 10 hotel projects.

Different from the property rights transaction of real estate hotels and Gaoxing Hotel, a group with greater demand for hotel asset transactions has been ignored. They are small and medium -sized hotels.

Hotel transactions in this market are often more exquisite and disorderly. Small and medium -sized hotels are mainly holding leased hotels. Hotel assets do not have relatively fair market valuations, especially when the epidemic affects the value of the hotel itself, it is often underestimated.

On September 6, 2022, the Datong Hotel Trading Service Center was officially put into operation. The platform faces the industry investors, brokers, hotel groups, industry upstream and downstream enterprises and practitioners. The service content covers hotel transaction information release, information matching, project projects, projects Investigation, investment analysis, legal services, financial and tax services, financing services, etc.

The relevant person in charge of the Dazhong Hotel Trading Service Center told Global Brigade News: "At present, the asset transactions of Chinese rental hotels have not been recognized by the market fairly, resulting in low transaction activity of such hotel assets. How to make such assets return to it Reasonable value and activation of liquidity are a major opportunity for the future hotel trading market. "

01

Rental hotel asset trading potential waiting to be tapped

In the past 20 years, China's hotel industry has developed rapidly, but hotel asset management has entered the Chinese market for only about ten years, and its development speed is relatively slow. According to the data of the Zhongliang Filitation, the global hotel market transaction scale reached US $ 70.8 billion in 2019, of which about 80%of the European and American markets.

Hotel assets can be used as a type of investment product, but due to the poor liquidity of domestic hotel assets, it is difficult to fully display the value attribute of asset investment.

Unlike office buildings, residential and other fixed assets to sell assets to obtain incremental value, hotel asset investment returns depend on long -term operating income. From the perspective of hotel investors, it has invested in hotel management rights, rented a property for 10-20 years, joined the hotel brand or independent operation, and obtained returns through operation.

But in fact, as a heavy asset -based product, hotel investors not only want to make a profit through the hotel, but also need a suitable "exit" channel to ensure that investors can retreat when they work, and stop loss in time when operating bleak operations. Essence

To put it simply, if you can open up the full life cycle of the hotel's "integration, investment, construction, management, and retreat", in the "retreat" link, if the hotel's expected return in the future is better, then investors can sell through the platform premium to the outside world to sell outside the outside world to sell outside the outside world , Recover investment costs and obtain income; if investors have insufficient confidence in hotel investment prospects, they can also sell hotels to other demand investors to reduce the chance of mismatch with assets.

Looking around domestic hotel transactions, there are two categories according to the hotel's property rights holders. First, commercial real estate transactions are mostly supporting hotels for real estate business. Since 2020, many real estate developers have sold large hotel assets for blood recovery and liabilities, which has made the hotel's property rights trading market active to a certain extent.

The other is the rent -operated hotel assets, mostly in the middle, high -end, and economic hotels.

"Due to the large transaction amount, the transaction of the community commercial real estate hotel is more likely to receive the attention of the media. From the survey results of the Greater Chengcheng Hotel Trading Service Center, most of the domestic hotel asset transactions are leased hotel assets, leasing and operating hotel transactions The activity is much higher than the self -holding property hotel. Although the target is relatively small, it is not easy to attract the attention of the industry and the media, but the overall base is large. "The relevant person in charge of the hotel trading service center said.

In fact, the active domestic hotel lease rights are closely related to the domestic hotel market.

In the past 20 years, small and medium -sized hotels have been the basis for the development of the Chinese hotel industry. Based on this, economical hotels and mid -range hotels have developed through the rapid development of China's economy and the rapid development of the hotel industry in the past 20 years.

Public data shows that the number of Chinese economy hotels increased from 9924 in 2012 to 204,000 in 2021. A large number of investors poured into the hotel industry nuggets. Essence The madness of this brand scale developed again in 2015-2019, this time in the mid-range hotel market.

The upgrade of each hotel market is accompanied by the opening of a new round of life cycle management of the hotel. Challenges, but there are also owners and hotel investors who are difficult to adapt to changes in the times or lack of upgrade funds. They will choose to sell the hotel's operating rights or hotel property.

Increasing the activity of the domestic hotel trading market is an inevitable trend. The epidemic is just the fuel for accelerating hotel property rights and leased rights transactions, not the engine that drives the development of the hotel trading market. 02

What is the problem of hotel asset transaction valuation?

The domestic hotel trading market has a low maturity. At the same time, compared with the property rights transactions of large hotels, the property rights and lease rights of a large number of economic hotels and single hotels have no market valuation and trading standards, which means that the market is relative In the blank area, the blank area represents the blue ocean, and the exploration of the blue ocean requires the platform to solve the pain points in the transaction process, helping hotel lease rights and more efficient property rights in the market.

The relevant person in charge of the Dazhong Hotel Trading Service Center mentioned that there are currently three core pain points in the hotel trading market: the market lacks pricing standards for leased hotel assets, asymmetric transaction information, and lack of affordable transaction security. These three problems are intertwined and directly affect the effect of the transaction.

As long as it is a transaction, they cannot escape the value game involved in the buyers and sellers. The key to solving the contradiction is to establish an effective valuation system, evaluate the income that hotels can create in the future to determine the transaction price, break the stretch of pull, and improve the efficiency of hotel transaction.

The hotel's transaction price is high and the decision -making process is complicated. Even if it is a economy and mid -range hotels, even if only trading operating rights, the unit price of most project transactions is at the level of one million or even tens of millions. At the same time The number is bullish. Different places, operating conditions, soft and hard decoration, and aging degree are one of the decisive factors that affect the amount of hotel transactions.

It is reported that there are currently several types of hotel valuation methods in the market.

Resetting cost method refers to the cost of resetting the assets when the asset is evaluated, and the cost cost before the return loss to determine the value of the asset;

The comparison method of the transaction amount refers to the value of the hotel's resetting cost and the value of net income in the future without considering the hotel's resetting costs during the transaction.

Investment Capitalization Law-Cash Flow Patch is the asset value or cash flow expected to predict the hotel's expected in the future.

The additional method of residual value (hardware residual value, document value, lease residual value): Contrary to the replacement cost method, that is, the hotel asset value of the hotel after deducting the loss of various assets.

"But the above methods are not absolutely objective and comprehensive. The hotel valuation still needs to return to the hotel as the essence of operating assets." The relevant person in charge of the hotel trading service center pointed out that the transaction value of a large number of leased hotels is not in the market fairly The standards have led to the current type of hotel transactions in a low frequency and extensive state.

To this end, Dazhong's hotel trading platform uses the hotel asset valuation model recognized by financial institutions. According to the characteristics of hotel rental -type assets, combined with the six major factors that affect the future development of the hotel, through innovation of the six -dimensional dynamic valuation model, that is, to the hotel, that is, to the hotel The location business district, leasing conditions, property forms, infrastructure, brand power, and operational power are reused to solve the pain points for the difficulty of asset evaluation in hotel transactions.

"The effective valuation model can also greatly increase the transaction rate of both parties in the transaction, and it can provide effective methodology to help the hotel's market standardization and simplify the decision -making cycle of hotel transactions."

03

Speed ​​up to hotel asset transactions with services

Generally speaking, a hotel project reaching a transaction involves information matching, project inspection, intent, project assessment, legal/fiscal and taxation, agreement signing, capital allocation, asset delivery and other links.

"Even if the hotel's asset transaction has no particular time period from intention to transactions, the service capacity of the platform can affect the transaction cycle." In terms of transactions, from the beginning of the hotel trading service center, it is committed to establishing a full -chain and one -stop trading service for the leased hotel transaction. , Can accelerate the transaction.

As a hotel trading platform, the function of displaying real information is the best priority. The platform must not only provide valuable information, but also evaluate the authenticity of the information. In the process of investment and transactions in hotels, hotel investors depend on the introduction of acquaintances and the unilateral provision of information in the hotel brand. Improved, etc., which leads to the situation of stepping on the pit.

Therefore, every project launched by the Dazhong Hotel Trading Service Center will be certified through offline inspections through offline inspections, so that investors will understand and obtain the full picture of assets in a comprehensive manner, and solve the decentralization of the transaction. The pain point of the property is that when the hotel's asset transaction is completed, the hotel trading service center only collects only 1%of transaction commissions.

At the same time, Dazhong Hotel Trading Service Center has established a strategic partnership with many domestic well -known law firms, accounting firms, and fund custody banks to use its strong legal, taxation and other professional capabilities and capital management advantages to enhance the security of transactions to security. sex.

In 2022, should it be a question of many investors in the hotel industry, and this question has also promoted the active of hotel transactions.

The relevant person in charge of the Dazhong Hotel Trading Service Center said: "Due to the impact of the epidemic, the demand for passive transactions in the hotel is outstanding. In order to quickly conduct hotel asset transactions, a large number of hotels actively sell for sale, which makes the value underestimal.The time of the hotel. But for the seller, obtaining reasonable valuation and reducing the transaction cycle is the core consideration. The hotel trading service center hopes to spend more efficient models and promote the hotel trading market to accelerate maturity. "[RiskTip: This article is only used as information sharing, and does not constitute any financing suggestions]

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