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兼并收購:酒店未來增長主趨勢│Time Right for Hotel Acquisitions

時間:2015-01-16來源:世界酒店聯盟 作者:世界酒店聯盟
  
 
兼并收購在2015年將成為酒店業的主要話題,大型酒店集團為了實現業務增長很有可能會去收購其它的酒店集團,同時它們也有可能成為其它大型酒店集團的收購目標。
 
展望2015年,據歐洲權威酒店業資訊機構預計:由于現在的經濟預期比較樂觀,酒店客房需求量也在一天一天增長,歐洲許多地區都產生了對酒店客房未來的需求,所以現在是開發、收購或投資酒店的絕佳時機。歐洲酒店市場預計未來幾年仍將保持這種增長勢頭。
 
自然增長對于酒店企業來講是一種緩慢的擴張,所以要想快速成長就必須尋找那些能夠實現躍升的機會,典型的做法是收購其它酒店企業,通過規模經濟創造更多價值。對于全球性的酒店公司,現在的形勢就是要么去收購其它公司,要么被其它公司收購。
 
雖然倫敦、巴黎、羅馬和阿姆斯特丹這樣的大城市仍然是酒店投資的主要區域,但像巴塞羅那、漢堡、慕尼黑這樣的城市也已經成為酒店投資新的“熱點”。而雅典、布達佩斯、基輔、維也納和華沙等城市目前則不適合進行酒店開發。
 
商務和休閑需求預計增長的城市,以及房地產投資預計可獲得高回報的城市被列為“熱點城市”,目前的市場形勢使投資者可以在歐洲四大旅游目的地之外尋找更多的投資機會。
 
然而,目前市場上酒店客房供應不足卻意味著酒店交易量遠低于2005-2007年的水平。
 
預計未來將有來自保險公司、對沖基金、主權財富基金、高凈值個體投資者、私募股權投資基金的大量新投資者進入酒店投資市場。預計今年大宗的酒店投資交易將主要由私募股權投資基金完成。
 
酒店客房供應不足、需求增長以及盈利預期意味著在可預見的未來酒店的價值將持續攀升。
 

 
Consolidation amongst major hotel companies will be one of the key themes of 2015 as large groups seek to grow their business or risk being taken over themselves.
 
Looking to the year ahead, according to an European authoritative consultant agency, now is a good time to develop, acquire or invest in hotels as economic prospects are encouraging with demand for hotel rooms increasing and many parts of Europe having capacity for further rooms.
 
As conditions in Europe's hotel markets continue to improve, values are mostly on the rise and are expected to continue to do so for the next few years.
 
Organic growth is a relatively slow way to expand, so hotel companies will be looking for opportunities to make quantum leaps, typically by buying other hotel companies and driving more value through economies of scale. Global hotel companies either have to acquire to maintain their growth strategy, or be prepared to be someone else's target for acquisition. If you're not dining, your dinner.
 
While the major cities of London, Paris, Rome and Amsterdam remain prime investment locations, hotel investors are also looking at cities such as Barcelona, Hamburg, and Munich, which are highlighted as development 'hot-spots'. Cities to be avoided for new hotel development currently include Athens, Budapest, Kiev, Vienna and Warsaw.
 
The hot cities are those which we expect to see an increase in both business and leisure demand and where real estate investors are likely to see a bigger return. It's encouraging that investors are now looking beyond Europe's four most popular destinations.
 
However, a lack of available hotels on the market means that hotel transaction volumes are currently well below the levels experienced in 2005-2007.
 
We are seeing a number of new investors in the sector including insurance companies and hedge funds, which together with sovereign wealth funds, high net worth individuals and private equity firms ensure there is keen interest. Indeed, it is likely that the major hotel transactions this year will be dominated by private equity buyers.
 
Lack of availability as well as improved demand and profitability should mean that hotel values continue to rise for the foreseeable future.
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