中国酒店的轻资产之路怎么走？
唐鸣
世茂喜达酒店集团总裁
上海世茂酒店管理有限公司总经理
Tyrone Tang
President of Shimao Star Hotel Group
General Manager of Shanghai Shimao Hotel Management Co., Ltd
近期, 国内商务需求和大众旅游消费需求出现企稳回升，在此背景下，进军中国中端酒店市场正成为酒店品牌战略布局的重要组成部分。而转变经营模式，打造轻资产之路，成为中国酒店公司一个崭新的命题。
翻阅中国酒店业发展的历史，很清楚地可以看到，有不少酒店尤其是星级酒店的诞生与落地，并不是市场主导, 而是政府或者政策催熟的。
很多房地产企业涉足酒店，主要是三个红利的诱惑：一是政府拿地需要配备酒店，甚至是配备高星级的国际品牌酒店，二是通过建设高星级国际品牌酒店来拉动整个楼盘周边住宅、商业整体的物业溢价空间，三是减免税收。
不少上述原因诞生的酒店，近年经营状况并没有达到预期目标。很多国际品牌在三四线城市并没有带来太大的效益和很强的吸引力，当时过高的成本投入并没有带来很高的投资回报率。
在这样的现实与困境面前，中国房地产企业开始谋求转型寻求新出路，“轻资产”成为了一个热门的选择，世茂酒店就是其中典型的例子。
2017年7月，世茂集团和喜达屋资本集团强强联手,上海世茂喜达酒店管理有限公司正式成立。根据双方协议约定，世茂将获得新公司51%的股权，喜达屋资本将注资并获得新公司49%的股权。
此前世茂的酒店业务偏向重资产路线，2005-2014年之间开业的13家酒店中，其中10家世茂都是业主方，酒店交给国际品牌管理公司运营。而新公司世茂喜达的定位非常明确，目标是中高端市场，走轻资产路线。
高投资回报率是目前整个酒店投资市场迫切需要解决的问题。在世茂喜达未来布局过程中，未来整体的运营模式也将以输出品牌管理为主，开发建设25%直营店，另再输出管理75%。各类酒店所占的比例不同，高星级全服务酒店占30%，而中高端精选服务酒店占比70%。
我们认为，这是一场双赢的合作。喜达屋资本有意在中国酒店市场挑选合作伙伴，打算在增长迅速的亚太市场重拳出击，在接触多家中国开发商后，喜达屋资本最终选择了世茂。中国未来10年预计会增加3亿中产人群，因此喜达屋资本对中国中高端市场有着浓厚兴趣；而我们世茂则看中了喜达屋资本的轻资产和资产证券化经验，并认为喜达屋资本能助力自己的国际化路线。此次合作，喜达屋资本前期投入1亿美元，并破例让出了控股权，世茂喜达拥有充分的自主运营权。双方订立的目标是5年内开设100家酒店，把世茂喜达打造成中国乃至亚太地区最出色的酒店管理集团之一。
THE ROAD TO LIGHT ASSETS OF CHINA HOTELS
Domestic business trips and mass tourism is increasing steadily in recent years. Under the background, marching to the middle-end market has become a vital part of China hotels, in terms of their branding strategy layout. And naturally, transforming into a road to light assets confronts the hospitality industry.
But when you browse through the history of the development of China hospitality industry, you may find that the birth of a lot of hotels especially high-star hotels doesn’t result from market demands, but from governments or policies.
Usually, real estate enterprises set foot in hotels for the following three dividends: to begin with, hotels or international high-star hotels emerge as a supporting facility in government lands; secondly, building a high-star hotel to promote the business value of the peripheral real estate; lastly, building hotels to reduce tax.
However, the above hotels didn’t make an expected profit. Hence, facing such a dilemma, China real estate enterprises begin to seek a new road for transformation, and choosing light assets has become a popular option.
Let’s take Shimao Hotel as an example. Shimao Group joined hands with Starwood Capital to establish Shanghai Shimao Star Hotel Management Company in July, 2017. The previous hotel business focuses more on heavy assets. Shaimao owns 10 hotels out of 13 ones which opened in 2005-2014, run by international hotel management companies. While the new company has an explicit goal aimed to middle and high-end market with light assets.
High ROI (return on investment) is a common goal for hotel investment market. In its future blueprint, Shanghai Shimao Star Hotel Management Company will focus on brand management output and middle-end market will take up 70% of the management.
This is win-win cooperation. Intended to test its muscles in Asian market, Starwood capital eventually partnered with Shimao Group after delicate selection. The mutual goal is to open 100 hotels in the future five years, and build Shimao Star Hotel Management Company the best hotel management group in China or even Asia-Pacific region.
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