店相关经验— 定位 、 品牌 、 经销 、 设计和资产管理 。 按 照所有制类型划分, 投资者分为国有企业( SOEs), 私 有企业( POEs) 和个人 。 国有企业和私有企业可以是上 市公司或非上市公司 。 按照业务重点划分, 投资者包 括房地产开发商 、 保险公司 、 私募公司 、 企业集团 、 建 筑工程公司 、 旅游运营商和酒店管理公司 。
按投资目标划分, 投资者包括长期“ 收益寻求者”, 例 如保险公司和某些国有企业; 战略投资者, 如具有明 确 持 有 期 限 、 收 益 目 标 和 资 产 分 配 需 求 的 基 金;“ 弄 潮 者”, 如旨在利用出境游热潮的旅游运营商; 和利用酒 店存放过剩资金的高净值个人 。
作为一个整体, 投资者具有的共同点是投机性 。 对外 酒店投资是一个利基市场, 能满足他们特定的需求 和期望, 而其他酒店投资者身上可能就不存在类似的 需求 。 投资者的动机一般包括: 利用估值偏低酒店中 的机会以获得更高收益; 分配多样化投资资金— 资产 类别和地理位置; 抓住快速增长的出境旅游需求; 沿 着价值链协同扩张; 预期人民币贬值背景下的汇率对 冲; 利用低成本资金优势; 通过提高品牌知名度和声 design, and asset management. By ownership, the investors fall into state owned enterprises( SOEs), privately owned enterprises( POEs) and individuals. SOEs and POEs can be listed or non-listed. By business focus, they include real estate developers, insurers, private equity firms, conglomerates, construction engineering firms, tourism operators, and hotel management companies. By investment objectives, there are long-term“ yield seekers”, for example insurers and certain SOEs; strategic investors like funds with clear holding periods, return targets and asset allocation needs;“ trend riders”, such as tourism operators who set to take advantage of the outbound travel boom; and high net worth individuals who use hotels to park excess cash.
As an aggregate group, the investors strike a tone of being opportunistic. While some of them are one-off players due to their particular needs, those who already own hotels in China are more likely to make recurring investments. The investors’ motivations typically include: exploiting opportunities in undervalued hotels for better returns; allocating capital for diversification- asset class and geography; capturing fast growing outbound travel; synergistic expansion along value chains; currency hedge in the backdrop of expected RMB depreciation; taking
很多投资者仅仅将回报 率视为或用作一种收益指 标, 而非一种风险衡量指 标 。
51 THE CHINA INVESTOR