顶奢酒店挂牌10次 从7亿元降到8181万元才被人拍下！酒店还是好的投资吗？

Core Viewpoint - The hotel asset market in China is experiencing significant challenges, with a high percentage of hotel projects failing to sell at auction, indicating a shift from real estate valuation to cash flow valuation, exacerbated by high depreciation and financial costs [2][19]. Group 1: Auction Market Dynamics - As of August 2023, there were 422 hotel projects priced over 10 million yuan in China, but only 27 successfully sold, indicating that over 90% of these assets remain unsold [1][7]. - In July and August 2023 alone, 163 hotel projects were auctioned, with only 10 transactions completed, highlighting a continued trend of unsold assets [1][7]. - The auction of the Shanghai Yinhu Hotel, with a starting price of approximately 893 million yuan, attracted significant interest but ultimately failed to sell, marking its fourth unsuccessful auction [3][5]. Group 2: Financial and Operational Challenges - The transition from real estate valuation to cash flow valuation has forced heavy asset players to deleverage, while the recovery in tourism has not sufficiently offset the high depreciation and financial costs of older assets [2][19]. - Many unsold hotel assets are burdened with issues such as bank loans, lease disputes, or judicial problems, making them unattractive to potential buyers [7][8]. - The requirement for full payment or high down payments in judicial auctions, combined with tightened credit conditions, has excluded many small investors from participating [8]. Group 3: Market Trends and Consumer Behavior - Despite the increase in hotel auction numbers, the demand for high-end hotels has not fully recovered, with consumers opting for mid-range hotels, homestays, or short-term rentals instead [15][19]. - The hospitality sector is witnessing a surge in occupancy and revenue, with domestic travel increasing significantly, yet the average spending per person has not returned to pre-2019 levels [15][19]. - Major hotel chains are expanding aggressively, with companies like Shoulv Hotel and Huazhu Group reporting substantial growth in the number of operating hotels, indicating a competitive market landscape [15][16][17]. Group 4: Financial Performance of Hotel Groups - Among the hotel groups, only four have achieved both revenue and profit growth, namely Huazhu Group, Atour Group, Huada Hotel, and Wanda Hotel Development [18]. - The financial performance of various hotel groups shows a mixed picture, with some experiencing declines in revenue and profit, while others have managed to grow despite the challenging market conditions [18].