酒店改建的机遇：投资学生住宿

Investment Rating - The report indicates a positive investment outlook for the student accommodation sector, particularly in the context of converting underperforming hotels into student dormitories [3][51]. Core Insights - The increasing demand for affordable and convenient student housing, driven by a rise in non-local student enrollment, presents significant investment opportunities [3][4][51]. - The report highlights successful case studies of hotel conversions into student accommodation, demonstrating financial viability and the importance of strategic planning [3][4][51]. - The anticipated growth in non-local student numbers, projected to exceed 80,000 by the 2024-2025 academic year, underscores the urgent need for additional student housing [6][12][15]. Summary by Sections Student Accommodation Demand - The student accommodation market in Hong Kong is characterized by a diverse range of options, including on-campus dormitories and private student housing, with a notable demand-supply gap [9][12]. - Current university dormitory capacity is approximately 42,093 beds, while the number of approved student visa applications in 2023 indicates a shortfall of around 17,006 beds [12][13]. Supply Situation - The report notes that the slow delivery of new accommodation projects has led to a significant shortfall in available beds for students, prompting investors to explore hotel conversions as a viable solution [12][15]. - As of the fourth quarter of 2024, there are 10 completed student accommodation projects providing 2,980 beds, highlighting the potential for further investment in this area [12][14]. Future Supply Projections - Government initiatives are underway to address the shortage of student accommodation, with approximately 7,900 new beds expected to be available from 2024 to 2027 [15][16]. - The total supply of student accommodation is projected to reach 55,000 beds by 2028, yet demand will continue to outpace supply as non-local student numbers rise [15][16]. Financial Viability - Converting hotels to student accommodation is financially feasible, with expected returns ranging from 4.5% to 8%, depending on the hotel's current performance and renovation costs [24][51]. - The report emphasizes the lower operational costs associated with student housing compared to traditional hotel operations, making it an attractive investment option [21][24]. Regulatory Considerations - The report outlines the regulatory flexibility for converting hotels into student accommodation, particularly in areas with "virtually unrestricted leases," which allows for easier compliance with zoning and licensing requirements [25][27][28]. Successful Case Studies - The transformation of Hotel Sav into Y83 student accommodation serves as a successful example, achieving high occupancy rates and strong rental demand despite slightly higher rental prices compared to surrounding units [30][32][34]. - The report identifies additional hotel properties with potential for conversion into student accommodation, emphasizing their strategic locations near educational institutions [34][36][39]. Recommendations - The report suggests that the government should expedite the approval processes for student accommodation projects and consider regulatory adjustments to facilitate the conversion of underutilized properties [50][51].