本文来自微信公众号"空间秘探"，作者：武爽，36氪经授权发布。 近期，酒店大宗资产市场成交活跃，上海东锦江希尔顿逸林酒店、杭州滨江宝龙城购物中心及酒店、上 海中港汇铂尔曼酒店、深圳宝安京基华邑酒店等酒店资产成功迎来买家，交易额总计超过45亿元。2026 年开年，这些资产交易传递了哪些信号？ 四处酒店资产卖了45亿元 近期，中国酒店大宗资产市场交易活跃，上海东锦江希尔顿逸林酒店、杭州滨江宝龙城购物中心及酒 店、上海中港汇铂尔曼酒店、深圳宝安京基华邑酒店等四处标志性资产密集达成交易，累计金额超过45 亿元。 这些资产均坐落于上海、杭州、深圳等核心城市的核心区位，禀赋稀缺，价值坚实；然而，受当前市场 周期、卖方特定财务境况或资产自身发展阶段影响，其交易价格呈现出明显的"洼地"特征。这种"黄金 地段"与"价格洼地"并存的独特组合，正成为当下市场中最受资本瞩目的标的。 其中，位于上海浦东陆家嘴商圈的东锦江希尔顿逸林酒店易主备受关注。该酒店拥有850间客房、独特 的双子塔楼结构及外事接待历史，其46层的旋转餐厅更是浦东地区的特色景观，资产稀缺性突出。最 终，招商信诺与利安人寿以约9亿元完成收购，折合每间客房价格约106万 ...

Core Insights - The auction market for hotels in China is experiencing a significant increase, with over 80 hotels valued at over 1 billion yuan listed for sale in the first half of the year, but only 6 have successfully sold [2][6][10] - The Nanjing Jinling New Town Hotel, after 12 years of operation, has been put up for auction with a starting price reduced by nearly 100 million yuan, attracting significant attention [2][3] - The trend of high-end hotels being auctioned off is notable, with examples including the Waldorf Astoria in Beijing and several Hilton hotels, indicating a broader issue within the hotel industry [2][3][5] Group 1: Auction Trends - In 2023, the hotel auction market is characterized by a supply-demand imbalance, leading to increased buyer negotiation power and extended transaction periods [15][18] - The average transaction price for five-star hotels in Shanghai has dropped to 52%-68% of their assessed value, with a significant overall discount rate of 45% observed [15][18] - The number of hotels entering judicial auction procedures is expected to rise, with 2,704 hotels projected for 2024, but only 215 are anticipated to sell, reflecting a low success rate of 7.95% [15] Group 2: Characteristics of Successful Auctions - Successful hotel auctions often feature properties that have undergone multiple price reductions, making them more attractive to buyers [10] - Properties with prime locations and good operational conditions are more likely to sell, despite the financial difficulties of their owners [10][11] - Clear property rights and debt structures are crucial for attracting buyers, as many potential investors are deterred by unclear ownership and financial liabilities [12][18] Group 3: Challenges in Hotel Sales - Many hotels struggle to sell due to outdated facilities and high renovation costs, which do not align with modern consumer expectations [11][13] - The perception of brand strength and market competitiveness plays a significant role in a hotel's ability to attract buyers, with older hotels facing challenges in appealing to younger consumers [11][13] - The auction process often leads to a cycle of price reductions and buyer hesitation, further complicating sales [11][12] Group 4: Future Trends in Hotel Asset Transactions - The market is seeing a shift from private capital, such as "coal bosses," to state-owned enterprises actively participating in hotel acquisitions [16][17] - High-quality hotel assets remain attractive for investment, with factors such as location, return on investment, and clear ownership being key determinants of desirability [18] - The hotel industry is moving towards a more asset management-focused approach, emphasizing operational capabilities and brand influence to maintain value [18]