酒店RWA（Real World Assets，现实世界资产代币化）模式是近年来随着区块链技术与数字经济融合兴起的创新模式，通过将酒店实体资产（如房产、设 备、会员权益等）或其未来收益权转化为链上可交易的加密代币（证券型代币，Security Token），实现资产的数字化、流动化和全球化配置。这一模式为 传统酒店业转型、创业及融资提供了全新路径，被视为行业突破瓶颈的重要机遇。 一、酒店RWA模式的核心逻辑 传统酒店是典型的重资产行业，核心资产包括物业产权、装修设施、品牌价值及稳定的现金流（如客房收入、会议场地租赁、餐饮消费等）。 RWA模式通过区块链技术将这些资产"上链"，将其所有权、收益权或使用权分割为标准化数字代币（Token），投资者可通过购买代币间接持有酒店资产份 额，享受租金分红、增值收益等权益。 例如：一家酒店可将旗下一栋物业的未来5年收益权代币化，发行100万枚代币，每枚代表0.01%的收益权；投资者购买代币后，可按比例获得酒店经营利润 的分红，也可在合规交易平台转让代币，实现退出。 二、为何是传统酒店转型的新机遇？ 传统酒店业面临多重痛点：重资产投入导致现金流压力大（物业购置/租赁、装修成本 ...

Core Viewpoint - The emergence of Real-World Assets (RWA) in the hotel industry reflects both the challenges faced by traditional hotel operations and the potential for democratizing investment opportunities through blockchain technology [1][2][3] Group 1: RWA Overview - RWA stands for Real-World Assets, which refers to the tokenization of tangible and intangible assets using blockchain technology, allowing for ownership, trading, and fractionalization [3][4] - The hotel RWA model allows for the division of hotel assets into smaller, tradable units, enabling investors to hold shares starting from as low as $100 [1][3] Group 2: Strategic Development - A "three-step" strategy has been agreed upon to advance the digitalization of hotel assets, with the first phase aiming to complete the on-chain confirmation of $500 million in hotel properties by Q4 2025 [2] - The issuance of compliant hotel REITs tokens is planned for Q1 2026, followed by the integration of DeFi protocols by Q2 2026 [2] Group 3: Industry Challenges - The traditional hotel industry faces significant structural challenges, including low asset liquidity, limited financing channels, and high investment thresholds, which hinder effective capital allocation [9][10] - The hotel asset market is characterized by long investment cycles and difficulties in converting high-value properties into liquid capital, especially during economic downturns [9][10] Group 4: Regulatory Environment - Hong Kong's regulatory framework for digital assets has evolved, with the release of the "Hong Kong Digital Asset Development Policy Declaration 2.0," indicating a shift towards a more structured approach to digital asset management [6][7] - Compliance with the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) is essential for RWA issuance, which typically involves special purpose vehicles (SPVs) and cross-border tokenization [6][12] Group 5: Market Opportunities - The RWA model is seen as a means to enhance liquidity and democratize investment in the hotel sector, potentially allowing for a broader range of investors to participate [10][13] - The integration of RWA technology could lead to more accurate asset valuations and improved market recognition of hotel assets, transforming them from mere properties into investment vehicles [13][14]