富力地产又一家酒店被司法拍卖。12月9日，京东司法拍卖平台信息显示，郑州富力万达文华酒店以 3.28亿元成功拍出，成交价约为参考价的七折。 "世纪交易"后的2018年，富力地产酒店营业额增长逾190%至超过70亿元，但是年内净亏损4.59亿元。 2019年-2021年，酒店业务盈利连年亏损。酒店作为富力地产的重要资产，在债务压力下自然成为"断臂 求生"的标的。从2022年起，富力地产开始推进酒店资产变现计划进行化债。 在2022年年报中，富力地产表示，在北京、福州、镇江完成出售3间酒店，所得款项总额超过12.45亿 元；2024年，伦敦ONE项目以16亿英镑出售，但是平均价值较面值低46%。该项目也是富力地产在2018 年从万达手中收购而来，包括经济型住宅以及一家酒店。 2024年，富力地产几乎已将主要海外资产全部变现。"2025年进一步出售资产以产生流动资金"，富力地 产表示，在目前市况下，实在难以预测资产出售的时机及最终能否取得成功，因此，将采取较务实的方 式商讨各项资产出售的商业条款及条件。 截至2025年6月30日，富力地产只拥有22间自建酒店，由知名酒店管理集团如万豪、洲际、希尔顿、凯 悦、雅高等管 ...

Core Viewpoint - The article discusses the dramatic decline of R&F Properties, which was once the world's largest luxury hotel owner, as it faces a liquidity crisis and is forced to sell off its hotel assets to alleviate debt pressure [5][18][45]. Group 1: Hotel Acquisition and Ownership - Eight years ago, R&F Properties acquired 77 hotels from Wanda for 189.55 billion yuan, marking a significant transaction in the luxury hotel sector [1]. - After the acquisition, R&F owned 91 luxury hotels, gaining the title of the world's largest luxury hotel owner [2]. - Currently, R&F's hotel portfolio has shrunk to only 21 hotels, following the recent sale of the Changsha R&F Wanda Hotel for a starting price of 5.14 billion yuan [3][12]. Group 2: Asset Liquidation and Financial Struggles - R&F has been selling hotels since 2022 to manage liquidity issues, but the market response has been disappointing [6]. - The company has faced significant losses on hotel sales, including a 653,000 yuan loss on the sale of the Beijing Wanda Jiahua Hotel and a 30% drop in the sale price of the Fuzhou Westin Hotel [7]. - As of 2024, R&F's financial situation worsened, with a reported net loss of 177.1 billion yuan and a cash balance of only 38.64 billion yuan [18][19]. Group 3: Market Trends and Challenges - The luxury hotel market is experiencing a downturn, with a 5.5% decline in average RevPAR across major cities [34]. - R&F's hotel business, despite being a significant asset, has been negatively impacted by high leverage and operational costs, leading to continuous losses from 2018 to 2024 [25][30]. - The broader trend shows real estate companies increasingly selling hotel assets to relieve financial pressure amid a challenging market environment [31][40]. Group 4: Future Outlook - R&F's remaining 21 hotels may still face challenges as the company navigates its liquidity crisis and attempts to restructure its debt [45]. - The article suggests that simply selling hotel assets may not be sufficient to resolve R&F's financial difficulties, emphasizing the need for effective management and operational strategies [40][41].