What are the disadvantages of hotels suspending cooperation with management companies?

The independent operation of hotels has always been Wang Jianlin's long-cherished wish, and now this goal is about to be realized under the catalysis of internal and external environment.

While deleveraging and strengthening the brand, Wang Jianlin must grasp both hands, and both hands must be hard.

Recently, foreign media reported that Wanda Group plans to terminate its cooperation with foreign hotel chain management groups, independently operate about 10 luxury hotels, and intends to independently operate all newly opened hotels in the future.

Previously, Wanda usually cooperated with Accor, Starwood, Hilton, Hyatt, Intercontinental and other international hotel management groups to operate hotels, such as Sofitel Wanda and Hilton Wanda.

Seeking "solo flight" and independent management of hotels has always been Wang Jianlin's goal. At an internal meeting of 20 12 Wanda, Wang Jianlin once questioned the trusteeship model. "If an owner has several hotels, it is understandable to entrust the international hotel management group to manage them, but if there are hundreds, it is unacceptable or even a shame to entrust other hotel groups to manage them."

On August 20 16, Wanda vista hotel in Taiyuan opened, which was also the first private brand hotel in Wanda, and opened the prelude to the independent management and operation of Wanda's own hotel brand. In the same year, Wanda One * * * opened six private brand hotels. Looking at internationally renowned hotel brands, it is not difficult to find that the proportion of self-owned property is actually very low, and the focus is on hotel management rather than hotel investment. Brand is the premise of light assets.

Due to the high requirements of hotel hardware facilities, high executive salaries and generally higher operating costs than independent operation, it is also the common goal of hotel practitioners to cultivate independent operation ability.

However, "the ideal is full and the reality is very skinny." Without the help of international hotel brands, many hotels in China are hard to do. The president of a domestic brand hotel introduced to Netease Real Estate that international hotels generally have a strong sales system and membership system, especially in the core areas of first-and second-tier cities, and sometimes even 30%-40% of the tourists come from foreign operators. Previously, some hotels in Beijing and Shenzhen that had experienced "brand change" experienced a decline in the operating performance of single stores.

A person familiar with Wanda Hotel revealed, "Now the number of hotels hosted by Wanda should be only single digits. At this time, the high probability of recovering the right to operate is some hotels in the third, fourth and fifth tier cities. For hotel operations in these cities, international brands have little contribution to performance. "

In 20 17, R&F acquired all the shares of 77 hotels in Wanda Commercial for1990.6 billion yuan, but the hotel management contract was not affected by the asset transfer. Wanda Hotel has played a key role in accelerating the pace of light assets, and relying on brand management to achieve profitability has become the general trend. Some insiders pointed out that even if Wanda wants to de-leverage and make light assets, it still needs to keep some hotel operations with heavy assets, because if it makes light assets, the owner's trust in the brand will also decline, but at this time, it will keep some heavy assets, and the brand significance is greater than the actual significance.

In fact, Wanda's "card change" action for the outer tube hotel has already begun. 20 13, 1, Pullman Wanda Hotel Shijingshan District, Beijing officially changed its name to Beijing Wanda Jiahua Hotel, becoming the first self-operated hotel in Wanda to be "re-licensed" by the outer tube hotel. Previously, the hotel had been managed by Accor Group of France for 5 years.

On June 65438+1 October1this year, Sofitel Beijing Wanda was officially renamed Beijing Mandarin Hotel, which is also the19th Wanda Mandarin Hotel operated and managed by Wanda.

Beijing Wanda Mandarin Hotel after Card Replacement

Wanda Hotel Management Company was established on 20 12, and currently has four hotel brands: luxury hotel brand-Wanda Ruihua, luxury hotel brand-Wanda Wenhua, high-end hotel brand-Wanda Jiahua, and selected hotel brand-Wanda Jinhua.

Before 20 17 years ago, Wanda hotels were all over Istanbul, London, Los Angeles, Chicago, Sydney, Gold Coast and other overseas cities, but Wanda, which experienced the storm, sold most of its overseas assets. In June of this year, 65438+ 10/6, Wanda sold 60% of the company's equity in the project Wanda One Nine Elms in London, England for 35.6 million pounds (about RMB 3150,000 yuan), and the remaining 40% of the equity has also been signed. 65438+1On October 29th, Wanda announced the sale of two projects in Australia again.

While selling overseas assets, Wanda is also exporting brand assets. 2065438+February 2007, the first overseas (Istanbul) brand export hotel was officially signed, becoming the first China enterprise to realize the management export of overseas luxury hotels.

20170000 Wanda hotel development annual report shows that the Chicago project in the United States is Wanda's only overseas property project. At present, Wanda Hotel Development is the only listing platform of Wanda Group in Hong Kong.

On the work summary of 20 17, Wang Jianlin once said, "Wanda sells hotels. Many comrades engaged in hotel construction and management said that it was a pity to sell it. Wanda Hotel is well built and the cost is very low, but the overall average annual return rate of the hotel is less than 4%. All hotels eat the net profit of more than a dozen wanda plaza every year. "

In March this year, Wanda Commercial Real Estate announced that in order to implement the company's development strategy, the company was renamed Dalian Wanda Commercial Management Group Co., Ltd., and the renamed commercial management group focused on light assets, supplemented by heavy asset holding, positioning commercial property holding and management operation, which will be the core enterprise of Wanda Group, making the company's strategy clearer, its business model purer and its market valuation higher.

Although Wanda claims to be the largest luxury hotel management company in China, some well-funded developers have also begun to lay out their own brand hotel business. In 20 17, Shimao announced the formal signing of its first export hotel-Ruixuan Hotel, Linyi Riverside, which was the first step taken by Shimao in the aspect of hotel light assets. This year, Greenland, which specializes in super-high-rise buildings, also announced that the management contract of Holiday Inn Express Shanghai Meilong, entrusted by InterContinental Hotels Group, officially ended. After recovering the management right, the hotel was officially renamed as Platinum Hotel Shanghai Meilong Greenland.

According to Wang Jianlin, Wanda Hotel Management Company achieved overall profit for the first time in 20 17, and newly signed a contract to manage 10 high-star hotels. Since the reorganization of the hotel management company, the performance has been very gratifying. In the second half of last year, hotel performance increased significantly, almost all hotels achieved profitability, and most hotels achieved rapid growth in profits. This year, Wanda will sign a new management contract for 15 high-star hotels, with the future goal of "managing 100 high-star hotels as soon as possible".

However, according to the performance announcement of Wanda 20 17, the net asset value is HK$ 3.053 billion, the annual revenue is HK$ 2/kloc-0.30 million, the gross profit is HK$ 0.52 million, the total value of non-current assets is HK$ 4.52 billion, and the total value of current assets is HK$/kloc-0.665438+.

As for the reasons for the loss, Wanda said that the London project in the UK, the Gold Coast project in Australia and the Sydney project sold in 20 17 will all generate profits, but due to the time difference in accounting years, they cannot be counted as recorded profits and incorporated into the annual report of 20 17.