Investment analysis of property right hotel

Main listed companies in property hotel industry: At present, the listed companies in domestic property hotel industry mainly include BTG Hotel (600258. SH) and Jinjiang Hotel (600754. Shh).

The core data of this paper: the comparison between property-based hotels and traditional hotels, the composition of potential customers in property-based hotel industry, the comparison of advantages and disadvantages between investing in stocks and investing in property-based hotels, the relevant policies of property-based hotel industry, the prediction of hotel room size and property-based hotel penetration rate in China.

The industry has great investment advantages.

Property hotel is the property right of hotel rooms bought out by individual investors, that is, the developer sells the independent property right of each hotel room to investors in the form of real estate sales. Compared with traditional hotels, property-based hotels have certain investment and development advantages. The basic function of a traditional hotel is to provide security and comfort, so that users can have a short rest or sleep, which is very different from a property hotel.

From the positioning point of view, property-based hotels mostly provide accommodation services for tourists with the purpose of business travel and sightseeing, while traditional hotels have more extensive customer orientation; From the perspective of property rights, property-style hotels can buy out the property rights of a single room, and there may be non-single property rights, while traditional hotels belong to single property rights; From the point of view of renting or selling, the main function of the property hotel is to rent it after sale and let it by the management. Traditional hotels are mainly operated, not for sale or rent. The remaining pairs are shown in the following table:

From the perspective of developers, investing in the development of property-based hotels can quickly withdraw funds. In the context of the overall deleveraging of the real estate industry, investing in the development of property-based hotels has greater advantages.

From the investor's point of view, compared with equity investment such as general stocks, property-based hotels also have more advantages. Property hotel is a kind of investment property, which provides new investment channels for residents, and the investment risk is less than that of stocks. Property-style hotels generally entrust hotel management companies to operate in a unified way. After signing the contract, investors don't need to pay more attention to the hotel operation process, just wait for the return, which is more worry-free and labor-saving than stocks and bonds. In addition, in addition to the economic return on investment, investors can generally enjoy a certain period of free stay in the hotel, and enjoy the supporting projects and services of the hotel at preferential prices, and also enjoy the leisure life experience that other investment methods can not bring.

Policies promote the rapid development of the industry.

Judging from the development of the industry in recent years, the property hotel industry is mainly a policy industry. In 20 17, the property hotels in China experienced the downturn of the industry and were affected by the real estate policy. In 20 17, Hainan province, the earliest province in China, issued the document "Opinions of the People's Government of Hainan Province on Further Deepening the" Two Suspension Policies "to Promote the Stable and Healthy Development of the Real Estate Industry", proposing to stop the examination and approval of the planning and construction of the property hotel project and prohibit disguised development, which has a great impact on the development of the whole industry. However, in 20 19, the Natural Resources and Planning Bureau of Haikou City publicized a Post-approval Publicity of Overseas Chinese Town Phase I (Property Hotel) Project of Haikou East Coast of Hainan Silver Coast Real Estate Co., Ltd., which stopped for nearly two years and returned to public view, and the property hotel industry gradually recovered. In addition, in the past two years, the policy has gradually begun to encourage the overall development of tourism and hotel industry.

In the context of favorable policies as a whole, the overall market size of the hotel industry has been expanding in recent years, but the industry has entered a period of integration, and the overall room size has a downward trend. According to the statistics of China Hotel Association, in 2020, the number of star-rated hotel rooms in China will be 6,543,800+0,532,600. According to the statistics of the Ministry of Culture and Tourism, the number of hotel rooms reported nationwide in 2020 was 1 160600, a decrease of 1420500 compared with 20 16-2020, and a decrease of/in five years (20 16-2020). It is predicted that due to the epidemic situation and the development of the industry, the guest room size of star-rated hotels in China will continue to decrease from 202 1 to 2026, and then to 1 13 15900.

For property-based hotels,

In 2020, the global property hotel market will be about 200 billion US dollars, and the global hotel scale predicted by Statista will be about 1.09 trillion US dollars. According to the forecast, the global property hotel penetration rate is about 18.35% in 2020, which has been increasing in recent years. Therefore, considering the slow start of property-based hotels in China and other factors, the penetration rate of property-based hotels in China in 20265 and 438+0 is comprehensively predicted.

The above data refer to the analysis report of Foresight Industry Research Institute "Development Prospect and Investment Strategic Planning of China Property Hotel Industry".