Chinese investors will snap up hotel assets worth $5bn this year, estab lishing themselves in the market for hospitality real estate, according to a report from property consultants JLL.

根据房地产咨询公司仲量联行(JLL)的一份报告，中国投资者今年将收购总价值50亿美元的酒店资产，从而在酒店房地产市场确立其影响力。

China’s Anbang Insurance Group spearheaded the investment trend by agreeing in October to pay Hilton $1.95bn for New York’s Waldorf Astoria, setting a record for a single hotel deal in the US.

去年10月，中国安邦保险集团(Anbang Insurance Group)引领投资趋势，同意以19.5亿美元收购纽约的华尔道夫酒店(Waldorf Astoria)，创下美国单一酒店交易纪录。

The zeal for global hotel assets has been fuelled by a loosening in controls on outbound investment by China’s Ministry of Commerce. From October, deals above $100m no longer required its approval.

中国商务部放松对外投资限制，推动着中国投资者对全球酒店资产的热情。从去年10月开始，超过1亿美元的交易不再需要获得商务部审批。

Hotel advisers anticipate a boom in Chinese investment. In its investment outlook for 2015, JLL is predicting a 15 per cent rise in global hotel transactions to $65bn-$68bn. The US and the Middle East will be the biggest exporters of capital for hotel assets. But China could be the third biggest, said JLL.

酒店顾问预测，中国投资将出现热潮。仲量联行在2015年投资前景报告中预测，全球酒店交易额将增长15%，至650亿到680亿美元。美国和中东将成为酒店资产的最大资本输出国。但仲量联行表示，中国可能排在第三位。

Its corporations, institutions and wealthy individuals are expected to invest $5bn, compared with less than $1bn in 2014.

预计中国企业、机构和富有个人今年将投资50亿美元，而2014年仅不到10亿美元。

“China’s continued velocity and buying preferences will shape the future of hotel real estate for some time to come,” said JLL.

仲量联行表示：“中国持续的行动迅速和收购倾向，将在未来一段时间影响酒店房地产的未来。”

The Waldorf Astoria deal is the template for the type of hotel investment Chinese investors want, said Mark  Wynne-Smithof JLL — trophy assets in primary destinations, and no auction in sight.

仲量联行的马克•韦恩-史密斯(Mark  Wynne-Smith)表示，安邦保险收购华尔道夫酒店交易是中国投资者青睐的酒店投资类型的样板：一线目的地的炫耀性资产，而且没有拍卖出售的计划。

“They have a strong preference for doing direct deals and not participating in competitive situations,” said Mr Wynne-Smith.

韦恩-史密斯表示：“他们强烈倾向于直接交易，而不是加入竞购。”

They like a smooth process, and hire the best advisers, he added. “Once their board has decided there is an asset to be acquired, they have been relatively easy to deal with.”

他补充称，他们喜欢平稳的收购过程并聘用最优秀的顾问。“一旦董事会做出收购决定，与他们打交道相对容易。”

During due diligence, most would-be buyers look to find fault with some aspect of the asset to bear down on price, said Mr Wynne-Smith.

韦恩-史密斯表示，在尽职调查期间，多数潜在收购者希望找到被收购资产在某些方面的缺陷，以压低价格。

“With mainland Chinese, once the deal is struck, that’s the deal you end up with. It is about honour and face.”

“而对于中国大陆企业而言，一旦交易达成，那就是最终的交易。这关乎名誉和脸面。”

But competition in some regions will be unavoidable, such as the UK and European markets.

但在一些地区，竞争将不可避免，例如英国和欧洲大陆市场。

Shanghai-based Jin Jiang International Holdings won a race with Accor, Europe’s biggest hotelier, to buy French budget hotelier Groupe du Louvre.

总部位于上海的锦江国际(Jin Jiang International Holdings)与欧洲最大酒店运营商雅高(Accor)联手，成功竞购法国低成本酒店运营商卢浮宫酒店集团 (Groupe du Louvre)。

Fosun, a Shanghai-based conglomerate, was drawn into a long battle with Italian investor Andrea Bonomi before winning control of French holiday resort operator Club Méditerranée.

总部位于上海的企业集团复星(Fosun)曾被拖入与意大利投资者安德烈•博诺米(Andrea Bonomi)旷日持久的竞购战，最终复星赢得法国度假村集团“地中海俱乐部”(Club Méditerranée)的控股权。

Katharine Le Quesne of Deloitte said: “Chinese investors approaching the UK or European hotel markets for the first time need to get to grips with a diverse marketplace, a competitive transaction environment and a large pool of highly experienced global investors.”

德勤(Deloitte)的Katharine Le Quesne表示：“第一次进军英国或欧洲大陆酒店市场的中国投资者，需要把握一个多样化的市场、竞争性的交易环境以及大量极富经验的全球投资者。”

Investor demand in Europe means more global private equity fund capital is chasing hotels now than even before the downturn, said Charles Human of hotel consultants HVS.

酒店咨询机构华盛国际(HVS International)的Charles Human称，欧洲的投资者需求意味着，比起经济下滑前，现在有更多的全球私人股本基金资本在竞逐酒店资产。

“The Chinese groups need to be able to respond quickly to opportunities,” he said.

他说，“中资集团需要能够对机遇作出快速反应。”

Looser investment controls do not fully explain China’s interest in global hotel assets. Hoteliers have been adapting their offering to account for the rising numbers of Chinese travelling the world as tourists. Several travel barometers say Chinese visitors will drive the global tourism industry in the coming years — 98.2m travelled abroad in 2013, up 18 per cent on the previous year, according to official Chinese figures.

较宽松的投资控制并不能完全解释中国对全球酒店资产的兴趣。酒店经营者已经在调整自己的服务，以适应越来越多在世界各地旅行的中国游客。一些旅游指标显示，中国游客将在未来几年推动全球旅游业发展——中国官方数据显示，2013年有9820万中国游客赴境外旅游，同比增长18%。

$1.95bn Amount China’s Anbang is paying for New York’s Waldorf Astoria 98mNumber of Chinese tourists who travelled abroad in 2013

译者/何黎