A limited-service hotel (LSH) is a hotel without restaurant and banquet facilities, which are part of the defining characteristics of a full-service hotel (FSH).The LSH’s market position is based on the recognition that, for some travelers, the key requirement is a satisfactory room but few of the other amenities.

Lower investment outlay and operating cost, a feature shared by all LSHs, lead to a more stable investment product versus the FSH, and LSHs can deliver an on-par to slightly better risk-adjusted return than other commercial real estate classes.

[信報] 楊書健: 改裝酒店-增值型投資

(本文刊於信報: http://www2.hkej.com/wm/article/id/1312586)

楊書健: 改裝酒店-增值型投資
增值型投資計劃,是私募基金爭取回報的常用策略。簡單來說,基金以各種方法改善資產,令資產升值。有些個人投資者收購老舊單位,先裝修,再出售圖利,其實已經是增值型投資的雛型。機構投資者的計劃雖然規模較大較複雜,但是心態卻很類似。例如投資酒店,不少機構投資者就樂於收購老舊資產,將之改裝成酒店,提升租金收入之後,再出售圖利。因為酒店是品牌主導的生意,所以引入合適品牌,是改裝酒店的成功要訣。
近年不少翻新酒店都是有限服務酒店,私募基金的參與就是其中一個原因。廉價航空同樣大幅削減配套服務,以集中資源提供主要服務;因此廉航可算是有限服務酒店的姊妹行業。隨着亞洲中產數目增多,旅客數目將進一步增加,筆者相信,廉航和有限服務酒店將會繼續同步發展。