楊書健：酒店房託投資 首重現金流分析

楊書健：酒店房託投資 首重現金流分析
【明報專訊】專門投資酒店的房託，雖然仍屬少數，但是過去10年已經逐漸成形。宏觀亞太區經已上巿的180隻房託當中，有11隻專門投資酒店，包括香港3隻、新加坡5隻，以及日本3隻。部分房託，由同系的姊妹公司營運，其餘則由獨立第三方的營運商管理。同一隻房託，亦可能與數間營運商合作，分別管理旗下的酒店。業權跟營運權分家，是酒店資產變成機構級投資資產的第一步。

酒店的現金流，比其他資產類別複雜，風險較高；而且酒店業主和營運商，兩者都會影響酒店的租金收入。酒店選址、裝修費用預算、甚至運營時候的各種開銷，都由業主控制，這些投資決定影響了酒店硬件，是決定酒店租金水平的首要條件。營運商的品牌效應和營運能力則是酒店的軟件，決定酒店營運成敗，亦會影響租金水平。既然業主和營運商影響力皆大，兩者皆要承擔各自的風險；那麼現金流的增幅，應否讓兩者共同分享？

現金流分配模式並沒有最佳選擇，往往在乎實際情况，以及業主簽下營運合約時候的想法。所以研究酒店房託，必需了解酒店的現金流分配模式。這些細節，在招股書上有詳細解釋。筆者認為，巿場再進一步發展，應會出現趨同演化：分配模式逐漸固定成數個主流模式，簡化投資酒店資產或房託的門檻。

http://news.mingpao.com/pns1606131465755755295

《香樹輝King King 傾》６月１０日訪問楊書健

今天早上，本公司投資總監楊書健，接受新城電台《香樹輝King King 傾》訪問，討論有限服務酒店的投資要點。

節目重溫可於以下網址找到 (6月10 日, 9am)

http://www.metroradio.com.hk/mfd/ProgramArchive.aspx

Money Cafe - 推陳出新 (一) 2016/06/08

Money Cafe - 推陳出新 (一) 2016/06/08
自從香港推出第一隻REITs後，開始多人留意房產信託，其後亦有酒店資產加入REITs，但受歡迎程式不及房產信託。今集嘉賓：安泓投資總監楊書健、黃元山，討論酒店REITs於香港發展。

http://cablenews.i-cable.com/ci/videopage/program/12243918/MoneyCafe

[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。

[Aspire] ADMIRAL INVESTMENT: WHY HOTEL REITS IN ASIA IS ATTRACTIVE NOW

(The complete article is available at http://aspire.sharesinv.com/26528/admiral-investment-why-hotel-reits-in-asia-is-attractive-now/)

Source: Aspire

ADMIRAL INVESTMENT: WHY HOTEL REITS IN ASIA IS ATTRACTIVE NOW

Over the last decade, hotel investment has become a valid alternative for investors in Singapore and beyond.

Hotel REITs including several listed in Singapore, Hong Kong, and Japan, became pure hotel owners that provide individual investors access to hotel ownership throughout Asia Pacific.

(A Chinese translation of the article is available at: http://cj.sharesinv.com/20160527/34781)

[SCMP] Victor Yeung: Limited service hotels continue to grow in Asia

Victor Yeung: Limited service hotels continue to grow in Asia
Over the last twenty years, limited service hotels have expanded its footprint to all major regions in the world. Rising demand from growing tourist markets is the primary reason, but changes to the hotel ownership and operational models have also accelerated capital investment into the sector.

We believe that hotels can be best compared to logistics assets two or three decades ago. Logistics assets saw a similar cycle, when investors were initially concerned with its long term investment value. However, once the ownership and operational models matured, logistics assets saw a one-time, secular value appreciation in multiple markets. This tightened the yield gap between logistics and office assets, and now in many markets, especially those with an active REIT market, logistics cap rates are on par with office or retail cap rates. We see hotels, more specifically limited service hotels, as having similar potential.

For the full article, please refer to the link below.

http://www.scmp.com/property/hong-kong-china/article/1952262/limited-service-hotels-continue-grow-asia

Victor Yeung: Limited service hotels continue to grow in Asia

EJ Insight: Why limited-service hotels can be a good investment

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, leads 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.

This is one of the reasons for the rapid growth of the sector over the last two decades.

(For the full article, please refer to the below link:

http://www.ejinsight.com/20160520-limited-service-hotels-can-be-good-investment/)

The Super Hotel chain in Japan offers limited amenities (though a few of the hotels have an in-house hot-spring spa), but service is the equal of that in full-service hotels. Photo: superhotel.co.jp