F酒店商业模式选择与风险问题研究

发布时间：2018-09-04 20:24

【摘要】：广州市某业主持有天河区一商业地块，在自身缺乏酒店经营管理经验及不具备建筑施工资格的情况下拟进入星级酒店行业，向市场提供客房、餐饮及写字楼租赁服务，同时实现该商业地块的资产增值。但目前国内及广州市的酒店行业内的竞争日趋激烈，选择合适的投资及经营模式对于酒店的生存发展显得至关重要。本文将针对此项目（以下称F酒店）进行调查研究，在咨询专业机构的基础上，，提供备选投资及经营方案，并选取一定的财务指标深入分析各投资及经营方案的优劣，从而为业主的投资决策提供充分的信息。本文在对比分析国内外常见的星级酒店投资及经营模式的基础上，论述了BOT模式的发展概况以及BOT模式在酒店行业的应用。通过波特五力竞争性分析模型、SWOT模型、财务净现值、内部收益率、安全边际等分析方法，对酒店行业的宏观环境、竞争环境、发展趋势及F酒店的投资回报进行了全面评估。宏观环境及竞争性分析表明，虽然全球经济面临下行压力，国内酒店供应量大幅增长，由于高星级酒店的进入门槛较高，虽然竞争有所加剧，但相对而言竞争不算激烈；国内的酒店行业盈利为历史最好，随着中国经济的发展，未来将释放大量需求，目前是一个比较好的市场机会；业主的最终目的是实现资产增值，因此，尽快投资建设酒店并经营能减少土地闲置带来的损失。对于备选经营方案，根据财务投资回报分析及概率分析结果推荐采用BOT模式（IRR=10.3%）。盈亏平衡分析表明采用BOT投资及经营模式时F酒店具有较高的安全边际（安全边际率大于30%）。同时本文也深入分析了F酒店业主在实施BOT模式时应重点关注的风险，如：获得特许经营权的投资经营者选择、合约订立、泄密、意外等方面存在的风险，以及Ｆ酒店各投资方案中有可能产生的债权人、股东、经营者面临的风险及控制这些风险应采取的对策。
[Abstract]:A certain owner of Guangzhou who holds a commercial plot in Tianhe District intends to enter the star-rated hotel industry in the absence of hotel management experience and construction qualification to provide room, catering and office rental services to the market. At the same time realize the commercial land asset appreciation. However, the competition in the hotel industry in Guangzhou and China is becoming more and more fierce, so it is very important to choose the right investment and management mode for the hotel development. This article will carry on the investigation and research to this project (hereinafter referred to as F hotel), on the basis of consulting the specialized organization, provides the alternative investment and the management plan, and selects the certain financial index to deeply analyze each investment and the management plan's merits and demerits, In order to provide sufficient information for the owner's investment decision. On the basis of comparing and analyzing the common investment and management modes of star hotels at home and abroad, this paper discusses the development of BOT mode and the application of BOT model in hotel industry. Through SWOT model, net present value of finance, internal rate of return, margin of safety and so on, the macro environment, competition environment, development trend and investment return of F hotel are comprehensively evaluated. The macro-environment and competitive analysis show that, although the global economy is facing downward pressure, the domestic hotel supply has increased substantially, because of the high entry threshold of high-star hotels, although the competition has been intensified, the competition is relatively not fierce; The domestic hotel industry has the best profit in history. With the development of China's economy, it will release a lot of demand in the future. At present, it is a relatively good market opportunity. The ultimate goal of the owners is to realize the appreciation of assets. Therefore, Investing in hotels and operating as soon as possible can reduce the loss of idle land. BOT model (IRR=10.3%) is recommended according to the results of financial return analysis and probability analysis. The break-even analysis shows that F hotel has a high margin of safety (the margin of safety is more than 30%) when adopting BOT investment and management mode. At the same time, this paper also deeply analyzes the risk that F hotel owner should pay attention to when implementing BOT mode, such as investment operator selection, contract conclusion, leak, accident and so on. The risks faced by creditors, shareholders and operators in each investment plan of F Hotel and the countermeasures to be taken to control these risks are also discussed.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F719

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