国际投资者涌入西班牙酒店市场

    “现在，酒店是盈利来源，办公楼就谈不上了。”巴迪亚表示。

    那么，此番投资激增对于未来几年又意味着什么呢？像巴迪亚这样的投资者认定，西班牙的旅游业繁荣（及其发展）将转化为现今投资者的巨额利润。

    “自上世纪90年代以来，西班牙旅游业就一直是持续稳定的收入源泉。”巴迪亚表示，“我们看到西班牙的旅游市场格局已经改变，随之而来的是，受亲睐的酒店类型，特别是城市地区的酒店类型也在改变。几年前，巴塞罗那几乎没有国际豪华品牌酒店，如今人人都想要最好的酒店。”

    并不是所有人都这么乐观。Único Hotels的创始人及所有人波•戈丹斯认为，此番酒店投资繁荣在一定程度上是因为西班牙其他房地产板块的投资收益不佳，以及SOCIMI法律修订[即西班牙版的房地产信托基金（REIT）]，这吸引了数十亿欧元的投资进入西班牙房地产市场。

    “（酒店）受到投资者青睐，并不意味着酒店就是极棒的投资。但它们比其他投资好。”戈丹斯表示。

    戈丹斯预计，投资激增将导致未来一些年酒店过剩，降低当前投资的盈利能力。

    “两三年后，当所有这些投资项目都建成时，西班牙酒店市场将出现供大于求的局面。”他说，“巴塞罗那显然是这样，马德里或沿海地区也可能出现这样的状况。”

    但戈丹斯表示，他正在马德里寻找机会，这个地区的酒店投资少于巴塞罗那。但像巴迪亚这样的投资者预计需求增长能赶上供应增长。

    “过去几十年，西班牙一直都能够消化酒店供应。即便是在危机时期，西班牙也一直吸引游客们前往。”巴迪亚说。（财富中文网）

    译者：早稻米

    “These days, hotels are profitable sources of income, which can’t be said for offices,” says Badia.

    So, what will this investment surge mean in the coming years? Investors like Badia are betting that Spain’s tourism boom—and its evolution—will translate into large profits for those who invest now.

    “Since the 90s, tourism in Spain has been a recurring and stable source of revenue,” Badia says. “What we have seen is that the type of tourism to Spain has changed, and with it, the kind of hotels, especially in urban areas. A few years ago, in Barcelona, there were few international luxury brands, while today everyone is looking to have the best hotel in town.”

    Not everyone is so sanguine. Pau Guardans, founder and owner of Único Hotels, says that much of the hotel investment boom can be traced to the poor profitability of other real estate investments in Spain, as well as revised laws for SOCIMIs (Spain’s version of REITs), which have attracted several billion euros into Spanish real estate.

    “That there is investor pressure [in hotels] doesn’t mean that hotels are great investments. But they are better than the rest,” says Guardans.

    Guardans expects the investment surge to lead to a glut of hotel space in the coming years, which would cut the profitability of investments being made today.

    “There will be more supply than demand in hotels in Spain when all these are built in two or three years,” he says. “Barcelona is a clear case. Madrid or the coast too.”

    Still, Guardans says he is looking at space in Madrid, which has seen less hotel investment than Barcelona. And investors like Badia expect demand to meet the supply.

    “Over the decades, Spain has shown that it is able to absorb the hotel supply. Even in the crisis years, tourists have continued to visit Spain,” Badia says.