數(shù)據(jù)顯示：2016年前九個月，中國企業(yè)境外并購交易總額首次超過美國，總價值達(dá)到1739億美元，成為了全球最大的國外資產(chǎn)收購國。酒店業(yè)作為投資回報穩(wěn)定、現(xiàn)金流通暢的一類專屬業(yè)態(tài)，無疑是既有賣相又有內(nèi)里的優(yōu)良資產(chǎn)，風(fēng)生水起的中企海外買買買，因此在全球酒店業(yè)掀起浪潮，好戲連臺。

According to data： in the first nine months of 2016， the total value of Chinese enterprises overseas mergers and acquisitions（MA） exceeded the United States for the first time， with a total value of $173 billion 900 million， becoming the world's largest acquisition country of foreign asset. Since the hotel industry is made up of good assets with ample cash flow， this MA hype will only continue， and let us see where the momentum will lead.

誰在買？買什么？去哪買？

1、并購方以旅游集團、保險公司、地產(chǎn)企業(yè)、投資企業(yè)為主

海外并購酒店的旅游集團以海航、錦江、開元、君瀾等為代表，海航近年海外酒店并購尤其活躍；海外并購酒店的保險公司則有中國人壽、中國陽光保險、安邦保險等，去年安邦還跟萬豪競購喜達(dá)屋，最后喜達(dá)屋還是選擇了定位差不多的同行萬豪；海外并購酒店的地產(chǎn)企業(yè)有香港富華集團、康德集團等，而萬達(dá)更青睞于海外自建酒店的方式將萬達(dá)酒店推向世界。此外，投資型企業(yè)（如復(fù)興集團、集成投資集團）也對海外酒店青睞有加，通過并購海外酒店來尋找新的投資項目。

2、買資產(chǎn)和買管理公司并進——從并購單體酒店向并購酒店集團轉(zhuǎn)移

前幾年中企并購海外酒店主要以并購單體酒店為主，近一兩年，中企海外酒店并購開始從機會性并購轉(zhuǎn)向戰(zhàn)略性并購，目標(biāo)瞄準(zhǔn)大型酒店集團，試圖以最快的速度收割海外優(yōu)質(zhì)酒店資產(chǎn)。例如，最近幾年，并購海外旅游企業(yè)（包括酒店、航空公司等）是海航發(fā)展的重要戰(zhàn)略。作為一個資產(chǎn)過6000億的大型中企，先后入股了西班牙NH hotels（20%股權(quán)，后增持至25.5%），美國的紅獅酒店集團（15%股權(quán)）、卡爾森酒店集團（100%股權(quán)）和希爾頓酒店集團（25%股權(quán)）。錦江和中國人壽則分別買了喜達(dá)屋資本集團的優(yōu)質(zhì)精選酒店資產(chǎn)包和盧浮酒店集團。喜達(dá)屋資本集團是玩投資的高手，喜達(dá)屋酒店集團只是其杰作之一。同樣玩投資的復(fù)星集團則買了法國的地中海俱樂部，將其納入快樂健康產(chǎn)業(yè)的板塊，成為其新的業(yè)績亮點。

中國地產(chǎn)企業(yè)更傾向于購買海外單體酒店資產(chǎn)。同樣，走穩(wěn)健路線的開元酒店和君瀾酒店集團在海外酒店并購上也較為謹(jǐn)慎，青睞于單個優(yōu)質(zhì)地標(biāo)性酒店。

3、青睞歐美、澳大利亞等發(fā)達(dá)地區(qū)的地標(biāo)性酒店或大型酒店集團

中企的海外并購之路極為相似，都不約而同的選擇了歐美、澳大利亞作為國際化發(fā)展的起點。美國是中企海外酒店并購的首選國家。一方面，因為美國酒店資產(chǎn)和酒店管理公司較多，更容易成為中企海外并購的目標(biāo)；另一方面，歐美，澳大利亞等發(fā)達(dá)地區(qū)的商業(yè)環(huán)境相對較好，更容易吸引中企去投資。

為什么買？

近年中企對并購海外酒店興趣濃厚，出手不凡，原因無非以下幾種：

1、酒店跟隨出境游，為服務(wù)國民海外酒店需求而并購海外酒店

酒店產(chǎn)品跟制造業(yè)產(chǎn)品最大的區(qū)別在于不可移動，客人必須到酒店去消費；反過來，如果客人到海外去了，酒店想要服務(wù)于他們，就必須搬到海外去。數(shù)據(jù)顯示：2015年我國出境游人數(shù)為1.2億人次，旅游花費1045億美元，美國已經(jīng)成為中國游客第四大出境游目的地。語言、文化差異等導(dǎo)致游客在海外旅游的安全感降低，如果在異國他鄉(xiāng)能入住本國的酒店品牌，可以提高中國游客的海外安全感，減少文化差異等帶來的不適。

2、規(guī)模為王的時代，為了排名而并購海外酒店

越來越多的酒店集團為了降低風(fēng)險，轉(zhuǎn)向走輕資產(chǎn)的路線，委托管理和特許經(jīng)營成為主要拓展方式。行業(yè)排名靠前有助于酒店管理公司提高知名度，發(fā)展委托管理和特許經(jīng)營業(yè)務(wù)。酒店業(yè)一般以客房數(shù)來排名，因為在一定程度上管理酒店數(shù)量的多少反映了酒店管理公司的管理能力和品牌市場號召力。要想快速提高酒店集團的排名，并購是最快的途徑。例如，錦江并購盧浮酒店集團后，獲得10萬間客房，排名也從2014年的全球第9位，上升到2015年的全球第5；而海航通過并購，關(guān)聯(lián)的酒店客房數(shù)已達(dá)90萬間，僅次于萬豪所擁有的酒店客房數(shù)。

3、進軍海外是酒店集團實力的反映，有助于提升品牌影響力

與海航、錦江并購海外酒店集團不同，有些中企選擇并購海外單體酒店，例如，開元先后在德國、荷蘭并購了2個單體酒店，主要目的是為了提高酒店集團知名度。一些酒店集團認(rèn)為，在歐美等發(fā)達(dá)國家的核心城市擁有自己的酒店（如紐約），是一個企業(yè)實力的反映，也是一個企業(yè)提高品牌影響力的重要途徑。

4、房地產(chǎn)和股票市場變幻莫測，海外酒店成為中企投資的新熱點

國內(nèi)的股票市場和房地產(chǎn)市場風(fēng)云變幻，越來越多的中企把投資目光轉(zhuǎn)向海外，而具有穩(wěn)定現(xiàn)金流又帶有房地產(chǎn)屬性的酒店成為中企的新寵。典型的例子是保險公司買酒店。保險公司的錢需要投資，而酒店投資能確保穩(wěn)定的現(xiàn)金流。同樣，復(fù)星和激成選擇并購海外酒店也主要是為了投資而非經(jīng)營。復(fù)星并購Club Med后，后者依然保持獨立經(jīng)營，目前在中國的第四家度假村也已開業(yè)。還有一些中企為了規(guī)避國內(nèi)市場和政策等的不確定性，選擇在海外收購一些地標(biāo)性的酒店，以此分散國內(nèi)投資的風(fēng)險。

會買虧了嗎？

1、制度距離

制度是一個復(fù)雜的東西，當(dāng)一個企業(yè)從母國進入東道國后，將會面臨不同的制度環(huán)境。東道國和母國的制度差異就是制度距離。制度距離具體表現(xiàn)在政治制度距離、商業(yè)環(huán)境距離、文化距離等。中企并購海外酒店過程中要做好應(yīng)對制度距離產(chǎn)生的挑戰(zhàn)。例如，一個中企在海外買一個酒店只花了一個億，但是裝修費用可能需要兩個億。原因很簡單，在中國半年就能完成的裝修，在海外可能需要兩年，因為歐美很多國家是沒有免費加班這個文化傳統(tǒng)的。這樣就會導(dǎo)致，看似買得便宜，實際上并不便宜。

后期的運營也會因為制度距離面臨很多問題。當(dāng)然，如果中企買完之后，酒店依然獨立運營，這方面的問題會少很多，無非是酒店或酒店集團的老板換了而已。

2、合法性沖突

由母國-東道國制度距離延伸出來的一個問題是合法性沖突。企業(yè)在母國合法的行為，可能在東道國不合法。這里的合法不僅僅是法律上的合法，還包括文化、社會認(rèn)知上的合法性。這樣，中企在國際化的過程中，需要對合法性沖突問題進行調(diào)和。中企到底是選擇最高標(biāo)準(zhǔn)來管理全球化的酒店，還是因地制宜在全球采取不同的標(biāo)準(zhǔn)來管理不同地區(qū)的酒店。如果選擇后者，可能會遭到社會運動人士的挑戰(zhàn)，國際化的酒店集團必須在企業(yè)社會責(zé)任、商業(yè)倫理上有更深層次的認(rèn)識。

3、外來者劣勢

企業(yè)在國際化的過程中會面臨外來者劣勢（Liability of Foreignness），中企進軍海外這種劣勢會更明顯。例如：海航買了NH Hotels，通過增持在董事局好不容易獲得四個董事席位，卻被董事局指控旗下卡爾森與NH hotels存在同業(yè)競爭問題，致使董事席位被罷免。

海外并購是中企國際化的重要手段，但必須做好應(yīng)對國際化過程中的制度距離、外來者劣勢、合法性沖突等挑戰(zhàn)，中企必須在國際化人才、國際化視野和價值觀、國際化經(jīng)驗等方面有足夠的準(zhǔn)備和積累，否則看似風(fēng)光的海外酒店并購，不過是為企業(yè)發(fā)展埋下一個又一個地雷而已。

WHO IS BUYING？ WHAT IS BEING PURCHASED？ WHERE TO BUY？

1， Major MA buyers include travel groups， insurance companies， real estate companies and investment enterprises.

In the overseas hotel MA， the major travel group buyers are Hainan Airlines， Jinjiang， Kaiyuan， Narada and so on， especially HNA； the major insurance companies buyers are China Life Insurance， Sunshine Insurance， Anbang Insurance； last year， Anbang even proposed a bid to Starwood， however， Starwood finally landed on Marriott Hotel； the major real estate companies buyers include Hong Kong Fuhua group， Kangde group； Wanda group chose to build hotels overseas to promote its hotel brand. In addition， investment-oriented enterprises （such as Renaissance group， Integrated investment group） also preferred to discover new investment projects through overseas hotel MA.

2， Buying assets and Management Company - from single hotel purchase to hotel group acquisition.

A few years ago in the overseas hotel MA， single hotel purchase was the main target， but in recent years， Chinese enterprises began to shift from opportunistic MA to strategic MA， aiming at large hotel groups and trying to harvest on these quality overseas assets quickly. For example， in recent years， MA of overseas tourism enterprises （including hotels， airlines， etc.） is an important strategy for the development of Hainan Airline. As a large enterprise with assets over 600 billion， HNA has a stake in the Spanish NH hotels （20% shares， later increased holdings to 25.5%）， the Red Lion Hotel Group （15% shares）， Carlson Hotel （100% stake） and Hilton Hotel （25% stake）. Jinjiang and China Life Insurance respectively bought Starwood premium hotel asset package and Louvre Hotel group. Starwood capital group is the master in investment， and Starwood Hotel group is just one of its works of masterpiece. The same investment master Fosun Group just bought the French Mediterranean club， and incorporated it into the Happy health industry sector， now a new highlight under its wings.

Chinese real estate companies are more inclined to purchase overseas single hotel assets. Similarly， moderate players like Kaiyuan Hotel and Narada hotel group are more cautious in overseas MA and are in favour of the purchase of single high-quality landmark hotel.

3， Landmark hotels or large hotel group in Europe， the United States， Australia and other developed areas are favoured.

Chinese enterprises have similar overseas MA strategy by favouring properties from the US， Europe and Australia as a starting point for international development. The United States is the first choice of overseas hotel MA. On the one hand， the US has more property and hotel management company， and is more likely to become the target of enterprises overseas MA； on the other hand， Europe and the United States， Australia and other developed areas have relatively good business environment， which pose as a more attractive factor for Chinese enterprises.

THE REASON BEHIND THE PURCHASE

In recent years， Chinese enterprises showed great interest in the overseas hotel MA， the reasons are as followed：

1， The outbound travels of Chinese citizens are the driving force behind the overseas hotel MA.

The biggest difference between hotel products and manufacturing products is the mobility of the former， and the guests have to go to the hotel to spend； in turn， if the guests go overseas， the hotel must also move to the overseas area in order to continue the service. Data shows that： in 2015 the number of Chinese outbound tourists amount to 120 million people， and the tourism spending totalled $104 billion 500 million； now the United States has become China's fourth largest outbound tourist destination. The language and cultural differences have lead to tourists' insecurity overseas， so if they can stay in domestic hotel brands in a foreign country， this will greatly improve the security of China overseas tourists， by reducing the discomfort of cultural differences.

2， Size and ranking matter in overseas hotel MA.

More and more hotel groups have taken the route of light assets in order to reduce the risk， which caused the commission management and franchising to become the main methods of expansion. High industry ranking is helpful in improving the visibility of the hotel management company and the development of the commission management and franchising business. The hotel industry generally bases the ranking by the number of rooms， because to a certain extent， the number of rooms reflects the company's management ability and brand market appeal. To quickly improve the ranking of the hotel group， MA is the fastest way. For example， after acquiring Louvre Hotel group， Jinjiang group increased its room count by 100 thousand， and its ranking rose to the fifth in the world in 2015 from the ninth in the world in 2014； and the number of associated rooms of HNA group through MA has reached 900 thousand， second only to the Marriott Hotel.

3， Entry of the overseas market is a display of power of the hotel group， which helps to enhance the brand's influence.

Unlike HNA and Jinjiang that made overseas acquisitions on hotel groups， some enterprises choose to purchase overseas single hotels. For example， Kaiyuan has bought 2 single hotels in Germany and Holland， and the main purpose is to improve the visibility of the hotel group. Some hotel groups believe that to have its own hotels in the major cities （such as in New York） of Europe， the United States and other developed countries is not only a reflection of the strength of the enterprise， but also an important way to improve the brand's influence.

4， With the unpredictability of the ever-changing real estate sector and the stock market， overseas hotels have become the new focus of Chinese corporate investment.

Due to the unpredictability of the domestic stock market and real estate market， more and more Chinese enterprises turned the investment overseas， and the hotels with real estate property and stable cash flow have become the new favourite. The typical example is for the insurance company to buy a hotel. Insurance company's money needs to be invested， and the hotel investment can ensure a stable cash flow. Similarly， Fosun and Integrated group have acquired hotels mainly for investment rather than for managing the business. After Fosun made the acquisition of Club Med， the latter remains independent， and the fourth resort in China has now been opened. Some enterprises， in order to avoid the uncertainty of domestic market and policy， choose to purchase some overseas

landmark hotels to spread the risk of domestic investment.

WILL THE PURCHASE INCUR A LOSS？

1， Institutional distance.

The system is a complicated thing， when an enterprise enters a new country from its home country， it will face a different system environment. The system difference between the new and home country is called institutional distance. The institutional distance mainly shows itself in the political system， commercial environment， the cultural difference， etc. Chinese corporates need to be prepared to face the challenge posed by the institutional distance. For example， it may cost an enterprise only one hundred million to buy an overseas hotel， but the renovation costs may be two hundred million. The reason is very simple， it may take six months to complete the renovation in China， but it may take two years overseas， because many countries in Europe and the United States lack the cultural tradition to work overtime for free. This will lead to a seemingly low price purchase which is in fact not cheap.

The post-operation will also face many problems due to institutional distance. Of course， if the hotels still operate independently after the purchase by Chinese enterprise， this problem will be a lot less， since it's nothing more than a change of boss in the hotel or hotel group.

2， Conflict of legitimacy.

Another problem derived from the institutional distance is the legitimacy of the conflict. What is legal for the original enterprises to do in its mother country may not be legal in the new country. The legitimacy of the law here means not only the legal side， but also in a cultural and social sense. In this way， Chinese enterprises have a need for legal conflict reconciliation in the process of internationalization； they have to decide between selecting the highest standards to manage the global hotels， or adopting different standards in different regions of the world for the management of each hotel. If one chooses the latter， one may be challenged by social activists， since the international hotel group must have a deeper understanding of corporate social responsibility and business ethics.

3， Liability of Foreignness.

Enterprise will face Liability of Foreignness in the process of internationalization， and this disadvantage will become more obvious for the Chinese enterprises to enter overseas market. For example： after buying NH Hotels， HNA finally won four seats in the board of directors， but only to be accused of problems of horizontal competition caused by the holding of Carlson hotel， which then led to the removal of the board seats.

Overseas MA is an important means of enterprise internationalization， but necessary measures must be prepared to deal with institutional distance， liability of foreignness， conflicts of legitimacy challenges， in the process of internationalization. Chinese enterprises must have sufficient experiences in acquiring international talents， developing international vision and values， otherwise the seemingly glamorous overseas hotel MA is nothing but planting future landmine for the enterprises development.