安永——全球酒店行业深度分析2011.pdfVIP

Global Hospitality Insights A publication for the hospitality industry Top thoughts for 2011 Global Hospitality Insights: top thoughts for 2011 After two years of turmoil, the hospitality industry is on the mend. With increasing demand and limited supply growth, operating fundamentals appear to have stabilized and to be in the early stages of recovery, though the degree depends on the particular segment and region. Emerging markets remain a catalyst for growth for the tourism and hospitality industry and are expected to be a primary target for investment dollars. An array of growth opportunities arising from multiple world-stage events in the coming decade, along with increasing domestic disposable income, has garnered extensive global attention for these nations. Although operating performance has begun to recover, operators, investors, owners, developers, managers and advisors are approaching their segments with a new air of caution and fresh ideas. C-suite executives of many of the largest global hospitality companies are focusing on the capital agenda — a strategic framework for preserving, optimizing, raising, investing and enabling capital. In addition, with many new government regulations and reporting guidelines already in place or on the horizon, market participants will be required to modify a number of practices in the coming months and years. While financing for the hospitality industry is slowly returning, it primarily remains available for top assets in top markets. Having waited on the sidelines for most of 2009, investor activity picked up in 2010, a trend that is likely to gain further momentum into 2011. With a large amount of capital focused on the sector and increased prices on assets anticipated in the future, transaction activity is expected to intensify as fundamentals strengthen and consensus on valuation grows. While REITs, private equity and foreign capital are likel