Traditional Culture Encyclopedia - Hotel reservation - Why does Wanda want to sell hotel projects?

Why does Wanda want to sell hotel projects?

On August 9th, the suspended Wanda Hotel Development Co., Ltd. (hereinafter referred to as "Wanda Hotel Development") announced in the evening that Wanda Hotel Management Company and Wanda Lv Wen Group, two light asset company subsidiaries of Wanda Group, would all be injected into their Hong Kong listed companies.

As soon as the news came out, the market was surprised. "I didn't expect Lv Wen to go public, and it was so urgent." A market person said.

However, it also added a few highlights to the highly anticipated and controversial "Great Deal of the Century" in July: after washing the shell of Wanda Hotel, Wanda was eager to sell the property rights of the hotel in order to buy Wanda Lv Wen. At this point, Wanda's storytelling journey in the light asset capital market began to be clear.

"Now it seems that Wanda's liquidity pressure may be greater than expected, and the situation it faces may be more serious, forcing Wanda Lv Wen to wash its shell and go public immediately to deal with the liquidity problem of multiple precautions." Bai Wenxi, a commercial real estate expert who has been tracking Wanda for a long time, said. In any case, for Wanda, which is determined to transform to light assets, this major reorganization within the group has triggered a good market. After 10 resumed trading, the development of Wanda Hotel increased by over 20%, and even the highest increase was nearly 40%.

According to the reorganization, Wanda Hotel sold 5 1% equity of Wanda Real Estate Investment Guilin Project, 60% equity of Wanda International Real Estate Investment London Project, 60% equity of Wanda American Real Estate Investment Company Chicago Project and 60% equity of Wanda Australian Real Estate Investment Company Sydney Gold Coast Project to Wanda Commercial. It also plans to acquire the entire equity of Wanda Lv Wen from Wanda Culture for 6.3 billion yuan. Wanda Lv Wen is mainly engaged in the design, construction and operation management of theme parks.

In addition, Wanda Hotel tentatively plans to acquire the entire equity of Wanda Hotel Management (Hong Kong) Co., Ltd. from Wanda Commercial for 750 million yuan in cash. Wanda Hotel Management is mainly engaged in hotel design, construction and operation management.

After this reorganization, Wanda Hotel Development will clarify its strategic position as the only listing platform for Wanda's cultural tourism industry and transform into a brand management company in the field of cultural tourism and hotels. First, culture is integrated into hotel management. Most of the overseas projects managed by the hotel are sold to Wanda Commercial, and then all the shares of the hotel are repurchased from Wanda Commercial. This means that at present, all the light assets of Wanda Group are injected into hotel development.

"From the perspective of Wanda Hotel's development of its own business, it has a good development for overseas high-end hotel business. After this kind of business reorganization, it has two positive effects on the development of Wanda's cultural tourism industry. First, it has made clear its strategic positioning as the only listing platform of Wanda Travel Industry, so it has a strong capital operation orientation and has a positive effect on Wanda Travel's follow-up active financing and international development strategy. Second, it will continue to introduce cultural tourism, business travel and other resources to play a greater role in supplementing resources for the development of Wanda's cultural tourism industry. " Yan Yuejin, research director of the think tank center of Yiju Research Institute, said.

For Wanda, this reorganization also means another meaning. In 20 15, Wanda put forward the goal of light asset transformation. Since then, Wanda has continuously unloaded its heavy burdens, such as closing Wanda Department Store and expanding wanda plaza's light assets. However, in this process, Wanda's information to the outside world has always been based on Wanda Commercial as a light asset subject, in order to better enhance the valuation and reduce the burden. Therefore, Wanda Commercial's return to A has always attracted much attention.

But the road back to A is not smooth. Wanda Commercial has been queuing back to A for nearly two years, but the status of Wanda Commercial is still in the "feedback" stage passed in March. According to Wanda Commercial Privatization Project, Wanda Commercial plans to go public before August 3 18. If the company fails to be listed on the mainland main board market two years after delisting or before August 3, 20 18, Dalian Wanda Group will buy back all the shares and pay 12% and 10% interest to overseas and domestic investors respectively.

"After Wanda Commercial and Wanda Hotel transfer assets to each other and realize the listing of Wanda Lv Wen, Wanda Lv Wen has become a light asset listed company mainly engaged in export operations, which is conducive to pushing up the market value of Hong Kong stocks; On the other hand, Wanda Commercial has completely become a commercial real estate investment and operation company, mainly relying on the income from rent, hotel and output management, and will no longer be recognized as a real estate developer, which can better promote the listing of A shares and ensure that the listing agreement before August 3 18 is blocked. " Bai Wenxi analyzed.

After the reorganization, Wanda's commercial entity has changed, and Wanda's light asset bearing platform has also changed from Wanda Commercial to Wanda Hotel. Wanda's business positioning and status may also be adjusted in the future.

"Personally, it is also possible that Wanda Hotel has gone abroad after all and has already had projects overseas. Use this as the main platform to load other content and expand its value to facilitate its overseas listing for overseas financing. " Hu Xiaoying, general manager of Kerui Lewei, said.

Up to now, Wanda Hotel Management Company has invested in five overseas projects, which are located in London, Los Angeles, Chicago, Sydney and Gold Coast, in the first half of 20 17, Wanda Hotels & Resorts and Mar Yap? The company held the signing ceremony of Wanda Mandarin Hotel management export project in Istanbul, and began to export overseas brands of Wanda Hotel, taking the lead in taking the road of light assets. The overseas brand value and market value of Wanda Hotel began to stand out, which may be one of the reasons that prompted Wanda to regard Wanda Hotel as a light asset platform.