双语新闻：国际投资者涌入西班牙酒店市场

2014-09-15 15:26:57来源：可可英语

　　There is also the issue of profitability. Spain’s residential property market has seen hugeprice drops—over 50% in some areas—but disparate property portfolios and overbuildinghave made investing adifficult proposition. Shopping centers are an option, but mostly forexperienced mall operators. And profitability for prime office space is down.

　　另外，还有盈利能力的问题。西班牙的住宅市场价格已大幅下跌(有些地区跌幅超过了50%)，但是五花八门的房地产投资组合以及建筑过剩已令投资抉择艰难。购物中心是一种选择，但主要适合有经验的购物中心运营商。顶级办公楼的盈利能力也在下降。

　　Prime office investment yields, which bottomed at 4.25% during Spain’s real estate bubble in2007, surged after the price crash to 6.5% in 2009. But the combination of falling rents, whichbottomed in 2013, and a rise in office building prices inspired by international investors, hassent yields back to 5.5%, according to CBRE Spain.

　　顶级办公楼的投资收益率在2007年西班牙的房地产泡沫期间曾创下4.25%的低点，后来在2009年办公楼房价暴跌后一度飙升至6.5%。但据世邦魏理仕西班牙的数据，由于租金下降(2013年触底)和外国投资者推高办公楼房价，收益率已回落至5.5%。

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

　　“现在，酒店是盈利来源，办公楼就谈不上了。”巴迪亚表示。

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

　　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。

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

　　“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。”

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

　　并不是所有人都这么乐观。Unico Hotels的创始人及所有人波o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。

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

　　“(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。

　　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.

　　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。

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

　　“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。”

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