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Beijing financial street ice wine to rewrite the end of the year Five-star hotels entered the adjustment period

Date: 2017-09-30

12 years before Beijing financial street, opened intercontinental financial street will be the end of the year was renamed "international center of financial street", change, is the five-star hotel thoroughly transformed into commercial office building.


According to the Beijing business daily reported, financial contract with the landlord first intercontinental hotels group ten years expired last year, hotel performance up to expectations, is a major cause of the first group not renew.


Although research, according to a report in May, 2017 in Beijing a five-star hotel's RevPAR value achieve rapid ascension, compared to the same but still didn't get rid of a bad business environment.Beijing central business district, in contrast, the high quality office building resources are increasingly scarce, "wine rewrite" phenomenon is not surprising.


In fact, the mainland's high-end hotel market is to develop and prosper in 2004, after 10 years of brand outbreak period now these years high-end hotels entered the adjustment and digestion phase, deal with the hotel inventory of mismanagement or more effective transformation, gradually become a major trend of the industry.


"Rewrite" wine industry trends


In addition to the Beijing financial street intercontinental, marriott hotel, kai yuan hotel, such as news building hotel also appears in the Beijing "rewrite" wine list.


Low operating costs, rent high-cost to a property's investors.Relevant data show that Beijing office market has over the past two years, in the case of a new supply, the vacancy rate remained at 5% - 8%, rents are rising steadily, the market trading active.Property has overtaken complex as China's real estate commodity trading market the most popular type of property.


Strictly control the scale of construction land, however, as Beijing within the rings is no longer new construction land, the core business district office of scarce resources in short supply problem.On the basis of the original property construction to adjust effectively transform has become a wise choice.


Mismanagement, high vacancy rate of the high star hotel became the transformed objects.Due to its geographical position is superior, the regional demand for office products, hotel to office has become a trend.


In the Beijing financial street, in addition to the intercontinental, westin, ritz-carlton and financial street serviced apartments all three five-star hotels.It is understood that a total of 61 five-star hotels in Beijing that the core area may appear high star hotel excessive accumulation conditions, lead to more intense competition, the hotel profitability decline.


In early June 2016, Beijing financial street has refurbishment of intercontinental hotels, 7-24 hotel formats to office to rent, release out of the office area of 30000 square meters.Now the owner first insists all office instead, presumably after transforming business profitable.In addition to Beijing, other domestic second-tier cities have appeared in the "wine rewrite" phenomenon.


It is reported, Shanghai jc mandarin hotel in the second half of 2016 the official start of the overall reform of construction, renovation project construction area of 71449.86 square meters, will last until October 2018.Shanghai jc mandarin hotel, jinjiang department's old shop, established in 1990, under pressure, with 2.118 billion yuan in 2014 yuan baohua group, the latter intends to comprehensive reform to turn it into a high-end office buildings.