????“我不認(rèn)為西班牙酒店行業(yè)出現(xiàn)了一波繁榮。我只是認(rèn)為，趨勢(shì)正在改變?！眴痰?巴迪亞?洛倫斯表示。他的巴塞羅那房地產(chǎn)基金Emin Capital剛剛以1.5億歐元買(mǎi)下了當(dāng)?shù)氐牡貥?biāo)性建筑Torre Agbar大樓，并計(jì)劃再投資5000萬(wàn)-6000萬(wàn)歐元將其重新裝修，改建為一家君悅（Grand Hyatt）酒店。

????若有人持不同觀點(diǎn)，也在情理之中。

????2008年西班牙房地產(chǎn)泡沫破裂后投資者一度奪路而走，但如今房地產(chǎn)投資者已重新涌入西班牙酒店市場(chǎng)。事實(shí)上，世邦魏理仕西班牙（CBRE Spain）提供的數(shù)據(jù)顯示，僅2014年上半年就有7.24億歐元（約10億美元）的資金注入西班牙酒店市場(chǎng)，已經(jīng)超出2013年全年的6.65億歐元。

????像巴迪亞收購(gòu)Torre Agbar大樓一樣，很多投資都是大手筆。

????西班牙KKH Capital & Property集團(tuán)和總部位于紐約的Perella Weinberg Partners以9000萬(wàn)歐元買(mǎi)下巴塞羅那的德意志銀行（Deutsche Bank）大樓，計(jì)劃將其改建為一家豪華酒店?？ㄋ栔鳈?quán)財(cái)富基金之一Katara Hospitality以6000萬(wàn)歐元買(mǎi)下馬德里的洲際酒店（InterContinental）。喬治?索羅斯持股的Hispania Activos Inmobiliarios以2150萬(wàn)歐元購(gòu)得馬爾貝拉的Hotel Guadalmina度假村?？ㄋ栜姺降耐顿Y機(jī)構(gòu)以7850萬(wàn)歐元購(gòu)得巴塞羅那的萬(wàn)麗酒店（Renaissance Hotel）。

????西班牙酒店行業(yè)的賣(mài)點(diǎn)顯而易見(jiàn)，那就是旅游業(yè)。旅游業(yè)一直是西班牙經(jīng)濟(jì)初步復(fù)蘇的動(dòng)力。2014年前7個(gè)月，有3630萬(wàn)名海外游客到訪西班牙，消費(fèi)了350億歐元，游客人數(shù)和消費(fèi)金額均創(chuàng)下新高。

????但是，西班牙酒店行業(yè)的投資繁榮背后還有一些不那么顯而易見(jiàn)的原因。在經(jīng)歷經(jīng)濟(jì)危機(jī)后，西班牙經(jīng)濟(jì)出現(xiàn)復(fù)蘇，這使得其酒店市場(chǎng)的投資回報(bào)率遠(yuǎn)高于其他國(guó)家出現(xiàn)泡沫的房地產(chǎn)市場(chǎng)。

????“過(guò)去六年，國(guó)際投資者不怎么看好歐元區(qū)。他們決定投資歐元區(qū)以外的國(guó)家，比如，英國(guó)、瑞士和北歐國(guó)家。由于對(duì)這些國(guó)家的投資過(guò)于集中，產(chǎn)生了巨大的泡沫。”世邦魏理仕西班牙的研究和投資策略總監(jiān)帕特里西奧?帕洛瑪?穆里洛表示，“現(xiàn)在他們正在尋求投資地域多元化。由于市場(chǎng)不再怎么擔(dān)心西班牙是否會(huì)脫離歐元區(qū)，該國(guó)正成為投資者最感興趣的投資目的地之一?！?/p>

????另外，還有盈利能力的問(wèn)題。西班牙的住宅市場(chǎng)價(jià)格已大幅下跌（有些地區(qū)跌幅超過(guò)了50%），但是五花八門(mén)的房地產(chǎn)投資組合以及建筑過(guò)剩已令投資抉擇艱難。購(gòu)物中心是一種選擇，但主要適合有經(jīng)驗(yàn)的購(gòu)物中心運(yùn)營(yíng)商。頂級(jí)辦公樓的盈利能力也在下降。

????頂級(jí)辦公樓的投資收益率在2007年西班牙的房地產(chǎn)泡沫期間曾創(chuàng)下4.25%的低點(diǎn)，后來(lái)在2009年辦公樓房?jī)r(jià)暴跌后一度飆升至6.5%。但據(jù)世邦魏理仕西班牙的數(shù)據(jù)，由于租金下降（2013年觸底）和外國(guó)投資者推高辦公樓房?jī)r(jià)，收益率已回落至5.5%。

????“I do not think there is a boom in the hotel industry in Spain. I just think the trend is changing,” says Jordi Badia Llorens, whose Barcelona real estate fund Emin Capital just paid 150 million euros for Barcelona’s iconic Torre Agbar building, in which it plans to invest another 50-60 million euros to refurbish it for use as a Grand Hyatt hotel.

????One could be excused for disagreeing.

????After fleeing the country following the 2008 collapse of its real estate bubble, property investors have flooded into the Spanish hotel market. In fact, during the first half of 2014, 724 million euros (about $1 billion) was injected into the Spanish hotel sector, according to CBRE Spain, compared to 665 million euros in all of 2013.

????Like Badia’s purchase of the Torre Agbar, many of the investments have been large.

????The Spanish group KKH Capital & Property and the New York-based Perella Weinberg Partners bought Barcelona’s Deutsche Bank tower for 90 euros million and plan to convert it into a luxury hotel. Katara Hospitality, a wing of Qatar’s sovereign wealth fund, paid 60 millioneuros for Madrid’s InterContinental hotel. The George Soros-funded Hispania Activos Inmobiliarios bought the Hotel Guadalmina resort in Marbella for 21.5 million euros. And the investment arm of Qatar’s military bought Barcelona’s Renaissance Hotel for 78.5 million euros.

????The appeal of the Spanish hotel industry is obvious: tourism. The industry has been the driver of Spain’s nascent economic recovery. During the first seven months of 2014, 36.3 million foreign tourists visitedthe country and spent 35 billion euros, both record highs.

????But there are other, less obvious reasons for the boom in hotel investment in Spain. For one, Spain’s trip to the brink and back has made investments in its hotel market much more profitable than the frothy real estate markets in other countries.

????“For the last six years, international investors didn’t trust the euro zone. So they decided to invest in any market outside of the Euro, like the U.K., Switzerland, and the Nordic countries. Because investment was so concentrated in those countries, they created a large bubble,” says Patricio Palomar Murillo, director of research and investment strategy at CBRE Spain. “Now, they are looking to diversify geographically. And now that’s there’s not so much worry that Spain will leave the euro, it’s becoming one of the most interesting countries to invest in.”

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

????Prime office investment yields, which bottomed at 4.25% during Spain’s real estate bubble in 2007, surged after the price crash to 6.5% in 2009. But the combination of falling rents, which bottomed in 2013, and a rise in office building prices inspired by international investors, has sent yields back to 5.5%, according to CBRE Spain.