부동산간접투자기구의 호텔 투자 특징 및 활성화방안 연구

Abstract

The profitability of hotel investments has been improved as the demand for accommodation services has increased owing to the soaring trend of the number of foreigners visiting to South Korea. Under this market condition, 27 indirect real estate investment vehicles such as Real Estate Funds or REITs have been established between 2011 and Jun. 2014 for investing in hotel assets which are mainly business hotels. In this study, limitations of indirect real estate investment vehicles in terms of financial structure and asset management were examined, and a few strategies to facilitate hotel asset investment were also suggested. Some limitations on pre-existing investments in hotels are as follows: First, the current simple structure of tenancy is unable to make the investment scale grow up. Second, the market environment for long-term investment is immature because such a vehicle type as ‘one hotel for one investment project' is still dominant. Third, main parties involved in the hotel investment had been financial Investors, and this market condition cannot expect larger investment scale for hotel assets. Therefore, there are three suggestions for invigorating hotel asset investment. Firstly, more various investment structures for that asset type are necessary. Secondly, blind pool targeting only on hotel assets should be prepared. Lastly, more vitalized public offering for indirect real estate investment vehicles is required.