호텔 리츠의 발전 전략 연구

Abstract

After Real Estate Investment Acts was passed in 1960 in United States of America, REITs industry has been growed sustainably and there are 162 REITs companies managing 505 billion USD(market value) as of February, 2012. Among those number, there are 16 Hotel REITs, 9.8% of total number of REITs companies, managing 27 billion USD, 5.3% of total market value of REITs. Hotel REITs become one of typical REITs product and contribute immensely on growth of hotel industry and possess 6.4% of total number of hotels in USA. There are 72 REITs companies being operated with market value of 8.3 trillion Korean Won as of December, 2012 after Real Estate Investment Acts was established in March, 2001 in Korea. In order to improve hotel REITs in korea, First of all, tax reduction on REITs and revaluation of assets at regular intervals are required for institutional change. Secondly, there is a need to announce that REITs is not an appropriate investment item for those seeking for short-term or large capital gains. REITs should be refined as a sound investment by advertising its strengths and advantages. Thirdly, selection of a site, concept development favored by market and effective management system are required to obtain stable profits. Fourthly, maximizing market pie by penetrating international market should be taken into consideration due to small scale of domestic hotel market restricting its development and revitalization. Fifthly, encouraging qualified management corporate in growth is required because their existence is a must towards hotel REITs' growth. Sixth, establishment of system to prevent investors' loss from moral hazard of sponsors or REITs is required.