<p class="MsoNormal"><a name="OLE_LINK27"></a><a name="OLE_LINK26"></a><a name="OLE_LINK25"></a><a name="OLE_LINK24"></a><a name="OLE_LINK23"></a><a name="OLE_LINK22"></a><a name="OLE_LINK21"></a><a name="OLE_LINK20"></a><a name="OLE_LINK19"></a><a name="OLE_LINK18"></a><a name="OLE_LINK17"></a><a name="OLE_LINK16"></a><a name="OLE_LINK15"></a><a name="OLE_LINK14"></a><a name="OLE_LINK13"></a><a name="OLE_LINK12"></a><a name="OLE_LINK11"></a><a name="OLE_LINK10"></a><a name="OLE_LINK9"></a><a name="OLE_LINK8"></a><a name="OLE_LINK7"></a><a name="OLE_LINK6"></a><a name="OLE_LINK5"></a><a name="OLE_LINK4"></a><a name="OLE_LINK3"></a><a name="OLE_LINK2"></a><a name="OLE_LINK1"></a><span style="mso-bookmark: OLE_LINK2;"><span style="mso-bookmark: OLE_LINK3;"><span style="mso-bookmark: OLE_LINK4;"><span style="mso-bookmark: OLE_LINK5;"><span style="mso-bookmark: OLE_LINK6;"><span style="mso-bookmark: OLE_LINK7;"><span style="mso-bookmark: OLE_LINK8;"><span style="mso-bookmark: OLE_LINK9;"><span style="mso-bookmark: OLE_LINK10;"><span style="mso-bookmark: OLE_LINK11;"><span style="mso-bookmark: OLE_LINK12;"><span style="mso-bookmark: OLE_LINK13;"><span style="mso-bookmark: OLE_LINK14;"><span style="mso-bookmark: OLE_LINK15;"><span style="mso-bookmark: OLE_LINK16;"><span style="mso-bookmark: OLE_LINK17;"><span style="mso-bookmark: OLE_LINK18;"><span style="mso-bookmark: OLE_LINK19;"><span style="mso-bookmark: OLE_LINK20;"><span style="mso-bookmark: OLE_LINK21;"><span style="mso-bookmark: OLE_LINK22;"><span style="mso-bookmark: OLE_LINK23;"><span style="mso-bookmark: OLE_LINK24;"><span style="mso-bookmark: OLE_LINK25;"><span style="mso-bookmark: OLE_LINK26;"><span style="mso-bookmark: OLE_LINK27;"><span style="mso-bidi-font-size: 12.0pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial;">自由時報【馮牧群】</span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></p> <p class="MsoNormal" style="margin-top: 9.0pt; mso-para-margin-top: .5gd; text-align: justify; text-justify: inter-ideograph; line-height: 23.0pt; mso-line-height-rule: exactly; tab-stops: 6.0cm;"><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">飯店旅館市場競爭白熱化,根據世邦魏理仕統計,今年前</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">3</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">季單筆金額在</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">3</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">億以上的台北旅館交易僅有皇家季節酒店南西館、首都大飯店小巨蛋館,</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">2</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">筆總成交金額為</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">22.7</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">億,年減</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">76%</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">。世邦魏理仕台灣研究部主管李嘉玶表示,在商用不動產投資市場,旅館交易向來較為零星,僅特定投資人感興趣,台北市部分中小型商務旅館面臨經營困難的情況,預期少數房東將考慮處分資產,但以本土投資公司為首的潛在買方大多著眼於未來增值空間,代表賣方必須適度讓利,才能順勢獲利了結、重新調整資金配置。</span></p> <p class="MsoNormal" style="margin-top: 9.0pt; mso-para-margin-top: .5gd; text-align: justify; text-justify: inter-ideograph; line-height: 23.0pt; mso-line-height-rule: exactly; tab-stops: 6.0cm;"><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">有國際品牌加持的飯店相對容易獲得國際商務旅客青睞,也能維持穩定的房價與住房率,因此有意開設新飯店的投資者紛紛打出「國際牌」,例如今年</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">Q4</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">就有包括台北國泰萬怡酒店、金普頓大安酒店、台北中山希爾頓逸林酒店等陸續開幕。世邦魏理仕台灣資本市場部主管林翊群分析,目前旅館市場高度競爭,房價不易拉高,許多地主及投資者尋求與國際連鎖酒店合作,根據與國際旅館業者接觸經驗,現階段歐美品牌傾向與業主簽訂加盟或委託管理合約,部分日系品牌則有意願簽訂租賃契約,這其中差異將影響投資者需投入的成本、可能承擔的營運風險及預期報酬率,建議有意跨足飯店業的投資者做好事前評估、慎選合作夥伴和物件座落地點。</span></p> <p class="MsoNormal" style="margin-top: 9.0pt; mso-para-margin-top: .5gd; text-align: justify; text-justify: inter-ideograph; line-height: 23.0pt; mso-line-height-rule: exactly; tab-stops: 6.0cm;"><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">根據世邦魏理仕</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">2018</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">上半年旅館市場概況調查顯示,受惠於國際旅客小幅成長,加上國人住宿需求持續攀升,讓台北旅館市場整體住房需求年增</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">7.5%</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">。今年上半年北市觀光旅館及合法旅館的住房率分別為</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">71.5%</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">及</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">63.7%</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">,較去年同期增加</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">0.8</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">及</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">1.2</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">個百分點,但平均房價呈現衰退,觀光旅館微幅下滑</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">1.3%</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">、合法旅館下跌</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">7.8%</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">,其中,合法旅館在過去一年內新增</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">29</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">家達到</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 微軟正黑體; mso-bidi-font-family: Helvetica;" lang="EN-US">2083</span><span style="font-size: 13.0pt; mso-bidi-font-size: 13.5pt; font-family: '微軟正黑體',sans-serif; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Helvetica;">房,顯見部分旅館業者為在競爭激烈的市場中維持一定的住房率,不得不降低房價來刺激需求。</span></p>