Are Private Equity Funds Superior Real Estate Investors? Evidence from the Hotel Industry

C. Spaenjers, Eva Steiner
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引用次数: 3

Abstract

We dissect the performance of private equity (PE) investors in commercial real estate. We observe acquisitions, dispositions, and granular performance data for several thousand U.S. hotels. Investments by PEs specializing in the hospitality industry lead to more substantial operating efficiency gains than those by their generalist counterparts. Specialist PEs also improve bottom-line profits—although at the expense of lower guest satisfaction—and realize significantly higher capital gains than other types of investors. By contrast, generalist PE funds’ main comparative advantage in real estate markets may be their access to cheap financing.
私募股权基金是更好的房地产投资者吗?来自酒店业的证据
我们剖析了私募股权(PE)投资者在商业地产中的表现。我们观察了数千家美国酒店的收购、处置和细粒度业绩数据。专门从事酒店业的私人股本公司的投资比他们的多面手同行带来更大的运营效率收益。专业私人股本公司也提高了利润底线——尽管是以降低客户满意度为代价的——并且比其他类型的投资者实现了更高的资本收益。相比之下,通才型私募股权基金在房地产市场的主要相对优势可能是它们能够获得廉价融资。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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