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数据显示：2016年前九个月，中国企业境外并购交易总额首次超过美国，总价值达到1739亿美元，成为了全球最大的国外资产收购国。酒店业作为投资回报稳定、现金流通畅的一类专属业态，无疑是既有卖相又有内里的优良资产，风生水起的中企海外买买买，因此在全球酒店业掀起浪潮，好戏连台。
According to data： in the first nine months of 2016， the total value of Chinese enterprises overseas mergers and acquisitions（M&A） exceeded the United States for the first time， with a total value of $173 billion 900 million， becoming the world's largest acquisition country of foreign asset. Since the hotel industry is made up of good assets with ample cash flow， this M&A hype will only continue， and let us see where the momentum will lead.
谁在买？买什么？去哪买？
1、 并购方以旅游集团、保险公司、地产企业、投资企业为主
海外并购酒店的旅游集团以海航、锦江、开元、君澜等为代表，海航近年海外酒店并购尤其活跃；海外并购酒店的保险公司则有中国人寿、中国阳光保险、安邦保险等，去年安邦还跟万豪竞购喜达屋，最后喜达屋还是选择了定位差不多的同行万豪；海外并购酒店的地产企业有香港富华集团、康德集团等，而万达更青睐于海外自建酒店的方式将万达酒店推向世界。此外，投资型企业（如复兴集团、集成投资集团）也对海外酒店青睐有加，通过并购海外酒店来寻找新的投资项目。
2、买资产和买管理公司并进——从并购单体酒店向并购酒店集团转移
前几年中企并购海外酒店主要以并购单体酒店为主，近一两年，中企海外酒店并购开始从机会性并购转向战略性并购，目标瞄准大型酒店集团，试图以最快的速度收割海外优质酒店资产。例如，最近几年，并购海外旅游企业（包括酒店、航空公司等）是海航发展的重要战略。作为一个资产过6000亿的大型中企，先后入股了西班牙NH hotels（20%股权，后增持至25.5%），美国的红狮酒店集团（15%股权）、卡尔森酒店集团（100%股权）和希尔顿酒店集团（25%股权）。锦江和中国人寿则分别买了喜达屋资本集团的优质精选酒店资产包和卢浮酒店集团。喜达屋资本集团是玩投资的高手，喜达屋酒店集团只是其杰作之一。同样玩投资的复星集团则买了法国的地中海俱乐部，将其纳入快乐健康产业的板块，成为其新的业绩亮点。
中国地产企业更倾向于购买海外单体酒店资产。同样，走稳健路线的开元酒店和君澜酒店集团在海外酒店并购上也较为谨慎，青睐于单个优质地标性酒店。
3、青睐欧美、澳大利亚等发达地区的地标性酒店或大型酒店集团
中企的海外并购之路极为相似，都不约而同的选择了欧美、澳大利亚作为国际化发展的起点。美国是中企海外酒店并购的首选国家。一方面，因为美国酒店资产和酒店管理公司较多，更容易成为中企海外并购的目标；另一方面，欧美，澳大利亚等发达地区的商业环境相对较好，更容易吸引中企去投资。
为什么买？
近年中企对并购海外酒店兴趣浓厚，出手不凡，原因无非以下几种：
1、酒店跟随出境游，为服务国民海外酒店需求而并购海外酒店
酒店产品跟制造业产品最大的区别在于不可移动，客人必须到酒店去消费；反过来，如果客人到海外去了，酒店想要服务于他们，就必须搬到海外去。数据显示：2015年我国出境游人数为1.2亿人次，旅游花费1045亿美元，美国已经成为中国游客第四大出境游目的地。语言、文化差异等导致游客在海外旅游的安全感降低，如果在异国他乡能入住本国的酒店品牌，可以提高中国游客的海外安全感，减少文化差异等带来的不适。
2、规模为王的时代，为了排名而并购海外酒店
越来越多的酒店集团为了降低风险，转向走轻资产的路线，委托管理和特许经营成为主要拓展方式。行业排名靠前有助于酒店管理公司提高知名度，发展委托管理和特许经营业务。酒店业一般以客房数来排名，因为在一定程度上管理酒店数量的多少反映了酒店管理公司的管理能力和品牌市场号召力。要想快速提高酒店集团的排名，并购是最快的途径。例如，锦江并购卢浮酒店集团后，获得10万间客房，排名也从2014年的全球第9位，上升到2015年的全球第5；而海航通过并购，关联的酒店客房数已达90万间，仅次于万豪所拥有的酒店客房数。
3、进军海外是酒店集团实力的反映，有助于提升品牌影响力
与海航、锦江并购海外酒店集团不同，有些中企选择并购海外单体酒店，例如，开元先后在德国、荷兰并购了2个单体酒店，主要目的是为了提高酒店集团知名度。一些酒店集团认为，在欧美等发达国家的核心城市拥有自己的酒店（如纽约），是一个企业实力的反映，也是一个企业提高品牌影响力的重要途径。
4、房地产和股票市场变幻莫测，海外酒店成为中企投资的新热点
国内的股票市场和房地产市场风云变幻，越来越多的中企把投资目光转向海外，而具有稳定现金流又带有房地产属性的酒店成为中企的新宠。典型的例子是保险公司买酒店。保险公司的钱需要投资，而酒店投资能确保稳定的现金流。同样，复星和激成选择并购海外酒店也主要是为了投资而非经营。复星并购Club Med后，后者依然保持独立经营，目前在中国的第四家度假村也已开业。还有一些中企为了规避国内市场和政策等的不确定性，选择在海外收购一些地标性的酒店，以此分散国内投资的风险。 会买亏了吗？
1、制度距离
制度是一个复杂的东西，当一个企业从母国进入东道国后，将会面临不同的制度环境。东道国和母国的制度差异就是制度距离。制度距离具体表现在政治制度距离、商业环境距离、文化距离等。中企并购海外酒店过程中要做好应对制度距离产生的挑战。例如，一个中企在海外买一个酒店只花了一个亿，但是装修费用可能需要两个亿。原因很简单，在中国半年就能完成的装修，在海外可能需要两年，因为欧美很多国家是没有免费加班这个文化传统的。这样就会导致，看似买得便宜，实际上并不便宜。
后期的运营也会因为制度距离面临很多问题。当然，如果中企买完之后，酒店依然独立运营，这方面的问题会少很多，无非是酒店或酒店集团的老板换了而已。
2、合法性冲突
由母国-东道国制度距离延伸出来的一个问题是合法性冲突。企业在母国合法的行为，可能在东道国不合法。这里的合法不仅仅是法律上的合法，还包括文化、社会认知上的合法性。这样，中企在国际化的过程中，需要对合法性冲突问题进行调和。中企到底是选择最高标准来管理全球化的酒店，还是因地制宜在全球采取不同的标准来管理不同地区的酒店。如果选择后者，可能会遭到社会运动人士的挑战，国际化的酒店集团必须在企业社会责任、商业伦理上有更深层次的认识。
3、外来者劣势
企业在国际化的过程中会面临外来者劣势（Liability of Foreignness），中企进军海外这种劣势会更明显。例如：海航买了NH Hotels，通过增持在董事局好不容易获得四个董事席位，却被董事局指控旗下卡尔森与NH hotels存在同业竞争问题，致使董事席位被罢免。
海外并购是中企国际化的重要手段，但必须做好应对国际化过程中的制度距离、外来者劣势、合法性冲突等挑战，中企必须在国际化人才、国际化视野和价值观、国际化经验等方面有足够的准备和积累，否则看似风光的海外酒店并购，不过是为企业发展埋下一个又一个地雷而已。
WHO IS BUYING？ WHAT IS BEING PURCHASED？ WHERE TO BUY？
1， Major M&A buyers include travel groups， insurance companies， real estate companies and investment enterprises.
In the overseas hotel M&A， the major travel group buyers are Hainan Airlines， Jinjiang， Kaiyuan， Narada and so on， especially HNA； the major insurance companies buyers are China Life Insurance， Sunshine Insurance， Anbang Insurance； last year， Anbang even proposed a bid to Starwood， however， Starwood finally landed on Marriott Hotel； the major real estate companies buyers include Hong Kong Fuhua group， Kangde group； Wanda group chose to build hotels overseas to promote its hotel brand. In addition， investment-oriented enterprises （such as Renaissance group， Integrated investment group） also preferred to discover new investment projects through overseas hotel M&A.
2， Buying assets and Management Company - from single hotel purchase to hotel group acquisition.
A few years ago in the overseas hotel M&A， single hotel purchase was the main target， but in recent years， Chinese enterprises began to shift from opportunistic M&A to strategic M&A， aiming at large hotel groups and trying to harvest on these quality overseas assets quickly. For example， in recent years， M&A of overseas tourism enterprises （including hotels， airlines， etc.） is an important strategy for the development of Hainan Airline. As a large enterprise with assets over 600 billion， HNA has a stake in the Spanish NH hotels （20% shares， later increased holdings to 25.5%）， the Red Lion Hotel Group （15% shares）， Carlson Hotel （100% stake） and Hilton Hotel （25% stake）. Jinjiang and China Life Insurance respectively bought Starwood premium hotel asset package and Louvre Hotel group. Starwood capital group is the master in investment， and Starwood Hotel group is just one of its works of masterpiece. The same investment master Fosun Group just bought the French Mediterranean club， and incorporated it into the Happy health industry sector， now a new highlight under its wings. Chinese real estate companies are more inclined to purchase overseas single hotel assets. Similarly， moderate players like Kaiyuan Hotel and Narada hotel group are more cautious in overseas M&A and are in favour of the purchase of single high-quality landmark hotel.
3， Landmark hotels or large hotel group in Europe， the United States， Australia and other developed areas are favoured.
Chinese enterprises have similar overseas M&A strategy by favouring properties from the US， Europe and Australia as a starting point for international development. The United States is the first choice of overseas hotel M&A. On the one hand， the US has more property and hotel management company， and is more likely to become the target of enterprises overseas M&A； on the other hand， Europe and the United States， Australia and other developed areas have relatively good business environment， which pose as a more attractive factor for Chinese enterprises.
THE REASON BEHIND THE PURCHASE
In recent years， Chinese enterprises showed great interest in the overseas hotel M&A， the reasons are as followed：
1， The outbound travels of Chinese citizens are the driving force behind the overseas hotel M&A.
The biggest difference between hotel products and manufacturing products is the mobility of the former， and the guests have to go to the hotel to spend； in turn， if the guests go overseas， the hotel must also move to the overseas area in order to continue the service. Data shows that： in 2015 the number of Chinese outbound tourists amount to 120 million people， and the tourism spending totalled $104 billion 500 million； now the United States has become China's fourth largest outbound tourist destination. The language and cultural differences have lead to tourists' insecurity overseas， so if they can stay in domestic hotel brands in a foreign country， this will greatly improve the security of China overseas tourists， by reducing the discomfort of cultural differences.
2， Size and ranking matter in overseas hotel M&A.
More and more hotel groups have taken the route of light assets in order to reduce the risk， which caused the commission management and franchising to become the main methods of expansion. High industry ranking is helpful in improving the visibility of the hotel management company and the development of the commission management and franchising business. The hotel industry generally bases the ranking by the number of rooms， because to a certain extent， the number of rooms reflects the company's management ability and brand market appeal. To quickly improve the ranking of the hotel group， M&A is the fastest way. For example， after acquiring Louvre Hotel group， Jinjiang group increased its room count by 100 thousand， and its ranking rose to the fifth in the world in 2015 from the ninth in the world in 2014； and the number of associated rooms of HNA group through M&A has reached 900 thousand， second only to the Marriott Hotel. 3， Entry of the overseas market is a display of power of the hotel group， which helps to enhance the brand's influence.
Unlike HNA and Jinjiang that made overseas acquisitions on hotel groups， some enterprises choose to purchase overseas single hotels. For example， Kaiyuan has bought 2 single hotels in Germany and Holland， and the main purpose is to improve the visibility of the hotel group. Some hotel groups believe that to have its own hotels in the major cities （such as in New York） of Europe， the United States and other developed countries is not only a reflection of the strength of the enterprise， but also an important way to improve the brand's influence.
4， With the unpredictability of the ever-changing real estate sector and the stock market， overseas hotels have become the new focus of Chinese corporate investment.
Due to the unpredictability of the domestic stock market and real estate market， more and more Chinese enterprises turned the investment overseas， and the hotels with real estate property and stable cash flow have become the new favourite. The typical example is for the insurance company to buy a hotel. Insurance company's money needs to be invested， and the hotel investment can ensure a stable cash flow. Similarly， Fosun and Integrated group have acquired hotels mainly for investment rather than for managing the business. After Fosun made the acquisition of Club Med， the latter remains independent， and the fourth resort in China has now been opened. Some enterprises， in order to avoid the uncertainty of domestic market and policy， choose to purchase some overseas
landmark hotels to spread the risk of domestic investment.
WILL THE PURCHASE INCUR A LOSS？
1， Institutional distance.
The system is a complicated thing， when an enterprise enters a new country from its home country， it will face a different system environment. The system difference between the new and home country is called institutional distance. The institutional distance mainly shows itself in the political system， commercial environment， the cultural difference， etc. Chinese corporates need to be prepared to face the challenge posed by the institutional distance. For example， it may cost an enterprise only one hundred million to buy an overseas hotel， but the renovation costs may be two hundred million. The reason is very simple， it may take six months to complete the renovation in China， but it may take two years overseas， because many countries in Europe and the United States lack the cultural tradition to work overtime for free. This will lead to a seemingly low price purchase which is in fact not cheap. The post-operation will also face many problems due to institutional distance. Of course， if the hotels still operate independently after the purchase by Chinese enterprise， this problem will be a lot less， since it's nothing more than a change of boss in the hotel or hotel group.
2， Conflict of legitimacy.
Another problem derived from the institutional distance is the legitimacy of the conflict. What is legal for the original enterprises to do in its mother country may not be legal in the new country. The legitimacy of the law here means not only the legal side， but also in a cultural and social sense. In this way， Chinese enterprises have a need for legal conflict reconciliation in the process of internationalization； they have to decide between selecting the highest standards to manage the global hotels， or adopting different standards in different regions of the world for the management of each hotel. If one chooses the latter， one may be challenged by social activists， since the international hotel group must have a deeper understanding of corporate social responsibility and business ethics.
3， Liability of Foreignness.
Enterprise will face Liability of Foreignness in the process of internationalization， and this disadvantage will become more obvious for the Chinese enterprises to enter overseas market. For example： after buying NH Hotels， HNA finally won four seats in the board of directors， but only to be accused of problems of horizontal competition caused by the holding of Carlson hotel， which then led to the removal of the board seats.
Overseas M&A is an important means of enterprise internationalization， but necessary measures must be prepared to deal with institutional distance， liability of foreignness， conflicts of legitimacy challenges， in the process of internationalization. Chinese enterprises must have sufficient experiences in acquiring international talents， developing international vision and values， otherwise the seemingly glamorous overseas hotel M&A is nothing but planting future landmine for the enterprises development.
According to data： in the first nine months of 2016， the total value of Chinese enterprises overseas mergers and acquisitions（M&A） exceeded the United States for the first time， with a total value of $173 billion 900 million， becoming the world's largest acquisition country of foreign asset. Since the hotel industry is made up of good assets with ample cash flow， this M&A hype will only continue， and let us see where the momentum will lead.
谁在买？买什么？去哪买？
1、 并购方以旅游集团、保险公司、地产企业、投资企业为主
海外并购酒店的旅游集团以海航、锦江、开元、君澜等为代表，海航近年海外酒店并购尤其活跃；海外并购酒店的保险公司则有中国人寿、中国阳光保险、安邦保险等，去年安邦还跟万豪竞购喜达屋，最后喜达屋还是选择了定位差不多的同行万豪；海外并购酒店的地产企业有香港富华集团、康德集团等，而万达更青睐于海外自建酒店的方式将万达酒店推向世界。此外，投资型企业（如复兴集团、集成投资集团）也对海外酒店青睐有加，通过并购海外酒店来寻找新的投资项目。
2、买资产和买管理公司并进——从并购单体酒店向并购酒店集团转移
前几年中企并购海外酒店主要以并购单体酒店为主，近一两年，中企海外酒店并购开始从机会性并购转向战略性并购，目标瞄准大型酒店集团，试图以最快的速度收割海外优质酒店资产。例如，最近几年，并购海外旅游企业（包括酒店、航空公司等）是海航发展的重要战略。作为一个资产过6000亿的大型中企，先后入股了西班牙NH hotels（20%股权，后增持至25.5%），美国的红狮酒店集团（15%股权）、卡尔森酒店集团（100%股权）和希尔顿酒店集团（25%股权）。锦江和中国人寿则分别买了喜达屋资本集团的优质精选酒店资产包和卢浮酒店集团。喜达屋资本集团是玩投资的高手，喜达屋酒店集团只是其杰作之一。同样玩投资的复星集团则买了法国的地中海俱乐部，将其纳入快乐健康产业的板块，成为其新的业绩亮点。
中国地产企业更倾向于购买海外单体酒店资产。同样，走稳健路线的开元酒店和君澜酒店集团在海外酒店并购上也较为谨慎，青睐于单个优质地标性酒店。
3、青睐欧美、澳大利亚等发达地区的地标性酒店或大型酒店集团
中企的海外并购之路极为相似，都不约而同的选择了欧美、澳大利亚作为国际化发展的起点。美国是中企海外酒店并购的首选国家。一方面，因为美国酒店资产和酒店管理公司较多，更容易成为中企海外并购的目标；另一方面，欧美，澳大利亚等发达地区的商业环境相对较好，更容易吸引中企去投资。
为什么买？
近年中企对并购海外酒店兴趣浓厚，出手不凡，原因无非以下几种：
1、酒店跟随出境游，为服务国民海外酒店需求而并购海外酒店
酒店产品跟制造业产品最大的区别在于不可移动，客人必须到酒店去消费；反过来，如果客人到海外去了，酒店想要服务于他们，就必须搬到海外去。数据显示：2015年我国出境游人数为1.2亿人次，旅游花费1045亿美元，美国已经成为中国游客第四大出境游目的地。语言、文化差异等导致游客在海外旅游的安全感降低，如果在异国他乡能入住本国的酒店品牌，可以提高中国游客的海外安全感，减少文化差异等带来的不适。
2、规模为王的时代，为了排名而并购海外酒店
越来越多的酒店集团为了降低风险，转向走轻资产的路线，委托管理和特许经营成为主要拓展方式。行业排名靠前有助于酒店管理公司提高知名度，发展委托管理和特许经营业务。酒店业一般以客房数来排名，因为在一定程度上管理酒店数量的多少反映了酒店管理公司的管理能力和品牌市场号召力。要想快速提高酒店集团的排名，并购是最快的途径。例如，锦江并购卢浮酒店集团后，获得10万间客房，排名也从2014年的全球第9位，上升到2015年的全球第5；而海航通过并购，关联的酒店客房数已达90万间，仅次于万豪所拥有的酒店客房数。
3、进军海外是酒店集团实力的反映，有助于提升品牌影响力
与海航、锦江并购海外酒店集团不同，有些中企选择并购海外单体酒店，例如，开元先后在德国、荷兰并购了2个单体酒店，主要目的是为了提高酒店集团知名度。一些酒店集团认为，在欧美等发达国家的核心城市拥有自己的酒店（如纽约），是一个企业实力的反映，也是一个企业提高品牌影响力的重要途径。
4、房地产和股票市场变幻莫测，海外酒店成为中企投资的新热点
国内的股票市场和房地产市场风云变幻，越来越多的中企把投资目光转向海外，而具有稳定现金流又带有房地产属性的酒店成为中企的新宠。典型的例子是保险公司买酒店。保险公司的钱需要投资，而酒店投资能确保稳定的现金流。同样，复星和激成选择并购海外酒店也主要是为了投资而非经营。复星并购Club Med后，后者依然保持独立经营，目前在中国的第四家度假村也已开业。还有一些中企为了规避国内市场和政策等的不确定性，选择在海外收购一些地标性的酒店，以此分散国内投资的风险。 会买亏了吗？
1、制度距离
制度是一个复杂的东西，当一个企业从母国进入东道国后，将会面临不同的制度环境。东道国和母国的制度差异就是制度距离。制度距离具体表现在政治制度距离、商业环境距离、文化距离等。中企并购海外酒店过程中要做好应对制度距离产生的挑战。例如，一个中企在海外买一个酒店只花了一个亿，但是装修费用可能需要两个亿。原因很简单，在中国半年就能完成的装修，在海外可能需要两年，因为欧美很多国家是没有免费加班这个文化传统的。这样就会导致，看似买得便宜，实际上并不便宜。
后期的运营也会因为制度距离面临很多问题。当然，如果中企买完之后，酒店依然独立运营，这方面的问题会少很多，无非是酒店或酒店集团的老板换了而已。
2、合法性冲突
由母国-东道国制度距离延伸出来的一个问题是合法性冲突。企业在母国合法的行为，可能在东道国不合法。这里的合法不仅仅是法律上的合法，还包括文化、社会认知上的合法性。这样，中企在国际化的过程中，需要对合法性冲突问题进行调和。中企到底是选择最高标准来管理全球化的酒店，还是因地制宜在全球采取不同的标准来管理不同地区的酒店。如果选择后者，可能会遭到社会运动人士的挑战，国际化的酒店集团必须在企业社会责任、商业伦理上有更深层次的认识。
3、外来者劣势
企业在国际化的过程中会面临外来者劣势（Liability of Foreignness），中企进军海外这种劣势会更明显。例如：海航买了NH Hotels，通过增持在董事局好不容易获得四个董事席位，却被董事局指控旗下卡尔森与NH hotels存在同业竞争问题，致使董事席位被罢免。
海外并购是中企国际化的重要手段，但必须做好应对国际化过程中的制度距离、外来者劣势、合法性冲突等挑战，中企必须在国际化人才、国际化视野和价值观、国际化经验等方面有足够的准备和积累，否则看似风光的海外酒店并购，不过是为企业发展埋下一个又一个地雷而已。
WHO IS BUYING？ WHAT IS BEING PURCHASED？ WHERE TO BUY？
1， Major M&A buyers include travel groups， insurance companies， real estate companies and investment enterprises.
In the overseas hotel M&A， the major travel group buyers are Hainan Airlines， Jinjiang， Kaiyuan， Narada and so on， especially HNA； the major insurance companies buyers are China Life Insurance， Sunshine Insurance， Anbang Insurance； last year， Anbang even proposed a bid to Starwood， however， Starwood finally landed on Marriott Hotel； the major real estate companies buyers include Hong Kong Fuhua group， Kangde group； Wanda group chose to build hotels overseas to promote its hotel brand. In addition， investment-oriented enterprises （such as Renaissance group， Integrated investment group） also preferred to discover new investment projects through overseas hotel M&A.
2， Buying assets and Management Company - from single hotel purchase to hotel group acquisition.
A few years ago in the overseas hotel M&A， single hotel purchase was the main target， but in recent years， Chinese enterprises began to shift from opportunistic M&A to strategic M&A， aiming at large hotel groups and trying to harvest on these quality overseas assets quickly. For example， in recent years， M&A of overseas tourism enterprises （including hotels， airlines， etc.） is an important strategy for the development of Hainan Airline. As a large enterprise with assets over 600 billion， HNA has a stake in the Spanish NH hotels （20% shares， later increased holdings to 25.5%）， the Red Lion Hotel Group （15% shares）， Carlson Hotel （100% stake） and Hilton Hotel （25% stake）. Jinjiang and China Life Insurance respectively bought Starwood premium hotel asset package and Louvre Hotel group. Starwood capital group is the master in investment， and Starwood Hotel group is just one of its works of masterpiece. The same investment master Fosun Group just bought the French Mediterranean club， and incorporated it into the Happy health industry sector， now a new highlight under its wings. Chinese real estate companies are more inclined to purchase overseas single hotel assets. Similarly， moderate players like Kaiyuan Hotel and Narada hotel group are more cautious in overseas M&A and are in favour of the purchase of single high-quality landmark hotel.
3， Landmark hotels or large hotel group in Europe， the United States， Australia and other developed areas are favoured.
Chinese enterprises have similar overseas M&A strategy by favouring properties from the US， Europe and Australia as a starting point for international development. The United States is the first choice of overseas hotel M&A. On the one hand， the US has more property and hotel management company， and is more likely to become the target of enterprises overseas M&A； on the other hand， Europe and the United States， Australia and other developed areas have relatively good business environment， which pose as a more attractive factor for Chinese enterprises.
THE REASON BEHIND THE PURCHASE
In recent years， Chinese enterprises showed great interest in the overseas hotel M&A， the reasons are as followed：
1， The outbound travels of Chinese citizens are the driving force behind the overseas hotel M&A.
The biggest difference between hotel products and manufacturing products is the mobility of the former， and the guests have to go to the hotel to spend； in turn， if the guests go overseas， the hotel must also move to the overseas area in order to continue the service. Data shows that： in 2015 the number of Chinese outbound tourists amount to 120 million people， and the tourism spending totalled $104 billion 500 million； now the United States has become China's fourth largest outbound tourist destination. The language and cultural differences have lead to tourists' insecurity overseas， so if they can stay in domestic hotel brands in a foreign country， this will greatly improve the security of China overseas tourists， by reducing the discomfort of cultural differences.
2， Size and ranking matter in overseas hotel M&A.
More and more hotel groups have taken the route of light assets in order to reduce the risk， which caused the commission management and franchising to become the main methods of expansion. High industry ranking is helpful in improving the visibility of the hotel management company and the development of the commission management and franchising business. The hotel industry generally bases the ranking by the number of rooms， because to a certain extent， the number of rooms reflects the company's management ability and brand market appeal. To quickly improve the ranking of the hotel group， M&A is the fastest way. For example， after acquiring Louvre Hotel group， Jinjiang group increased its room count by 100 thousand， and its ranking rose to the fifth in the world in 2015 from the ninth in the world in 2014； and the number of associated rooms of HNA group through M&A has reached 900 thousand， second only to the Marriott Hotel. 3， Entry of the overseas market is a display of power of the hotel group， which helps to enhance the brand's influence.
Unlike HNA and Jinjiang that made overseas acquisitions on hotel groups， some enterprises choose to purchase overseas single hotels. For example， Kaiyuan has bought 2 single hotels in Germany and Holland， and the main purpose is to improve the visibility of the hotel group. Some hotel groups believe that to have its own hotels in the major cities （such as in New York） of Europe， the United States and other developed countries is not only a reflection of the strength of the enterprise， but also an important way to improve the brand's influence.
4， With the unpredictability of the ever-changing real estate sector and the stock market， overseas hotels have become the new focus of Chinese corporate investment.
Due to the unpredictability of the domestic stock market and real estate market， more and more Chinese enterprises turned the investment overseas， and the hotels with real estate property and stable cash flow have become the new favourite. The typical example is for the insurance company to buy a hotel. Insurance company's money needs to be invested， and the hotel investment can ensure a stable cash flow. Similarly， Fosun and Integrated group have acquired hotels mainly for investment rather than for managing the business. After Fosun made the acquisition of Club Med， the latter remains independent， and the fourth resort in China has now been opened. Some enterprises， in order to avoid the uncertainty of domestic market and policy， choose to purchase some overseas
landmark hotels to spread the risk of domestic investment.
WILL THE PURCHASE INCUR A LOSS？
1， Institutional distance.
The system is a complicated thing， when an enterprise enters a new country from its home country， it will face a different system environment. The system difference between the new and home country is called institutional distance. The institutional distance mainly shows itself in the political system， commercial environment， the cultural difference， etc. Chinese corporates need to be prepared to face the challenge posed by the institutional distance. For example， it may cost an enterprise only one hundred million to buy an overseas hotel， but the renovation costs may be two hundred million. The reason is very simple， it may take six months to complete the renovation in China， but it may take two years overseas， because many countries in Europe and the United States lack the cultural tradition to work overtime for free. This will lead to a seemingly low price purchase which is in fact not cheap. The post-operation will also face many problems due to institutional distance. Of course， if the hotels still operate independently after the purchase by Chinese enterprise， this problem will be a lot less， since it's nothing more than a change of boss in the hotel or hotel group.
2， Conflict of legitimacy.
Another problem derived from the institutional distance is the legitimacy of the conflict. What is legal for the original enterprises to do in its mother country may not be legal in the new country. The legitimacy of the law here means not only the legal side， but also in a cultural and social sense. In this way， Chinese enterprises have a need for legal conflict reconciliation in the process of internationalization； they have to decide between selecting the highest standards to manage the global hotels， or adopting different standards in different regions of the world for the management of each hotel. If one chooses the latter， one may be challenged by social activists， since the international hotel group must have a deeper understanding of corporate social responsibility and business ethics.
3， Liability of Foreignness.
Enterprise will face Liability of Foreignness in the process of internationalization， and this disadvantage will become more obvious for the Chinese enterprises to enter overseas market. For example： after buying NH Hotels， HNA finally won four seats in the board of directors， but only to be accused of problems of horizontal competition caused by the holding of Carlson hotel， which then led to the removal of the board seats.
Overseas M&A is an important means of enterprise internationalization， but necessary measures must be prepared to deal with institutional distance， liability of foreignness， conflicts of legitimacy challenges， in the process of internationalization. Chinese enterprises must have sufficient experiences in acquiring international talents， developing international vision and values， otherwise the seemingly glamorous overseas hotel M&A is nothing but planting future landmine for the enterprises development.