The lessons to be learned from the world of hotels

摘要

There was a time before the financial crisis of 2008-09 when the phrase 'opco/ propco' was all the rage. The idea was that significant value could be unlocked from certain businesses by separating their underlying real estate from the operational aspects and exploiting an arbitrage between how property investors and general equity investors would value the property assets. The list of disasters that ensued in sectors such as healthcare and pubs suggests the experiment failed, but I think there's a bit more to it than that.