????“我不認為西班牙酒店行業出現了一波繁榮。我只是認為，趨勢正在改變。”喬迪?巴迪亞?洛倫斯表示。他的巴塞羅那房地產基金Emin Capital剛剛以1.5億歐元買下了當地的地標性建筑Torre Agbar大樓，并計劃再投資5000萬-6000萬歐元將其重新裝修，改建為一家君悅（Grand Hyatt）酒店。

????若有人持不同觀點，也在情理之中。

????2008年西班牙房地產泡沫破裂后投資者一度奪路而走，但如今房地產投資者已重新涌入西班牙酒店市場。事實上，世邦魏理仕西班牙（CBRE Spain）提供的數據顯示，僅2014年上半年就有7.24億歐元（約10億美元）的資金注入西班牙酒店市場，已經超出2013年全年的6.65億歐元。

????像巴迪亞收購Torre Agbar大樓一樣，很多投資都是大手筆。

????西班牙KKH Capital & Property集團和總部位于紐約的Perella Weinberg Partners以9000萬歐元買下巴塞羅那的德意志銀行（Deutsche Bank）大樓，計劃將其改建為一家豪華酒店。卡塔爾主權財富基金之一Katara Hospitality以6000萬歐元買下馬德里的洲際酒店（InterContinental）。喬治?索羅斯持股的Hispania Activos Inmobiliarios以2150萬歐元購得馬爾貝拉的Hotel Guadalmina度假村。卡塔爾軍方的投資機構以7850萬歐元購得巴塞羅那的萬麗酒店（Renaissance Hotel）。

????西班牙酒店行業的賣點顯而易見，那就是旅游業。旅游業一直是西班牙經濟初步復蘇的動力。2014年前7個月，有3630萬名海外游客到訪西班牙，消費了350億歐元，游客人數和消費金額均創下新高。

????但是，西班牙酒店行業的投資繁榮背后還有一些不那么顯而易見的原因。在經歷經濟危機后，西班牙經濟出現復蘇，這使得其酒店市場的投資回報率遠高于其他國家出現泡沫的房地產市場。

????“過去六年，國際投資者不怎么看好歐元區。他們決定投資歐元區以外的國家，比如，英國、瑞士和北歐國家。由于對這些國家的投資過于集中，產生了巨大的泡沫。”世邦魏理仕西班牙的研究和投資策略總監帕特里西奧?帕洛瑪?穆里洛表示，“現在他們正在尋求投資地域多元化。由于市場不再怎么擔心西班牙是否會脫離歐元區，該國正成為投資者最感興趣的投資目的地之一。”

????另外，還有盈利能力的問題。西班牙的住宅市場價格已大幅下跌（有些地區跌幅超過了50%），但是五花八門的房地產投資組合以及建筑過剩已令投資抉擇艱難。購物中心是一種選擇，但主要適合有經驗的購物中心運營商。頂級辦公樓的盈利能力也在下降。

????頂級辦公樓的投資收益率在2007年西班牙的房地產泡沫期間曾創下4.25%的低點，后來在2009年辦公樓房價暴跌后一度飆升至6.5%。但據世邦魏理仕西班牙的數據，由于租金下降（2013年觸底）和外國投資者推高辦公樓房價，收益率已回落至5.5%。

????“I do not think there is a boom in the hotel industry in Spain. I just think the trend is changing,” says Jordi Badia Llorens, whose Barcelona real estate fund Emin Capital just paid 150 million euros for Barcelona’s iconic Torre Agbar building, in which it plans to invest another 50-60 million euros to refurbish it for use as a Grand Hyatt hotel.

????One could be excused for disagreeing.

????After fleeing the country following the 2008 collapse of its real estate bubble, property investors have flooded into the Spanish hotel market. In fact, during the first half of 2014, 724 million euros (about $1 billion) was injected into the Spanish hotel sector, according to CBRE Spain, compared to 665 million euros in all of 2013.

????Like Badia’s purchase of the Torre Agbar, many of the investments have been large.

????The Spanish group KKH Capital & Property and the New York-based Perella Weinberg Partners bought Barcelona’s Deutsche Bank tower for 90 euros million and plan to convert it into a luxury hotel. Katara Hospitality, a wing of Qatar’s sovereign wealth fund, paid 60 millioneuros for Madrid’s InterContinental hotel. The George Soros-funded Hispania Activos Inmobiliarios bought the Hotel Guadalmina resort in Marbella for 21.5 million euros. And the investment arm of Qatar’s military bought Barcelona’s Renaissance Hotel for 78.5 million euros.

????The appeal of the Spanish hotel industry is obvious: tourism. The industry has been the driver of Spain’s nascent economic recovery. During the first seven months of 2014, 36.3 million foreign tourists visitedthe country and spent 35 billion euros, both record highs.

????But there are other, less obvious reasons for the boom in hotel investment in Spain. For one, Spain’s trip to the brink and back has made investments in its hotel market much more profitable than the frothy real estate markets in other countries.

????“For the last six years, international investors didn’t trust the euro zone. So they decided to invest in any market outside of the Euro, like the U.K., Switzerland, and the Nordic countries. Because investment was so concentrated in those countries, they created a large bubble,” says Patricio Palomar Murillo, director of research and investment strategy at CBRE Spain. “Now, they are looking to diversify geographically. And now that’s there’s not so much worry that Spain will leave the euro, it’s becoming one of the most interesting countries to invest in.”

????There is also the issue of profitability. Spain’s residential property market has seen huge price drops—over 50% in some areas—but disparate property portfolios and overbuilding have made investing adifficult proposition. Shopping centers are an option, but mostly for experienced mall operators. And profitability for prime office space is down.

????Prime office investment yields, which bottomed at 4.25% during Spain’s real estate bubble in 2007, surged after the price crash to 6.5% in 2009. But the combination of falling rents, which bottomed in 2013, and a rise in office building prices inspired by international investors, has sent yields back to 5.5%, according to CBRE Spain.