Every reporter: Du Wei, Ding Zhouyang, every editor: Duan Lian, Zhang Haini
"I still have 18,000 left in my recharge", "I was still selling group purchases like crazy some time ago", "Why did it collapse suddenly"... Recently, the news of the sudden closure of the five-star luxury resort Emeishan Blu-ray Jizhuang (hereinafter referred to as "Jizhuang") has aroused the attention of many consumers.
Located at the foot of the beautiful Emei Mountain, Jizhuang is regarded as the "ceiling of parent-child hotels in southwest China", and the room price can reach up to 28,800 yuan per night. Opened in 2014 after spending hundreds of millions of yuan and building over three years, the hotel has been frequently recommended by major bloggers in recent years, attracting tourists from all over the country.
"We are not open for business now, we have changed owners, and the vouchers we purchased before cannot be used in the future. On April 10, after the reporter of "Daily Economic News" called Jizhuang's public phone number as a consumer, the staff who answered said that all employees have been dismissed.
This reporter noticed that at the end of last year, Jizhuang, which had an appraisal price of 394 million yuan, went through two auctions, and the starting price was 55 million yuan, but in the end they were all unauctioned.
With an investment of hundreds of millions of yuan, business has been good
It was still on a big sale more than a month ago
"The coupon I bought on Double 11 hasn't been used yet, and the hotel is closed. "On the short video platform, many consumers are very puzzled by the closure of their own village.
Previously, Jizhuang did not have a bad operation, and it had a high reputation on multiple platforms, with Ctrip and Qunar scoring 4.8 and 4.9 respectively. According to the reporter's observation, the business of Jizhuang has been good, and the group purchase of rooms on weekends often needs to increase the price to book. Jizhuang has also cooperated with Sam's Supermarket to sell as a gift card and enter the field of vision of the domestic middle-income group, so consumers are surprised by the "say it will be closed".
2024 is the 11th year of official operation of Jizhuang, the hotel covers an area of 159 acres, with a construction area of nearly 37,000 square meters, with 198 rooms, which was built by Blu-ray Group (Blu-ray Development) with hundreds of millions of yuan and 3 years, and is also the first super five-star luxury cultural tourism hotel under Blu-ray Group. The reporter learned that the architecture, decoration and landscape of Jizhuang have invited internationally renowned designers to work, "parent-child" is the core feature, has been awarded the China Hotel Golden Horse Award "China's best parent-child hotel", is the parent-child circle of the "walking baby holy land".
"The room is very characteristic, with jungle, ocean, Chinese culture and other styles, every time I go to the children especially like it, like walking into a fairy tale. You can also feed small animals and have parent-child lessons. Yu Hang (pseudonym), a consumer of Jizhuang, told the "Daily Economic News" reporter that on April 8, he found that the "housekeeper" of Jizhuang, who had been added for several years, suddenly changed his job. "I didn't think much about it at the time, because more than a month ago (mid-February), the housekeeper contacted me to participate in the hotel's preferential activities and sell me group purchase coupons. ”
Several consumers told reporters that in January and February this year, Jizhuang continued to carry out hot promotions, "999 yuan for a deluxe room for one night, and 1,699 yuan for two consecutive nights". The reporter learned that there are still many consumers who pre-consume in Jizhuang through the way of stored value, and some consumers still have tens of thousands of yuan left in stored value. Recently, when they contacted the "housekeeper" of Jizhuang, who had served enthusiastically, they did not receive any reply.
"Changed owners and is undergoing renovation upgrades. On April 10, after the reporter of the "Daily Economic News" called Jizhuang's public phone number as a consumer, the staff who answered (responsible for handling follow-up affairs) said that there would be no business in March. All employees are currently laid off, so no one is returning your messages. According to the official website of Jizhuang, the hotel has more than 260 employees.
The above-mentioned staff also told reporters that consumers' stored value and coupons for group purchases during the big promotion cannot be used in the future. You can register the information first, and it will be processed later, but the specific refund time cannot be guaranteed to you for the time being. ”
In this regard, the above-mentioned staff did not clearly inform them, only saying that the hotel is expected to reopen in July this year, but whether it will be a parent-child hotel and the room pricing are "uncertain for the time being".
Sold by creditors
The price reduction of 55 million yuan is still unsuccessful
Although Jizhuang was operating normally before, in fact, it was put on the platform of judicial auction even earlier.
The reporter of "Daily Economic News" inquired through Ali Auction that in November 2023, Jizhuang Hotel and financial leasing equipment were packaged and auctioned, with an appraisal price of up to 393.5 million yuan and a starting price of 275.47 million yuan. In December 2023, Jizhuang was auctioned for the second time, and the starting price dropped to 220 million yuan, about 55 million yuan lower than before, but there was still no one to sign up and no one to bid, and the auction was unsuccessful again.
According to the investigation report of the auction object issued by the court, the owner of the lot in Jizhuang is Emeishan Blu-ray Cultural Tourism Real Estate Co., Ltd. The mortgagee is Shanxi Trust, and the amount of debt is 250 million yuan. Moreover, these two auctions are overall auctions, not only the auction of the hotel's real estate and land use rights, but also the hotel's various equipment and facilities. In other words, the bidder can buy it and continue to operate.
"It was taken to a forced auction by creditors before, which shows that it has long been involuntarily, so it can't take care of brand management, consumers and employees at all. A former executive in the real estate industry said in an interview with a reporter from the "Daily Economic News": "It is rare in the industry that Jizhuang did not inform consumers in advance and dismissed a large number of employees. Maybe the new owner's transaction with Jizhuang did not involve the original operation team, so it was hastily done?"
In the eyes of the above-mentioned former executives, the company to which Jizhuang once belonged to Blu-ray Group had exploded before, and it was difficult to continue to load its companies. In the real estate industry, some enterprises have long been trying to "draw blood" from their property management and other subsidiaries in order to raise money to repay loans.
In June 2023, after nine years of listing, ST Blu-ray, a former 100 billion real estate company, became the first A-share real estate company to be delisted. Blu-ray Group is a veteran real estate company with a history of more than 30 years. In 2019, Blu-ray Group's annual sales exceeded 100 billion yuan for the first time. A former employee of Blu-ray Group once described the scene of the company's heyday to a reporter from the "Daily Economic News": "Boss Yang Keng said to the person in charge of a district at the annual meeting, 'According to the sales commission, you earned 50 million yuan last year'." ”
With the help of the power of the capital market, Blu-ray Group has expanded rapidly, but the high leverage has allowed this "dark horse" to break free in the wild run. The excessive scale of investment squeezes the capital chain, and once there is a turnover problem, the debt crisis is exposed.
"Blu-ray Jizhuang has a superior geographical location, a good brand and business conditions, and is a high-quality asset. The former executive of the above-mentioned real estate industry believes that "the more high-end, the stronger its ability to resist risks, so there will be a receiver for this high-quality asset." Of course, the amount of money and operational determination that the receiver needs to invest is also very large. There is already such a good customer base before, and there should be a chance to do it, and the new owners will rebuild the hotel with a new brand and a new management team."
Reporter|Du Wei Ding Zhouyang
Editor|Duan Lian, Zhang Haini, Du Hengfeng, Gai Yuanyuan
Proofreading|He Xiaotao
|National Business Daily nbdnews original article|
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