Chapter 171 The Threshold of Meeting Qi Sheng (1150 monthly tickets plus additional content)

After sending Tao Ronghui and Xu Huifang back to the ambassador's villa, Qi Sheng got down to business.

The first step was to listen to Zhou Meng’s report.

Regarding the budget for restaurant decoration, Shengxuan Decoration quoted a price of 13 million.

It’s a price that’s neither high nor low.

The decoration standard of Chinese restaurants in luxury hotels like this one is more than 5,000 per square meter.

Take the Four Seasons Hotel West Lake, which opened at the same time as the Banyan Tree Xixi Wetland, as an example.

Its popular Sands Chinese restaurant.

At that time, the restaurant had an area of ​​1,680 square meters, and the decoration alone cost 8.88 million yuan.

That was in 2009, you can imagine how luxurious it was.

Now, 10 years later, material and labor costs are rising.

The quotation from Shengxuan Decoration is equivalent to 6,500 per square meter, which is a very high-standard decoration budget.

“This price is acceptable.”

Qi Sheng asked casually: "What did the owner say?"

"Xixi Investment strongly supports us in increasing the average customer spending at our restaurants, as long as we ensure that the turnover is not lower than before."

Zhou Meng immediately bowed and answered, explaining: "Our cooperative owner Xixi Investment is quite good. There are many brands that are slightly worse than ours, and they have all been withdrawn by the owner."

"Because our hotel has a relatively high threshold, the occupancy rate is usually only 24%. Only during holidays such as the Dragon Boat Festival will the occupancy rate rise to 60% in the short term."

"During the off-season, including the restaurant, the monthly turnover is only 3.5 million."

"During a long holiday like May Day, the monthly turnover may surge to 5 million."

"But this kind of time is rare, only on May Day and October 1st every year. On average, the monthly turnover is about 4 million."

"After deducting the rent paid to the landlord and operating costs, our annual profit is less than 10 million yuan."

After Qi Sheng heard this, he frowned and said, "The turnover is too low."

"As you know, the group's brand positioning for Banyan Tree does not allow hotels to adjust prices privately. Unless there is an event, they are allowed to lower prices, but the lowest price must be more than 2,000 yuan."

Zhou Meng smiled bitterly and said, "For this price, there are too many hotels to choose from in Hangzhou. Not to mention Aman, which has a large number of die-hard fans and is located in a quieter location than our hotel."

"The hotels near the West Lake alone have taken away 70% to 80% of our guests."

"Especially for tourists from other places, when they come to Hangzhou, their first choice is definitely a hotel around West Lake."

"The guests who choose our Xixi Wetland are mostly local citizens, and there are very few tourists from other places."

After hearing Zhou Meng's complaints, Qi Sheng could understand.

If he came to Hangzhou, he would definitely choose the high-star hotels around West Lake.

“If you are given a location near West Lake, are you sure you can increase the hotel’s occupancy rate?”

"I can issue you a military order, but the hotels near West Lake are all individually owned, and they are basically state-owned enterprises. We have no chance of getting a share of the pie."

Zhou Meng was indeed a little unconvinced.

Even if he tried his best to lead the team to organize activities during holidays, the excitement would only be temporary.

After the holidays, the occupancy rate will drop below 30%.

After deducting the operating costs and the share given to the owners, there is no profit to speak of.

With this kind of performance, when will he be able to climb to the top of the group? "Well, I'll give you this opportunity. You should know the Sofitel West Lake Hotel next to the West Lake, right?"

Qi Sheng smiled and said, "The group has just completed the acquisition and will renovate the West Lake Hotel soon."

“Once the renovation is completed, this hotel by the West Lake will be listed as Banyan Tree.”

"The one in Xixi Wetland was downgraded to Angsana, and the one in Xixi Wetland was downgraded to Cassia."

"ha?"

Zhou Meng was just complaining just now.

Just wanted to let the big boss know.

It's not that he doesn't put in the effort, it's just that even a good cook can't cook without the right ingredients.

But he never expected that the big boss actually bought the hotel by the West Lake.

How much money would it cost? Without 700 million or 800 million, it would be impossible to do it.

Plus, the renovation of the entire building involves more than just redecorating the interior.

The hotel's facade also needs to be repainted.

This is definitely a big project.

In other words, the new Banyan Tree Hotel by the West Lake will cost nearly 1 billion! The big boss sent him to manage it, which obviously showed his favor to him.

Looking at Zhou Meng's eyes shining, Qi Sheng felt a little distressed.

Another elite talent recruitment card has been used up, leaving only five.

As for the expert-level talent recruitment cards, there is not a single one left.

Fortunately, the master-level talent recruitment card still shines brightly, which makes Qi Sheng quite pleased.

"Boss, if we play like this, I'm afraid the owner will have objections?"

"Any comments?"

Qi Sheng waved his hand nonchalantly.

"Then we should withdraw all the cards."

"Well, it shouldn't be that serious. As long as our restaurant is popular enough, I think the owner will agree even if we change it to Yuechun."

Zhou Meng wiped the sweat off his forehead. He didn't expect his boss to be so tough.

"Banyan Tree, Yu Tu and Zi Fei will be deeply bound together."

"If the West Lake store is renovated, Yu Tu will also withdraw the sign."

"If we switch to the group-owned Baiyun Chinese restaurant, the average cost per person will be around 500 yuan."

Qi Sheng told Zhou Meng about his positioning plan for the group's future brands.

Even for the second-tier Yuesana, the room price will increase to more than 1,500 yuan per night.

At the same time, all of Angsana, Angsana and Gardenia will be equipped with Baiyun Chinese Restaurant (500 per person) and Lawang Hotpot (200 per person).

The two restaurants, with their delicious food, can also bring more potential customers to the hotel.

Zhou Meng didn't expect that his boss had such a big appetite.

With a room rate of over a thousand per night, not every hotel brand would dare to attempt it.

If the market response is bad, it will have a serious negative impact on the brand value.

Since the boss Qi Sheng has spoken.

Even if it is wrong, he will carry it out unswervingly.

"I will actively negotiate with the owner. The renovation of the hotel will take at least a year."

"If the restaurant's performance is good enough, I'm sure they will support us in downgrading the listing."

Zhou Meng believed that the boss must have his own confidence to dare to do this.

As a loyal subordinate, he only needs to appease the owner's emotions.

As long as they can see how popular the restaurants under the Banyan Tree Group are, it will bring higher occupancy rates to the hotel.

Zhou Meng was confident that he could make them agree to change the cards with a smile on their faces.

As long as Yuechun can gain a firm foothold in this area of ​​room rates of NT$1,000, it will be able to continue to thrive.

It is also a great help to Banyan Tree’s luxury brand positioning.

Even Banyan Tree might go a step further and test the 4,000 yuan price range to compete with Aman.

…

Banyan Tree Group spent 680 million to acquire West Lake Hotel, causing quite a stir in the hotel industry.

There are quite a few buyers interested in West Lake Hotel.

Even though the West Lake Hotel opened in 2003, it has been 16 years since then.

The occupancy rate still crushes many five-star hotels, and the average room price is close to one thousand yuan.

This kind of high-quality property can be said to be a good deal if you buy it.

Banyan Tree Group’s sudden acquisition obviously caught many people off guard.

At the same time, news about Banyan Tree Group’s equity changes has also been noticed by more people in the hotel industry.

The founder, the He family, and many shareholders cashed out and left.

The new owner is a genuine Chinese boss.

Regarding the details of this acquisition, the shareholders who cashed out remained silent.

The answers given are all based on normal business operations.

But the outside world obviously did not think so, until someone traced the source to Tiansheng Capital.

Only then did I discover with surprise that Banyan Tree Group was wholly owned by this newly established investment company.

The holders of Tiansheng Capital are even younger and somewhat outrageous.

Qi Sheng, now 23 years old, has officially entered the sight of many capital giants and venture capital companies.

In addition to Shengxuan Financial Center, this Grade A office building.

The performance of Zhuangyu Catering Company under Qi Sheng's name is particularly eye-catching.

Especially the main store of Lawang in Taikoo Li.

The popularity of this restaurant has made countless hotpot bosses drool.

Those who want to join the franchise have flooded Zhuangyu Catering’s customer service phone line with calls.

In the current environment, it is difficult to find a favorable situation.

High-quality companies are like finding a needle in a haystack.

The popularity of Lawang has undoubtedly made many investors who are interested in the catering industry excited.

Especially after they conducted on-site inspections and experienced the terrifying magic of the Spicy King on the spot.

I even had a premonition that if I didn't invest, I would lose billions.

For a while, Qi Sheng’s contact information was almost blown up.

Later on, Qi Sheng simply set his phone to refuse to answer calls and even banned adding people on WeChat.

Many investors cannot contact him, the top decision-maker.

Naturally, I could only go to Yuan Li, the head of Zhuangyu Catering.

At first Yuan Li didn't take them seriously.

Especially the valuation of several hundred million is a joke.

Although there is only one Lawang store.

There is no mistake in the poem, post, content, and read the book on 6, 9, and bar!

However, the monthly turnover reached a terrifying 20 million, and the net profit was as high as 5 million.

You know, Banu has been trying to scam Haidilao.

With 75 directly-operated stores, the annual turnover is only 1.5 billion.

The monthly turnover of Lawang Taikoo Li main store alone.

It is enough to match the annual turnover of a Banu store.

How terrifying is this? Even though we know that the success of this main store cannot be replicated.

As long as other branches can achieve half of its performance, it will be enough to beat Haidilao.

The temptation of a second Haidilao alone is enough to drive them crazy.

The valuation has also been rising steadily, from less than 1 billion to 3 billion.

Even Yuan Li didn't dare to make a decision easily and had to ask Qi Sheng for instructions.

"3 billion?"

Qi Sheng refused without even thinking about it.

"It's too low. If someone offers 7 billion, you can send him my private number."

"OK."

Yuan Li was also secretly shocked. She didn't expect her boss to have such a big appetite.

Yuan Li shook her head apologetically at He Yu, the founder of Black Ant Capital, who was full of expectations.

"Mr. He, I'm sorry, Mr. Qi is not very satisfied with the valuation offered by your company."

"If you're not satisfied, we can talk about it. What's Mr. Qi's expected valuation?"

He Yu, who was standing opposite him, obviously hadn't noticed that Yuan Li's expression was a little strange.

"Seven billion."

"How many?"

He Yu was dumbfounded and couldn't help but question Yuan Li angrily.

"You only have one store now, and although the business is booming, isn't a 7 billion valuation too much of a joke?"

Yuan Li smiled faintly, "I am also surprised, but you might as well calm down and think carefully about the turnover and net profit of Lawang's single store."

"Our 20 branches in the southwest are also being renovated in full swing. If you think this price is unreasonable, you might as well wait a few more months."

"As for whether there will be a chance to get on the bus at that time, I can't guarantee it."

He Yu fell silent for a moment. Good projects are often fleeting.

Who knows if you miss it this time, you may still be able to get on the bus next time.

Simply showing the potential of Spicy King.

There is no problem in surpassing Banu, which is known as the second best hotpot restaurant in the world.

At that time, many people missed the investment opportunity of Banu and still regret it today.

The spicy king has even greater potential than Banu.

It was just like a naked dancer, constantly teasing their reason.

"7 billion...I need to think about it again."

It is true that He Yu is the founder of Black Ant Capital, but he is also responsible for his team.

"Excuse me, the 7 billion valuation your company offered is for the entire Zhuangyu Catering Company, or just the Lawang brand?"

Yuan Li just smiled but said nothing.

"Ha, then I'll give President Yuan an accurate answer as soon as possible after I get back from the meeting."

He Yu smiled awkwardly and walked out of the floor where Zhuangyu Catering was located.

As the core industry of Shengxuan Group.

Zhuangyu Catering was very generous and rented two floors in its own office building.

Because we are in a hurry to move in, the decoration is being rushed.

But it is obvious to the naked eye that the company is growing rapidly.

Every day, we receive hundreds of calls to the marketing department alone.

Look at the booming development of Zhuangyu Catering.

He Yu also secretly made up his mind that he would invest in this company!

Just like his previous investment in Pop Mart, it was purely based on his keen investment intuition.

Moreover, he had a stronger premonition.

The future of Lawang will be brighter than that of Pop Mart!

He Yu walked into the elevator silently and sent a message in the small group of Black Ant Capital.

"All the company's senior executives, stay for a meeting tonight."

Chen Feng: "Received."

Zhang Peiyuan: “Received.”

Yang Cheng: "Received."

These three are also partners of Black Ant Capital.

In terms of status, he is only slightly inferior to He Yu, the company's soul.

Seeing He Yu being so formal, I thought there must be a big project to follow up.

He Yu hurried back to Shenzhen, and announced a fact to his partners with whom he had worked together in a serious manner.

"The 3 billion valuation we offered to La Wang was rejected by the other party."

Chen Feng: "Are you kidding?"

Zhang Peiyuan: “Really?”

Yang Cheng: "Boss, I can't accept this. This is too exaggerated."

When He Yu saw that his partners were all extremely shocked, his evil taste in his heart was somewhat satisfied.

"I was also surprised, but the mysterious Mr. Qi didn't even give me a chance to meet him."

He Yu smiled bitterly and said, "What we need to discuss now is whether we should invest according to the 7 billion valuation given by the other party."

"Seven billion?"

The other three partners all gasped and were shocked by this number.

"Boss, you're not drunk, are you?"

Yang Cheng was stunned and said, "They only have one store, and the offer of 7 billion is a bit too outrageous, isn't it?"

“I think it’s worth investing.”

He Yu first gave his own opinion, and then gave evidence and analysis.

"First of all, no one will have any doubts about the turnover of Lawang's single store."

"Secondly, Mr. Yuan told me a piece of news, which made me feel that the 7 billion valuation was not unacceptable."

"What news is so valuable?"

The three partners were a little curious.

"The person in charge of the Banyan Tree Group now is none other than this mysterious Chairman Qi."

"In addition to the existing 20 La Wang stores in the southwest region, in the future La Wang will have deeper ties with Banyan Tree Group's Angsana, Cassia and Garden."

"As long as there are hotels managed by these three brands, there will be Lawang stores there."

"Thanks to the customer flow of Banyan Tree Hotels, the business of La Wang stores has a limit no matter how bad it is."

“And the upper limit is the Taikoo Li main store we saw.”

"5 million net profit every month, even if those branches only make 1/5 of that."

“It is also enough to help Lawang become a super unicorn with a market value of 100 billion yuan.”

After He Yu finished speaking, he gave the partners some time to think.

Even if they all objected, He Yu would use a privilege that he had specifically fought for when he first established Black Ant Capital.

That is to have one mandatory investment opportunity every year.

Even if others object, he can still act on his own.

But if the previous mandatory investment fails, this privilege will be invalidated.

Pop Mart is the high-quality investment project that He Yu obtained by using this privilege.

And Spicy King will be the second time He Yu uses this privilege.

(End of this chapter)