To celebrate the 26th anniversary of Macau University of Science and Technology (MUST), the Faculty of Hospitality and Tourism Management (FHTM) held the fourth "Tourism Industry Master Lecture" in the D hall on 2026 April 10. Mr. Luo Jiafu, founder and CEO of Hoteln, delivered a speech entitled "The New Cycle of Hotels: Trends in Hotel Asset Management." Dean Ben K. Goh, Assistant Dean Wong Weng Chou, Program Director Feng Yan, and approximately 400 teachers and students attended this lecture.
Guest Speaker, FHTM Teachers and Students’ Group Photo
Dean Ben K. Goh extended a warm welcome to Mr. Luo Jiafu for returning to his alma mater. He encouraged students to listen intently to Mr. Luo’s insights and engage in meaningful dialogue to explore the future of the hospitality sector. He expressed his hope that the lecture would provide students with a profound understanding of the complexities of asset management in a global context.
Dean Ben K. Goh Delivered an Opening Speech
Dean Ben K. Goh Presented a Souvenir to Mr. Luo Jiafu
During the lecture, Mr. Luo Jiafu provided a comprehensive analysis of the evolving hotel cycle. He noted that the industry is transitioning from a "Real Estate Development Era" toward an "Asset Operations Management Era," where the intrinsic value of a hotel as a financial asset is being increasingly prioritized.
Mr. Luo introduced his core "New Five Forces Model," which defines the competitive edges of modern hotels through five pillars: Operations, Brand Power, Supply Chain, Technology, and Marketing.
Analyzing current market data, Mr. Luo Jiafu predicted that the scale of hotel transactions in 2025–2026 would reach between 18 and 20 billion RMB, though he observed that many properties are currently navigating a trend of passive transactions. He further categorized the major buyers in the market—including listed companies and cross-industry enterprises—and shared professional methodologies for evaluating acquisition worth and capital value. To illustrate these concepts, Mr. Luo conducted a case study on the R&F Wanda Vista Hotel, demonstrating the dynamic synergy between operational excellence and capital appreciation.
Mr. Luo Jiafu Gave a Lecture
During the Q&A session, students participated actively and asked questions enthusiastically, and Mr. Luo Jiafu patiently answered each of their questions. Through this lecture, students not only gained a deeper understanding of hotel asset management, but also strengthened their confidence and enthusiasm for the hospitality industry, laying a solid foundation for their future studies and career development.
FHTM Students Interacted with Guest Speaker
Mr. Luo Jiafu is the Founder & CEO of Hoteln, and is also an alumnus of MUST. With over 15 years of experience in the hospitality industry, Mr. Luo leverages his keen industry insights to build and promote an integrated “Operations + Platform + Capital” model, with a dedicated focus on hotel asset management throughout the full lifecycle. Since 2014, the Hoteln Group founded by Mr. Luo has grown into an industry ecosystem platform comprising Hoteln Group (asset management), Hoteln (platform), and Hoteln Capital (capital). By delivering end-to-end solutions for hotel assets—from value discovery and operational empowerment to capital exit—Mr. Luo remains committed to driving innovation and fostering sustainable development in the hotel industry.
