Vol 6 Chapter 621: Press on
But it seems that, except for Xu Bin, other people are very accustomed to meetings in this way, including Su Shiming, whose face is so blue that he seems to be about to explode at any time, but generally speaking, he has been very tolerant.
He didn’t walk away either. “Affected by the subprime mortgage crisis, Hilton has indeed suffered losses since it was acquired by Blackstone last year.”
Xu Binxin said, combined with Lauder's previous remarks, Su Shiming's remarks, this attitude, seemed really sincere enough.
"But none of us knows that those losses are mainly losses on the books..."
Although Su Shiming was very sincere in Xu Bin's opinion, Lauder interrupted him without hesitation, "Stephen, nobody cares now, is this a loss on the books?"
"At this time, no one cares about such an explanation. Everyone can only see the falling numbers, and as the falling numbers get bigger and bigger, everyone will only be less optimistic about it,"
Gary Cohen immediately followed the boss's words, "Bear Stearns also said that my loss is just a loss on the book. As long as the funds are sufficient, we can still operate efficiently."
"Lehman also said that my loss is just a loss on the book. After all, so many commercial real estate are there. Once the low price of housing prices has passed, they can bring us a steady stream of income,"
He gave a smile that made people feel owed, "But, who cares about this in the end?"
"Not only did no one care about these, not only did they have to sell them, but they didn't even want to sell them. In the end, they were spurned by everyone,"
Although the smile on his face makes people feel owed, his words are beyond rebuttal.
Not because of such a market environment, not because nobody stops borrowing money, but just reclaiming money, whether it's Bear Stearns or Lehman, even if they lose all of their capital, based on their ability, they are not going to make a comeback. opportunity.
But, they don't have that opportunity.
Not only that, because they sold their lives and went bankrupt, they were indeed rejected by everyone.
For people in the industry, their results have aggravated everyone’s panic and made the situation of their peers more difficult.
For people outside the industry, the reason why they can't even keep the company is naturally because they are not responsible for their operations. Therefore, they naturally believe that these companies are naturally more responsible for the subprime mortgage crisis.
Su Shiming glanced at the people next to him, and confirmed one by one that they were still panting. Then why are you dumb and can't learn Gary Cohen?
His three subordinates are also very helpless. Although the other party's words are very nasty, they are not rough.
And the way this meeting was opened was completely different from what we expected, so all the preparations at home were of no use.
But the big boss looked at it this way, utterly arrogant, and arrogant, and one of them coughed, "Behind Hilton, there is black..."
He just said the word "black" when he heard the boss cough heavily. The cough was unabashedly annoyed. Am I saying something wrong?
He looked at the other side again. Lauder smiled and looked at him. Their eyes were full of encouragement. Yes, I said something wrong-but he was really not sure, he was wrong. where.
He immediately closed his mouth.
You are the one who told me to talk, and you are the one who told me to shut up, woo woo, my baby is bitter.
Su Shiming has to go on his own again, "Although there are indeed some losses on the books, since we took over Hilton, we have made a series of fruitful improvements..."
Lauder interrupted him again, "The result of fruitful improvement is that cash flow has shrunk by more than 40%, operating costs have risen by more than 30%, and total revenue has shrunk..."
Su Shiming knocked heavily on the table, "That's because we have been expanding the scale of Hilton,"
"Even in this difficult situation, we have no need to stop the pace of expansion..."
"Compared with the acquisition, Hilton's scale has indeed increased, right," Gary Cohen asked himself Xu Bin here.
Although they were equally clear about the data, he remembered that Xu Bin had not had a chance to speak yet.
Lauder doesn't need to care about these. As Lauder's deputy, he must pay attention to these small details.
Xu Bin nodded, "Yes, the scale has been expanded by less than 3%, but the main reason for the expansion in scale is because," he glanced at Su Shiming, "the projects that Hilton had already started before the acquisition."
To put it bluntly, these achievements can be said to have nothing to do with you.
If you insist on contributing, it means that after you took over, you did not cut or suspend these projects.
"So look," Gary Cohen smiled and spread his hands towards Su Shiming.
On Su Shiming's side, another one finally helped the boss to speak, "But in order to save expenses, we could have cut off these items..."
His words were also interrupted, and it was Gary Cohn. "Although we at Goldman Sachs have never run a hotel business, I also know that the result of cutting off the originally planned projects is not only impossible to save expenditure, but will increase a lot. trouble,"
Following his words, the eyes of the four of them looking at Su Shiming’s subordinates can probably be described by Bruce Lee’s line in "Jing Wu Men", "I read less, don’t lie to me, "
Xu Bin took the initiative to speak, "Also, not all of these new projects have increased expenses. As far as we know, some Hilton hotel projects in China have not taken up much money."
Such a thing is not uncommon in China.
Many investment projects now say how much to invest, but many of these investments are verbal, but the loans provided by local financial institutions are real.
Those capable guys can really spend a very small price to obtain quite a lot of preferential terms, and at the same time they can also get operating funds from the bank.
And for a well-known international company like Hilton, it is not too difficult to obtain such a treatment.
Su Shiming sighed, thinking that I now have hundreds of thousands of subordinates, how come I only brought you three goods today (Sanlong Set: Aren’t we good to grab your words?).
He had to go to battle himself again, "Lourder, everyone,"
"In any case, I believe everyone must agree with Blackstone's expertise in the hotel industry,"
"Xu," he looked at Xu Bin, "you must also be aware of Blackstone's layout in the hotel industry. In terms of high-end hotels, we already have LXR luxury resorts."
Xu Bin nodded, of course he knew this.
The LXR luxury resort is after Blackstone acquired Wyndham International Group in 2005 (not the current Wyndham International Group. Shortly after the acquisition, Blackstone sold the Wyndham brand to the International Hotel Management Group. , The strength of the long-term top three St. Dart Hotel Group), afterwards, they named the original Wyndham hotel and the 14 high-end hotels acquired during the same period as LXR.
"In 2006, we also acquired the budget hotel LaQuinta hotel chain hotel chain. Now, LaQuinta is the best budget hotel in the United States."
"Hilton Hotels Group is the most important part of our layout in the hotel industry,"
After owning Hilton, Blackstone can be said to have its own brand in the three areas of the hotel industry ~www.wuxiaspot.com~.
"We agreed to take out Hilton, which shows our sincerity, but everybody, how do you treat our sincerity?" He picked up the report again, "Your assessment, a year and two months, its value, Has it shrunk by more than 83%?"
"That is, after we handed over the Hilton Hotel to you, we still owe you $16 billion in loans,"
"Lourder, who do you think would agree to such a deal?"
Listening to him, Lauder's request was indeed excessive.
But Lauder smiled softly, "Actually, we don't want to be so troublesome, look at Stephen, as long as you can pay back our loan, why do we need to talk about Hilton?"
"Yes, in the current real estate downturn, with such a tight capital situation, who would use precious cash to invest in projects closely related to real estate like Hilton?" Gary Cohen also said.
The meaning of the two of them is very clear. If you have the ability, you can pay it back!
Su Shiming really almost spit out a mouthful of old blood at this time. If I can still draw out 20 billion U.S. dollars now, no, even if it is 10 billion U.S. dollars, would I still talk nonsense with you?
A strong sense of humiliation flooded the heart of the king of private equity on Wall Street.
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