European Hotel Investment Survey Changing gears: a new era?
Key findings from the Deloitte European. Hotel Investment Survey conducted as part of the 2015 European Hotel. Investment Conference.
EURAZEO AND PSP INVESTMENTS FORM DEDICATED JOINT
VENTURE FOR EUROPEAN HOSPITALITY. London 7 February 2022. Eurazeo
The Hotel Property Handbook 3.0
812 units in Copenhagen. Investment activity in European. Hotel Properties reached a record high of €15bn in 2017 representing a +5% increase on.
2021 european - hotel transactions
European hotel market. Volume. ? Single-asset investment volume in Europe doubled to €10.3 billion in 2021;. ? 2021 single-asset transaction volumes.
Présentation PowerPoint
13 years in Hotel investments through Covivio Hotels. Gaël Le Lay (45). Deputy CEO Covivo Hotels is the #1 Pan European Hotel REIT.
European hospitality real estate market investment overview for 2019
Which European countries are most attractive for hotel real estate What are the main challenges when investing in the European hospitality industry?
London 7 February 2022 Eurazeo
https://www.eurazeo.com/sites/default/files/infos-reglementees/Eurazeo_PSP_investments_press_release_EN_vdef.pdf
Deloitte Ireland
7 févr. 2020 European hotel performance update. European hotel investment update. 4 trends for the future of hospitality. Innovation: Industry examples.
Savills
European Hotel. Trends Outlook. Commercial Research – 2021. SPOTLIGHT. Savills Research. Recovery outlook Investment overview Pricing movements
Spotlight on the European and Dutch Hotel Industry 2020 European
Investment. Hotels prevail. 31% believe hotels will be the most attractive asset class for investment in 2020 due to their positive demand fundamentals.
EUROPEAN HOTEL PRICE INDEX - EHL
hotel transaction across 26 European countries between 2007 and 2020 The data basis is representative of the diversity of the European hotel sector The majority of transactions occurred in the UK (2 ) Germany (271 ) France (9 ) and Spain (7 ) 73 of transactions are from metropoles with more than 500000 inhabitants with the remaining
European Hotel Investment Market: H1 2020 - EHL
Investment choices Opportunities for the unconventional The alternative accommodation sector (25 ) has replaced hotel start-ups 20 ) as the most popular personal investment choice which now ties for 2nd place with blue chip companies 9 would invest their own money in traditional hotel companies Amsterdam retains the top spot for the most
Spotlight on the European and Dutch Hotel Industry 2020
1 Investment Hotels prevail 31 believe hotels will be the most attractive asset class for investment in 2020 due to their positive demand fundamentals (71 ) and yield profile (46 ) Serviced apartments and hostels are also seen to be interesting asset classes for investors in 2020 2 Cyber security Improving the safety net
Experience the future 2018 Deloitte European Hotel Investment
Investment choices Opportunities for the unconventional The alternative accommodation sector (25 ) has replaced hotel start-ups (20 ) as the most popular personal investment choice which now ties for 2nd place with blue chip companies 9 would invest their own money in traditional hotel companies Amsterdam retains the top spot for the most
European Hotel Industry: Robust Fundamentals with Pockets of
The European hotel industry remains robust with strong fundamentals albeit with certain areas of concern and pockets of opportunity across the continent With the IMF forecasting 1 5 GDP growth for the European Union in 2019 the European economy will be recording its seventh year of expansion in the current economic cycle
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Europe-based hotel investors accounted for the largest buyer region recording a total of €22 7 billion almost double 2018’s €11 8 billion European-based investment volumes were driven by an increased share from institutional investors influenced by the increasing availability of operating leases despite record-low yield conditions
Is the European Hotel Investment Market still active?
- Newly released data from Cushman & Wakefield’s Marketbeat: Europe Hospitality H1 2020 reveals that the European hotel investment market has stayed active during this crisis. Expectedly, investment volume for the region had fallen considerably by 55% compared to the same period last year.
What are Hotel Investments?
- Hotel investments can provide an exciting opportunity for first-time property investors to buy into a great industry with excellent earning potential or for established property investors to diversify their portfolios and capitalise on all the service industry offers.
What is the average IRR for hotel investments in Europe?
- Invariably the ultimate decision will depend on the company’s gearing and the investor’s risk profile. As an indicator the average IRR for hotel investments in Europe ranges from 12.4% to 16.1% with an average of 14%. In addition it is evident that discount rates applied to investment decisions depend on a company’s WACC or desired level of return.
How big is the hotel industry in Europe in 2022?
- Hotel industry in Europe’s market size was estimated at ~EUR 21.9 Billion in 2022. As compared with 2020, revenues increased by ~9.20% in 2021 YOY but the market will also see a steep recovery in 2022 led by domestic and leisure tourism. It is only By 2024, that the market will be able to reach pre-covid levels of around ~EUR 32.1 Billion
Hotel Investment Breakfast Briefing
Strictly Private and Confidential | February 2020
Hotel Investment Breakfast Briefing 2020
© 2020 Deloitte. All rights reserved
2John Doddy
Welcome
Hotel Investment Breakfast Briefing 20203
© 2020 Deloitte. All rights reserved
Agenda
Hotel Investment Breakfast Briefing
TimeTopicSpeakerPosition
07.45Registration and Breakfast
08.15WelcomeJohn DoddyHead of Debt andCapital
Advisory, DeloitteIreland
08.30European Hotel Industry OverviewAndreas
Scriven
Head of Hospitality and
Leisure, DeloitteUK
09.00Fireside chat with Frank Hildwein, Head
of Hotel Acquisitions and Sales, Deka Group FrankHildwein
Head of Acquisition andSales,
DekaGroup
09.55Irish Hotel Market TrendsTom
Barrett
Director, Hotel and Leisure,
Savills, Ireland
10.20Dalata-UK StrategyDermot
Crowley
Deputy Chief Executive, Dalata
Hotel Group plc
10.45Closing remarksJohn DoddyHead of Debt and Capital
Advisory, Deloitte Ireland
Coffee Break
Hotel Investment Breakfast Briefing 20204
© 2020 Deloitte. All rights reserved
Irish Hotel Industry
2019 Lookback
Whole Co.OpCo.PropCo..
Vs.Aberdeen+3
Belfast
Birmingham
Brighton+3
Bristol+3
Cardiff
Edinburgh
Glasgow
Leeds+5Liverpool
+5LondonManchester+3
Newcastle
+1Norwich +2PlymouthSouthampton +2Heathrow
+1YorkMilton Keynes
+1Dublin
-10 -7-2 -2 -5 -6 -4 -2 -1Hotel Investment Breakfast Briefing 20205
© 2020 Deloitte. All rights reserved
What are Debt providers doing?
Debt & Capital Advisory
BanksAlternative
Lenders
Key KPIs
Up to 7.0x (prime Dublin)
Up to 8.5x (prime Dublin)
Net Debt / EBITDA
Debt service cover
WholeCo
(Operating & Fixed Asset)Hotel Investment Breakfast Briefing 20206
© 2020 Deloitte. All rights reserved
What are Debt providers doing?
Debt & Capital Advisory
BanksAlternative
Lenders
Key KPIs
2.0x -3.0x
Cap on operational
leverage3.0x -4.0x
Cap on operational
leverageNet Debt / EBITDA
Debt service cover
Rent cover
Operational leverage
Op.Co. / Prop.Co
Up to 65% LTV
(Depends on strength of the covenant)Up to 80% LTV
Loan to Value
Interest Cover
Op.Co.Prop.Co.
-50% -55% LTVPension Funds
Hotel Investment Breakfast Briefing 20207
© 2020 Deloitte. All rights reserved
What are funders doing
Debt & Capital Advisory
New Builds
Build to OperateBuild under lease
BanksAlternative
Lenders
Key KPIs
Up to 70% LTC
Up to 85% LTC
Cash contribution
Loan to cost
Strength of Team
Run rate EBITDA
Up to 65% LTV
Up to 85% LTV
Strength of covenant
Loan to Value
Cash contribution
Hotel Investment Breakfast Briefing 20208
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Irish Hotel Industry
Outlook for 2020
Hotel Investment Breakfast Briefing 2020
© 2020 Deloitte. All rights reserved
9Andreas Scriven
European Hotel Industry Overview
Hotel Investment Breakfast Briefing 2020
© 2020 Deloitte. All rights reserved
10Andreas Scriven
Partner -Head of Hospitality & Leisure
Deloitte
Hotel Investment Breakfast Briefing 2020
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11 Macro drivers: Economic outlook, labour market conditions and hospitality industry implicationsEuropean hotel performance update
European hotel investment update
4 trends for the future of hospitality
Innovation:Industry examples
Agenda
2020Macro drivers
Things to consider
Hotel Investment Breakfast Briefing 2020
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13GDP growth for selected economies (2008-2018)
-8 -6 -4 -2 0 2 4 6GDP growth (%)
Poland
SpainEurozone
France
Germany
ItalySource: Oxford Economics
Hotel performance is closely linked to fluctuations in GDP growth, resulting in market cycles that have historically lasted 10 to 15 yearsHotel Investment Breakfast Briefing 2020
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14Source: Comtrade
Exports to EU: 45% of all UK exports
Imports from EU: 53% of all UK imports
Exports to UK: 20%of all EU exports
Imports from UK: 14%of all EU imports
USD 227bn
USD 356bn
3.9% 4.3% 4.9% 5.1% 5.1% 5.3% 6.3% 7.0% 15.5% ItalyPoland
Germany
SpainFrance
Sweden
Belgium
Netherlands
Ireland
UK share of total trade in goods
(2018) 139.690.4
69.9
53.7
46.6
40.7
35.1
21.5
16.9
Germany
Netherlands
France
Belgium
Ireland
Italy SpainPoland
Sweden
Trade volume with UK in US$ (bn,
2018)but also affects Germany and Ireland the most
Hotel Investment Breakfast Briefing 2020
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15Source: Deloitte Europe CFO Survey Spring 2019
Skills shortage
Geopolitical risks
Weaker domestic demand
Germany
Effects of Brexit
Weak demand in UK
Geopolitical risks
United Kingdom
Reduction in demand
Globaleconomic recession
Political uncertainty
ItalySpain
Fragile globaleconomic
recoveryEconomic slowdown in the
Euro zone
Margin deterioration
The economic outlook and geopolitical risks are the main concerns for European corporates according to the Deloitte Europe CFO SurveyHotel Investment Breakfast Briefing 2020
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16Source: Eurostat
Eurozone labour market (March 2010-March 2019)
Consumption moved in line with
employmentWage growth and low inflation drove
disposable income and household spendingCurrent consumer sentiment:
Still substantially above long-term
averageEuropean households are pessimistic
about economic outlook, but optimistic about their own financial outlookTwo-tier economy: Services and
domestic oriented sectors thrive, manufacturing suffers Labour markets in Europe have recovered in an impressive way driving private consumption significantlyHotel Investment Breakfast Briefing 2020
© 2020 Deloitte. All rights reserved
17Source: Eurostat
Population in Europe aged 20 to 65 years (2003-2081) 240250
260
270
280
290
300
310
320
-2000 -1500 -1000 -500 0 500
1000
1500
2000
MillionsThousands
Change (1.000)Population 20-65 years (rhs.)Deloitte CFO survey: Skill and labour shortage currently biggestrisk inGermany, Austria, Netherlands
War for talents RLOO MŃŃHOHUMPH"
Demographic change has arrived in Europe and will accelerate labour market changes in the coming yearsHotel Investment Breakfast Briefing 2020
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