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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.



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13 years in Hotel investments through Covivio Hotels. Gaël Le Lay (45). Deputy CEO Covivo Hotels is the #1 Pan European Hotel REIT.



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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.



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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



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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



Searches related to european hotel investment filetype:pdf

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

2

John 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 Frank

Hildwein

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

+5London

Manchester+3

Newcastle

+1Norwich +2PlymouthSouthampton +2

Heathrow

+1York

Milton Keynes

+1

Dublin

-10 -7-2 -2 -5 -6 -4 -2 -1

Hotel Investment Breakfast Briefing 20205

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What are Debt providers doing?

Debt & Capital Advisory

Banks

Alternative

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

Banks

Alternative

Lenders

Key KPIs

2.0x -3.0x

Cap on operational

leverage

3.0x -4.0x

Cap on operational

leverage

Net 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% LTV

Pension 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

Banks

Alternative

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

© 2020 Deloitte. All rights reserved

Irish Hotel Industry

Outlook for 2020

Hotel Investment Breakfast Briefing 2020

© 2020 Deloitte. All rights reserved

9

Andreas Scriven

European Hotel Industry Overview

Hotel Investment Breakfast Briefing 2020

© 2020 Deloitte. All rights reserved

10

Andreas Scriven

Partner -Head of Hospitality & Leisure

Deloitte

Hotel Investment Breakfast Briefing 2020

© 2020 Deloitte. All rights reserved

11 Macro drivers: Economic outlook, labour market conditions and hospitality industry implications

European hotel performance update

European hotel investment update

4 trends for the future of hospitality

Innovation:Industry examples

Agenda

2020

Macro drivers

Things to consider

Hotel Investment Breakfast Briefing 2020

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13

GDP growth for selected economies (2008-2018)

-8 -6 -4 -2 0 2 4 6

GDP growth (%)

Poland

Spain

Eurozone

France

Germany

Italy

Source: Oxford Economics

Hotel performance is closely linked to fluctuations in GDP growth, resulting in market cycles that have historically lasted 10 to 15 years

Hotel Investment Breakfast Briefing 2020

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14

Source: 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% Italy

Poland

Germany

Spain

France

Sweden

Belgium

Netherlands

Ireland

UK share of total trade in goods

(2018) 139.6
90.4
69.9
53.7
46.6
40.7
35.1
21.5
16.9

Germany

Netherlands

France

Belgium

Ireland

Italy Spain

Poland

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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15

Source: 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

recovery

Economic 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 Survey

Hotel Investment Breakfast Briefing 2020

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16

Source: Eurostat

Eurozone labour market (March 2010-March 2019)

Consumption moved in line with

employment

Wage growth and low inflation drove

disposable income and household spending

Current consumer sentiment:

Still substantially above long-term

average

European households are pessimistic

about economic outlook, but optimistic about their own financial outlook

Two-tier economy: Services and

domestic oriented sectors thrive, manufacturing suffers Labour markets in Europe have recovered in an impressive way driving private consumption significantly

Hotel Investment Breakfast Briefing 2020

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17

Source: Eurostat

Population in Europe aged 20 to 65 years (2003-2081) 240
250
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 in

Germany, Austria, Netherlands

War for talents RLOO MŃŃHOHUMPH"

Demographic change has arrived in Europe and will accelerate labour market changes in the coming years

Hotel Investment Breakfast Briefing 2020

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