Spain was the most active hotel investment market in Europe, with €4.2Bn transacted during 2023, a 44% increase relative to 2022. Portfolio dealsrepresented more than half of 2023 volume, among which are the sale of Blackstone’s 35% stakes in HIP to GIC (63 properties out of 77 in Spain) andPortfolio Equity Inmuebles to ADIA (17 hotels). Sovereign funds and other players with less reliance on debt drove the activity.
During my career inside hotels, I had the pleasure of opening and transitioning several hotels to our brand, processes and systems. This was always a lot of work but well worth it because you got to meet a lot of new cool people and on top of that traveling to some pretty nice locations.
Earlier this month at ITB Berlin, I had the privilege to meet up with Irnya Sidletska, President of the Ukrainian Hotel & Resort Association. My meeting with Irnya was part of a significant event where several Ukrainian Tourism stakeholders showcased the "We Are Here" campaign, a poignant message of presence and perseverance amidst adversity. Developed with the support of Debbie Flynn, the global travel practice leader at Finn Partners, this campaign represents a collective effort to spotlight Ukraine's tourism potential against the backdrop of ongoing conflict.
This article examines Florence's tourism industry resilience amidst crises, including the COVID-19 pandemic, analyzing key performance indicators such as airport statistics, hotel supply, and operating performance. Despite setbacks, Florence witnessed a remarkable recovery, notably in 2023, with record-breaking Revenue Per Available Room (RevPAR). The analysis also highlights investment trends and future challenges, including concerns about over-tourism and evolving market dynamics.
Wars, recessions, and outbreaks—No matter the hardship that arrives at hospitality’s door, its foundations remain stable and sturdy. Despite enduring significant challenges in recent years, the sector has shown impressive resilience and continues to grow at a rate of 5.9%, almost double that of the UK economy.1
The French ad hoc mandate is a confidential procedure for the out-of-court settlement of disputes Its aim is to remedy a company’s financial situation before it is declared insolvent. The merits of ad hoc mandates , subject to the article L 611-3 of the French Commercial Code , are well established since these legal mechanisms have proved their worth in preventing and dealing with business difficulties.
We have written several articles regarding hotels that are part of what we call ‘The Mille Club’. Mille, translating to thousand, identifies those properties that have seen their typical ADR move above the thousand (dollar, Euro, pound, CHF) rate.
Competition amongst hotels in the UK is higher than anywhere else in Europe, with nearly half of all hotel construction occurring in the UK1. With the sector more competitive than ever, hotel owners need to be mindful of how they can stand out from the crowd and develop their hotels to meet the rapidly evolving demands of their guests.
In this installment of the Mille Club column, we are going to address some of the little things that differentiate your property. To recap, membership qualification for the Mille Club is simple: offer rates of more than a thousand (hence ‘mille’) dollars, pounds, Euros or equivalent. If you’re already there (or very close), or aspire to this lofty room rate level, you’re in!
The latest figures released by the Federal Statistical Office (FSO) have put even more spring in Swiss tourism’s step. Night stays in Switzerland for the months of June and July 2023 were recently published. And the news is good! Night stays (or hotel stays) were 8.6% higher in June 2023 versus June 2023. This confirms an earlier report indicating that in the first half of 2023, night stays increased 13.8% year on year.
For those who haven’t read the first few editions of this Mille Club series, membership qualification is simple: offer rates of more than a thousand (hence ‘mille’) dollars, pounds, Euros or equivalent. If you’re already there (or very close), or aspire to this lofty room rate level, please read on.
Under the influence of international operators, hotel management methods in France and Europe have evolved, with management agreements increasingly being favoured over leases. The profile of hospitality investors has also changed, with highly professional funds able to adopt this type of management solution.
Sometimes when explaining a concept, it’s best to look at the numbers. Before going straight into using hotel rates, we’re going to start small with a bottle of run-of-the-mill wine, a product that’s also dear to our hearts and many other hoteliers.
Hospitality has been a driving force for the UK and European economies for years, employing 3.2 million people before the pandemic and generating £38 billion in tax revenue for the UK government. Providing job opportunities for young people and students and inspiring young entrepreneurs to launch enterprises of their own, hospitality was a dynamic and booming sector before the initial complications of COVID, and the many challenges that followed.
Booking.com creates a large positive impact in the Netherlands. This is the finding of a new study by consultancy KPMG based on its True Value methodology. This research project provides a holistic assessment of Booking.com’s economic, social and environmental impact in the Netherlands.
The Magic City, so named because its soil contains the three elements needed to produce iron, was able to steel itself against long-term hospitality demand loss in 2020 better than many hotel markets across the U.S. The city’s proximity to outdoor demand generators, its rapidly growing sports entertainment industry, and the dedicated work of local municipal offices and aid organizations were all important factors that supported the swift recovery of Birmingham hotels.
For those who haven’t read the first two editions of this Mille Club series, membership qualification is simple: just offer rates of more than a thousand (hence ‘mille’) dollars, pounds, Euros or equivalent. Whereas American Express since 1987 espoused the selling line, “Membership has its Privileges™,” the opposite applies to your property if it wants to uphold four-figure nightly rates. Aptly expressed, as a member of the Mille Club, “Membership has its Responsibilities.”
With much of a challenging Q1 behind us it feels to be an appropriate time to take stock and look forward to the rest of 2023. Hopefully, there is only a positive trajectory for hotel transaction market for the year ahead with the consensus being that H2 2023 will see more activity across the real estate market. With several factors at play, some new and some old, it will be interesting to see whether these expectations are indeed fulfilled...
The hospitality industry experienced many highs and lows across 2022 and as a sector, faced challenges including recovery from the pandemic, the impact of Russia’s invasion on Ukraine and the ongoing cost-of-living and energy crisis, the instability of government on the economy and rising interest rates. The sector has tried to remain resilient, in the knowledge some of these obstacles are continuing this year and will shape the outlook of the market as we progress further into 2023.