Zirve Eki - ISTANBUL REstate

Otel Yat›r›mlar› ve
Finansman› için Kriterler
Finansman Kriterleri ve
Geçti¤imiz ‹ki Y›l ‹çindeki
De¤iflimleri
Jakob Forstnig
PKF hotelexperts, Yönetici Dan›flman›
Thank you very much Andreas. Good afternoon again, ladies
and gentlemen. Andreas made my life a little bit easier by already
introducing the panel. I would like to generally say that we are
in the very generous situation to have local players here who
will lead the discussion as well as two hotel specialists who
know other markets obviously. Ömer said he is also active in 42
countries but if you live here, I think it is an asset for our
discussion as well. Theodor, from Union Investment Theodor
Kubak. He lives in both worlds so to speak. That is another great
advantage. Why I say that is because what we would like to
discuss here and hopefully we will have an interesting discussion
for you as well. The criteria for hotel investments and finance,
obviously these have changed tremendously over the last years
and it is in great flux at the moment. That is why it is good to
get the snapshot from very active local market players as well
as internationally recognized experts. I don't think I have to
introduce much further the panel. I think we should go to our
round of questions and our discussion immediately. Maybe just
setting the scene a little bit for you, I would like to give 2 or 3
pointers. Internationally, hotels have always been a very localized
asset class, however in the boom times hotels became preferred
asset class for investors because of higher yields than the office
or residential market offered, for example. And there is a different
picture in different countries but previously investors were active
very locally in domestic markets and this in boom times has
changed tremendously while private equity started to go from
the States to Europe and so on. Just one number in 2007, we
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had a global transaction market for hotel as it is of 19 billion
Euros and in 2009 this has decreased by 80% to 3 billion Euros.
Just to give you an idea of what kind of change this market has
gone through and now I would like to let our panelists also give
their point of view. So we have seen a strong decrease. We have
now expectations about the recovery which is different in every
geography. The Americans obviously think they will rebound
strongly as always. Asia looks like it will also rebound quickly.
Europe is hesitant and we would like to hear how this translates
in today activity of our panelists. I will be polite now and ask
Bettina to give us her impression first as the only lady on our
panel. Please feel free to ask questions any time if you like. This
should be an open discussion. Again we will try to make it
interesting. We had a little discussion beforehand but we think
we have all the potential here. Bettina, please.