MIPIM 2022 (21 MB)

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Positions & Opinions “The aid packages have in many cases prevented businesses from closing.“ Gernot Ressler, EY Österreich „Distressed assets in larger numbers only exist in Southern Europe.“ Daniel Jelitzka, JP Immobilien „Value adjustments, if any, could only be discerned temporarily.“ Michael Buchmeier, ÖRAG overall opinion of the expert panel. Provided the Omicron wave comes to an end, they are also optimistic about a recovery in the sector. This would probably not occur before 2023, 2024 for city hotels - unlike in the holiday hotel industry. The leisure hotel sector has already boomed over the past two summers and, due to this resilience, has also become an investment target for institutional investors. No wave of bankruptcies „The core problem is that many hoteliers believed that the Corona crisis would not last long and kept open - financed with equity capital - when occupancy figures did not cover costs,“ explains Daniel Jelitzka (JP Immobilien). This had temporarily led to a liquidity crisis. Nevertheless, a major wave of bankruptcies is not to be expected in Austria, he said. „In many cases, the aid packages have prevented companies from closing, and quite a few were in serious trouble beforehand,“ adds Gernot Ressler (EY Austria). The generous support measures for the industry are having an effect: any impact on valuations - experts spoke of a drop of between 10 and 20 percent at the height of the crisis - was only temporarily discernible, if at all. „The only thing that brought about a bit of a value adjustment were the supplementary agreements with the tenants or the rental delays granted,“ says Michael Buchmeier (ÖRAG). As Herwig Peham (EHL Investment Consulting) notes, in reality there had been practically no investments in the last two years anyway that could have shown declines in valuation. New players pushing into the market „The bargains that many on the investor side, but also the operator side, expected, have de facto not occurred - not in the vacation hotel industry anyway, and not in the city hotel industry either,“ Peham continues. In any case, Karl Derfler (Adeqat Investment Services) is optimistic that despite the difficult situation in the industry, there is currently a lot of dynamic 52 ImmoFokus
in the market. „Many new players, especially on the operator side, are still pushing their way into the market,“ says the investment expert. Distressed assets in more significant numbers exist only in Southern Europe, according to Jelitzka. „For the JPI Hospitality Investors Club, we have reviewed more than 700 potential projects across Europe since last fall. Of these, 400 were in southern Europe and 250 in Italy alone,“ he reports. He says this is due to the lack of good concepts on the one hand. And on the other hand, revenues had been flowing into their own pockets for years, which naturally had an impact on the quality of the balance sheets. In view of the new ECB financing conditions for banks, this situation is now hitting them very hard. ESG: plenty of room up there It is also clear to the experts that there is still plenty of room for improvement in terms of ESG in the domestic hotel industry - especially when it comes to the „S“ and „G“. In any case, there is no question that there is a need for action. On the one hand, one would not get reasonable bank financing for non-ESG-compliant projects. On the other hand, at the end of the day, no investor would be found who would buy a non-taxonomy-compliant hotel at a good price. The trend toward rural vacations at home has sparked investor interest, he said. „However, classic vacation properties are characterized by small-scale financing options, so buy-to-let is too small for many institutional investors,“ explains Stephan Pasquali (3SI Immogroup), dampening the euphoria somewhat. „Large investors need investor-ready operators,“ agrees Franz Pasler (PK & Partner Hotel Specialists). Often, existing operating structures are too small and new permits for expansions are difficult to obtain. Many investors are spoiled by city properties. But the “The bargains that many had expected did not de facto occur.“ Herwig Peham, EHL Investment Consulting <strong>MIPIM</strong> | <strong>2022</strong> 53
Page 1 and 2: MIPIM 2022: Special digital edition
Page 3 and 4: Global Players. Local Heroes. A pri
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Page 69 and 70: 1 We are optimistic about 2022: Our
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