MIPIM 2022 (21 MB)

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
MIPIM | 2022
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