Cau­tion-ba­sed in­vest­men­ts

seeITALY - - Associazioni - By As­soim­mo­bi­lia­re

The big­ge­st tran­sac­tions re­gar­ded tro­phy as­se­ts, ac­coun­ting for 74% of vo­lu­me.

Over the pa­st de­ca­de, per­for­man­ce by the ho­tel in­vest­ment mar­ket in Ita­ly has in part re­flec­ted that of the real esta­te mar­ket in ge­ne­ral: the eu­pho­ria of the 2005-2007 pe­riod was fol­lo­wed by years of do­wn­turn due to the in­ter­na­tio­nal re­ces­sion.

Af­ter the th­re­shold of one bil­lion eu­ros, ex­cee­ded by in­vest­men­ts in 2007, sub­se­quent years in fact sho­wed a mar­ket cha­rac­te­ri­sed by cau­tious deals, mo­st of them sti­pu­la- ted by real esta­te funds and pri­va­te in­di­vi­duals in ma­jor ci­ties and gua­ran­teed by lea­se­hold con­trac­ts wi­th lea­ding ho­tel ope­ra­tors.

Ho­we­ver, 2012 sho­wed the fir­st signs of im­pro­ve­ment wi­th an ove­rall vo­lu­me of in­vest­men­ts up by 190% on 2011, even if it mu­st be re­mem­be­red that the big­ge­st tran­sac­tion was re­pre­sen­ted by the sa­le of a tro­phy as­set: the Co­sta Sme­ral­da port­fo­lio ac­qui­red by Qa­tar Hol­ding for

al­mo­st 600 mil­lion eu­ros. Con­cen­tra­tion of at­ten­tion from in­ter­na­tio­nal in­ve­stors in Ita­ly, pre­ci­se­ly on tro­phy as­se­ts is an issue that de­ser­ves re­flec­tion when di­scus­sing this sec­tor’s pro­spec­ti­ve de­ve­lo­p­ment.

The trend in 2013-2015

The years 2013-2015 al­so hap­pi­ly con­fir­med this up­ward trend, al­ways ho­we­ver cha­rac­te­ri­sed by a lot of tro­phy as­set deals.

Com­pa­red to the pre­vious twel­ve mon­ths, 2013 sho­wed a fur­ther 9% in­crea­se in se­ve­ral im­por­tant sa­les, in­clu­ding the Ho­tel Eden in Ro­me, pur­cha­sed by the Dor­che­ster Col­lec­tion Group, the San Cle­men­te in Ve­ni­ce and the Four Sea­sons in Florence. 2014 con­fir­med the pre­vious year’s vo­lu­me, wi­th the lar­ge­st tran­sac­tion being the ac­qui­si­tion of the real esta­te com­po­nent of For­te Vil­la­ge by Esme­ral­da S.r.l., the group that al­rea­dy ma­na­ged this tou­ri­st re­sort.

Mea­n­whi­le, 2015 saw in­ve-

st­men­ts wor­th 682 mil­lion eu­ros, up by about 33% on the year be­fo­re, con­fir­ming re­newed in­te­re­st by na­tio­nal and in­ter­na­tio­nal in­ve­stors. The main tran­sac­tions included ac­qui­si­tions of a port­fo­lio of ho­tels ( We­stin Ve­ne­zia, We­stin Mi­la­no and She­ra­ton Roma) by a pool of in­ter­na­tio­nal in­ve­stors, for a sum equal to about 150 mil­lion eu­ros and the sa­les of se­ve­ral pre­sti­ge as­se­ts in­clu­ding the We­stin Ex­cel­sior in Ro­me, sold to the Ka­ta­ra Ho­spi­ta­li­ty group for 222 mil­lion and Grit­ti Pa­la­ce in Ve­ni­ce, bought for ap­pro­xi­ma­te­ly 105 mil­lion by the Al Jai­dah Group (Qa­tar). It mu­st al­so be re­mem­be­red that an ope­ra­tion star­ted up by an Ita­lian ow­ner, al­beit abroad, led to the Ro­meo Group ac­qui­ring, for an un­di­sclo­sed amount, an im­por­tant, hi­sto­ric pro­per­ty in the cen­tre of Lon­don, at 7 Old Park La­ne, bet­ween May­fair and Bel­gra­via.

Re­newed in­te­re­st

Whi­le all this at­ten­tion to tro­phy as­se­ts is cau­se for re­flec­tion, tra­di­tio­nal­ly they ha­ve re­pre­sen­ted 74% of to­tal ho­tel in­vest­men­ts in Ita­ly and, whi­le the lo­gics of the­se in­vest­men­ts are of­ten lin­ked to achie­ve­ment of spe­ci­fic fi­nan­cial per­for­man­ces, it mu­st be re­co­gni­sed as a po­si­ti­ve fac­tor that Ita­ly is on­ce again a mar­ket of in­te­re­st.

Fur­ther­mo­re, mu­ch is still ex­pec­ted from the re­fur­biSh­ment of ho­tels in the qua­li­ty seg­ment and re­de­ve­lo­p­ment of fur­ther as­se­ts.

It would the­re­fo­re seem rea­so­na­ble to ex­pect a mo­re dy­na­mic mar­ket over the next few years, fa­vou­red by the end of the in­ter­na­tio­nal re­ces­sion, an in­crea­se in in­co­ming tou­rists and the po­si­ti­ve ef­fec­ts of de­pre­cia­tion of the eu­ro again­st the Ame­ri­can dol­lar.

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