Emmanuelle Tulliez: Could you present Hova Hospitality and Petra to us?

Elsa Tobelem: These are two third-party asset management platforms. We provide asset management and investment advice to a variety of investors. We mainly work with core investors, who want to buy property for the long term.

Petra, on the other hand, works with value-add investors, i.e. with shorter holding cycles of 5 years and a real focus on value creation, who are looking for wall and floor opportunities.

Today, Hova Hospitality and Petra have 2.3 billion in assets under management. That's around 160 assets in 9 European countries, since we only work in Europe. We have around 15 employees and offices in Paris and Madrid.

Emmanuelle Tulliez: What triggered the creation of Hova Hospitality and then Petra?

Elsa Tobelem: HOVA Hospitality was created at the end of 2021. It was launched with several convictions.

• The first was that after Covid, there would be a large number of opportunities on the market.
• The second was that a growing number of investors, who had not previously been interested in the hotel sector, would come to it. In 2021, we were experiencing a structural crisis in both retail and office property. So a number of investors wanted to diversify. There are healthcare assets, but there are also hotels.
• Finally, we realised that not all of these investors had specialised hotel teams and that there were few asset management teams in the market.

HOVA Hospitality was then fortunate enough to have its first partner, Primonial, which contributed €900 million in assets under management from the outset, as well as a very strong ambition that has endured, despite the current climate. That ambition is to develop strongly in the hotel sector, as they have already done in the health sector.

Emmanuelle Tulliez: Why did...