"35 to 45% of hotel investments are in Île-de-France"

Sylvie Bergeret provides some background on hotel assets:

 “This is a very responsive sector in a positive way, and customer behaviors remain fairly stable. People still want to travel, perhaps in different ways, but they are traveling nonetheless.”

35% to 45% of hotel investments are in the Île-de-France region. There is still a strong attractiveness for prime Parisian assets. In other regions, investments are now being noted in smaller cities and also in smaller assets. This category of assets with fewer than 50 rooms was previously overlooked.

There is also a decline in the number of building permits due to several factors:

• Rising costs
• Prevention of land artificialization
• CSR regulations

Conversions allow for more short-term visibility, whereas new constructions require several years before the asset can be utilized. The hotel sector in France shows only 1.5% growth.

What has motivated this change in the hotel asset class, which was previously little known?

Jean-Marc Palhon: This asset class benefits from very interesting fundamentals, particularly on the European continent, which attracts many travelers and offers a high density of transportation options. In the old continent, there is a deficit of rooms and extremely tight land reserves. This is very positive for investors.

How have crises affected the sector?

Johanna Capoani: These crises have varied; they have confirmed the resilience of the hotel industry. We are in a world where people need and want to move around. COVID revealed that the desire is almost stronger than the need. Leisure has come back to the forefront.

Katell Bourgeois: From the operators' perspective, we are focused on adapting our offerings to these new needs and desires. Technology allows us to understand these preferences and behaviors to adapt our offers and customer journeys. 37% of travelers place importance on the F&B concept in their hotel...