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Investments in renovation: Caution despite some improvement in 2015

While the economic context remains gloomy, French hoteliers have invested slightly more in improving their product, after recently dedicating most of their investment budgets to upgrade to meet obligatory standards. Investments made in 2015 suggest some improvement in the economic situation, particularly as far as concerns difficulties related to financing works. But optimism is still not pervasive...

Variables affecting hotel investments don't change from one year to the next, but the equation, is changing. While hoteliers had to rise above difficulties in recent years in relation to the economic context and/or financing in order to upgrade products to meet standards or make them evolve, the context appears to have improved slightly in 2015, as shown by results of a survey realized by Hospitality ON, with Olakala.

How would you qualify investments realized at your property in 2015 (across the entire year)?

If in 2014, 48% of respondents reported investments below normal, they are only 37% in 2015. Among these, 18% justify the shortfall with the uncertainty of their activity and 19% with difficulties related to financing. More (21% versus 9% last year) thus estimate that their level of investment is close to normal. Optimism thus appears to be improving progressively, undoubtedly due to growth in activity observed throughout European markets and at a time when France is gradually regaining a slightly more positive market dynamic.

If a return to normal appears to be in the works, the volume of hoteliers interviewed that were able to increase their investment to more than average nonetheless remains similar to last years' (42%). In terms of using this sum, the overall trend is similar to that observed in 2014. An important share of respondents, 26%, invested in improving their product, while 16% made improvements only to meet obligatory standards, particularly in terms of accessibility and security.

What share of the total amount was invested in obligatory renovations (accessibility, security…)?

Also read:

  • Investments for renovations 2014: less for upgrading to meet code and more for the product

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