First feedback from the interventions, first lessons from the Paris Asset Forum >hospitality. Here are some highlights of the day's quotes.
The ELAN law leaves a lot of room for diversity. It allows structuring of co-living, and makes it possible to convert offices into hotels. It boosts new concepts, and offers a better match between regulation, investors and operators.
Sylvie Bergeret, MKG Consulting
Controlling our costs, controlling our deadlines, for us that's the key.
The risk area is at the level of coordination. When it is not fully finished, it leaves gaps, which can create discrepancies between the manufacturer and the customer. It is therefore necessary to coordinate the project as much as possible. Also, the more we multiply the number of people we talk to, the more we multiply the risks.
Alain Tayar, Deputy CEO, Bouygues Bâtiment, Île-de-France Rénovation Privée
The requirements have increased enormously. Today, everything must comply with sustainable development, it is also a societal obligation. It is impossible to develop a hotel without integrating sustainable development, which goes beyond the label. We have to look at the carbon footprint... and that adds to the overall cost and the coordination issue.
Jean-Luc Guermonprez, CEO Hotel Division, Vinci Immobilier
Core plus is something that feels safe, and good, where you can manage the contract.
Hospitality industry is a very attractive sector.
Giorgio Manenti, Partner Eastdil Secured
Where are we in the operational cycles? The current cycle is much longer (more than 11 years) than the previous one (7 years). I can't say when it will stop, but I can say that we're probably closer to the end than the beginning of the cycle. The debt structure is different from that of the previous cycle.
Charles du Breuil, Executive Director, Morgan Stanley Real Estate Investing
About the merge of Interstate with Aimbridge: for us, it’s all about the asset and the life cycle; in the acquisition phase, we are analyzing operational perspective, helping the owner to negotiate, providing technical help… to develop a hotel with a certain standard.
Aaron Greenman, Executive Vice President, Acquisitions & Developement - EMEA at Interstate Hotels & Resorts
We have a new objective since last year, which is to increase the use of existing real estate and mixed-use projects. Mixed use makes it possible to densify property. We integrate hotels wherever it makes sense.
Raphaël Héron, Senior Investment Manager Offices, Hotels and Mixed-use Projects Europe - Unibail-Rodamco-Westfield
Mixed-use at Accor is a Mama Shelter in Belgrade in a shopping centre, and a contract with Ikea in Vienna for a Jo&Joe. More than a hotel, they are places of life. The lifestyle concept is a different concept than with traditional hotels.
F&B becomes central in lifestyle projects. We even talk about F&B&E for Entertainment.
Developing lifestyle products involves significant recruitment and turnover issues.
Cédric Gobilliard, Senior Vice President Lifestyle Division, Accor
Independent chains are increasingly hunting on the land of corporate chains. Beyond the know-how, it is the technical expertise that provides a lever for value creation on the behalf of the franchisor.
Olivier Chopin, Managing Director at Les Hôtels de Bordeaux, President of the Association des investisseurs Franchisés Louvre Hôtels
We should not think in terms of ratios but rather in terms of absolute values. The goal is to reposition the hotels, and not only in terms of accommodations.
Kevin Machefert, Director of Sales, Marketing and IT, Machefert Group
At AccorInvest, we have two activities: we are both owners and operators. We make a lot of investments in CAPEX (we have about 50 hotels under construction in France at the moment) but also in the levers of sales, acquisitions and operations (as we also own the business), seeking operational excellence, to optimize not only the topline, to maximize not only revenue, but also the bottom line.
Francis Martinon, VP Asset Management, AccorInvest France
Our strategy is to create value, which comes from EBITDA and people.
Fattal Hotel Group is actually young - only 20 years old- and the journey has not ended yet.
David Fattal, Founder, Fattal & Leonardo Hôtels
Accor means a new hotel openIng every three days. We have 3,000 hotels in Europe, 340,000 rooms, representing 47% of our global network. Hotels are places of life, which are being renovated (for example Pullman Bercy), where the importance is placed on working or F&B.
We are positioned to bring the best to investors. The Accor ecosystem makes it possible to multiply the points of contact with the customer.
Denys Sappey, Chief Operating Officer - Owners Strategic Relationships Europe – Accor
Having long-lasting brands is essential. It is also necessary to meet the ever-changing expectations and needs of consumers. The transformations to meet these expectations have increased our customers' satisfaction scores and owners' revenues.
Karin Sheppard, Managing Director, Europe - InterContinental Hotel Group
What are the owners' needs? We offer a response to expectations through "proworking". Proworking today consists of 5 sites (3 in Paris, one in Marseille and one in Bordeaux), an offer combining quality, wifi, cloud, concierge services... everything that makes up the daily life of customers.
Céline Léonardi, Head of Wellio
The enormous advantage of co-living is that, unlike a student clientele, we have zero seasonality. It is also an asset with very low obsolescence, and a titanic market depth (on figure: 170 people are on the waiting list for each bed in our accommodations in Noisy le Grand).
François Roth, Co-founder, Colonies
We have a vision very close to the customer. We have an asset class that is emerging, that has to integrate many other things, not just accommodation. This product meets a real need, especially in Paris, especially for young people looking for accommodation.
Jean-Baptiste Mortier, CEO, Kley
The diversity of uses (offices, residential, hotels, etc.), an advantage for Covivio: through an innovative product offer. Covivio is positioned in real estate transactions above all.
Dominique Ozanne, CEO, Covivio Hôtels, et Gaël Le Lay, Deputy. CEO, Covivio Hôtels
For us, investing in those markets is very important, we mostly invest in prime locations, close to the beach, big hotels (at least 200 rooms). We invest in managed assets in which meaningful value can be added.
Sergio Carrascosa, Co-founder & Managing Director Asset Management, Hotel Investment Partners
First of all, the challenge is to deseasonalize as much as possible. With double-digit growth over the past 4 years, the seminar activity has made it possible to extend the season. The resort is an exceptional place to meet colleagues, generate new ideas, connect, get motivated, do team-building, think "out of the box".
Frédéric Le Guen, CEO, Belambra Club
We have a broad approach to the sector, based on budget hotels, with a standard of comfort and services. We have strong organic growth, with acceleration in recent years; we are gaining market shares every year, especially in France.
Fabrice Collet, CEO, B&B Hôtels
B&B has been able to capitalize on this trend and the group is showing real resilience, with very impressive growth rates, thanks to an on-board growth in the growth of opening hotels.
Scarlett Omar Broca, Executive Director at Goldman Sachs Merchant Banking Division
The original idea was to develop a hotel group that would differentiate itself from the masses. The advantage of 4-5* hotel/palace hotels is that it is a market with little competition.
Romain Yzerman, Co-founder, Zaka Investments and Evok Hotels Collection
It is very difficult to find staff. The hotel's identity must be strong, which attracts strong personalities in the staff. After recruiting them, you have to keep them.
Emmanuel Sauvage, Co-founder & CEO, Evok Hotels Collection