On the one hand hotel groups are divesting their real estate supply through widespread “sale & lease back” or “management back” contracts to become “pure operators”. On the other, REITs, or Real Estate Investment Trusts, institutional investors and other pension funds are taking a fresh and interested look at more active participation in the hotel industry. Together with buildings that have offices or shops, hotels, too, are finding their place in portfolios. But these new rules of the game must be worth it. These great moneymen are waiting for a superior return on their concurrent investments, by around 10 and 20% depending on the market, category, duration of investment… Now is not the time for a passive approach to property. In their search for an optimisation of management fees, rents and profits at sales, investors implicate themselves in the management of their properties With a new weapon: the asset manager.4) Investments: Asset managers are in charge of revising the investment plans and supervising renovations to ensure that the investments are made advisedly. They may be called in as arbitrators when there is a dispute between the owner and the operator. Nonetheless, they keep in mind the owner’s priorities in terms of investment. And that in function of the diversification of his properties portfolio. In the budget, they ensure that a sufficient reserve is set aside for the purchase of furniture and equipment. It must be in line with the contract so that the property maintains its position on the market and doesn’t become outmoded very quicklyA spokesperson for the proprietor guarantees his interests and the good application of contracts in a volatile, thus risky, hotel investment situation. Whether he decides to invest short or long term – implicating diametrically opposed strategies – the asset manager is there to ensure...