Hotel market cycle, will high operational gearing survive?

2 min reading time

Published on 05/11/19 - Updated on 17/03/22

Charles Du breuil Morgan Stanley

D-15 before the Paris Asset Forum>hospitality, don't miss the opportunity to meet Charles Du Breuil, Executive Director Morgan Stanley Real Estate Investing.

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Charles du Breuil is an Executive Director within Morgan Stanley Real Estate Investing (“MSREI”). Based in Paris, Charles is looking after acquisitions in France and hotel acquisitions in Europe of the real estate funds managed by MSREI. Since joining MSREI in 2008, Charles has been involved in over $1.7 billion of hotel and real estate transactions.

Various indicators point out the end of an operational cycle for the hospitality industry. KPIs have been rising in Europe for ten years now, while the previous cycle prior to 2008 crisis, lasted 7 years.

What Leverage Level(s) for the hospitality industry? Where are we in the current cycle? How is the cycle progressing regarding previous one?

Demand is still strong and keeps growing rapidly, but how would investors react to a downturn? How can they resist to lower RevPARs and wait for the next cycle to begin? 

This momentum is different from the previous one as there is a strong change in investor type and LTV is lower. What could be the face of the investment market in Europe? What mechanisms to these changes?

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