Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Vasilis Fotopoulos - Prodexpo 2018 Presentation

45 views

Published on

Head of Hospitality, Capital Markets, Arbitrage RE

Published in: Real Estate
  • Be the first to comment

  • Be the first to like this

Vasilis Fotopoulos - Prodexpo 2018 Presentation

  1. 1. ©2018 Arbitrage Real Estate. All Rights Reserved Greek Hospitality Market Summarised facts on the latest trends 2nd November 2018 Vassilis Fotopoulos, Head of Hospitality
  2. 2. Greek hospitality real estate market New 4* and 5* arrivals, solid interest driven by fundamentals Source: Arbitrage Real Estate, HELSTAT, SETE ©2018 Arbitrage Real Estate. All Rights Reserved 2 GEOGRAPHIES
  3. 3. Greek hospitality real estate market Strong headwind from tourism sector; values are going up Source: HELSTAT, BoG, SETE, HVS Hotel Valuation Index 2018, Arbitrage analysis CAGR: Compound Annual Growth Rate ©2018 Arbitrage Real Estate. All Rights Reserved ​Tourists Arrivals ​# of mn tourists Annual Change in Values (%) 17,0 20,1 24,3 26,1 28,1 30,0 32,5 0,0 5,0 10,0 15,0 20,0 25,0 30,0 35,0 2012 2013 2014 2015 2016 2017 2018F ​6y CAGR 11.4% 15,0 16,5 17,3 18,1 19,0 19,9 20,9 21,9 22,9 24,0 25,2 26,4 0,0 5,0 10,0 15,0 20,0 25,0 30,0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ​Annual Tourist Expenditure Forecast ​€bn ​Actual ​Forecast: CAGR 4.8% 1,3 0,9 2,0 1,8 2,3 1,1 0,8 1,2 1,9 1,6 0,0 0,5 1,0 1,5 2,0 2,5 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 ​Athens ​Sofia ​Rome ​Barcelona ​Milan ​Lisbon ​Madrid ​Europe avg ​Istanbul Athens lacks behind peer group; potential for upside ​Hotel Valuation Index in Athens & Peer Cities Cities 2014 2015 2016 2017 CAGR 2008-17 Barcelona 6.3% 10.9% 13.8% 7.1% 3.6% Lisbon 10.3% 11.1% 10.2% 14.7% 3.6% Madrid 14.3% 14.2% 11.0% 14.1% 1.4% Rome 3.7% 4.5% 0.5% 2.3% 0.9% Europe 3.2% 5.2% 0.2% 3.9% 0.8% Milan 5.7% 10.1% (3.7%) 4.4% (0.9%) Sofia 7.1% 7.5% 16.0% 9.9% (1.0%) Athens 5.9% 12.6% 10.6% 11.0% (2.8%) Istanbul (9.9%) (8.9%) (23.7%) (3.4%) (6.7%) Athens still well below 2008 levels 3
  4. 4. Example: Airbnb|Athens ©2018 Arbitrage Real Estate. All Rights Reserved Greek hospitality real estate market Short stay platforms. A growing threat or filling a momentary gap? Source: Arbitrage Real Estate, AirBnB 4 0 € 50 € 100 € 150 € 200 € Athens Budapest Berlin Frankfurt Brussels Prague Helsinki Madrid Manchester Milan Barcelona Paris Copenhagen Edinburgh Dublin Stockholm London Amsterdam Airbnb – Average daily rates 0,0% 10,0% 20,0% 30,0% 40,0% 50,0% 60,0% Copenhagen Stockholm Frankfurt Paris Berlin Amsterdam Helsinki Brussels Edinburgh Milan Dublin Manchester London Madrid Barcelona Budapest Athens Prague % of properties run by professionals
  5. 5. Greek hospitality real estate market Growing demand for sailing, yachting and cruises Analysis: Arbitrage Real Estate Note: Indicative list ©2018 Arbitrage Real Estate. All Rights Reserved 5
  6. 6. Student accommodation with boutique hotels ©2018 Arbitrage Real Estate. All Rights Reserved Greek hospitality real estate market Opportunities to consider for non core strategies 6 Cultural and educational tourism Agro and food tourism Golf, spa and luxury And many more….
  7. 7. Hotel 34% Residential 19% CRE- Office 12% CRE - Other 13% Land 9% Other 3% Industrial 10% Greek hospitality real estate market The supply opportunity from hospitality real estate (RE) collaterals ©2018 Arbitrage Real Estate. All Rights Reserved Source: Bank of Greece, FT, Arbitrage RE, Note: Real estate collateral value per asset type based on the 3 corporate secured portfolios auctions in 2018 The gross value of Greek NPLs as of Q4 2017 8 times pre-crisis levels RE collateral value per asset type 7
  8. 8. Greek hospitality real estate market Transactions in 2017-18: Indicative examples Source: Arbitrage Real Estate ©2018 Arbitrage Real Estate. All Rights Reserved 8 HOSPITALITY REAL ESTATE TRANSACTIONS 2017-18 – INDICATIVE EXAMPLES Hotel Category Location Rooms Buyer or Operator Pricing (€) Year ex LEDRA ATHENS 5* CENTRAL ATHENS 314 HENDERSON PARK & HINES 33.050.000 2017 KING GEORGE 5* CENTRAL ATHENS 102 LAMPSA 43.000.000 2017 ASTERIA 5* GLYFADA, ATHENS tbc GRIVALIA 29.500.000 2017 LAKITIRA HOTELS 4* & 5* KOS 603 ATLANTICA HOTELS & RESORTS 62.900.000 2018 ex LES LAZARISTES 5* THESSALONIKI 74 NBG PANGEA 7.000.000 2018 SITIA BAY RESORT 5* SITIA, CRETE 177 IKTINOS S.A (77,8%) 15.000.000 2018 AMANZOE 5* ARGOLIDA, PELOPONNESE 42 pavillions+ 8 villas GRIVALIA (85%), DOLPHIN CI 15%) 82.300.000 2018 MELI PALACE 4* LASITHI, CRETE 152 GRIVALIA 11.000.000 2018 AMILIA MARE & PARADISE VILLAGE 5* RHODES 615 + 200 HIG >55.000.000 2018 MR & MRS WHITE PAROS 4* NAOUSA, PAROS 49 BRIQ PROPERTIES 3.500.000 2018
  9. 9. Greek hospitality real estate market New arrivals: Indicative examples Source: Arbitrage Real Estate ©2018 Arbitrage Real Estate. All Rights Reserved 9 Hotel Category Location Rooms Operational ATHENIAN RIVIERA HOTELS & SUITES 4* VOULIAGMENI 50 2017 DOLCE ATTICA RIVIERA 4* VRAVRONA, ATTICA 346 2017 RAMADA LOUTRAKI POSEIDON RESORT 4* LOUTRAKI, ATTICA 207 2017 IKOS DASSIA 5* DASIA, KERKYRA 409 2017 CASA COOK 5* KOS 100 2017 LESANTE BLU EXLCLUSIVE BEACH RESORT 5* ZAKYNTHOS 93 2017 GRAND HYATT ATHENS 5* ATHENS 314 2018 ATHENS MARRIOTT HOTEL 5* ATHENS 366 2018 DOMES MIRAMARE 5* KERKYRA 113 2018 OLEA ALL SUITE HOTEL 5* TSILIVI, ZAKYNTHOS 105 2018 KENSHO PSAROU MYKONOS 5* PSAROU, ΜΥΚΟΝΟS 30 rooms + 1 villa 2018 CANAVES OIA EPITOME 5* ΟΙΑ, SANTORINI 24 villas 2018 ANTIGON URBAN CHIC HOTEL 5* THESSALONIKI 38 2018 EUPHORIA RETREAT 5* ΜΑΝI, PELOPONNESE 45 2018 SUNCONNECT MARINA BEACH 4* IRAKLIO, CRETE 380 2018 SENSATORI RESORT RHODES BY ATLANTICA 4* GENNADI, RHODES 300 2018 EUPHORIA RESORT 5* CHANIA, CRETE 283 2018 GRECOTEL CASA MARRON 4* LACOPETRA, ACHAIA 270+ 2018
  10. 10. Greek hospitality real estate market More in our upcoming report ©2018 Arbitrage Real Estate. All Rights Reserved 10
  11. 11. Greek hospitality real estate market Time to conclude ©2018 Arbitrage Real Estate. All Rights Reserved 11 Hospitality real estate is such a vital component of most investors’ and financiers’ portfolios that the real question is not ‘whether’ to participate in the market, but ‘how’ “
  12. 12. ©2018 Arbitrage Real Estate. All Rights Reserved Thank You Summarised facts on the latest trends 2nd November 2018 Vassilis Fotopoulos, Head of Hospitality

×