Publications

Christie & Co, le cabinet conseil en immobilier hôtelier, vient de publier la première édition de son étude « Le marché hôtelier français : villes-clés en région » offrant une analyse de six destinations urbaines majeures hors Paris et Île-de-France.

L’étude de Christie & Co souligne une année 2018 positive pour le tourisme. Les 6 villes observées enregistrent une hausse générale du nombre d’arrivées par rapport aux années précédentes, en particulier au niveau du nombre de voyageurs internationaux.

Le rapport, qui porte sur les villes de Bordeaux, de Lille, de Lyon, de Marseille, de Nantes et de Nice, se penche sur plusieurs indicateurs incluant le prix moyen, le RevPAR, le taux d’occupation, l’offre hôtelière ainsi que les facteurs pouvant impacter les performances. L’accessibilité, les sites touristiques, les activités commerciales et professionnelles, les projets de développement urbain sont également pris en compte car ils composent les signaux de croissance et d’opportunités nouvelles. 

Alors que Nice arrive en tête de liste en termes de prix moyen et de RevPAR avec respectivement 127 € et 90 €, Bordeaux affiche le plus fort taux d’occupation des villes observées avec 76 % et toutes, sauf Marseille, dépassent la moyenne nationale qui est de 69 %. En 2018, toutes les villes ont vu leur RevPAR augmenter par rapport à l’année dernière, à l’exception de Lyon qui reste stable. La France, dans son ensemble, enregistre une évolution encourageante de son RevPAR (+ 7,3 %).

Le rapport met en lumière une période de croissance pour la France qui se remet de la contraction de demande touristique et hôtelière en 2015/16 faisant suite à plusieurs crises sécuritaires. Les indicateurs de performance de 2018 en attestent. 

Soazig Drais, Directrice associée – Conseil et Valorisation du bureau Christie & Co de Paris qui a dirigé l’étude ajoute « Plusieurs facteurs entretiennent l’intérêt croissant des développeurs et des investisseurs pour les marchés secondaires. Non seulement, ces derniers connaîtront une rénovation urbaine et une connectivité améliorée mais la diversification de leur parc hôtelier augmentera leur attractivité auprès des visiteurs internationaux. Ce sont autant d’arguments qui soutiennent des perspectives favorables pour 2019. »

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International hotel property adviser, Christie & Co, has released its new analysis of hotel investment in 2018, which shows a new record year in investment in the sector in Spain with €4,860 million.

Following the report preview on January 24th at FITUR, the international tourism fair in Madrid, and in collaboration with the Asociación Empresarial Hotelera de Madrid, Christie & Co has now published the full report, in which it offers the global figure of hotel investment estimated in 2018 in Spain. and the report also provides the ‘Perspectives 2019-2020’, which predicts that Spain will continue to attract investment interest in a more volatile and competitive environment.

According to the data available to Christie & Co, the total hotel investment in Spain in 2018 was €4,860 million, in a total 223 transactions (surpassing the 185 transactions registered in 2017), which represents an average price per room of €128,000 and an increase of 24.6% of the total volume of investment versus 2017. This positions Spain in second place, behind the United Kingdom (where investment is estimated to be £6,500 million), but before Germany for the first time (where €4,000 million has been estimated for the total investment in 2018).

In terms of investor profile, the report highlights the importance of investment firms as the largest source of capital in 2018, representing 53% of the total investment, with more than €2,560 million (increasing its percentage versus 2017, in which they represented 42%). Hotel companies, with 24% of the total investment figures (vs. 20% in 2017) are in second place, and REIT companies are again in third position with 15% (vs. 16% in 2017). Furthermore, regarding origin, it is noted that investment from national origin has decreased in comparison to the previous year (35% in 2018 vs. 51% in 2017), surpassed by the increase of US investors (40% in 2018 vs 23% in 2017) and the entrance of new investors from Thailand (8%) and México (4%).

The report also emphasizes how the estimated investment figures have been greatly increased by portfolio transactions and significant assets, which represented more than 60% of the investment volume in the whole country. Blackstone, which was the main player in 2017 with the purchase of the HI Partners portfolio (€630 million), has been the main protagonist in 2018 with the purchase of 48 hotels from the Hispania REIT portfolio, for €1,900 million. Likewise, transactions like the purchase of the Atom Hoteles portfolio, the joining of the Chinese group Gaw Capital and the increase of the participation of Omega Capital in Hospes hotel chain, the nine urban hotels Silken portfolio acquired by CBRE Global Investment Partners and Pygmalion Capital Advisers LLP, the takeover of NH Hotel Group by Minor International, and the purchase of Hotel Villa Magna by the Mexican REIT RLH Properties for €210 million (with a record price per room of €1.4 million) caused the total volume transacted in Spain in 2018 to once again beat all previous records.

Christie & Co, as in the report "Hotel Investment Overview - Spain 2017" published in February 2018, highlights again the interest aroused by secondary destinations, generating 23% of the total investment, with a 65% increase in comparison to 2017 (in which investment in secondary locations was 14% of the total investment volume). This percentage reflects that three out of ten rooms that changed ownership were not located in the main Spanish urban or holiday destinations.

With regards to the investment volume in primary locations (over €3,700 million), resort destinations continue to outstrip urban destinations as they did in 2017 (64% of investment in resort destinations compared to 36% in urban destinations). In 2018, investment both in the Canary Islands and the Balearic Islands represented more than 50% of the total volume (vs. 40% in 2017), causing a slight decline in urban destinations whose investment continues to be led by Madrid (12% of total investment in 2018 vs. 16% in 2017), followed by Sevilla (which enters the podium with 4.5%) which surpassed Barcelona (3.5% in 2018 vs. 9% in 2017), and Malaga (which in 2018 dropped to 2.9% vs. 4% in 2017).

Finally, the analysis shows how almost 93% of transactions carried out in 2018 (vs. 90% in 2017) were concentrated again in the same six Spanish regions than in the previous year: the Canary Islands (29.6%), the Balearic Islands (21%), Andalusia (16.5%), Community of Madrid (12.9%), Catalonia (6.8%) and the Valencian Community (6.3%). Regarding the average price per room per region, the Canary Islands led the ranking in the resort market, with €140,000 per room, while the Community of Madrid led in the case of urban destinations with an average price over €200,000 per room.

Inmaculada Ranera, Managing Director at Christie & Co Spain & Portugal, comments “The Spanish hotel industry continues to prove its resilience to the economic and political uncertainties that drive the global agenda and, despite noticing the effects of the recovery of Mediterranean resort destinations, the main coastal destinations in Spain maintain stable KPIs (occupancy, ADR and RevPAR). Urban destinations have proven to be solid markets resisting uncertainty related to security issues. Therefore, it is not surprising that the positive evolution of a sector which remains key for Spanish economy and continues to attract investment appetite, especially from foreign investors.”

Christie & Co publishes special report on Chinese cultural & tourism village and theme park market

Following the success of the second annual ‘Cultural & Tourism Village’ session at the 12th China Tourism Forum in November 2018, co-hosted with the School of Hotel and Tourism Management (SHTM) at the Hong Kong Polytechnic University (PolyU), specialist business property adviser, Christie & Co has published a special report, ‘Cultural & Tourism Villages and Theme Parks,’ with support from the SHTM Hotel and Tourism Research Center and the guests at the first annual ‘Cultural & Tourism Village’ session in 2017.
Christie & Co’s report analyses the global theme park market, top theme park groups and the development of cultural & tourism villages in China. As the Chinese tourism market continues to boom, fuelled by increasing household incomes and the support of central and local governments, the report identifies the emerging concept of cultural & tourism villages as an investment hotspot within the Chinese tourism market.

The report considers the scale of the global theme park market, in terms of both visitor numbers and total revenue, finding that while the North American market remains the largest, the Asian Pacific market is the fastest growing region, with a compound annual growth rate of 7% in the Asian Pacific from 2011 to 2016. The North American and Asian Pacific markets are expected to dominate the global market in the future, accounting for an estimated 85% of the market by 2020.

Following analysis of the top 10 theme park markets, the report identifies the top three as the United States, Japan and China. The Chinese market has positioned itself as the third largest theme park market, growing at a compound annual rate of 16.8% from 2011 to 2016. The country's proportion of the global income was around 11% in 2016 and is expected to reach 14% in 2020.

Global theme park groups currently leverage ‘intellectual property’ (IP) to create experiential entertainment to differentiate themselves and attract more visitors, and destination theme parks construct a strong ‘theme IP’ in order to increase the popularity of the park, generate income and influence longer overnight stays. In terms of global branded theme parks, Disney is positioned as the market leader, accounting for approximately 30% of global consumption with 12% of global attendance in 2016. Top global theme park brands, namely Disney, Merlin’s Legoland, Universal Studios and Six Flags, have already entered the Chinese market due to its increasingly high demand for new theme parks.

According to National Bureau of Statistics of China, the total number of tourists in 2017 exceeded 5 billion, marking an 85% increase from 2011 to 2017 and a compound annual growth over 10%. China’s theme park market grew rapidly from 2000 to 2014, accelerated by the emerging concept of cultural & tourism villages, first introduced by the Chinese Government in 2015 in order to accelerate the urbanisation of villages and foster faster industrial growth in rural areas. The Chinese theme park market is expected to continue to grow rapidly alongside the development and growth of cultural & tourism villages.

Joanne Jia, Head of Asia at Christie & Co comments, “Christie & Co is currently assisting a number of global theme park groups and IP owners to enter the growing Chinese tourism market, and we are seeing an increasing number of overseas groups looking to enter this exciting market. The advantages and risks of different strategies to entering the market and managing planning, construction, operation and management should be considered. Although many overseas groups have adopted a sino-foreign joint venture strategy with a Chinese group or government, the lease agreement, management contract and franchise models can still prove to be advantageous. Most importantly, intellectual property will remain a key catalyst to the success of theme parks and cultural & tourism villages and remains an essential component for investors and operators.”

Chiffres clés de 2018 sur tous les secteurs d'activité de Christie & Co, y compris l'hôtellerie et les prévisions pour 2019

While international investment continues to thrive and the impending Brexit deadline likely to bring economic clarity, the future of business looks to be bright, according to the latest annual report by specialist business property adviser, Christie & Co.

The report, ‘Business Outlook 2019: Navigate, Innovate, Accelerate,’ reflects on the themes, activity and challenges of the previous year and forecasts what 2019 might bring across the industries in which Christie & Co operates, including healthcare, hospitality and retail. Overall, whilst headwinds affect the majority of these sectors, predominantly increasing operating costs and recruitment, growth was still seen by many businesses.  

A shift in investor appetite in the commercial property market has seen greater demand for ‘alternatives’ property, fuelled by Asian and European investors keen to capitalise on developments in the healthcare, childcare and hospitality sectors. 

Brexit is identified as a pivotal factor for many businesses in the UK, with some having benefitted from the relatively low value of the pound and others feeling the pressure of an uncertain outcome. Generally, an upturn in confidence is expected with the clarity 2019 should bring. Additionally, more alternative lenders are coming to the fore, as traditional banks are more cautious to lend, creating greater opportunity for business owners looking to embark on their first venture or expand. 

Within the report, the key strategies which business owners and operators may employ to navigate challenges throughout 2019 are identified as: ensuring staff retention, minimising costs through new innovation and better operational management, and reinvestment. These approaches are found to be applicable to a range of sectors, giving businesses of all sizes an edge to adapt and thrive in 2019. 

Average prices remained economically positive throughout 2018 across almost every sector in which Christie & Co specialises. These are as follows: 

Dental: + 5.2%
Pharmacy: + 2.8%
Care: + 3.1%
Childcare: + 8%
Retail: + 1.3%
Pubs: + 2.7%
Restaurants: - 1.3%
Hotels: + 4%

Chris Day, Global Managing Director at Christie & Co, comments, “There is no doubt that the past year has been a struggle for some businesses in the UK, particularly on the high street and casual dining operations, however there has also been plenty to be optimistic about. Consumer demand across many sectors grows, particularly those with exciting concepts or which are successfully utilising new technologies, whilst investment from overseas has seen a healthy continuation which doesn’t look set to slow. With ever changing political and consumer landscapes, being aware and prepared to adapt will help business flourish this year.”

 

Où investir en Europe ? Christie & Co publie la deuxième édition de son étude "European Hotel Investment Trends 2018: Connectivity, hospitality & opportunity"

Où investir en Europe ? Christie & Co publie la deuxième édition de son étude "European Hotel Investment Trends 2018: Connectivity, hospitality & opportunity"
Votre contact en France est Soazig Drais, Directrice Associée Conseil & Evaluation

Nouvelle étude de Christie & Co Espagne présentant les performances de l'archipel des Canaries en termes de demande, offre et profit

Christie & Co analyse les données portant sur les 4 îles principales de l'archipel : la Grande-Canarie, Tenerife, Fuerteventura et Lanzarote.

Christie & Co Espagne publie l'étude sur les villes espagnoles les plus compétitives en 2017

Following their strategy of sharing useful information with the market by means of reports on relevant areas or cities to the tourism industry, Christie & Co now presents a new update (third year in a row) of its report "Hotel Market in Spain: Most Competitive Cities", which analyses the 2017 evolution of the hotel markets of Barcelona, San Sebastian, Madrid, Malaga, Seville, Bilbao and Valencia through its main parameters: hotel demand, offer and profitability.

Dans la lignée des rapports déjà publiés ur les villes les plus compétitives en Espagne et au Portugal, Christie & Co propose une étude spécifiques sur les villes secondaires en Espagne qui présentent un réel potentiel en termes de performance.

À partir des chiffres du "Barometer of Profitability and Employment of Spanish Tourist Destinations 2017" publié par Exceltur, Christie & Co a retenu les villes qui ont obtenu les RevPAR les plus élevés, connu une variation significative entre 2016 et 2017 et une croissance cumulée significative depuis 2015. Ainsi, derrière les villes de Barcelone, Madrid, Valence, Séville, Saint-Sébastien, Malaga et Bilbao se distinguent les villes de Santander, Alicante, Cordoba, Grenade, Tolède, Saint-Jacques de Compostelle et Valladolid.

Xavier Batlle, Associate Director et Responsable du département Conseil pour l'Espagne et le Portugal, commente: “la reprise du tourisme domestique et la croissance du tourisme international ont amélioré la rentabilité des destinations secondaires prises en compte dans notre étude. Ceci doublé à une bonne accessibilité et une demande soutenue en font des destinations attractives sur le plan de l'investissement et du développement".

Christie & Co vient de publier une présentation du marché hôtelier allemand avec une analyse des 6 villes clés du pays : Berlin, Munich, Francfort/Main, Hambourg, Cologne et Dusseldorf.

The report, which references performance data provided by STR reveals that while performance of the individual markets may differ, as a whole the German hotel market is still prospering.  

 

ACCORDING TO CHRISTIE & CO LATEST REPORT, HOTEL INVESTMENT IN SPAIN REACHED 3,900 MILLION IN 2017

Christie & Co, international hotel property advisor, releases its analysis of hotel investment 2017, which denotes a new record year in investment in the sector in Spain with 3,900 million euros.

After the presentation in Madrid of the YTD report on December 19th, in which they estimated in 3,086 million euros the investment volume up to November 30th, Christie & Co publishes the full report, in which they share the estimated figure of hotel investment in Spain in 2017.

According to the data available to Christie & Co, the total hotel investment in Spain in 2017 was of 3,900 million euros approximately, in a total of 185 transactions, which represents an average price per room of 120,475 euros and an increase of 81% of the total volume of investment versus 2016.

In terms of investor profile, the report highlights the importance of investment firms as the largest source of capital in 2017, representing a 42 % of the total investment, with more than 1,300 million euros. Hotel companies, with a 20% of the total investment figures are on second place, and REIT companies close the podium with a 16%. Furthermore, regarding origin, 51% of the investment was from national origin, followed by US (23%) British (12%) and French (6%) investors.

The report also emphasizes how the investment estimated figure has been greatly increased by portfolio transactions and significant assets such as Blackstone's purchase of the HI Partners portfolio (630 million euros); purchase of Edificio España in Madrid by RIU Hotels & Resorts (272 million euros); the Meliá and Starwood joint venture bought by London & Regional (230 million euros); the “Bay Hotels” portfolio participation in Barceló and the purchase of the “Alua Hotels” portfolio by Hispania; or the Hilton Diagonal Mar Hotel purchase by AXA (150 million euros), among others.

The advisor also highlights how secondary destinations have arisen interest this past year, bringing together a 14% of the total investment, with 26% of the transactions. Cities such as Alicante, Girona, Lugo, Almeria, Lleida, Cádiz or Granada have received a strong investment appetite in the Spanish hotel sector due to, among other reasons, attractive investment returns in these secondary cities, a clear recovery in RevPAR levels and new trends in terms of demand.

Likewise, after some years in which urban destinations blunted in terms of investment volume, Spain continues to be a benchmark in the sun and beach segment. Vacational destinations have concentrated a 65% of the total figure, with the Canary and Balearic Islands gathering, by themselves, the 40% of the total investment in the country.

Finally, the analysis shows how almost the 90% of the transactions carried out in 2017 were concentrated in six Spanish regions (the Balearic and Canary Islands, Andalusia, Catalonia, Madrid, and the Valencian Community), regions that received as well the 91.7% of international tourists, something that can be considered a key factor for the demand concentration.

The report, which Christie & Co wants to carry out on annual base, concludes with a quick summary of the “2018 Outlook”, including what they consider key factors for the immediate future within the hotel sector, analysing it from an economic perspective and reviewing new trends and foreign factors that can affect it.