Editorial October 14 2022 The trailblazers Small things and small steps
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The trailblazers: Small things and small steps

The trailblazers: Small things and small steps

Dear Insiders,

It takes a week after Expo Real before you really notice how contradictory the hotel industry’s current situation is: Transactions are at a standstill, development is advancing at a snail's pace, banks are refusing finance, but hotel yields are rising. All the same, the hotel has now been downgraded to risky again - as happened in 2009, as Prof. Christian Buer points out today in his commentary on the current Q3 transaction figures. Operators are just consolidating among themselves or making hot expansion plans; many are still basking in their super rates, though others are already looking anxiously at their gas meters.

The trick now is to read between the lines or pick out the subtleties from the discussion rounds. Today we have summarised two important sessions at the Expo Real for you. On the one hand, there are hungry investors with clear exit concepts, but even in the crisis they still encounter self-confident and agile operators. The latter are nevertheless aware of where their interest rate limits are, where their own asset management is lacking and why they are still pushing ESG to the back of the queue. Pro-Invest Group, Soravia, EY and Seetel Hotels made for fascinating questions and answers that focused on and questioned the value of capital.

The other discussion round brought together owners, operators and lawyers in the form of IHG, Motel One, MHP and Jung & Schleicher. They all drew important lessons from corona, satisfactorily resolved their lease payment dispute 80% of the time, so that they now - together! - are looking to tackle the next issues: even more flexible variables, cap clauses, shorter contract terms and contracts with negotiation clauses. The latter "force" the parties to talk to each other when things get tight. You see, it does work!

It's the small things that now pave the way to the future. And I see from these two discussions rounds alone how much the hotel industry has professionalised in real estate and finance between 2009 and 2019. The larger operators have done their homework and are now negotiating on an equal footing with investors and developers, despite all the burdens. The operators have also become more self-critical; that suits them well.

David Etmenan, founder and CEO of Novum Hospitality, has never lacked in self-confidence, but he has also worked on himself and the Novum strategy: He is now shifting from quantity to quality, in small steps. He has adjusted the portfolio by 5,000 rooms since corona and implemented internal rebrandings to sharpen the brand profiles. He is also building up his own PropCo and wants to get out from the protective umbrella of the German Economic Stabilisation Fund at the end of 2024. "Our goal is to deleverage in a healthy way and then grow sustainably.”

Union Investment and mrp hotels have produced a white paper for resorts, there is a new brand ranking for Germany, and the EU wants to force short-term rental companies to register and disclose data before the end of the year. Did you know that drones can build houses like bees? That's worth a look. 

Our photo animations from Expo Real are definitely worth a look - from our lively joint stand World of Hospitality and our relaxed networking event BRICKS & BRAINS with many high-caliber guests. 

Last chance to participate once again in our Investment BAROMETER! Two minutes and you help to gain a better understanding of the world. You have your own opinion, don't you? Those who participate receive all results in detail. 


Yours, Maria Pütz-Willems
editor-in-chief


Your opinion? editor@hospitalityInside.com

 
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