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Inside Hotel Asset Management
Inside Hotel Asset Management is a podcast series from the Future of Hospitality: 5 in-depth conversations with the operators, leaders and practitioners driving this part of the industry forward.
5 EPISODESSINCE 2024
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01How a hybrid lease creates hotel value: the Tivoli Oriente caseAdrian Flück co-heads hotel investment at Invesco Real Estate, which owns 34 hotels across Europe, every one of them held on a lease rather than a management agreement. In this conversation he uses the Tivoli Oriente in Lisbon as a case study: a 2019 sale-and-leaseback with Minor Hotels, a hybrid lease that pairs a minimum guaranteed rent with a turnover top-up, a partnership that held through COVID, and a two-phase refurbishment of rooms and corridors that lifted rate and performance. Along the way he explains the FF&E reserve and the demarcation list that decides who pays for what, how ESG runs on BREEAM, GRESB and measuring every kilowatt-hour, and when an owner decides to exit or keep holding.28 min02
Fewer rooms, more value: repositioning La Pérouse in NicePierre-Louis Bellanger and Maxime des Monstiers of Capital Hospitality Europe bought La Pérouse, an iconic boutique hotel overlooking the Baie des Anges in Nice, in 2021 while COVID still had the transaction market on hold. They walk through the full cycle: the underwriting that won the deal, the decision to cut the room count from 56 to 53, a full refurbishment delivered in roughly seven months with building costs up 30 percent, and an F&B relaunch that turned the restaurant into a lifestyle offer and added a rooftop barbecue. EBITDA went from roughly 1.5 to 1.7 million at acquisition to close to 4 million at the sale earlier this year.41 min03
Owner, operator, advisor: what a hotel asset manager really doesRastko Djordjevic runs JLL's hotel asset management for EMEA, the discipline of maximising a hotel's value across the entire holding period. In this conversation he separates the asset manager's job from the operator's and the owner's, and walks through the calls that move value: keeping a brand instead of rebranding, phasing a renovation to an Olympics deadline, and taking a hotel standalone in the middle of COVID. The throughline is that a hotel is an investment first, and every decision is underwritten against a five-year plan that the market will not leave alone.46 min04
Reposition with the exit in mind: a Barcelona caseEmmanuel Dissez and Dario Filippone join Inside Hotel Asset Management to break down the five-year repositioning of the Grand Hotel Central in Barcelona. From taking the hotel to direct operations to moving RGI from 64 to 108, this episode explores how to build value with the exit in mind from day one.32 min05
Reposition before rebrand: a Brussels hotel asset caseSophie Richard joins Inside Hotel Asset Management to break down the repositioning of a 142-room hotel at Brussels Midi. From a bold segmentation cut to a full rebrand, this episode explores how to rebuild rate quality and move RGI from 81 to 110.36 minNEWSLETTER
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