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Taking Stock of Hotel Investment & Development in German-Speaking Markets very thin in the mountain and lake regions,” he said, adding that this has been exacerbated by the decoupling of the franc/euro, unfavorable legislation over second homes and that banks are no longer interested in financing resort hotels. He explained that continuing interest from investors and oper- ators is due to the fact that they can no longer gain profit from offices and apartments and, therefore, move over to hotels. This generates oversupply. Joerger, who participated in the develop- ment of the Zurich Airport a few years ago, is concerned about the balance there today. “In the next three years, the room offer will increase by 25 percent, but where is the demand supposed to come from?” In addition, he believes that even professional investors and operators are often still tempted by the para- dise-like performance figures in Switzerland (compared to Austria and Germany) and then tend to forget about the immensely high costs. Because of its special framework conditions, Switzerland is not a big transaction market. In 2016, mainly private hotels changed owners. The only noteworthy international deal is the sale of the Palace Lucerne to the Chinese investor Yunfeng, which took over the property from the Credit Suisse fund CS REF Hospital- ity. Victoria-Jungfrau Collection remained the operator. Under negotiation is the sale of the Fairmont Le Montreux Palace, also currently owned by CS REF Hospitality. AUSTRIA: GOOD FOR SURPRISES – RECORD YEAR 2016 2016 was totally different for Austria compared to Switzerland. Hotel transaction volume in Austria exceeded €900 million for the first time last year— more than doubling the previous high of 2012. And the market hasn’t outperformed only in Vienna, but also in other regions. The result was three times the total of 2015, and amounted to more than a fifth of Germany’s hotel transaction volume, according to an analysis by Christie & Co Austria. “The record value was driven by a number of large-scale trophy transactions as well as several portfolio deals, including those with AccorHotels and Invesco,” said Lukas Hochedlinger, Manag- ing Director Germany, Austria & CEE at Christie & Co. “Although Vienna accounted for many of the transactions as in recent years, hotel sales in the federal states also contributed to the outstand- ing result for 2016.” The majority of deals over 2016 as a whole continued to involve Austrian investors, but international investors dominated where total volume is taken into account. The year began with Starwood Hotels & Resorts’ €70- million sale of the historic 138-room Hotel Imperial in Vienna to Dubai’s Al Habtoor Group. Meanwhile, local investors Erwin Krause and Franz Kollitsch acquired the 579-room Hilton Vienna for the record sum of almost €200 million in the first quarter of 2016; The Schoeps Group sold the former LaStafa building on Mariahilfer Strasse, site of the 186-room Hotel Ruby Marie; and the MBI Group sold the 68-room boutique hotel The Ring to the AINA Capital fund established by Rothschild. Several smaller hotel transactions were also concluded in the Austrian capital. The second half of 2016 featured more eye-catching deals, especially portfolio transactions. In Vienna, for instance, the 341-room Ibis Mariahilf and the 198-room Mercure Bie- dermeier Vienna were sold during the summer; elsewhere, the 115-room Ibis Styles Linz and the 94-room Mercure Bregenz were sold to French Grape Hospitality (AccorHo- tels’ new operations company) as part of an Austria-wide portfolio. Toward the end of the year, Invesco sold the 499- room NH Vienna Airport and the 140-room NH Salzburg City to investor Pandox, also as part of a wider portfolio. Other transactions of note involved developer UBM, which successfully marketed its Ibis (300 rooms) and Novotel (277) projects at Vienna’s main station under the terms of a forward deal. Hotel deals in Vienna thus accounted for more than two thirds (approximately €650 million) of the value of all hotel transactions in Austria. SELECTED HOTEL TRANSACTIONS IN AUSTRIA 2016 11 Place Vienna/Salzburg Vienna Seefeld Kitzbühel Carinthia Salzburg Vienna Loipersdorf Austria Vienna Stegersbach Bad Leonfelden Vienna Innsbruck Vienna Source: Christie & Co Research Property Rooms Vendor Buyer Pandox Amundi Real Estate Private Private Private Private AINA Capital Therme Loipersdorf Grape Hospitality (Eurazeo) Bayrische Versorgungskammer Private Private Betha Zwerenz & Krause/APM Holding Country Tyrol Al Habtoor Group NH Vienna Airport + Salzburg City Ibis + Novotel Wien Hauptbahnhof 577 Dorint Hotel Seefeld 126 Austria Trend Hotel Schloss Lebenberg 150 Falkensteiner Carinzia + Katschberg 345 Goldener Hirsch 70 Hotel The Ring 68 Vienna House Loipersdorf 197 Portfolio (4 hotels) 748 Ruby Marie 186 Balance Resort Stegersbach 141 Hotel & Spa Bad Leonfelden 118 Hilton am Stadtpark 572 Hilton Innsbruck 176 Imperial Vienna 138 TRANSACTIONS IN FEDERAL STATES In addition to the aforementioned transactions in Linz and Bregenz, some other notable hotel sales were concluded in the federal states. City hotels sold early in 2016 included the 176-room Hilton Innsbruck to the State of Tyrol and the 70-room Goldener Hirsch in Salzburg to private investor Hans-Peter Wild. In the holiday and resorts sector, Christie & Co acted on behalf of the vendor to broker the sale of two Falkensteiner Hotels: Balance Resort Stegersbach and 639 Invesco Real Estate UBM Dorint Hotels Bank Austria FMTG Starwood Hotels MBI Group Holding Vienna House AccorHotels Schöps Gruppe S-Tourismusfonds S-Tourismusfo nds RZB Private Starwood Hotels HOSPITALITY INSIDE | IHIFPDF Image | Burgenstock Taking Stock of Hotel Investment
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