Press Review

November 2024: the real estate, tourism and hospitality press review

Last update : 3 December 2024

HoliProject presents its November 2024 press review. Through a selection of the most significant news items and studies, we look together at the information, trends and analyses currently shaping the real estate, tourism and investment markets. Among the topics covered: the new dynamics of investment in tourism, the predicted recovery of the office property market and the changes in travel habits forecast for 2025.

Tourism: Europeans Plan to Travel by March

According to the European Travel Commission, three-quarters of Europeans intend to travel between October 2024 and March 2025, marking a notable 6% increase compared to the previous year. “This enthusiasm is accompanied by a growing interest in exploring lesser-known destinations, creating unique opportunities for off-the-beaten-path locations,” highlights Miguel Sanz. Additionally, younger generations (18-35), who are the most travel-inclined, show a strong preference for city breaks and seaside getaways. (European Travel Commission)

Investment: a French SCPI dedicated to the US market

Corum recently announced the launch of the first French SCPI invested entirely in the United States. A pioneer in SCPI investment abroad, the Group is reaffirming its interest in geographical diversification. It is capitalising opportunistically on a US market marked by falling commercial property prices (between 20% and 50% depending on the value of the property) and attractive yields, which can be as high as 7% on premium assets. This new SCPI is therefore initially targeting opportunities arising from the slowdown in transactions. Another advantage is that the US market is considered to be more favourable to property owners. (Capital)

Hospitality: The Hotel Industry Shows Resilience

The hotel sector demonstrated strong resilience in Q3 2024, driven by growth in the luxury segment, international expansion, and robust demand, particularly in Europe and Asia. Major groups such as Accor, Hilton, and Wyndham continued to expand their portfolios with strategic openings, while pre-Olympic momentum boosted the French market. Despite economic challenges in China and the impact of inflation, industry players have managed to maintain profitability through optimized revenue management and higher average rates. (Hospitality On)

Office Real Estate: Undervalued Markets in Europe?

84% of office, retail, and logistics markets across Europe are considered undervalued, presenting attractive investment opportunities with significant capital appreciation potential. “The market is shifting, and investors need to reset their strategies,” says David Hutchings. “Many opportunities combine income security with operational gains. The recovery will be uneven, but some of the best acquisitions could take place in the coming year.” The UK and Germany remain leading markets for investment prospects. (Cushman & Wakefield)

Tourism: Switzerland focuses on autumn

Switzerland is stepping up its efforts to promote autumn tourism, with some success among the Swiss, who account for 60% of overnight stays during this period. Initiatives such as local events and the participation of Roger Federer in advertising campaigns have helped to attract domestic customers. However, the lack of sunshine limits the international appeal: foreign tourists prefer sunnier destinations such as the Canary Islands and Greece. This autumn repositioning of Switzerland is nevertheless part of a wider trend: the postponement of summer holidays. (RTS)

Office real estate: a market with prospects for reinvention

Office property investment trusts (SCPIs) are going through an unprecedented crisis, marked by a 30-40% fall in values for the major specialist SCPIs, such as Primopierre. According to Jérôme Rusak of the Rayne Group, this correction can be explained by a sustained fall in demand for office space, the development of flex office and the impact of high interest rates. Nevertheless, this crisis could gradually ease and pave the way for a beneficial restructuring phase. ‘The inversion of the yield curve heralds a return to normality for this stressed market,’ he says. (Boursier)

Business tourism: historic heritage becomes a strategic lever

Historical heritage is becoming a strategic asset for regions wishing to develop business tourism. Castles, museums or buildings: these places steeped in history can be transformed into special settings for unique business events that leave a lasting impression on participants. It’s a way of showcasing these sites and generating revenue that is essential to their preservation. Another benefit is that historic heritage attracts both local and international customers, making destinations even more attractive. (Tendance Hôtellerie)

Investment: why listed real estate remains an attractive investment

According to Laurent Gauville, Managing Director of Gestion 21, listed real estate continues to represent an attractive investment option, largely thanks to the current discount. ‘We can acquire real estate assets at a discount. As a result, profitability is boosted by this discount. Today, listed property is the most profitable option in the real estate sector. Not to mention the fact that this type of investment offers a valuable asset: liquidity, which is crucial in times of uncertainty. (PierrePapier)

Tourism: the new expectations of travellers in 2025

By 2025, trends in the travel sector will be moving towards immersive experiences that focus on nature, relaxation and a high degree of personalisation. Key developments include the rise of JOMO (joy of missing out) travel, which promotes disconnected holidays away from the hustle and bustle of everyday life. Secondary destinations, located close to major tourist centres, are also gaining in popularity, offering an alternative to overcrowded sites. Another underlying trend is the increase in solo travel. According to an Omio study, ‘30% of men and 23% of women plan to travel alone in 2025’ (Euronews).

Office real estate: a transformation leading to a renaissance?

What if the crisis in office real estate represented an opportunity to start afresh on a sound footing? That’s the question posed by Raphaël Amouretti of Catella Property. ‘We are facing an unprecedented combination of factors: changing working patterns, the energy transition and rising interest rates’. For him, three pillars are essential if the sector is to enjoy a renaissance: environmental innovation, flexible spaces and technological integration to make buildings more intelligent. This phase could well lead to a more balanced market by 2030. (Forbes)

Investment: the SCPI market remains under pressure

SCPIs are going through a difficult period, marked by unit write-downs and liquidity pressures, particularly in the office sector, which has been impacted by rising interest rates and falling demand. This situation has led to major withdrawals, concentrated on a few specific players. ‘The market is very complicated, and investors are a little lost’, admits Foulques de Sainte Marie of Mata Capital IM. However, not all SCPIs are suffering the same effects: some are showing great resilience, thanks to their diversified portfolios. (Le Monde)

Hospitality: Adapting to Travelers’ New Expectations

To meet evolving traveler expectations, the hospitality sector is exploring innovative concepts, embracing hybrid and personalized models. Notable trends include the rise of “bleisure” travel – combining business and leisure – and a growing demand for accommodations offering health-related services. “In our hotels, doctors, chefs, trainers, and physiotherapists collaborate to create personalized programs,” explains Wsinee Sukjaroenkraisri of RAKxa Integrative Wellness. Additionally, there is a noticeable increase in management contracts, specifically tailored for independent establishments. (Web in Travel)

Office real estate: a positive signal for SCPIs

With a growing number of companies, such as Amazon and Ubisoft, encouraging their employees to return to the office, office real estate could benefit from this trend. After a period marked by a major price correction, due in particular to the boom in teleworking, the sector is gradually entering a more favourable phase. ‘This return to normality should benefit the many SCPIs invested wholly or partly in office property,’ explains Benoit Yerle. As a reminder, the crisis has contributed to a fall in the value of this asset class, leading to a fall in unit prices for some SCPIs. (La Tribune)

Date de première publication : 3 December 2024

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