Press Review

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

Last update : 28 October 2024

HoliProject presents its October 2024 press review. The aim: to identify the news, trends and studies that have marked the investment, real estate and hotel markets in recent weeks. Among the highlights and main topics of discussion: optimistic forecasts for the hotel sector, the rise of solo-travellers in Europe, and renewed investor interest in SCPIs.

Hotels: promising winter tourism forecasts

Forecasts from the Sojern platform reveal marked tourism trends for next winter. Firstly, the Japanese slopes are seeing an impressive rise in hotel bookings (+417%). It’s also worth noting that Europeans are turning more towards Asia and long-haul flights, compared to previous years. At the same time, Sojern’s data point to increased demand for high-end accommodation, with travelers looking for immersive, personalized experiences. (Tendance Hôtellerie)

Hotels: Accor’s strategic changes

“We need to take risks, we need to be bold, we need to pivot”. These are the words of Accor’s Sébastien Bazin, who takes advantage of his interview with BPI France to discuss his company’s strategic evolutions. The group had gone too far in real estate, in holding assets,” he explains. We needed to refocus on management and the customer experience. We were also missing brands, segments and geographies. Accor has also taken advantage of recent years to move upmarket and internationalize. (BPI France)

Investment: small mid caps in the majority

The market for small mid caps in real estate has evolved significantly in recent years. These small assets, under ten million euros, now account for 13% of all transactions. “If we include transactions worth less than €50 million, small mid caps have become the majority in terms of transactions, reaching 55% of the market by 2023”, explains Louis Martial, Deputy Managing Director of Consultim AM. The reason: these assets are more liquid and easier to acquire. However, the situation remains nuanced: overall transaction volumes are declining (Pierre Papier).

Tourism: travelers in search of authentic experiences

“Tourists planning to visit Europe are looking to connect with locals, highlighting a wider shift towards more authentic experiences,” explains Miguel Sanz, President of the European Travel Commission. Ultimately, Europe remains a preferred destination for the majority of international travelers, seeking interaction with local people. However, one problem persists: high costs are still the main obstacle, particularly for Chinese and Brazilians. Another finding: safety, iconic sites and quality of infrastructure are still top priorities. (European Travel Commission)

Investment: Signs of Recovery in Office Real Estate

In Europe, office real estate investment, which remained sluggish in the first half of 2024 with only €14.1 billion in volume, is now showing signs of recovery. The United Kingdom leads the way, accounting for 29% of the invested volume, benefiting from rapid price adjustments. Triple-digit annual growth has also been observed in Belgium, Italy, as well as in certain regions of Central and Scandinavian Europe. It is worth noting that core and core-plus assets are attracting increasing interest, particularly from American and European funds. (Savills)

Tourism: the rise of solo travellers in Europe

Solo travel is shaking up the tourism industry, with significant emerging demand that is forcing industry professionals to adapt quickly. Once marginalized, individual tourism is now attracting a growing number of travellers. In fact, online searches have quintupled in five years. As a result, some hotels are reintroducing single rooms to meet new expectations. This is particularly true of the Fassbind group, which aims to attract this growing clientele and capitalize on a trend driven by social networking. (RTS)

Office real estate: towards real meeting places?

“Tomorrow’s offices will not be places of production, but places of exchange”. In an interview, Guillaume Poitrinal asserts that real estate is undergoing a major transformation. His vision is reflected in an ambitious project for low-carbon wooden offices in Nanterre. The aim is to reinvent the workspace by creating a close-to-nature environment, which includes innovative architectural solutions and consideration for new ways of working. “Executives have realized that head offices are the environmental manifesto of companies,” he adds. (Décideurs Magazine)

Tourism: A Return to Normal and Emerging Trends

Global tourism continues to recover and is expected to return to pre-pandemic levels by December. In line with this, global tourism spending for the current year is projected to reach $8.6 trillion, representing 9% of the world’s GDP. In its report, McKinsey identifies three key trends: firstly, the dominance of domestic travel, which is growing at 3% per year. Secondly, the emergence of new source markets, such as India, and finally, the rise of less traditional destinations, like Changchun in China, are important developments for industry players to consider. (Hospitality Net)

Investment: should offices be turned into hotels?

Converting an office building into a hotel is becoming a winning formula in Paris, where demand for rooms far outstrips supply. Faced with a shortage of space for new construction, the conversion of deserted offices is now a strong and logical trend. There are many successful examples, such as the Hotel Banke and the Mandarin Oriental, which have been converted from former banking headquarters. However, these projects come with major challenges: long lead times, financial risks and high costs. Nevertheless, these conversions remain highly lucrative opportunities for investors, all the more so when they tackle the high-end segment. (L’Hôtellerie Restauration)

Tourism: Asian travellers at the heart of the issues

A study by Expedia Group reveals that middle-class travelers in Asia will play a key role in the recovery of the global tourism industry. Despite inflation, 81% of them consider travel a priority and are prepared to spend a quarter of their income on it over the next twelve months. On average, they plan to visit four destinations in ten days, with destinations such as Japan, the USA, Canada, France and Germany topping the list (Tendance Hôtellerie).

Investment: The Booming Hotel Real Estate Market

In Europe, the hotel real estate market saw robust activity in the first half of 2024, with transaction volumes reaching €11.6 billion, marking a 49% increase compared to 2023. The United Kingdom, Spain, and France led the market, accounting for 67% of transactions. Despite high construction and financing costs, several factors are driving investor interest. Key among them are the acceleration of tourism demand, the appeal of luxury hotels, the stabilization of yields, and the anticipated recovery of RevPAR. (Cushman & Wakefield)

Tourism: the emerging expectations of generations Y and Z

An Ibis report on the travel intentions of generations Y and Z reveals key trends for 2025. According to the study, conducted among international consumers, young travelers favor personalized, immersive experiences. But how do they choose their destination? Of course, the most important criteria are cost, location and weather. But other factors also influence their decisions. These generations are turning to destinations that have gone viral on TikTok. They are multiplying short city breaks. They are also organizing themselves around major cultural and sporting events. (Tendance Hôtellerie)

Hotels: the sector continues to demonstrate its resilience

Despite an uneven start to the year, the French hotel industry remains solid and is set to repeat the good results of 2023, according to KPMG’s annual study. “The outlook for the off-season looks promising,” says Stéphane Botz. Against this backdrop, the sector continues to attract investors, particularly in major regional cities. “Many are showing an interest in this safe-haven asset class,” explains the report. Moreover, the performance of the hotel industry is proof of this resilience, which translated into a positive and significant increase in RevPAR last year. (L’Hôtellerie Restauration)

Investment: more and more new SCPIs being created

The SCPI market is poised for strong growth in 2024. With rising interest rates and pressure on residential real estate, these investment vehicles are attracting a growing number of investors looking for peace of mind. Risk pooling, diversification opportunities and the absence of direct rental management provide a guarantee of stability. As a result, the number of new SCPIs is increasing, and they are no longer confined to office and retail property. “New segments are emerging, such as logistics, renewable energies and well-being,” explains journalist Julien Delarche. (Survey & Debate)

Date de première publication : 28 October 2024

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