{"id":21084,"date":"2024-12-04T21:19:13","date_gmt":"2024-12-04T21:19:13","guid":{"rendered":"https:\/\/horwathhtl.com\/?post_type=project&#038;p=21084"},"modified":"2025-01-01T17:32:34","modified_gmt":"2025-01-01T17:32:34","slug":"wycena-portfela-dla-orbis-hotels-accor-group","status":"publish","type":"project","link":"https:\/\/horwathhtl.com\/pl\/project\/wycena-portfela-dla-orbis-hotels-accor-group\/","title":{"rendered":"Wycena portfela dla Orbis Hotels \/ Accor Group"},"content":{"rendered":"<div  class=\"hhtl-hero hhtl-hero-amber hhtl-hero-mirrored hhtl-hero-reverse-gradient\">\n        <div class=\"hhtl-hero-background\">\n          <div style=\"--hhtl-margin-bottom: 6;\" class=\"grid grid-cols-1 lg:grid-cols-2 lg:auto-rows-fr hhtl-margin\">\n    <div class=\"hhtl-hero-triangle-position\">\n      <div class=\"hhtl-hero-triangle-wrapper opacity-0\">\n        <div class=\"hhtl-hero-triangle-container hhtl-hero-triangle-image\">\n                          <img decoding=\"async\" src=\"https:\/\/horwathhtl.com\/wp-content\/uploads\/2024\/12\/adam-borkowski-QSDP_HAL2S0-unsplash-1-scaled-e1736116817598.jpg\" class=\"hhtl-hero-image-hidden\" \/>\n                <div style=\" background-image: url(https:\/\/horwathhtl.com\/wp-content\/uploads\/2024\/12\/adam-borkowski-QSDP_HAL2S0-unsplash-1-scaled-e1736116817598.jpg);\" class=\"hhtl-hero-image\"><\/div>\n                      <\/div>\n      <\/div>\n    <\/div>\n    <div class=\"hhtl-hero-content-container\">\n      <div class=\"hhtl-hero-content\">\n                      <h3 class=\"hhtl-hero-strapline hhtl-animate-global-top\">Do\u015bwiadczenie w hotelarstwie<\/h3>\n                    <h1 style=\"\" class=\"hhtl-hero-heading hhtl-animate-global-top hhtl-animate-global-delay-1\">Wycena portfela dla Orbis Hotels \/ Accor Group<\/h1>\n                      <div class=\"hhtl-hero-description\">\n                <p class=\"b1 hhtl-animate-global-top hhtl-animate-global-delay-2\">Horwath Horwath HTL zosta\u0142 poinstruowany w zakresie okresowej wyceny wybranych hoteli Grupy Accor<\/p>              <\/div>\n                  <\/div>\n          <\/div>\n  <\/div>\n        <\/div>\n      <\/div>\n\n\n<div style=\"--hhtl-padding-top: 0; --hhtl-padding-bottom: 15;\" class=\"hhtl-project-info hhtl-padding\">\n  <div>\n        <div class=\"grid grid-cols-1 md:grid-cols-5\">\n      <div style=\"--hhtl-padding-x: 6;\" class=\"md:col-span-3 hhtl-padding\">\n        <div class=\"sticky top-0\">\n          <div class=\"hhtl-animate-global-top\">\n            <hr>\n<h3>Zakres projektu<\/h3>\n<p>Zostali\u015bmy zaanga\u017cowani do przeprowadzenia kompleksowej wyceny portfela Orbis Hotels, wiod\u0105cej grupy hotelarskiej w Europie \u015arodkowej, w kontek\u015bcie jej przej\u0119cia przez Grup\u0119 Accor. Celem tego projektu by\u0142o ustalenie warto\u015bci rynkowej rozleg\u0142ego portfela Orbis, kt\u00f3ry obejmowa\u0142 r\u00f3\u017cnorodne nieruchomo\u015bci w wielu krajach, zapewniaj\u0105c krytyczny wgl\u0105d w strategiczne decyzje inwestycyjne. Proces rozpocz\u0105\u0142 si\u0119 od szczeg\u00f3\u0142owego przegl\u0105du ka\u017cdej nieruchomo\u015bci w portfelu, obejmuj\u0105cego sprawozdania finansowe, wska\u017aniki ob\u0142o\u017cenia, przychody na dost\u0119pny pok\u00f3j (RevPAR) i koszty operacyjne. Zosta\u0142o to uzupe\u0142nione dog\u0142\u0119bn\u0105 analiz\u0105 warunk\u00f3w ekonomicznych i trend\u00f3w na rynku hotelarskim w krajach, w kt\u00f3rych dzia\u0142a\u0142 Orbis. Kluczowe czynniki, takie jak wzrost turystyki, dynamika konkurencji i regionalne czynniki nap\u0119dzaj\u0105ce popyt, zosta\u0142y dok\u0142adnie zbadane w celu zapewnienia kompleksowego kontekstu rynkowego. Aby zapewni\u0107 solidn\u0105 i dok\u0142adn\u0105 wycen\u0119, zastosowano wiele metodologii, w tym metod\u0119 kapitalizacji dochodu, analiz\u0119 por\u00f3wnywalnej sprzeda\u017cy i analiz\u0119 zdyskontowanych przep\u0142yw\u00f3w pieni\u0119\u017cnych (DCF). To wieloaspektowe podej\u015bcie pozwoli\u0142o na uzyskanie triangulowanego wyniku wyceny, kt\u00f3ry uchwyci\u0142 niuanse wynik\u00f3w portfela i pozycji rynkowej. Wycena okre\u015bli\u0142a warto\u015b\u0107 aktyw\u00f3w brutto portfela Orbis na 1,18 mld euro na dzie\u0144 31 grudnia 2018 r., z wy\u0142\u0105czeniem koszt\u00f3w og\u00f3lnego zarz\u0105du. Ta niezale\u017cna ocena odegra\u0142a kluczow\u0105 rol\u0119 w strategicznych decyzjach Accor, w tym w przej\u0119ciu dzia\u0142alno\u015bci Orbis w zakresie us\u0142ug hotelowych za 286 mln euro oraz p\u00f3\u017aniejszej sprzeda\u017cy 85,8% udzia\u0142\u00f3w w aktywach nieruchomo\u015bciowych Orbis na rzecz AccorInvest za 1,06 mld euro. Transakcje te by\u0142y zgodne ze strategi\u0105 Accor polegaj\u0105c\u0105 na ograniczaniu aktyw\u00f3w, umo\u017cliwiaj\u0105c grupie usprawnienie dzia\u0142alno\u015bci i skupienie si\u0119 na podstawowych kompetencjach w zakresie zarz\u0105dzania hotelami i franczyzy. Kompleksowa wycena dostarczy\u0142a niezb\u0119dnych informacji finansowych wspieraj\u0105cych te znacz\u0105ce transakcje, zapewniaj\u0105c zgodno\u015b\u0107 z celami strategicznymi i wzmacniaj\u0105c pozycj\u0119 Accor na \u015brodkowoeuropejskim rynku hotelarskim. <\/p>\n          <\/div>\n          <div style=\"--hhtl-margin-top: 3;\" class=\"hhtl-margin hhtl-animate-global-top\">\n            <div class=\"flex flex-wrap\">\n                                    <div style=\"background-color: #54c0e8; color: #ffffff; --hhtl-padding-x: 0.75; --hhtl-padding-y: 0.25; --hhtl-margin-right: 0.75;; --hhtl-margin-bottom: 0.75;\" class=\"hhtl-padding hhtl-margin caption rounded-md cursor-pointer\">\n                        Bran\u017ca hospitality                      <\/div>\n                                          <div style=\"background-color: #f5a800; color: #ffffff; --hhtl-padding-x: 0.75; --hhtl-padding-y: 0.25; --hhtl-margin-right: 0.75;; --hhtl-margin-bottom: 0.75;\" class=\"hhtl-padding hhtl-margin caption rounded-md cursor-pointer\">\n                        Doradztwo transakcyjne                      <\/div>\n                                          <div style=\"background-color: #e5376b; color: #ffffff; --hhtl-padding-x: 0.75; --hhtl-padding-y: 0.25; --hhtl-margin-right: 0.75;; --hhtl-margin-bottom: 0.75;\" class=\"hhtl-padding hhtl-margin caption rounded-md cursor-pointer\">\n                      Aktywa                      <\/div>\n                                          <div style=\"background-color: #e5376b; color: #ffffff; --hhtl-padding-x: 0.75; --hhtl-padding-y: 0.25; --hhtl-margin-right: 0.75;; --hhtl-margin-bottom: 0.75;\" class=\"hhtl-padding hhtl-margin caption rounded-md cursor-pointer\">\n                      Firmy                      <\/div>\n                                <\/div>\n          <\/div>\n        <\/div>\n      <\/div>\n      <div style=\"--hhtl-padding-x: 6;\" class=\"md:col-span-2 hhtl-padding\">\n        <div class=\"sticky top-0\">\n          <div class=\"hhtl-animate-global-top\">\n            <hr \/>\n            <h3>Lokalizacja projektu<\/h3>\n            <p>Warsaw, Poland<\/p>          <\/div>\n                          <div class=\"hhtl-animate-global-top\">\n                  <div style=\"--hhtl-margin-top: 4;\" class=\"hhtl-margin\">\n                    <hr \/>\n                    <h3>Zesp\u00f3\u0142 projektowy<\/h3>\n                                                <div style=\"--hhtl-margin-bottom: 2; grid-template-columns: auto minmax(0, 1fr);\" class=\"hhtl-margin grid items-center\">\n                                                              <a class=\"grid grid-cols-subgrid col-span-2 no-underline\" href=\"https:\/\/horwathhtl.com\/pl\/poland\/consultant\/dariusz-futoma\/\">\n                                    <div style=\"--hhtl-margin-bottom: 1.25;\" class=\"hhtl-margin hhtl-animate-global-top\">\n                                      <div style=\"--hhtl-width: 3.75; --hhtl-height: 3.75; --hhtl-margin-right: 1.25;\" class=\"hhtl-size hhtl-margin hhtl-icon-container\">\n                                        <img decoding=\"async\" src=\"https:\/\/horwathhtl.com\/wp-content\/uploads\/2024\/10\/Dariusz-Futoma.png\" \/>\n                                      <\/div>\n                                    <\/div>\n                                    <div class=\"flex items-center\">\n                                      <p style=\" --hhtl-margin-bottom: 1.25;\" class=\"hhtl-margin hhtl-animate-global-top\">\n                                        <b>Dariusz Futoma<\/b>\n                                        <br \/>Managing Director                                      <\/p>\n                                    <\/div>\n                                  <\/a>\n                                                            <div class=\"col-start-2\">\n                                                                  <div style=\"--hhtl-margin-bottom: 1.25;\" class=\"flex hhtl-margin items-center hhtl-animate-global-top\">\n                                      <div style=\"--hhtl-width: 2.5; --hhtl-height: 2.5; --hhtl-margin-right: 1.25;\" class=\"hhtl-size hhtl-margin hhtl-icon-container flex items-center justify-center rounded-full bg-hhtl-neutral-50\">\n                                        <svg style=\"--hhtl-height: 1.5;\" class=\"hhtl-size hhtl-icon dark\" viewBox=\"0 0 16 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                                          <path d=\"M14 3H2C1.73478 3 1.48043 3.10536 1.29289 3.29289C1.10536 3.48043 1 3.73478 1 4V12C1 12.2652 1.10536 12.5196 1.29289 12.7071C1.48043 12.8946 1.73478 13 2 13H14C14.2652 13 14.5196 12.8946 14.7071 12.7071C14.8946 12.5196 15 12.2652 15 12V4C15 3.73478 14.8946 3.48043 14.7071 3.29289C14.5196 3.10536 14.2652 3 14 3ZM12.9 4L8 7.39L3.1 4H12.9ZM2 12V4.455L7.715 8.41C7.7987 8.46806 7.89813 8.49918 8 8.49918C8.10187 8.49918 8.2013 8.46806 8.285 8.41L14 4.455V12H2Z\" \/>\n                                        <\/svg>\n                                      <\/div>\n                                      <p>\n                                        <a href=\"mailto:dfutoma@horwathhtl.com\">dfutoma@horwathhtl.com<\/a>\n                                      <\/p>\n                                    <\/div>\n                                                                      <div style=\"--hhtl-margin-bottom: 1.25;\" class=\"flex hhtl-margin items-center hhtl-animate-global-top\">\n                                      <div style=\"--hhtl-width: 2.5; --hhtl-height: 2.5; --hhtl-margin-right: 1.25;\" class=\"hhtl-size hhtl-margin hhtl-icon-container flex items-center justify-center rounded-full bg-hhtl-neutral-50\">\n                                        <svg style=\"--hhtl-height: 1.5;\" class=\"hhtl-size hhtl-icon dark\" viewBox=\"0 0 16 16\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                                          <path d=\"M13.0009 14.5H12.9159C3.09086 13.935 1.69586 5.645 1.50086 3.115C1.48514 2.91829 1.5084 2.72041 1.56929 2.53271C1.63019 2.345 1.72752 2.17115 1.85571 2.02113C1.98391 1.8711 2.14045 1.74784 2.31636 1.65842C2.49227 1.569 2.6841 1.51516 2.88086 1.5H5.63586C5.83614 1.49981 6.03186 1.55976 6.19767 1.67208C6.36349 1.78441 6.49175 1.94394 6.56586 2.13L7.32586 4C7.39903 4.18177 7.41719 4.38104 7.37808 4.57305C7.33897 4.76505 7.24431 4.94134 7.10586 5.08L6.04086 6.155C6.20721 7.10037 6.65995 7.97183 7.3378 8.65148C8.01566 9.33112 8.88592 9.78615 9.83086 9.955L10.9159 8.88C11.0566 8.74308 11.2345 8.65063 11.4275 8.61417C11.6204 8.57771 11.8199 8.59887 12.0009 8.675L13.8859 9.43C14.0691 9.50644 14.2255 9.63571 14.335 9.80134C14.4445 9.96696 14.5023 10.1614 14.5009 10.36V13C14.5009 13.3978 14.3428 13.7794 14.0615 14.0607C13.7802 14.342 13.3987 14.5 13.0009 14.5ZM3.00086 2.5C2.86825 2.5 2.74107 2.55268 2.6473 2.64645C2.55353 2.74022 2.50086 2.86739 2.50086 3V3.04C2.73086 6 4.20586 13 12.9709 13.5C13.0365 13.5041 13.1024 13.4951 13.1646 13.4737C13.2268 13.4522 13.2842 13.4187 13.3334 13.375C13.3827 13.3314 13.4228 13.2784 13.4515 13.2192C13.4803 13.16 13.497 13.0957 13.5009 13.03V10.36L11.6159 9.605L10.1809 11.03L9.94086 11C5.59086 10.455 5.00086 6.105 5.00086 6.06L4.97086 5.82L6.39086 4.385L5.64086 2.5H3.00086Z\" \/>\n                                        <\/svg>\n                                      <\/div>\n                                      <p>\n                                                                                <a href=\"tel:+48 601 296 989\">+48 601 296 989<\/a>\n                                      <\/p>\n                                    <\/div>\n                                                                      <div style=\"--hhtl-margin-bottom: 1.25;\" class=\"flex hhtl-margin items-center hhtl-animate-global-top\">\n                                      <div style=\"--hhtl-width: 2.5; 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grid-template-columns: auto minmax(0, 1fr);\" class=\"hhtl-margin grid items-center\">\n                                                              <a class=\"grid grid-cols-subgrid col-span-2 no-underline\" href=\"https:\/\/horwathhtl.com\/pl\/poland\/consultant\/agata-przenioslo-drozd\/\">\n                                    <div style=\"--hhtl-margin-bottom: 1.25;\" class=\"hhtl-margin hhtl-animate-global-top\">\n                                      <div style=\"--hhtl-width: 3.75; --hhtl-height: 3.75; --hhtl-margin-right: 1.25;\" class=\"hhtl-size hhtl-margin hhtl-icon-container\">\n                                        <img decoding=\"async\" src=\"https:\/\/horwathhtl.com\/wp-content\/uploads\/2024\/09\/Agata-Przenioslo-Drozd-1.png\" \/>\n                                      <\/div>\n                                    <\/div>\n                                    <div class=\"flex items-center\">\n                                      <p style=\" --hhtl-margin-bottom: 1.25;\" class=\"hhtl-margin hhtl-animate-global-top\">\n                                        <b>Agata Przenios\u0142o-Drozd<\/b>\n                                        <br \/>Project Manager                                      <\/p>\n                                    <\/div>\n                                  <\/a>\n                                                            <div class=\"col-start-2\">\n                                                                  <div style=\"--hhtl-margin-bottom: 1.25;\" class=\"flex hhtl-margin items-center hhtl-animate-global-top\">\n                                      <div style=\"--hhtl-width: 2.5; 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