Riviera Kakome, the company owning the project and currently developing the Resort, is interested in finding a hotel chain through a management contract agreement.
On Going
Horwath HTL’s assistance is aimed at identifying an International Management Company for the operations of a new 5-star Beach Resort (73 rooms, 147 apartments, Restaurants, Spa, Congress centre and Sports fields) at the southern cost of Albania.
Three Italian hotel groups with the intention of enhancing their brand from a regional dimension to that of hotel chains of national calibre.
The hotel groups changed their brand and chose a different market positioning.
Horwath HTL assisted 3 Italian hotel groups with developing their growth strategy in Italy through strategic guidance and business planning, supporting the analysis of market opportunities, identifying expansion goals and reviewing their corporate organization.
Jumeirah International LLC needed an assessment on potential for improvement of future operating performances of the Hotel and the evaluation of the composition of the Hotel Top Management.
As a former Jumeirah managed property, the Hotel changed the approach to F&B outlets management and significantly improved the use of the roof garden. Currently, the hotel is independently managed.
Horwath HTL supported the Client in evaluating the operating performance by drafting a complete overview of the state of hotel maintenance and providing an analysis and benchmark of potential performance achievable under different F&B management scenarios.
The team provides regular and ad hoc advisory services on operational, capex and strategic planning for an independent hotel in Ireland.
The team attends the regular board meetings, reviewing performance, advising on both short and long term strategies and working with the management team on preparation of the annual budgets.
Advisor to the development of a 200+ bedroom select-service hotel in Dublin City Centre.
The Dublin Office was commissioned to undertake the feasibility of a hotel in the region of Dublin 8 in Dublin and advise on the scale and scope of the project.
Advisor to the development of a 145 bedroom full-service hotel in Dublin City Centre.
The Dublin Office was commissioned to undertake the feasibility of the 145-bedroom hotel and funding of the development finance and long term finance.
The team also provided advisory services on pre-opening and operations.
Horwath HTL Hungary has prepared detailed conceptual recommendations based on careful site and location analysis and a high-level commercial accommodation market assessment locally and regionally, followed by financial feasibility assessment based on the recommended development concept agreed by Client. Based on the best-use concept recommendations, Horwath HTL envisaged that the recommended ‘Boutique Resort and Glamping’ in terms of price and product quality could be positioned as one of the leading upscale themed boutique resorts in the Balaton Region. Major differentiating factors and comparative advantages of the proposed resort will originate from its theming and design, the configuration of letting units, including hotel and seasonally operated glamping units, and the attractive mix of high-quality resort facilities offering corresponding level of services by the selection of letting units, F&B outlets and event facilities, spa offerings, and a variety of on-site leisure facilities.
Our Client is considering the development of a unique sustainability-focused commercial accommodation facility in the village of Kővágóörs, part of Balaton Uplands National park, on an approximately 2-hectare vacant land plot. To this end, the client required professional support from Horwath HTL Hungary for best-use concept recommendations based on high-level market assessment, determining the most suitable type of commercial accommodation facility to be developed on the subject site.
Status: Planning Phase
The owner of the real estate development for tourist-accommodation use turned to a Bank to be financially assisted in the implementation of the Project. The Bank, in turn, in order to be supported in its assessments, requested the support of Horwath HTL and a technical Advisor.
The Private Club opened in October 2021.
Horwath HTL carried out, together with a technical Advisor, an estimate “as is” and “as completed” of a building located near the main university area of Rome that will be transformed in a private club with rooms, apartments, sports areas, a Spa, a cinema, a club lounge and a rooftop. The Valuation carried out was compliant to RICS and ABI standards.
The Ownership of the asset required the support of Horwath HTL for the best evaluation and understanding of the contractual clauses of the management contract proposed by Accor.
After signing the management contract, Accor will open the hotel in November 2022.
Horwath HTL assisted the Hotel Developer in negotiating the business clauses of a Hotel Management Agreement for a new Upper Upscale Hotel (86 rooms, Restaurant, Rooftop Restaurant and Business Centre).
Horwath HTL Ireland were commissioned to provide a tourism analysis and promotional plan for Waterford City and County Council.
The project included
The consultation process included an extensive stakeholder engagement through
In 2019, we have started with the in depth market assessment and concept review of the two resorts – one at lake Balaton and the other one in the renowned wine region of Tokaj. Following the feasibility assessment the operator selection process begun which was a complex undertaking not only due to the number of potential candidates, but also due to the shortage of time prior to the opening of the resorts. After a series of negotiations with the operators and discussions with the various decision makers on the developer’s side, AccorHotels has been selected as the future operator of the properties. With only a few months left until completion of both resorts, immediate pre-opening support was necessary including FF&E and OS&E list finalizations, executive search and selection and budget reviews. With our continuous support, the Client was able to beat unrealistic deadlines and complete the two unique projects successfully.
We have been tasked by Dreamland Holding to provide strategic assistance with regard to their two top-tier resort developments in Hungary. As part of the engagement we have prepared market feasibility study, concept review and market valuation, followed by an operator selection and contract negotiation support, which was concluded in asset management services aiding the pre-opening process of the two resorts – Mövenpick BalaLand Resort and Minaro Hotel MGallery Tokaj.
Status: Project Completed in 2019-2022
Horwath HTL Hungary has undertaken an in-depth analysis of the competitive international brand landscape for the Rixwell brand in order to determine its respective set of competitors in the local and international hotel environment. On the basis of the findings Horwath HTL Hungay has determined the brand concept and positioning, and produced an updated Brand Book. The brand standards development guideline served as the foundation and principles of developing Mogotel’s Rixwell brand for international expansion in correspondence with international standards.
As per the respective Brand Rollout Strategy, in order to help Client to become a professional and recognised international hotel management company Horwath HTL Hungary has reviewed existing operations, structures and practices, including the strengths and potential of the existing hotel group. In order for Mogotel to enter the Central and Eastern European hotel markets it was imperative to have a thorough understanding of the competitive landscape and identify the main characteristics of the key players. Based on Mogotel’s operating structure and the recommended developments, in addition to geographical locations and recent evolutions in various hotel markets of the CEE (excluding Austria) and the Caucasus region, Horwath HTL Hungary has identified the key countries and cities (i.e. primarily relevant markets) to maximize exposure and focus on growth internationally. The expansion strategy detailed the identified ranking of new markets, key reasons for and major risks against market entry, in addition to brief presentation of suggested hotel products which would fit to the respective markets based on market requirements and to maximize profitability from the expansion potential.
Latvia based Mogotel Hotels were considering the expansion of its hotel portfolio in the CEE region. To this end, Mogotel has commissioned Horwath HTL Hungary to undertake the following service:
Status: Brand Strategy was prepared in 2018-2019 and Mogotel Hotels has successfully started expansion in CEE with signed hotels in Austria, Germany, Hungary and Ukraine
The Client wanted to assure the Resort was conceived to meet international hotel chains standards in terms of facility mix, area planning, sizing and overall concept, in order to maximize market opportunities and to attract international demand as well as domestic.
Green Coast Resort and Residences soft opened in 2019. The final phase of the project is anticipated to be completed in 2022.
Horwath HTL supported the Client in reviewing the hotel concept and drafting a Business Plan foreseeing also a second stage development including sport facilities, hotel bungalows and “seafront” facilities.
The Client was evaluating to develop a Luxury Wellness Resort in the Val d’Orcia area and required Horwath HTL to provide the Residual Land of Value (ABI compliant) for tax and fiscal reasons.
The asset will become the third resort of the Lefay group.
Horwath HTL estimated the residual land value of a Luxury Wellness Resort Project, located in Montalcino, Tuscany, Italy. This required estimating future cash flows for the resort operations considering the hotel units and all the other facilities, and accounting in the DCF for the required CapEx to complete the Project.
Advisor to Real Estate investor in relation to the financing of a hotel group comprising eight hotels in Ireland, including internationally branded properties:
In order to assist the Client with a best-use concept, we have assessed the existing plans in detail, to understand the profit centres, their position within the resort and fine-tuned them with the envisaged guest journey in mind. As a result, we have introduced a number of new facilities inspired by other successful resorts in the region and presented a concept that we believe has become truly competitive. Our corresponding financial projections, together with the development cost estimates provided by our partners, have proven to be of invaluable support for the Client in their decision-making process.
Our Client was considering the development of an upper upscale thermal-spa hotel in Hévíz, the most recognized thermal-spa town in Hungary. Horwath HTL Hungary has been commissioned to prepare a market and financial feasibility report, detailed development concept review and a development cost assessment with recommendations for the proposed Property.
Status: Construction Phase
Urban regeneration project of an area currently destined to shipyards which will house a hotel, residences, a promenade and a marina.
In the design phase.
The report aimed to study the factors that could help the development of the Pietra Ligure Marina. Horwath carried out the market Due Diligence and made a Business Plan.
The hotel chain Starhotels wanted to explore the concrete development opportunities placed in the context of the serviced apartments, as offered by the main players in the sector and under the various existing brands, in order to analyse their dynamics and evaluate its possible interest in this formula.
In September 2021 Starhotels opened its first serviced apartments: 40 units inside the Hotel Rosa Grand in Milan. Other serviced apartments will follow in the cities of Venice and Florence.
Horwath HTL provided a comprehensive analysis – including main characteristics, trends, performance and regulations – of the “Serviced and branded apartments” market to support the entry strategy of the Italian hotel chain on the new market.
The Ireland office developed an Accommodation Investment Strategy Toolkit on behalf of Fáilte Ireland (Irish Tourism Development Authority) to assist Local Authorities in their decision-making in terms of optimum direction of strategy to support the accommodation supply growth objective.
As part of the Toolkit, the team provided a series of supply and demand and investment feasibility analysis for six accommodation types/project examples.
Individual county reports were prepared.
Horwath HTL Ireland provided strategic advice to an Irish hotel group on the acquisition of two regional resort hotels.
This involved a high level financial due diligence and advice on the potential repositioning of one of the assets and future performance of both hotels.
The Client asked Horwath HTL a market due diligence on 96 unsold berths and 277 appliances (caves bateaux, uncovered and covered parking spaces) according to the “current state of works” scenario and the “completion of all works of the marina” scenario.
Horwath HTL’s study permitted the controversy resolution.
Horwath HTL provided a detailed estimate of the market fair (commercial) value of berths and all annex facilities (caves bateaux, yachting club facilities, others), based on size, location along the docks, wind exposure, accessibility and rarity to support the decisions of a pool of Banks.
In order to better enhance the asset consisting of 2 contiguous buildings, the Client wanted to first investigate its accommodation destination, also in the light of market analysis, and then verify the probable economic results.
The asset has been sold and developed to become the first W Hotel in Italy, opened in April 2022.
Horwath HTL was asked to develop a two-scenario Business Plan for a historic building conversion 4-star and 5-star hotel.
Horwath HTL Hungary was tasked to conduct a detailed assessment of the short term rental market in Hungary, with a special focus on Budapest, to provide a detailed overview of the segment’s characteristics and international case studies displaying regulatory options. During the course of the assignment we have conducted interviews with local and international STR operators, members of the local municipalities and regulatory bodies, and contacted major OTAs. On top of the interviews, we have conducted a survey to identify key local characteristics of the STR market, including demographics, spending habits, length of stay and motivation of travel. The completed comprehensive assessment served as a key decision-making tool for the local Tourism Agency in addressing the growing need for regulation in this sector.
In-depth assessment of the short term rental (STR) market in Hungary, with special focus on the regulatory environment, relationship of stakeholders and future trends prepared for the Hungarian National Tourism Agency
Status: Project Completed in 2019
Main objective of the engagement was to provide our Client with information concerning the recent and current health and wellness market trends globally and regionally, relevant existing and future supply and demand globally and regionally, the envisaged market position and detailed development concept plan, in addition to revenue and profit generating ability of the redeveloped property and detailed architectural programme for the proposed development. Following a detailed location and property appraisal, we have researched the global and European health-spa and wellness (including thermal) economy, identified key health and wellness trends, both global and regional, and reviewed the domestic and international health and wellness tourism. We have also researched competitive properties in Europe and other leading international wellness establishments and developments worldwide to determine opportunities for differentiation and competitive advantage of the Property post redevelopment. During the extensive market assessment, we have determined the existing and projected characteristics of the relevant health-spa and wellness markets. Based on extensive tours of the Property and its environs, careful reviews of all existing architectural and structural plans, layouts, pictures and physical spaces of the existing property and on the basis of our knowledge and familiarity with similar products regionally and globally, the recent supply and demand dynamics, current and envisaged future market performance and additional key drivers of demand, we have prepared a development concept strategy for the property that responds to the demand of the future health and wellness travellers, and incorporates the latest advances in the health and wellness industry. Following the development concept, we have prepared detailed demand and financial projections for the redeveloped property. Following the establishment of the detailed development concept and repositioning strategy, and simultaneously to the preparation of our financial projections, we have reviewed the existing property from architecture and interior spaces point of view, and developed a comprehensive design brief and description of the re-programming of the Property, including a detailed architectural area programme and overall adjacency diagram. We have also established the look and feel recommendations of all key front of house and/or revenue generating areas of the property.
The owner of Hotel Gellért and the owner and operator of the landmark St. Gellért Thermal Bath are considering the complete redevelopment and repositioning of the St. Gellért Thermal Bath, having essential operational synergies with the adjacent Hotel Gellért, which is under a complete redevelopment. Based on the initial plans, the refurbished and repositioned St. Gellért Bath is going to become a leading thermal bath globally, positioned as a top class historic urban spa. Horwath HTL Hungary has been requested to prepare a detailed market and financial feasibility study to determine the economic viability of the proposed redevelopment. We have also been requested to prepare a development concept plan, based on property audit and the findings of an international market assessment. Based on the concept plan, we have also been requested to prepare an architectural programme for the proposed development. Our work has been carried out in consortia of Horwath HTL Hungary and GOCO Hospitality-Horwath HTL Health & Wellness.
Status: Planning Phase
The Client intended to develop a coordinated series of hospitality initiatives, in a brand logic, adapting the model to the typicality of the mountain resort and the mix of products of the Complex.
The Lefay Resort & Spa Dolomites, opened at the end of 2019, is the second resort in Italy of the Lefay group.
Horwath HTL was requested to review the Concept and estimate the likely economic results of the Project (a 5 star-star resort including 88 rooms, 22 branded apartments, a 5,000 sqm-SPA) from the point of view of both the Developer and the Management Company.
The owner of the real estate development for tourist-accommodation use turned to a Bank to be financially assisted in the implementation of the Project. The Bank, in turn, in order to be supported in its assessments, requested the support of Horwath HTL and a technical Advisor.
The deal with Rosewood did not materialize. The second Italian hotel under the brand Orient Express will open in its place.
The Advisor carried out an estimate of the Perspective Market Value for financing purpose of a historical building located in Venice that will be transformed into a 46-room top-luxury hotel managed by an international hotel chain.
The Dublin office completed the feasibility analysis for the development of two large conference hotels in Dublin and Limerick.
The team made recommendations as to the size, scope and facilities of these two strategic assets as well as future financial projections. The two locations are key entry points into the island of Ireland, particularly for the MICE market: Dublin being the gateway into Ireland and Limerick being the closest gateway to the Wild Atlantic Way.
During the valuation process we had to assess the hotel, car park and serviced apartment markets in Budapest in order to comment the business plans received. Based on the market assessment, we have established the applicable capitalization rates and discount factors to arrive to the value of each asset within the portfolio.
Horwath HTL Hungary was tasked to establish the mixed-use portfolio’s market value for the financing bank.
Status: Project Completed in 2022
The Client asked Horwath HTL to carry out a preliminary analysis of the pricing proposed by the operator of the Marina for berths, garages and parking spaces as part of the Marina expansion project. The Client also asked Horwath HTL to evaluate the marina concession, considering the residual life of the concession and the prospective and fully operational level of profitability.
The expansion of the marina has been completed.
Market and benchmark analysis, concept design review and berth plan review, commercial appraisal through benchmarking and market fair value of additional berths and annex facilities to be built (150 berths, 80 caves bateaux, 112 car slots, gas station, shipyard, travel lift; admin. offices; broker headquarters).
The Client wanted to develop and maintain a Hospitality Portfolio of properties in Italy to be managed through a preferred operator or several hotel operators.
The fund acquired several properties in Italy and created its portfolio.
Horwath HTL supported a Top tier Italian SGR in setting the strategy to implement a new closed fund dedicated to hospitality assets, managing the screening of potential acquisitions and supporting the fund-raising campaign.
Horwath HTL Hungary was commissioned to value the 3-hotel portfolio of Zeina Hotels assessing the assets market value based on replacement cost, sales comparison and discounted cash flow approaches. We have also provided the bank with a mortgage value for each of the hotels. The valuation was carried out based on the RICS standards.
As part of the financing bank’s protocol, an annual valuation of the portfolio is required, for which Horwath HTL Hungary has provided market valuation services on multiple occasions.
Status: Project Completed in 2021-2022
Between 2019 and 2021 we have prepared a market and financial feasibility study including highest-and best-use concept recommendations for the envisaged hotel component. This was followed by an update report as a result of the fundamentally different market perspectives induced by the Covid-19 Pandemic. Finally, we have also been tasked to explore the extended stay market in Ljubljana to provide guidance to the developer as to the alternative uses they could consider for some parts of the large-scale development.
Horwath HTL Hungary was tasked in various phases to first conduct a market and feasibility assessment of the hotel component of the large-scale mixed-use development in the centre of Ljubljana, followed by an extended stay/serviced residence market assessment to explore alternatives to the classic hotel function.
Status: Project Completed in 2019-2021
Overview: The owner required a fair value valuation for internal purposes of the hotel overlooking Lucerne. Horwath HTL Switzerland was commissioned to undertake the valuation of the already existing 31-key boutique hotel and the cable car from/into town.
Overview: Triodos Bank commissioned Horwath HTL to prepare a real estate valuation of the Ambassade Hotel in Amsterdam. Consisting of twelve connected canal houses constructed in the 17th century, the 56-bedroom hotel has a unique layout that required careful consideration of specific details.
The Horwath HTL Netherlands team prepared a detailed valuation report with a market value based on a thorough analysis of the asset, hotel market and potential investor’s interest.
Overview: Horwath HTL Netherlands executed a valuation of 13 WestCord hotels, located throughout various cities in the Netherlands. Being an owner and operator, WestCord required both the business and real estate assets to be valued.
Lenders ING Bank and Rabobank preferred the valuations to be executed in accordance with international (RICS) and local (NRVT) valuation standards. The Horwath HTL Netherlands team is fully licensed to prepare such valuations.
Overview: Horwath HTL Spain was instructed by the owners of the project as part of an internal review process during the completion phase of construction and the start of the sale of the branded residences.
The requested due diligence and operations review included the following key outputs:
As a result of the highlighted areas to be improved, the Client was able to fundamentally improve cost management, appoint the right talents for key positions and set achievable goals to increase revenues.
Client has requested Horwath HTL Hungary for the operations review of one of its 4-star hotels located in the ski resort of Bansko. The client required an analysis of the Hotel’s performance, including achieved ADR and Occupancy, operational costs and staff expenditure, benchmarked against the direct competition and the local market, along with recommendations on how to improve its overall performance.
Status: Project Completed in 2020
To support the final planning of the Oberoi Luxury Resort & Spa Skadar Lake, Horwath HTL was engaged to prepare a Financial Feasibility Study for the project. Furthermore, the study should serve as a basis for debt financing by the bank and for supporting the application for public subsidies. Once completed, the resort within Skadar Lake National Park is envisioned to comprise 80 villas, 4 F&B outlets, 1,200m² spa area and other leisure facilities.
Horwath HTL Switzerland undertook a thorough market analysis with a focus on health and wellness tourism and based the economic projections on the so gained insights.
Sourcing of funding is currently ongoing.