Hotel Portfolio

Overview: An investment fund was looking to inject capital into a hotel portfolio of five 3 – 4 star hotels; two in Paris, two in Marseille and one in Lyon. Horwath HTL France was commissioned to undertake a valuation, of the 300+ key portfolio.

Two Alpine Hotels

A private operator required a valuation for internal purposes of resorts in La Plagne and La Rosière. Horwath HTL UK and France were commissioned to undertake the valuation of the 80-key hotel in La Plagne and the projected 80-key hotel in La Rosière.

Luxury Resort & Holiday Village

Overview: A client was looking to finance a second, hotel component to an existing scheme in Cape Verde. Horwath HTL UK was commissioned to undertake a valuation, of this 200-key luxury resort and 800-key holiday village in the Cape Verde archipelago.

3* Branded Hotel

Overview: A private investor required the valuation of their 3* branded hotel in the context of the termination of a management contract. Horwath HTL France was commissioned to undertake the valuation of this 62 key hotel.

Island Resort Hotel

Overview: Horwath HTL UK was instructed to value the 166-room Wellness Resort hotel, located on the island of Madeira. The valuation was undertaken for internal purposes during an acquisition process.

180-Room 5* Hotel

An insurance company holding a hotel division has converted an existing building into an international hotel and appointed Horwath HTL France to determine the market value of the property.

Pullman Hotels Valuation

Overview: Horwath HTL France was commissioned to undertake the valuation of these 5-star Pullman hotels 230-key (Dakar) and 208-key (Abidjan) hotels before renovations.

Hotel Chateau Gütsch

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.

Ambassade Hotel Valuation

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.

Hotel Portfolio Valuation

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.

Hotel & Branded Residences Investment Analysis

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.

Resort Valuation

Overview: The resort was built over a 220-year period covering 6,500 acres of land with three golf courses and a 500-lot residential development with its own private golf course.

Oberoi Luxury Resort & Spa


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.

Luxury Wellness Retreat

Overview: The owner is from a manufacturing and prefabricated construction background, and wishes to develop a hospitality business line focused on health and wellness, starting with a development in the Maldives on a 20-hectare private island. The owner engaged Horwath HTL Health & Wellness to conduct thorough market research and competitive benchmarking to evaluate the feasibility of developing a dedicated wellness retreat with a distinctive concept strategy, that would become the first fully programming wellness resort in the Maldives.

Solution: Given the seclusion and peacefulness of the island site, Horwath HTL Health & Wellness recommended developing a luxury wellness retreat focused on enhancing mindfulness by offering a holistic, alternative and result-driven approach to wellness rooted in principles of inner balance and harmony with oneself and the environment.

The proposed concept strategy consisted of a range of on-land and over-water accommodation units to target different types of guests, a selection of healthy food and beverage outlets supplied by the on-site organic garden, a wellness center offering mind, energy and sound therapies along with oriental healing, spa treatments and heat and water experiences, fitness, mind & body facilities, as well as a range of educational, cultural and conservation activities. The aim of this development strategy was to achieve a unique point of differentiation and attraction with a concept that is distinct from the local competition and entirely true to the location.

Status: The project is currently in the planning stage of the development, and is anticipated to be open and operational by 2023.

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Business Hotel Development


Overview: Horwath HTL’s services rendered was to prepare a  Best Use and Financial Feasibility Study for a Business Hotel Project in  Geneva’s Organizations’ District. The client seeks complementing facilities to the existing property as well as optimized financial returns on the investment within a narrow set of parameters.


Horwath HTL Switzerland prepared a full Market Analysis and Hotel Feasibility Study which included several scenarios in order to provide the best possible basis for decision-making. One of the proposed facility programmes was recently approved. For more info on this project, please check back again later.


The planning architects are currently seeking to maximize the development concept from their perspective. Horwath HTL will subsequently revise the financial projections accordingly.

European Commission, BizClim Programme Cross-Border Investments

Overview: Horwath HTL were chosen by the European Commission to design and create a programme that would allow them to track the scale and effectiveness of hospitality investments. This information would subsequently contribute to the creation of a new body, with a specific remit to focus on these investments.

Scope of Work: The initial brief was to design a system to monitor and evaluate regional cross-border investments being made in the tourism sector. The information in a specific format was required for presentations being made at regional dissemination seminars for stakeholders from the public and private sectors. This project included a number of studies being made in several areas. Firstly an inventory of major studies was made, followed by an analysis of cross-border investment flows, the identification of the major incentives and constraints to the development of these investments.

In order to analyse the data and present it in a way that could be easily shared, Horwath HTL designed a dash-board for monitoring and evaluation of the regional cross-border investments. This led to the creation of a Cross-Border Investment Observatory within the COMESA Regional Investment Agency, the drafting of an action plan and regular stakeholder presentations.

Nature Wellness Retreat


The developer is an entrepreneur who owns and operates a successful wellness-centric venture in the Netherlands, and wishes to create a wellness-, nature- and activity-driven destination on a seafront site at the edge of the Arctic Circle in Norway. The owner engaged Horwath HTL Health & Wellness to conduct a market research and feasibility analysis, evaluating the business potential of the project, develop a concept unique to the location, as well as provide support in establishing the phasing strategy for the development through the establishment of various financial scenarios and master plan layouts.


In line with the owner’s vision and the serenity of the site, Horwath HTL Health & Wellness recommended the development of a wellness retreat focused on experiential stays through a simplicity-focused concept blending nature immersion, outdoor activities, heat and water experiences, mind & body practices, as well as a selection of treatments anchored in local healing modalities. The wellness retreat will include a variety of design-led accommodation types, catering to a wide spectrum of travelers, thus fostering a strong sense of community. The concept strategy developed by Horwath HTL Health & Wellness ensures that the final product will counteract the typically low demand volume expected during the winter in that region. Finally, in order to create the desired destination and experience, Horwath HTL Health & Wellness recommended a development strategy consisting of multiple construction phases that will together enable the owner to achieve their vision.


The project is currently in advanced planning stages and the first phase of the development is anticipated to be finalized and operational by early 2021.

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Kneuterdijk Hotel Valuation

Overview: Deutsche Hypothekenbank AG commissioned Horwath HTL Netherlands to prepare a real estate valuation of the planned Kneuterdijk Hotel. Based on a detailed review of the chances of the future hotel in the market, our study concluded the Provisional Market Value of the real estate.


Luxury Wellness Destination

Overview: The client owns a site of approximately 63 square kilometers on the coastline of the Red Sea in Saudi Arabia. Their intention is to develop a globally-renowned destination comprised of the world’s most exclusive wellness and luxury resorts, branded residences, a wellness and sports community, an art and cultural district, and a research institute. Horwath HTL Health & Wellness was sought out to develop the health and wellness strategy for the three wellness-themed ultra-luxury developments and branded real estate components, as well as run a number of demand and financial forecast scenarios.

Solution: Horwath HTL Health & Wellness recommended that the three wellness developments provide differing service platforms and concepts, together offering a complementary and comprehensive health and wellness experience. Overall, the three wellness properties will feature a variety of accommodation unit types, tailored wellness programs, consultations, check-ups and diagnostics, mind and body activities, fitness, extensive heat and water experiences, and oriental healing therapies, among others.

In order to ensure the cohesiveness of these three wellness-themed ultra-luxury properties, Horwath HTL Health & Wellness developed the concept for a centralized retail community village and research institute. Through the various financial analysis scenarios, Horwath HTL Health & Wellness was able to determine the optimal room mix for each of the properties, as well as further support the proposed concepts and architectural development.

Status: The destination is set to begin construction in 2020 with all phases completed ahead of the realization of Saudi Vision 2030.

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Strategic Corporate Structuring & Brand Development

Description of Project: Horwath HTL was appointed to comment on and assist with the proposed restructuring of the hotel development and hotel holding divisions of a major sovereign wealth fund and to advise of the consolidation of their assets.

Scope of Work: The Client was planning to transfer a number of existing hospitality assets and projects into a hotel subsidiary. The Client had already retained the services of another company to advise them on the corporate finance aspects but later on approached Horwath HTL in order to assist with the hotel specific aspects of this restructuring. Our focus was on working closely with the client to help them identify the optimum corporate holding structure and provide recommendations with regards to an appropriate management structure and key executives for the future company.

Project Status: The client completed its restructuring, creating a new hotel operating division in the process and clearly delineating the investment, development and operating functions.

Scope of Work: Horwath HTL worked with a brand agency to create a solid strategic foundation for the hospitality division of client’s holding and define a clear brand product architecture with the focus on its position within the market and its relation to its different products.

Description of Project: The holding was established as markets in the Middle East region recovered from the financial crisis, with the intent to support the local tourism strategy and subsequent international expansion.
Horwath HTL’s scope of work included extensive market research with a focus on the upper upscale and luxury hotel markets on a global and regional level. We provided recommendations for the commercial positioning of the client’s brand family in the competitive landscape, to ensure coherent and sequential branding that encourages brand loyalty by reflecting customers differing priorities as they progress through various life stages.

Project Status: Our findings and recommendations were presented in a series of workshops with the client and the client is currently implementing the brand strategy.

Hot Spring Resort & Wellness Destination


The client owns several acres of land in the south of Serbia, approximately 340 kilometers from Belgrade, which features some of Europe’s hottest mineral springs. The client intends to develop a destination consisting of various establishments with a primary focus on bathing. Horwath HTL Health & Wellness was appointed to determine the individual wellness elements (anchors) that will form part of the destination, recommend a universal strategy, and conduct feasibilities for each anchor outlining the overall business potential of the destination.


While Serbia is home to an abundance of unique mineral hot springs, Horwath HTL Health & Wellness’ market research demonstrated the absence of internationally-benchmarked and thermal spring-focused wellness destinations within the country. As such, Horwath HTL Health & Wellness proposed a selection of complementary anchors that include a lifestyle hotel, a wellness retreat, long-stay recovery apartments, residential real estate, an outdoor activity area, and a retail village. Capitalizing on the unique on-site hot springs, hydrotherapy and extensive heat and water facilities will be featured amongst all establishments of the destination. These are to be further complemented by dedicated wellness programs, mind and body activities, outdoor recreational sports, kid-friendly treatments and exercises, and healthy food and beverage outlets. In order to create a community-like feel, guests will be able to mingle and socialize in the retail village as well as at the outdoor activity area, thereby creating synergies and connections between the destination’s different anchors.


The project is currently in the planning stage and the first component is anticipated to be operational by 2023/2024

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Boutique Luxury Wellness Retreat


Located to the west of Bengaluru, India, the site is perched atop a mountain offering magnificent views of the surrounding coffee plantations and rainforest. The client intends to develop a luxurious boutique wellness retreat that consists of state-of-the-art accommodation and residences. Horwath HTL Health & Wellness was appointed to explore the opportunity to develop a wellness retreat with branded real estate including various health and wellness components. Thereafter, Horwath HTL Health & Wellness pursued their support in order to search and evaluate potential wellness operators to manage both the wellness retreat and branded residences.


Through its fast-paced tech industry, Bengaluru has become known to be the “Silicon Valley of the East” where many stressed entrepreneurs work long hours to run their companies, which ultimately leads to burn-outs. Based on this information, Horwath HTL Health & Wellness recommended to develop an ultra-luxurious wellness retreat with design-led accommodation targeting stressed-out entrepreneurs and business people. The service platform will consist of self-guided heat and water experiences, specific programing aimed at improving one’s mental health whilst merging the best of Eastern and Western healing modalities, and a selection of outdoor sports. The team then proceeded to prepare an Information Memorandum and select internationally-renowned operators recognized for their exceptional services and properties.


The project is currently in the planning stage and is anticipated to be operational by 2023/2024.

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Global Resort and Spa Operator, Thailand


The client – one of the largest mixed-use hospitality group – was looking to acquire an established lifestyle resort and spa brand and engaged Horwath HTL Health & Wellness to perform a due diligence study and analyze the commercial value of the brand’s spa portfolio. As part of the assignment, Horwath HTL Health & Wellness was appointed to evaluate corporate branding and positioning, analyze the status quo of operating properties, assess the potential of pipeline projects, and review historical and forecasted financial performance of the property portfolio.


Horwath HTL Health & Wellness carried out a corporate brand analysis, reviewing the overall size of the business, competitive landscape, pipeline, and outlook to ensure brand alignment with its vision and market perception. As part of the property-level analysis, Horwath HTL Health & Wellness reviewed each operating facility and pipeline project in terms of their location, positioning, facilities, guest offering, key operating and profitability metrics, and commercial terms of management agreements, outlining possible challenges and growth potential. Additionally, Horwath HTL Health & Wellness made strategic recommendations on corporate restructuring of the brand’s sister company, taking into account its business model, key services, organizational structure, and profitability.


The due diligence study was completed in 2018 and the acquisition was executed in early 2019.

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Boutique Health Retreat and Luxury Residences


The client owns a plot of land on the southeast coast of Mahé Island, Seychelles, offering panoramic views of the ocean and surrounding vegetation. The client intends to develop a health- and wellness-centric retreat and luxury residences, designed in accordance with sustainability principles and cutting-edge technologies, nestled into the unique natural landscape of the island. Horwath HTL Health & Wellness was engaged to conduct market research and feasibility analysis, evaluating the business potential of the project, and develop a unique concept that would allow the development to stand out in the highly competitive and saturated market.


Horwath HTL Health & Wellness’s analysis revealed the lack of program-driven wellness retreats in Seychelles, as luxury resorts currently operating in the local market focus predominantly on traditional pampering wellness experiences and not on dedicated result-driven stays. To achieve a point of differentiation and establish a sufficient market share, Horwath HTL Health & Wellness recommended developing a targeted health retreat, offering a comprehensive range of diagnostics, Eastern and Western healing modalities, advanced aesthetic services, a variety of heat and water experiences, and high-class educational events. To support the top-end positioning, Horwath HTL Health & Wellness suggested anchoring the health retreat in personalized service and custom-tailored wellness solutions, allowing for a high level of exclusivity, individuality, and seclusion for its guests.


The project is currently in the planning stage and is anticipated to be operational by 2023.

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Leading European Medical and Wellness Resort


The client operates one of the leading wellness destinations in Europe, comprised of multiple hotels (midscale to luxury), dining outlets, spa and wellness facilities, a thermal bathing complex, medical and rehabilitation facilities, and golf courses. Horwath HTL Health & Wellness was appointed to examine, evaluate, and benchmark the resort’s spa and wellness facilities and recommend a revised health and wellness strategy that would allow the development to attract a new segment of wellness travellers and strengthen its competitive position in the regional market.


Upon completion of a thorough operational analysis, Horwath HTL Health & Wellness proposed reconfiguring the spa and wellness facilities to allow for seamless transitions and enhanced guest journey within the health and wellness areas of the resort. Additionally, to combat challenges pertaining to the lack of cohesiveness in the overall resort offering and operations, Horwath HTL Health & Wellness made a series of marketing and management recommendations aimed at fostering synergies between different health and wellness platforms. By encouraging inter-departmental collaboration, the resort has the opportunity to introduce a broader spectrum of wellness programs and offer its guests an all-round wellness journey under one roof.


The project is currently operational and the renovation is anticipated to be completed by 2022/2023.

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Luxury Health Resort


A developer proposed a lease for a luxury health resort project in Crans-Montana to an international operator. The operator is not yet present on the Swiss market, and, thus unfamiliar with the market forces and labour laws employed here. Horwath HTL was hired to providing insights on all relevant topics so the client would in the end be able to assess the economic viability of the project.


We have thoroughly reviewed the Swiss  Medical Wellness Tourism market, the competitive set, target market and target groups as well as their habits. Furthermore, our report delivered information on the CBA and customary salaries.


Contract negotiations are ongoing.

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Acquisition Due Diligence

Overview: Horwath HTL Spain was instructed by the buyer of the asset to prepare, on behalf of the buyers, a Fair Market Value of the company developing this 100-room luxury Hotel as part of Acquisition Due Diligence.

Immediately before the opening of the hotel, Horwath HTL Spain was instructed to carry out a market valuation of the hotel asset for the purposes of refinancing.

Hotel Valuation

Overview: Horwath HTL Virginia was instructed to prepare, on behalf of a global operator, a due diligence report on the hotel component of a mixed-use development. The valuation was overseen by the Virginia office with support from the New York City office.

Hotel Valuation

Overview: Horwath HTL Spain was instructed by an international bank to prepare a Market Value of a 241-key hotel as part of debt re-financing following acquisition by new owners and the decision to re-position the property under the Sofitel brand.

Resort Valuation

Overview: Horwath HTL was instructed to prepare, on behalf of a national lender, a Market Value of the resort to include the valuation of an expansion along with determining the effect of a tax abatement.  The valuation was overseen by the Virginia office with support from the Miami office.

Solution: The assignment was challenging due to its required short closing time frame, its brand affiliation relative to its location and operational challenges as it related to the expansion and government tax credits. Horwath HTL was able to provide the US based lender a quick turnaround of a market valuation of the hotel asset.

Implementation: Our valuation supported the successful closing of the loan in the required time frame.

Market and Financial Feasibility Studies – Shanghai

Over the last 25 years, Horwath HTL has played an integral part in an era of an incredible hotel development in China.

The success of a hotel project is a result of many factors, but one of the most important is the production of a feasibilty study. A financial and market feasibilty study will show the hotel developer and the financial backing, what chances of success the hotel will have.

Here is a list of some of the Feasibilty Studies we have carried out in Shanghai.

  • Disney China Resort
  • Park Hyatt Shanghai
  • Portman Ritz Carlton Shanghai
  • Hotel Nikko Shanghai
  • Hyatt on the Bund Shanghai


Market and Financial Feasibility Studies – Beijing

Over the last 25 years, Horwath HTL has played an integral part in an era of an incredible hotel development in China.

The success of a hotel project is a result of many factors, but one of the most important is the production of a feasibilty study. A financial and market feasibilty study will show the hotel developer and the financial backing, what chances of success the hotel will have.

Here is a list of some of the Feasibilty Studies we have carried out in Beijing.

  • The St. Regis Beijing
  • JW Marriott Beijing Central Place


Market and Financial Feasibility Studies – Vietnam

Over the last 25 years, Horwath HTL has played an integral part in an era of an incredible hotel development in China.

The success of a hotel project is a result of many factors, but one of the most important is the production of a feasibilty study. A financial and market feasibilty study will show the hotel developer and the financial backing, what chances of success the hotel will have.

Here is a list of some of the Feasibilty Studies we have carried out in Vietnam

  • Mövenpick, Saigon, Vietnam
  • Westin Cam Rahn, Vietnam
  • Six Senses Hideaway Con Dao, Vietnam
  • Hyatt Regency Danang, Vietnam
  • Hyatt Regency Danang, Vietnam
  • Hyatt Regency Danang, Vietnam

Ski Resort Destination Master Planning & Feasibility Study

Scope of Work: The Shanghai office prepared written market research report and detailed SWOT analysis for the Client, including artist renditions of sustainable construction standards, development zoning scheme, recommended transportation infrastructure, and phasing strategy. In addition, comparable destination case studies both inside China and internationally were identified for their best development practices.

Description of Project: Develop an executable 10-year tourism development plan for a 3,000km2 area including the Changbai Mountain UNESCO Biosphere Reserve in China’s Jilin province including the development of diverse outdoor and indoor recreational activities, multiple resort hotels, and the effective integration of future transportation infrastructure with access to tourist attractions. Identify land parcels available for adaptive reuse that could be used to attract investors to develop resorts and other tourism facilities.

Project Status: Resort officially opened in 2012.

Portfolio Valuation

Overview: Horwath HTL was instructed to prepare on behalf of a bank a Market Valuation for lending purposes of a hotel portfolio with a combined 500+ bedrooms. The valuation was undertaken by the London office in cooperation with our offices in Austria and Croatia.

Solution: The portfolio comprised three operational hotels with a mix of historic period and more modern buildings, which between them held a dominant position in the local market for quality hotel rooms. At the time of the valuation the portfolio was owner operated. The valuation was more complex than usual due to the limited availability of historic financial data and the accounts not being fully compatible with international hotel accounting practices. In addition, there were a number of legacy issues in relation to the ownership of the assets, creating additional complications in the valuation proposal.

Implementation: Despite the unforeseen complications, our valuation was completed on time and we valued the total portfolio in excess of EUR 40 million.

Hard Rock Hotel & Resort Fortaleza, Ceará, Brazil

Category: Market Analysis, Financial Feasibility Study, Assistance in Concept Design and Assistance in Negotiations

Project description: Our Client took an option to acquire a large incomplete construction site near the beach in Fortaleza. He needed to show Hard Rock the existence of potential demand as to support a resort of 220 hotel suites and 175 attached residences. He also needed to convince Hard Rock to accept the ownership structure he has designed with his investment Fund (residential fractional with them keeping a share and the general control).

Horwath HTL solution: We conducted market research that showed the consistent demand of the Fortaleza area which served for Hard Rock understanding the potential of the location. We developed a model describing the financials of the project divided in (1) The sales of fractional units, (2) The operation as resort. We helped our Client to negotiate a business model with Hard Rock providing information, models, scenarios and different calculations.

Project status: Our Client signed the agreement with Hard Rock and his Fund approved the structure of the operation. He bought the asset which is currently under construction and expecting to open in Summer 2019.

Marina Resort Heiligenhafen

The Marina Resort Heiligenhafen project was declared by the Schleswig-Holstein region as a “‘lagship project’, one earmarked to make an important contribution to the long-term and sustainable future of Heiligenhafen and the surrounding region as a tourist destination.

In July 2013, the ‘PRIMUS Marina Resort Heiligenhafen GmbH’ started to build 30 thatched cottages between the pier and marina, as well as other buildings with holiday apartments, maritime trade/services and gastronomy.

In 2015/2016, two hotels, the Beach Motel Heiligenhafen and the Bretterbude Heiligenhafen, developed by product developer Jens Sroka and his team, were built directly on the new pier. Initially, Horwath HTL were hired to produce a sustainable tourism development framework, that could be used to develop the site.

Working with the Architect firm of Seebauer, Wefers and Partner GbR, the development concept of ‘Marina-Resort Heiligenhafen’ was created for the approximately 80,000 square meters area, with unique location qualities directly on the Baltic Sea beach and at the 5-star marina. The goals and contents of this master plan concept were confirmed by the city of Heiligenhafen in spring 2010. As part of further project development, Horwath HTL supported HVB in the acquisition of suitable operators and investors.

Land Value Dispute

Situation Overview
A hotel developer in Country A purchased resort land in Country B.  Three years later, government of Country B informed land owner that the deed was issued in error and purchaser really owned another parcel away from the beach. The land purchaser asked to reverse the transaction but Country B claimed the land had no value as it would not have been feasible to develop a resort in such a remote location.

Country B hired the development president of a major global hotel company to testify regarding the traditional (ULI approved) feasibility determination process.  Horwath HTL expert testified that the Country B expert was, in fact, correct regarding traditional hotel development.  However, for non-traditional brands, such as the one selected for the subject property, the journey to remote locations was part of the thrill of the experience, and the brand’s expertise was key to developing a resort in remote locations, as this brand had done in other parts of the world.

Project Status
Awaiting determination of World Court Tribunal

Republic of Slovenia – Tourism Development Strategy

Slovenia is an EU-member state with three globally distinct attributes of Alps, Mediterranean and Pannonia. However, over the last 25 years tourism sector was actively managed, leading to suboptimal utilization of tourism assets.

Scope of Work
Horwath HTL Croatia was appointed to deliver an action-driven tourism development strategy with strong focus on restructuring of hotel sector and modernization of the whole tourist experience on national level. In addition, tourism marketing strategy with digital marketing component was developed. We had the mission to define a sustainable tourism development strategy for Slovenian tourism until 2021, including following key segments:

  • Market analysis
  • Tourism value chain assessment
  • Stakeholders mapping
  • Benchmark analysis
  • Strategy definition
  • Strategy development of 6 key improvement areas:
    • Experiential clustering and tourism products
    • Institutional and legislative frame improvement
    • Spatial, natural and cultural development strategy
    • Investment strategy
    • SME
    • HR strategy
  • Strategic marketing plan
  • Action plan


The whole process identified over 90 actionable policies, measures and activities, ensuring focused and effective tourism development process. Strategy development process consisted of series of in-depth interviews and interactive workshops organized with leading industry stakeholders on national and destination level. Horwath HTL proposed following key solutions within the strategy:

  • Experiential structuring of Slovenia in four regional clusters
  • Definition of primary tourism products
  • Privatization and restructuring of state-owned companies
  • Development of key strategic projects and international investment market packages
  • Improvement of tourism management and regulation system
  • Strategic marketing recommendations related to branding, marketing and promotion.

Strategy is officially adopted by Slovenian Government as of October 2017, with ongoing active implementation of key measures.

Portfolio Valuation

Overview: Our Client is one of the main hotel chains in the world and is negotiating the acquisition of a portfolio of management contracts of currently operating hotels and some others in pipeline. Our Client wanted a professional valuation of the portfolio, some keys to improve his power of negotiation and the design of a new corporate structure to manage them.

Solution: We conducted market research in each of the 21 cities, where the hotels were operating or under construction, forecast the P&L for every hotel, defined the strategic commercial approach and designed a corporate structure to manage them. The P&Ls together with a risk evaluation of every hotel were shared with Crowe Rio de Janeiro, Corporate Finance Division, who made the official valuation following Brazilian rules and laws. We provided the main information, in 4 weeks, to support our Clients negotiations.