Tourism recovery contributes to hotel investment growth
The tourism has undergone a serious expansion and diversification over the last six decades and it has turned to one of the largest and the most rapid growing economic sectors in the world. A number of new tempting touristic destinations have appeared and they are considered a serious challenge for the typical centers in Europe and in North America, a report of BNP Pariba Real Estate, quoted by the online edition of property-magazine.eu, informs.
Despite all the challenges in front of the economy, the World Tourism Organization (UN) expects a global tourists’ visit growth of 3-4% and a growth of 2-3% in Europe.
With regard to the optimistic prognosis, the five most popular tourism destinations in Europe indicate serious hotel investment growth – over € 4,5 billion during the first half-year only which is 54% more compared to the same period last year.
As with the other types of real estate, the hotel investors are also focused on the first-class assets. The hotel market has two aspects – the high-quality hotels in the leading attractive tourism centers generate huge interest while the not so well performing hotels in the secondary destinations do not manage to find any buyers.
The investments’ volume in France has reached € 1,3 billion within the period between January and June that amounts to 119% compared to the same period last year. The growth is mainly due to the deals with trophy assets such as Mandarin Oriental and the portfolio of Concorde Luxury Hotels. Dominating players on the market in Paris are the state investment funds.
Great Britain keeps dominating on the investment market in the hotel segment. The state has attracted € 1,9 billion during the first half-year which amounts to a growth of 23% compared to the same period last year. The investments in the segment are concentrated in London that is considered a secure and attractive tourism destination.
Italy keeps accounting of an investment slump in the segment but several trophy sales have been completed during the summer after the end of the half-year, which would probably lead to positive data until the end of the year.
A hotel investment growth of 121% is registered in Germany during the first six months of the year and it has reached the total volume of € 800 million, company data show. However, the increase is defined according to the sales of Queens Moat House’s portfolio.
The deals in Spain account of a good end of the year – the hotel segment is expected to get out of the negative coil and the hotels are supposed to improve their operative results.
To anyone thinking about buying a property in Bulgaria I hope that I can help with my very bad experience (with other agency)that cost me several thousand euro's with a property I hoped would be my dream home and after paying my deposit and appointed the company to sort out the notary deeds I thought great I have my home in Bulgaria, after waiting for a month with no communication with the company I contacted the company and was told not to worry should all be sorted in about a week to cut a story short this went on for almost four months and not once did they communicate with me it was always me contacting them by now I was starting to worry that all the stress that I was suffering was not worth it shortening my life (I am75) so I told them to cancel the contract I didn't want the house anymore because I was getting very bad feelings over everything and back came the reply (yes you guessed it) should all be sorted in a week I replied yes but there's 52 week's in a year and I can't wait to find out which one so I gave up on my dreams of living in Bulgaria but then after a couple of weeks I decided I would try just once more and decided to try Bulgarian House and I can't tell you the difference between the first company of similar name to Bulgarian House was chalk and cheese. I was of course still very sceptical about dealing with them but after my first email to them and and the reply I received I felt like this is so different then over a short period of time searching through all the properties that fitted with my criteria I received so much help and additional property details I replied back that I have a short list of just over a hundred to which came back a reply "Are You Trying To Kill Me" but okay we can sort it all out and then I replied I was joking I only have about twenty I would like to see and after several emails and some professional banter I was so at ease with the company and made my travel arrangements to visit and view Kiki then recommended a hotel for me and after agreeing Kiki then made all the reservations for me. When I arrived at the hotel it was late and ready for a good night's sleep and then true to her word she called and asked me if all was okay and that she had arranged for me to visit all the properties I had requested over a three or four day period some of them in the Elhovo area and was showed them by one of her colleges Elvera once again a great lady that was only pleased to help and showed me other properties I might like but over the time viewing all the properties I was showed around the different area's to help me make my decision more easy and after three fairly busy but extremely enjoyable days I had a day to myself for recapping all I had seen as Kiki had an appointment with another client but even then she found time to call me and asked if I had any questions to which I replied no you did a fantastic job explaining everything as we viewed but I had one property I wanted to view again, Kiki called me back within the hour and had arranged with the owner to view the next morning, I viewed the house and had a little haggle with the owner and agreed a sale then Kiki spent the rest of the day taking me to all the major shops etc that would be of interest then went for a coffee and she arranged for me to visit the bank the next day and open a bank account then a visit to the solicitors to grant her power of attorney to act on my behalf all done, that evening Kiki and her son David (great little five year old man) showed me around Kazanlak and as it was December we went to watch a fantastic musical extravaganza in the square, what a great way to end the day and my time in Bulgaria. The whole process from agreement of sale including payment and transfer of the notary deeds all done in under two weeks that the other company could not do in over three months, so please please listen to a man who has had bad and good experience in buying a Bulgarian property Don't waste time and money looking around go straight to the best and forget the rest. As we all know that the virus is stopping us traveling and you might not be able to view as I can't go back to my house and start working on it but I can put my hand on my heart and say Kiki and Elvera can both be trusted to give you a 100% true assessment for the property of your choice and can proceed with conference. I can't wait to get back to Bulgaria and have a big BBQ for all the people I have made lifetime friends with and without Kiki it would not have been possible. John and Xiaohui
— John Johnson, UK