SERVICED APARTMENTS MARKET OPPORTUNITIES

Transcription

1 SERVICED APARTMENTS MARKET OPPORTUNITIES Nicole Perreten Senior Associate, HVS London Office - 1 -

2 THE SURVEY - 2 -

3 KEY FINDINGS Product: new or amended GOP Margins: generally high but differences exist Traction: extended stay products a must in a brand portfolio Pipeline: growth also in secondary markets - 3 -

4 LESS SPACE IS MORE? 1. Micro apartments (affordable living) Ascott: lyf Bridgestreet: STÜDYO and STOW - 4 -

5 LESS SPACE IS MORE? 1. Micro apartments (affordable living) Ascott: lyf Bridgestreet: STÜDYO and STOW Ascott: lyf Accor: Adagio 2. Rethinking Common Areas - 5 -

6 LESS SPACE IS MORE? 1. Micro apartments (affordable living) Ascott: lyf Bridgestreet: STÜDYO and STOW Saco: Locke 3. Design Ascott: lyf Accor: Adagio 2. Rethinking Common Areas - 6 -

7 UNIT DISTRIBUTION - 7 -

8 MOST SERVICED APARTMENTS ARE STUDIOS 6% <1% 100% 90% 80% 70% 60% 6% 7% 17% 30% 34% 34% 14% 23% 23% 42% 50% 34% 59% 40% 30% 20% 10% 59% 75% 70% 64% 52% 43% 0% Average Switzerland France Germany Netherlands UK Studios One Bedroom Two Bedrooms Three+ Bedrooms Studios One Bedroom Two Bedrooms Three+ Bedrooms Source: HVS Research Source: HVS Research - 8 -

9 OVER HALF STAY LESS THAN 10 NIGHTS 40% 35% 30% 25% 20% 15% 10% 5% 0% 1-3 Nights 4-9 Nights Nights Nights Nights Nights Nights Source: HVS Research

10 KPIs SHOW USEFUL COMPARISONS On average 17 FTEs per 100 units RevPAR vs TrevPAR GOP Margin

11 LONGER STAYS = HIGHER MARGINS Average GOP Margin >15 Nights 6-15 Nights 1-5 Nights 0% 10% 20% 30% 40% 50% 60% 70% 80%

12 UK AND GERMANY LARGEST PIPELINES Other Netherlands Austria France Ireland Switzerland Germany UK ,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Source: HVS, Tophotelprojects

13 RESIDENCE INN NOW FASTEST GROWER Bridgestreet Novum LikeApart Fraser SMARTments Adagio Go Native Staybridge Suites Saco Apartments Adina Visionapartments Staycity Residence Inn Source: HVS, Tophotelprojects

14 WHO ARE THE BUYERS / HOW MUCH DO THEY PAY? Date Property Location Nr Units Price ( ) Price per Unit ( ) Buyer Seller May-17 Whitworth Locke (future) Manchester 150 Undisclosed Undisclosed SACO Property Group Real Estate Funds by Blackstone Jan-17 Adina Apartment Hotel Nuremberg 138 Undisclosed Undisclosed Invesco Real Estate FREO Group Dec-16 Development Site Dublin 89 10,000, ,000 SACO Property Group Undisclosed Dec-16 Temple Bar Hotel Dublin ,000, ,000 The Ascott Limited Undisclosed Oct-16 Staybridge Suites Newcastle 128 Undisclosed Undisclosed Cycas Hospitality Westmont Oct-16 Uhlandstrasse (future) Berlin 64 Undisclosed Undisclosed Undisclosed Pantera AG Sep-16 Staycity Birmingham Birmingham ,800, ,000 Knight Frank RO Real Estate Sep-16 Zoku Metropol Hotel Amsterdam 133 Undisclosed Undisclosed Standard Life Investment Breevast, Andantino, Ljungberg Family Jul-16 SMARTments business Vienna 162 Undisclosed Undisclosed WurttLeben GBI AG, Rhomberg Bau, Construct May-16 Staycity Dublin Dublin ,000, ,000 Undisclosed NAMA Apr-16 Go Native Shoreditch (future) London ,800, ,000 Osprey Equity Partners Reef Estates Ltd, Sharma Family Mar-16 Saco The Canon London 77 41,000, ,000 Undisclosed LaSalle Investment Mar-16 Staycity Hayes (Heathrow) London ,500, ,000 Schroders UK Real Estate Fund Ballymore Feb-16 Staybridge Suites Liverpool 132 Undisclosed Undisclosed Cycas Hospitality Patron Capital Source: RCA, HVS Research

15 WHO ARE THE BUYERS / HOW MUCH DO THEY PAY? Date Property Location Nr Units Price ( ) Price per Unit ( ) Buyer Seller May-17 Whitworth Locke (future) Manchester 150?? SACO Property Group Real Estate Funds by Blackstone Jan-17 Adina Apartment Hotel Nuremberg 138?? Invesco Real Estate FREO Group Dec-16 Development Site Dublin 89 10,000, ,000 SACO Property Group? Dec-16 Temple Bar Hotel Dublin ,000, ,000 The Ascott Limited? Oct-16 Staybridge Suites Newcastle 128?? Cycas Hospitality Westmont Oct-16 Uhlandstrasse (future) Berlin 64??? Pantera AG Sep-16 Staycity Birmingham Birmingham ,800, ,000 Knight Frank RO Real Estate Sep-16 Zoku Metropol Hotel Amsterdam 133?? Standard Life Investment Breevast, Andantino, Ljungberg Family Jul-16 SMARTments business Vienna 162?? WurttLeben GBI AG, Rhomberg Bau, Construct May-16 Staycity Dublin Dublin ,000, ,000? NAMA Apr-16 Go Native Shoreditch (future) London ,800, ,000 Osprey Equity Partners Reef Estates Ltd, Sharma Family Mar-16 Saco The Canon London 77 41,000, ,000? LaSalle Investment Mar-16 Staycity Hayes (Heathrow) London ,500, ,000 Schroders UK Real Estate Fund Ballymore Feb-16 Staybridge Suites Liverpool 132?? Cycas Hospitality Patron Capital Source: RCA, HVS Research

16 THANK YOU! Nicole Perreten Senior Associate HVS London Office