CONCEPT overview

	PURPOSE

To purchase tourism projects in Europe, especially in Germany, Austria and Switzerland, and in the Mediterranean region, especially in countries such as Italy, Egypt, Spain, Tunisia, Greece, Turkey and Morocco

To purchase approximately 35–40 assets with an average price of €12.5–€15 million

To purchase particularly distressed loans and distressed properties

To purchase operator-free existing properties and uncompleted objects if necessary

	PARAMETER

Planned initial return: 5% (gross per year)

Planned target return: Up to 15% (gross per year)

Investment volume: Total investment up to €500 million

PARTNERSHIP

WITH EXPERIENCED TOURISM SPECIALISTS

Access to hotel properties and other tourist facilities

Extensive expertise in hotel and tourism (hotel conception, operational management, asset management, administration, consulting, etc.)

Many years of experience in the hotel industry, tourism and gastronomy

Investment with appreciation potential

Purchase of properties based on the current EBITDA, which is usually significantly below the real value

Exclusively equity-financed purchase of properties without external borrowing

Valuation of properties based on feasibility studies by a management consulting company in the investment company’s sphere

Increasing value through the optimization of business operations (quality optimization) and marketing (quantity optimization) by a management company from the network of the investment company
Assuming the tourism in the MENA and Mediterranean region recovers in the medium term, reselling of properties will be possible at a higher value than the purchasing price

RISKS

The performance of some of the purchased properties depending on the associated resurgence of tourism

Demand for tourism properties generally depends on the location (economy, culture and tourism)

Impossibility of the optimization of the business operation and its marketing by the management company due to factors that cannot be influenced