{"id":38973,"date":"2026-03-25T08:00:58","date_gmt":"2026-03-25T07:00:58","guid":{"rendered":"https:\/\/mrp-hotels.com\/?p=38973"},"modified":"2026-03-27T12:20:24","modified_gmt":"2026-03-27T11:20:24","slug":"mrp-hotels-x-elevatr-ihif-expert-insights","status":"publish","type":"post","link":"https:\/\/mrp-hotels.com\/en\/mrp-hotels-x-elevatr-ihif-expert-insights\/","title":{"rendered":"mrp hotels x elevatr IHIF Expert Insights"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"38973\" class=\"elementor elementor-38973\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c21e16a e-flex e-con-boxed e-con e-parent\" data-id=\"c21e16a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ef5cbca e-flex e-con-boxed e-con e-parent\" data-id=\"ef5cbca\" data-element_type=\"container\" data-e-type=\"container\" data-settings='{\"background_background\":\"classic\"}'>\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-9dbb6ea e-con-full e-flex e-con e-child\" data-id=\"9dbb6ea\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ab11870 elementor-widget elementor-widget-heading\" data-id=\"ab11870\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">\nHotel Real Estate Market in Transition<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dfe9564 e-con-full e-flex e-con e-child\" data-id=\"dfe9564\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e5fc440 elementor-widget elementor-widget-text-editor\" data-id=\"e5fc440\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#xA0;<\/p><p>Ahead of the <a href=\"https:\/\/www.ihifemea.com\/\">International Hospitality Investment Forum 2026 (IHIF EMEA)<\/a>, <a href=\"https:\/\/mrp-hotels.com\/\">mrp hotels<\/a> and <a href=\"https:\/\/www.elevatr.com\/\">elevatr<\/a> surveyed leading experts from the German-speaking hotel operating and hotel real estate market. Their feedback paints a clear picture: hotel real estate remains attractive, but market logic has adjusted to a higher-cost, higher-interest-rate environment shaped by cautious consumers and geopolitical uncertainty. More than ever, success now depends on resilience, operator quality, brand strength, profitability and the ability to respond flexibly in a volatile environment.<\/p><p>&#xA0;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b01026d elementor-widget elementor-widget-heading\" data-id=\"b01026d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Expert Panel<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c683480 elementor-widget elementor-widget-text-editor\" data-id=\"c683480\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#xA0;<\/p>\n<p>Matthias Beinlich (b&#x2019;mine hotels) &#xB7; Stephan Gerhard (Solutions Holding) &#xB7; Frank Hildwein (Deka Immobilien) &#xB7; Felix Lorenz (Centralis Immobilien) &#xB7; Martina Maly-G&#xE4;rtner (UBM Development) &#xB7; Daniel Peters (Motel One) &#xB7; Boris Simm (Primestar Group) &#xB7; Philipp von Bodman (ACHAT Hotels)<\/p>\n<p>&#xA0;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8be288f elementor-widget elementor-widget-heading\" data-id=\"8be288f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Key Takeaways at a Glance<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-82ae8c8 elementor-widget elementor-widget-text-editor\" data-id=\"82ae8c8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#xA0;<\/p>\n<p>&#x2022; <strong>Operator Market:<\/strong> Consolidation continues. Margin protection and operational efficiency are becoming critical, while <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Scale&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;The term &amp;quot;(chain) scale&#x201D; refers to scaling segments for the hotel industry, which can be used to categorize both hotel chains and independent hotels according to their average room rates. Against this backdrop, a distinction is made between the following categories: luxury, upper upscale, upscale, upper midscale, midscale, and economy.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Hinter dem englischen Begriff &amp;quot;(Chain) &amp;lt;strong&amp;gt;Scale&amp;lt;\/strong&amp;gt;&amp;quot; verbergen sich Skalierungssegmente f&#xFC;r die Hotellerie, anhand welcher sich sowohl Hotelketten als auch unabh&#xE4;ngige Hotels hinsichtlich ihrer durchschnittlichen Zimmerraten zusammenfassen lassen. Unterschieden werden vor diesem Hintergrund die folgenden Kategorien: Luxury, Upper Upscale, Upscale, Upper Midscale, Midscale und Economy.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/scale\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">scale<\/a> alone is no longer a differentiator. Digitalisation and automation are evolving into measurable competitive advantages.&#xA0;<br>&#x2022; <strong>Investment Market<\/strong>:&#xA0;<span style=\"font-style: inherit; font-weight: inherit; letter-spacing: 0.45px;\">Compared to 2022, the still-elevated interest-rate environment remains the key driver of valuation and transaction activity. Opportunities are concentrated in the budget\/economy and <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Serviced Apartment&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;A serviced apartment is a furnished accommodation designed for short- or long-term stays and offering hotel-like services. These apartments combine the advantages of a private apartment with the comfort of a hotel. Typical features of a serviced apartment include a fully equipped kitchen or kitchenette for self-catering, regular cleaning service, flexible rental periods, and hotel-like additional services such as a reception desk, fitness area, or laundry service (depending on the provider).&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Ein Serviced Apartment ist eine m&#xF6;blierte Unterkunft, die f&#xFC;r kurz- oder langfristige Aufenthalte konzipiert ist und hotel&#xE4;hnliche Dienstleistungen bietet. Diese Apartments kombinieren die Vorteile einer privaten Wohnung mit dem Komfort eines Hotels. Typische Merkmale eines Serviced Apartments sind eine voll ausgestattete K&#xFC;che oder Kitchenette f&#xFC;r Selbstverpflegung, regelm&#xE4;&#xDF;iger Reinigungsservice, flexible Mietdauer sowie hotel&#xE4;hnliche Zusatzleistungen wie Rezeption, Fitnessbereich oder W&#xE4;scheservice (je nach Anbieter).&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/serviced-apartment\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">serviced apartment<\/a> segments, as well as in repositioning and value-add strategies.<\/span><\/p>\n<p>&#x2022; <strong>Market Trends:<\/strong> Geopolitical uncertainty, volatile cost structures and unpredictable or rapidly changing demand patterns are increasing the need for strategic agility and ongoing operational adaptation.<br>&#x2022; <strong><a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Bottom line&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph {&amp;quot;translatedWithWPMLTM&amp;quot;:&amp;quot;1&amp;quot;} --&amp;gt;\n&amp;lt;p&amp;gt;The &amp;quot;bottom line&amp;quot; in the hotel industry refers to the net profit of a hotel after deducting all expenses and costs. It represents the actual profit that the hotel makes after all operating costs, interest, taxes, depreciation, etc. have been taken into account.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Die &amp;quot;Bottom Line&amp;quot; in der Hotellerie bezieht sich auf den Nettogewinn eines Hotels nach Abzug aller Ausgaben und Kosten. Sie repr&#xE4;sentiert den tats&#xE4;chlichen Profit, den das Hotel erzielt, nachdem alle operativen Kosten, Zinsen, Steuern, Abschreibungen, etc. ber&#xFC;cksichtigt wurden.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/bottom-line\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Bottom Line<\/a>:<\/strong> The most attractive hotel assets and operators are those that combine operational resilience, clear market positioning, and realistic, sustainable capital structures.<\/p>\n<p>&#xA0;<\/p>\n<p>&#xA0;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5d64ed5 elementor-widget elementor-widget-heading\" data-id=\"5d64ed5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">I. The Operator Market<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4cc6fca elementor-widget elementor-widget-text-editor\" data-id=\"4cc6fca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3>&#xA0;<\/h3>\n<h3><strong>Consolidation as a Market Reality<\/strong><\/h3>\n<p>The European operator market is moving through the long-expected consolidation phase. Insolvencies, takeovers, restructurings and new strategic partnerships are not cyclical outliers, but rather the result of structural imbalances built up over recent years. Conventional lease models in particular are under increasing pressure, having been underwritten in a very different interest-rate and revenue environment and now proving economically unsustainable in many cases. At the same time, labour, energy, procurement and financing costs have settled at levels that expose operational weaknesses without mercy and put <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;EBITDA&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;The abbreviation EBITDA\/NOI stands for &#x2018;Earnings before Interest, Taxes, Depreciation, Amortisation \/ Net Operating Income&#x2019; and describes business indicators used to assess a company&amp;#039;s operating income. EBITDA describes profit before taxes, interest and depreciation.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Die Abk&#xFC;rzung EBITDA\/NOI steht f&#xFC;r den englischen Ausdruck &amp;quot;Earnings before Interest, Taxes, Depreciation, Amortisation \/ Net Operating Income&#x201D; und beschreibt betriebswirtschaftliche Kennzahlen, um das operative Einkommen eines Unternehmens zu beurteilen. Das EBITDA beschreibt den Gewinn vor Steuern, Zinsen und Abschreibungen.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/ebitda\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">EBITDA<\/a> under pressure.<\/p>\n<p>The implication for operators is clear: scale alone is no longer a viable success model. Competitive advantage increasingly belongs to businesses that actively manage their cost base, position their product clearly and keep operational complexity under control. For owners and landlords, this means lease and rent structures must be assessed against realistically achievable market parameters, rather than against the record rents of previous market cycles.<br><br><\/p>\n<h3><strong>Margin Quality Becomes the Central <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Performance&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;In the hotel industry, the term &amp;quot;performance&#x201D; refers to the overall performance of a hotel or hotel chain in terms of various operational and economic indicators. These include, among other things, revenue (income from guest accommodation, restaurants, events, and other services offered), occupancy rate (the percentage of available rooms that have actually been booked), average room rate\/average daily rate (the average price guests pay for an overnight stay), or RevPAR\/revenue per available room. A hotel&amp;#039;s performance is used to evaluate the success of the business, make strategic decisions, and identify potential for improvement. It is a decisive factor in a hotel&amp;#039;s competitiveness and depends on internal and external factors such as service quality, market conditions, and marketing strategies.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;In der Hotellerie bezeichnet der Begriff Performance die Gesamtleistung eines Hotels oder einer Hotelkette im Hinblick auf verschiedene betriebliche und wirtschaftliche Kennzahlen. Dazu z&#xE4;hlen unter anderem der Umsatz (die Einnahmen aus der Beherbergung von G&#xE4;sten, Restaurants, Events und anderen angebotenen Dienstleistungen), die Belegungsrate (der Prozentsatz der verf&#xFC;gbaren Zimmer, die tats&#xE4;chlich gebucht wurden), der durchschnittliche Zimmerpreis\/Average Daily Rate (der durchschnittliche Preis, den G&#xE4;ste f&#xFC;r eine &#xDC;bernachtung zahlen) oder RevPAR\/Revenue per Available Room. Die Performance eines Hotels wird genutzt, um den Erfolg des Betriebs zu bewerten, strategische Entscheidungen zu treffen und Verbesserungspotenziale zu erkennen. Sie ist ein entscheidender Faktor f&#xFC;r die Wettbewerbsf&#xE4;higkeit eines Hotels und h&#xE4;ngt von internen und externen Faktoren wie Servicequalit&#xE4;t, Marktbedingungen und Marketingstrategien ab.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/performance\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Performance<\/a> Metric<\/strong><\/h3>\n<p>The scope for rate-driven growth is narrowing. In many markets, rising costs can no longer be passed through consistently via higher average rates, particularly where guests have become more price-sensitive or where volume-driven competitors are gaining market share. Midscale and traditional full-service concepts are being affected disproportionately by this pressure.<\/p>\n<p>Protecting operating margins has therefore become essential. Standardisation, digitalisation, automation, leaner organisational models, clearly defined service propositions, higher direct distribution shares and the disciplined elimination of unprofitable service components are all operational levers with direct impact at EBITDA level. Operators that structure their operating model effectively not only improve on-property performance, but also enhance their attractiveness to owners, brand partners and capital providers.<\/p>\n<p>&#xA0;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-09e063b elementor-blockquote--skin-boxed elementor-widget elementor-widget-blockquote\" data-id=\"09e063b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t&#x201C;In full-service hotels, <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Payroll&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph {&amp;quot;translatedWithWPMLTM&amp;quot;:&amp;quot;1&amp;quot;} --&amp;gt;\n&amp;lt;p&amp;gt;Payroll is an umbrella term for the monthly payroll. This is the source of all payments made to employees in a company.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Die Payroll ist ein &#xDC;berbegriff f&#xFC;r die monatliche Lohn- und Gehaltsabrechnung. Davon gehen alle Zahlungen der mitarbeitenden Personen in einem Unternehmen aus.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/payroll\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">payroll<\/a> is the greatest source of cost pressure, even as <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;FTE&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph {&amp;quot;translatedWithWPMLTM&amp;quot;:&amp;quot;1&amp;quot;} --&amp;gt;\n&amp;lt;p&amp;gt;This term expresses the time value that a full time equivalent worker provides. At the same time, the key figure is of great importance for personnel recruiting and provides an important basis for further analyses.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Dieser Begriff dr&#xFC;ckt den Zeitwert aus, den eine Vollzeit-Arbeitskraft (Full Time Equivalent) erbringt. Gleichzeitig ist die Kennzahl f&#xFC;r das Personal Recruiting von gro&#xDF;er Bedeutung und bietet f&#xFC;r weitere Analysen eine wichtige Grundlage.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/fte\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">FTE<\/a> numbers continue to decline. This makes competitiveness versus serviced apartments and budget hotels increasingly challenging.&#x201D;\n\n\n\n\n\n\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">Matthias Beinlich, b&#x2019;mine hotels<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-585766e elementor-widget elementor-widget-text-editor\" data-id=\"585766e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><strong><br>Technology and Automation Are Becoming Investment-Relevant<\/strong><\/h3>\n<p>Digitalisation is no longer viewed as an add-on, but as an integral part of a future-proof business model. AI-supported systems and automated processes are gaining importance in revenue management, sales, the guest journey and back-of-house functions. Their value lies not only in efficiency gains, but equally in improved scalability, faster responsiveness and reduced dependence on labour &#x2013; and, as a result, lower costs.<\/p>\n<p>From an operator perspective, technology has become a key lever for protecting profitability and service quality. From an investor perspective, it is increasingly a test of an operator&#x2019;s long-term viability: those who embed digital capabilities systematically strengthen the resilience of their business model and create a more robust platform for growth, repositioning and exit readiness.<\/p>\n<h3><strong><br>What Owners Should Expect from Operators Today<\/strong><\/h3>\n<p>Operator selection is now more than ever a central element of risk management. In addition to brand and concept, the key assessment criteria include credit quality, lease coverage (<a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;LCR&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;The abbreviation LCR stands for &amp;quot;lease coverage ratio&#x201D; and refers to the lease coverage factor. The higher the value, the lower the default risk.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Die Abk&#xFC;rzung LCR steht f&#xFC;r den englischen Ausdruck &amp;quot;Lease Coverage Ratio&amp;quot; und bezeichnet den Mietabdeckungsfaktor. Je h&#xF6;her der Wert liegt, desto geringer ist das Ausfallrisiko.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/lcr\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">LCR<\/a>), distribution strength, above-property support and the resulting operational stability in weaker trading periods. Transparency has therefore become a <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Core&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;The &#x2018;core&#x2019; risk class in real estate valuation refers to an investment with the relatively lowest probability of default for investors. Properties in the &#x2018;core&#x2019; category primarily include office, hotel or retail properties, which are characterised by their prime location and long-term leases. The property is of high quality and therefore very attractive to investors and tenants\/leaseholders.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Die Risikoklasse &amp;quot;&amp;lt;strong&amp;gt;Core&amp;lt;\/strong&amp;gt;&amp;quot; in der Immobilienbewertung bezeichnet ein Investment mit der verh&#xE4;ltnism&#xE4;&#xDF;ig geringsten Ausfallwahrscheinlichkeit f&#xFC;r Anleger. Objekte der Kategorie &amp;quot;Core&amp;quot; beinhalten prim&#xE4;r B&#xFC;ro-, Hotel- oder Handelsimmobilien, welche sich durch ihre erstklassige Lage und ihre langfristige Vermietung auszeichnen. Die Objektqualit&#xE4;t der Liegenschaft ist hoch und aus diesem Grund auf Investoren- und Mieter-\/P&#xE4;chterseite sehr attraktiv.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/core\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">core<\/a> requirement for owners and investors &#x2013; both through clear monitoring mechanisms and through well-defined alignment and communication processes in cases of sustained underperformance.<\/p>\n<p>A strong operator is no longer merely a brand or product promise, but a financially and operationally verifiable platform. This is where the operator market and the investment market become directly intertwined.<\/p>\n<p>&#xA0;<\/p>\n<p>&#xA0;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-699c942 elementor-widget elementor-widget-heading\" data-id=\"699c942\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\nII. The Investment Market<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5616ca9 elementor-widget elementor-widget-text-editor\" data-id=\"5616ca9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3>&#xA0;<\/h3>\n<h3><strong>Interest Rates and Financing Continue to Shape the Landscape<\/strong><\/h3>\n<p>The persistently high interest-rate environment remains the defining factor for valuations and transaction dynamics, regardless of any potential base-rate adjustments. Higher capital costs &#x2013; particularly at the long end of the curve &#x2013; are making new developments and larger <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;CapEx&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph {&amp;quot;translatedWithWPMLTM&amp;quot;:&amp;quot;1&amp;quot;} --&amp;gt;\n&amp;lt;p&amp;gt;CapEx (= Capital Expenditure), an important internal indicator, expresses a company&amp;#039;s capital expenditure on long-term assets such as real estate, machinery, buildings, equipment or IT systems. Capital expenditures also increase the asset side of the balance sheet and can be used to assess asset intensity more accurately (= fixed assets compared to total assets).&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;CapEx (= Capital Expenditure), eine wichtige interne Kennzahl, dr&#xFC;ckt die Investitionsausgaben eines Unternehmens in langfristige Anlageg&#xFC;ter wie zum Beispiel Immobilien, Maschinen, Geb&#xE4;ude, Ausr&#xFC;stung oder IT-Systeme aus. Capital Expenditures erh&#xF6;hen zudem die Aktiva-Seite der Bilanz, weiters kann anhand dessen die Anlagenintensit&#xE4;t (= Anlageverm&#xF6;gen im Vergleich zum Gesamtverm&#xF6;gen) genauer eingesch&#xE4;tzt werden.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/capex\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">capex<\/a> programmes more difficult, extending price discovery processes and increasing the requirements placed on capital structures.<\/p>\n<p>&#xA0;<\/p>\n<p>At the same time, legacy assumptions from the low-interest-rate era &#x2013; around land pricing, construction costs, <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Return&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;In finance and real estate, return refers to the income generated by an investment in relation to the capital invested. It is usually expressed as a percentage and serves as a key indicator for assessing the profitability of an investment. A high return indicates a profitable investment, while a low return may indicate potential for optimization or risks.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/return\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">return<\/a> expectations, equity requirements and lease structures &#x2013; continue to weigh on development projects, refinancing situations and reletting activity.<\/p>\n<p><strong>&#xA0;<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34ecfa8 elementor-blockquote--skin-boxed elementor-widget elementor-widget-blockquote\" data-id=\"34ecfa8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t&#x201C;At best, I expect stable pricing. At the same time, developments remain difficult to make viable.&#x201D;\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">Frank Hildwein, Deka Immobilien<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a9ee8f9 elementor-widget elementor-widget-text-editor\" data-id=\"a9ee8f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><strong><br><a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Return&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;In finance and real estate, return refers to the income generated by an investment in relation to the capital invested. It is usually expressed as a percentage and serves as a key indicator for assessing the profitability of an investment. A high return indicates a profitable investment, while a low return may indicate potential for optimization or risks.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/return\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Return<\/a> Expectations: More Differentiated, Not Automatic<\/strong><\/h3>\n<p>Depending on product type, location, operator quality and contractual structure, hotel investments currently generally require target returns in the 5% to 7% range. <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Yield&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;The term &amp;quot;yield&#x201D; is frequently used in asset management and refers to the hotel&amp;#039;s revenue. Yield management aims to maximize revenue based on supply and demand forecasts. Yield management originated in the aviation industry. In the hotel industry, the term &amp;quot;revenue management&#x201D; is more commonly used today. It is very similar to yield management, but incorporates more parameters than just price and return.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Der englische Begriff &amp;quot;&amp;lt;strong&amp;gt;yield&amp;lt;\/strong&amp;gt;&amp;quot; findet im Asset Management h&#xE4;ufige Anwendung und bezeichnet den Ertrag des Hotels. Yield Management strebt eine Maximierung des Umsatzes auf Grundlage von Angebots- und Nachfrageprognosen an. Seine Entstehung hat das Yield Management im Luftverkehr. Unter dem Hotel-Bezug findet heute eher der Begriff &amp;quot;Revenue Management&amp;quot; Anwendung, welcher dem Inhalt des Yield Managements sehr &#xE4;hnlich ist, jedoch mehr Parameter einbezieht als Preis und Rendite.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/yield\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Yield<\/a> is not an isolated metric, but the result of an overall investment equation in which operator creditworthiness, contract structure, market dynamics, repositioning potential and exit attractiveness interact directly.<\/p>\n<p>For investors, this means a return to more differentiated underwriting approaches. A high-quality hotel is not automatically an attractive investment; what matters is the credibility of the relationship between <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Cash Flow&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Cash flow is a relevant economic indicator for assessing the financial strength of a hotel. It shows the cash flow generated within a selected period as the difference between inflows and outflows within the company.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;br \/&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Calculation of cash flow:&amp;lt;br&amp;gt;Net income or net loss for the year&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;br \/&amp;gt;&amp;lt;!-- wp:list --&amp;gt;\n&amp;lt;ul class=&amp;quot;wp-block-list&amp;quot;&amp;gt;&amp;lt;!-- wp:list-item --&amp;gt;\n&amp;lt;li&amp;gt;Depreciation&amp;lt;br&amp;gt;&#x2013; Write-ups (in favour of the result)&amp;lt;\/li&amp;gt;\n&amp;lt;!-- \/wp:list-item --&amp;gt;&amp;lt;br \/&amp;gt;&amp;lt;!-- wp:list-item --&amp;gt;\n&amp;lt;li&amp;gt;Increase in long-term provisions&amp;lt;br&amp;gt;= Cash flow&amp;lt;\/li&amp;gt;\n&amp;lt;!-- \/wp:list-item --&amp;gt;&amp;lt;\/ul&amp;gt;\n&amp;lt;!-- \/wp:list --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Der &amp;lt;strong&amp;gt;Cash Flow&amp;lt;\/strong&amp;gt; stellt eine relevante wirtschaftliche Kennzahl zur Beurteilung der Finanzkraft eines Hotels dar. Angegeben wird der erzielte Geldfluss innerhalb einer gew&#xE4;hlten Periode als Differenz aus Zufl&#xFC;ssen und Abg&#xE4;ngen innerhalb des Unternehmens.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;br \/&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Berechnung des Cash Flows:&amp;lt;br&amp;gt;Jahres&#xFC;berschuss bzw. Jahresfehlbetrag&amp;lt;br&amp;gt;+ Abschreibungen&amp;lt;br&amp;gt;- Zuschreibungen (zugunsten des Ergebnisses)&amp;lt;br&amp;gt;+ Erh&#xF6;hung von langfristigen R&#xFC;ckstellungen&amp;lt;br&amp;gt;=&amp;lt;strong&amp;gt; Cash Flow&amp;lt;\/strong&amp;gt;&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/cash-flow\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">cash flow<\/a> stability, operator quality and capital deployment.<\/p>\n<p><strong>&#xA0;<\/strong><\/p>\n<h3><strong>Segment Selection Matters More Than Broad Asset-Class Logic<\/strong><\/h3>\n<p>Luxury, as well as budget, service-focused and long-stay products, remain attractive investment segments. Luxury performs particularly well where barriers to entry, an international demand base and limited premium supply coincide &#x2013; especially where investors can negotiate management agreement structures. Budget and long-stay concepts often offer more attractive risk-adjusted returns due to lower operational complexity and more resilient operating models.<\/p>\n<p>The midscale and upscale segments are facing the greatest conceptual adjustment pressure. In many markets, midscale and upscale hotels are being forced to redefine labour-intensive operating concepts in order to meet changing guest expectations, rising efficiency requirements and today&#x2019;s cost realities. This creates opportunities for long-term income protection, but also requires greater selectivity from investors.<\/p>\n<p>&#xA0;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f97aa31 elementor-blockquote--skin-boxed elementor-widget elementor-widget-blockquote\" data-id=\"f97aa31\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t&#x201C;Modern solutions are especially needed in the midscale segment &#x2013; solutions that address both changing customer expectations and the industry&#x2019;s structural cost drivers.&#x201D;\n\n\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">Felix Lorenz, Centralis Immobilien<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b6481a elementor-widget elementor-widget-text-editor\" data-id=\"9b6481a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><strong><br>Flexible Capital Sources Are Gaining Importance<\/strong><\/h3>\n<p>The current market environment favours investors with fast decision-making capabilities and flexible access to equity. Family offices, asset managers, investment managers and <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Opportunistic&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;1&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;The risk class &amp;quot;opportunistic&#x201D; in real estate valuation refers to an investment with a very high risk due to its peripheral location and building structures in need of renovation. However, if the renovation, development, or repositioning is successful, opportunistic real estate promises high returns.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;div&amp;gt;&amp;lt;div class=&amp;quot;cmtt_meaning_label&amp;quot;&amp;gt;2&amp;lt;\/div&amp;gt;&amp;lt;!-- wp:paragraph --&amp;gt;\n&amp;lt;p&amp;gt;Die Risikoklasse &amp;quot;Opportunistic&amp;quot; in der Immobilienbewertung bezeichnet ein Investment mit einem durch ihre Peripherie-Lagen und sanierungsbed&#xFC;rftigen Geb&#xE4;udestrukturen sehr hohen Risiko. Bei erfolgreicher Sanierung, Entwicklung oder Repositionierung jedoch versprechen Opportunistic Immobilien eine hohe Rendite.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&amp;lt;\/div&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/opportunistic\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">opportunistic<\/a> capital currently enjoy advantages over more highly regulated institutional fund structures.<\/p>\n<p>Institutional investors remain relevant, but they are acting <a class=\"glossaryLink\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;FAR&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;&amp;lt;!-- wp:paragraph {&amp;quot;translatedWithWPMLTM&amp;quot;:&amp;quot;1&amp;quot;} --&amp;gt;\n&amp;lt;p&amp;gt;FAR stands for floor area ratio and indicates how much usable floor area of a building may be erected on a specific plot of land. The index thus determines the maximum structural utilization of a plot of land and indicates the ratio of building area to plot area.&amp;lt;\/p&amp;gt;\n&amp;lt;!-- \/wp:paragraph --&amp;gt;&lt;\/div&gt;\" href=\"https:\/\/mrp-hotels.com\/en\/hotel-glossar\/gfz\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">far<\/a> more selectively, with a sharper focus on the operator platform, covenant quality, lease coverage and exit mechanisms. Operator selection has therefore become an even more integral part of the investment decision.<\/p>\n<p>&#xA0;<\/p>\n<p>&#xA0;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-81eacfc elementor-widget elementor-widget-heading\" data-id=\"81eacfc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">III. Trends and Outlook<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-079fe3c elementor-widget elementor-widget-text-editor\" data-id=\"079fe3c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3>&#xA0;<\/h3>\n<h3><strong>Resilience Is Becoming the Dominant Theme<\/strong><\/h3>\n<p>Across all market segments, resilience and adaptability are replacing the growth optimism that previously defined decision-making. Investments are being underwritten more conservatively, with greater use of scenario analysis and a more partnership-driven approach to structuring. Prestige projects without a robust economic rationale are losing appeal, while resilient concepts backed by solid demand fundamentals and disciplined execution are gaining relevance.<\/p>\n<p>What matters is not the most ambitious scenario, but the most resilient one &#x2013; measured by cash flow quality, execution discipline and the ability to perform in weaker market conditions.<\/p>\n<p><strong>&#xA0;<\/strong><\/p>\n<h3><strong>Positioning as a Continuous Process of Adjustment<\/strong><\/h3>\n<p>Hotel products must now be reviewed and adapted more rigorously. Shifts in demand, competitive dynamics, service expectations, labour costs and regulatory requirements are changing faster than in previous market cycles. Static positioning over a multi-year period is no longer a viable steering model.<\/p>\n<p>&#xA0;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-96cd822 elementor-blockquote--skin-boxed elementor-widget elementor-widget-blockquote\" data-id=\"96cd822\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t&#x201C;We need far more agility, especially when it comes to the positioning of our hotel products. We need to reassess them every year and have the courage to make changes &#x2013; rather than waiting for things to go back to the way they once were.&#x201D;\n\n\n\n\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">Martina Maly-G&#xE4;rtner, UBM Development<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0c5cb4 elementor-widget elementor-widget-text-editor\" data-id=\"e0c5cb4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><strong><br>Geopolitics and Regulation Have a More Immediate Market Impact<\/strong><\/h3>\n<p>Geopolitical instability, volatile energy prices and diverging regulatory frameworks now have a more direct impact on consumer behaviour, investment appetite and financing costs than they did just a few years ago. As a result, scenario planning is gaining strategic as well as operational relevance.<\/p>\n<p>For investors, transparency, stability and the political reliability of a market are once again becoming hard location factors.<\/p>\n<p>&#xA0;<\/p>\n<p>&#xA0;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-573bc9e elementor-widget elementor-widget-heading\" data-id=\"573bc9e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">IV. Conclusion<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-593fc3b elementor-widget elementor-widget-text-editor\" data-id=\"593fc3b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>&#xA0;<\/p>\n<p>Hotel real estate remains an attractive asset class, and the sector continues to attract many investors with limited prior exposure to hospitality. At the same time, the investment framework has shifted fundamentally over recent years: assumptions that held in the low-interest-rate era are no longer reliable. Today&#x2019;s market calls for operationally robust products, realistic capital structures and partners capable of combining operating excellence with strategic adaptability.<\/p>\n<p>For operators, the core challenge is to align business models rigorously around margin quality, scalability and technological integration. For investors, the focus is on even greater selectivity: investment success is determined not only by category, but by the strength and credibility of the specific structure &#x2013; including location, operator, contractual framework, market positioning and repositioning potential.<\/p>\n<p>The current phase is not simply a cyclical downturn, but a process of structural maturation. It is putting pressure on inefficient and overstretched models, while at the same time creating opportunities for those who prioritise quality over volume, structure over market euphoria and resilience over short-term yield optimisation.<\/p>\n<p>&#xA0;<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Hotel Real Estate Market in Transition \u00a0 Ahead of the International Hospitality Investment Forum 2026 (IHIF EMEA), mrp hotels and elevatr surveyed leading experts from the German-speaking hotel operating and hotel real estate market. Their feedback paints a clear picture: hotel real estate remains attractive, but market logic has adjusted to a higher-cost, higher-interest-rate environment [&hellip;]<\/p>\n","protected":false},"author":2362,"featured_media":38884,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[185,179,184],"tags":[],"leistungen":[],"class_list":["post-38973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mrp-hub-en","category-news-en","category-press-release"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>mrp hotels x elevatr IHIF Expert Insights - mrp hotels<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mrp-hotels.com\/en\/mrp-hotels-x-elevatr-ihif-expert-insights\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"mrp hotels x elevatr IHIF Expert Insights - mrp hotels\" \/>\n<meta property=\"og:description\" content=\"Hotel Real Estate Market in Transition \u00a0 Ahead of the International Hospitality Investment Forum 2026 (IHIF EMEA), mrp hotels and elevatr surveyed leading experts from the German-speaking hotel operating and hotel real estate market. 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