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Hotels – the New Asset Stars They Are Popular All Over the World Since Tourism and Properties Are Booming

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Hotels – the New Asset Stars They Are Popular All Over the World Since Tourism and Properties Are Booming No. 1 | 2017 places spaces The Real Estate Magazine of Union Investment Secondary Cities Where investors see opportunities in the US office market Digitalisation How PropTechs and the real estate industry are getting together Portfolio strategy What property professionals expect from the extended market cycle Hotels – the new asset stars They are popular all over the world since tourism and properties are booming. The hotel concepts that hold the greatest promise places spaces No. 2 | 2016 The Real Estate Magazine of Union Investment No. 1 | 2016 Risk management Real estate funds respond to the glut of liquidity Office worlds spaces New spaces for creative thinkers places Mexico CONTENTS The Real Estate Magazine of Union Investment An attractive place for investors Observe Why real estate experts aren’t expecting a market downturn yet Evaluate Why investors in Poland COVER STORY are interested in more than just Warsaw Meet How hotels surprise their guests with new worlds 4 Hotel properties Hotels are the new asset stars. Investors are of experience also discovering the creative niches 11 Interview Andreas Löcher, Head of Investment Management Dynamic Structures Digitalisation is changing how spaces are used Hospitality at Union Investment Real Estate GmbH, on hotel Investors view innovative retail as a good opportunity investments in the United States Urban Universe Investors are also fascinated by buildings that combine many urban uses under one roof PORTFOLIO 12 Indexes The indicators and key data that enhance real estate Dear readers, analyses Welcome to places & spaces. MARKETS 14 United States The American office market offers opportunities No. 1 | Our real estate magazine, 2017 places spaces – and second-tier locations are also attractive The Real Estate Magazine of Union Investment available in German and Secondary Cities Where investors see 20 Infographic Europe’s specialist property markets are enjoying opportunities in the US office market English, offers high-quality Digitalisation How PropTechs and the real great growth in the niche estate industry are getting together Portfolio strategy What property professionals articles and information expect from the extended 22 Portfolio strategy As the market cycle in Europe’s key markets market cycle continues, investors are adjusting their property strategies on the national and 26 Investment climate survey Growing acceptance of lower real international investment estate returns and letting markets. Hotels – the new asset stars They are popular all over the world since tourism and properties REAL PEOPLE are booming. The hotel concepts that hold the greatest promise 28 Portrait Henrike Waldburg heads up the Investment Manage- ment Retail Department at Union Investment Real Estate The subjects covered by the digital GmbH magazine are constantly being updated: www.places-and-spaces.com CONCEPTS 32 Digitalisation PropTechs and real estate firms are sounding out new opportunities for cooperation As usual, you will find ordering and download 35 Interview Jens Wilhelm, Member of the Management Board at Union Investment Asset Management Holding AG, on options for places & spaces as well as up-to-date cooperation with digital innovators information about Union Investment on our 36 BIM Digital planning processes are set to revolutionise the homepage: design, construction and operation of buildings www.union-investment.com/realestate WIDE ANGLE 42 Car parks Unusual examples of car parks that are a treat for the senses I hope you have fun with places & spaces and look forward to hearing your views. 3 TO THE POINT 27 NEWS 43 PUBLISHING INFORMATION & CONTACT 43 NEW IN THE UNION INVESTMENT PORTFOLIO Cover picture Kind regards, LondonHouse Chicago joined other hotels in the portfolio of the Fabian Hellbusch open-ended real estate fund UniImmo: Europa in mid-2016. It received Head of Marketing and Communication the ALIS Award for the “Single Asset Transaction of the Year 2016” category at the Americas Lodging Investment Summit in January. [email protected] places & spaces 1|2017 placesRAUMplaces & &spaces mehrspaces 1 |1|20162017 CONTENTS TO THE POINT Professionalism guarantees quality Martin Brühl on competitive requirements in the current market environment nyone who keeps a close eye on the global property mar- analysis of the level of current and future rents, and the assess- kets will be familiar with this saying from the world of ment of the micro- and macro-locations of specific properties – to Asports: Higher! Faster! Farther! It also applies to the uni- mention just a few of the major components of due diligence – verse of real estate professionals at present. Higher… because all require particular care. Speeding up checks and inspections prices – not just those for office buildings and shopping centres means higher risks, and risk is precisely what responsible investors in top locations in the regions – have reached levels that many hope to avoid at the present time, as shown by the results of our investors hardly dreamed of just a few years ago. Faster… be- most recent property investment climate study. Companies have cause the competition for the few attractive products is increas- made it clear that they are in fact willing to accept lower yields ingly fierce – and the race is often won only by those who are (see page 26). ready to take action without hesitation. And farther… because professional property investors have long been prepared to ex- The most important obligation pand to distant continents in search of buying opportunities and Responsible investment is the most important obligation of an to spread the risk they face. asset manager handling investors’ money in a fiduciary capacity A market worth billions Good performance Once a marginal product, hotel properties Many secondary cities in the US – such Olympic inspiration are now a separate asset class that is as Dallas, Texas – offer attractive office Anyone who wants to succeed in international competition will find inspiration from the similar athletic motto “Faster, writing its own success story. locations with enticing yields. Higher, Farther”. We produced a volume of transactions totalling Page 4 Page 14 €4.6 billion in 2016. And our teams have 39 property acquisitions and 20 sales around the globe to their credit. Some €4 billion was invested in new acquisitions alone, exceeding the result for the prior year by €500 million. Actively managed real estate fund assets rose from €28.5 billion to €31.8 billion during the year. This offers impressive evidence to demonstrate the compet- itiveness of our teams. I strongly believe that competitiveness is based on three factors: the profound expertise in our own organ- isation, the meticulous selection and integration of innumerable Martin Brühl, Chief Investment Officer (CIO) and Member outside advisors with a view to cooperation on an equal footing of the Management Board at Union Investment Real in a spirit of partnership, and finally the fact that the in house Estate GmbH, is responsible for all property acquisitions team and our outside sparring partners feel a commitment to the and sales. same high quality requirements and internationally recognised standards. – as Union Investment does. In concrete terms, this means that up-to-date risk management strategies and instruments must be Investing responsibly used to verify that every decision to invest offers lasting value. In Sticking to these principles and staying in the picture by not care- our view, failure to fulfil criteria that have been recognised as lessly cutting back on our training programme simply because the valid would be criminal. That is why our organisation continues games in the current tournament are rushing toward us at an to view a sustainability check – the evaluation of environmental, Brand ambassador increasingly fast pace – these are among the most demanding economic, and social sustainability criteria – as an integral part Henrike Waldburg is responsible for the and yet important tasks in the current market environment. of all due diligence before acquisitions. strategic expansion of the retail portfolio Union Investment therefore considers it indispensable to Our experience has shown that contractual partners highly conduct a thorough examination of any property that is being esteem this level of attention to detail. And if a deal falls through at Union Investment Real Estate GmbH. considered for acquisition. Cutting back on due diligence simply because a competitor gets in first, before the check is completed? Page 28 Radical culture change to get hold of properties faster would be short-sighted and We remember a lesson learned long ago: sometimes the best BIM simplifies the design, construction Union Investment/Ralph Richter Cover picture: Union Investment Photography, Parsyak e.V./Ludmilla buildingSMART Arnaud Robin/Le Figaro Magazine/laif, Getty Images, Jürgen Frank, Photos: counterproductive. The comprehensive technical check, the deals are the ones that weren’t made. • and operation of buildings and raises the bar in matters of transparency. Page 36 2 places & spaces 1/2017 places & spaces 1/2017 3 COVER STORY Lifestyle brands are no longer niche players. Their success has convinced the major hotel chains: to cite just one example, the Accor Group acquired a 30 percent stake in 25Hours Hotels in November 2016. Hotel properties, still marginal products not that long ago, are increasingly the focus of international investors. There are many good reasons for this – not least the global increase in the number of tourists, along with greater mobility. By Maria Pütz-Willems From dishwasher to billions in assets Photo: Arnaud Robin/Le Figaro Magazine/laif Photo: 4 places & spaces 1/2017 places & spaces 1/2017 5 ▶ COVER STORY t all started with a root beer stand. Back in 1927, J. Willard Mar- riott and his wife Alice were selling the sweet soft drink to thirsty Americans on the streets of Washington, D.C. Almost 90 years la- Iter, in 2016, the Marriott name graces the largest hotel chain in the world – a mega-group with 1.1 million rooms.
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