Recouping Hotel Investment Values & Progressing with New Developments - HOTEL INVESTMENT CONFERENCE - Hotco
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HOTEL
INVESTMENT
CONFERENCE 2022
Recouping
Hotel Investment Values
& Progressing with
New Developments
2
I am most honoured
to be able to welcome you
to HOTCO 2022!
If these past two years have taught us one underlying com- great intensity the investment required into human capital
monality it would be the only certainty, we have is the un- as the shortage of front-line workers keep the operators and
certainty itself. With this in mind we at HOTCO 2022 want to owners at bay and how the industry needs to recreate its ap-
provide guidance and insight in navigating the forward. proach to attract and retain talent. Overall, we can note un-
We are all here today to look at the future of the hospitality precedented interest in new capital flooding the hospitality
industry which I believe to be very bright. This is why we have sector, and who would have thought that resorts were going
chosen a theme for HOTCO 2022 which will be focusing on to attract private equity in never seen intensity, see a shift
recouping hotel investment values while progressing with in criteria of going-in yields, and eager to hear the banker’s
new developments. As we have in the past, our aim is to pro- side of the coin on how they are adopting to the business
vide hoteliers, developers and investors with the chance to environment as it evolves. At HOTCO 2022 we will continue
connect face-to-face with industry leaders who see beyond to strive to give you the best networking opportunities re-
HOTCO 2022 WELCOME NOTE
the daily events and plan for the long term by combining sulting in business to walk away with.
their knowledge from past experiences. Thanking you all for your interest and especially the sup-
We are very proud to have secured the global hotel compa- port of our sponsors, I wish us all a successful conference
ny newsmakers, first-time and seasoned hotel investors, filled with clarity, networking and healthy albeit challenging
real estate developers and lenders and participants from business going forward.
33 countries and three continents to discuss current topics
and exchange experiences.
At HOTCO 2022 we recognise the growing importance of
fast-emerging influencing factors such as ESG, which has Marius Gomola
taken centre stage in hotel investment decisions, we wit- Co-Founder & Organiser
ness the optimisation of spaces as the definition of hotels
is shifting by serving multiple functions, and watch with
DIAMOND
OUR
3
VALUED
SPONSORS
PLATINUM
GOLD
SILVER
F&B SUPPORTERS FOUNDING PATRON
HOTCO 2022 SPONSORS
MEDIA PARTNERS
OVER 30
30YEARS IN HUNGARY
www.horwathhtl.hu
ADVISORY James Chappell
5
BOARD Global Business Director
Horwath HTL
Originally from the world of advertising, James started in the hotel business in the best possible way, by
accident, and has never left. James did a three-year management trainee course at the famous boutique hotel,
Lydmar, in Stockholm before leaving to join consulting firm Overlook Hospitality Management. James was
Managing Director of The Bench for 5 years before becoming Managing Director of STR Global. A regular speaker
at conferences and on TV (CNN, BBC) and others talking about the industry.
Daniel Folian
Member of the Management Board
& Chief Financial Officer
Warimpex Finanz- und Beteiligungs
Daniel joined Warimpex Finanz- und Beteiligungs AG in 2006. Since January 2018 he is a member of the
management board and CFO. He studied business administration at Vienna University of Economics and
Business, and completed his studies in accounting by earning a doctorate in 2008. Over the course of his
career, he has worked at companies including OBl Bau- und Heimwerkermärkte GmbH and PwC Pricewaterhouse
Coopers GmbH. During his time with Warimpex, Daniel also served as a member of the supervisory board of
Vienna International for five years.
HOTCO 2022 ADVISORY BOARD
Mary Gostelow
Gostelow Report
Mary Gostelow is unique in her awareness, vertically and horizontally, of what is happening in the world of travel
and hospitality. She communicates and predicts to trade and consumers globally. She is Global Ambassador
for International Luxury Travel Market ILTM and her weekly MARY GOSTELOW GIRLAHEAD PODCAST has over
37,000 dedicated followers in 148 countries.
Jean Paul Herzog
6
Hotelier
Jean-Paul Herzog is a board level executive with 18 years’ of experience in
senior business and operational management roles for Hilton Worldwide
in Europe, Middle East and Africa. After 41 years with Hilton Worldwide Jean-
Paul retired in 2011 and is now involved in various short term consultancy
assignments in the hospitality industry. For three years he was the part
time general business consultant for SME. He is currently on the board of
Hunguest Hotels in Hungary and sits on the advisory board of HOTCO by
Horwath HTL.
Cornelia Kausch
Managing Director & Leadership Coach
EMCCC, CK Hospitality Advisors
Cornelia has over 30 years of international experience in Operations,
Development, Asset Management and Leadership. For the last 12 years she
worked with Pandox, serving as VP for Development for DACH and Spain for
the last five. Her past experiences include GM & MD at Corinthia Grand Hotel
in Budapest, Area General Manager for Dorint Hotels & Resorts to name
a few. She also founded Berlin based hospitality advisory, CK Hospitality
Advisory. Cornelia is a graduate of L‘École Hotelière de Lausanne, has
been educated at Cornell University and received an Executive Master in
HOTCO 2022 ADVISORY BOARD
Consulting and Coaching for Change at INSEAD.
Ilan Rudich
Managing Director
IR Hotels & Resorts
Ilan Rudich is a veteran hotelier with over 40 years of experience within the
international hospitality industry. Currently he is the Managing Director
of IR Hotels & Resorts. Specialising in sale and lease-back arrangements,
Mr. Rudich has established excellent business relationships with core
international private investors, banks, hotel companies and investment
fund houses. His projects are based worldwide including: Europe, Africa,
Middle East and America. Currently IRH&R are supervising a hotel
operation in Monaco.
MONDAY
8
14:05 – 14:35 16:05 - 16:45
30 MAY
TH
HOW TO PUT TECHNOLOGIES AND BIG DATA RESORTS - UNEXPECTED WINNNERS
INTO ACTION TO LEAD CITY-WIDE SELLOUTS, AND INVESTOR ATTENTION
AND HELP STAKEHOLDERS FOCUS ON REBUILDING Philip Bacon - Senior Director, Horwath HTL
10:00 - 19:00 István Nagy-Szász - Regional Director Hungary & Slovakia, Branimir Blajic - Partner, Best Hospitality Solutions
CPI Hotels Róbert Vécsey - Chief Executive Officer, Dreamland Holding
REGISTRATION
László Puczkó - Tourism & Guest Experience Specialist, Maria Ashton - Vice President & Head of Luxury Development
Liget Budapest Northern Europe, Accor
10:45 - 12:45 Gábor Ganczer - Chief Executive Officer, Hungexpo Valeri Chekheria - Partner & Strategic Projects Director, Slow Group
EXCLUSIVE PROPERTY TOURS - Ádám Czelleng - Head of Research, Hungarian Tourism Agency
HARD ROCK HOTEL & MATILD PALACE, 16:45 – 17:05
A LUXURY COLLECTION HOTEL 14:35 – 14:55 COFFEE BREAK
Pre-registration Required COFFEE BREAK
17:05 – 17:10
12:30 – 13:00 14:55 – 15:25 SIGNINGS AND DEAL ANNOUNCEMENTS
WELCOME COFFEE BREAK KEYNOTE DAY 1 - MARY GOSTELOW IN CONVERSATION
hosted by Szarvasi Mozzarella
WITH STEPHAN INTERTHAL 17:10 - 17:50
Mary Gostelow - President & Editor, Gostelow Report, HOTEL FINANCING - THE BANKER’S SIDE OF THE COIN
13:00 – 13:05 Stephan Interthal - General Manager, Kempinski Hotel Corvinus Budapest Csanád Csűrös - Chief Executive Officer, Property Forum
OPENING REMARKS Peter Szenkurök - Managing Director, Oberbank Hungary
James Chappel - Heribert Gangl - Director Hotels & Tourism, Erste Group Bank AG
15:25 – 16:05
Global Business Director, Horwath HTL Péter Számely - Head of Department, HYPO NOE Landesbank für
ESG - NO LONGER AN OPTION
Niederösterreich und Wien AG
AND HOW TO TURN IT INTO PROFITS
13:05 – 13:20 Attila Radvánszki - Director, Horwath HTL Hungary
HOTEL STATS BY STR AND THE PATH TO RECOVERY 17:50 - 18:35
Theodor Kubak - Managing Partner,
Thomas Emanuel - Director STR Arbireo Capital & Value One Hospitality BRANDS - DID THEY OUTPERFORM
Ufi Ibrahim - Chief Executive Officer Energy & Environment, AND HOW WILL THEY ADOPT TO THE NEW ERA
Alliance Blake Anderson-Buntz, Managing Partner, Horwath HTL
13:20 – 14:05 Miguel Martins, Head Development Northern Europe, IHG
Jan Peter Bergkvist - Sustainability Advisor & Owner,
OPERATIONAL CHALLENGES AND SleepWell AB David Jenkins, Vice President Business Development, Radisson Hotel Group
WINNING STRATEGIES IN UNCERTAINTIES Márton Horváth - CEE Countries Partner Development Manager, Christian Michel, Vice President Development Europe, Wyndham Hotels &
Jean-Paul Herzog - Hotelier Danfoss Fire Safety A/S Resorts
Pankaj Birla - Area Vice President Eastern Europe, Dániel Racsek - EcoStruxure Business Development & Silvija Lovreta, Director SEE International Hotel Development, Marriott Inter-
HOTCO 2022 PROGRAM
Marriott International Sales Director, Schneider Electric national
Kevin Edwards - Director of Global Business Development, Christophe Piffaretti, Chief Development Officer & Member of the Manage-
Alliants ment Board, Kempinski Hotels
Scott Antel - International Hospitality Lawyer, Scotts FZ LLE.
Péter Kerek - Deputy Managing Director for Strategy, Accent Hotels
18:35 - 22:30
István Nagy-Szász - Regional Director Hungary & Slovakia,
CPI Hotels GRAND NETWORKING RECEPTION - REGIONAL FOOD,
FINE WINES AND LOCAL CULTURE
Hosted by Kempinski Hotel Corvinus Budapest
TUESDAY
9
31ST MAY
08:00 - 13:00
REGISTRATION 11:15 - 11:30
UNDERSTANDING THE CHANGES -
08:30 - 08:45 A DEEP DIVE INTO THE HOTEL P&L
WELCOME BACK AND SPONSOR GIFTS Michael Grove - Chief Operating Officer, Hotstats
James Chappel - Global Business Director, Horwath HTL
11:30 - 12:10
08:45 - 09:00 ASSETS - HOW TO MAXIMIZE OWNERS RETURNS
CEE MACRO ENVIRONMENT AND HTL STOCK PERFORMANCE HENCE ASSET VALUES?
Ilan Rudich - Managing Director, IR Hotels & Resorts
-THE STORY OF PARADOX Jerome Briet - Chief Development Officer Europe, Middle East & Africa,
Sándor Jobbágy - Senior Macroeconomic Analyst, Concorde Securities Marriott International
Paulina Mazurkiewicz-Kurek - Chief Financial Director, Polski Holding
09:00 - 09:45 Hotelowy
FUTURE OF HOTELS - DIGITALISATION & Arik Ramot - Owner, Ramot &Co Investment House; Partner,
ADJACENT SPACES TO MAXIMIZE REVENUES R&R Hospitality Investment
Macy Marvel - Journalist & Consultant Kemmi Aida - Founder, Japanese Initiative Ltd.
Klaus Ek - Chief Commercial Officer, R8 Technologies
Martin Reichenbach - Founder, apaleo 12:10 - 12:50
Lukas Willhöft - Development Director, The Embassies of Good Living AG DEVELOPERS TURNING TO HOTELS -
Liliane Otsuka - Hotel Development & Brand Strategist, Value One THE RATIONALE TO CREATE UPSIDES AND EXITS
Valeri Chekheria - Founder, Hospitality Projects Marius Gomola - Managing Director, Horwath HTL Hungary
Noah Steinberg - Chairman & Chief Executive Officer, WING
09:45 - 10:15 Tibor Massányi - Managing Partner, DVM Group
KEYNOTE DAY 2- FIRESIDE CHAT Przemyslaw Wieczorek - President & Managing Director,
John S. Fareed - Global Chairman, Horwath HTL Puro Hotel Development
Ruslan Husry - Founder & Director, HR Group Krisztián Hornok - Transaction Director, Indotek Group
Sameer Hamdan - Chief Executive Officer & Owner, Mellow Mood Hotels
10:15 - 10:35
HOTCO 2022 PROGRAM
COFFEE BREAK
12:50 - 13:10
10:35 - 11:15 FUTURE OF TRAVEL - WORLD PREMIERE
INVESTORS’ SENTIMENT - Andrew Wrobel - Founding Partner, Emerging Europe
WHERE TO PUT MONEY AND WHY
Andrew Sangster - Owner, Hotel Analyst & Managing Director, ZeroTwoZero 13:10 - 15:30
Hussain Al Alawi - Founder & Managing Director, Noorwood Group; Member NETWORKING LUNCH
of the Global Advisory Board, Millennium Associates AG Hosted by HTL CAPITAL ADVISORS
Daniel Folian - Member of the Management Board & Chief Financial Officer,
Warimpex Finanz- und Beteiligungs AG
Barbara Koncz - Partner, PWC
Mihai Tuca - Senior Sales Executive, Datasite
KEYNOTE
10
In her own words? What’s your output now?
An eternal student, learning every day. Daily Girlahead travelogue, and hotels-themed Tiktok.
Weekly Enness Lifestyle, and LATTE, articles, plus
SPEAKER
Why? MARY GOSTELOW GIRLAHEAD PODCAST (over 37,000
Brought up in a boys’ boarding school (her father was dedicated followers in 152 countries). Monthly Gostelow
headmaster and in an etiquette class she learned how to Report.
ask a man for permission to marry his daughter).
Wish for the near future?
Your own schooling? That hotel owners will better understand challenges of
English convent followed by American upper-class operators and all sectors will put on-the-ground employees
academy. at top of their list (and that the industry gets influencers/
heroes who promote the value of the sector’s lifestyle).
First proper job?
Editor’s PA on a prestigous UK newspaper.
How did you get into hotels?
Editing magazines throughout the Middle East, plus
Afghanistan and Iran.
Travel?
Gave up marking destinations years ago. Still to visit?
Central African Republic and Rwanda, Turkmenistan and
Uzbekistan, and Timor-Leste.
HOTCO 2022 KEYNOTE SPEAKERS
Most terrifying moment?
48 hours, wearing a short skirt, stuck airside at Dakar
airport with only male guards for company
Awards?
Hon Doctorate in Literature from Johnson & Wales
University, plus International Luxury Travel Market ILTM
launching its lifetime achievement award in her name
Today’s typical day?
Out hiking garden by 7, write and speak and compose while
more hiking, and eating 3 big meals a day.
Mary Gostelow
The Gostelow ReportKEYNOTE
11
The HR Group is one of the leading multi-brand hotel margin, will give HR Group the competitive advantage and
operators in Central Europe. The Berlin-based company has maximizing profitable returns; whether for a single property
been successfully acquiring and operating hotels for more and/or entire portfolios.”
SPEAKER
than ten years. With over 100 hotels in over 60 locations and
6 countries, including various projects signed and under Ruslan Husry, founder and sole shareholder HR Group.
construction, and over 16.000 rooms, HR Group continues to Throughout his academic career, Ruslan Husry gained
strive for expansion. the titles Certified Public Accountant (CPA) and Master of
Law (LLM). His entrepreneurial success is based on many
As reliable operator and hotel manager, the HR Group is years of experience as a company consultant, investor and
partnering with well-established hotel groups including manager for internationally acting companies as well as his
Accor, Vienna House, Wyndham, Hilton, Hyatt, Marriott work for various investor groups within Germany. With the
International, Dorint and Deutsche Hospitality. Further it acquisition of Markgraf Hotel in Leipzig in 2008, he began
is acting as trustworthy partner for institutional investors creating the HR Group as one of the leading hotel investment
such as Pandox AB, DEKA, Union Investment and others. The and operating companies in Central Europe.
HR Group is strongly represented in different markets and
has achieved above-average sales performance in recent
years.
Comprehensive market and extensive real estate knowledge
as well as professional management structures form the
basis of success. HR Group is looking for city and business
hotels in international and national locations as well as
resorts in leading leisure destinations.
HOTCO 2022 KEYNOTE SPEAKERS
Founder and sole shareholder of HR Group is Ruslan Husry,
who has been successfully working as an investor, managing
director and manager of various hotel and real estate projects.
Since 2008 he has been working as an entrepreneur as well
as the founder and managing director of the HR Group.
“The power of imagination makes HR Group infinite. With
our unique set of great people, excellent market knowledge,
tremendous track record and a vast variety of successful
co-operations with financial institutions, all combined with
our passion and dedication for success – we want and will
expand our business gradually. Utilizing our unique platform,
Ruslan Husry creating synergies with more than 15 brands currently in
operation and enhancing back-end technologies by a wide
HR Group13
Kemmi Aida Hussain Al Alawi Blake Anderson-Buntz
Founder Founder & Managing Director Managing Partner
Japanese Initiative Ltd. Noorwood Group Horwath HTL
Member of the Global Advisory Board
Kemmi started his career as a venture capitalist based in Millennium Associates AG Blake is a Managing Partner of Horwath HTL and is the
Tokyo in 1991. In 2001 he established his own advisory firm Managing Editor and Founder of Hotel Report, a multi-lingual
based in Budapest for GHG emission reduction investment Hussain Al Alawi is an International Partner and Advisory board hotel journal that focuses on providing quality information
HOTCO 2022 SPEAKERS
which was facilitated to achieve the emission reduction member of MilleniumAssociates, an international M&A and and analytics to the hotel and hospitality industry. Blake
target. Since then, the firm has been working for large corporate finance advisory firm. As the firm’s lead advisor started his professionally career in 1994, his first 12 years
scale investment of renewable energy generation/net zero in the Arabian Gulf, Hussain supports entrepreneurial and he worked for Radisson Hotels, in Europe, Scandinavia and
fuel and energy efficiency improvement, with services of corporate clients, connecting investors with opportunities Eastern Europe. He then started his first company back
capital/fund raising, technology transfer, structuring carbon in European and global markets. Hussain is also founder and in 2005, HM Hotels Ltd, where he consulted, creating and
emission credits deal. Kemmi was an advisor to ca.1-billion managing director of Noorwood Group, a private independent managed great hotels.
USD bilateral emission trading transactions. investment advisory which provides investment consulting
services to a small number of private families in the Gulf.14
Scott Antel Maria Ashton Philip Bacon
International Hospitality Lawyer Founder & Managing Director Senior Director
Noorwood Group Horwath HTL Spain & Andorra
Scott Antel is a highly respected emerging markets hotels Member of the Global Advisory Board
and hospitality lawyer with 25+ years’ experience advising Millennium Associates AG Philip Bacon is a hospitality and real estate specialist
both owners, developers and international operators in with over 35 years’ of experience in professional business
the Middle East, Africa, Russia, Turkey, Eastern Europe and Maria is a hospitality and real estate professional with over 15 advisory services and general management in a wide range
HOTCO 2022 SPEAKERS
the Caribbean on hotel and resort, branded residential and years of experience. With a strong international background of independently-managed and publicly-listed international
mixed-use developments. As a former senior partner at DLA gained through working in hotel development, feasibility and companies across Europe as well as in Africa, the Middle
Piper and BCLP he was recommended as a Leading Adviseand asset management encompassing North America, LATAM, East and the Caribbean. Philip’s focus is on residential
hospitality lawyer by Chambers Europe, in the Legal 500 Europe, Africa, and the Middle East. She leads Accor’s luxury business models and mixed-use developments, managing
legal directories and listed in the Best Lawyers in addition brand development in Europe. Prior to joining Accor in July projects and cross-functional international teams during
to receiving multiple awards. 2021, Maria spent time in the serviced apartment sector and development, start up and operational launch.
was a founding member of the Hyatt’s development team
and responsible for fulfilling Hyatt’s development strategy
in Western Europe.15
Jan Peter Bergkvist Pankaj Birla Branimir Blajić
Sustainability Advisor & Owner Area Vice President Eastern Europe Partner
Sleepwell AB Marriott International Best Hospitality Solutions
Jan Peter Bergkvist, a sustainability professional, inspiring Pankaj Birla has been the Area Vice President for Eastern Branimir is a hospitality leadership & human resources
speaker, writer and senior advisor at SleepWell AB, has been Europe since 2017, responsible for managing operations management expert with 20+ years of experience in Croatian
active in the field of Sustainable Business at an executive for luxury, premium and select brands. His domain ranges and with an extensive hotel background in 4- & 5-star
HOTCO 2022 SPEAKERS
level in the hospitality industry since the early nineties. from Prague to Novosibirsk and St. Petersburg to Tel Aviv. hotels. He is also the founder of Queo Consulting, boutique
He is the vice-chair of the board of Ecolabelling Sweden, He currently has 49 hotels spread across 13 countries with company specialized for HR in hospitality and founder and
co-opted member of the board of Stockholm International another 10 in the pipeline to open in the next 24 months. managing Partner of Best Hospitality Solutions; regional
Water Institute, chairman of the Stockholm Water Prize Over the last 25 years of working for Marriott International white label management leader with more than 100
Founders Council and NGO Swedish Performing Artists for he has gained experience in operations, finance, corporate successful projects in the region. Branimir is a specialist
the Environment, sits on sustainability juries and is an support and as a General Manager while working in the in human resources restructuring and development, hotel
author for Hotelexecutive.com. United States, Asia and Europe. turnaround strategies and on-site implementation.16
Jerome Briet Valeri Chekheria Ádám Czelleng
Chief Development Officer Europe, Founder Head of Research
Middle East & Africa Hospitality Projects Hungarian Tourism Agency
Marriott International
Valeri Chekheria has gained 22 years of managerial Adam Czelleng has three years of experience in investment
As Chief Development Officer, Jerome oversees the expansion experience at various organizations including multiple banking and six as a modeling and big data advisor,
of Marriott International across Europe, the Middle East and Ministries of Georgia and the Human Rights Watch. He is consulting for numerous companies and institutions on
HOTCO 2022 SPEAKERS
Africa and aims to further strengthen Marriott International’s a Member of the Board of Directors at McLain Association macroeconomic and data modeling. Most recently, Adam
position as the world’s largest travel company. Previously, for Children as well as an Advisory Committee member at has been leading the Research and Analysis Team at the
Jerome was in charge of the expansion of the branded Europe Foundation. Previously he has been the CEO at Adjara Hungarian Tourism Agency, as part of which he has been
residences business line of Marriott International across all Group Hospitality, founder of Rooms Hotels, founder of the responsible for the strategic Data-Driven Sector Management
brands in the Middle East and Africa. Prior to joining Marriott Hospitality and Agricultural consultancy group, co-founded project. He holds a PhD in economics and is a regular guest
International, Jerome has advised international clients in Apolitical Academy Caucasus and is now a Partner and on podcasts and at conferences.
successfully conducting hotel transactions both in Europe Strategic Projects Director at Slow Group.
and the Middle East.17
Csanád Csűrös Kevin Edwards Klaus Ek
Founder & CEO Director of Global Business Development Chief Commercial Officer
Property Forum Alliants R8 Technologies
Csanád is the founder of Property Forum with more than 15 Kevin is the Director of Global Business Development at Klaus Ek is the Chief Commercial Officer of R8 Technologies,
years’ experience in the industry. Property Forum is a leading Alliants and helps hotel investors and operators reduce the former CEO of Sokos Hotels in Estonia and one of the
event hub of the CEE real estate industry with conferences, technology costs while creating efficient operating very first clients of R8tech. Klaus has diverse experience in
HOTCO 2022 SPEAKERS
business breakfasts and workshops in London, Vienna, platforms. Kevin has a deep knowledge of technology and leading international and sustainability-driven hotels. He
Warsaw, Bucharest, Budapest, Belgrade, Bratislava and business consulting to enable him to develop strategies and his field teams are currently situated in 20 countries
Prague. Csanád strongly believes the principles that made his that create the right customer experience and the business supporting commercial building owners and operators reach
conferences successful: the format, the quality of content, behind it to execute them. Before joining Alliants he served their ESG targets with the help of AI-driven SaaS called R8
the commitment to seek out the most interesting and most as the Managing Director of PnK and founded the Hospitality Digital Operator.
inspiring speakers in the industry and let them share their consulting firm, Avenue9 where he worked across many
knowledge and passion. leading hospitality brands.18
Thomas Emanuel John S. Fareed Gábor Ganczer
Director Global Chairman CEO of Hungexpo,
STR Global Horwath HTL President of MaReSz
Co-owner
Thomas spent his entire career in the hotel industry, beginning John S. Fareed, leads the global brand and overseeing the Accent Hotel Management
in 2000 with Miki Travel, followed by Hyatt Hotels & Resorts firm’s US offices as the Global Chairman of Horwath HTL.
and Hazlitt’s Hotels. There he gained experience in corporate Over the past twenty-five years, Fareed’s consulting clients Since 2009, Gabor Ganczer has been the CEO of Hungexpo
HOTCO 2022 SPEAKERS
sales at worldwide and property level. He then joined the have ranged from Fortune 500 companies, national brands, Budapest Congress and Exhibition Center, the market leader
Deloitte HotelBenchmark team and held this role until the lenders, investors and insurers. He is an internationally event venue in Hungary and Eastern Europe. For more than
formation of STR where he has since focused on overseeing recognized authority in the hotel, tourism, and leisure 10 years he was the president of the Federation of Hungarian
STR’s rapid expansion outside North America. Thomas has field and was recognized by HSMAI as one of the “Top 25 Event Organizers and Suppliers. With a decade of successful
gained a wealth of experience working with hotels, investors, Extraordinary Minds in Sales and Marketing.” He is the experience in the hotel sector, mainly within the Accor hotel
developers, consultants, banks, governments, destination Chair Emeritus of both ISHC and on the Board of Trustees chain, he is also the co-owner of Accent Hotel Management
management companies and many others. for HSMAI’s International Foundation. since 2007, which has management partnerships with 25
high-end hotels in Hungary and in Austria providing a full
range of hotel consulting and operating services.19
Heribert Gangl Marius Gomola Michael Grove
Director of Hotels & Tourism Managing Director Chief Operating Officer
Erste Group Bank AG Horwath HTL Hungary Hotstats
Heribert Gangl has more than 15 years of experience in the Marius is passionate about the world of investments centred Michael is the Chief Operating Officer at Hotstats which
European hotel industry working in hotel financing, asset around hotels, resorts, themed attractions and culinary provides monthly P&L benchmarking & market
and investment management. In his current role as Director experiences. He has been involved in hundreds of projects Insight for the hotel industry. Collecting monthly detailed
HOTCO 2022 SPEAKERS
of Hotels & Tourism at Erste Group Bank AG in Vienna, he from the Americas through Europe to the Middle East and financial data from hotels worldwide from over 100 brands
is responsible for real estate financings of hotels, tourism Asia. The real estate cycle has re-focussed Marius’ activity and independent hotels, Hotstats provide over 550 differ-
infrastructure and mixed-use projects in Central and East- to hotel transactions, acquisition due diligence, branding ent KPIs covering all operating revenues, payroll, expenses,
ern Europe. Previously, Heribert was a Director with Hamil- and concept development in the CEE, Caucasus and beyond. cost of sales and ultimately departmental and total hotel
ton Hotel Partners in London, Managing Director of Horwath Co-founder of HOTCO, launched in 2017. Marius launched the profitability. Michael has been able to gather over 16 years
HTL in Austria and worked for Internos Global Investors in first Hotel Investment Platform (HIP) in 2020. of experience in multiple operational and financial roles at
London. hotels on a corporate level.20
Sameer Hamdan Krisztian Hornok Márton Horváth
Co-owner Transaction Director Partner Development Manager
Mellow Mood Hotels Group Indotek Group Danfoss Fire Safety A/S
Sameer Hamdan is a hotel industry professional and co- Krisztián Hornok has been the Transaction Director of Indotek Márton Horváth is a Partner Development Engineer for the
owner of the Mellow Mood Hotels Group, founded in 1996. Group since 2014, before that he held the senior positions at CEE countries. He is conducting trainings for designers
Mellow Mood Hotels currently operates and owns 10 hotels various service companies. He was the Managing Director and new business partners, and developing business by
HOTCO 2022 SPEAKERS
in Budapest and is one of the leading operators in the of a real estate consulting company DTZ in Hungary for four reaching out to fire safety companies and investors. Márton
Hungarian capital, with three, four and five star categories. years and a Member of the Board of RICS Hungary for seven Horváth represents Danfoss Fire Safety, the global leader
Sameer also has relevant real estate development and years. In his current position, he is primarily responsible for in the sales, development, production, and service of fire
investment experiences not only in the hospitality industry. Indotek & acquisition activities, he executes high-value real protection systems, under the brand name SEM-SAFE®. He
transactions both at home and abroad on behalf of one of specializes in the field of available fire safety technology
the most active investment companies in the country. and the protection of fire risk areas in hotels.21
Ruslan Husry Ufi Ibrahim Stephan Interthal
Founder and Managing Director Founder & Chief Executive Officer General Manager
HR Group Energy and Environment Alliance Kempinski Hotel Corvinus Budapest
Since 2004 Ruslan Husry has been successfully working as Ufi Ibrahim is Founder and CEO of the Energy and Environment Stephan Interthal returned as General Manager to Kempinski
an investor, managing director and manager of various hotel Alliance, a global coalition of hotel investors, asset owners Hotel Corvinus Budapest in 2014, where he had held the
and real estate projects. Since 2008 he has been working and asset managers working to transition the industry same position from 1997 until 2004. He previosly gained
HOTCO 2022 SPEAKERS
as an entrepreneur as well as the founder and managing to Net Zero Carbon and ESG stewardship. She has been experineces in some of Kempinskis finest properties
director of the HR Group. Throughout his academic career, successful in previously reshaping organisations such as situated in Munich, Berlin, Moscow and Beijing. Mr Interthal
he gained the titles Certified Public Accountant (CPA) and the British Hospitality Association as well as the UK Tourism is a member of the Board of Deutscher Wirtschaftsclub
Master of Law (LLM). His entrepreneurial success is based on Industry Group while also supervising the formulation of in Hungary and was named Hotelier of the Year by Best of
many years of experience as a company consultant, investor the International Competitiveness Monitor for Travel & Budapest & Hungary in 2018, finalist for the category
and manager for internationally acting companies as well Tourism and leading the industry’s first global commitment Best Hotelier by Worldwide Hospitality Awards and in 2021,
as his work for various investor groups within Germany. to cut carbon emissions by 50% by 2035. was listed among the 50 top influential persons in tourism
With the acquisition of Markgraf Hotel in Leipzig in 2008, in Hungary.
he began creating the HR Group as one of the leading hotel
investment and operating companies in Central Europe.22
David Jenkins Sándor Jobbágy Péter Kerek
Radisson Hotel Group Senior Macroeconomic Analyst Deputy Managing Director
Vice President Business Development Concorde Securities Ltd. Accent Hotels
In the region since 1995, David joined the Radisson Hotel Sándor joined Concorde Securities Ltd. as a senior Péter Kerek joined the hotel management group, Accent
Group in 2015 as Vice President Business Development macroeconomic analyst of the research team in August Hotels, when it was founded in 2007. By 2012 Accent Hotels
covering Eastern Europe, Russia, Baltics, CIS, Ukraine, 2020. He previously worked as a senior macroeconomic was already operating more than 1000 keys in a diverse
HOTCO 2022 SPEAKERS
Georgia and Israel. This followed on from a 10-year period as analyst at CIB Bank where he received the Consensus portfolio of properties including city and wellness hotels
one of the most respected hotel consultants in the Russian Economics Forecast Accuracy Award for his GDP and CPI across Hungary. Since 2017 he has been the Deputy Managing
market. Prior to consulting, David spent 8 years with forecasts in 2013 and 2016. Between 2000 and 2008 he Director, responsible for strategic development with a focus
Interstate in Moscow working in operations for the 3 Marriott produced investment strategies as fixed income analyst at on sales and marketing as well as project development
properties. David has a degree in Hospitality Management DZ Bank CEE Research supporting institutional investors in activities. The hotel group is continuously expanding its
and now has almost 30 years of experience in the industry the regional government bond markets. portfolio both in Hungary and Austria with Peter becoming
from operations, consulting and development.vestment and increasingly involved in these development tasks.
operating companies in Central Europe.23
Barbara Koncz Theodor Kubak Silvija Lovreta
Partner Managing Partner Senior Director SEE
PWC Arbireo Capital & Value One Hospitality International Hotel Development
Marriott International
Barbara Koncz is the leader of the Global Incentive Prior to founding SERVUS International in 1997 in Istanbul,
Services Group in Hungary and Partner in the Indirect Theodor occupied a series of executive positions in hotels in Silvija Lovreta holds the position of the Senior Development
Taxes team. She joined the Tax and Legal Department of Europe, Eastern Europe and Asia Pacific. From 2007 to 2018 Director SEE with Marriott International, responsible for
HOTCO 2022 SPEAKERS
PricewaterhouseCoopers Budapest in 2008 and is now a he acted as an External Advisor Asset Manager and Senior growing the company’s multi-brand portfolio. Prior to joining
member of PwC’s Global and Hungarian ESG platform leading Hotel Investment Manager for Union Investment Real Estate. Marriott International development team in Europe, Silvija
the ESG services within the Tax and Legal Department of PwC In January 2019 Theodor took on the role of Managing Partner advised a significant number of renowned companies
Hungary. Before joining PwC Barbara gained three years’ work in Arbireo Hospitality Invest. He is also a Managing Partner within the industry as a Managing Partner with Horwath
experience in the Ministry for National Economy and ITDH in Value One Hospitality in addition to being a Co-founder HTL, particularly focused on emerging markets within South
where she was dealing with subsidy issues of multinational and President Emeritus of HAMA Europe. Eastern Europe, Middle East and Africa. Silvija holds a Master
companies. of Science degree in Economics of Tourism and is a member
of Cornell Hotel Society.24
Miguel Martins Macy Marvel Tibor Massányi
Head Development Northern Europe Journalist & Consultant Managing Partner
InterContinental Hotels Group DVM group
In his current position, Miguel is responsible for developing Macy Marvel is a Geneva-based journalist and consultant Tibor Massányi is the managing partner of DVM group
IHG’s brands in DACH, Nordics and Eastern Europe. Working who presents at international hospitality and tourism and the primary manager of the design, architectural
collaboratively with development partners is key to his industry conferences frequently. For 20 years, he was a visualization, project management, environmental
HOTCO 2022 SPEAKERS
success, whilst delivering value for both franchised and professor of economics at the Ecole hôtelière de Lausanne consulting and marketing communications departments.
managed hotels. With IHG since 2015, Miguel is responsible (EHL). In addition, he has authored dozens of hotel industry DVM group is a leading player and reliable partner for hotel
for the signing of over 35 new deals, the majority across studies for Mintel International, articles for HospitalityInside. design&build projects in Budapest who have been
Poland and Eastern Europe and more recently in the Nordics. com. and industry reports for Hotel Analyst. Mr Marvel has responsible for the complete renovation of iconic sites such
Prior to joining IHG, Miguel co-founded the Polish Hotel also performed hotel valuations and market studies for as the Drechsler Palace, the transformation of the W Hotel
Company, rolling out some of IHG’s most well-known brands EHL Advisory services, the consulting division of the Ecole Budapest and the works for the St. Regis Hotel in Klotild
in Poland. Miguel has extensive international experience in hôtelière de Lausanne. Palace.
hotel management and development and has been involved
in over 20 projects in Europe, including Portugal, Spain and
Poland.25
Paulina Mazurkiewicz-Kurek Christian Michel István Nagy-Szász
Chief Financial Director Vice President Development Europe Regional Director Hungary & Slovakia
Polski Holding Hotelowy Wyndham Hotels & Resorts CPI Hotels
Paulina Mazurkiewicz-Kurek has been the CFO of Polski As Regional Vice President Development for Europe at István Nagy-Szász, the Regional Director Hungary & Slovakia
Holding Hotelowy since 2017, the second largest hotel Wyndham Hotels & Resorts, Christian Michel is responsible at CPI Hotels, started at CPI Hotels in 2010 where he initially
company in the country and the first with an exclusive Polish for leading the company’s growth strategy and execution in managed two hotels, since then his responsibilities have
HOTCO 2022 SPEAKERS
capital. She gained previous experience at Accor Polska by the region. expanded considerably, currently he is supervising 5 hotels
participating in corporate projects in Poland and Lithuania. Joining the company as Director of Development for Eastern in Hungary & Slovakia and 2 ongoing hotel developments
Paulina is a member of the Supervisory Boards of Orbis Europe in 2004, Christian’s remit has expanded to more in Budapest. Previously István was the Chairman of the
Transport, Orbis Travel, Capital Park, PKS Gdańsk. She also markets over the years, more recently to cover the whole Supervisory Board of Hungarian Hotel Association from
played an important role during the Covid-19 Pandemic, as European region. A 30-year industry veteran, Christian 2018-2021 as well as the co-editor of a Hungarian podcast
an advisor to the Ministry of Development, as well as the served in various General Manager positions for recognised broadcast “Dunakavicsok”.
Ministry of Finance. hotel brands in different countries, including Ramada by
Wyndham, Swiss Inn and Mövenpick Hotels.26
Liliane Otsuka Christophe Piffaretti Lászlo Puczkó
Development and Brand Strategist Chief Development Officer Tourism & Guest Experience
Value One & Member of the Management Board Specialist
Kempinski Hotels SA Liget Budapest
Liliane is Development and Brand strategist at Value One
Hospitality, part of the Value One group. She is responsible As Chief Development Officer and Member of the Management Lászlo Puczkó has been the Tourism & Guest Experience
for brand strategy and business development for Value Board of Kempinski Advisor to the Liget Budapest project since 2015 and has
HOTCO 2022 SPEAKERS
One‘s newly created hotel brand, AWA Hotels. AWA Hotels Hotels SA, Christophe Piffaretti brings with him more than overall been working in the field of travel, hospitality and
is a ESG and sustainability focussed lifestyle brand, with 25 years of experience. He is responsible for strategically leisure for 25+ years. László is an economist and art &
developments throughout Europe in the pipeline. Liliane expanding the constellation of Kempinski properties around design manager, holds a masters degrees, a PhD, and is a
is also the creative mind behind concepts for all new the globe, focusing on the growth of the company’s footprint Certified Management Consultant. He is the past president
developments. in current and new markets and supporting their real-estate of the Association of Tourism Consultants Hungary. and has
Prior to joining Value One, Liliane co-founded and managed development plans. He also oversees Technical Services been actively involved both in industry as well as academic
HOTCO. Liliane has a passion for people, sustainability and & Design of new buildings and conversion hotel projects arenas and authored numerous industry reports & studies,
travelling, and has lived and worked in Switzerland, Austria, before the pre-opening phase. specialist books and publications.
Japan, Bolivia and Hungary.27
Dániel Racsek Attila Radvánszki Arik Ramot
EcoStruxure Business Development Director Lawyer and Investment Banker
& Sales Director Horwath HTL Hungary
Schneider Electric As the owner of Ramot & Co-investment House and
partner at R&R Hospitality Investments, specializing in the
Dániel Racsek started his journey at Schneider Electric Zrt., Attila joined Horwath HTL Hungary in 2012. Since his arrival, International Hospitality market, Arik offers full support
the leader in digital transformation of energy management he has taken part in the concept development of various in all business, legal, financial and strategic aspects of
international hospitality transactions.
HOTCO 2022 SPEAKERS
and automation, 10 years ago. As the EcoStruxure Business tourist attractions and hotels, prepared market and financial
Development and Sales Director, he and his team work on feasibility studies, and hotel valuations in Hungary, Russia Arik Ramot possesses vast experience in hotel related
pioneer solutions such as self-learning intelligence-based and numerous CIS countries. He is also the author of transactions across Europe, the U.S. and Israel, having a
automated energy consulting services with a focus on industry articles covering key tourism trends in Hungary long history working with investors, developers, owners,
the hotel sector. Hereby enabling hotel chains to offer the and CEE. Attila has a hotel operations background through management companies and financing entities.
highest quality, whilst meeting the expectations of their various positions held from F&B to revenue management,
own investors and taking into consideration ESG aspects at in Switzerland, the UK and Hungary.
the same time.28
Martin Reichenbach Andrew Sangster Noah Steinberg
Co-Founder Owner Chairman & CEO
apaleo Hotel Analyst Wing
Martin is a Co-Founder of apaleo, the cloud platform that Managing Director Noah Steinberg is the chairman and CEO of WING, one of
empowers hoteliers to deliver digital experiences. He is ZeroTwoZero the largest privately held real estate developer companies
equipped with a technology background and initially in Hungary, and the chairman of the supervisory board of
HOTCO 2022 SPEAKERS
helped software companies of all sizes to develop pricing Andrew launched Hotel Analyst almost 20 years ago and it Echo Investment, the market leading Polish residential
strategies. Before founding apaleo in 2017, he built different has grown into a publishing business that now encompasses developer. Noah has worked in Hungary since 1990 and in
marketplace and B2B companies. a paid subscription service for hotel investors, a reports his current position since 1999 where he was responsible
division and events. for establishing WING oversees in regard to the company’s
Andrew has been a journalist for his entire career, starting out investment and development businesses, its offices, retails,
on trade press titles before joining the national press and a industrial, hotel and residential projects. He is also the
brief spell at the BBC. He launched his own business focused Chairman of RICS in Hungary.
on providing high level information on a subscription basis
after despairing at the quality of what the old business
model of selling advertising space was producing.29
Péter Szenkurök Mihai Tuca
Péter Számely
Managing Director Senior Sales Executive
Head of Department Oberbank Hungary Datasite
for Real Estate Financing
HYPO NOE Landesbank Mr. Szenkurök graduated at Vienna University of Business Mihai Tuca is the Senior Sales Executive at Datasite,
für Niederoesterreich Administration (WU-Wien) and postgraduate at the Danube working for the company since April 2020. He is currently
und Wien Bank AG University in Krems in Austria. He has been working in the supporting Private Equity Firms, Investment Banks, Law
HOTCO 2022 SPEAKERS
financial service industry sector for more than 25 years. For Firms, and Corporations across Central and Eastern Europe
Péter is the Head of Department for Real Estate Financing 20 years he was operating in various management functions facilitating their due diligence experience within the entire
at HYPO NOE Landesbank für Niederoesterreich und Wien and supervisory boards positions in the CEE region. Since M&A lifecycle.
Bank AG. He started his career over 30 years ago and gained 2012 he is heading the constantly expanding Oberbank Previously, he mainly worked in the financial market, as a
his experiences in the field of property agency, development, Hungary and Slovakia. Oberbank has a strong focus and Financial Advisor for Equity Invest SA. He graduated from
valuation, investment and banking with firms such as competence in hotel & tourism finance. the Romanian-American University in Bucharest as well as
Price Waterhouse, Kuwait Petroleum, Jones Lang Wootton the Romanian Diplomatic Institute.
and Eurohypo. Péter has been a member of RICS since 1999
where he served as Chairman of RICS Hungary for six years
in addition to being on the RICS Europe and Austria board
for six years each.30
Róbert Vécsey Przemysław Wieczorek MRICS Lukas Willhöft
Chief Executive Officer President and Managing Director Development Director
Dreamland Holding Puro Hotel Development The Embassies of Good Living AG
Róbert is the CEO of Dreamland Holding, in charge of all Przemysław is responsible for real estate, development, Lukas started his career as an apprentice at the Park Hyatt
aspects of four greenfield resort developments, a Hungarian and financing within Puro investment activities. Present in Hamburg in 2006, followed by studies at the IUBH Bad Honnef
real estate development group, focusing on resorts and the company since beginning. Przemysław has over 15 year / Bonn, ICMS Sydney and a traineeship at PKF hotelexperts
HOTCO 2022 SPEAKERS
related assets in the tourism sector. He has worked in senior experience in the real estate sector both residential and Vienna. After serving several years as Managing Partner
decision making roles at financial corporations and overseen commercial, specializing in financing, market analysis and at CENTINAL real estate GmbH, with focus on hospitality
M&A deals in diverse industry sectors, building significant acquisitions. Puro is a Polish lifestyle hotel brand present projects, Lukas joined 25hours Hotels as a Development
experience in working with tenants, hotel management in Warsaw, Cracow, Wrocław, Gdańsk, Poznań and Łódź. Puro Director in 2019, responsible for the European expansion of
companies and owner-operated schemes under hotel prepares and develops new hotels in Budapest, Warsaw, the German hotel brand. Since March 2021, he is in charge
franchises while sourcing, securing and negotiating long Wrocław and Katowice. Puro acts as investor, developer and of all real estate development activities of THE EMBASSIES.
term financing. operator.31
Andrew Wrobel
Founding Partner
Emerging Europe
Andrew Wrobel is the Founding Partner of Emerging Europe
and the leader of the Tech Emerging Europe Advocates
community. Trained as a journalist, he specialises in site
HOTCO 2022 SPEAKERS
selection, foreign direct investment, sourcing, technology
and innovation, nation branding, and cross-cultural
communications. Andrew additionaly runs Emerging
Europe’s research and consultancy teams and co-authors
the organisation’s flagship annual reports: the Future of IT,
the Investment Promotion Report, the Business-Friendly
City Perception Index.Thank you for accepting our request for an interview with they will defer in each country, and even each case within
32
TRAILBLAZING MAGAZINE. Please can you tell us more about the same country.
HOTCO 2022: CEE & Caucasus and the novelties we can ex-
pect from it? What is your view on the current state of the hospitality in-
dustry? What would you say has changed the most in this
First of all, it is so good to be back talking to you again, as period of time?
we have all been separated from one another
for, it feels like, eternity. HOTCO was created to bring industry The question is not what, but what has not changed. We are
icons to this region and enable people to connect in person. still in an experimental phase of trying to comprehend the
Investments in hotels and resorts are very complex. They re- longer-term implications of the pandemic on individuals.
quire discipline, expertise, experience and a series of deci- Since individuals make up the industry, starting from em-
sion-making points, which are built on one another. Without ployees, guests, suppliers, lenders and investors, we have
understanding how one decision determines the outcome to look at them all individually, on how they have been im-
and the implication for the next one, the result can be a very pacted, and what their expectations are. Consumers have
poorly executed investment. Fostering hotel real estate in- changed greatly in their daily routines and habits. Perhaps I
vestment activity has always been the objective of HOTCO. focus on the most important one; employee’s attitude to the
industry. The hospitality industry in this region specifically,
HOTCO always attracts the cream of the cream when it comes has not enabled employees to support their livelihoods, care
to its speakers. Can you reveal some of them? for their families or their career plans. Dreams have been
shattered and the ability to provide has been stolen from
Marius Gomola: Thank you for reconfirming that. We are working very hard these employees. The industry has to have a hard look at
CEE & Caucasus each year to bring intriguing industry leaders to share their
wisdoms and insights. Wisdom comes with experience, even
itself, and ask how to reach out to existing employees, and
how to create a working model that looks after them and
Destined to Bring during the greatest of challenges that never seem to let go
of late. Leaders are champions of vision as they see beyond
embraces new ones not just focus on the bottom line. We
all know that the bottom line will fall into place with desired
Hotel Industry Icons the daily events and plan for the longer term. This region is outcomes when the service providers, the talents, the stars
in huge deficit when it comes to the ability to even think of the service industry are looked after in ways that matter
BY RUDINA HOXHA & JOSE PINTO long term, let alone execute with long-term vision of ob- to them. Not in ways that investors and operators necessar-
HOTCO 2022 INTERVIEW
jectives in mind. We will bring those leaders to HOTCO who ily think matter to them.
have proven their ability to strive irrespective of the obsta- Most importantly however, the future is bright even in the
Founder of HOTCO Hotel Investment Platform cles and external factors. Please visit our website www.hot- darkest of times that many experience as we speak. The
CEE & Caucasus, Marius Gomola takes the read- conf. com, as we update the confirmed speakers constantly. hospitality industry has always been able to provide prob-
ers of TRAILBLAZING MAGAZINE on a tour about We will have global hotel company leaders, first- time and ably the best personal growth opportunities, as we know of
seasoned hotel investors, real estate developers and lend- many top leaders who have started in entry-level jobs and
the major aspects and concerns of hotel real es- ers who are still making it happen to complete hotel and re- progressed. The industry needs to be able to demonstrate
tate investments as well as about the seasoned sort projects from 15 countries and three continents. HOTCO these opportunities.
speakers who will be part of the forthcoming makes it relevant for investors in the region to be inspired
and adopt success factors to their own circumstances as
HOTCO 2022.With the negative events in Europe, apart from COVID 19, supporting owners and ensuring that their investments are
33
what are the geographical expectancies of the investors if executed in the right manner, team up with the right part-
you can elaborate, please? Are they more guided towards ners to operate their properties and with ongoing support
Western and Southern Europe? help maximize their returns and increase the value of their
assets. Needless to say, we will continue to support devel-
Firstly, it has to be stated, that the industry has never re- opers with wellness spa hotels, seaside and mountain re-
ceived such interest from serious investors to enter the hos- sorts and city hotel developments in all tiers from economy
pitality real estate sector, many of them for the first time. I through lifestyle and luxury and everything in between.
think this is an incredible achievement, and one should not We will showcase some of the success stories of our clients
forget that. This is also a clear message to the banks. If in- at HOTCO, and it is one more reason to attend to get a boost
vestor interest is unprecedented, why are we staying away, of ideas and proven methods to invest wisely for long-term
bankers should ask themselves. Secondly, I believe that ev- success.
ery region and subregion within a larger geography finds the
capital that is attracted to it. I think there is a serious mis-
conception about hotel and resort real estate investment.
Everyone, particularly the investors themselves, state that
their investment criterion is purely based on return expec-
tations. I believed this for too many years. This could not be
farthest from the truth; however, investors do not dare admit
the emotional attachment as a hugely important aspect in
their decision-making. I am convinced that hotel and resort
investors put their money where they have a particular vest-
ed emotional connection. The CEE, SEE and the Caucuses
will continue to attract investment from these circles. It is
up to those who can influence these investor’s emotions,
and sweeten them with aspects that trigger confirmed com-
mitments. HOTCO will specifically address this question.
HOTCO 2022 SPEAKERS
Can you reveal what are some of the expansion plans of Hor-
wath/ HOTCO for this year and on?
Horwath HTL, the world’s largest network of hotel and tour-
ism advisory firms is expanding as the travel industry is also
unquestionably growing. There is also a new practice open-
ing in Albania in 2022. Closer to home, the office in Buda-
pest has been focusing on new activities that are way over-
due for hotel and resort investors to embrace in this part of
the world. By providing Asset Management services, we areYou can also read
