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Hotels, Holiday parks and Aparthotels Valuation

  • Valuation

    Valorization walls and/or business in France and Europe 

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    Market research

    Feasability study

    Review of business plan 

Tourism asset valuation : a value-creating asset class

Tourism assets are characterized first of all by their great diversity (hotels, tourist residences, holiday villages, youth hostels, etc.).
The customer segment they target, the type of services they offer and their location are all parameters that make each estimate a special case. 

Another feature that has a significant impact on valuation scenarios: establishments must be regularly rearmed to meet changes in travelers' expectations.

  • 1 907

    Amount invested in € million

  • -14,68%

    Evolution of the amounts invested compared to 2022

  • 76,1€

    REVPAR ( revenue per available room ) in hospitality in 2022

S2 2023 - Research - BNP Paribas Real Estate

Expert point of view

Pauline Lalot

Head of Consulting & Expertise Hotels

What are the characteristics of the tourism real estate asset?

It is diversity that characterizes tourism assets in the first place: independent hotels or hotels affiliated to a chain, oriented business or leisure tourism, hotel residences, boutique hotels, resorts... A diversity that can be found in the establishments: large capitals, seaside, mountains...

A major feature, and common to all assets, is that they must be regularly rearmed in order to be modernized or updated. Customer expectations are changing – especially when it comes to services – trends are changing, environmental requirements too: so many factors that can lead to an adaptation of the establishment which can range from decoration to a total redesign of spaces. The experts at BNP Paribas Real Estate Valuation France can play an advisory role by proposing several valuation scenarios.

What are investors' expectations?

For several years, there has been both a densification and a diversification of players interested in the hotel and parahotel sectors. Private investors see in this type of asset an interesting diversification opportunity. 

Tourstic assets offer a number of advantages over other types of tertiary real estate assets: holding structure generally involving a single tenant or operator, sustainability of cash flows, minimum vacancy, advantageous taxation, creation of capital gains through transformation or renovation and above all an attractive risk/return combination.

What are the main criteria for evaluating a tourism asset?

In the hospitality sector, as in other sectors, location remains an essential evaluation criterion. Other criteria are also decisive, such as services, ownership structure, operational performance and market context.


Urban destination, seaside resort, tourist destination, winter sport resort.


Number of rooms, ancillary services and services, quality of layout, compliance with standards (ERP, PRM, environment...), accessibility

Holding structure

Lease, management mandate, franchise agreement, lease-management, quality of the brand, quality of the operator

Operational performance

Key performance indicators (occupancy, average price, RevPAR), cost structure, management fees, franchise fees, profitability, effort rate

Market context

Tourism demand, congress and event infrastructure, urban development, hotel and parahotel offer, competition

When estimating the value of a hotel asset, our hotel experts use methods of capitalizing income and discounting cash flows. They also refer to the most recent market information in order to establish the value of the asset as accurately as possible.

Presentation of the team

The international hotel team works for all types of clients and tourist establishments (hotels, tourist residences, holiday villages, etc.) throughout Europe.Each coming from the hotel industry, they are able to evaluate walls and goodwill in the context of acquisition, development, financing and regulatory purposes. They also intervene on feasibility and critical Business Plan studies.

Pauline LALOT

Matthias DITTMER





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