Overcome challenges Portuguese Hospitality Atlas 2019 - 14 ... · Preface It is with great pleasure that we release the 14th edition of the Portuguese Hospitality Atlas, a tool that

Overcome challengesPortuguese Hospitality Atlas 2019 - 14th edition

Preface

It is with great pleasure that we release the 14th edition of the Portuguese Hospitality Atlas, a tool that has already assume itself as a reference in the tourism sector and that Deloitte is proud of.

In 2018 we saw an increase in hotel supply and demand as the number of guests increased. Moreover, Lisbon is in the top 5 of European cities with higher occupancy rate - only Paris, London and Amsterdam are overcoming the Portuguese capital. This positive evolution has led many international entities to classify Lisbon and other Portuguese cities as the best tourist destinations in Europe and worldwide.

A survey made for a group of investors, also included in this report, reveals that 48% of the participants believe that the national hotel market is at the peak of investment and that by 2020 Lisbon and Oporto will remain the most attractive cities for the hotel investment. The main sources of funding are expected to come mainly from international hotel groups and investment fund management companies.

Bearing in mind that the success of this initiative is due primarily to the players who act on it daily, I would like to thank the constant support and collaboration with the Portuguese Hospitality Atlas.

Overcome challenges

Jorge Sousa Marrão Real Estate Sector Leader

Contents

© 2019. For further information, contact Deloitte Consultores, S.A.

National ranking

Breakdown by classification

Breakdownby type

Regionalanalysis

About

Contacts

Top 5 ranking evolution

Portuguese Hotel Investment

Survey

European benchmark

New hotel establishments

in 2019

© 2019. For further information, contact Deloitte Consultores, S.A.© 2019. For further information, contact Deloitte Consultores, S.A.

National ranking

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National rankingRanking of Hotel groups / Management entities in Portugal (number of accommodation units)1

1 Accommodation units represent the number of rooms and/or apartments. 2 Pousadas de Portugal only include the Monumental & Historical Hotels that are under management of Pestana Hotels & Resorts Group.3 This analysis was prepared based on public available information. 4 Data relating to the hotel establishments Sheraton Lisboa Hotel & Spa and The Fontecruz Lisboa (which are part of Marriott Hotels & Resorts) was based on public available information. 5 Data relating to the hotel establishments Crowne Plaza Vilamoura Algarve, Holiday Inn Express Lisboa Aeroporto, Holiday Inn Express Avenida da Liberdade, Hotel Holiday Inn Express Lisboa Alfragide, Crowne Plaza Porto, Holiday Inn Express Porto Exponor, Hotel Intercontinental Porto - Palácio das Cardosas and Holiday Inn Porto Gaia (which are part of InterContinental Hotels Group - IHG) was based on publicly available information.

Pestana Hotels & Resorts / Pousadas de Portugal

Vila Galé Hotéis

Accor Hotels

Minor Hotels

Hoti Hotéis/ Meliá Hotels & Resorts

SANA Hotels

VIP Hotels

InterContinental Hotels Group - IHG

DHM - Discovery Hotel Management

Dom Pedro Hotels

NAU Hotels & Resorts

HF Hotéis Fénix

Porto Bay Hotels & Resorts

Hotusa Hotels

Hotéis Real

Turim Hotéis

MGM Muthu Hotels

Luna Hotels and Resorts

Continental Hotels

73

23

32

16

19

12

13

12

10

16

7

10

9

9

14

9

14

6

13

8

3.6%

1.1%

1.6%

0.8%

0.9%

0.6%

0.6%

0.6%

0.5%

0.8%

0.3%

0.5%

0.4%

0.4%

0.7%

0.4%

0.7%

0.3%

0.6%

0.4%

325

513

1,196

16.0%

25.2%

58.8%

8,137

4,463

3,339

2,933

2,767

2,521

2,120

2,066

1,736

1,577

1,399

1,387

1,363

1,348

1,324

1,304

1,238

1,220

1,169

1,081

5.6%

3.1%

2.3%

2.0%

1.9%

1.7%

1.5%

1.4%

1.2%

1.1%

1.0%

1.0%

0.9%

0.9%

0.9%

0.9%

0.9%

0.8%

0.8%

0.7%

44,492

49,199

51,202

30.7%

34.0%

35.3%

16,596

9,237

6,598

6,241

5,501

5,822

4,177

4,252

3,596

3,618

2,915

3,778

2,728

2,674

2,628

2,806

3,142

2,596

2,614

2,273

5.4%

3.0%

2.1%

2.0%

1.8%

1.9%

1.3%

1.4%

1.2%

1.2%

0.9%

1.2%

0.9%

0.9%

0.8%

0.9%

1.0%

0.8%

0.8%

0.7%

93,792

106,095

110,033

30.3%

34.2%

35.5%

2,034 100% 144,893 100% 309,920 100%

2

5

3

Hotel group /Management entity

Hotelestablishments

Lodging capacityaccomodation units Beds International

presenceRanking

2018Current

Sub-total

No. % of total No. % of total No. % of total Yes / No

Other Hotel groups / Management entities

Independent

Total

1

3

6

2

4

5

4

2

6

7

8

9

14

11

10

12

15

-

17

16

18

19

13

1

3

5

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Ranking of Hotel groups / Management entities in Portugal (number of accommodation units)1

1

1

2

3

3

Marriott Hotels & Resorts 4

3

3


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Breakdown by type

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Breakdown by type

2%(34)

1%(1,256)

3%(60)

4%(6,057)

5%(107)

8%(156)

10%(213)

73%(106,286)

72%(1,464)

2,034 Hotel establishments

Accommodation units represent the number of rooms and/or apartments.

National total:

144,893 Accommodation units

9%(12,587)

12%(16,556)

1%(2,151)

Hotel

Rural Hotel Tourist Village Lodging Houses

Tourist Apartment Hotel-apartment 2%(34)

1%(1,256)

3%(60)

4%(6,057)

5%(107)

8%(156)

10%(213)

73%(106,286)

72%(1,464)



National total:


9%(12,587)

12%(16,556)

1%(2,151)

Hotel

Rural Hotel Tourist Village Lodging Houses

Tourist Apartment Hotel-apartment


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1



National total:

Hotel establishments

Accommodation units 1

5 Stars

8%(172)

16%(23,381)

4 Stars

38%(771)

49%(71,427)

3 Stars

33%(677)

26%(37,154)

2 Stars

16%(329)

7%(10,557)

1 Star

3%(51)

1%(1,118)

Lodging house

2%(34)

1%(1,256)




National total:

Hotel establishments

Accommodation units 1

5 Stars

8%(172)

16%(23,381)

4 Stars

38%(771)

49%(71,427)

3 Stars

33%(677)

26%(37,154)

2 Stars

16%(329)

7%(10,557)

1 Star

3%(51)

1%(1,118)

Lodging house

2%(34)

1%(1,256)



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Regional analysis

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5%

11%

North

Lisbon

R. A. Açores

R. A. Madeira

Center

Alentejo

Algarve



National total:


22%15%

20% 14%

8%

22%31%

16% 21%

5% 3%

7%

Regional analysisBreakdown by NUTS II


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Center Total(20,247)

4%(769)

3%(623)

3%(511)

2%(476)

2%(442)

86%(17,426)

Grupo de Desenvolvimento

das Termas de Portugal

Hoti Hotéis/ Meliá Hotels &

Resorts

Montebelo Hotels & Resorts

Fátima Hotels

Natura IMB Hotéis

Others

2

Porto Bay Hotels

& Resorts

R. A. Madeira Total(15,037)

24%(3,604)

5%(791)

5%(788)

5%(747)

5%(658)

56%(8,449)

Pestana Hotels & Resorts / Pousadas

de Portugal

Savoy Hotels & Resorts

Four Views Hotels

HotéisDorisol

Others2

R. A. Açores Total(4,848)

19%(935)

9%(446)

6%(274)

5%(229)

5%(229)

56%(2,735)

Bensaude Turismo

Azoris Hotels & Leisure

Grupo Ciprotur

Açorsonho Hotéis

VIP Hotels

Others2

A análise efetuada foi baseada em informação pública disponível.

North Total(21,969)

AccorHotels

5%(1,183)

HF HotéisFénix

4%(819)

Axis Hotéise Golfe

4%(816)

InterContinental Hotels

Group - IHG

3%(655)

Hoti Hotéis/ Meliá Hotels

& Resorts

3%(650)

Others

81%(17,846)

Alentejo Total(6,497)

10%(638)

7%(454)

4%(266)

3%(205)

2%(155)

74%(4,779)

Sonae Capital


de Portugal

Vila Galé Hotéis

Blue & Green M'ar de Ar Hotels

Others

Lisbon Total(30,955)

6%(1,837)

6%(1,804)

5%(1,673)

4%(1,404)

4%(1,097)

75%(23,140)

VIP Hotels

SANA Hotels

Accor Hotels

Marriott Hotels& Resorts


Resorts

Others

Algarve Total(45,340)

5%(2,139)

5%(2,121)

4%(1,688)

2%(1,211)

2%(1,050)

82%(37,131)

Vila Galé Hotéis


de Portugal

Minor Hotels


MGM MuthuHotels

Others2

3

2

2

2

2 2

2

2

Regional analysisTOP 5 Hotel groups / Management entities by NUTS II

1 Accommodation units represent the number of rooms and/or apartments.2 This analysis was prepared based on public available information.3 Data relating to the hotel establishments Crowne Plaza Vilamoura Algarve, Holiday Inn Express Lisboa Aeroporto, Holiday Inn Express Avenida da Liberdade, Hotel Holiday Inn Express Lisboa Alfragide, Crowne Plaza Porto, Holiday Inn Express Porto Exponor, Hotel Intercontinental Porto - Palácio das Cardosas and Holiday Inn Porto Gaia (which are part of InterContinental Hotels Group - IHG) was based on publicly available information.

Center Total(20,247)

4%(769)

3%(623)

3%(511)

2%(476)

2%(442)

86%(17,426)

Grupo de Desenvolvimento

das Termas de Portugal


Resorts

Montebelo Hotels & Resorts

Fátima Hotels

Natura IMB Hotéis

Others

2

Porto Bay Hotels

& Resorts

R. A. Madeira Total(15,037)

24%(3,604)

5%(791)

5%(788)

5%(747)

5%(658)

56%(8,449)


de Portugal

Savoy Hotels & Resorts

Four Views Hotels

HotéisDorisol

Others2

R. A. Açores Total(4,848)

19%(935)

9%(446)

6%(274)

5%(229)

5%(229)

56%(2,735)

Bensaude Turismo

Azoris Hotels & Leisure

Grupo Ciprotur

Açorsonho Hotéis

VIP Hotels

Others2

A análise efetuada foi baseada em informação pública disponível.

North Total(21,969)

AccorHotels

5%(1,183)

HF HotéisFénix

4%(819)

Axis Hotéise Golfe

4%(816)

InterContinental Hotels

Group - IHG

3%(655)


& Resorts

3%(650)

Others

81%(17,846)

Alentejo Total(6,497)

10%(638)

7%(454)

4%(266)

3%(205)

2%(155)

74%(4,779)

Sonae Capital


de Portugal

Vila Galé Hotéis

Blue & Green M'ar de Ar Hotels

Others

Lisbon Total(30,955)

6%(1,837)

6%(1,804)

5%(1,673)

4%(1,404)

4%(1,097)

75%(23,140)

VIP Hotels

SANA Hotels

Accor Hotels

Marriott Hotels& Resorts


Resorts

Others

Algarve Total(45,340)

5%(2,139)

5%(2,121)

4%(1,688)

2%(1,211)

2%(1,050)

82%(37,131)

Vila Galé Hotéis


de Portugal

Minor Hotels


MGM MuthuHotels

Others2

3

2

2

2

2 2

2

2


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4949

41

102

9471

102

53

NorthCenter

Alentejo

R. A. Madeira

LisbonNational average

Algarve

R. A. Açores

Regional analysisAverage size of the hotel establishments (no. of accommodation units)1

Accommodation units represent the number of rooms and/or apartments.1


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Regional analysisComparative analysis by NUTS II

1 2018 Forecast data.

Source: TP (Turismo de Portugal) - Travel BI e RNT, INE (December 2018 data - Information extracted on 02.04.2019 and on 11.04.2019); Analysis: Deloitte.

RevPAR

North

40.53€

Center

24.47€

Alentejo

29.60€

Algarve

52.62€

Lisbon

73.96€

R. A. Madeira

47.43€

R. A. Açores

38.81€

Occupancy rate

Lodging capacity (no. of rooms)

Lodging revenues (000€)

Overnight stays (000#)

Guests (000#)

Average stay

64.1%

22,138

425,879

9,654

5,226

1.8

45.0%

21,161

232,829

6,711

3,866

1.7

53.6%

6,404

105,099

2,604

1,443

1.8

64.0%

45,116

840,837

20,201

4,643

4.4

75.7%

31,108

995,756

17,296

7,469

2.3

74.0%

14,831

279,012

7,751

1,508

5.1

60.0%

5,016

73,886

1,876

634

3.0

1


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Lisbon(NUTS II)

Lisbon(City)

21

RevPAR

Lisboncity

Occupancy rate

Lodging capacity(no. of rooms)

Overnight stays(000#)

Guests (000#)

89.22€ 73.96€

31,108 21,936

17,296 12,9957,469 5,435

79.8%75.7%

Regional analysis

1 Lodging capacity for Lisbon Municipality.2 Forecast data (information extracted on 05.04.2019). Source: Associação de Turismo de Lisboa, Registo Nacional de Turismo and Portuguese Hospitality Atlas 2019; Analysis: Deloitte.

Comparative analysis Lisbon region vs Lisbon city


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RevPAR

North(NUTS II)

Porto(city)

Occupancy rate

Lodging capacity(no. of rooms)

Guests (000#)

Overnight stays(000#)

Portocity

1

2

65.00€40.53€

56.6%64.1%

22,138 6,990

9,654 4,001

5,226 1,959

Regional analysis

1 Lodging capacity for Porto Municipality.2 Occupancy rate - Bed.Source: Associação de Turismo de Lisboa, Registo Nacional de Turismo and Portuguese Hospitality Atlas 2019; Analysis: Deloitte.

Comparative analysis North region vs Porto city


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Seasonality index by NUTS II 1

Regional analysis

1 Seasonality index= # overnight stay by month by NUTS II / Average annual overnight stay by NUTS II.Source: INE; Analysis: Deloitte.

North Center Lisbon Alentejo

Algarve R.A. Açores R.A. Madeira

January February

March

April

May

June

JulyAugust

September

October

November

December

Winter

SpringAut

umn-

Fall

Summer

January February

March

April

May

June

JulyAugust

September

October

November

December

Winter

SpringAut

umn-

Fall

Summer

January February

March

April

May

June

JulyAugust

September

October

November

December

Winter

SpringAut

umn-

Fall

Summer

January February

March

April

May

June

JulyAugust

September

October

November

December

Winter

SpringAut

umn-

Fall

Summer

January February

March

April

May

June

JulyAugust

September

October

November

December

Winter

SpringAut

umn-

Fall

Summer

January February

March

April

May

June

JulyAugust

September

October

November

December

Winter

SpringAut

umn-

Fall

Summer

January February

March

April

May

June

JulyAugust

September

October

November

December

Winter

SpringAut

umn-

Fall

Summer

Base 1 index


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30% 30%

15% 15%

13% 13%

4% 4%

34% 35%

0% 0%

Lisbon

4% 4%

R. A. Madeira

R. A. Açores

178,677 Total rooms accommodation units

National total:

306,307 Total beds accommodation units

North

Center

Alentejo

Algarve

Regional analysisLocal accommodation

Source: Registo Nacional de Estabelecimentos de Alojamento Local; Analysis: Deloitte.


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New hotel establishments in 2019


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New hotel establishments in 2019

# Hotel establishments

Label:

Lodging House To be defined

1st Quarter

Subsequent quarters

Total

5

--

--

22--

1

-

R. A. Madeira

-

-

3

----

-3--

-

-

Alentejo

-

-

2

----

11--

-

-

R. A. Açores

-

-

4

--

11

-

1---

-

1

Algarve

-

-

16

13

--

1-

46

1

-

North

-

--

22

12--

--

563-

-

5

Lisbon

5

-

1-

-

-22-

-

-

-

-

-

-

-

--

-

-

-

--

--

-

Center

-


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European benchmark


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Amesterdam

London

PortoLisbon

ParisBrussels

Barcelona

Berlin

Frankfurt

RomeMadrid

Milan

Vienna

69.2%

71.8€

79.0%

81.9€

84.1%

122.6€

83.0%

138.5€

81.0%

149.0€

74.7%

87.5€

56.6%

65.0€ 79.8%

89.2€

76.5%

73.4€

77.3%

100.9€

74.8%

95.8€

73.5%

98.1€

78.8%

83.0€

1

2


European benchmark

Label:

Occupancy rate

RevPAR

Source: Observatório do Turismo de Lisboa, Associação de Turismo do Porto, Observatoire du Tourism à Bruxelles, Madrid Destino, Visit Britain, Paris Office du Tourisme et des Congrès; Analysis: Deloitte.

1

1 An exchange rate from pound sterling to euro was applied (0,90155 - December 2018).2 Occupancy rate - Bed.

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National Top 5 Historical Evolution


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National Top 5 Historical Evolution1

1 Ranking based on the number of accommodation units.2 Pestana Hotel & Resorts / Pestana Pousadas and Pestana Hotel & Resorts / Pousadas de Portugal are the same Hotel group / Management entity. The entity’s designation was changed.3 Groups Espírito Santo Hotéis and Tivoli Hotels & Resorts are the same Hotel group / Management entity. The entity’s designation was changed.

2019

1

2

3

4

5

Pestana Hotels & Resorts / Pestana

Pousadas 2

Accor Hotels

Starwood Hotels & Resorts

Vila Galé Hotéis

Espírito Santo Hotéis 3


Pousadas 2

Accor Hotels

VIP Hotels

Vila Galé Hotéis



Pousadas 2

Accor Hotels

VIP Hotels

Vila Galé Hotéis

Tivoli Hotels & Resorts 3


Pousadas 2

Accor Hotels

VIP Hotels

Vila Galé Hotéis



Pousadas 2

Accor Hotels

VIP Hotels

Vila Galé Hotéis



Pousadas 2

Accor Hotels

VIP Hotels

Vila Galé Hotéis



Pousadas 2

Accor Hotels

ECS Capital

Vila Galé Hotéis



Pousadas 2

Accor Hotels

SANA Hotels

Vila Galé Hotéis



Pousadas 2

Accor Hotels

SANA Hotels

Vila Galé Hotéis



Pousadas 2

Accor Hotels

Marriott Hotels & Resorts

Vila Galé Hotéis



Pousadas 2

Accor Hotels

Marriott Hotels & Resorts

Vila Galé Hotéis


& Resorts

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Pestana Hotels & Resorts/

Pestana Pousadas

Vila Galé Hotéis

AccorHotels

Minor Hotels


& Resorts


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Portuguese Hotel Investment Survey


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Key messages

Hotel industry at the “peak of investment” – Almost half of the respondents (48%) believe that the national hotel market is at its peak of investment phase. Porto (57%) and Lisbon (57%) were referred as the most attractive cities for hotel investment in 2020.

Who will invest? – 62% of the survey participants believe that international hotel chains will be the main capital source of Portugal’s hotel industry. 57% and 29% have also pointed out asset management funds and Private Equities, respectively, as relevant funding sources for the hotel sector. It is expected that capital will come mostly from Europe (62%), in particular from Portugal (48%).

The attractiveness of the European market – 43% of the respondents selected Lisbon as the most attractive European city to hotel investment in 2020. Other European cities like Amsterdam, Dublin, London and Barcelona are also among the most attractive cities to investors in this sector.

Risks in the next 5 years – Competitive markets growth (81%) and the shortage of qualified labour force (62%) were considered as the main risks to the Portuguese hotel sector in the next 5 years. In Europe, possible terrorist attacks (67%), the economy growth (63%) and potential political tensions (58%) are the risks that worry investors the most.

Challenges for the next 5 years – Retaining highly qualified human resources is, for most investors (79%), the major challenge within the hotel industry in Europe. Attracting and retaining new customers arises also as a very relevant challenge for many respondents (59%), mainly due to the preferences of the young Millennials.

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57%Porto

57%Lisbon

5%Algarve

19%Others

Recession

5%

Recovery

19%

Investment

28%

Investment peak

48%



Investments stage for the portuguese hotel industry

Most attractive portuguese regions for hotel investment in 20201

1 Question with possibility of multiple answer.

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Institutional investors

International hotel chains

Asset management funds

Sovereign wealth funds

Pension funds

Insurance companies

19% 62% 57%

5% 0%5%

Private equity/ venture capital

29%

Skilled labour force

Labour legislation

Interest rates

62%

14% 5%

81%

Competitive markets growth

Other

24%

Economy growth

19%



Main capital sources for Portugal’s hotel industry1


Portugal hotel industry main risks (5 year horizon)1

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North America and South America

24%

Portugal

48%

Europe

62%

Others

14%


Most attractive european cities for hotel investment in 20201



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Amsterdam

London

Lisbon

Paris

Dublin

BarcelonaMadrid

14%

14%

0%

43%

0%14%

14%


Most attractive european cities for hotel investment in 20201

Label:

Hotel investment

1 Question with possibility of multiple answer. 19% of the participants also identified as more attractive other cities than those above mentioned.


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Very important Important Less important

Very important Important Less important

63%

11% 11%

26%

Economy growth Politic tensions

Investment opportunities in Europe

Growth opportunities(augmented operational margins)

New technologies adoption Attract and create loyalty among new customers

(millennials)

58% 67%

42%

Terrorist attacks

22%

Overtourism phenomenon Black and grey swans

Ability to retain highly qualified human resources

11%

47%

42%

25%

50%25%

41%18%

12%

41% 35%

40% 44%25%

44%

5%

57%

38%

21%

79%

Portuguese Hotel Investment SurveyRisks associated with the hotel industry in the european context, over the next 5 years

Challenges for the hotel industry in the european context, over the next 5 years


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Notes

Notes | Local AccommodationWere considered the following types of establishments:

• Apartments; • Lodging Establishments; • Lodging Establishments – Hostels; and • Dwellings.

The information was collected from the Registo Nacional do Alojamento Local (RNAL), available through the website of Turismo de Portugal, on first week of April 2019. The original information had a total of 82,205 establishments, but for the purpose of Atlas da Hotelaria 2019 we have considered a total of 78,010 establishments.The selection of establishments was based on the year of registration in the RNAL, therefore all establishments registered before 2000 and after 31st december 2018 were disregarded.According to information provided informally by Turismo de Portugal the registration of each establishment in the RNAL is performed autonomously and independently by the respective owners, so the accuracy of the information available is not the responsibility of the Turismo de Portugal.

Were considered the following types of hotel establishments:

• Hotels; • Tourist apartments; • Apartment hotels; • Tourist village; • Lodging houses; and • Rural hotels.

For ranking purposes it was considered the total number of accommodation units in hotel establishments at 31st December 2018, including those which were temporarily not operating at that date. It should be noted that the units that compose the hotel complexes were considered disaggregated, i.e., they are recorded individually as hotel establishments.Accommodation units refer to the number of rooms and/or apartments.A double bed represents 2 beds, a T0 has 1 bedroom (2 beds), a T1 has 1 bedroom (2 beds), a T2 has 2 bedrooms (4 beds) and a T3 has 3 bedrooms (6 beds).The aggregation of hotel establishments in hotel groups / entities management complies its integration in a Group (entities that owns more than a hotel establishment) and / or the existence of a common denominator in their operation. Accor Hotels, Hoti Hotéis and Pestana Hotels & Resorts Group include tourism developments that are in a franchise system.The geographical division of Portugal complied with the NUTS II defined by National Institute of Statistics.The data collection from the 20 largest groups was completed in the second week of April 2019.The remaining information was collected through the websites of the Groups and independent hotel establishments, the databases of Turismo de Portugal and Regional Tourism Entities, as well as other public information.Tourist apartments with less than 10 apartments have not been considered.The information regarding the new hotel establishments expected for 2020 was collected until the last week of March 2019 and was based on Regional Tourism Entities information and public information.


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Miguel Eiras AntunesConsultingPartnerTel: +351 969658255 [email protected]

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Documents

Overcome challenges Portuguese Hospitality Atlas 2019 - 14 ... · Preface It is with great pleasure that we release the 14th edition of the Portuguese Hospitality Atlas, a tool that