Innovative Businessmodelle in der Hotellerie - Neue Chancen durch zukunftsweisende Finanzierungs- und Managementmethoden-

Angebot Nachfrage Businessmodell heute Businessmodell morgen Geschäfts- reisen Tagungs- reisen Städte- reisen Urlaubs- reisen Wellness- reisen Nachfrage

Angebot an neuen Hotelprojekten Quelle: IHA Hotelverband Deutschland, Hotelmarkt Deutschland 2006

Business-modelle Hotellerie Erwartung des Gastes Leistungen Wachstum Segmente Betreiberformen Finanzierungstypen Leistungsangebot Hotel Business-modelle Hotellerie Kooperation Hotelkonsortien Hotelkooperationen Erträge Kundenzufriedenheit Kosten Kommunikation Marke Kundenbindung

Beispiel eines innovativen Businesshotels - Hotel Daniel Graz - Vorher Nachher Hauptzielgruppe Gruppenreisende Kategorie Vermarktung 4 Sterne Ertrag Ø-Preis: - Ø-Belegung: 60% Hauptwettbewerber “Das IBIS gegenüber” Hauptzielgruppe Individualreisende Kategorie Vermarktung Budget-Design Ertrag Ø-Preis: 50 Euro Ø-Belegung: 70% Hauptwettbewerber “Das IBIS gegenüber” Investition 25 T Euro / Zimmer Finanzierung ? Quelle: Hospitality Inside

Beispiele innovativer Finanzierungsmodelle Immobilie Pacht- vertrag Betreiber Hybride Verträge Geschlos- sene Immo- bilien- fonds Private Equity Offene Immo- bilien- fonds

Beispiele hybrider Finanzierungsformen Hybride Finanzierungsformen - Rein umsatzabhängige Pacht (ca. 25-27% des Umsatzes) - Umsatzabhängige plus vom Betreiber zu stellende Bankgarantien über 2-3 Jahreswerte - Basispacht deckt Annuität plus Anteil am NOP - „Waterfall Regel“: Rücktritt der ertragsabhängigen Fee des Betreibers hinter den Kapitaldienst - „Performance Regel“: Bank und Investor haben das Recht, den Betreiber bei dauerhafter Unterschreitung von fest definierten Benchmarks zu wechseln

The German KG System limited liability for investors (invested funds only) Partnership Agreement legally and economically proven structure „Komplementär“ = general partner „Kommanditgsellschaft“(KG) = limited private partnership tax favourable treatment financial pooling of private funds The KG structure makes a liability limitation possible for the shareholders, but is nevertheless a business partnership in legal and tax-related terms. A limited liability company (GmbH) generally acts as the general partner (limited liability, corporation). The construction has been tried and proven in Germany since the beginning of the 20th Century and therefore provides excellent legal security. The core points are the low liability risks and the special tax-related benefits for the investors. The structure additionally enables the collection of monies from private investors. Due to these characteristics and benefits, the KG model is used for a number of funds investments: Ships, real estate, windpower, movies, airplanes and other financial products. Investor 1 Investor 2 Investor 3 Investor n

Private Investors Germany Operating Stage Private Investors Germany (limited partners) Administration Hotel Operator management Lease or contract Owners KG-Fund Purchase agreement Senior loan Bank Syndicate Hotel Seller

The KG-System Advantages for the hotel operator 100 % financing No equity needed Fixed rates over the leasing period Fresh liquidity Reduction of liabilities Better ratio equity to liablities Better credibility favourable balance sheet The benefits for the seller are as follows: Seller receives 100% financing Seller requires no equity Seller has fixed interest rates over the term of the charter agreement The value of the financing does not need to be adjusted to the lower market values of the ship There are no covenants aside from the provisions of the charter agreements There is no residual value risk The seller is allocated additional liquidity Bank debt can be reduced Alternative investments with higher profit potential can be made Creditworthiness increases

The KG-System Advantages for the hotel operator The benefits for the seller are as follows: Seller receives 100% financing Seller requires no equity Seller has fixed interest rates over the term of the charter agreement The value of the financing does not need to be adjusted to the lower market values of the ship There are no covenants aside from the provisions of the charter agreements There is no residual value risk The seller is allocated additional liquidity Bank debt can be reduced Alternative investments with higher profit potential can be made Creditworthiness increases

Vielen Dank für Ihr Interesse! The benefits for the seller are as follows: Seller receives 100% financing Seller requires no equity Seller has fixed interest rates over the term of the charter agreement The value of the financing does not need to be adjusted to the lower market values of the ship There are no covenants aside from the provisions of the charter agreements There is no residual value risk The seller is allocated additional liquidity Bank debt can be reduced Alternative investments with higher profit potential can be made Creditworthiness increases