Bank of Ireland Hotel Sector Briefing
|
|
- Rosamond Casey
- 5 years ago
- Views:
Transcription
1 Bank of Ireland Hotel Sector Briefing 29 th November 2018 Sarah Duignan Director, Client Relationships 2018 STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR, Inc. or STR Global, Ltd. trading as STR (collectively STR ) is strictly prohibited. Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR. No strategic advice or marketing recommendation is intended or implied.
2 Global RevPAR % Change supply challenges continue in the ME EUR, Constant Currency, October 2018 YTD North America Central America +3.1% -1.3% +30.6% Europe +5.2% Northern Africa Middle East +24.8% -6.0% +5.2% Asia +3.1% Australia & Oceania +2.1% South America Southern Africa
3 Good demand growth across the world, except Central America Global Supply & Demand % Change, October 2018 YTD Supply Demand 5.0% 4.9% 3.9% 5.9% 3.6% 4.1% 2.3% 1.8% 1.7% 1.9% 1.1% 2.3% 1.2% 1.8% 2.2% -3.6% North America & Caribbean Central America South America Europe Middle East Africa Asia Australia & Oceania
4 Europe - Muted supply growth lifts occupancy (and RevPAR) Supply, Demand, RevPAR % Change, Constant Currency, EUR. October YTD % Supply % change Demand % change RevPAR % change 5% 0% YTD
5 Europe continues to experience positive growth Europe Main KPIs, Constant Currency, EUR, October 2018 YTD 73.4% Occupancy +1.2% ADR +4.0% RevPAR +5.2%
6 Paris leading the European RevPAR and Dublin leads occupancy. Occupancy, ADR, RevPAR, EUR, October 2018 YTD 85% 75% ADR RevPAR Occupancy EUR 250 EUR % 55% 45% 35% EUR 150 EUR 100 EUR 50 25% EUR 0
7 A mixed bag in Europe but mainly positive Europe RevPAR % Change, Local Currency, October 2018 YTD 4 18 Helsinki St. Petersburg Edinburgh Amsterdam Dublin 7 London Brussels Zurich Paris Madrid Barcelona Lisbon Rome Copenhagen Berlin Prague 4 12 Vienna 78 Athens 53 Budapest Bucharest Belgrade Istanbul Warsaw Kiev Moscow
8 Ireland positive performance prevails 2017 STR. All Rights Reserved.
9 REGIONAL Ireland It s all about ADR EUR., October 2018 YTD. Occupancy, ADR & RevPAR & % chg. 74.6% Occupancy +0.9% ADR +9.3% RevPAR +10.3% 2017 STR. All Rights Reserved.
10 Ireland Regional by class Luxury 110 & Upper Upscale 40 premiums EUR, October 2018 YTD. Occupancy, ADR & RevPAR 78% % % 72% 70% 68% 66% % Luxury Reg Upper Upscale Reg Upscale Reg Upper Midscale Reg Midscale Reg 0 Occ ADR RevPAR 2017 STR. All Rights Reserved.
11 Ireland Regional by class ADR driving performance across all classes EUR October 2018 YTD Occupancy and ADR % Change 1.8% Occ ADR RevPAR 0.8% 0.2% 0.5% 0.5% 0.3% 0.4% 0.0% -0.1% -0.1% Luxury Reg Upper Upscale Reg Upscale Reg Upper Midscale Reg Midscale & Econ Reg
12 Key Irish Markets occupancy in excess of 70% across the board EUR, October 2018 YTD. Occupancy, ADR & RevPAR ADR RevPAR Occupancy 90% 85% 80% 75% 70% 65% 60% 55% 50% 45% 40% STR. All Rights Reserved.
13 ADR % Chg Irish Markets Performance Cork remains the top mover EUR Occ and ADR % change October 2018 YTD 11 9 Galway Reg. Ireland Ireland Cork 7 5 Kilkenny Munster Regional Sligo Dublin Leinster Regional 3 1 Kerry Occ % Chg 2017 STR. All Rights Reserved.
14 Dublin rounding up the year in positive territory
15 Dublin RevPAR growth over 7% with 2 months to go EUR, Full Year 2008 to October 2018 YTD. Supply, Demand & RevPAR % chg 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% Supply % change Demand % change RevPAR YTD Oct 2018
16 Dublin strong occupancy base pushing ADR growth EUR, October 2018 YTD Occupancy, ADR & RevPAR 85.4% 0.6% occupancy % ADR % RevPAR 2017 STR. All Rights Reserved.
17 Dublin Submarkets City Centre commands a 60 premium EUR, October 2018 YTD. Occupancy, ADR & RevPAR 100% 90% 80% 70% 60% 50% 40% ADR RevPAR Occupancy STR. All Rights Reserved.
18 Dublin Submarkets Airport fastest growing (just!) EUR, RevPAR % chg. October 2018 YTD Dublin City Centre Dublin Airport Dublin Surroundings +7.4% +7.5% +6.0% 2016 STR. All Rights Reserved.
19 Dublin by class - Lux & Upper Up 50 ADR premium, Upper only 10 EUR, October 2018 YTD. Occupancy, ADR & RevPAR 90% % 86% 84% % % 78% 76% % Luxury Upper Upscale Upscale Upper Midscale Midscale 0 ADR RevPAR Occ
20 Dublin by class Upper Midscale fastest growing class EUR. Occupancy, ADR & RevPAR % chg. October 2018 YTD. 10% ADR Occupancy RevPAR 8% 6% 4% 2% 0% -2% Luxury Upper Upscale Upscale Upper Midscale Midscale
21 Day Count ADR ( ) Dublin Compression a 41% yield results in 45 higher ADR EUR, Compression Analysis Year End % < >=90 Occupancy (%) Day Count ADR ( )
22 Day Count ADR ( ) Dublin Compression analysis a 49% yield results in 53 higher ADR EUR, Compression Analysis October 2018 YTD % -3% < >=90 Occupancy (%) Day Count ADR ( )
23 Pipeline hotels, hotels, more hotels STR. All Rights Reserved.
24 Europe Pipeline, Top 10 October 2018 Report, Pipeline by Room Count Existing Pipeline Pipeline % Existing United Kingdom 21% Germany 15% Ireland 28% France 3% Russia 7% Turkey 4% Poland 15% Switzerland Netherlands 7% 6% Israel 14% Thousands
25 Dublin is now at 23,005 bedrooms, with 3,696 in construction 2,682 expected to open between now and year end 2019
26 Upscale and Upper Midscale comprise over 60% of new openings Number of rooms opening between now and December 2019 Class Openings Active Pipeline 2018/2019 London Dublin Supply Openings & Active 2018/2019 Pipeline Project Count Room Count Luxury 0 0 Upper Upscale Upscale Upper Midscale Midscale 4 84 Economy Total 28 2,682
27 Capitalize on your own potential STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR, Inc. or STR Global, Ltd. trading as STR (collectively STR ) is strictly prohibited. Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR. No strategic advice or marketing recommendation is intended or implied.
28 Business-on-the-Books for Dublin for next 90 days as at 26 Nov % 90% 80% 70% 60% Andre Rieu Forward weekend demand and compression highly visible Six Nations Ireland v England 50% 40% 30% 20% 10% 0%
29 100% 90% Business-on-the-Books for Dublin for next 90 days Compared to last year and two years ago actuals % 70% 60% 50% 40% 30% 20% 10% 0%
30 Pickup from last week for the next 28 days as at 26 Nov % 90% 80% 7% 6% 6% 5% 70% 60% 14% 14% 15% 13% 9% 10% 9% 9% 6% 5% 50% 6% 7% 6% 5% 40% 4% 7% 2% 2% 30% 3% 3% 4% 3% 3% 1% 20% 10% 0%
31 Average Pickup for next 12 weeks as at 26 November % 9.0% 8.0% 7.0% 8.7% Over the course of any given week a hotel will pick up 8.7% for the next week. 6.0% 5.0% 6.4% 5.9% 4.0% 3.0% 2.0% 1.0% 0.0% 4.4% 3.7% 2.9% 2.7% 2.1% 1.7% 1.7% 1.6% 1.0%
32 70% Business-on-the-Books for Dublin for next 12 months as at 05 Nov % 60% 50% 40% 38% Following similar seasonal patterns as Historic occupancy Strong base being built for next summer season 30% 20% 22% 19% 25% 27% 31% 33% 28% 25% 28% 19% 10% 0% November December January February March April May June July August September October
33 Market Forecast what does the future hold?
34 2019 Hotel Forecast A largely positive picture Recovery Mode Performance on the rebound Hot Markets In high demand Minor Growing Pains Supply growth impact Steady Gains Stable performance & outlook Brussels, Paris, Cologne, Barcelona, Buenos Aires Amsterdam, Warsaw, Munich, Tokyo, Beijing, Madrid, Hong Kong, Singapore, Sydney Glasgow, Moscow, Edinburgh, Dublin, Manchester, Dubai, Birmingham, Leeds, Stuttgart, Hamburg, London, Heathrow, Frankfurt Sao Paolo, Hong Kong, Dusseldorf, Abu Dhabi, Sydney, Rome, Singapore, Athens, Budapest, Milan, Berlin, Gatwick, Zurich, Vienna, Prague, Beijing,
35 Dublin what does the future look like post supply increase EUR, Historic , Forecast (Indexed to 2007) Dublin Demand Dublin Supply Dublin RevPAR F 2019 F 2020 F 2021 F 2022 F 2017 STR. All Rights Reserved.
36 MARKET FORECAST Dublin expecting a small occupancy decline EUR, Forecasted - Occupancy, ADR, RevPAR, GBP, 2018 and % % STR. All Rights Reserved.
37 MARKET FORECAST Dublin bigger occupancy decline in 2019 EUR, Forecasted Occupancy, ADR & RevPAR % Chg. GBP, 2018 & % % 2019 ADR & Occupancy -3.2% % % % STR. All Rights Reserved.
38 Thank You! Sarah Duignan STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a part of this presentation without the prior written approval of STR, Inc. or STR Global, Ltd. trading as STR (collectively STR ) is strictly prohibited. Any such reproduction shall specifically credit STR as the source. This presentation is based on data collected by STR. No strategic advice or marketing recommendation is intended or implied.
Ireland Revenue Forum
Ireland Revenue Forum 27 th June 2017 Sarah Duignan Director, Client Relationships sduignan@str.com @SarahDuignanSTR 2016 STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a part
More informationHistory Shaping the Future: Presentation Title
History Shaping the Future: Presentation Title Benchmarking and Performance Trends in the Hotel Sector for Strategic Decision Making Subtitle Elizabeth Randall Winkle Managing Director, STR Global Date
More informationHotel Performance Across Key European Markets
Hotel Performance Across Key European Markets Natalie Weisz Research & Analysis Manager NWeisz@STR.com 2018 STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a part of this presentation
More informationEuropean & UK Hotel Performance
European & UK Hotel Performance Trend Analysis by STR Global Naureen Ahmed Manager, Marketing & Analysis RMAPI Conference, London 7 th November 2013 Agenda Global Snapshot Europe Overview UK Focus Outlook
More informationWill Rising Interest Rates Pummel Your Portfolio?
Will Rising Interest Rates Pummel Your Portfolio? ULI Fall Meeting Chicago - November 2013 Dr. Richard Barkham, MRICS Global Research Director, Grosvenor Group Eileen Marrinan, CRE Director of Research,
More informationOutlook 2015: Europe & Germany
Part of the M&G Group Outlook 215: Europe & Germany Research presentation 27 th November 214 European Economic Fundamentals Update & Outlook 2 Economic recovery broadening GDP growth by country Q3 214
More informationBank of Greece 2 nd conference on real estate market. Property valuations during crisis: consequences and risks
Bank of Greece 2 nd conference on real estate market Property valuations during crisis: consequences and risks Ioannis Ganos MRICS Chairman RICS Hellas Bluehouse Capital Agenda 1. European Economic Environment
More informationPROPERTY EU EUROPEAN LOGISTICS INVESTMENT BRIEFING
PROPERTY EU EUROPEAN LOGISTICS INVESTMENT BRIEFING RICHARD HOLBERTON, SENIOR DIRECTOR, EMEA RESEARCH, CBRE FEBRUARY 19 TH 2015 AGENDA Economy Market Activity Forecasts Issues ECONOMY 2014 Some Alarms and
More informationALLIANZ REAL ESTATE REAL ESTATE INVESTMENTS FROM A GLOBAL INVESTOR S PERSPECTIVE
ALLIANZ REAL ESTATE REAL ESTATE INVESTMENTS FROM A GLOBAL INVESTOR S PERSPECTIVE Investors Forum 2018 Alexander Gebauer CEO Western Europe Brussels, January 18 th 2018 Vertigo, Luxembourg AGENDA 01 at
More informationReal Estate Investment Beyond(?) the Global Credit Crisis
Real Estate Investment Beyond(?) the Global Credit Crisis James Valente (james.valente@ipd.com) Director, North America November 29 th 2011 2011 ipd.com Overview Variation in regional trends Global investment
More informationHALF YEAR RESULTS PRESENTATION 2018 RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2018
HALF YEAR RESULTS PRESENTATION 2018 RESULTS FOR THE SIX MONTHS ENDED 31 MAY 2018 2018 Overview Encouraging first half performance with accelerated momentum in Q2 Adjusted operating profit +6% to 20.4m
More informationHotels & Hospitality Group December Hotel Investor Sentiment Survey
Hotels & Hospitality Group December 2015 Hotel Investor Sentiment Survey 2 Hotels & Hospitality Group December 2015 Global Major Gateways Highlights Global transaction volume is up 28% through YTD November
More informationGLOBAL PROPERTY MARKET CONFERENCE SPOTLIGHT ON LONDON. Forward thinking for a global city
GLOBAL PROPERTY MARKET CONFERENCE SPOTLIGHT ON LONDON Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Balance of Responses, SA IN LONDON, EVERYONE
More informationABN AMRO (Channel Islands) Limited Order Execution Policy
ABN AMRO (Channel Islands) Limited Order Execution Policy 1. Introduction 1.1. What is the aim of this policy? In this policy document, the bank has set out the procedures and rules used to execute your
More informationInvestment Market Germany. PROVADA 5 th June 2013
Investment Market Germany PROVADA 5 th June 2013 In Europe, which country/region do you believe to be the most attractive for making investment purchases in 2013? 40 35 2012 2013 2012 (n=341) 2013 (n=361)
More informationDC flexibility: providing DC access through external providers.
DC flexibility: providing DC access through external providers www.allenovery.com DC flexibility: providing DC access through external providers March 2015 Background Many schemes and sponsors are being
More informationCultivating a sustainable business relationship Our global service offering in banking, financial markets and supervisory law
Cultivating a sustainable business relationship Our global service offering in banking, financial markets and supervisory law Cultivating a sustainable business relationship Contents Your key contacts
More informationTHE AFRICA OPPORTUNITY
PETER WELBORN THE AFRICA OPPORTUNITY API CONFERENCE 2016 Africa: the growth 1continent AFRICA S POPULATION GROWTH Africa has the fastest population growth of any global region. Africa s population has
More informationMIFID2 ASIAN FINANCIAL INSTITUTIONS BEST EXECUTION SEPTEMBER 2017
MIFID2 ASIAN FINANCIAL INSTITUTIONS BEST EXECUTION SEPTEMBER 2017 IS MIFID2 RELEVANT TO ME? Trading on EU trading venues Using an EU affiliate to book trades Providing services to / trading with EU clients
More informationCorporate liability in the Netherlands
Corporate liability in the Netherlands ECBA conference 25 April 2015 Dr. Dian Brouwer Equal treatment of individuals and corporates: Sect. 51 para. 1 Dutch Criminal Code: Criminal acts can be committed
More informationParticular disclosure duties regarding the acquisition and disposal of participations in German banks and insurance companies.
Particular disclosure duties regarding the acquisition and disposal of participations in German banks and insurance companies June 2012 Contents Page DISCLOSURE DUTIES REGARDING THE INTENTION TO ACQUIRE
More information2008 RESULTS. Radisson Ambassador Hotel Paris Opéra
2008 RESULTS Radisson Ambassador Hotel Paris Opéra 11 FEBRUARY 2009 BRUSSELS Kurt Ritter, President & CEO Knut Kleiven, Deputy President & CFO Puneet Chhatwal, Chief Development Officer 1 Dec-08 Apr-08
More informationReal Estate Investment Strategy
Real Estate Investment Strategy 8th of July, 2015 Alessandro Bronda Head of Global Real Estate Investment Strategy Group Real Estate Zurich s real estate strategy Zurich has a systematic and structured
More informationEXECUTION VENUE LIST 2018 BANK JULIUS BAER & CO. LTD.
15 TH MAY 2018 1/5 EXECUTION VENUE LIST 2018 BANK JULIUS BAER & CO. LTD. Cash Equities, Exchange Traded Funds & Securitized Derivatives Europe Austria Wiener Boerse AG Broker Network Cyprus Cyprus Stock
More informationCommerzbank AG Medium- and Long-Term Export Finance The best instruments to finance the import of capital goods to Iraq
Commerzbank AG Medium- and Long-Term Export Finance The best instruments to finance the import of capital goods to Iraq The current market situation The need for ECA-financing increased and we see considerably
More informationConstruction specialists
MENA Construction Construction specialists Simply put, we are experts in construction. We have excellent construction capability and experience across the Middle East and Africa. We offer a full range
More informationRemuneration voting 2015 AGM season. CA Brochure_Remuneration Voting (Dinesh Rajan).indd 1
Remuneration voting 2015 AGM season CA1510026 - Brochure_Remuneration Voting (Dinesh Rajan).indd 1 2 Remuneration voting 2015 AGM season Allen & Overy LLP 2015 CA1510026 - Brochure_Remuneration Voting
More informationQ RESULTS BRUSSELS, 22 OCTOBER 2015 WOLFGANG M. NEUMANN, PRESIDENT & CEO KNUT KLEIVEN, DEPUTY PRESIDENT & CFO
Q3 215 RESULTS BRUSSELS, 22 OCTOBER 215 WOLFGANG M. NEUMANN, PRESIDENT & CEO KNUT KLEIVEN, DEPUTY PRESIDENT & CFO Radisson Blu Azuri Resort & Spa, Mauritius 1 I Q3-215 Results Q3-7 Q3-8 Q3-9 Q3-1 Q3-11
More informationEU and UK health & safety law and policy calendar. September 2005
EU and UK health & safety law and policy calendar September 2005 Outlook for 2005 Commission Directive 30 th Adaptation to Technical Progress of Council Directive 67/548/EEC on the approximation of the
More informationVontobel Trading Venues
1/5 Vontobel Trading Venues The enclosed list shows the most important trading venues that are taken into consideration in order to achieve the best possible execution for the client. The list is not complete.
More informationHSE HR Circular 009/ th March, Subsistence Allowances Abroad
Office of the National Director of Human Resources Health Service Executive Dr. Steevens Hospital Dublin 8 Tel: (01) 635 2319 Fax: (01) 635 2486 E-mail: nationalhr@hse.ie HSE HR Circular 009/2009 25 th
More informationEU and England health & safety law and policy calendar. October 2005
EU and England health & safety law and policy calendar October 2005 Expected in 2005 (Month not known) Commission Directive 30 th Adaptation to Technical Progress of Council Directive 67/548/EEC on the
More informationBEST EXECUTION POLICY
BEST EXECUTION POLICY Effective from 3 January 2018 TABLE OF CONTENT 1. Introductory provisions 2. Execution Venues and Quality of Executions 3. Execution venues where the Company executes customer's instructions
More informationEuropean Regional Economic Growth Index Introduction to E-REGI
September 2016 European Regional Economic Growth Index Introduction to E-REGI What is E-REGI? Launched in 2000-2016 is the 17 th edition of E-REGI Europe-wide coverage - 32 countries - 295 European regions
More informationFULL YEAR RESULTS PRESENTATION 2017 RESULTS FOR YEAR ENDED 30 NOVEMBER 2017
FULL YEAR RESULTS PRESENTATION 2017 RESULTS FOR YEAR ENDED 30 NOVEMBER 2017 2017 Overview Encouraging full year performance with strong Q4 and exit rate into 2018 Adjusted profit before tax up 9% to 44.5m
More informationUAE securities regulator creates regime for promotion and introduction to UAE investors
UAE securities regulator creates regime for promotion and introduction to UAE investors 1 Briefing note February 2017 UAE securities regulator creates regime for promotion and introduction to UAE investors
More informationBrexit and Commercial Contracts
CIPS London Branch 25 April 2018 Brexit and Commercial Contracts Dr Sam De Silva, FCIPS Partner, CMS Cameron McKenna Nabarro Olswang LLP Former CIPS Global Board of Trustees Outline Do I need a Brexit
More informationMIFID2 FOR ASIAN FINANCIAL INSTITUTIONS POSITION LIMITS: HARMONISATION, MONITORING AND REPORTING DECEMBER 2017
MIFID2 FOR ASIAN FINANCIAL INSTITUTIONS POSITION LIMITS: HARMONISATION, MONITORING AND REPORTING DECEMBER 2017 IS MIFID2 RELEVANT TO ME? Trading on EU trading venues Using an EU affiliate to book trades
More informationDUTCH BILL IMPLEMENTING REVISED SHAREHOLDERS' RIGHTS DIRECTIVE SENT TO PARLIAMENT
SHAREHOLDERS' RIGHTS DIRECTIVE SENT On 16 October 2018, a Bill implementing the revised shareholders' directive was sent to Parliament. The objective of the revised shareholders' rights directive is to
More informationNDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China
1 Briefing note September 2015 NDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China Recent legal updates from China demonstrate a shift in the government's
More informationEMEA Investor Intentions Survey 2015
EMEA Investor Intentions Survey 1 CBRE Research B INVESTOR INTENTIONS SURVEY 1 EMEA INVESTOR INTENTIONS SURVEY 1 EMEA 1 Executive summary Real Estate investors intentions in 1 Western Europe is the region
More informationEuropean Commercial March European Investment. SPOTLIGHT Savills Research. Alternative Sectors Yield Compression Korean Investment
SPOTLIGHT Savills Research European Commercial March 2019 European Investment Alternative Sectors Yield Compression Korean Investment Poland, Portugal and Luxembourg were among the most active markets
More informationImpact of a break up of the Eurozone on Credit Derivatives Transactions
Allen & Overy LLP MEMORANDUM To From Our ref Kirsty Taylor David Benton Shruti Ajitsaria Edward Morphett DMB/SA/0010023-0016956 ICM:21318534.7 Date 30 March 2015 Subject Impact of a break up of the Eurozone
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation (the Regulation) defines
More informationeasyhotel plc Results for the year ended 30 September 2017
Results for the year ended 30 September 2017 Introduction Guy Parsons Chief Executive Officer p2 Highlights Delivering Growth Revenue +39.7% Adjusted EBITDA +48.3% PBT before one-offs +43.0% Market Outperformance
More informationNew Circular to Relax the Filing Process
New Circular to Relax the Filing Process for Foreign-Invested Real Estate Enterprises 31st July 2014 SPEED READ In June 2014, the Ministry of Commerce ( MOFCOM ) and the State Administration of Foreign
More informationOpportunities for Action in Financial Services. Crafting New Approaches to Offshore Markets
OffshoreMarkets 12/8/03 2:55 PM Page 1 Opportunities for Action in Financial Services Crafting New Approaches to Offshore Markets Crafting New Approaches to Offshore Markets The European offshore-wealth
More informationABS New Markets Japan
ABS New Markets Japan 2 ABS New Markets Japan Fact pattern This scenario considers a UK RMBS master trust structure (a UK SPV Issuer, ultimately backed by a pool of UK collateral) admitted to trading on
More informationabc Hotel Investor Sentiment Survey Global sentiment for short term trading records another marked improvement. Issue 21, November 2010
abc Real value in a changing world Hotel Investor Sentiment Survey Issue 21, November 2010 Global sentiment for short term trading records another marked improvement. Trading sentiment remains heavily
More informationESCO Projects in Serbia Main Challenges. Đ đ ć
ESCO Projects in Serbia Main Challenges Đ đ ć Legal Sources The most relevant primary legislation for energy performance contracting in Serbia : Law on Efficient Use of Energy Law on Energy Law on Planning
More informationInvesco Real Estate House View
Invesco Real Estate House View European summary H1 2018 This document is for Professional Clients only in Dubai, Continental Europe, Ireland and the UK, for Qualified Investors only in Switzerland, for
More informationTechnology import and export in the PRC
Technology import and export in the PRC Basic principles Technology import and export includes: assignment of patent rights; assignment of patent application rights; patent licences; transfer of know-how;
More informationChina extends foreign exchange cash pooling pilot programme to multinationals
China extends foreign exchange cash pooling pilot programme to multinationals nationwide 1 Briefing note May 2014 China extends foreign exchange cash pooling pilot programme to multinationals nationwide
More informationVontobel Trading Venues
1/6 Vontobel Trading Venues The enclosed list shows the most important trading venues that are taken into consideration in order to achieve the best possible execution for the client. The list is not complete.
More informationResults Q IMPORTANT NOTE: The Results Q do not yet include the asset transfer to FMS-WM as of Oct 1, 2010
Results Q3 21 IMPORTANT NOTE: The Results Q3 21 do not yet include the asset transfer to FMS-WM as of Oct 1, 21 Investor Relations Presentation November 16, 21 HRE Group Overview Q3 21 pre-tax loss reduced
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation )
More informationSaudi Arabia opens Stock Market to Foreign Investors. May 2015
Saudi Arabia opens Stock Market to Foreign Investors May 2015 2 Saudi Arabia opens Stock Market to Foreign Investors May 2015 Following the restriction on direct ownership of securities listed on the Saudi
More informationOur Asset Management practice
Our Asset Management practice 2017 2 Our Asset Management practice 2017 Allen & Overy LLP 2017 3 How we can assist you Allen & Overy is characterised by its all-encompassing approach to alternative investment
More informationConnected globally, committed locally Financial institutions sector
Connected globally, committed locally Financial institutions operate against a backdrop of an ever changing regulatory landscape, global economic uncertainty and new market entrants. A co-ordinated global
More informationEuropean Property Investment Markets. Sorbonne Immo 13 Juin 2007
European Property Investment Markets Sorbonne Immo 13 Juin 2007 European Direct Commercial Property in bn. Euro 250 Investment by sector Office Retail Logistics Others 200 150 100 50 0 2000 2001 2002 2003
More informationInternational Swaps and Derivatives Association, Inc.
Allen & Overy LLP MEMORANDUM To Peter Werner Graham Bryant International Swaps and Derivatives Association, Inc. From Our ref Richard Tredgett RPT/0030047-0001105 ICM:27517080.4 Date 19 September, 2017
More informationSal. Oppenheim European Financial Conference
Sal. Oppenheim European Financial Conference Zurich November 20, 2007 Renato Fassbind, Chief Financial Officer Cautionary statement Cautionary statement regarding forward-looking and non-gaap information
More informationThe global leader in hospitality consulting
The global leader in hospitality consulting The Netherlands Hotel Market Sentiment Survey April 2018 SHARE OF RESPONDENTS BY LOCATION INTRODUCTION The Horwath HTL Global Hotel Market Sentiment Survey gives
More informationThe Global Financial Centres Index 12
The Global Financial Centres Index 12 SEPTEMBER 2012 GFCI 12 1. LONDON 2. NEW YORK 3. HONG KONG 4. SINGAPORE 5. ZURICH 6. SEOUL 7. TOKYO 8. CHICAGO 9. GENEVA 10. TORONTO Financial Centre Futures 3 2012
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY. Guidelines on Recognized Exchanges
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Recognized Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation
More informationThe Office Property Handbook 4.0 Investment & Financing Keys Spain 2019
The Office Property Handbook 4.0 Investment & Financing Keys Spain 2019 February 2019 Financial Advisory I Real Estate 1 of 19 The spanish economy keeps growing and remains stable but a lower pace than
More informationTAXING CAPITAL GAINS MADE BY NON- RESIDENTS DISPOSING OF UK COMMERCIAL AND RESIDENTIAL PROPERTY FROM APRIL A BOMBSHELL
Changes at a glance The Government has announced that from April 2019 tax will be charged on gains made by non-residents on the disposal of all types of UK real estate, extending existing charges that
More informationGuide to becoming a self-employed lawyer
Guide to becoming a self-employed lawyer 2 Contents Legal consulting a new way of thinking 4 Peerpoint the right choice for you? 5 The basics of self-employment 6 Setting up and running a PSC 7 What next?
More informationCHANGES TO THE UK NUCLEAR LIABILITY REGIME: IMPLICATIONS FOR THE INDUSTRY
CHANGES TO THE UK NUCLEAR LIABILITY REGIME: IMPLICATIONS FOR THE INDUSTRY Introduction A number of changes to the liability regime for damage as a result of nuclear incidents in the UK are likely to come
More informationAustralian capital is it really safer at home?
HALF IMAGE PLACEMENT HOLDER (HORIZONTAL) Resize image to cover grey box Australian capital is it really safer at home? November 2015 FOR INSTITUTIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION Contents 8:28
More informationEuropean Real Estate Market
European Real Estate Market A P R I L 2 18 European Real Estate Market - April 218 The European Union MACROECONOMIC OVERVIEW The stronger cyclical momentum in Europe and the positive unexpected rise of
More informationMadrid, October Comparative Analysis of Salaries in Investment Banking in Spain
Madrid, October 2007 Comparative Analysis of Salaries in Investment Banking in Spain 1 CONTENTS: Comparative Analysis of Salaries in Investment Banking in Spain 1 2 3 4 Executive Summary Study Results
More informationReveal. reward Global Total Remuneration report the hidden
Reveal the hidden reward Global Total Remuneration report 2011 Hay Group s Global Total Remuneration report provides a snapshot of reward packages of the average employee across 58 countries. The report
More informationQ RESULTS BRUSSELS, 23 JULY 2015 WOLFGANG M. NEUMANN, PRESIDENT & CEO KNUT KLEIVEN, DEPUTY PRESIDENT & CFO
Q2 2015 RESULTS BRUSSELS, 23 JULY 2015 WOLFGANG M. NEUMANN, PRESIDENT & CEO KNUT KLEIVEN, DEPUTY PRESIDENT & CFO Park Inn by Radisson Istanbul Ataturk Airport 1 I Q2-2015 Results Strengthening our position
More informationGood Oil Conference 2015 Shareholder activism. Clare Pope and Simon Rear
Good Oil Conference 2015 Shareholder activism Clare Pope and Simon Rear Overview of presentation The development of shareholder activism in Australia The objectives of shareholder activists Assessing whether
More informationVersion number Effective date Person in charge Changes
0.Version Version number Effective date Person in charge Changes V1 9-Nov-11 SK V1.1 10-Nov-11 PV V1.2 11-Nov-11 PV V1.3 14-Nov-11 PV V1.4 1-Oct-12 ST Add Short-Term Student Research Assistants in Internal
More informationOur global Shariah compliant Real Estate Finance practice
Our global Shariah compliant Real Estate Finance practice 2016 Contents 3 What is Shariah compliant Real Estate Finance? 8 How can CMS help you in the world of Shariah compliant Real Estate Finance? 9
More informationPatterns of Global Capital Flow
Patterns of Global Capital Flow Real Estate Capital Flows (from one continent to another) have been more than $100 billion in each of the last three years North America was the largest source of cross-regional
More informationTHE TAX IMPACT OF BREXIT: WHAT STEPS SHOULD UK AND EU BUSINESSES TAKE NOW?
: WHAT STEPS SHOULD UK AND EU BUSINESSES TAKE NOW? On 23 June 2016 the UK voted to leave the European Union. Whilst many of the terms of exit are hard to anticipate, there are a number of predictable adverse
More informationDoes M&A insurance close the gap? German M&A and Private Equity Forum March Clemens Küppers Private Equity and M&A Practice
Does M&A insurance close the gap? German M&A and Private Equity Forum 2015 19 March 2015 Clemens Küppers Private Equity and M&A Practice Marsh & McLennan Companies delivers advice and solutions that help
More informationCMS European M & A Study 2017
CMS European M & A Study 2017 Ninth Edition 3 M & A 2017 4 CMS European M & A Study 2017 5 Executive summary 2016 results at a glance CMS European / US Risk Allocation Comparison CMS Deal Size Analysis
More informationThis Is Commerzbank. An Overview. Commerzbank AG Group Communications Frankfurt, 8 February 2018
This Is Commerzbank An Overview Commerzbank AG Group Communications Frankfurt, 8 February 2018 Agenda 1 Facts and Figures page 2 5 2 Board of Managing Directors page 6 3 Strategic Positioning page 7 4
More informationRESEARCH INVESTMENT MARKET
RESEARCH INVESTMENT 215 INVESTMENT 215 INVESTMENT AVERAGE TRANSACTION VOLUME The average transaction has bottomed to the minimum for the last 6 years reaching $81 million. Such low level is due to a decrease
More informationThe SCA approves Regulations concerning Securities Lending and Borrowing, Short Selling, Market Making and Liquidity Providers
Briefing note October 2012 The SCA approves Regulations concerning Securities Lending and Borrowing, Short Selling, Market Making and The UAE Securities and Commodities Authority (the "SCA") has issued
More informationASSET MANAGEMENT. D. Frigerio Head of Private Banking & Asset Management Division
ASSET MANAGEMENT D. Frigerio Head of Private Banking & Asset Management Division AGENDA Asset Management at a glance CEE - the story so far Poland the benchmark Opportunities and challenges The approach
More informationTHE FUTURE UK CORPORATE ENERGY AND CARBON REPORTING FRAMEWORK AND THE END OF THE CRC SCHEME
AND CARBON REPORTING FRAMEWORK AND THE END OF THE CRC SCHEME The Department for Business, Energy and Industrial Strategy (BEIS) has published its response to a consultation on proposals to streamline the
More informationOctober MYTHS ABOUT FRANCE
October 2007 10 MYTHS ABOUT FRANCE Myth N 1:«Once a world power, France is now on the decline.» Reality: World s 6 th largest economic power at the heart of a 493 million strong consumer market in 2006
More informationBest execution policy
Best execution policy I. Purpose 1. This document: a) sets forth the measures that BCV takes to obtain the best possible result when executing orders and/or receiving and transmitting orders on behalf
More informationRecent upstream developments in the Black Sea. Bulgaria
Recent upstream developments in the Black Sea Bulgaria MAIN DEVELOPMENTS OVER THE LAST 12 MONTHS Policy level The new Bulgarian Government pointed out upstream developments in the Black Sea as a key priority
More informationThe new data protection law main changes at a glance
Newsletter July 2017 The new data protection law main changes at a glance Overview of the main differences between the General Data Protection Regulation (GDPR), the and the pre-draft of the new Swiss
More information2009 Results March 2010
2009 Results March 2010 Michael Page International Financial Results Michael Page International Financial Results 2009 3 Income statement 2009 m 2008 m Change Constant exchange Revenue 716.7 972.8-26.3%
More informationDecommissioning: Legal Issues and Business Opportunities. Bob Palmer 7 th June 2016
Decommissioning: Legal Issues and Business Opportunities Bob Palmer 7 th June 2016 Decommissioning: Legal Background S.29 and 34 Petroleum Act 1998 - DECC can serve notice on various parties requiring
More informationInterim Results. 23 November 2000
Interim Results 23 November 2000 Brian Larcombe Operating Review www.3i.com/investor Highlights % Return on opening shareholders funds Total Return 1.0bn - 3.7 MSCI Pan Euro Index Return on opening shareholders
More informationFOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS
A Global View June 2018 Andy Schofield, Director of Research FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS. PLEASE REFER TO DISCLOSURE PAGE FOR IMPORTANT
More informationBeyond April 2015: action list for pension scheme trustees.
Beyond April 2015: action list for pension scheme trustees www.allenovery.com Beyond April 2015 action list for pension scheme trustees Beyond April 2015: action list for pension scheme trustees Flexible
More informationChina Opens for Mobile Virtual Network Operator
China Opens for Mobile Virtual Network Operator 1 Briefing note April 2013 China Opens for Mobile Virtual Network Operator On 8 January 2013, China's telecoms regulator, the Ministry of Industry and Information
More informationHONG KONG NEW OPEN-ENDED FUND COMPANY STRUCTURE GOES LIVE IN JULY 2018
COMPANY STRUCTURE GOES LIVE IN JULY Currently a Hong Kong domiciled open-ended investment fund may be established in the form of a unit trust but not in the form of a corporate vehicle due to the capital
More informationThe Act Amending the Right of Inquiry
The Act Amending the Right of Inquiry Further information If you would like further information on any aspect of the Act amending the right of inquiry please contact a person mentioned below or the person
More informationHotel Performance: Must have insights. Robin Rossmann, Managing Director at STR
Hotel Performance: Must have insights Robin Rossmann, Managing Director at STR Agenda 1. Demand for hotels significantly up across the world 2. Middle East hotels weathering the perfect storm? 3. Pick
More informationThe Global Financial Centres Index 25
The Global Financial Centres Index 25 MARCH 2019 Financial Centre Futures In March 2007, Z/Yen released the first edition of the GFCI, which continues to provide evaluations of competitiveness and rankings
More information