The report by the European Commission and the European Environment Agency once again shows that the quality of bathing water in Croatia is among the highest in Europe and ranks first when it comes to coastal bathing areas. The bathing water quality was monitored at 22,081 bathing sites across 27 member states, as well as Albania and Switzerland. Of the 936 bathing sites tested in 2023 in Croatia, 905, or 96.7%, were of excellent quality. When it comes to coastal bathing sites alone, Croatia ranks first in Europe, with 886 out of 894 tested waters being of excellent quality, which is 99.1%. Croatia’s clear clean and blue waters are the result of a combination of factors, including its high salt concentration, its geographic location, and its connection to Africa. These factors contribute to the growth of phytoplankton and a thriving marine ecosystem, making Croatian beaches a unique and beautiful destination for travellers from around the world.
European Hotel Deals Surge as Investors Shun Office Real Estate
13.07.2024 - 05:06 / skift.com
Europe’s pace of hotel and short-term rental dealmaking has accelerated lately. Recent headline deals include Blackstone buying the UK’s Village Hotels for a reported $1 billion and Trinity Investments’ bid to acquire $1.5 billion in hotel assets across Europe within the next three years.
In the UK alone, the first half of this year produced the highest volume of British hotel deals in nearly a decade, according to Savills. The value of deals in the sector reached $3.85 billion in the six months to June, an increase of 35% compared with the whole of 2023.
In Europe overall, global hotel groups are taking advantage of rising interest from investors, owners, and banks. In April, Marriott said it would add nearly 100 hotels by 2026, and IHG said it would add 100 hotels in Germany.
Europe hostel chain A&O is set to invest $500 million to expand across Europe, while Pygmalion Capital is working on two portfolio transactions in Southern Europe for about $150 million.
Earlier this month, Room Mate Hospitality & Leisure, a Madrid-based hotel operator, bought the Staying Valencia brand, its management company, and leases for 10 hotels for an undisclosed sum. Room Mate Hotels‘ owners, TPG Angelo Gordon and Westmont Hospitality, saw an opportunity to boost the brand in Valencia, Spain’s third-largest city.
From a real estate perspective, an investment in “beds” is seen as safer investment than offices.
According to Savills, the completion of new office spaces in Europe in 2023 dropped by 32% compared to the previous year.
Capital needs to be deployed, and it’s difficult to convince an investment committee to put it into an asset that’s not in demand.
The hospitality investment wave is contagious. This week, Germany’s Numa Group, which runs professionally managed short-term rental apartments with hotel-style bookings, bought aparthotel outfit Native Places for a reported $25 million.
Numa is adding 800 units from the UK’s Native Places, bringing its total to 7,300 units across Europe. The acquisition follows a $59 million fundraising at the end of last year.
Meanwhile, Bob W, a European serviced apartment operator, raised $45 million earlier this year.
“The reason we’re all busy is our product is a natural fit for office buildings which are quite dated,” said Philip Grace, chief development officer of Bob W. “We’re able to go into an office building and transform it into an asset class which is in greater demand,” Grace said — citing the upcoming Bob W Kamppi in Finland as a case in point.
Construction and material costs are still rising, superseding previous construction and material hikes in 2022 and 2023. The spikes continue even though many hope Eurozone inflation eases to around 2% next year.
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