Warimpex continues to believe in hotels

Warimpex expects its hotels' situation to return to 2019 levels within 2-3 years and continues to believe in this part of its portfolio, president Franz Jurkowitsch told ISBnews.

"In recent years, Warimpex has focused on risk diversification. Hotels now account for 12 percent of the total portfolio, while offices secured with long-term leases account for 76 percent. The reduction of the hotel segment in the overall portfolio is part of long-term strategic decisions made years ago. This product diversification has proved successful in the current pandemic crisis. However, this does not mean that we will not take advantage of investment or development opportunities where there is sufficient potential,"Jurkowitsch said.

"We still believe in hotels and have a lot of experience in these assets. There are also many synergies between hotels and offices. We are not planning to sell anything at the moment as this is not a good time," he added.

The President assessed that business travel may definitely change in all areas – conferences, fairs and daily trips to meetings with business partners. Business hotels will be affected by this, and competition, according to him, may become tougher. Therefore, it is extremely important to offer innovative and flexible products and high-class services.

(ISBnews)