5th Adria Hotel Forum, Zagreb (Feb 2016)
Philip was invited to speak on a panel at the 5th Adria Hotel Forum in Zagreb. Marina and the team did a great job and deserve many congratulations for attracting such great speakers and delegates. Here below some of Phil's "takeaway nuggets".
- The local Mace office has noticed that developers and operators are seeking smaller hotel developments, such as 110-130 keys, in Croatia and the Adriatic regions.
- Phil's panel highlighted that although Big Data can provide some guidance in investment decision making, it needs to become more useful, meaningful Smart Data, so it can form part of Strategic Thinking.
- Manolis urged large hotel operators to embrace the sharing economy, with examples of good practice including Starwood's collaboration with Uber.
- Glion Institute of Higher Education warned us to look out for Generation Z, which is following rapidly in the wake of Generation Y. All front office staff be warned, and particularly doormen, Gen Y does not want to be recognised by name by hotel staff.
- Local investors revealed that Croatian land title legislation is slowly changing and becoming more investor friendly, whereby more freehold titles are being made available for mixed use developments.
- Local hotel operators demonstrated that they are more nimble and flexible than the larger international brands, which explains the lack of internationally branded inventory in the region. Local brands are also much more cost efficient and can achieve EBITDA levels of around 37%.
- Local funding institutions highlighted that equity in Croatia is still scarce, but assistance is available for those compiling financial structures from the Croatian Bank for Reconstruction & Development (HBOR).