European Autumn Destinations

Get inspired by the cozy season. The leaves are falling! We opened our portfolio and chose our five favorite cities and regions to have an Autumn experience:

The leaves are falling! We opened our portfolio and chose our five favourite cities and regions to have an Autumn experience:



The most inspiring view of Istanbul

One city, two continents. Istanbul is the perfect destination for this mid-season due to its exotic climate. In autumn you will be able to stroll through its full of history streets away from rain and heat spikes. Rich in culture, in a mix of tradition and modernity, Istanbul served as inspiration and scenery for many different works of art.

Main attraction: After wandering around the city, enjoy the wonderful local cuisine! A refined fusion of the best in Asian and Western cuisine.


Exquisite ambience in Rome

Rome is undoubtedly an open-air museum! But the truth is, this museum is very famous, therefore – very busy. So, the best time of the year to visit is Autumn. Enjoy the mild weather and wander around the city. Enjoy the secret but equally wonderful facades and discover its nooks and charms. Experience Rome with the locals!

Main attraction: You cannot pass through Rome without visiting the Colosseum, “the beating heart of ancient Rome” and one of the seven wonders of the world. The Coliseum will definitely make an impression on you as it still carries the whole history in it and has the ability to make us travel through time.


A paradise in the Douro Wine Region

The north of Portugal welcomes this season in a very peculiar and special way. Douro Valley, for example, is one of the regions of Europe that has its peak of beauty in autumn, a true botanical wonderland! Its landscapes are painted in warm tones and Mediterranean cuisine reaches its peak of flavour.

Main attraction: There’s nothing like doing a boat trip around the region to get the most out of this experience. The weather is mild, and boats sail along the winding curves of the Douro River. At the end of the day, stroll through the vineyards and offer a trip to your palate with a port wine tasting. Yum!


Pleasant aesthetic in Prague

The golden and copper glow that falls on the Vltava River at the end of an autumn day, makes Prague one of the most romantic sceneries in Europe at this time of year. Stroll through the medieval and bucolic alleys of the Old Town, decorated with leaf rugs, and climb up to Prague Castle to enjoy views of the city.

Main attraction: There are more than two hundred parks that form the green lung of the city! And they are a relaxing meeting point between the locals and the tourists. We highlight the Stromovka Park, the “Central Park” of the Czech Republic, which was created in the 13th century by the Czech King, a true green oasis perfect for an afternoon picnic.


Marvellous Trophy Hotel in Bordeaux

Toast with one of the famous Bordeaux wines! Voted one of the most beautiful cities in Europe, Bordeaux is known for its history, landscapes and warm hospitality. The city is relatively small and flat; therefore, with the mild autumn climate, it is perfect for exploring on foot or by bicycle. Its architecture is the perfect fusion of classic and cosmopolitan!

Main attraction: Save time in your schedule to visit Place de la Bourse, an architectural work of art, built in 1720 alongside the Garonne River, and designed by the famous architect of Louis XV, Jacques Gabriel. The heart and symbol of the city!

Are you inspired? 

Get in touch with us. We help you diversify your investment portfolio with Hotel assets that protect your legacy.

Buyer’s Guide

If you are thinking about buying a Hotel: this Guide is for you!


Buyer’s criteria

Not only distressed hotel properties are seen as “good buys”, but an appropriate selection of hotels for an investor also has to meet their needs, a correct market price, and has to be profitable in the long term. Prices per room involve several variants, to choose an adequate investment one has to consider all of them.


Meeting the buyer’s requirements

Hotel investors vary on their profile, some are more driven to generate an income, others to benefit from capital growth. The majority of them are investing in hotels to ensure capital security and many operators tend to have hotels in different locations to diversify their offer to customers.

The remaining criteria for a ‘good buy’ are ‘reasonably priced’. This is often construed to mean cheap, or good value. However, the real meaning is that the risk/reward relationship is favorable to the buyer, meaning that the rewards outweigh the risk.

To understand the dynamics of this equation, it is important to first identify the potential risks and then ensure that the yield adopted adequately reflects the risk associated with the purchase.


Yield selection for investments

Determining the correct yield with which to value a property investment is fundamental in assessing the value. As such, each investment needs to be assessed on an individual basis, drawing from the most similar types.

Depending on the investor is more likely that they look for a lease than a management contract. Management contracts in unproven markets tend to attract softer yields than in traditionally strong markets with strong underlying property values. The tenant will have a major impact on the yield that will be applied to an investment.

The financial standing of a company is often reviewed through various rating agencies, they provide risk assessments, which the investment market uses when assessing how desirable a tenant is likely to be.

Other factors like the quality of the operator, their suitability for the operation of the particular unit, their track record, and the market perception of the operator will also have an impact on the market yield for such an investment.


Vacant possession properties

It is likely that the market will consider many factors when deciding what multiple of earnings to pay. Everything that could have an impact on the profitability of the hotel and/or future growth in the capital value is likely to have an impact on the appropriate yield.

The so-known expression: location, location, location is more important than ever for hotels, as well as the type of property, the quality, and the condition of the property. In regions where the hotel market is particularly booming, then the number of new entrants to the market trying to gain a foothold will increase competition.

External factors in favor of a certain location, a new airport, and local infrastructure investments drive an underlying growth in the value of the property. When there are opportunities to improve the trading of the property through redevelopment, extensions, or repositioning the property in the marketplace, then profitable investments are likely to take place.

The historic trading profile of the property is crucial for the analysis. In many cases, the more stable the trading history, the more accurate the yield adopted, as well as the availability of funding, and the provision of debt can secure the deal.

On the other hand, if a substantial proportion of revenue comes from a less secure income stream (for example, F&B or short-term sublettings, rather than from rooms) the value of the property might be undervalued. The risk will increase also if the business relies on one company’s bookings for example.

The Flexibility of the operator to adapt to changes in the market and the brand-ability to position itself in a particular event such as COVID-19 post-lockdown could lead to more competition for the property.


Operational due diligence

A potential purchaser or valuer needs to review the property to see how it is operating. A hotel needs to meet the constantly changing environment of its potential customer base to be profitable.

It’s important that the due diligence reviews the operational suitability of the property for its given market. If a property is no longer suited to its historical market, reinventing the business model might be an alternative, without the need for extensive capital expenditure.

If the market requirement has changed, then the achievable trading profits may be impacted. lt is important to review each part of the business that makes up the overall property. A hotel needs to meet the specific requirements of the market it is trying to appeal to, allowing it to compete with current, and proposed future, supply if it is to stay relevant and successful.

From an owner’s perspective, the hotel usually needs the ability to deliver bottom-line returns, while from an operator’s perspective, it may also need to meet brand standards, to help build brand recognition for the operator and ultimately enhance the brand value.


Do you need more information? We are here to help you!

Hotel Investment Features

Lately, there has been a strong shift to diversify property holdings in many investors’ property portfolios. Income-generating properties, such as hotels, have started to become more appealing to investors.

The market has become more specialized than ever before, the increase in the range of operators who are prepared to offer leases and management contracts has led to more options for potential hotel investors. This increasing demand has led to a wide variety of hotel investment structures being created, from EBITDA-based leases, turnover leases, fixed RPI (retail price index) investment leases, and management contract investments.

Pros and cons of hotel investments



Pride of ownership

Relatively large lot sizes

Potentially excellent returns

Difficulty to access off-market properties

Limited need for a comprehensive refurbishment

Expensive and time-consuming

to market

Returns can be enhanced by investor’s management

Relatively illiquid

Great hedge against retail investments

High transaction costs

Complements mixed-use developments

Relative security from property investments

Tangible investment


Positive attributes

Hotels have a number of advantages over other investment classes and, indeed, against more traditional property investment categories. These attributes attract specific investors who look for such characteristics in their Portfolios.


Pride of ownership

Hotels have a distinctive appeal among property classes in providing true pride of ownership for the investor. The ability of hotels to generate such trophy status is unmatched by other property classes. Potentially because of the ability of the owner to offer hospitality to potential clients and business partners (“Please, come and stay at my hotel.”), the amount of high-net-worth individuals (HNWIs) who own hotels are disproportionately large.


Potentially excellent returns

When the elements of location and great architecture come together and the property is well managed and reacts to market demands, then hotels can generate excellent returns, above typical real-estate returns, because of the operational risk involved.


Limited need for a comprehensive refurbishment

Hotels normally reserve a share of the revenue they generate into a maintenance fund to keep the property in a good state of repair. This is because if the property deteriorates, then trading is negatively impacted as customers are unwilling to pay as high a price to stay in a poorly decorated hotel. As such, this standard investment means that hotels are one of the only asset classes where regular redevelopment is not required.


Possibility to positively impact on returns through effective asset management

The very nature of the hotel business means that the operator needs to react fast to changes in the market dynamics to keep their market share. The ability of the owner to positively enhance their returns through their own action is a key reason for investing in hotels, for certain investors.


A good hedge against retail investments

Retail remains the primary property investment class, with investment funds allocating significant proportions of their property investment into this class. Hotels have been shown to be an effective hedge against the downturns in the retail investment market, making hotels a sensible way to mitigate risk for portfolio managers.


Complements mixed-use developments

New property developments tend to be mixed-use schemes because the risk for the developers is inherently diversified. Hotels form a very valuable part of most mixed-use schemes, as evening and night-time use bring a different dynamic to a larger development.



The relatively consistent demand, along with the perception that “wealthy” people own real estate, ensures it has consistent popularity as an investment class among individual investors.



The physical’ nature of real estate with a ‘tangible presence’ provides comfort to a certain group of investors.


Negative attributes

A hotel tends to have the same disadvantages as standard real-estate investments. They generally comprise large lot sizes. Transaction costs remain high compared with other investment classes. The market for hotels is typically even more secretive than for standard real-estate investments, with ownership, prices, and yields paid, as well as trading data, guarded against public scrutiny. In addition, a hotel has one additional deterrent to standard investors: the element of business risk associated with the asset class.


This operational risk can be quite foreseeable, reliable agents can lead the buyer to a profitable investment.

European Summer Destinations

Get inspired by the sunny season.

Summer is on its way! We opened our portfolio and chose our five favorite cities to have a summertime experience:


Comfort in the nature of Albufeira

It is impossible to think of summer in Europe without thinking of the Algarve, a paradise in the south of Portugal. And our suggestion is Albufeira because it is one of the most energetic cities in the area and is a short drive from other cities on the Algarve coast. In addition to the wonderful climate, Albufeira has many beautiful beaches (a reference in Portuguese tourism) and in summer the city is full of activities throughout the day and rich nightlife. The perfect destination for a family trip and gateway with friends. Don’t forget to try the amazing Portuguese gastronomy (in Albufeira we recommend the fish dishes!).

Main attraction: Get lost in the historic streets of the city that surround Old Town Square, these streets with the smell of the sea tells the history of Portugal and is full of Arab influences. The perfect plan for culture lovers.



A piece of history just outside the window

A city with so many gardens and rooftops that seems to have been designed for the summer. According to the locals, the perfect day starts with a dip in the sea, a cultural afternoon and an evening full of dancing (in addition to bars and restaurants for all tastes, in the city there are lots of festivals happening all summer). As soon as you get the chance, go up to the Acropolis and have a cool drink while looking around the place where modern civilization was born.

Main attraction: It is on the Athens Riviera, in the south of the city, that you find the beaches. They are a mandatory stop at this time of year. And if possible, take a day or two and take a boat trip to one of the famous Greek islands. The most beautiful jewels in the Mediterranean are “right outside the door” of Athens!



A fairy tale in Sardinia

Clean waters, sunshine, white sand … A tropical destination? No! We are talking about Sardinia! This paradise island in Italy is a mandatory stop in Europe for beach lovers.

The best thing about Sardinia is the fact that it is a very eclectic destination. The island is full of natural parks and playgrounds suitable for children. And its romantic landscapes and charming nooks makes it a perfect choice for a romantic escape.

Main attraction: If you are looking for the best nightlife to unwind after a day full of adventures, such as clubs and beach parties, we suggest: Costa Smeralda, San Teodoro, Santa Teresa di Gallura, Alghero and Villasimius. You can learn more about each one of them in this article. There’s no space for boredom on this island!



Historical building in Barcelona

Barcelona has a number of details that make the city a great destination for summer! First, it is one of the cities with the mildest climate in southern Spain; second, during the summer it is quiet and free of traffic because a lot of the locals are traveling; and last but definitely not the least, it is a city of reference in Europe when it comes to Culture. Don’t miss all the opportunities to try a local delicacy, visit the famous Picasso Museum, and in case you are a fan of sports, do a tour in the Barça Stadium.

Main attraction: We can’t talk about summer in Barcelona without talking about the Barceloneta beach! Imagine yourself there with your feet in the hot sand, a beautiful sunshine and a fresh ocean breeze in your hair. Sounds perfect, right? Fun fact: The beaches in Barcelona are not entirely natural, they were created with sand dredged from the sea bed, and the palm trees came all the way from Malaga.



A piece of Art in Troia

Just one hour outside Lisbon you can find a secret wonder of Portugal: Troia! A sandy peninsula that rises through the Atlantic, in the north of Comporta. The weather in Comporta is mild all year round, and is a sought after for the Golf and the Casino lovers. The options are endless; dive in the crystal clear waters of the reserve of the Sado estuary, do a hike and take the time to watch the many species of birds that inhabit the surrounding nature or take a boat trip –  if you pick the right day, you can even see the dolphins.

Main attraction: The country is full of relics left by the Romans when they inhabited the Portuguese territory. Visit Troia’s Roman ruins, classified as “Nacional Monument” in 1910. Historians point out that they were built in the first half of the first century. In that place they could find salting factories, houses, thermal baths, a mausoleum and its necropolis. A place full of stories to discover!


Are you inspired? 

Get in touch with us. We help you build your investment portfolio with Hotel assets that protect your legacy.

European Spring Destinations

Get inspired by our offers for spring destinations.

Winter is almost gone and you know what that means: Spring is coming!

There is nothing more exuberant than Europe in the Spring! It is the epitome of Romance. We opened our portfolio and chose our five favourite cities to have a springtime experience:


Fresh Design in Central Lisbon

Spring is the most suitable season for Lisbon Lifestyle. The city is famous for being sunny the whole year, but in spring colours start to pop and flowers start to blossom. Put your sunglasses, walk near the beach, drink a cocktail in the trendiest terraces and eat an icecream watching a gorgeous sunset in the Tagus River.

Main attraction: Fill a basket with traditional Portuguese delicacies and enjoy a unique picnic in the Portuguese capital. Lisbon is full of wonderful gardens for any time and company.


Funchal, a paradise in the Atlantic

Madeira Island is a portuguese jewel in the Atlantic and Funchal it’s is capital. There is a popular saying that says: “It is on the island of Madeira that spring spends the winter.” And we believe this says everything. Besides being beautiful, the season here is bigger and that’s all we want. Enjoy the colorful, beautiful and welcoming tropical landscapes.

Main attraction: The Flower Festival takes place 4 weeks after Easter, and it is a must see. It looks like Spring has exploded and the result of that is the festival. Enjoy the aromas and varieties of flowers and plants.


Intimate Atmosphere in Florence

Italy is a popular destination in Easter, especially Florence. Why? Because spring brings a magical feeling to the city. The streets start to get filled with people with bouquets in their hands. The best way to enjoy Florence is by walking, and spring is the best season to do that, it is the perfect weather in Southern Europe.

Main attraction: Get lost in the many markets that fill the city at that time of the year. You can find them everywhere! Flowers, food, clothes: you can buy literally everything.


A peaceful heaven in Vevey

The unique area between Vevey and Lausanne is, since 2007, a  UNESCO World Heritage Site. Vevey is the wineyard escape in Swiss Riviera. This city is well known for its wines, so it is overcrowded in the autumn. In the spring you can walk peacefully thanks to the mild weather and admire the landscapes that start to blossom: watch the city waking up.

Main attraction: Climb to the top of Mont Pélerin on the funicular and admire the view whilst tasting a local wine.


Detailed Extravaganza in Zurich

Spring is a magical time in Zurich. The sunshine comes back and it reflects on the river and on the lake, allowing you to see its crystalline waters. You can do a hike through nature, do the roundtrip through the Zurich lake on the boat and delight yourself with some fondue (cheese or chocolate, you choose!) on one of the many rooftops in the city.

Main attraction: The spring festival: “Sechseläuten”, takes place in April and it celebrates the end of the winter. The city is full of flowers, parades and fireworks. Harvest season is officially open!

Are you inspired?

Get in touch with us. We help you build your investment portfolio with Hotel assets that protect your legacy.



THE market


Due to the very high volume of clients and market dynamics, Alpinea has decided to strategically focus on high-value new clients and long-term relationship building.


Headoffice Basel, Switzerland.

Delegations in Lisbon, Portugal.

Colmar in France, Dubai, Florence Italy.



Michaël Lagarde



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