Investir dans l’hôtellerie à partir de 1000€ - Steve Lepine

The hotel industry presents a compelling investment opportunity, particularly when considering its risk-return ratio compared to other asset classes currently facing difficulties. While the real estate sector, including the hotel industry, has faced challenges, it has shown a strong rebound, with projected growth of over 25% between 2019 and 2026. This contrasts with other real estate segments, like traditional offices, where values have plummeted and many properties are vacant. The current economic climate, marked by rising interest rates, has made traditional real estate less attractive, as government bonds can yield similar returns without the associated risks. Monolith, led by Steve Lépine, specializes in "operating real estate," which involves owning both the physical buildings (walls) and the business operating within them (goodwill). This differs from traditional real estate investment where an investor typically buys a building and leases it out, receiving fixed rental income. In the operating real estate model, the investor's cash flow is directly tied to the hotel's revenue, making them a direct beneficiary of the business's success. This approach allows investors to act more like entrepreneurs, potentially uncapping their returns, unlike fixed rental agreements. Monolith focuses primarily on the hotel and accommodation sector, encompassing a broad range from aparthotels to hotel residences. While the concept of owning both the walls and the business could extend to other sectors like sports, culture, or education, 80% of the current market is in hospitality. Monolith partners with established hotel groups like Marriott and Accor, as well as smaller brands, selecting the most suitable operator based on the hotel type and location. Their focus is on 2- to 4-star hotels, a segment that offers a balance of stability and profitability. The operational model involves Monolith acquiring and developing hotels, then entrusting the day-to-day management to a specialized hotel manager. This manager handles staffing, reservations, cleaning, and other services. Monolith, as the owner of both the building and the business, enters into management contracts with these operators, or franchise agreements with larger brands. It's important to note that major hotel groups like Accor and Marriott often operate on an asset-light model, meaning they do not own the buildings or even the businesses themselves, but rather provide their brand, know-how, and booking systems through contracts. This means the risk of the business's performance primarily lies with the owner of the business, not the brand. Investing in a hotel through Monolith involves becoming a direct shareholder in a holding company that owns both the building and the operating business. The financial structure typically includes a bank loan and investor capital, providing a leverage effect for investors. For example, for a €10 million hotel, €5 million might be borrowed from a bank, and the remaining €5 million raised from investors. The investment horizon is typically around five years, after which the hotel may be resold. During this period, investors receive dividends, and a portion of the loan is repaid, increasing the value of their share. Monolith aims for a return of more than 10% per year, distributed partly as dividends and partly capitalized. The hotel industry's appeal stems from several factors. The sector has demonstrated resilience and growth, especially after the COVID-19 pandemic. There's a constant renewal of properties, moving away from an aging hotel stock. Furthermore, technological advancements, such as artificial intelligence for real-time yield management and automation of various hotel functions, have significantly improved margins, even for 2- to 4-star establishments. These innovations streamline operations, reduce staffing needs, and enhance the customer experience, making mid-range hotels more competitive and profitable. While luxury hotels might seem more appealing for higher margins, the 2- to 4-star segment offers a broader customer base and greater stability. Not everyone can afford high-end accommodation, and this segment caters to a wider demographic. Key performance indicators for hotels include the average room price and the occupancy rate. For a city hotel, an occupancy rate exceeding 80% is considered satisfactory, with 90-95% being exceptional. For seasonal hotels, 50-60% occupancy during the operating period is good, with peak seasons reaching 100% at significantly higher prices. Monolith looks for investment opportunities in various locations, including cities with 20,000 to 50,000 inhabitants where there might be a need for modernized hotel offerings. These areas may lack the presence of large hotel chains but still have demand from tourists, professionals, and residents needing extra accommodation. The minimum viable number of rooms for a profitable hotel is considered to be around 20, as this allows for economies of scale. Smaller hotels, with 8-12 rooms, are often too small to be efficient unless they are part of a larger cluster managed by the same operator. There's also a growing trend in aparthotels and hotel residences, which are moving upmarket. This shift is partly influenced by Airbnb, which caters well to families needing multiple bedrooms. Hoteliers are adapting by offering more flexible room configurations, such as connecting rooms and apartments with multiple bedrooms, while retaining hotel services. Furthermore, the increasing regulation of Airbnb, which now often requires a professional commercial designation, creates a more level playing field for traditional hotels. The "country hotel" segment has also seen significant development, with brands creating entire destinations rather than just hotels, often in renovated historical buildings. Monolith offers individual project investments, allowing investors to choose specific hotels rather than investing in a diversified fund. This approach aligns with the entrepreneurial spirit of hotel investment, enabling investors to feel a direct connection to the property. While this model entails project-specific risk, Monolith aims to mitigate this by thoroughly analyzing each hotel's operational history and implementing strategies to improve performance. The minimum investment amount is €1,000, and Monolith charges an acquisition fee (around 2.5-3.5% of the total acquisition cost) and a performance fee (around 15% of the profit above the announced performance). Monolith is regulated by the AMF (Autorité des marchés financiers) and provides detailed documentation for each investment. Currently, Monolith's focus is on France, with aspirations to expand into other European markets like Northern Europe.