Miguel joined CBRE Hotels Spain in 2006. Since then he has actively participated in investment, operator selection, consultancy, asset management and valuation projects both nationally and internationally.  He currently plays an active role in brokerage and buy side strategic advice, where he maintains a constant connection with international investors seeking to deploy capital in Hotel real estate in Spain, always providing innovative solutions that add value for buyers and sellers. Previous to becoming Director of Investment Properties and the company’s Madrid office for CBRE Hotels, Miguel led the team’s cross-border investment activity and the asset management service in Spain, specialising in repositioning, value creation and sale of Hotel assets. Underlying his experience, Miguel achieved a degree in Business Management and Administration from C.U.N.E.F, a Masters in Financial Markets and Alternative Investments from the BME Institute and a Certificate in Hotel Real Estate Investments and Asset Management from Cornell University. He is also a Licensed MEFF Operator in Financial Options & Futures.

1. How would you characterize the overall state of hotel investment and development in the Mediterranean region?

The Mediterranean has seen a large shift in the profile of hotel investor: From being a local and fragmented investment market to a more international and institutional one. New brands and concepts are pulling investors to diversify into the leisure component of the hotel market, which has shown more resilience than the business segment in the last 10 years.

2. In what markets are you seeing the most amount of investment activity and why?

This year we are seeing investor’s eyes looking at Greece, Italy and Portugal. Spain has had a huge run in the past two years and it is still considered the largest and most liquid leisure market for investors within the Mediterranean but the investment volume is lower than last year due to the tightening of expected returns as a result of higher asking prices.

3. What is the biggest obstacle for a foreign investor searching for a project to invest in?

Institutional quality stock is the biggest barrier for hotel investment volumes not to be higher in the Mediterranean! Foreign investors seek good locations, solid operators and repositioning business plans to upgrade properties through CapEx and management turnaround strategies. 

4.What are the types of hotels and resorts being built and what has the best ROI? Branded? Select- or Full-Service? Multi-use Developments?

There is still little hotel development in the Mediterranean Coast but we are seeing a number of distinctive hotel projects like Ikos, 6 Senses.. AMR Resorts coming to Europe through their JV with NH Hotels is good news too!

5. How do you compare hotel development in the Mediterranean versus other classes of real estate? Is it a safer or riskier bet?

Development of Hotels always depends on a few variables: expected return for the investor / developer and exit price. The risk currently is on the exit: knowing if you are building an institutional-style hotel which can later be sold or not.

6. What are you most looking forward to at MR&H this year?

I am looking forward to meet an even more international community of investors, operators, developers and lenders from the hotel and resort market in Europe and learning from their experience in different parts of the Mediterranean.