Hospitality Asset
Managers Association
The James Royal Palm Miami South Beach
September 2014
1
HAMA-Japan
Update
September 2014
2
FY 2013-14 Activities
Mar. 6, 2013
Aug. 22, 2013
Jan. 9, 2014
Mar. 13, 2014
2nd HAMA Japan Annual Seminar
（Grand Prince Hotel Takanawa)
Study Session：
“Hotel Transaction Market Trend”
(FIAT CAFÉ, Aoyama）
Networking Session：
“Branding strategy of Marriott Tokyo”
（Marriott Hotel Tokyo）
3rd HAMA Japan Annual Seminar
（St. Paul University, Ikebukuro)
3
FY 2013-14 Activities
HAMA members gave lectures at St. Paul University, Institute of Tourism.
1st Oct 4, 2013
Yutaka Maruyama：History of Hospitality Asset Management
Anna Abe：Hotel Investment Cycle and AM planning
Yuji Tomoda：Financial Analysis and Benchmarking
2nd Oct. 11, 2013
Shota Matsuo：Hotel Investment Program
Ken Ikeo：CapEx Guidlines
3rd Oct. 18, 2013
Nozomi Okamoto: Asset Managers’ role in Revenue Management
Shinya Naito： Decision to hold/sell
4th Oct. 25, 2013
Masahiko Sakamura：Negotiation of Hotel Management Agreement
Koji Takabayashi：Evaluation of Hotel Franchise Agreement
4
FY 2013-14 Activities
Sep. 2013～Jan. 2014
HAMA members gave 14 lectures on “Asset Management for
Tourism Industry”, for the undergrad students at Department of
Tourism, St Paul University.
Lecturers:
T. Kawai, M. Ito, K. Ikeo, A. Abe, S. Kuwana, Y. Tomoda, S. Matsuo,
M. Sakamura, K. Takabayashi, S. Naito, T.Inagaki, Y. Maruyama
5
FY 2013-14 Activities
Translation
Hotel Asset Management
Principles and Practices
Published by
St. Paul Univ. press
Mar, 2014
HAMA members translated the
19 chapters.
6
Membership
as of August 27, 2014
Japan
Members
36
Honorary Member
1
Supporting Member
2
7
Upcoming meeting
Oct 27th, 2014
Study Session: Recent Revision in Uniform System of Account
and HICAP Updates held in October 15-17th, 2014 in HK
Lecturer: Koji Takabayashi (Horwath HTL)
Location: TBD
Dec. 2014（TBC）
Study Session: Hotel Transaction in 2014
Lecturer: Mayumi Tanaka (KPMG FAS)
Mar. 2015（TBC）
4th HAMA Japan Seminar
8
Key Issues and Successes
• Size of “hotel asset management” in Japan is relatively small
or number of professionals who are engaged purely in hotel
asset management is limited
– Hard to apply strict membership qualification to maintain
the necessary member volume for financial stability
• Volume and variety of market information available for hotel
asset managers are limited.
– e.g. Hotel transaction cap rates are hard to get
– Only two hotel REITs exist in Japan
9
Key Issues and Successes
1) Translation and publication of Hotel Asset Management
Principles and Practices
2) HAMA lecture series by the members at St. Paul University
3) Organized Site-tour/Presentation/Cocktail Sessions for new
entry hotels such as Andaz Tokyo, Tokyo Marriott Hotel, etc.
10
HAMA-Europe
Update
September 2014
11
Membership
Europe
Founding Members
10
New Membership Inquires
17
Applications Received
6
At Stage of Approval
5
Declined
1
*The Membership Committee will be convening coming Thursday to go through
the applications
12
Activities
Burning Issue Meeting on May 31 2014 in Vienna (sponsored JJW Wordwide – Karim
Jalloul):
•
•
•
As a result of a survey amongst the Founding Members preceding the Vienna
Meeting three issues were identified as Burning Issues (see attached “Summary
Burning Issue List.xlxs) which were then covered during the one day session
– OTA
– Brand Fees
– HMA Termination Practices and Terms
As a result, we have agreed to:
– Carry out a survey on OTA Fees for hotels of HAMA Europe Members
– Carry out a survey on Brand Fees and Structure for hotels of HAMA Europe
Members
– Investigate in Termination Practices and Terms of HMA in Europe
The two surveys are now in process of being finalized and will be presented at the
Members Meeting in London on September 16th and 17th
13
Academic Platform
A Memorandum of Understanding was been signed with MODUL
University (see attached “MoU MU HAMA 2014.pdf”) . The goal
of this partnership is to establish an academic platform for the
Hospitality Asset Manager Profession by synthesizing the
respective expertise of the partners for the integration of a hotel
asset management agenda into the University’s study programs.
To achieve this Modul has also engaged with Prof. Arjun Singh.
14
Open Administrative Issues
1) Board to be completed (Vice President, Treasurer, Secretary,
At Large): addressed at upcoming Members Meeting
2) Insurance for Members to be signed: to be discussed at
upcoming Members Meeting
3) Ruling on whether VAT on Membership Dues are applicable
for HAMA Europe – Jordans (our Service provider) to be
instructed – discussed at Members Meeting
HAMA Europe Members Meeting
London September 16-17, 2014
Sponsored by Starwood Capital – Cody Bradshaw
15
HAMA-Asia Pacific
Update
September 2014
16
Membership Update
• Currently we have about 30 paid members with a strong
geographic reach in Asia / ME. This is the first time we will be
exceeding 30 paid members and we expect to also receive a
good number of applications over the next 1-2 months from
senior Asset Managers / top management from regional REITs
and funds.
• We aim to pay our loan to HAMA U.S.A. by end of this year
17
Meetings & Activities
Meetings and Activities:
• Our next event and Annual General Meeting is on October 13.
Educational Initiatives Update:
• The target in 2013 was to stabilize the association and grow membership.
This is a key focus in 2014-2015 eg. Promoting the CHAM, linking up with
regional hospitality schools and also awareness of Asset Management etc.
• One activity included linking up with key conferences and have a voice as
HAMA AP in their planning committee and promote a more owner centric
agenda.
• We are working with the Ecole Hoteliere de Lausanne to start a academic
study on hotel asset managers versus GM
• Included a panel organized by HAMA AP in HICAP Hong Kong which is the
leading hospitality conference in the region.
18
Key Issues You Are Facing
• Opening of other chapters in ME and potentially in China may slow
down our membership growth. We will need to find a solution and
work together with new Associations.
KEY SUCCESSES
• Sponsor of two major conferences in Asia (HICAP and Hotel
Management Summit), membership growth, growing awareness in
Asia Pacific as an Owners’ voice, expand in different geographies in
Asia
BOARD UPDATE
• Christopher Ford, SVP Asset Management, Host Hotels & Resorts
has accepted to be nominated as first Vice President in the
upcoming AGM
19
HAMA-MEA
Update
September 2014
20
Membership Update
• Preliminary membership list with ninety seven (97) candidates
• This preliminary list continues to be populated & revised and
we anticipate at least a 25% increase of candidates once fully
updated & operational.
• All identified candidates will be contacted as soon as DIFC
incorporation has been finalized with operating Emirates NBD
bank account. Initial pre discussion with potential future
members has all been received very positively.
21
Meetings & Activities
• Implemented a monthly officer BOD meeting every last Thursday of each
month at 6PM. Attendance and/or participation is mandatory
• Received NOC (No Objection Certificate) to be filed with DIFC
incorporation application which final main hurdle for incorporation.
• Looking to submit for DIFC incorporation in week# 37 [week of September
8th]
• Anticipating DIFC approval to be received by end of week# 39 [week of
September 22nd]
• Plan to host a reception last quarter 2014 to officially announce HAMA
MEA incorporation
• Anticipating hosting a reception with guest lecture first quarter 2015
• Will have host annual general members meeting the day prior to AHIC
2015 http://www.arabianconference.com & will coordinate with AHIC
management a comprehensive AM panel
22
Educational Initiatives Update
• BGP has an existing long term relationship with Emirates
Academy
of
Hospitality
Management http://www.emiratesacademy.edu/ and has
historically set up a connectivity with Boston University School
of Hospitality Administration
• The Managing Director (Ron Hilvert) & Dean (Stuart Jauncey)
of EAHM have both been approached and informed of HAMA
MEA. Current discussions are in progress for a asset
management panel discussion & guest lecture for the
students and faculty
• Long term strategy is for a regular, consistent & sustainable
HAMA MEA/EAHM working relationship
23
Key Issues You Are Facing
• The complex manner & pace of business dealings within the
Middle East & Africa
• Final stages of establishing Affiliate in the Region
24
Key Successes
• HAMA MEA has received NOC (No Objection Certificate) to be
filed with DIFC incorporation application which final main
hurdle for incorporation.
• BGP has approached Dubai Government entities & high
ranking officials for their support & recommendation for
HAMA MEA
• HAMA MEA will be officially endorsed and supported by
Dubai government entities in subsequent press releases
with joint announcement at DIFC incorporation
• HAMA MEA is already being approached by qualified asset
managers for initial interest as word of mouth is spreading
25
Board Update
As of September 5, 2014:
•
•
NON-OFFICERS
– Board of Director - Christopher Knable, CEO Katara Hospitality
– Board of Director - Alain Debare, CEO, Action Hotels
– Board of Director- Wayne Troughton, CEO HTI Consulting
– Board of Director- Joel Russo, SVP Head of Asset Management, Kingdom Hotel
Investments
– Board of Director- Roger Blackall, Director of Hotels & Hospitality Division,
Premier Group
– Board of Director – Harry Johnson, Senior Asset Manager, Majid Al Futtaim
– Board of Directors – Roya [waiting for approval]
OFFICERS
– President - René Beil, Managing Director, Beaufort Global Partners
– Vice President - Ahmer Naushad, Vice President, Majid Al Futtaim Properties
– Secretary - Rico Picenoni, Asset Manager, Seven Tides
– Treasurer - Fred Novella, Managing Director Global Asset Solution
26
HAMA- China
Update
September 2014
27
Question/Answer
•
Are the 2014 projections realistic or should we just focus on 2015 and beyond?
Depending on when we can get full approval, we may downward adjust our
projection for 2014.
•
How long are you expecting it will take to formalize HAMA China from a legal
perspective?
One month or two. We may register it in Hong Kong, as any name for
organization containing "China" requiring lengthy processing time in China. In
Hong Kong, the processing time is much shorter/easier.
•
We experienced significant delays in Europe as banking requirements made it
extremely difficult to establish a bank account. Will that be an issue for you?
If we get HAMA China registered, then banking requirement will not be that
difficult.
•
Do you anticipate any need for initial seed money to cover any small expenses in
the establishment of the affiliate?
No, it should not be a problem. We/I can cover small expenses if required.
28
HAMA-Japan
Board Members
September 2014
29
New Board Members
Chairman: Yutaka Maruyama
HTL Capital Advisors LLC, Managing Partner
Global Hospitality Corporation Pte Ltd, Chief Operating Officer
Yutaka Maruyama has over 30-year experiences in hospitality business and has led
development, opening, operation, re-branding, and turn-around projects for Westin,
Sheraton and independent brands. He served for development for Westin and
Caesar Park in Asia Pacific, managed operation for Starwood as General Manager,
and undertook corporate planning for a hotel operation company under Green
House Group as Managing Director. Prior to joining to HTL Capital Advisors: a
financial advisory firm specialized in hospitality business and Global Hospitality
Corporation: a hotel investment, management and operation platform for Asian
countries as a founder, he was a founding member of Charters Lodging Group Japan
and the head of Hotel Asset Management Team under Aetos for its hotel portfolio.。
30
New Board Members
Deputy Chairman: Ken Ikeo
Vice President of Fortress Real Estate (Asia) GK
Ken Ikeo is currently serving as Vice President at Fortress Investment Group GK. He
oversees all asset management initiatives for approximately 50 hotels, and also gets
deeply involved with operation aspect as a member of the board of the affiliated
management companies. Prior to Fortress, he was an Asset Manager at Japan Hotel
REIT Advisors Co., Ltd, AM company for a hotel real estate investment trust (REIT)
with responsibility for numerous turnaround and repositioning projects. Prior to
joining the team, he has started with his career in hotel asset management at
Goldman Sachs Realty Japan Limited since 2005. He has over 15 years of experience
in hotel asset management and operations. He received a M.S. in Hospitality
Industry Studies with a concentration in Hospitality Investment from New York
University, as well as a B.A. in Sociology from Rikkyo University (St. Paul’s), where he
serves as a part-time lecturer for Asset Management class.
31
New Board Members
Treasurer: Anna Abe
Partner of Hotelvalue Advisors, LLC.
Anna Abe held a variety of various corporate positions before coming to Hotelvalue
Group beginning with Mizuho Corporate Bank’s New York office. After returning to
Japan, she joined Goldman Sachs Realty in the Portfolio Management Department,
where she worked on system improvement and was responsible for reporting to
investors; in the Hotel Asset Management Department, where she worked on asset
management for 15 hotel portfolios worth more than 100 billion yen; and in the
Due Diligence Department, where she worked on hotel investments. In this period,
she underwrote many major hotel assets, including a large-scale hotel portfolio
worth more than 200 billion yen. She is a graduate of University of Massachusetts
Amherst and holds a Certificate in Hotel Real Estate Investments and Asset
Management from the Professional Development Program at the Cornell University
School of Hotel Administration.
32
New Board Members
Research＆Education Director: Narishi Hayashi
Director of Development, Candeo Hospitality Management, Inc.
Mr. Hayashi is currently responsible for hotel developments at Candeo Hospitality
Management, Inc. Prior to joining Candeo, he developed and acquired hotels at
Jowa Holdings Co., Ltd. At the dawn of hotel asset market in Japan, he cultivated
asset management practices which include developments, securitization and
acquisitions/divestitures at The Industrial Bank of Japan, Ltd. and Arthur
Andersen/KPMG.
He holds a Master of Business Administration degree from INSEAD and a Bachelor
of Arts degree in French Studies and International Relations from Sophia University.
33
New Board Members
Secretary: Masahiko Sakamura
Vice President of Hyatt (Japan) Co., Ltd.
Mr. Masahiko Sakamura has been serving as Vice President of the Corporate
Transaction Group at Hyatt (Japan) Co., Ltd since September 2011. Previously, Mr.
Sakamura served as Senior Director of Asset Management with Ishin Hotels Group
Co., Ltd. from 2010. Prior to joining Ishin Hotels Group, he served as Senior Asset
Manager for Panorama Hospitality, K.K. from 2004. He started his career at Orix
Corporation in 1996. During his Hotel Asset Manager career, he took initiative in a
number of major projects such as rebranding the Hyatt Regency Kyoto, the
acquisition of 13 ANA hotels, and the disposition of Crowne Plaza Kobe (currently
ANA Crowne Plaza Kobe), etc.
Mr. Sakamura holds a Master of Urban Planning degree (Real Estate Concentration)
from the University of Washington Graduate School.
34
New Board Members
Board Member: Goki Akuzawa
Senior Vice President, GIC
Goki Akuzawa has over 20-year experience in real estate asset management
business in Australia, US, China, Korea, and Japan. In Australia and US, he worked
on Class A office buildings and shopping malls, as well as hotels including Four
Seasons, Ritz Carlton, Hyatt, Nikko, and Royal Park. After returning to Japan, he
joined Hotel Asset Management team of Goldman Sachs Realty Japan, and assetmanaged hotels in Japan, China, and Korea. Involved in establishing Japan’s first
hotel REIT (Japan Hotels and Resorts). Joined Panorama Hospitality (Morgan Stanley
Capital) in 2007, where he served as Vice President and Director of Asset
Management in charge of ANA hotels portfolio, consisting of 13 Inter-Continental
and Crowne Plaza. Goki joined GIC in 2010, where he is responsible for hospitality
asset management and investment in Japan. He holds a Master’s degree of
Professional Studies in Hospitality from Cornell University.
35