Kokari Ltd
Stelios Koutsivitis
Executive Director
S
Kokari Ltd
Company Profile
Kokari is a hospitality investment and management
company specializing in hotel development and
management in South Eastern Europe. Kokari owns and
manages Sheraton Sofia , a Luxury Collection Hotel and
Metropol Palace in Belgrade , a Luxury Collection Hotel
. Both properties are within the Starwood family. Our
management team has managed many other 5 star
properties in Greece , in the past , as well King George
Palace form 2003 till 2010.
As a dedicated operator of luxury 5 star and 4 star hotels,
Kokari offers a “total management solution” to hotel
owners, companies or investors.
Company Profile
We seek to capitalize on hospitality real estate investment
opportunities in Greece and South Eastern Europe,
acquiring or managing and operating properties ,
rebranding and moving them to the upper scale segment ,
cooperating with international hospitality chains and
supreme brands.
Topics
 Global Tourism Market Overview
 Real Estate Funds investing in
Hospitality
 Case of Greece
International Tourism Growth
Global Market size in 2013 : 1 billion euros
International Tourist Arrivals, % change over previous year
12
10
10
9
9
7
8
2
0
8
7
4
4 4
3
3
6 6 7
6
6
6
4
9
5
3
4
3
3
1
7
2
0
0
-2
0
0
-2
-4
-2
-6
1980/’79 1985/’84
1990/’89
1995/’94
Source: World Tourism Organization (UNWTO) ©
2000/’99
2005/’04
2010/’09
2015/’14
2020/’19
2025/’24
2030/’29
h General Assembly – 10 October 2011
International tourism, World
Tourism arrivals
International Tourist Arrivals, million
2,000
1,750
1,500
1,250
1,000
750
500
250
0
1980
1985
1990
Source: World Tourism Organization (UNWTO) ©
1995
2000
2005
2010
2015
2020
2025
2030
h General Assembly – 10 October 2011
International tourism, World
Statistical Appendix at www .imf.org/external/pubs/ft/
weo/2011/02).
International arrivals in emerging economy destinations ar e
The number of international arrivals received in
emerging economies is still modest compared to the
size of their population
Tourism by destination
expected to keep growing at double the pace (+4.4% year)
of advanced economy ones (+2.2% a year). In absolute
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Monday, October 31, 2011 10:18:25 AM
terms emerging economies will add on average 30 million
arrivals a year, compared to 14 million by advanced
In terms of the number of international tourist arrivals
economies. As a result, from 2015 emerging economies
received per 100 of population there is still a large
will receive more international tourist arrivals than advanced
distance between advanced and emerging economies,
Inbound tourism by region of destination
International Tourist Arrivals, million
Europe
800
700
600
Asia and the Pacific
500
400
300
Americas
200
Middle East
100
Africa
0
1980
1985
1990
1995
Source: World Tourism Organization (UNWTO) ©
2000
2005
2010
2015
2020
2025
2030
Advance edition presented at UNWTO 19th General Assembly – 1
advanced economy destinations in international
arrivals in 2015
22%
Africa
5%
International Tourism by region
of destination
Europe
51%
International Tourism by region of destination
International Tourist Arrivals in 2010, share, %
Americas
16%
Middle East
6%
5%
Europe
51%
Source: World Tourism Organization (UNWTO) ©
Asia and the Pacific
22%
Africa
Inbound tourism by region of destination
9th General Assembly – 10 October 2011
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IP Address: 189.204.93.133
Monday, October 31, 2011 10:18:25 AM
Source: World Tourism Organization (UNWTO) ©
International Tourist Arrivals in 2030, share, %
Americas
14%
Asia and the Pacific
30%
Middle East
8%
Africa
7%
Europe
41%
Source: World Tourism Organization (UNWTO) ©
International Tourism flow by
destination
International tourism by (sub)region of destination
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
4.7
North-East Asia
9.1
2.8
South-East Asia
5.9
1995-2010
2010-2030
4.7
Southern/Mediter. Eu.
4.8
3.1
Middle East
4.4
2.5
Central/Eastern Europe
4.1
2.8
Western Europe
3.4
1.2
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Monday, October 31, 2011 10:18:25 AM
North America
2.0
0.8
South America
1.7
0.8
North Africa
1.4
0.5
East Africa
1.3
0.5
South Asia
1.2
1.5
Northern Europe
1.2
resented at UNWTO 19th General Assembly – 10 October 2011
International tourist arrivals, average absolute change over previous year, million
Real Estate Fundraising
Geographical Target of Real
Estate Funds
Real Estate Funds IRR
οφυγής μεγάλου ρίσκου οδηγεί σε αύξηση
νατολίζεται σε αγορές prime assets
τάλληλου προϊόντος περιορίζει την περαιτέ
έλευση και opportunistic funds)
δόσεων σε Πορτογαλία/Ισπανία/Ιρλανδία/
δυναμικά στον επενδυτικό χάρτη
Real Estate Yields in Southern
Europe
Performance per Sector of Real
Estate Funds
US-Focused Closed-End Private Real Estate Funds by Strategy (2000 2010 Vintage Funds)
100%
13%
12%
90%
21%
6%
80%
33%
31%
Proportion of Funds
25%
28%
12%
70%
28%
60%
15%
32%
20%
17%
Bottom Quartile
Third Quartile
50%
Second Quartile
40%
16%
26%
Top Quartile
29%
44%
30%
50%
48%
20%
32%
10%
26%
26%
11%
0%
Niche
Industrial
Retail
Office
Residential
Hotel
Revenue Growth in Hospitality
2012
NPLs of Corporate Sector
Greece
Funds investing in Hospitality
Greek Tourism Market
 Contribution to GDP: 17% [WTTC]
 Contribution to Employment: 18,3% of total
employment [WTTC]
 International Tourism Receipts: 11bn.€ [BoG]
 International Tourist Arrivals: 17million
 MarketShare: 1,5%World,3%Europe
Greek Tourism Market
 Significant Tourism flow
 Limited supply of luxury infrastructure
 Recently formed framework and national plan
regarding real estate planning, infrastructure and
foreign investments
 Limited supply of international operators-brands
 Large coastal land sites with residential development
potential to accommodate demand from Europe,
Russia, Middle East.
Opportunity

Tourism products/services that have increasing
demand from the European consumer are underutilized (cruise, sailing, medical, culture, golf, city
breaks, vacation homes, etc.)

Large source markets like Russia, China, US are not
or very little tapped. • Significant room for growth in
all major drivers (no. of visitors, avg. stay, avg. spend,
capital investment) • Investments in PPP projects
(marinas, ports, airports, seaplanes, etc.) • According to
McKinsey, in 5 and 10 years tourism demand could
exceed E50 and E65bn respectively, from E40bn today
Opportunity
 Debt market remain quite constrained , creating
difficulty for leveraged borrowers needing to refinance
Continued distress materializes

Active Opportunistic Equity Capital and Private
Equity Debt funds to fill the gap
 Government develops attractive Legislative framework
, showing strong will to boost and attract Foreign
Direct Investments.
 Greece has improved its fiscal account and is expected
to restart economic growth.
Thanks
Kokari Ltd
Stelios Koutsivitis
Executive Director
S