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For any further information you may contact:
NicosiaT: +357 22 209 000F: +357 22 678 200E: [email protected]
LimassolT: +357 25 869 000F: +357 25 363 842E: [email protected]
LarnacaT: +357 24 200 000F: +357 24 200 200E: [email protected]
ParalimniT: +357 23 820 080F: +357 23 820 084E: [email protected]
PaphosT: +357 26 943 050F: +357 26 943 062E: [email protected]
Polis ChrysochousT: +357 26 322 098F: +357 26 322 722E: [email protected]
www.kpmg.com.cy
©2013 KPMG Limited, a Cyprus limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Cyprus.
KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative (“KPMG International”) a Swiss entity.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.
The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG International Cooperative (“KPMG International”) or KPMG member firms.
251113
Travel, Leisure & Tourism
kpmg.com.cy
Tourism as a sector of the national economy
Tourism is one of the key sectors of national economies in the new millennium, and its dynamic development can be clearly seen at the global and national levels. According to World Tourism Organization forecasts, the number of international arrivals will increase to 1,8 billion by 2030. “Recent estimates indicate that the tourism industry makes up approximately 12 percent of the Cyprus GDP and has emerged as one of the largest global job creators. The tourism industry is an engine for economic growth. It influences investment decisions, promotes job creation and raises the qualification standards of employees.
Cyprus offers tourists a wide range of activities. Stunning landscape and a rich history are the foundations on which to build world-class tourist destinations.
Factors such as a temperate weather, picturesque landscapes, beautiful sunsets, a rich historical, natural and cultural heritage, and a tradition of hospitality and good food are the basis for a thriving industry.
Travel, Leisure & TourismThe tourism industry is an engine for economic growth. It influences investment decisions, promotes job creation and raises the qualification standards of employees. KPMG‘s Travel, Leisure & Tourism (TLT) practice provides advisory services based on consistent methodologies, a personal approach and a high quality.
Advisory services for the hotel and resort industry
With new destinations becoming easily accessible, consolidation between market players and branding being increasingly important, the hotel and resort industry has been going through some major changes in the last years. Following new lifestyle concepts emerging worldwide, the economic downturn affecting the whole industry in most markets had brought difficult times for hotel operators and investors alike.The severe shortage of financing and the cautious investment attitude resulted in a flattened development market and lack of transactions. However, as the economic balance is regained and the prospects of growth are real, tourism – a highly responsive industry – shows promising signs of recovery and expansion in the EMA region.As a result, real estate as an asset class is regaining its importance and there is a growing interest in investment opportunities in well conceived integrated hotel and resort projects. The need for preparing detailed market appraisals, understanding target markets’ preferences and conceptualizing original projects has
never been such a crucial aspect of the predevelopment process.Consumer trends at resorts are constantly evolving: people live longer than previous generations; they are becoming environmentally, health and fitness conscious and are searching for an escape from work-related stress. Identifying and understanding these and other preferences represents an opportunity for resort developers to attract a wider range of potential investors.
Who we are
KPMG International is the coordinating entity of a global network of professional services firms, providing audit, tax and advisory services. The aim of KPMG member firms is to turn knowledge into value for the benefit of their clients. With nearly 152.000 people worldwide, member firms provide their services to 156 countries.The KPMG Travel, Leisure & Tourism practice in Cyprus was set up more than a decade ago with the aim to advise clients on a diversity of issues relating to the real estate, hospitality, leisure and tourism industries. Our global coverage, the network and international experience of our team, combined with the ability to draw upon local know-how within the KPMG network, give us unparalleled credibility in advising in the real estate, leisure and tourism fields. KPMG clients range from international hotel companies to independent hoteliers; from individual hotel investors to international private equity houses investing in hotels and resorts; from financial institutions to real estate developers.
What can we do for you?
KPMG’s involvement in the hotel and resort industry includes the following services:• Marketandfinancialfeasibility
studies – strategic market assessment and bankable financial analysis to assess potential investment returns for different projects in different target markets
• Projectconceptualizationandinvestment planning – development of realistic and implementable concepts with short, medium and long term investment planning
• ProjectManagementandBusinessplans – strategic direction for the
realization and delivery of project concepts, from financing to staffing and marketing and sales
• Hotelandresortdevelopmentstrategies – that focus on the complexities of integrating real estate, hospitality and leisure assets like golf courses and marinas whilst delivering strategies to enable property premiums
• Businessperformanceimprovement– assessing existing facilities and providing approaches for cost savings whilst simultaneously enhancing market opportunities
• Valuationservices–preparationofasset and business valuations for financing assessment
• Transactionsservices–vendororbuyer due diligence, assisting in the sales of hotels and resorts
• Managementandleasecontractnegotiations – operator selection and negotiating hotel operating agreements on behalf of clients
• Investorsearch–preparationofthe information memorandum for the investment opportunity, select, approach interested investors and assistance in the transactions process.
For any further information with regard to the above you may contact:
AUDIT SERVICES
Demetris S. Vakis Board Member, Service Line Leader T: +35722209301F: +35722377934E: [email protected]
Andreas A. Demetriou Board MemberT: +357 26943050 F: +357 26943062 E: [email protected]
Panicos E. Antoniades Board Member T: +357 24200100F: +357 24200201 E: [email protected]
Zakis E. Hadjizacharias Board MemberT: +357 25869139 F: +357 25363842E: [email protected]
Paris S. Theofanous Board MemberT: +357 23820080 F: +357 23820084 E: [email protected]
TAX SERVICES
George V. Markides Board MemberT: +357 22209297 F: +357 22513293 E: [email protected]
ADVISORY SERVICES
Christophoros P. Anayiotos Board Member T: +357 22209292 F: +357 22207695 E: [email protected]
Tourism as a sector of the national economy
Tourism is one of the key sectors of national economies in the new millennium, and its dynamic development can be clearly seen at the global and national levels. According to World Tourism Organization forecasts, the number of international arrivals will increase to 1,8 billion by 2030. “Recent estimates indicate that the tourism industry makes up approximately 12 percent of the Cyprus GDP and has emerged as one of the largest global job creators. The tourism industry is an engine for economic growth. It influences investment decisions, promotes job creation and raises the qualification standards of employees.
Cyprus offers tourists a wide range of activities. Stunning landscape and a rich history are the foundations on which to build world-class tourist destinations.
Factors such as a temperate weather, picturesque landscapes, beautiful sunsets, a rich historical, natural and cultural heritage, and a tradition of hospitality and good food are the basis for a thriving industry.
Travel, Leisure & TourismThe tourism industry is an engine for economic growth. It influences investment decisions, promotes job creation and raises the qualification standards of employees. KPMG‘s Travel, Leisure & Tourism (TLT) practice provides advisory services based on consistent methodologies, a personal approach and a high quality.
Advisory services for the hotel and resort industry
With new destinations becoming easily accessible, consolidation between market players and branding being increasingly important, the hotel and resort industry has been going through some major changes in the last years. Following new lifestyle concepts emerging worldwide, the economic downturn affecting the whole industry in most markets had brought difficult times for hotel operators and investors alike.The severe shortage of financing and the cautious investment attitude resulted in a flattened development market and lack of transactions. However, as the economic balance is regained and the prospects of growth are real, tourism – a highly responsive industry – shows promising signs of recovery and expansion in the EMA region.As a result, real estate as an asset class is regaining its importance and there is a growing interest in investment opportunities in well conceived integrated hotel and resort projects. The need for preparing detailed market appraisals, understanding target markets’ preferences and conceptualizing original projects has
never been such a crucial aspect of the predevelopment process.Consumer trends at resorts are constantly evolving: people live longer than previous generations; they are becoming environmentally, health and fitness conscious and are searching for an escape from work-related stress. Identifying and understanding these and other preferences represents an opportunity for resort developers to attract a wider range of potential investors.
Who we are
KPMG International is the coordinating entity of a global network of professional services firms, providing audit, tax and advisory services. The aim of KPMG member firms is to turn knowledge into value for the benefit of their clients. With nearly 152.000 people worldwide, member firms provide their services to 156 countries.The KPMG Travel, Leisure & Tourism practice in Cyprus was set up more than a decade ago with the aim to advise clients on a diversity of issues relating to the real estate, hospitality, leisure and tourism industries. Our global coverage, the network and international experience of our team, combined with the ability to draw upon local know-how within the KPMG network, give us unparalleled credibility in advising in the real estate, leisure and tourism fields. KPMG clients range from international hotel companies to independent hoteliers; from individual hotel investors to international private equity houses investing in hotels and resorts; from financial institutions to real estate developers.
What can we do for you?
KPMG’s involvement in the hotel and resort industry includes the following services:• Marketandfinancialfeasibility
studies – strategic market assessment and bankable financial analysis to assess potential investment returns for different projects in different target markets
• Projectconceptualizationandinvestment planning – development of realistic and implementable concepts with short, medium and long term investment planning
• ProjectManagementandBusinessplans – strategic direction for the
realization and delivery of project concepts, from financing to staffing and marketing and sales
• Hotelandresortdevelopmentstrategies – that focus on the complexities of integrating real estate, hospitality and leisure assets like golf courses and marinas whilst delivering strategies to enable property premiums
• Businessperformanceimprovement– assessing existing facilities and providing approaches for cost savings whilst simultaneously enhancing market opportunities
• Valuationservices–preparationofasset and business valuations for financing assessment
• Transactionsservices–vendororbuyer due diligence, assisting in the sales of hotels and resorts
• Managementandleasecontractnegotiations – operator selection and negotiating hotel operating agreements on behalf of clients
• Investorsearch–preparationofthe information memorandum for the investment opportunity, select, approach interested investors and assistance in the transactions process.
For any further information with regard to the above you may contact:
AUDIT SERVICES
Demetris S. Vakis Board Member, Service Line Leader T: +35722209301F: +35722377934E: [email protected]
Andreas A. Demetriou Board MemberT: +357 26943050 F: +357 26943062 E: [email protected]
Panicos E. Antoniades Board Member T: +357 24200100F: +357 24200201 E: [email protected]
Zakis E. Hadjizacharias Board MemberT: +357 25869139 F: +357 25363842E: [email protected]
Paris S. Theofanous Board MemberT: +357 23820080 F: +357 23820084 E: [email protected]
TAX SERVICES
George V. Markides Board MemberT: +357 22209297 F: +357 22513293 E: [email protected]
ADVISORY SERVICES
Christophoros P. Anayiotos Board Member T: +357 22209292 F: +357 22207695 E: [email protected]
For any further information you may contact:
NicosiaT: +357 22 209 000F: +357 22 678 200E: [email protected]
LimassolT: +357 25 869 000F: +357 25 363 842E: [email protected]
LarnacaT: +357 24 200 000F: +357 24 200 200E: [email protected]
ParalimniT: +357 23 820 080F: +357 23 820 084E: [email protected]
PaphosT: +357 26 943 050F: +357 26 943 062E: [email protected]
Polis ChrysochousT: +357 26 322 098F: +357 26 322 722E: [email protected]
www.kpmg.com.cy
©2013 KPMG Limited, a Cyprus limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Cyprus.
KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative (“KPMG International”) a Swiss entity.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.
The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG International Cooperative (“KPMG International”) or KPMG member firms.
251113
Travel, Leisure & Tourism
kpmg.com.cy
![2019 Leisure, Travel and Tourism · Leisure, Travel and Tourism Unit 1 Understanding the Leisure, Travel and Tourism Industry [GLE11] WEDNESDAY 22 MAY, MORNING TIME 1 hour 30 minutes](https://img.pdfslide.us/doc/110x75/5f165c066000f6023f56fbea/2019-leisure-travel-and-tourism-leisure-travel-and-tourism-unit-1-understanding.jpg)
