Hotel Valuation Index (HVI) 2021 Middle East & Africa

While the hospitality industry is incredibly robust and regularly adapts to changing market conditions, the 2020 global pandemic had a significant impact on travel and tourism globally and resultant hotel values. Arguably, hotel ownership and hotel investments are considered long-term investments as the value is based on the future income that the asset is likely to generate with values adopting the discounted cash flow method of valuation.


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Hala Matar Choufany is the President for HVS Middle East, Africa & South Asia and Managing Partner of HVS Dubai.
Hala is an experienced Managing Partner and Hospitality Advisor with a demonstrated history of working in the hospitality industry. Skilled in Contract Negotiation, Feasibility Studies, Development Recommendation, Valuation, Asset Management, and Strategic Advisory; she has advised on more than 2,500 hospitality and mixed-use projects in the last 15 years across Europe, MEA and Asia. Hala has in-depth expertise in regional hotel markets and a broad exposure to international markets and maintains excellent contacts with developers, owners, operators, investment institutions and government entities. Hala speaks frequently at investment coneferences on a range of topics including asset valuation, management issues and women leadership.
Hala completed Executive Education at Harvard Business School.  She also holds an MBA in Finance and Strategy from IMHI (Essec- Cornell) University, Paris, France and a BA in Hospitality Management from Notre Dame University, Lebanon. Hala is fluent in English, French and Arabic.
Hala is a board member of Harvard Business School club of the GCC and is a mum of three. Born in Beirut, Hala lived and worked in a number of cities across Europe, Asia and Middle East.

For more information, contact Hala at [email protected]
Rish is a Director with HVS ‘s MEA team based in Cape Town, South Africa.

Rish is a specialist in emerging hotel markets and has more than 7 years of consulting experience across 35 countries in Asia and Africa. He has successfully completed several strategic assignments for some of the best-in-class hotel companies, brands, family businesses, and institutional investors in the hospitality sector. His valuation experience ranges from the appraisal of a 12-key luxury camp to a portfolio of 100 hotels across continents.

His consulting experience spans across a hundred hotel markets and includes hotel/portfolio valuations, commercial due diligence, strategic and transaction advisory, operator search and selection, negotiations for hotel management agreements, lease negotiations and restructuring, capital raising (equity and debt), market studies, situation analysis, asset management, and feasibility studies. Rish in his previous roles has been a developer/owner expanding his family's hospitality business and has also held managerial positions in operations with some of the best luxury hotels in India. He graduated from the Taj Management Training Program in 2008, holds a Bachelor of Business Administration degree and a First Class Honors degree in Hotel Management from the University of Huddersfield, UK. Contact Rish at [email protected].
Ersin Yildirim is an Associate Director working with HVS Middle East & Africa, specializing in Operator Search, Management Contract Negotiations, and Asset Management. Since joining HVS, Ersin has been involved in a large number of assignments, negotiated management contracts, and undertaken feasibility and valuation studies across various markets in MENA. In addition, he is responsible for the development of HVS’ business in the region.
Prior to joining HVS, he was Development Manager for Accor Hotels in the Middle East. Ersin has worked closely with key institutional and private hotel owners and has gained a strong understanding of their hotel development strategies. Ersin further advises on hotel concept development and strategy, budget reviews and operational assessments.
Ersin holds a Master’s Degree in Tourism Economics and Management from University of Bologna, Italy and an MBA from Imperial College London, UK. 


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