Company

Outlook for renovation projects

02.08.2021 – We are constantly investing in our resorts. The focus is always on what is important to our guests: the holiday apartments and everything that is part of your holiday experience.

Which resorts besides Paguera will be renovated next? 

We are planning to realise several larger projects, assuming, of course, that there is no escalation of the Covid situation, which could unexpectedly destabilise the tourism market financially.

The holiday apartments in the Hapimag Resort St. Michael (AUT) will be renovated next, as first announced in the Hapimag Booking Information 2021/2022. The timetable for this major project has also already been drawn up. The start of the construction phase for St. Michael is scheduled for after Easter 2022. More information on this project will follow. The show apartment was visited in the last few days. 

Paris has also been booked in for a face-lift or partial renovation, which we will begin in the winter of 2021. It needs improved disabled access and adaptations with regard to fire protection. We will take this opportunity to update the already renovated part and to perform a partial renovation on the old part. More information on this project will follow too. 

We are also planning to extensively renovate the next large “Sun & Sea” resort in Albufeira. According to current estimates, this renovation can probably begin in autumn 2023. We will, of course, provide you with further details of this project in due course.

Can you give some examples of “smaller projects”? 

Smaller projects include maintenance, repair and replacement measures. Some examples: new mattresses in the Mas Nou resort, replacement furniture for the balconies in the Interlaken resort, improved lighting in the apartments in the Bad Gastein resort, updating of the apartments in the Westerland Margarethenhof resort by the end of 2021 and commencement of work to update the apartments in the Sonnleitn resort from autumn 2021. We will also invest in safety-relevant features such as fire protection measures in the Berlin Zoo resort and replacement of the emergency lighting system in the Bad Gastein resort. We will also carry out preservation measures such as completion of the balcony renovations in the Flims resort and renovation work in the underground garage in the Winterberg and Marbella resorts.

What impact has the Covid pandemic had on our capital expenditure?

The effects of the coronavirus pandemic have complicated and delayed numerous building projects. In order to ensure the liquidity of our financial resources, we have had to pause major investments. The pandemic has also set certain financial limits. What this means is that planned measures have been rescaled or implemented more efficiently. The primary focus is always on the holiday apartments. The cost-benefit ratio is always the decisive factor.

“Over the next five years, we are planning to make targeted investments in the holiday apartments at more than 15 resorts – from face-lifts to complete renovations. At the same time, maintenance, repair and replacement measures will be carried out on an ongoing basis at all resorts alongside capital expenditure to preserve their value. 

Hassan Kadbi, CEO & Member of the Board of Directors

How much does Hapimag invest in renovations? 

We ensure that the resort portfolio remains attractive to the Hapimag community. Of the 2021 annual charge, an average of 45 % per shareholder will go into renovations, with larger investment projects extending over several years. In 2020, for example, we made investments in the amount of EUR 15.5 million, and EUR 19.7 million in 2019.  

What renovations have been carried out in recent years? 

  • The total renovation in London was completed in early 2021, after about four years of building work. The resort now has better infrastructure and offers greater comfort, thanks to more 3-room apartments, new premium apartments and dishwashers.

  • In Antibes, the infrastructure has been designed to be barrier-free and all apartments have been given a face-lift, with the focus on sleeping comfort and interior design. The Antibes resort now has a new pool, including a wooden deck for the wider sunbathing area. The repairs to the facades over the last four years have also been completed.

  • The resort in Munich has been given a face-lift, with new furnishings and mattresses for enhanced sleeping comfort and well-being. Our guests have rated the ambiance 8 percentage points higher following these updates. 

  • The facade and roof repairs in Edinburgh were completed in mid-July 2021.

Other projects: 

  • In the past few years, we have equipped more than three quarters of the resorts with new high-speed WiFi, and this is now being installed in the remaining Hapimag resorts in stages.  

  • Charging stations for electric cars have now also been installed at 17 of the 56 resorts.

News about the renovation in Paguera

What do you pay the annual charge for?

We are constantly investing in the infrastructure of the 56 Hapimag resorts – so that the whole Hapimag family benefits. Your annual charge is mainly used for renovations. 

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