Fabrice Pignot

freelance teal estate investment and asset management.
sourcing, negotiating, structuring, financing real estate deals for investors.

I have been involved in various real estate deals and structuring including spin-offs of real estate and operations of hotels, asset acquisitions, lease re-negotiations, shareholding restructuring, debt refinancing, and negotiations of hotel management agreements, asset redevelopment and re-positioning, and authority over budget approvals (P&L, Balance Sheet and Capex).

My experience and competences are in the following areas:

•Extensive experience in hotel real estate investment and asset management of large hotel portfolios in multiple countries in Europe, Middle East and Africa managed by International Hotel Operators.
•Acquisition of freehold, leasehold and shareholding interest in hospitality assets.
•Hospitality investment management, development of asset management strategies and supervision of hotel operations according to the approved budgets.
•Preparation and update of complex financial models for single and portfolio of assets, mixed use developments (hotels, residential, offices, retail); communication of financial returns (IRR, risk-adjusted NPV and discounted payback period) with sensitivity analysis to senior management.
•Lease buy-out and asset turnaround for portfolios.
•Shareholding restructuring, debt refinancing and property repositioning.
•Development of feasibility analysis, management of operator selection process, negotiation of management and franchise agreement.
•Negotiation of extensive contracts with external parties such as Sale and Purchase Agreement (SPA), shareholders agreements, loan agreements, lease agreements, hotel management contracts.
•Management of pre-opening activities, approval of pre-opening budgets, appointment of hotel executive team, Evaluation of performance, recommendation for change, reclassification and dismissal.
•Management of professional relationships with third party operators, facility management comapnies, owner’s associations, creditors and consultants.
•Collaboration with internal stakeholders to deliver efficient results acceptable by the group under short deadlines.

DH is a global investment conglomerate managing key, large scale development in Dubai. I joined Dubai Properties Asset Management (DPAM), then moved to Dubai Holding offices following an organizational restructuring and a realignment of DH’s real estate asset management subsidiaries by asset classes: residential with Dubai Asset Management (DAM), retail with Dubai Retail (DR) and hospitality with Dubai Hospitality (DH), Jumeirah Hotels & Resorts. I was promoted to a Director role after 11 months following the reorganization.

Key Responsibilities:

In charge of the asset management of three assets totalling 627 keys with AUM of circa AED 520m: the 238-key Doubletree by Hilton Dubai - Business Bay operated by Hilton Worldwide; the 221-key Aloft Dubai Me’Aisem and the 168-key Element hotel apartment in Me’Aisem operated by Marriott.

•Participated to the acquisition of a 50% shareholding freehold interest and the development of a master plan refurbishment in a 428-key trophy hotel (Westin Vendome) and retail building in Paris for a total EUR 800M.
•Reviewed and endorsed financial underwriting for the acquisition, the Sale and Purchase Agreement, the Shareholders’ agreement and the lease agreement.
•Worked with the project execution team on the asset repositioning including budget preparation, space optimization and bedroom mix to achieve the desired 5-star positioning.
•Managed the opening of the Aloft and Element in Dubai operated by Marriott International. Reviewed and approved pre-opening budget, marketing plans and commercial strategy and statutory requirements for launch of the hotels.
•Reviewed and approved the annual budgets and 5-year forecasts submitted by the operators (P&Ls and Capex projects).
•Conducted detailed monthly performance reviews of the hotels covering all operational aspects including financials, revenue management, sales and marketing, Human Resources, engineering.
•Ensured that the operations are managed in compliance with the terms and conditions of the management agreements.
•Interviewed and approved the appointment of hotel executive teams (General Managers, Finance Directors, Commercial Directors)
•Optimized the use and value of the hotel real estate space, initiate conversion of non-income producing space into revenue generating space.
•Concetpualized and implemented the conversion of distressed retail units in Dubai JBR into 152-key hotel and hotel apartments for a redevelopment cost of AED 53M and a 25% IRR. Conducted the operator selection process, negociated management agreement with the selected operator.
•Worked on ad-hoc projects for the Jumeirah hotels (refurbishment of Jumeirah Beach Hotel, Jumeirah Emirates Tower)

Key Accomplishments:

•Successfully closed the acquisition of the JV interest for the Westin Paris and the redevelopment plan.
•Leased out two F&B outlets at the Doubletree Business Bay with a total annual rent of AED 4.5M.
•Converted administrative offices into 3 meeting rooms at Doubletree Business Bay.
•Worked with the management teams of the hotels to identify and implement initiatives totaling AED 2.4M savings over two years with no impact on the guest perception and service delivery.

AGH is a multi-billion USD family owned diversified company with interest in the FMCG, Hospitality & Real Estate. AGH is composed of several subsidiaries including Aujan Coca Cola Beverage Company (ACCBC), a joint venture partnership with Coca-Cola for the Middle East region; Rani Refreshments for the Rani juices, Barbican and Vimto and Rani Investments for the Hospitality and Real Estate business. The Real Estate portfolio is estimated at over $500m including the Oberoi Dubai in Business Bay, the Radisson Hotel & Residences in Maputo, the Avani Pemba and Anantara Bazaruto and Medjumbe in Mozambique; the Stanley & Livingstone Lodges and Game Reserve in Zimbabwe. AGH also owns the newly completed Rani Towers in Maputo; a mixed use development including serviced apartments manaed by Radisson, residential units, offices and retail space and the Oberoi Centre adjecent to the Oberoi Hotel; an office tower.

Key Responsibilities:

As an

AHCG is a Public Company listed on the London Stock Exchange (AIM market). The company is developing and owning budget and mid-scale hotels operated under international brands (Ibis, Holiday Inn, Premier Inn, Tulip Inn) in the Middle East & Australia. AHCG owns 8 hotels totalling approx. 1, 700 keys with a total asset value est. $240m. AHCG’s portfolio of assets is geographically spread out with hotels in Kuwait, Oman, Bahrain, Jordan, UAE (Sharjah and Ras-Al-Khaimah) and Australia (Melbourne and Brisbane).

Key Responsibilites:
•Worked closely with General Managers to optimize the performance of the investments, identify and correct variances to the budget.
•Participated to the development activity; responsibility to complete the hotels in time and within the approved budget, review and mitigate the costs over budget when needed.
•Conducted valuations for various acquisition opportunities, managed the financial, legal and technical due diligence process.
•Managed the handover process from the consultant to the owner and from the owner to the operators/managers.
•Responsible for the preparation and reporting of the Consolidated Group Results, comment on variance to the budget and communicate corrective actions.
•Preparation and participation in AGM and Board Meetings.
•Conducted periodic Asset Management Reviews with General Managers, regional offices; circulated the minutes of the meetings and action plans.
•Prepared the underwriting financial models for the new developments and acquisitions under several projected performance and financing options.
•Prepared and submitted the Development Approval memos to the Senior Management Team and Board of Directors.

Key Accomplishments:
•Completed the acquisition of the 73-key Ibis Budget Hotel Melbourne Airport for AUD 11m at a 8.25% yield with an opportunity to expand the existing hotel by a further 75 keys.
•Structured the transaction for the conversion of a serviced apartment building into the 104-key Tulip Inn Ras-Al-Khaimah as a consolidated Joint Venture resulting in $700k of incremental annual EBITDA.
•Participated to the completion and handover of the 304-key Ibis Seef in Bahrain and 168-key Premier Inn in Sharjah.
•Negotiated the hotel management agreement and Technical Services Agremeent for the 180-key Novotel Kuwait.
•Consolidated the monthly P&Ls actual and forecast, analyzed the variances to the budget, prepare month-end reports for the Board of Directors.

I joined the Real Estate & Asset Management in this newly created position following the acquisition of the group by Blackstone and the strategic decision of reinforcing the team as part of the re-organization.

Key Responsibilities:
•Developed and maintained the month-end financial reporting activity including year-end forecast for the 98 hotels in multiple currencies.
•Assisted senior management with capex budget preparation and consolidation for the portfolio of owned, leased and JV hotels in EMEA &AP regions.
•Prepared valuation financial models for various real estate transactions such as lease renewal, asset refurbishment.
•Prepared request for approval memos for the Executive Committee
•Worked with the SVP Real Estate & Asset Management on the renewal of the lease agreement at the Conrad Brussels,

Key Accomplishments:
•Successfully contributed to the consolidation of circa. $200 million annual capex budget for the portfolio in line with corporate cash targets. Tracked the spending against the budget on a monthly basis.
•Contributed to the development of an approval and reporting system for capex projects, managed the administrated the system.
•Involved in various valuation assignments for different real estate transactions.