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Real Estate Lodging & Leisure (RELL)

Teams

Real Estate Lodging & Leisure (RELL)

Real Estate, Lodging and Leisure (RELL) is one of the broader coverage areas in investment banking, and each sector is unique but can be broadly classified into three major segments:

  • Real Estate: Based on unique purpose and utility, real estate can be categorized as residential, commercial, industrial, retail and healthcare
  • Lodging: Corresponds to hotels, resorts and cruise lines offering short-term stays
  • Leisure: Refers to casinos and gaming, which may also include hotels and restaurants

 

Real Estate companies can also be classified on the basis of source of income:

  • Rental income: Real Estate Investment Trusts (REITs) are a major segment of real estate, whose primary source of income is rental
  • Income from sale of properties: Real Estate Developers are firms which construct and sell properties and their key source of income is from sale of properties
  • Management fees: Property Managers are companies which operate, manage, control, and oversee real estate properties. Hence, their main source of income is management fees

 

REITS—are investment vehicles that offer exposure to real estate. They are corporate entities that own, operate, develop, manage, acquire, or finance real estate

  1. A total of 893 listed REITs with a combined equity market capitalization of approximately $1.9 trillion (as of December 2022) are in operation around the world. REITs have grown dramatically in both number and equity market capitalization over the past 30 years going from 120 listed REITs in two countries to 893 listed REITs in more than 40 countries and regions
  2. In particular, Asia has had strong uptake of REITs, growing from 31 REITs in six countries and regions in 2005 to 223 REITs in 11 countries and regions in 2022
  3. As the REIT model has spread globally, current countries and regions with REITs represent 83% of 2021 global GDP, increasing from 28% of global GDP in 1990. The GDP of REIT countries and regions has increased from $6.5 billion to almost $98 trillion in this time frame
  4. REITs are integrated part of RELL

 

The team here works on:

  1. Teasers, Long and short profiles, strip profiles, investor opportunity deck
  2. Standard pitchbook materials, profiles/teasers, Road show Presentation, Investor presentations 
  3. Valuation materials including three statement and DCF models and merger analysis
  4. Precedent analysis, case studies, Memos for various internal approvals 
  5. Adhoc analysis including buy-in, sensitivity, liquidity and credit analysis
  6. Extensive work on Industry overview of various subsectors focusing on latest themes, key drives, outlook, competitive landscape, Market headwinds, Investor demand and Impact of COVID
  7. Manage and host around 1,000+ comps, which are used extensively on live projects
  8. Various periodic deliverables focusing on latest industry trends are updated and maintained by the team