Covivio reshuffles hotels team as CEO and deputy depart

Spain building

Insight Comment
Sounds like Dominique Ozanne and Gael Le Lay have something new cooking. It’s unlikely that we’ll have to wait long to find out what they are up to. Watch this space.

Covivio has appointed a new head of its hotel division following the departure of CEO Dominique Ozanne.

Ozanne has moved on to “pursue new professional projects” and he is being joined by his deputy Gael Le Lay, who confirmed the move on LinkedIn.

Tugdual Millet, current chief financial officer of Covivio, moves to take over Ozanne’s role and Elsa Tobelem, becomes deputy CEO for Operations. Meanwhile, Paul Arkwright, current director of financial control, corporate finance and investor relations will be the new group chief financial officer.

All changes are effective from 1 July.

“I would like to give my thanks to Dominique Ozanne, who has devoted 18 years to Covivio and made our company the European leader in hotel real estate, with a portfolio valued at €6 billion, presence in 12 countries and a team unanimously recognised in the market. I wish him good luck in his new entrepreneurial endeavours,” Christophe Kullmann, CEO of Covivio, said.

First-Quarter Update

Covivio’s European hotel real estate division, which represents around 15% of its overall portfolio, saw revenue fall 46% in the first quarter of the year on a like-for-like basis. However, the French Reit, like others with interests in the hospitality sector expects things to improve in the second quarter as the vaccination roll out ramps up in countries like Germany.

It had a hotel rent collection rate of 88% (73% including differed rent payments).