Hotel and Restaurant sector continues with strong growth
By Cassandra Tanti - December 22, 2019
The hotel and restaurant sectors of Monaco have shown strong growth for the fifth year in a row.
Recently published statistics for the year 2018 by IMSEE, the official statisticians of Monaco, show that hotels and restaurants are the second largest private employers in the Principality, representing 8.4% – or €513.6 million – of the annual GDP, and 5.2% – or €746 million – of total sales figures, excluding financial and insurance activities.
This translates to this sector being the sixth highest contributor to the GDP and seventh in terms of sales figures respectively.
With 305 establishments, 195 employers and nearly 7,800 workers, it is certainly an important part of the Monegasque economy and is second in the private sector only to scientific and technical activities, administrative services and support. The vast majority of those employed are French nationals, followed by Italians, though Monegasques represent a significant percentage. In fact, almost 45% of Monegasques employed in the private sector work in either a hotel or restaurant. They also tend to be in their mid to late 30’s or early 40’s and have made careers in this industry, leaving it fairly stable.
Hotels in the Principality brought in nearly €1 million more than just five years ago and restaurants can boast a jump in sales during the same period of roughly €300,000. That’s an impressive 11.9% total increase over 2017, with hotels being the dominant earners of this sector comprising 71.5% of money coming in.
The massive gains are due in part to the reopening of the Hôtel de Paris and the completion of renovations at the Hôtel Columbus, which allowed Monaco to welcome more visitors, but also due to an economic agent used by the Principality that has consolidated the financial declarations of the different divisions under the heading Hotels and Restaurants. It is also noteworthy that over 80% of the hotel offerings are in the four or five star range, meaning they will have price points above the average.
On the downside, there were fewer total establishments in this sector than the previous year, with 23 closings and only 16 new openings, but the loss didn’t translate to lower sales overall. Another shortcoming is the number of women employed in these industries. They represent only 30% of workers compared to 40% in Monaco’s overall private sector work force.
All in all, though, things are on the ups for the hotels and restaurants of the Principality, with continued growth forecasted for the future.
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VROOM has announced its spring 2017 Caravan Challenge, which will take place in eight cities in eight countries, culminating with finalists presenting their innovative and disruptive ideas in Monaco, on April 27, 2017 at the invitation-only VROOM Summit.
The concept behind the VROOM Caravan Challenge is simple, its organisers say. A challenge date will be announced to startup communities seeking investments in key cities. Startups submit their pitch to VROOM and the selected qualified top ten are invited to present their big idea to a visiting VROOM panel, who select one winner from each city.
From there, each finalist is invited to VROOM Summit, which is founded and organised by White Castle Partners, to showcase their business proposition to tech industry investors and the Cote d’Azur investment community in an intimate environment in Monaco.
Allianz Accelerator is the main partner of the 2017 VROOM events. At the heart of the Allianz Riviera stadium in Nice, the Allianz Accelerator supports the growth of innovative, promising startups by offering them an intensive 5-month acceleration programme benefiting from a network of mentors and experts, backers and major investors and given structured assistance in their development.
Previous VROOM Summit success stories include MindMaze, which is “developing both hardware and a software platform that create ‘human’ virtual reality experiences by tapping into advances in computer vision, neuroscience, AI and haptics, and raised $100M funding bringing it to a $1.1B post money valuation thereby cementing its status as a VR “unicorn” in February 2016.
As well, Hubs, a 3D printer matching service in over 160 countries, announced the completion of its Series B financing, totalling $7 million in August 2016.
VROOM will visit Amsterdam, Barcelona, Geneva, Istanbul, Lisbon, Ljubljana, Reykjavik and Warsaw through February and March 2017.