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Adrian Fluck

Sep 24, 2026

3:31
So I think you were planning to tell us a little bit more about the Tivoli Oriente in Lisbon, right?
3:40
Indeed, actually, that's the case study I prepared for today.
3:43
Okay.
3:44
But maybe let's just take one step back when we talk about leases and maybe that's just for the audience.
3:53
quickly show the difference between a HMA and a lease, right? So in a lease, we, the tenant, our tenant leases the entire building from us.
4:04
And there is various ways of these leases, right? But in general, what we can't carry is the risk of employees, right? We can't own employees.
4:15
because that's due to capital restrictions from our side.

8 MINS LATER

12:18
So how important is ESG in your investments and maybe in particular to this hotel?

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