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Category ArchiveMIPIM

REBNY to Extend Reach With Global PropTech Contest

The Real Estate Board of New York is planning a property technology contest open to global innovators, marking the first worldwide initiative by the 122-year-old organization, Commercial Observer has learned.

It will be the organization’s second real estate technology contest, following its “hackathon” event last year (which ended with the winners competing in a “gauntlet challenge” last month).

REBNY’s PropTech Challenge will offer a payout of $200,000 (from REBNY members and sponsors), split between 24 contestants who rank in the top three within eight categories.

“We are going to really break down geographical boundaries and hopefully get some good solutions to problems in real estate,” Sandy Jacolow, the chief information officer of Silverstein Properties and a member of REBNY’s tech committee, told CO during the Marché International des Professionnels d’Immobilier (MIPIM) conference in Cannes, France last week. “I think what we are all realizing right now is there are so many challenges and problems that we have that technology can solve and focusing on these hackathons and these proptech challenges seem to be a way to develop some really creative solutions.”

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A scene from REBNY’s hackathon last year. Photo: REBNY

The PropTech Challenge came out of the growth of the property technology sector, evidenced by REBNY’s tech committee membership. Upon launching in March 2017, the REBNY tech committee had 14 people from 12 companies and one meeting each quarter. Today, there are 102 people from 47 companies and there are nine subcommittees, which meet several times a month collectively.

“We’ve locked down New York City real estate for over a century, now reflecting our members’ interest in real estate [technology] around the world, we too are expanding,” said Ryan Baxter, a vice president at REBNY.

The upcoming contest follows REBNY’s previous New York City-focused proptech competition. The October 13-15, 2017 hackathon competition saw 150 participants compete in six categories. And the winners from the hackathon competed in the gauntlet challenge.

In the PropTech Challenge, there will be two separate series of four categories. The first will encompass the themes of blockchain, operations and maintenance, brokerage and AEC (architect, engineering and construction) and development. And the second will be comprised of the internet of things (IoT), machine learning technology (artificial intelligence), social media, and geospatial and location technology.

Starting April 1, individuals or companies can enter the contest with a PowerPoint presentation and a video showing their technology. Three finalists will be selected from each of the four categories from the first series for a “demo day” live presentation of their technologies, which will be held in June. And then three finalists from each of the four groups in the second series will be selected for the second demo day in October.

Judges at the demo days will select the first, second and third of each of the four categories with the first-place contestants taking home $15,000, and second and third places will receive $7,500 and $2,500, respectively.

REBNY plans to fly participants into New York City for the presentations if they aren’t based in New York City. The exact location is yet to be determined.

Source: commercial

MIPIM: Ooh La La! Now Is the Time to Consider Investing in CRE in France

American real estate investors have enjoyed booming profits at home since 2010 as the U.S. economy has grown steadily following the recession, but it’s a different story in France, according to Boris Cappelle, the managing director & head of investment for Savills’ French office.

The French economy has lagged behind the U.S., not showing much growth in the years following the 2008 downturn. But things are finally starting to turn around in France, meaning there will be opportunities for global real estate investors and developers, Cappelle told Commercial Observer at the Marché International des Professionnels d’Immobilier (MIPIM) in Cannes, France on Tuesday.

A big reason for this shift, he said, is that French President Emmanuel Macron, who took the helm in May 2017, signed new labor rules last September that allow employers more freedom to fire employees without steep financial penalties, giving business leaders more flexibility in the hiring process. The lighter rules are also good for domestic companies as well as foreign ones as the latter are used to more relaxed regulations.

“We are coming from a period where our ex-president, [François Hollande, was seen] as very left wing, to someone who is much more balanced,” Cappelle said. “So international money wants to be invested [in France].”

In addition, thanks to Brexit—in which the United Kingdom voted in 2016 to withdraw from the European Union—companies started moving their offices from the U.K. to Paris and other European cities to avoid unforeseen problems that could result from the separation from the EU.

Business leaders thought “ ‘Why shouldn’t I move part of my team either to Paris or to Frankfurt and invest into Continental Europe?’ ” Cappelle said. “You know investors, when they feel a risk, they move.”

The icing on the cake is that France plans to reduce corporate taxes, which was one of the highest in Europe. This past December, the French parliament approved a gradual decrease of the corporate income tax from 33.33 percent to 25 percent by 2022, as was widely reported.

As a result of the business-friendly labor policy, the effects from Brexit and plans to decrease business taxes, France has seen robust job growth.

More than 268,000 jobs were added in France last year, according to a report released on Tuesday by the Institut National de la Statistique et des Études Économiques (INSEE), which is the country’s statistics bureau. That’s up from the 236,300 jobs created in 2016 and just 103,100 new positions in 2015, as the Huffington Post reported.  

And the unemployment rate in France has dropped to 8.6 percent in the fourth quarter of 2017 from 10 percent year-over-year, according to other INSEE data.

With more jobs on the way there will be plenty of demand for new commercial developments, Cappelle said.

“So you’ve got the general economy improving, potential new [impact] from Brexit and new jobs which are being created, etc.,” he said, “so this increases the need for space.”  

Source: commercial

MIPIM: US Experts Tell World America Is Loaded With Opportunities, So Act Fast

Those that attended Commercial Observer’s panel on United States real estate investing today—the second day of the annual MIPIM (or Marché International des Professionnels d’Immobilier) property conference in Cannes, France—were told there are ample deals to be made in America.

At the event “Developing & Investing in the United States: Where, What & How?” some of the most prolific developers and lenders in the U.S. told real estate professionals not to worry about reports of rising interest rates, to expand their horizons beyond premium “gateway” markets (like New York City or San Francisco) and to act quickly or risk losing the deal.

Brookfield Property Partners Senior Managing Partner and Chairman Ric Clark opened the event by talking about the three trends his company sees affecting the U.S. real estate market: booming population growth of urban areas; the rise of millennials and increases in innovation; and technology for properties.  

Expanding on the first point, Clark said that cities around the U.S. are projected to have 350 million residents in the year 2050, up from 125 million in 1960. In 2014, he said, that figure was 258 million people. 

“Growing urban populations clearly present major challenges, but also major opportunities for those in the real estate business,” Clark told the audience. “The new city dwellers are going to need places to live and work, new schools and hospitals and a massive investment infrastructure will also be required.”

Bruce Mosler, the chairman of global brokerage at Cushman & Wakefield, moderated the first panel about developers’ thoughts on the market, which included Hines CEO of Capital Markets and the East Region Christopher Hughes; SL Green Realty Corp. co-Chief Investment Officer Isaac Zion; and Eran Polack, CEO and co-founder of HAP Investments.

Mosler informed the crowd of the reduced investment activity in New York City and other U.S. gateway markets, which resulted in a 23 percent drop to $96 billion last year from $125 billion in 2016. Comparatively, total investment in non-gateway U.S. markets dropped to $300 billion in 2017 from $339 billion in the previous year—just a 3 percent dip.

Hughes mentioned that investors need not focus only on gateway cities, because there are great opportunities elsewhere in the country.

“It’s a default to look at the gateway cities,” Hughes said. “As you start to look at the U.S. markets you should pay attention to the broader U.S. markets. You’ll make a mistake if you come to the U.S. and think there are only three cities to invest in. Follow the education [centers]; follow the underlying demand drivers.”

Zion pointed out that foreign investors need to understand that deals in the U.S. happen fast, so they need to be decisive.

“The quick ‘yes’ is always the best answer,” he said. “The quick ‘no’ is almost as good. It’s the long, long ‘maybe’ which unfortunately happens way too often. And if you are in that position you are not going to be able to act on potential opportunities.”

The second panel, moderated by Jonathan Mechanic, the chairman of the law firm real estate department at Fried Frank Harris Shriver & Jacobson, focused on lenders’ views of the U.S. market, and featured panelists Michael Shields, a managing director of ING Real Estate Finance; Christoph Donner, CEO of Allianz Real Estate of America; and Alexander Joerg, a managing director and head of real estate finance at Landesbank Baden-Württemberg.

Since capitalization rates—the expected rate of return on a project—are higher in the U.S. than in major European markets, investors can see a lot of upside, Shields said.

“You are breaking 3 [percent] caps in Paris and Berlin, so our risk guys when they see a 5 [percent cap rate], even though the base rate is higher, they like the U.S.,” Shields said. “And it’s such a big market. There are so many deals compared to [Europe]. London and Paris are the only two markers that have deal flow that compares to the U.S. So we could be a lot more selective and cherry pick a bit and figure out where we can actually compete.”

And since interest rates are climbing, now is the time to act, said Donner, who suspects that the movement in rates will boost deals.

“I think we are going to see more volume just because rising interest rates [means] it’s time now for clients to lock in rates for the long term,” he said, “because on a really long-term perspective these are ultra-low rates.”

Source: commercial

In Cannes for MIPIM, Brookfield’s Ric Clark Is All NYC

Brookfield Property Partners is no doubt one of the most active developers in New York City.

The firm recently completed the redevelopment of its 8.5-million-square-foot Brookfield Place office and retail complex in Lower Manhattan, a $250 million project it commenced in 2015. Today the property is nearly entirely leased. And the developer is building at an aggressive pace the more than 7-million-square-foot Manhattan West project.

The company is also is a partner on Park Tower Group’s 22-acre Greenpoint Landing mixed-use development in Greenpoint, Brooklyn. And on top of that, the developer recently picked up the leasehold of the HBO Building at 1100 Avenue of the Americas along with Swig Company and signed most of the space to Bank of America (386,000 square feet). In addition, Brookfield and Swig recently signed Bank of America to a 127,000-square-foot space at their adjacent property, the Grace Building at 1114 Avenue of the Americas.

Commercial Observer caught up with Ric Clark, the senior managing partner and the chairman of Brookfield, while in Cannes for his very first MIPIM (or Marché International des Professionnels d’Immobilier). His main order of business at the conference: talking about trends in the United States on a U.S. panel co-organized by CO.

But we got to talk to him about the status of the firm’s projects, Brookfield’s investment in on-demand conference space provider Convene and the company’s recent—so far unsuccessful—attempts to acquire General Growth Properties, Forest City Realty Trust and Regus parent company IWG.

Commercial Observer: You have a lot of things going on in New York City. What is the status of Greenpoint Landing, Brookfield’s foray into the outer boroughs?

So the first building opens up in August. I think it’s just shy of 400 units. The second tower will open in 2020 and we hope that we have two more towers coming up on the heels of those.

Park Tower Group brought Brookfield in to do that project. What attracted you to it?

It really started with a desire to expand our presence in the multifamily business. Up until roughly six years ago we really didn’t have any investments in the apartment sector. But looking back it’s been one of the best performing sectors, particularly in New York City—vacancy is very low—tenants tend to stay for a couple of years, and when they do leave the capital expenses are pretty modest unlike an office tenant. Granted stay longer, but when they leave it is a major capital reinvestment to retenant the space. So the first building that we built was The Eugene [with 844 units] at Manhattan West. We are closing in on 80 percent leased now, and it hasn’t even been open [for a year]. So basically on the heels of that and making a decision to enter the multifamily space, we looked around and thought, Brooklyn was a great alternative to Manhattan. It’s cheaper, so more affordable, and there is a lot happening in Brooklyn.

What’s going on at Manhattan West?

So 5 Manhattan West, formerly  known as 450 West 33rd Street, started as an apparel warehouse—at one point it had the Sky Rink—we were able to convert that and put a new facade, new lobby, new systems and take what was once the ugliest building in Manhattan and make it into a pretty attractive building, which is appealing to those in the innovation and technology businesses. So that [1.7-million-square-foot] building is effectively fully leased at this point.  

One Manhattan West is going up. We did 1.8 million square feet of leasing [at Manhattan West] last year so overall between 5 Manhattan West, 1 Manhattan West and The Lofts building, which is a 200,000-square-foot building that we are repurposing there as well, we are 92.3 percent leased across the project. So we had a really big year there last year.

What else did you do there?

We are about to break ground on a [30-story, 164-room] hotel. We haven’t yet announced the operator. But we hope too soon. So the remaining piece is to lease out the retail. We have signed a couple of retail deals already—like Whole Foods

So the only thing left is 2 Manhattan West—the south tower—where we are actively pursuing tenants. We have started the below-grade work [on that building].

With everything happening in Hudson Yards District, is Midtown East dead?

Between us and Hudson Yards there has been a lot of momentum over there in the last couple of years. [But] the east is not finished yet. There is a bit of a nuclear arms race going on when it comes to upgrading buildings that are somewhat obsolete [in Midtown East]. I think it’ll make those buildings more appealing. Those that don’t spend the capital to reposition their buildings and enhance them, I think are going to struggle a lit bit. But the east is not dead. We just saw the J.P. Morgan announcement [to build new Park Avenue headquarters], which was pretty huge for Park Avenue.  

It’s not exactly Midtown East, but your company now has two buildings off Bryant Park with the Grace Building and the recently acquired neighboring 1100 Avenue of the Americas. Why did you want the adjacent property?

Adjacent and back connected to the Grace Building is the HBO Building, 1100 Avenue of the Americas. There is literally a floor where you could walk from one building to the other.

Interestingly, someone along the chain of ownership built what I’m going to call a “spite wall” on the back of the HBO Building. So when we acquired the Grace Building there was this solid wall that went literally up the north side of the HBO Building.

We were the only one’s pursuing the acquisition of 1100 Avenue of the Americas that could remove that wall [since we also owned the Grace Building], and basically connect the Grace Building plaza to Bryant Park with a renovation of the lobby. The other advantage that we had on that building [1100 Avenue of the Americas] than others is that the building does not have a loading dock. So you literally had to pull a truck up in the middle of the night and offload it to bring goods into the building. We can connect the building to the Grace Building’s loading dock underground.

We saw this as an opportunity to help Bank of America [which is the anchor of 1 Bryant Park] create an urban campus. So they leased the bulk of 1100 [Avenue of the Americas], and also have taken some space in the Grace Building as well.

How is Brookfield Place doing?

So we’ve leased up all of the retail space and the project is 8.5 million square feet and 95 percent leased [in both office and retail]. And I just looked at the [2017] year-end sales numbers before I came here and it had very strong same-store sales.

It really has exceeded our expectations. You can go there on a Friday night, it’ll be crowded. You could go there on a Saturday morning, it’ll be crowded. And it’s a difference; the crowd takes on a different complexion on any day of the week. Sunday morning you’ll see a bunch of dads and strollers. And we are really proud of it.

We’ve heard millennials are to blame for the death of malls. How is Brookfield preparing for the influx of millennials that will reshape the economy?

In a year or two, millennials will make up 50 percent of the world’s working population. And by 2030, it’ll make up 70 percent. So for sure, I think those in the real estate business that are paying attention to that are making adjustments to their real estate to help employees attract, maintain and motivate employees will be more successful.

This crowd was basically born with a smartphone in their hands. And they want everything immediately and they want it efficiently, so we’ve been bringing a lot of innovation and technology to our “places.”

What specifically?

For example, at Brookfield Place we are beta testing an app that will package a bunch of other apps that will provide convenience to those that work within our project. You will soon be able to get in and out of the building by using your smartphone instead of a plastic badge. You will receive security alerts on a moment’s notice if there is some kind of terrorism event or some kind of emergency.

We noticed that when we opened Hudson Eats [in Brookfield Place], between the lunch hours the lines were so long that people were actually turning away. So we found an app called Ritual, with which you can sit at your desk, decide where you want to order your food from, you order your food, the food is prepared, they give you a notice when it is ready. They’ll also let you know if someone else on your floor or in your building is going down to pick up food from there and [inform you if] they’ll bring the food back to you.

Within a couple of months 25 percent of the people that work within Brookfield Place downloaded this app, and sales for the stores that use it went up 25 percent as well. So we are trying to wrap all of those with a Brookfield app just to make the overall experience just as seamless and efficient as we can.

And this is only for Brookfield Place?

We’ve been beta testing this whole thing at Brookfield Place so once we get the bugs out and its working efficiently, we’ll roll it out across the world.

How did you get to know Convene and why is Brookfield so heavily investing in it?

I got a phone call once from a CEO of [Hudson’s Bay Company]—one of our tenants—after we signed a lease with him, saying, “I’m sitting here with my architect and I’m planning my space and I’m planning a boardroom, which I am literally going to use once a quarter. And if you had something where I could rent a catered conference room once a quarter, I could use my space that I rented from you for more productive things.”

And he introduced us to Convene. And we understood the merits of it immediately.

On the one hand, I’m sure our leasing group would rather rent more space to somebody even if it is sitting idle, but I think those that listen to their tenants and solve their tenants’ problems as they relate to efficiency will be more successful.

How much has Brookfield invested in Convene?

We are the largest shareholder now. We sign leases with them in some of our buildings and we do management agreements with them as well. So we think wherever we can work a Convene into our projects it’s a great amenity—one that tenants will respond positively to.

Work space as a service has become huge business with players like WeWork, IWG (Regus) and Convene. Are you afraid that they will take business from traditional landlords?

So for our office business primarily we are in the big-bulk leasing business. So we don’t have a lot of small tenants in our facilities… And for sure the smaller tenants I think—particularly those in a start-up business—need flexibility and I think WeWork or IWG provides that flexibility for those tenants that don’t want to sign a 10-year lease because their business may be very different in a couple of years. I think there is room for both of these. And we are working with a coworking or flexible angle within many of our projects around the world.

Although they have been unsuccessful so far, why has Brookfield made moves to acquire GGP, Forest City Realty and IWG?

So I can’t comment on specific transactions. But I would say [Brookfield Property Partners parent company] Brookfield Asset Management’s real estate business has about $150 billion of assets under management and we got to that scale through [mergers and acquisitions] activity. So we are always looking for mispriced or undervalued opportunities—opportunities where we think either through a better capital structure or because of our operating capabilities or some idea that we have or some synergies with some or our other businesses, we can acquire a business and create value. And I’d say, in all of those transactions that is what we are really focused on. As for the specific ones that you mentioned, we will see.

Source: commercial

It’s MIPIM Time: Why You Should Be Excited for the Cannes Conference

Once again, it’s that time of the year for real estate professionals across the globe to head to Cannes, France.

Just two months ahead of the invitation-only Cannes Film Festival, where movie stars will take to the sandy city on the French Riviera and no doubt trade Harvey Weinstein horror stories, tens of thousands of men and women in business suits carrying briefcases and card holders will storm the streets of Cannes hunting deals during the annual MIPIM (or Marché International des Professionnels d’Immobilier) conference on March 13 through March 16.

The bulk of the events, which is organized by Reed Exhibitions subsidiary Reed MIDEM, will be held at the Palais des Festivals et des Congrès, a massive conference center on the Cannes waterfront.

MIPIM’s theme for the 29th annual conference is “Mapping World Urbanity,” and the event’s programming will try to address issues like, How will we live in cities in 2030 and 2050? And, what are the best strategies for building future cities in a globalized world?

There are plenty of reasons to be excited for MIPIM, but to approach a conference as big as this (with more than 24,000 people), a roadmap might prove useful. We talked with a few MIPIM-goers from the U.S. to get an idea of what the sophisticated attendant should look out for this year.

Networking (duh)

With approximately 24,200 expected participants from over 100 countries, it’s more than possible to find the right person to talk to at MIPIM, whatever your needs may be.

Of the attendees, there will be 5,000 investors and financial institutions, 4,500 developers, and 3,800 CEOs and chairpeople scrambling around the waterfront and in the Palais des Festivals. And there will be more than 3,100 exhibiting companies.  

And in case the conference center isn’t your scene to swap business cards, networking parties will take over the swanky hotels, luxury yachts and the beach.

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With an array of events and booths, there’s ample opportunities for networking at MIPIM. Photo: MIPIM

“The most important thing for me is the networking,” said Susan Greenfield of Brown Harris Stevens, who has been to the event for 28 consecutive years and has already booked her flight for No. 29. “I go every year because it’s the one place in the entire year where I see almost everyone I know from around the global at the same time.”

She added, “The thing that is so important about this event is you get so many decision-makers. One day I was walking down the street [in Cannes] and who could be facing me walking the other direction? Harry Macklowe. I said, ‘What are you doing here?’ He said, ‘I’m here to look for money, what are you doing here?’ ”

City and country exhibitions

If you’re thinking global and want to know what investment opportunities there are in cities abroad, this is the event for you.

The European cities put on a show at MIPIM, bringing large-scale panoramas of entire cities and models of megaprojects to dedicated pavilions. Last year, London and Istanbul had massive jaw-dropping displays.

“Some of the models and booths are off the charts,” said Jay Olshonsky, the president of NAI Global, who has gone to MIPIM for seven consecutive years and is returning this year. “Some people told me some of the models there are million-dollar [displays]. I always leave two or three hours for myself to walk around because you always see something you’ve never seen before.”  

“Le Grand Paris,” the name for the pavilion dedicated to the City of Lights, will feature 19 exhibitions and events each day. Belgium’s pavilion will feature experts and models of Flanders, Brussels and Wallonia, while Holland’s space will be dedicated to Amsterdam, Rotterdam, Utrecht and The Hague.

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Model displays of cities and large developments are popular in MIPIM, such as this one of London last year. Photo: MIPIM

On top of these, there will be booths dedicated to countries from Asia, Africa and North America. Not that the models and displays of cities are there just to be pretty or promote specific projects and the companies that are developing them; more than 370 political leaders and 500 representatives from cities will be in attendance to talk about development in their cities, attract developers and get investments in their locales. (We’ve already heard from the Moscow delegation!)

“If you go to ICSC in Vegas, which is by far a bigger show [with 37,000 attendees], it’s more about the displays about the companies [not cities],” Olshonsky said. “New York City doesn’t come and display at ICSC like Paris does in MIPIM.”

Panel events and keynote speeches

It’s not all deal-making and networking—MIPIM is also a place to learn about development trends across the globe. The event will feature more than 360 keynote speeches and well over 120 panels, sessions, workshops and networking socials covering a wide variety of topics—from Asia and Europe to sustainability and logistics.

And those events will also serve to gather experts across the globe and offer opportunities to get someone’s ear.

“[After networking,] the second thing that I find very valuable is attending these program and panels because I learn so much,” Greenfield said. “You never stop learning and real estate is always changing. If you don’t stay ahead, if you don’t stay involved, if you don’t stay knowledgeable, then you are going to miss out.”

Some panels to look out for include “Self-Driving Cars: Bringing a New Face to our Cities,” “Smart Housing: What Millennials Expect,” “Belt and Road Initiative: Capturing Opportunities Through Hong Kong” and “Urban Logistics: the Next Challenge for Cities.”

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The comprehensive panels with world-class experts are plentiful at MIPIM. Photo: MIPIM

And even Commercial Observer is getting in on the action, co-organizing the U.S.-focused two-panel event entitled “Developing and Investing in the United States: Where, What & How?” on the morning of March 14 at The Ruby Room in Palais des Festivals.

Ric Clark, Brookfield Property Group’s senior managing director and chairman, will deliver the keynote address and Jonathan Mechanic, the chairman of Fried Frank Harris Shriver & Jacobson’s real estate department, will moderate the panels. Cushman & Wakefield’s Bruce Mosler, SL Green Realty Corp.’s Isaac Zion, Hines’ Christopher Hughes, Hap Investments’ Eran Polack and Allianz’ Christoph Donner are just some of the panelists. (You can find us there!)

Tech

Come for the drinks and deals, but stay for the tech!

For the past couple of years, the presence of property technology companies has grown at MIPIM. As the sector is becoming a force in the industry—making more investors curious about what’s next to come—MIPIM has stepped up to provide some answers.

There will be a PropTech Lab event at MIPIM for the first time on March 15, where  invite-only real estate executives and tech leaders will meet and talk about the increased impact of technology on real estate.  

“MIPIM events and conferences will be great opportunities for members of the REBNYTech team to meet with industry leaders of tomorrow,” Ryan Baxter, a Real Estate Board of New York vice president for management services and government affairs, who is heading to MIPIM this year again and is a member of the advisory board of MIPIM PropTech, said in a statement. “We’re looking forward to learning more about smart cities and human-centric innovation efforts from around the world.”  

MIPIM also serves as the final leg of the third-annual MIPIM Startup Competition, an international tech competition in partnership with MetaProp NYC, a real estate tech accelerator. Nine finalists at the nexus of tech and real estate were selected from three previous events, MIPIM U.K., MIPIM Asia and MIPIM PropTech (in Manhattan), and those companies will face off in Cannes to determine the best of the lot on March 14.

The competitors from New York City’s MIPIM PropTech that are heading to Cannes are Real Atom, the first online marketplace for commercial real estate debt financing; PlanRadar, a digital software that facilitates project management for construction companies; and Acasa, an app that helps individuals manage household bills.

The winner will receive three passes to both MIPIM U.K. and MIPIM Asia 2018, four passes to MIPIM 2019 (again in Cannes), an automatic selection as a finalist for MetaProp NYC’s 2018 accelerator program as well as brand exposure and coaching at this year’s MIPIM.

And take in Cannes, for goodness sake!

“If you think about it, if you have got to go somewhere 6,000 miles away—for you and I, it’s not too shabby to go to the south of France,” Olshonsky said.  

Cannes is packed with bars, restaurants, hotels and historic buildings all within walking distance of the beach. For those looking to notch Michelin stars on their belts, there are plenty of options. La Palme d’Or, Villa Archange, Paloma and L’Oasis all hold multiple stars.

There are luxury hotels all around the beach area of Cannes. Some leading contenders are Hotel Barrière Le Majestic Cannes, InterContinental Carlton Cannes Hotel and Grand Hyatt Cannes Hôtel Martinez thanks to their astounding architecture and rich history.

And speaking of history, while you’re in town for a real estate expo, why not do a little sightseeing? Cannes is home to Eglise Notre Dame d’Espérance, a 17th century gothic church set atop a hill that overlooks the port area and it provides some amazing views. And there is also the Musée de la Castre, a museum that is set in a castle built by 11th-century monks.

Also just like the Hollywood Walk of Fame, Cannes is known for Allée des Étoiles du Cinéma, where stars leave their handprints. Finally, don’t forget to talk a stroll along the Promenade de la Croisette if you didn’t already do so on your way to and from the convention center.

Source: commercial