Europe Hotel Transactions Bulletin - Week Ending 10 January 2020 (January 11, 2020)

Covivio buys eight-hotel ex-Boscolo portfolio from Värde Partners 

Paris-based publicly traded real estate investor Covivio is acquiring a portfolio of eight hotels mostly operated under The Dedica Anthology brand from US alternative investment advisor Värde Partners, for a total of €573 million including planned capital investments (€513,900 per room, on average). Formerly branded as Boscolo Hotels, the properties are situated in city centre locations and include the Palazzo Naiadi in Rome, the Palazzo Gaddi in Florence, the Grand Hotel Dei Dogi in Venice, the Hotel Bellini in Venice, the New York Palace and New York Residences in Budapest, the Carlo IV in Prague and the Hotel Plaza in Nice, totalling 1,115 rooms. NH Hotel Group will operate the newly acquired hotels under the NH Collection, NH Hotels and Anantara Hotels & Resorts brands, under 15-year triple net lease contracts (except for the property in Nice) with variable rent levels subject to a guaranteed minimum. Covivio plans to pursue a renovation programme for the entire portfolio. The transaction is expected to complete at the end of the first half of 2020 and represents a reported yield of 5.8% (including planned capital investments).

UBM forward-sells two hotels in Poland to Union 

Vienna-based developer UBM Development has signed an agreement with German investment manager Union Investment to forward-sell two hotels in Poland for approximately €86 million (€163,200 per room, on average). The deal includes the 259-room Ibis Styles Mogilska in Krakow and the 268-room Mercure Mlynska in Katowice. Scheduled for completion in autumn 2021, the two midscale hotels will be operated under a 25-year lease agreement with UBM.

Atom Hoteles acquires its first NH-branded hotel, located in Madrid 

Publicly traded Spanish real estate investment trust Atom Hoteles Socimi has acquired the NH Madrid Las Tablas for a reported €21.3 million (€143,000 per room). Located some 14 kilometres north of the city centre, the four-star hotel features 149 guest rooms, a restaurant and a bar, leisure facilities and eight meeting rooms as well as 174 parking spaces and will continue to be managed by NH Hotel Group under a lease agreement.

Reuben Brothers buy the Hotel Pacha Ibiza in Spain 

One of the UK’s wealthiest families and well-known real estate investors, the Reuben Brothers, have formed a joint venture with the Pacha Group and acquired the Hotel Pacha Ibiza, in a sale-and-leaseback transaction. The 57-suite hotel on the Spanish island features 55 junior suites and two superior suites and will be renovated and possibly extended in the adjoining car park. The Reuben Brothers, alongside their joint venture partner, intend to further expand the Pacha brand, which is globally known for its world-class clubs. This transaction is the Reuben Brothers' third major Ibiza investment.

Bülow AG sells Niu Fury Hotel in Munich to Aberdeen Standard 

Stuttgart-based real estate developer Bülow AG has sold the Niu Fury Hotel in Aschheim, near the Messe Munich, Germany, to Aberdeen Standard Investments. The deal was signed in November last year and has now closed. The 170-room hotel opened in August 2019 and is being managed by Germany’s Novum Hospitality Group, the “Niu” brand’s parent company.

Turenne sells Novotel Suites Paris CDG to French family group 

Turenne Capital, through its hospitality specialised fund Turenne Hôtellerie 1, has sold the Novotel Suites Paris Roissy CDG to local family-run hotel group Central Hôtel. The four-star, 173 -suite hotel, situated next to Paris Charles-de-Gaulle Airport, underwent complete renovation between 2014 and 2015, which included the addition of a breakfast room. The hotel was in Turenne’s possession for six years and achieved revenue growth of +35%. Central Hôtel is a family group that owns hotels and restaurants in the Ile-de-France and Burgundy regions in France.

Thylander Group buys Zleep Hotel Copenhagen City 

Danish real estate fund manager Thylander Group, together with a number of private investors, has acquired the Zleep Hotel Copenhagen City from K/S Helgolandsgade 14 for a reported DKK 90 million (approximately €12 million, €157,900 per room). The 76-room hotel is leased to Zleep Hotels, one of Deutsche Hospitality’s soft brands, under a long-term lease agreement. The seller acquired the building in 2007 for DKK 70.5 million (around €9.5 million in 2007 values).

Iberostar Selection Lagos Algarve in Portugal sold to family office 

The five-star Iberostar Selection Lagos Algarve resort hotel in the Algarve region, southern Portugal, is being acquired by a European high net worth family office. The resort comprises a total of 220 rooms, several pools, wellness facilities, parking and offers ocean views over the Meia Preia beach, some 185 kilometres south of Lisbon. The property underwent a renovation and rebranding from the former Sensimar Lagos Hotel by Yellow, which closed in Q4 2018 and was reopened under the new brand in May 2019.

Lindley Lindenberg Hotel in Frankfurt sold by A.A.A. 

Frankfurt-based real estate developer and asset manager A.A.A. Aktiengesellschaft Allgemeine Anlageverwaltung has sold the new-built Lindley Lindenberg hotel in Frankfurt’s Ostend district for a reported €21.2 million (€212,000 per room). The 100-room hotel opened in spring 2019 and is currently managed by the Lindenberg Hospitality Group Frankfurt.

LFPI Europa buys new-built J24 Hotel in Milan 

Foncière LFPI Europa, on behalf of the FLE ITALIA FUND 1 and part of the French alternative asset manager LFPI Group, has acquired the brand new four-star J24 Hotel in Milan from a private seller. The property features 151 rooms, a bar as well as meeting spaces and is located in the Dergano district, some 2.6 kilometres northwest from the main train station Milano Centrale.

Reale Immobili sell the Glam Hotel in Milan to DWS Group 

German asset manager DWS Group, on behalf of its open ended, core real estate fund Europe II, announced the acquisition of the four-star Glam Hotel Milano in Milan from Reale Immobili S.p.A. Facing the Milano Centrale main railway station, the hotel was built in 2015 and comprises a total of 171 rooms, a restaurant and bar, fitness facilities as well as conference space. The deal represents the sixth acquisition for DWS’s Europe II open-ended core real estate fund.

XENIA acquires the Waldorf Madeleine Hotel in Paris 

A group of private investors, through their special-purpose investment vehicle XENIA, have acquired the capital of both the holding and operating companies of the Hôtel Waldorf Madeleine in Paris. The four-star property is located in Paris’ eighth district and includes 45 rooms, a breakfast room, a business centre alongside typical four-star services.

Suites Hotel & Spa Knowsley, near Liverpool UK, sold to Thai-Singaporean JV 

Thai hospitality group Compass Hospitality, in a joint venture with Singapore-based Seacare Hospitality and SPCS Consultancy, is acquiring the Suites Hotel & Spa Knowsley, located some 16 kilometres east of Liverpool, for an undisclosed sum. The property comprises 98 suites across four categories, two restaurants, six meeting rooms for up to 300 attendees as well as a spa and leisure club.


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Disclaimer: Information provided above has been gathered from various market sources. HVS has not independently verified the accuracy of the information provided. Interested parties should not rely on the information as statement of facts and are advised to make their own independent checks to verify the information provided. For further information, please feel free to contact HVS London.

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