Europe Hotel Transactions Bulletin - Week Ending 23 July 2021 (July 23, 2021)

Azora acquires two Tivoli hotels in the Algarve from Minor 

Spanish investment manager Azora has acquired the 383-room Tivoli Marina Vilamoura and the 248-room Tivoli Carvoeiro resorts from Thai investor and hotelier Minor International, for €148 million (€235,000 per room) in a sale-and-manage-back deal.  The two properties, located in Portugal’s Algarve region, were acquired on behalf of the Azora European Hotel and Lodging Fund.  NH Hotel Group, which is owned by Minor, will continue to operate the two resorts under the Tivoli brand, subject to a new 20-year management agreement.  In the five years since acquiring Tivoli Hotels & Resorts in 2016, Minor has invested €27 million into renovating the two subject properties, and reported that their sale generated an annual unlevered IRR in the “high teens”.

Boscalt acquires 15 Old Bailey in London to convert back into a hotel 

Boscalt Hospitality, a subsidiary of the Edmond de Rothschild Group's private equity arm, has acquired the 15 Old Bailey building near St. Paul’s in London for an undisclosed price from an unnamed, London-based developer.  Built in 1874 as a hotel, the building had been converted to a serviced office building, but is now planned to be repositioned into an upper-upscale hotel featuring 110 rooms, with an estimated 18 months of works to be completed and an agreement with a hotel operator to be finalised. Under the direction of the team previously behind AINA Hospitality, Boscalt Hospitality will focus on opportunistic and value-add hotel investments, with the Old Bailey hotel being the new fund’s first investment.

Prodea acquires Hilton Garden Inn Malpensa outside Milan from Bain 

Listed Greek real estate firm Prodea Investments has acquired the 207-room Hilton Garden Inn Malpensa outside of Milan, Italy from Aquileia Capital Services, a subsidiary of Bain Capital Credit.  The hotel complex is located 7 km from Malpensa international airport and 50 km from the center of Milan.  The hotel will be operated by Zeus International, which acquired the hotel leasing company Malpensa Gestioni from Aquileia.

Extendam acquires two French Best Western hotels 

French private equity firm Extendam has acquired two Best Western hotels in France.  The acquisition of the 72-room Best Western Linko in Aubagne, outside of Marseille, was made in partnership with French hotel manager Kentra Hospitality.  The acquisition of the 98-room Best Western Saint-Etienne Porte du Forez, in the Auvergne-Rhône-Alpes region south-west of Lyon, was made in partnership with entrepreneur Nicolas Chambon.  Collectively, the two hotels bring Extendam’s portfolio to 259 hotels and 20,294 rooms.  In the first half of 2021, Extendam has acquired more establishments than in the full year 2019 or 2020.


For the latest in the hospitality industry, please visit: You are also welcome to contact the following personnel.
Russell Kett, Chairman – HVS London [email protected]
Charles Human, CEO – HVS London/HVS Hodges Ward Elliott [email protected]
Chris Martin, Senior Director – HVS Hodges Ward Elliott [email protected]
Sophie Perret, Senior Director – HVS London [email protected]
Arlett Hoff, Director – HVS London [email protected]
Florian Kittler, Managing Director – HVS Executive Search Europe & Asia Pacific [email protected]
Demetris Spanos, Managing Director – HVS Athens [email protected]
Ezio Poinelli, Director – HVS Milan [email protected]

Superior Results through Unrivaled Hospitality Intelligence. Everywhere.

Copyrights © 2021 All Rights Reserved by HVS
Privacy Policy

Sent By: Tanya Lees
HVS | Office Manager
7-10 Chandos Street, Cavendish Square | London, W1G 9DQ