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Europe Hotel Transactions Bulletin - Week Ending 30 July 2021 (July 30, 2021)

Melia buys the Hotel Barcelona Apolo from Värde

Spanish hotel operator Melia Hotels International has acquired the 314-room Hotel Barcelona Apolo from global investment firm Värde Partners for €96 million (€306,000 per room). The property, built in 1993, was acquired by Värde in 2015. The Melia-operated, four-star hotel has a total built area of 17,000 square meters and includes conference facilities for up to 800 people.

Credito Agricola acquires Porto Palacio in Porto from Sonae

Portuguese bank Credito Agricola has acquired a building complex in Porto, Portugal’s second largest city, that includes the 251-room Porto Palacio Congress Hotel & Spa, from Portuguese investor Sonae Capital for a total price of €62.5 million. The acquisition, which was made on behalf of their CA Patrimonio Crescente fund, includes two office buildings with a combined floor area of some 16,264 sqm. The five-star hotel, located on Porto’s Avenida da Boavista, has a total area of some 31,087 square meters. In early 2019, when a potential sale was first mooted, Sonae reported a total value for the entire complex of €70 million, of which the hotel accounted for just under half. On that basis, the hotel would reflect an indicative value of around €120,000 per room based on the price paid by Credito Agricola for the entire complex.

Union acquires Wilde Aparthotel development in London from Regal

German institutional investor Union Investment has announced the acquisition of the 156-room Wilde Aparthotel by Staycity hotel development in Whitechapel in East London from developer Regal London, for £51.8 million (£332,000 per room). The 14-storey aparthotel will be Staycity’s second Wilde-branded property in the city. The property will be composed of studios and one-bed apartments and will be operated by Staycity under a 30-year lease agreement. Staycity operates 7,000 apartments in Europe across two brands, Staycity Aparthotels and their premium brand, Wilde Aparthotels by Staycity. The project is scheduled to be completed in November of this year.

RLH acquires Bless Hotel Madrid from Didra and Aina

Listed Mexican real estate firm RLH Properties has acquired the 111-room Bless Hotel Madrid from Raphael Ardid’s Grupo Didra and Aina Hospitality, for €115 million (€1.03 million per room). The five-star luxury establishment, located in Madrid’s upmarket Salamanca district, was purchased by the sellers from the Salaza family in 2017 for around €63 million. The property reopened under Ibiza-based operator Palladium Group’s premium Bless brand in 2019, following a €30 million renovation. RLH also owns Madrid’s luxury Villa Magna hotel, also located in the Salamanca district, which they acquired in late 2018 for €1.4 million per room and which is set to become the Rosewood Madrid following its current renovation program.

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