French hotel group AccorHotels has announced that it is acquiring 50% of US-based SBE Entertainment Group, owner of Morgans Hotel Group, for $319 million. Accor will be acquiring the common stock and preferred equity held by Ron Burkle’s Yucaipa Companies (also owner of the Sydell Group and Soho House) and real estate investment firm Cain International.
The acquisition comes after AccorHotels’ $5.3 billion spinoff of its real estate holdings earlier this year, and a number of acquisitions in recent years including those of FRHI Hotels & Resorts, 25hours Hotels and Mama Shelter among others. The SBE acquisition will grow the French group’s lifestyle presence in North America, adding properties in key cities such as New York, Los Angeles and Miami. SBE will continue to be run by founder and CEO Sam Nazarian, who owns the remaining 50% of the company.
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Fattal Hotels, the parent company of Leonardo Hotels, has acquired the 13-hotel European Hotel Management BV, owner of the Apollo Hotels Portfolio. The hotels, which are a mixture of operating leases and freehold properties, are located in the Netherlands, in cities such as Amsterdam, the Hague, Utrecht and Groningen. Not included in the transaction is the Thermae 2000 resort near Maastricht, which the founders of Apollo Hotels plan to operate and expand in the future.
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Listed Belgian real estate company Home Invest Belgium has acquired four apart-hotel properties (185 rooms) in Brussels for €36 million (€195,000 per room) through a sale-and-lease-back transaction. Post-acquisition, the hotels will be operated under 27-year triple-net, fixed lease contracts by the seller, B Aparthotels. Given the first year’s rent of €1.8 million, the transaction constitutes a yield of 5.1%.
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Patrizia Immobilien has acquired the Library Park mixed-use project in the city centre of the Danish city of Aarhus, including a 508-bed hotel development and 85 residential units. The project will be delivered turn-key by Danish developer Biblioteksparken A/S in mid-2020.
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The Hotusa Group has acquired the Eurostars Gran Valencia Hotel in the southern Spanish city of Valencia. Prior to the acquisition of the 110-room property, Hotusa were already the lessee and operator of the property, which will continue to operate the hotel under its Eurostars brand.
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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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