Europe Hotel Transactions Bulletin - Week Ending 12 October 2018 (October 12, 2018)

Pandox Acquires the Radisson Blu Glasgow 

Swedish traded hotel fund Pandox has acquired the 247-room Radisson Blu Glasgow from London based Azure Hotels for £39 million (£158,000 per room).  The deal reportedly reflects a yield of 7%, and post-acquisition the Radisson Hotel Group will continue to operate the hotel under a management contract.

Union Investment Buys Four-Hotel Development Portfolio in Germany 

German fund manager Union Investment has acquired a portfolio of four hotel developments in Germany from Benchmark Real Estate Development via a forward purchase agreement. The portfolio comprises two Super 8 developments, the 176-room Super 8 Dresden and the 156-room Super 8 Oberhausen, both due to open during Q3 2019 and to be operated by Primestar Hospitality GmbH and GS Star GmbH respectively. The other two properties are the 190-room Hyatt Place Eschborn near Frankfurt, and a 153-room Adagio Access Freiburg, both due to open in Q1 2020 and to be operated by HR Group.

Commerz Real Acquires The Dorint Messe Hotel in Cologne 

The 313-room Dorint Hotel An der Messe, in the German city of Cologne, has been acquired by German investment manager Commerz Real from Messehotel Köln. The property, which opened in 2001, will be operated under a double-net lease agreement for 25 years by Dorint Hotels & Resorts.

Ten Brinke Sells Ibis Styles Kiel And Adagio Access Kiel to Art-Invest 

German real estate investor Art-Invest has acquired a two-property portfolio in Kiel, Germany from Dutch developer Ten Brinke Group. The 238-room portfolio comprises the 148-room Ibis Styles Kiel and the 90-room Adagio Access Kiel and will continue to be managed by the current operator, Success Hotel Group.

Hotel Indigo Glasgow Sold to Consortium Led by Heeton Holding 

The 94-room Hotel Indigo Glasgow was sold to a Singaporean consortium of investors comprising Heeton Holdings, KSH Holdings and Lian Beng Group, from Chardon Hotel Growth Fund and London-based private equity fund Maven Capital Partners. The property, operated under a franchise agreement, will remain managed by Interstate.

 

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