HVS Europe Hotel Transactions Bulletin Week Ending 10 March 2023

A summary of European hotel deals supplied by HVS

Sistema gets 10 Russian hotels from Wenaasgruppen
Russian financial investment company Sistema Group, through its wholly-owned subsidiary Cosmos hotel Group, has actually finished the 100% acquisition of a variety of Russian business that owned 10 hotels with 4,078 spaces throughout 4 Russian cities, for EUR200 million (EUR49,000 per space). The seller was family-owned Norwegian company Wenaasgruppen. The offer consists of 6 hotels in St Petersburg (1,184- space Park Inn by Radisson Pribaltiyskaya, 842- space Park Inn by Radisson Pulkovskaya, 269- space Park Inn by Radisson Nevsky, 164- space Radisson Blu Royal hotel, 200- space Park Inn by Radisson Pulkovo, 348- space Olympia Garden hotel), 2 hotels in Moscow (258- space Park Inn by Radisson Sheremetyevo, 391- space Radisson Blu Sheremetyevo Airport), in addition to the 262- space Park Inn by Radisson Murmansk in north-west Russia and the 160- space Park Inn by Radisson Yekaterinburg situated to the east of the Ural Mountains. These acquisitions double the variety of spaces in Cosmos’ hotel portfolio.

Perial gets the Dolce by Wyndham Sitges hotel in Spain from Angelo Gordon
Perial AM has actually obtained the first-class 263- space Dolce by Wyndham Sitges hotel from Angelo Gordon for a reported EUR75 million (EUR285,000 per space). The resort hotel, located in the Catalonian seaside town of Sitges some 30 kms south-west of Barcelona, will be run by Hotusa under a 30- year contract and will be relabelled to Eurostars Sitges. The subject residential or commercial property consists of 41 suites, 6 dining establishments, a wellness centre, a conference centre with 26 spaces throughout 2,000 sqm and an 18- hole golf course. Angelo Gordon got the residential or commercial property in July 2017 for around EUR40 million and invested an additional EUR15 million into restorations.

Firmdale gets the Covent Garden hotel in London from CBRE IM
Boutique hotel group Firmdale Hotels has actually obtained the 58- space Covent Garden hotel in London, which it has actually run given that 1996, for simply under ₤55 million (₤948,000 per space) from CBRE Investment Management. Established by Tim and Kit Kemp, Firmdale’s portfolio consists of 10 high-end hotels and 8 bars and dining establishments throughout London and New York. Its other London hotels are the Ham Yard hotel, Haymarket hotel, Charlotte Street hotel, The Soho hotel, Number Sixteen, Dorset Square hotel and the Knightsbridge hotel.

Andbank’s Atalaya fund obtains the Niagara hotel in Mallorca, Spain
Spanish personal banking company Andbank España’s Atalaya hotel fund has actually gotten the four-star 142- space Niagara hotel in Mallorca from a personal household who handled and owned the hotel for over 40 years. Found on Playa de Palma beach near the island’s capital city of Palma, the hotel is to be handled by Mallorcan operator THB Hotels, which was established in 1987 and today has 18 hotels with around 3,500 spaces. The list price was not divulged, nevertheless half the amount was raised with funds from Atalaya and the other half with a loan from BBVA Bank. The fund, which is handled by Navis Capital, now has an overall of 3 hotels in Spain, amounting to 700 spaces.

Macquarie gets ground lease of the Clayton hotel in Cambridge, UK, from CBRE IM
Macquarie Asset Management has actually obtained the ground lease of the 155- space Clayton hotel in Cambridge from CBRE Investment Management for ₤20 million, representing a net preliminary yield of 2.6%. CBRE IM is leaving the ground lease structure that it developed in a sale-and-leaseback handle Ability Group in2019 The hotel is rented to Dalata and run under its Clayton brand name. Capability Group holds the long leasehold interest. The hotel has a dining establishment and bar and comprehensive conference centers.

Honotel obtains the Aqua Hôtel Brussels and the Argus Hôtel Brussels in Belgium
hotel owner and operator Groupe Honotel, through its portfolio management business hotel Investissement Capital’s Cap Hospitality IV fund, has actually gotten 2 three-star hotels in Brussels, Belgium, the 97- space Aqua Hôtel Brussels and the 43- space Argus Hôtel Brussels. Both hotels lie in the Louise district. The brand-new owner is seeking to remodel the homes and enhance their energy effectiveness. With this newest acquisition, the group’s hotels under management reaches 45 residential or commercial properties.

KE Hotels gets hotel Indigo Newcastle from personal financiers in the UK
Anil Khanna, the owner of independent hotel group KE Hotels, has actually obtained the 148- space hotel Indigo Newcastle in the north of England for a concealed amount, from a consortium of personal financiers. The previous office complex was transformed to a hotel and opened in June 2012 with a bar, dining establishment and physical fitness centre. The freehold hotel is run under a franchise arrangement with IHG Hotels and Resorts under the Indigo brand name. This acquisition marks the 3rd UK home for KE Hotels, with the other 2 being the Marriott Moxy hotel Manchester City and Linton Lodge hotel in Oxford.

Highland Group gets hotel Atlantis in Amsterdam from the Shao household
Local Dutch owner-operator Highland Group has actually obtained the budget plan 52- space hotel Atlantis in Amsterdam, the Netherlands, for around EUR9.5 million (EUR183,000 per space) from dining establishment business owners the Shao household. The household obtained the home in 2010 for EUR2.95 million soon after it was changed into a two-building hotel from an 1896 domestic apartment by designer Selim Vastgoed. The Highland Group portfolio now consists of 6 hotels and one hostel, for an overall of 180 spaces.

LondonMetric offers the Premier Inn Ringwood in the UK
UK-based REIT LondonMetric Property Plc has actually offered the 84- space Premier Inn Ringwood in the south of England for ₤ 8.65 million (₤103,000 per space) as part of a seven-property ₤339 million sale of long earnings possessions, showing a combined net preliminary yield of 4.5%. The hotel, situated in between Southampton and Bournemouth, was the highest-valued possession in the sale. LondonMetric moneyed the advancement of the hotel in 2019 at an expense of ₤ 4.2 million.

Travelodge obtains lease of NH Villa de Coslada hotel in Madrid from Grupo Veintidos
Travelodge has actually gotten a 20- year lease to run the 78- space NH Villa de Coslada hotel (to be relabelled to Travelodge Madrid Coslada Aeropuerto) in Madrid, Spain, from Spanish property company Grupo Veintidos. Consisting of the prepared repair program, Travelodge will invest an overall of EUR1 million (EUR12,800 per space) in the acquisition. The repair of the hotel to Travelodge’s budget-luxe premium principle will start in May 2023, with the opening anticipated for the summer season of this year. The home, found some 7 kms south of Madrid airport, is likewise near the Civitas Metropolitano Stadium and IFEMA Madrid convention centre. Travelodge presently runs 2 hotels in Madrid, 2 in Barcelona and one in Valencia, and is eager to substantially broaden its operations in Spain.

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