Hotel industry and travel news from around the EMEA region: New owner for Wyndham Stuttgart Airport, Meliá sells Menorca hotel, Lawless moves, Swissôtel on its way to Sofia and more...
Two London Club Quarters Hotels Sold
Chelsfield Partners has sold two Club Quarters hotels in the City of London to a joint venture between AXA Investment Management Real Assets and Danish pension fund ATP for £180 million. The transaction involved the sale of the 203-room Club Quarters Gracechurch Streetand the 265-room Club Quarters St. Paul’s, both of which are operated by US management company Club Quarters on long-term management agreements. The freehold properties also include seven retail and restaurant units. HVS Hodges Ward Elliott acted as agent for Chelsfield Partners.
PATRIZIA Sells the INNSIDE Manchester
PATRIZIA Immobilien AG has sold the INNSIDE Manchester in northwest England to a privately owned UK group for £30.5 million (£146,000 per room). The 208-room, four-star hotel, in Manchester city centre, is part of the 20-acre mixed-use First Street development, which was acquired by PATRIZIA in May last year. “With our asset management activities complete at the hotel, this is the first sale we have undertaken at First Street and now means we can recycle our balance sheet in new development management initiatives being pursued by PATRIZIA,” said Rob Brook, head of portfolio management at PATRIZIA UK & Ireland.
More Transactions in the UK and Ireland
Dalata is reportedly finalising its acquisition of the Clarion Hotel Sligo, just outside the Irish town of Sligo, for €11 million (€67,500 per room). Dalata has operated the four-star, 163-room hotel, on Ireland’s Atlantic coast, since 2013. Two other hotel sales in the UK and Ireland made the news this week. A joint venture between Cannock Investments and Hetherley Capital Partners has acquired the Marine Hotel at the Royal Troon Golf Course, on the west coast of Scotland, for an undisclosed sum from The Hotel Collection. The 89-room hotel was on the market with a guide price of £7 million. Additionally, a subsidiary of Newcastle-based Cairn Group has purchased the long-leasehold interest in the Stoke Place hotel in the county of Buckinghamshire, in southeast England, from administrators for an undisclosed sum. The Grade II-listed country house hotel is set across 26 acres of grounds and is a half-hour drive from London. The group now plans to invest in the property in order to refresh the public areas and bedrooms. Commenting on the deal, Cairn Group’s finance director, Richard Warren, said, "This marks our first acquisition in 2016 and one of many new developments we have planned over the coming months at Cairn Group."
New Owner for Wyndham Stuttgart Airport
An unnamed real estate investment company has completed the acquisition of the Wyndham Stuttgart Airport Messe Hotel in a sale-and-leaseback deal for approximately US$33.8 million (US$148,000). Wyndham Worldwide has entered into a 20-year lease for the 229-room hotel and Grand City Hotels will continue to manage the property. The hotel, which was constructed in 1987, is adjacent to the Stuttgart Messe trade fair facility.
Meliá Sells Menorca Hotel
Meliá Hotels International has sold the Sol Falcó Hotel on the Spanish island of Menorca to an unnamed buyer for €20 million (€44,500 per room), resulting in a capital gain of €3.4 million. The sale of the all-inclusive 450-room hotel is part of the group’s strategy to reduce its debt. Meliá will continue to manage the property.
Swissôtel on its Way to Sofia
Swissôtel Hotels & Resorts has signed a management agreement with Turkey-based developerGaranti Koza for its first hotel in Bulgaria. The Swissôtel Sofia is due to open in the Bulgarian capital’s Mladost district in 2018 as part of the Grand Kanyon Sofia mixed-use project, which will also include residential, entertainment, retail and commercial space. The hotel will have 200 rooms and 81 serviced residences. “Bulgaria is a thriving member of the European Union and a country that is focused on increasing investment and furthering its economic growth,” commented Jennifer Fox, president of FRHI International, Swissôtel’s parent company. “Entering the market aligns with our growth strategy and the destination is a wonderful addition for us,” she added.
Marriott Makes it Big in Madrid
Marriott International’s signature brand, Marriott Hotels, has opened its third hotel in Spain: the 869-room Madrid Marriott Auditorium Hotel & Conference Center. Previously named, Hotel Auditorium Madrid, the hotel has undergone extensive renovation and is the brand’s largest hotel in Europe. Marriott Hotels currently has 500 hotels and resorts across almost 50 countries.
More DoubleTree for the UK
The DoubleTree by Hilton London " Kensington opened today, becoming the 28th DoubleTree in operation in the UK. The 203-room hotel is close to some of London’s most famous attractions, such as the Royal Albert Hall and the Natural History, Science, and Victoria and Albert museums. This latest DoubleTree to enter the London market is owned by Crimson Hotels, and it is privately owned Crimson’s third DoubleTree property in central London and its fourth in the UK overall.
Understand Investment in Hotel Alternatives
Put hotel investment into the context of other accommodation options at the Hotel Alternatives Event 2016, the conference that examines the investment case for emerging accommodation segments. The event, organised by leading hotel investment journal Hotel Analyst, brings together the sharpest minds and most innovative practitioners investing in accommodation businesses, and is due to take place on 2 and 3 February 2016 at the Jumeirah Carlton Tower in London. The key aim of the event is for the investment community to reach an understanding of what is happening across all types of buildings with beds. HVS London's chairman, Russell Kett,will be moderating a debate at the event on Do serviced apartments offer better returns than hotels? As an HVS news subscriber, the Early Bird Price of £395 + VAT will remain open to you. Book your place by simply emailing sarah@hotelanalyst.co.uk with “HAE16 HVS Offer” in the subject line. Visit www.hotelalternatives.net for more information on the event.
Gerald Lawless Moves from Jumeirah to Dubai Holding
After an 18-year stint, Gerald Lawless is to step down from his role as president and chief executive officer of Jumeirah Group to take on a new position in Dubai Holding, Jumeirah’s parent company. Lawless will be responsible for tourism and hospitality in Dubai Holding’s corporate office. Stefan Leser has been appointed as the new chief executive of Jumeirah Group, as of 1 February 2016. For the past decade, Leser has worked at Swiss travel firm, Kuoni, where his most recent post was executive vice president. Commenting on the transition, Mohammad Abdulla Al Gergawi, Dubai Holding’s chairman, said, “We appreciate the role that Gerald has played as the founding CEO of the Jumeirah Group and its subsequent expansion. As a tireless ambassador for tourism and hospitality in Dubai, he is a leader admired across the industry for his commitment to innovation and excellence in the field of luxury hospitality and has been an inspiration to Jumeirah employees, to guests and to other stakeholders in the sector."
Langham to Debut in Qatar
Langham Hospitality Group has signed an agreement for its first hotel in Qatar. The Langham Place, Lusail, Doha is expected to open in 2018, as part of a mixed-use project in the first phase of the Lusail City development, 23 km north of Doha. The hotel will be developed in a 207-metre-high tower and will comprise 238 guest rooms, 90 serviced residences and 56 residential units. The hotel is being developed by RSG (Real Estate Services Group) and will be managed by Langham. The group now has three projects in its pipeline for the Middle East, following recent signings for the Langham, Palm Jumeirah, Dubai (due to open in 2017) and the Langham Place, Downtown Dubai (scheduled to open in 2018).
www.hvs.com
