Hotel industry and travel news from around the European region:
AccorHotels buys 50% of SBE Entertainment Group for $319 million, Fattal Hotels buys Apollo Hotels in the Netherlands and more...
AccorHotels buying 50% of SBE Entertainment Group for $319 million
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 Burkles 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 groups 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.
Fattal Hotels buys Apollo Hotels in the Netherlands
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.
Home Invest acquires B Aparthotels Portfolio for 36 million in Belgium
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 years rent of 1.8 million, the transaction constitutes a yield of 5.1%.
Patrizia acquires 508-bed hotel development in Aarhus, Denmark
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.
Hotusa acquires Eurostars Gran Valencia Hotel from Aitilán
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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