Hotel industry and travel news from around the European region: Whitbread focuses on Premier Inn as it sells Costa Coffee, Renaissance Hamburg acquired by CBRE Global Investors and more...
Reuben Brothers acquire Curtain Hotel in Londons Shoreditch
The 120-room The Curtain Hotel and Members Club in Londons trendy Shoreditch neighbourhood has been sold to David and Simon Reuben for a price reported to be above £90 million (£750,000 per key). The sellers, a joint venture between New York-hotelier Michael Achenbaum and Jeffrey Levine, will continue to operate the hotel as well as its private members club and co-working space under a long-term lease agreement.
Dalata buys Clayton Hotel Aldgate in London for £91 million
Ireland-based Dalata Hotels Group has acquired the 300-year leasehold interest in a 212-room hotel adjacent to Londons Aldgate East Underground Station for £91 million (£429,000 per key) from an international private equity investor. The property, which will be branded as the Clayton Hotel Aldgate, is expected to open at the end of 2018, shortly before the opening of the nearby Liverpool Street and Whitechapel Crossrail stations in 2019. The deal will be funded by an additional debt facility which has been secured from Dalatas existing banks.
Whitbread focuses on Premier Inn as it sells Costa Coffee
FTSE 100 group Whitbread has announced the sale of Costa Coffee, the second largest coffee shop chain globally, to Coca Cola for £3.9 billion. The deal comes after the UK company was put under pressure from activist investors Elliott Advisors and Sachem Head to focus on its faster growing Premier Inn hotel business. As well as returning proceeds to shareholders, Whitbread intends to fuel its expansion of Premier Inn, reduce debt and make a contribution to its pension fund from the proceeds. Subject to regulatory and shareholder approval, the deal is expected to close in early 2019.
Vicus Group acquires Lindner Hotel Leipzig, Germany
The Lindner Hotel Leipzig has been acquired by the Vicus Group, a local real estate investment manager. The 4-star, 198-room property will continue to be operated by Lindner Hotels post-acquisition, however, the Vicus Group plans to consolidate its hotel holdings and operate all its owned hotels by 2020.
Renaissance Hamburg acquired by CBRE Global Investors
The 205-room Renaissance Hotel Hamburg has been acquired by CBRE Global Investors as part of CBREs acquisition of the Hanseviertel mixed-use project, including an additional 14,400 sqm of office space, a shopping arcade, 600 parking spaces and 15 residential apartments. The historic city centre property has been sold by Germany-based insurance conglomerate Allianz, which developed the project in the 1980s.
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