Hotel industry and travel news from around the European region: Apollo acquires Goldman Sachs-backed Tifco Hotel Group, Alantra REIM buys Islantilla Golf Resort in Andalusia and more...
Goldman Sachs-backed Tifco Hotel Group acquired by Apollo Global Management
Apollo Global Management, the US-based private equity firm, has been reported to be the buyer of Irelands second-largest hotel chain, Tifco Hotel Group, for an amount estimated to be worth up to 600m. The Irish hotel chain, which has been backed by Goldman Sachs since 2014, owns 18 hotels (more than 2,300 rooms) across the country, including Crowne Plaza, Holiday Inn, Travelodge and Hilton properties.
UBS sells the Widder Hotel Zurich to Swiss Life
The 49-room luxury five-star Widder Hotel in central Zurich was sold by Switzerlands largest bank, UBS, to Swiss Life, an international insurance group and the largest real estate owner in the country. The hotel will be operated by IHAG Holding, a Swiss family office and hotel operator of three other boutique properties, under a long-term lease agreement.
Evans Randall sell the Croydon Park Hotel to Croydon Council
The four-star, 211-room Croydon Park Hotel was acquired by Croydon Council for £29.8m(£141,000 per room) from Evans Randall Investors. The transaction closed at a yield of circa 9% and comes at a time during which the Croydon area is going through a major regeneration scheme.
Alantra REIM buys Islantilla Golf Resort in Andalusia
Closing its second hotel investment this year, Spanish asset manager Alantra REIM has acquired the 204-room Islantilla Golf Resort in Andalusia close to the Portuguese border. The hotel, which is within one of Spains largest development areas called Islantilla Norte, comprises 160,000 sqm, and will undergo a comprehensive renovation. The resort will be operated by Gestión de Activos Turísticos.
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