Hotel industry and travel news from around the European region: Colony Capital acquires French Maranatha Hotels, Hilton London Kensington sold to Cola Holdings by AlixPartners and more...
GIC completes sale of Westin Paris-Vendôme to Henderson Park
London-based private equity fund Henderson Park has completed the acquisition of the 428-room Westin Paris-Vendôme from Singaporean sovereign wealth fund GIC, for a price of 550 million (1.3 million per room). The deal was agreed in December 2017, giving GIC the right to exercise a put option to Henderson Park after the fulfilment of the sellers obligations under French labour law. The hotel will continue to be operated under the Westin brand and managed by Marriott, with the buyer planning to further invest in the property. Henderson Park also owns the largest hotel in Paris, the 1,025 room Le Méridien Étoile, which it acquired in November 2016.
Colony Capital acquires French group Maranatha Hotels
Maranatha Hotels, the Marseille-based hotel asset management company specialising in the high-end hotel sector, has been acquired by US investment firm Colony Capital, after Maranatha went into receivership in September 2017. AccorHotels will be the operator of the acquired assets, reinforcing the companys domination in the French hotel market. The Commercial Court of Marseille approved the acquisition by Colony, which competed against four other bidders. Maranatha Hotel Group ran more than 50 hotels, totalling some 3,000 rooms.
Pandox buys Manchesters Midland Hotel
Swedish traded hotel fund Pandox has acquired the iconic 312-room The Midland hotel with Israeli Fattal Hotels Group as operating partner. The property, situated in the heart of Manchester, sold for £115 million (£369,000 per room), which reportedly represents a yield of circa 5.7%. The hotel will be operated by Fattal under a 35-year revenue-based lease agreement and will undergo an £11 million investment schedule to be shared between the two parties.
Hilton London Kensington sold to Cola Holdings by AlixPartners
The Hilton London Kensington, the prime asset in a portfolio of ten UK Hilton hotels, has been sold for £260 million (£431,000 per room) to Monaco-based Cola Holdings. The sellers were the administrators AlixPartners, who put the Hilton portfolio on the market in March 2018 after the previous owners lenders foreclosed on the properties. The previous owner, Vincent Tchenguiz, had bought the whole portfolio for £335 million in 2002.
Hotel Fürstenhof in Leipzig, Germany, sold to Vicus Group
Leipzigs oldest luxury hotel, the 93-room Hotel Fürstenhof, has been sold to Germany-based Vicus Group. The transaction comes just a few weeks after Vicus acquired the Lindner Hotel in Leipzig. Hotel Fürstenhof is currently part of Marriotts Luxury Collection and is expected to keep its current management team and staff. Vicus specialises in the revitalisation and restructuring of commercial properties across Germany.
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