Hotel industry and travel news from around the European region: Rocco Forte acquires hotel in Palermo, LXI REIT acquires five Travelodge hotels in the UK, CBRE GIP and Pygmalion enter Spanish market with the acquisition of nine hotels and more...
LXI REIT acquires five Travelodge hotels in the UK
The London Stock Exchange-listed real estate investment trust LXI REIT has completed the acquisition of five Travelodge hotels in Aberdeen, Brighton, Liverpool, Llanelli and Nuneaton for a combined £45.2 million (£117,000 per room). The 387-room portfolio has exchanged at a reported yield of 5.8% net of acquisition costs. All hotels are fully let to Travelodge Hotels, based on a 24-year weighted average term, with RPI-indexed rent.
Staywell buys The Arch London hotel from AB Hotels
Japanese group Staywell Holdings has acquired The Arch London hotel on Great Cumberland Place in central London from AB Hotels Group. The hotel opened in 2010 after two adjoining former hotels were combined and redeveloped. The resulting 82-room property will undergo a £3 million refurbishment (£37,000 per room) and reopen as the first property under the newly launched 5-star The Prince Akatoki brand.
Rocco Forte acquires Grand Hotel Villa Igiea in Palermo, Italy
Rocco Forte Hotels has acquired the 122-room Gran Hotel Villa Igiea in Palermo, Sicily. The hotel, currently operated under the MGallery by Sofitel brand, will undergo extensive renovation and reopen in Q2 2020. This is a strategic addition for Rocco Forte, with the new hotel to be operated in combination with the groups nearby Verdura Golf and Spa Resort. The group currently operates 11 hotels in total and is planning to open five more hotels in Italy and China in the next two years.
CBRE GIP and Pygmalion enter Spanish market with the acquisition of nine hotels
The recently established joint venture between CBRE Global Investment Partners and Pygmalion Capital Advisers LLP has acquired nine four-star hotels, which previously belonged to the construction group Urvasco. The portfolio comprises 1,650 rooms, spread between Seville, Madrid, Bilbao, San Sebastian, Santander, Tenerife, Valladolid and Ciudad Real. The hotels will be repositioned and operated by Silken Hotels.
Reuben Brothers acquire hotel site in Soho, London
Reuben Brothers have acquired a site from Quadrum Global in the centre of Londons Soho district, which comprises two adjoining freehold buildings with full planning consent granted for the redevelopment. The future 118-room hotel will include restaurants, bars and retail spaces and is planned to be operated by Shiva Hotels in a joint venture partnership with Reuben Brothers.
Great Fosters Hotel in the UK sold to Alexander Hotels
The country house Great Foster Hotel, located in Egham, Surrey, was acquired by local hotel owner and operator Alexander Hotels. The 41-room hotel was sold by the Sutcliff family, who had owned the property since 1930, and will now join Alexander Hotels collection of four and five-star hotels in Sussex, Surrey and Kent.
A&O acquires Budapest hostel development
Budapest becomes the first Hungarian city with an A&O Hostel property, which is set to open in Q3 2019. Europes largest hostel accommodation provider acquired the building, which dates back to 1910 and is situated in the trendy Elisabethtown district. The 108-room hostel will provide 412 beds spread over three floors representing A&Os new design.
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