Hotel industry and travel news from around the European region: LXI REIT sells two UK Travelodge hotels, Pareto to acquire new Copenhagen airport hotel from Skanska and more...
Pareto to acquire new Copenhagen Airport hotel from Skanska
City Danmark A/S, a subsidiary of Pareto Securities, has entered into an agreement with Scandinavian developer Skanska to acquire, upon completion, a 357-room hotel being developed at Copenhagen Airport, for a reported price of circa 90 million (252,000 per room). The transaction is due to complete in the first quarter of 2021 after the hotel has opened. The hotel will be operated by Scandic on a 20-year lease agreement.
Avignon Capital buys Staybridge Suites The Hague
London-based Avignon Capital is acquiring the newly developed Staybridge Suites in The Hague, Netherlands, for 16.2 million (160,000 per room). The property, which opened in November 2018, was sold by the developers, a joint-venture between Dutch group APF International and US group Ares Management. The 101-room extended stay property is located in the historic centre of The Hague and is operated by Dutch hotel operator Borealis under a long-term lease contract.
LXI REIT sells two UK Travelodge hotels
The Travelodge Haverhill and the Travelodge Beaver Hill, Ipswich, are being sold by LXI REIT for a reported £12.6 million (£105,000 per room on average). Both properties are located in Suffolk, 19 miles and 54 miles east of Cambridge, respectively. The combined price reflects a reported yield of 5% to the undisclosed buyer, compared to the combined yield of around 6% when LXI acquired the hotels in 2017. The transaction of the 80-room Haverhill hotel and the 40-room Ipswich property constitute a combined 19% value increase for LXI REIT on the initial acquisition cost.
Starwood Capital selling Coylumbridge Hotel in Scotland to Britannia
The UKs largest private hotel group, Britannia Hotels, is acquiring the Coylumbridge Hotel in Scotland from Starwood Capital, which itself acquired the hotel in 2018 as part of a £135 million portfolio acquisition from Park Hotels and Resorts. The 175-room hotel is situated in the Scottish Highlands near Aviemore and also includes five food outlets, two bars, conference and entertainment facilities. The acquisition will be Britannias 61st hotel and fifth in Scotland.
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