Hotel industry and travel news from around the European region: Barceló buys five-star resort in Marrakech, M&G acquires leasehold to develop hotel complex in London Paddington and more...
APG and GIC jointly establish Archer Hotel Capital
Dutch pension fund APG Group and Singapore-based GIC Real Estate have jointly formed a new European hotel investment vehicle, Archer Hotel Capital B.V. This announcement follows the exit of Host Hotels & Resorts from the previous European joint venture between Host, GIC and APG, with GIC and APG acquiring Hosts interest in a portfolio of eleven hotels and over 4,000 rooms in major Western European cities. All eleven assets will be transferred to Archer Hotel Capital and total some 2 billion in gross asset value. The new vehicles shareholders intend to commit an additional 300 million in equity to capitalise on future investment opportunities.
Barceló buys five-star resort in Marrakech
Mallorca-based Barceló Hotel Group is acquiring the five-star resort Barceló Palmeraie outside of Marrakech for a reported 35 million (139,000 per room). In addition, the hotel group has purchased two plots, one located next to the hotel complex with the aim of incorporating 120 new rooms and another located three kilometres from the city centre, where Barceló plans to build a new five-star hotel with 160 rooms.
M&G acquires leasehold to develop hotel complex in London Paddington
M&G Investments, a London-based investment manager, is purchasing the long leasehold interest of a development site in Paddington, just north of Hyde Park in central London, for a reported £203 million. The future hotel complex will be operated under lease agreements with Premier Inn-owner Whitbread and Staycity for 30 years each. The Premier Inn will have 373 rooms while the Staycity property will offer an aparthotel of 247 studios and one-bedroom units under its premium brand Wilde Aparthotels by Staycity. The hotels are set to open by 2021.
A&O Hostels expands into Poland, acquiring former office building
Berlin-based budget group A&O Hostels has acquired an eight-storey former office building located in the district of Wola, west of central Warsaw. The building will be converted into a 200-room, 600-bed hostel and is set to open in the third quarter of 2019. The acquisition expands A&Os portfolio to 35 hostels in 22 cities across seven countries in Europe.
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