News from around Europe - August 02, 2021
Monday, 2nd August 2021
Source : HVS

Hotel industry and travel news from around the European region: Melia buys the Hotel Barcelona Apolo from Värde, Azora acquires two Tivoli hotels in the Algarve from Minor and more...

Azora acquires two Tivoli hotels in the Algarve from Minor
Spanish investment manager Azora has acquired the 383-room Tivoli Marina Vilamoura and the 248-room Tivoli Carvoeiro resorts from Thai investor and hotelier Minor International, for €148 million (€235,000 per room) in a sale-and-manage-back deal. The two properties, located in Portugal’s Algarve region, were acquired on behalf of the Azora European Hotel and Lodging Fund. NH Hotel Group, which is owned by Minor, will continue to operate the two resorts under the Tivoli brand, subject to a new 20-year management agreement. In the five years since acquiring Tivoli Hotels & Resorts in 2016, Minor has invested €27 million into renovating the two subject properties, and reported that their sale generated an annual unlevered IRR in the “high teens”.

Boscalt acquires 15 Old Bailey in London to convert back into a hotel
Boscalt Hospitality, a subsidiary of the Edmond de Rothschild Group's private equity arm, has acquired the 15 Old Bailey building near St. Paul’s in London for an undisclosed price from an unnamed, London-based developer. Built in 1874 as a hotel, the building had been converted to a serviced office building, but is now planned to be repositioned into an upper-upscale hotel featuring 110 rooms, with an estimated 18 months of works to be completed and an agreement with a hotel operator to be finalised. Under the direction of the team previously behind AINA Hospitality, Boscalt Hospitality will focus on opportunistic and value-add hotel investments, with the Old Bailey hotel being the new fund’s first investment.

Prodea acquires Hilton Garden Inn Malpensa outside Milan from Bain
Listed Greek real estate firm Prodea Investments has acquired the 207-room Hilton Garden Inn Malpensa outside of Milan, Italy from Aquileia Capital Services, a subsidiary of Bain Capital Credit. The hotel complex is located 7 km from Malpensa international airport and 50 km from the center of Milan. The hotel will be operated by Zeus International, which acquired the hotel leasing company Malpensa Gestioni from Aquileia.

Extendam acquires two French Best Western hotels
French private equity firm Extendam has acquired two Best Western hotels in France. The acquisition of the 72-room Best Western Linko in Aubagne, outside of Marseille, was made in partnership with French hotel manager Kentra Hospitality. The acquisition of the 98-room Best Western Saint-Etienne Porte du Forez, in the Auvergne-Rhône-Alpes region south-west of Lyon, was made in partnership with entrepreneur Nicolas Chambon. Collectively, the two hotels bring Extendam’s portfolio to 259 hotels and 20,294 rooms. In the first half of 2021, Extendam has acquired more establishments than in the full year 2019 or 2020.

Melia buys the Hotel Barcelona Apolo from Värde
Spanish hotel operator Melia Hotels International has acquired the 314-room Hotel Barcelona Apolo from global investment firm Värde Partners for €96 million (€306,000 per room). The property, built in 1993, was acquired by Värde in 2015. The Melia-operated, four-star hotel has a total built area of 17,000 square meters and includes conference facilities for up to 800 people.

Credito Agricola acquires Porto Palacio in Porto from Sonae
Portuguese bank Credito Agricola has acquired a building complex in Porto, Portugal’s second largest city, that includes the 251-room Porto Palacio Congress Hotel & Spa, from Portuguese investor Sonae Capital for a total price of €62.5 million. The acquisition, which was made on behalf of their CA Patrimonio Crescente fund, includes two office buildings with a combined floor area of some 16,264 sqm. The five-star hotel, located on Porto’s Avenida da Boavista, has a total area of some 31,087 square meters. In early 2019, when a potential sale was first mooted, Sonae reported a total value for the entire complex of €70 million, of which the hotel accounted for just under half. On that basis, the hotel would reflect an indicative value of around €120,000 per room based on the price paid by Credito Agricola for the entire complex.

Union acquires Wilde Aparthotel development in London from Regal
German institutional investor Union Investment has announced the acquisition of the 156-room Wilde Aparthotel by Staycity hotel development in Whitechapel in East London from developer Regal London, for £51.8 million (£332,000 per room). The 14-storey aparthotel will be Staycity’s second Wilde-branded property in the city. The property will be composed of studios and one-bed apartments and will be operated by Staycity under a 30-year lease agreement. Staycity operates 7,000 apartments in Europe across two brands, Staycity Aparthotels and their premium brand, Wilde Aparthotels by Staycity. The project is scheduled to be completed in November of this year.

RLH acquires Bless Hotel Madrid from Didra and Aina
Listed Mexican real estate firm RLH Properties has acquired the 111-room Bless Hotel Madrid from Raphael Ardid’s Grupo Didra and Aina Hospitality, for €115 million (€1.03 million per room). The five-star luxury establishment, located in Madrid’s upmarket Salamanca district, was purchased by the sellers from the Salaza family in 2017 for around €63 million. The property reopened under Ibiza-based operator Palladium Group’s premium Bless brand in 2019, following a €30 million renovation. RLH also owns Madrid’s luxury Villa Magna hotel, also located in the Salamanca district, which they acquired in late 2018 for €1.4 million per room and which is set to become the Rosewood Madrid following its current renovation program.


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