Hotel industry and travel news from around the European region: Engel & Völkers acquires 7Pines Resort in Ibiza, Amro acquires Croydon Park Hotel in London from Croydon Council and more...

Engel & Völkers acquires 7Pines Resort in Ibiza from 12.18.
Hamburg-based Engel & Völkers Asset Management has acquired the 185-room 7Pines Resort Ibiza, Spain, from German investment manager 12.18. Group for €130 million (€703,000 per room). The acquisition was completed through the EV Leisure Hotel Fund 1, which was launched by Engel & Völkers Asset Management and 12.18. Group as their first fund specialised in tourism real estate for institutional investors. The founding portfolio includes three European luxury properties, being the subject hotel, the soon-to-be-opened (summer 2022) 7Pines Resort Sardinia, Italy, and Roxburghe Castle in Scotland, with a combined valuation of €280 million from a targeted fund volume of €500 million. The Ibiza property was acquired by 12.18. in 2014 and re-opened in 2018 following extensive renovation and repositioning. It more recently became part of the “Destination by Hyatt” Collection.

Bain and Stoneweg acquire the Hotel Los Monteros Spa & Golf Resort in Marbella, Spain
American private investment firm Bain Capital, in a joint venture with Geneva-headquartered Stoneweg, have acquired the historic Los Monteros Spa & Golf Resort in Marbella, Spain, for a sum reported to be in the region of €47 million (€272,000 per room). The five-star resort features 173 guest rooms of which more than half are suites, three restaurants, meeting venues, an outdoor swimming pool, spa, gym, thirteen tennis courts and La Cabane Beach Club. The property, which was acquired by the late Moroccan businessman Judas Azuelos in 2010, will undergo modernisation under the new JV, restoring it to a luxury standard. This is the JVs second transaction in Marbella following their investment in the Andalucía Plaza hotel complex in Puerto Banús in 2021, which is currently being converted into a 334-room and 50-suite Hard Rock Hotel ahead of its opening in June this year.

RJR Securities strike forward funding deal for a new Maldron Hotel in Manchester
UK-based RJR Securities has completed a forward funding deal with London-headquartered Telereal Trillium, a privately held property company, for the construction of a new four-star Maldron Hotel in Manchester, for a reported sum of £30 million (£160,000 per room). The 17-storey, 188-room hotel will include a coffee lounge, bar, restaurant and gym facilities, and will be located in Manchester’s city centre on Chapel Street. Dalata Hotel Group, Ireland’s largest hotel operator, has agreed a 35-year lease on the new hotel, and the property will trade under the group’s Maldron Hotel flag.

Commerz Real acquires hotel development “Krystallpalast Areal” in Leipzig, Germany, from Quarterback
German investor Commerz Real has acquired the Krystallpalast Areal mixed-use development in Leipzig, Germany, which includes a 282-room hotel, from German developer Quarterback Immobilien, for an undisclosed amount. The off-market transaction is structured in the form of a forward funding arrangement between the parties. The hotel, which was acquired through Commerz Real’s open-ended real estate fund, Hausinvest, is being erected in the immediate vicinity of the main railway station and will be branded with Lindner Group’s boutique flag “Me and all”.

Atypio and Eternam acquire four-property portfolio in France from Turenne
French hotel manager Atypio, in a joint venture with French real estate investment manager Eternam, have acquired a four-property portfolio in the Ile-de-France and Grenoble regions of France from French asset manager Turenne Hôtellerie, the hotel arm of Turenne Group, for an undisclosed sum. The four-star, 264-room portfolio consists of the following properties: 56-room Mercure Paris, 88-room Hotel Mercure Grenoble, the 60-room Mercure Meylan and the 60-room Best Western in Saulx-les-Chartreux. All four hotels, operated through franchise agreements, are planned to benefit from a renovation program.

Amro acquires Croydon Park Hotel in London from Croydon Council
London-based property developer Amro Real Estate Partners has acquired The Croydon Park Hotel in London from the Croydon Council for £24.9 million (£118,000 per room). The 211-room Croydon Park Hotel was acquired by Croydon Council in 2018, but the hotel fell into administration in June 2020 as a result of the onset of the Covid-19 pandemic. The site is expected to be redeveloped for £200 million in a build-to-rent scheme, featuring 600 flats, a gym, wellness centre, a cinema and a roof terrace.

Key and KNSA acquire Mama Shelter in Lille, France from Atream, Finorpa and BPI
A joint venture between two Paris based firms, Keys REIM, through one of their funds, and KNSA Hospitality, has acquired the Mama Shelter Lille, France, from a consortium consisting of Atream, Finorpa and BPI France, for an undisclosed sum. The 112-bedroom, full-service hotel last transacted in 2019, the year the hotel opened for the first time. Located just minutes from Lille’s main railway station, the hotel offers four meeting rooms, a restaurant and a bar. KNSA Hospitality, formed by Keys REIM, Accor and Ennismore, with Keys REIM being the majority shareholder through one of their funds, now owns the operating companies of 25 lifestyle hotels in France and Europe.

French consortium led by Nacarat announces forward sale of Radisson Hotel in Reims France
A French consortium led by Nacarat and consisting of Groupe FIC and Nord-Est Aménagement Promotion (NEAP) has announced the signing of a forward sale agreement for the development of a Radisson Hotel in Reims, France, with French investor and hotel manager Alboran, for an undisclosed sum. The proposed 102-bedroom hotel is part of a mixed real estate development complex of some 8,000 m2 where the hotel will occupy half of the total area and the other half will be allocated for offices. The property is located in proximity to the football stadium, Stade Auguste-Delaune, and is due to open in 2024.

Stoneweg acquires Hotel Mimic, Barcelona from Inversiones Riera de Sant Miquel
Swiss investment group Stoneweg has acquired the Hotel Mimic in Barcelona from a local family office, Inversiones Riera de Sant Miquel, for a reported €20 million (€217,000 per room). The 92-bedroom cinema-themed hotel, first opened in 2010 in the former Gran Cine Colón cinema building, is located in the Raval neighbourhood in Barcelona and is currently managed by the Barcelona based Acta Hotel group.

PalmGrupp acquires the Ülemiste Hotel in Tallinn, Estonia, from Noravest
Estonian real estate investor PalmGrupp OÜ has acquired the Ülemiste Hotel in Tallinn, Estonia, from Noravest OÜ for an undisclosed sum. The new owner of the 132-room airport hotel plans to invest €1 million (€7,600 per room) into the renovation of the property over the next two months. PalmGrupp has entered into an agreement with Accor to rebrand the four-star hotel to become the country’s first “By Mercure” flag. The hotel includes a conference centre, a sauna and relaxation area, and a restaurant, and is located a few steps from the capital’s international airport.

Martin’s Properties acquires Travelodge Seafront Hotel in Bournemouth, United Kingdom, from Aviva
London-based private investor Martin’s properties has acquired the 110-room Travelodge Seafront Hotel in Bournemouth, United Kingdom, from Aviva’s investment arm, Aviva Investors, for a sum reported to be £9.3 million (£84,400 per room). The yield on the limited-service, budget property is reported to be in the region of 6%.

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