Hotel news and transactions from around the European region: Boscalt acquires Hotel Majestic in Rome, Extendam acquires two hotels in the north-west of Spain and more...

Reuben brothers take over Admiralty Arch hotel development in London
The billionaire brothers David and Simon Reuben, through their London-based investment vehicle Motcomb Estates, have seized control over the Admiralty Arch development from Prime Investors Capital (PIC), a London-based Spanish developer. The landmark property is situated in an ultra-prime London location opposite Trafalgar Square, occupying the entrance to The Mall leading to Buckingham Palace. In 2015, Rafael Serrano Quevedo’s PIC acquired an initial 125-year lease, which was successfully extended to a total of 250-years, from the UK government for a reported £60 million. The Grade-I listed landmark property will be operated by a leading international luxury brand following its transformation to a five-star, 102-room hotel, featuring three restaurants, a private membership club, a spa and expansive ballroom.

Hova acquires Club Med Gregolimano in Greece on behalf of Primonial
On behalf of Primonial REIM, Paris-based asset manager Hova Hospitality has acquired the 460-room, four-star Club Med Gregolimano in Edipsos, Greece, which is set to undergo a €20 million renovation program. Hova Hospitality, which was launched by Dominique Ozanne and Gael Le Lay in 2021 with key backing from Primonial, now oversees a portfolio of some 125 assets across Europe with a value of €1.3 billion.

Boscalt acquires Hotel Majestic in Rome
Boscalt Hospitality, an Edmond de Rothschild private equity strategy, has acquired the 100-room Hotel Majestic in Rome for an undisclosed price. The iconic five-star hotel is located on the Via Vittorio Veneto, within walking distance to popular attractions such as the Spanish steps, Villa Borghese gardens, and the Fontana Di Trevi. It is expected to undergo major renovations and be repositioned into an ultra-luxury lifestyle hotel. After the renovation, the hotel is anticipated to feature 83 larger rooms and suites, as well as additional food and beverage facilities.

Hotel Investment Partners acquires beachfront resort near Marbella from Mazabi family office
Blackstone’s hotel investment company, Hotel Investment Partners (HIP), has acquired the four-star METT Marbella Estepona hotel in Spain from the Mazabi family office for an undisclosed price. The former Iberostar Costa del Sol, situated on Costa del Sol’s Golden Mile, a 20-minute drive from Marbella, enjoys a beach front location at Playa de Guadalmansa. HIP has allocated additional funds to reposition the 265-room hotel from four to five stars. Dubai-based Sunset Hospitality Group will operate the hotel under the METT flag, which was first launched with the METT Hotel & Beach Resort Bodrum in Turkey, with the Marbella property to be their second opening.

Extendam acquires two hotels in the north-west of Spain
French independent investment company Extendam has acquired a majority stake in two hotels in A Coruña, north-western Spain, from Spanish entrepreneur José Souto Meizoso, for an undisclosed sum. Extendam completed the transaction alongside DG Invest, Accor’s largest franchisee in Southern Europe, who will operate the assets under their existing flags. The two-hotel acquisition includes the 59-room, four-star DoubleTree by Hilton A Coruña, which opened in 2019, and the 84- room ibis Styles A Coruña, which was last renovated in 2018.

Caskade acquires Hotel Indigo in Birmingham
UK-based Caskade Group, a leading franchisee of fast-food restaurants in the UK, the Netherlands and Malaysia, has acquired the 52-room Hotel Indigo in Birmingham off a guide price of £12.5 million (£240,000 per room). Bespoke Hotels, the UK’s largest independent hotel operator, has been appointed to take over management of the property. The city-centre boutique hotel, situated in the 25-storey mixed-use development known as The Cube, is no longer part of the IHG network and will now operate as the independent “The Cube Hotel”. The transaction completed ahead of the Commonwealth Games, which are taking place in Birmingham between the 28th July and 8th of August, welcoming over 5,000 athletes, with the subject hotel being one of the host venues for the event.

Leyendecker acquires Stayery in Frankfurt from Schütt
Leyendecker Gruppe, a Germany based real estate investor, has acquired the 139-room aparthotel Stayery in Frankfurt from German real estate developer Schütt for an undisclosed sum. The first Stayery branded serviced apartment property opened in 2019 in Berlin. The Stayery portfolio now includes a total of four properties, all located in Germany, with the Frankfurt addition being the most recent opening. The Stayery Frankfurt features a limited F&B offering, parking facilities, guest laundry room and all guest rooms are equipped with a kitchenette.

Staycity Dublin Castle sold to BNP Paribas REIM
Tepee Developments, a Dublin-based developer, secured €11.5m (€225,000 per room) from the sale of the 51-unit Staycity aparthotel to a fund managed by France’s BNP Paribas Real Estate Investment Managers. Staycity operates the hotel on a long-term lease with a weighted average unexpired lease term of over 20 years remaining. The property is located in Dublin 8, south of the river Liffey and minutes from some of Dublin’s most popular attractions such as Temple Bar and Dublin Castle.

Northland Properties acquires the Quays Hotel in Sheffield from Furnival
Family-owned Canadian private equity firm Northland Properties Corporation has acquired the Quays Hotel in Sheffield, UK, from UK-based Furnival Quay Ltd off a list price of £10 million. The 128-room Best Western Plus-branded property was reopened in 2020 under the management of Legacy Hotels following a rebranding from a Hilton core brand. The transaction includes an adjacent multi-storey car park. Northland, owner and operator of several hotel brands, currently have three other interests in the UK under their Sandman Signature brand in Aberdeen, Newcastle and Gatwick.

JP Hospitality acquires Hotel Milano in Madonna di Campiglio in Italy
Vienna-based JP Hospitality Investors Club has acquired the 50-room alpine hotel Madonna di Campiglio in Italy’s Trentino region for an undisclosed price. The 50-room alpine hotel is to be renovated and repositioned, in collaboration with an international operator, to the mid to upscale lifestyle segment, with the renovation also including the addition of two floors to the existing property. Centrally situated, the hotel is just steps away from several ski lifts, with access to over 150 kilometres of slopes including the ski world cup race course.

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