Hotel news and transactions from around the European region: Pandox agrees to acquire Hotel NH Brussels Louise from NH, Azora purchases the Sheraton Rhodes Resort in Greece and more...
COIMA sells Hotel Excelsior in Venice to London & Regional
The iconic 197-room Hotel Excelsior on the Venice Lido in Italy has been sold by Italian real estate investor COIMA to owner-operator London & Regional Hotels (L+R) on behalf of the Lido di Venezia II Fund ("LDV II"). L+R is the LDV II Fund’s main shareholder and the existing operator of the Hotel Excelsior. The sale allows full repayment of the hotel’s €92 million debt to Intesa Sanpaolo and UniCredit, that COIMA had inherited from the previous fund manager, as well as providing additional funds to restructure the €45 million legacy debt for the nearby Hotel Des Bains, which also sits within the LDV II Fund and has been closed for more than 10 years after a failed plan by the previous owners to convert it to luxury residences. COIMA had carried out significant refurbishments on the Hotel Excelsior prior to sale and will now focus on the €70 million restoration and reopening of the historic Hotel Des Bains as a 190-room luxury hotel and spa.
Azora purchases the Sheraton Rhodes Resort in Greece from Lampsa
Madrid-based European real estate investment firm Azora has purchased the 401-room Sheraton Rhodes Resort for €43.8 million (€109,000 per room) from Lampsa Hellenic Hotels. This transaction marks the firm’s first hotel acquisition in Greece. The hotel will continue to be operated by Marriott. APG-backed Azora’s current portfolio includes 34 hotels with 9,300 keys across resort destinations in Spain, Italy, Portugal and Belgium. Seller Lampsa Hellenic Hotels’ hospitality group also owns three luxury hotels in Athens and two in Belgrade and is selling the Rhodes property as a strategic move to better concentrate on city centre hotels and fortify its operational and capital positioning. The five-star, beach-front resort is located in the town of Ialyssos on the island of Rhodes, with many rooms overlooking Ixia Beach.
PERIAL acquires the Almar Jesolo Resort & Spa near Venice
French real estate management company PERIAL has purchased the Almar Jesolo Resort & Spa near Venice for an undisclosed sum on behalf of its SCPI PF Hospitalité Europe fund. The award-winning five-star luxury beachfront resort, located some 30 kms north-east of Venice Lido on the Adriatic coast, has 179 rooms and 18 suites, each with their own private terrace overlooking the sea. The property also includes six meeting rooms, four F&B outlets, an independently operated spa, wellness spaces and a 12,000 sqm private beach. The Italian operator HNH Hospitality S.p.A. will manage the hotel under an 18-year lease agreement.
Pandox agrees to acquire Hotel NH Brussels Louise from NH
Swedish hotel investor and operator Pandox AB has entered an agreement with Spain’s NH Hotel Group, to purchase the 246-room Hotel NH Brussels Louise in central Brussels for €35 million (€142,000 per room). The transaction is expected to complete in the fourth quarter of 2022, with Pandox expected to operate the hotel while the group “evaluates suitable commercial alternatives”. Pandox has been present in the Brussels market for nearly 25 years and owns eight hotels in the city. Its portfolio currently includes 156 hotels with 35,500 rooms across 15 countries in major leisure and business destinations.
MHRE acquires building on Madrid’s Golden Mile for five-star hotel conversion
Madrid based REIT Millenium Hospitality Real Estate SOCIMI (MHRE) has acquired a building on Madrid’s Golden Mile on Calle Zorilla 19 for €30 million with existing funds. This acquisition marks MHRE third investment in the Spanish capital’s most exclusive area. The building is to be transformed into a five-star hotel and to be operated “by one of the most important” international luxury hotel operators. The six-floor building is minutes from the Congress of Deputies, Plaza Canalejas and the Prado and Thyssen Bornemisza museums. Millenium’s other hotel projects in Madrid include the JW Marriott due to open later this year and the Nobu Madrid due to open in 2023.
Union forward buys 25hours Hotel Copenhagen Paper Island from Danish developers
German real estate fund Union Investment has entered into a forward purchase agreement with development consortium Christiansholms Ø P/S for the 25hours Hotel Copenhagen Paper Island, for an undisclosed sum. The acquisition marks Union’s first entry into the Scandinavian hotel market. The 128-room hotel is expected to be completed in March 2024 as part of a large-scale project to develop the historic, man-made Paper Island in the central port area of Copenhagen. The property has been pre-let for 25 years to KNSA Hospitality Germany and will be managed by Accor’s Ennismore. KNSA works closely with Ennismore, currently leasing 22 properties in Western Europe under the 25hours, Mama Shelter and Jo&Joe brands.
The Central House acquires Spanish chain Rodamón Hostels
Alternative accommodation chain The Central House (TCH) has purchased the accommodation company Rodamón Hostels and its six operational properties in Barcelona, Sitges, Lisbon, Istanbul, Budapest and Marrakech, for an undisclosed sum. With this transaction, TCH will now have a portfolio of 1,250 beds, plus 1,250 in the pipeline. TCH was founded and is managed by Juan Luis Gómez and Paco Cabrero.
SORAVIA and Eckhard Brockhoff acquire Hotel Bredeney in Germany
Property entrepreneur Eckhard Brockhoff and real estate group SORAVIA have jointly purchased the Hotel Bredeney in Essen from Düsseldorf-based real estate group Brune Group, for an undisclosed price. The four-star hotel is located less than 30 minutes from Essen’s trade fair centre and Düsseldorf airport and is the largest hotel in the Ruhr region, occupying 19,000 sqm with 293 rooms, 15 conference spaces and 450 sqm of wellness area. The existing lease agreement with operator Bredeney Betriebsgesellschaft mbH will be maintained. This transaction sees SORAVIA increasing its hospitality division in Germany. The group recently purchased a 41% stake in Brockhoff GmbH.
Hotel Florhof in Zurich acquired by private investors Silvio Denz and Peter Spuhler
Majority owner and chairman of the Switzerland-headquartered Lalique Group, Silvio Denz, along with Swiss entrepreneur Peter Spuhler, have acquired the Hotel Florhof in Zurich, Switzerland, for an undisclosed price. Situated in the old town of Zurich, the 32-room hotel was in private ownership for some 100 years. The hotel is now set to undergo an extensive renovation in consultation with the Office for the Preservation of Historic Monuments, which will include the addition of a restaurant, bar and terrace on the first floor along with a living room and smoker’s lounge on the ground floor. The hotel is expected to reopen in early 2024 as Villa Florhof with the luxury goods company, Lalique Group, to operate the hotel and restaurant under a lease agreement.