Hotel news and transactions from around the European region: Blackstone and Bourne to sell Butlin’s to Harris family, Arrow Global acquires Hotel California and more...
GIC takes major stake in luxury resort operator Sani/Ikos
Singaporean sovereign wealth fund GIC has taken a major stake, for an undisclosed amount, in the Mediterranean luxury resort operator Sani/Ikos (SIG) worth €2.3 billion. GIC will be the leading stakeholder, replacing investors including Oaktree Capital, Goldman Sachs and UK-based Hermes GPE. SIG founders Stavros Andreadis, Andreas Andreadis and Mathieu Guillemin will remain key shareholders. The strategic investment is set to be completed in the fourth quarter. SIG currently operates over 2,750 rooms across 10 resorts in Greece and Spain, with an additional 1,578 rooms in the pipeline between 2023-25.
Blackstone and Bourne to sell Butlin’s to Harris family
US investment firm Blackstone has sold UK seaside resort operator Butlin’s to the Harris family, one of the group’s previous owners, for an undisclosed sum. Founded in 1936 and at one stage operating ten properties, Butlin’s today operates three resorts, in Minehead (Somerset), Bognor Regis (West Sussex) and Skegness (Lincolnshire) in England, which together attract some 1.5 million visitors annually. In early 2021, Blackstone acquired Butlin’s through its purchase of Bourne Leisure from the Harris, Cook and Allen families. Then in early 2022, Blackstone sold the real estate components of Butlin’s to the Universities Superannuation Scheme for approximately £300 million.
Arrow Global acquires Hotel California in Portugal from Details Hotels
Investment firm Arrow Global Portugal has acquired the four-star Hotel California in Albufeira, Portugal, from Portuguese hotel group Details Hotels & Resorts. The 80-room property sold for an undisclosed sum. The hotel underwent renovation in 2019 and includes a rooftop pool and bar overlooking the old town centre, sushi restaurant and spa & fitness centre. The centrally located property is only 100 metres away from the popular Praia dos Pescadores beach.
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