Europe hotel transaction news - October 05, 2022
Wednesday, 5th October 2022
Source : HVS

Hotel news and transactions from around the European region: Terrot Group acquires the Hôtel du Ministère in Paris, Borealis Hotel Group acquires Bierwirth & Kluth Hotel Management and more...

Pandox acquires the DoubleTree by Hilton in Bath, UK, from Starwood Capital
Hotel owner and operator Pandox AB has acquired the 176-room DoubleTree by Hilton in Bath, England for £40 million (£227,000 per room), from an affiliate of Starwood Capital Group. Operations will be under a new management contract with Axiom Hospitality with a franchise set to be signed with DoubleTree by Hilton. The hotel is centrally located in Bath, near the historic centre and Roman baths. Based in Sweden, Pandox has a portfolio currently comprising 156 hotels (35,500 rooms) in 15 countries.

Pictet acquires the Expo Hotel Valencia in Spain from Jordi Mestre
The 377-room Expo Hotel Valencia has been acquired by Swiss group Pictet from Jordi Mestre, the previous owner of the Selenta hotel operating group. The three-star hotel is located along a central road in the city, Avenida Pio XII, and contains a restaurant, bar, outdoor pool and more than 1,500 sqm of meeting and event spaces. The new owners intend to transform the hotel into a four-star property. Pictet has been actively acquiring real estate in Spain this year, with acquisitions of residential, logistics and hotel projects.

IAM Capital acquires a trophy asset in Rome
IAM Capital, on behalf of its newly launched IAM Hospitality Fund, which is managed by Castello SGR (a unit of Oaktree Capital), has acquired a trophy asset on the Lungotevere Raffaello Sanzio in Rome, overlooking ancient Rome and the Tiber River. The 5,800 sqm property is set to be converted to a five-storey 70-room luxury hotel, consisting of a gourmet restaurant, spa and other premium amenities.

EQ Group and Eternam jointly acquire the Courtyard Paris Arcueil
London-based EQ Group and French investor firm Eternam have jointly acquired the Courtyard Paris Arcueil in Paris, near the Porte de Versailles and 15 minutes by train to central Paris. The 170-room hotel, which includes a restaurant and fitness area, is set to be renovated. The property will continue to be operated by Marriott International, whom EQ has a strong existing relationship with. This is the sixth Marriott branded hotel for EQ, whose portfolio includes six hotels in Paris and 5,000 rooms across Europe. This purchase reportedly marks the 13th hotel acquisition for Eternam this year.

Terrot Group acquires the Hôtel du Ministère in Paris
French real estate group Terrot has acquired the four-star boutique Hôtel du Ministère in Paris’ 8th arrondissement central business district for an undisclosed sum. The 43-room hotel occupies a total of 1,500 sqm and is mostly intended for business clientele. The hotel will be managed by Terlia, the hotel operator branch of Foncière Concorde. The Terrot Group currently has 220 beds under management with 310 in the pipeline and has a goal to reach 800 beds by the end of 2024.

Everest sells Holiday Inn Unterhaching, Munich, to regional German developer
Frankfurt-based asset-manager Everest Management has divested the Holiday Inn in Unterhaching, located in the south of Munich, to a regional developer. Everest acquired the 257-room on behalf of US-based investment firm Westport Capital Partners in 2016, for whom it acted again in this transaction. The four-star business hotel includes 27 meeting and event spaces for up to 600 guests.

Borealis Hotel Group acquires Bierwirth & Kluth Hotel Management
Dutch Borealis Hotel Group has acquired the Wiesbaden-based operator Bierwirth & Kluth Hotel Management GmbH (B&K), a group active in the DACH region with 12 hotels and some 3,000 rooms under management. To finance the acquisition, Borealis and existing investor Three Hills Capital Partners (THCP) have signed an agreement with Atlantic Park Strategic Capital Fund (AP), a joint venture between General Atlantic and Iron Park Capital Partners, who will also invest in Borealis, joining Borealis as new shareholders. The new structure now will include almost 30 properties across Austria, Belgium, France, Germany, the Netherlands and Spain. B&K has existing franchise partnerships with global groups such as Marriott and IHG.

IMAXXAM acquires the B&B Hotel in Augsburg, Germany, for Union Investment fund
Asset management company IMAXXAM has acquired the B&B Hotel Augsburg-West, located some 70 km north-west of the centre of Munich, on behalf of Union Investment’s special real estate fund, the “German Small Asset Invest”. The price was undisclosed. The 124-room hotel sits in a four-storey building, covers over 3,557 sqm and will continue to be operated by B&B Hotels Germany, on a long-term lease basis.

Basingstoke and Deane Borough Council acquire Premier Inn Basingstoke, UK, from CBREi
The local council of Basingstoke and Deane Borough in the south-east of England has acquired the Premier Inn Basingstoke Town Centre hotel from a fund managed by CBRE Global Investors (CBREi) for a reported £8.7 million (£107,000 per room). The 81-bedroom hotel was completed in June of 2015. The property was let to Premier Inn on a 25-year lease, now generating an annual rental income of £417,000 according to the purchaser, therefore reflecting a yield of approximately 4.8%. CBREi acquired the three-star hotel in the second half of 2015 from UK-based Fishron Developments.

HVS Hodges Ward Elliott advises Covivio in operator selection process for three luxury UK hotels
RBH Hospitality Management has been chosen, after a highly competitive selection process, to operate three high-end hotels in the UK for Covivio Hotels from October 1, 2022: The Principal York, Wotton House in Surrey and The Met Hotel Leeds. Third-party operator RBH’s first continental European partnership sees it adding a further 402 rooms to its existing portfolio of operations in over 190 hotels across the UK and globally. HVS Hodges Ward Elliott ran the operator selection process on behalf of Covivio.


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