Hotel news and transactions from around the European region: edyn acquires Paris property for hotel conversion, Redevco acquires six properties to transform into hotels in Spain and Portugal and more...
Redevco acquires six properties to transform into hotels in Spain and Portugal
European real estate firm Redevco has acquired six existing properties in Spain and Portugal for over €80 million. They will be the starting point for Redevco’s ‘Next Gen Stays’ joint venture platform, focusing on converting assets into hotels. The six properties are located in Lisbon, Porto, Bilbao, Seville, and Malaga. The goal is to build a €250 million portfolio in the Iberian markets with a joint venture partner and then expand into a pan-European hotel vehicle with an investment volume of €500 to €700 million. Redevco will be working with a Spanish boutique hotel operator to design and lease the assets.
PRIAMS acquires the Bellecôte Tourist Residence in France from SARPB
The over 3,000 shareholders of SA Résidence Plagne Bellecôte (SARPB) have sold the Bellecôte Tourist Residence in eastern France, near the Italian border, to PRIAMS Group. Located right on the snow front at an elevation of 1,930 metres, this 406-apartment ski resort covers a total area of over 14,000 sqm. PRIAMS is set to invest €100 million towards the refurbishment of the asset, with work to begin in May 2023.
edyn acquires Paris property for hotel conversion
Extended stay hospitality company edyn has acquired an 18th century mansion in Paris’ fifth arrondissement Latin Quarter, marking its first property in France. The group is planning to develop the asset into a 145-key boutique aparthotel, to become the flagship location for the group’s Locke brand. The expected opening date is in 2024. The property is set to include 1,000 sqm of social spaces, including a winter garden, a “high-concept” restaurant and bar, a co-working space, a coffee shop, a gym and laundry facilities. Currently, edyn operates 12 properties totalling 1,978 keys across various markets.
Wirtgen Invest acquires the A-ROSA Resort in northern Germany from Deutsche Immobilien
Family office Wirtgen Invest Holding has purchased the five-star A-ROSA Wellness Resort on Sylt Island in northern Germany from Deutsche Immobilien Invest Hotel Fonds. The property includes 177 rooms and suites, 3,500 sqm of spa area and two restaurants. The operator of the property remains DSR Hotel Holding, which has 17 hotels in total, with five in the pipeline, across 15 locations in Europe. Luxury resort group A-ROSA has three properties across Germany and Austria, in the alpine town of Kitzbühel, Sylt and Travemünde.
EXTENDAM acquires the Forsters Posthotel in Germany
French hotel investment company EXTENDAM has acquired the Forsters Posthotel located in the central business district of Donaustauf, Germany. The four-star, 71-room hotel includes a bar and restaurant, 10 meeting rooms and health facilities. Since its opening in 1994, the hotel had been managed by the Forster family. With this acquisition, operations will be entrusted to EXTENDAM’s partner and co-investor in several European assets, SomnOO, which owns and operates more than 50 hotels in Germany and France. This acquisition brings the number of joint EXTENDAM and SomnOO assets in Germany to four and joint operations in Europe to 12.
Revitalis acquires the Hanseatischer Hof Lübeck in northern Germany from Art-Invest
Hamburg-based investment group and developer Revitalis has acquired the 191-room Hanseatischer Hof Lübeck in Germany from Art-Invest Real Estate, for an undisclosed sum. The hotel, now planned to be converted into a residential scheme, officially closed on September 30, 2022, including the adjoining congress centre.
abrdn sells the Apex Hotel in Edinburgh
Edinburgh-headquartered insurer abrdn has sold the long leasehold, 66-room former Apex Hotel in Edinburgh’s Haymarket to an undisclosed buyer off-market. The property, which was sold with vacant possession, includes a bar, restaurant and three meeting rooms.
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