Hotel news and transactions from around the European region: Millenium acquires the Iberostar Las Letras hotel in Madrid, Corum acquires the NH Hotel Utrecht and more...

Millenium acquires the Iberostar Las Letras hotel in Madrid, Spain
Millenium Hospitality Real Estate (MHRE) has acquired the 109-room Iberostar Las Letras hotel in Madrid for €70 million (€642,000 per room). The four-star hotel is operated by Iberostar and located on Gran Via, just a short distance from three other Madrid hotels owned by Millenium, including the JW Marriott in Plaza de Canalejas and the Nobu Hotel Madrid that are both due to open in the next few months. Millenium’s hotel portfolio now includes 12 assets, valued at some €550 million. Private investment firm Castlelake is Millenium's largest shareholder with approximately 50% of the capital.

Corum acquires the NH Hotel Utrecht in the Netherlands from HighBrook
The 276-room NH Hotel Utrecht in central Utrecht has been acquired by real estate firm Corum Asset Management, through their Corum XL fund, from private equity real estate firm HighBrook Investors, for €45 million (€163,000 per room). The four-star hotel is leased to NH Hotels on a long-term basis and is located near Utrecht Central Station, Jaarbeurs Convention Centre and Beatrix Theatre. The property includes 28 meeting rooms, a restaurant, a bar and a fitness room.

Azora acquires The Lodge in Portugal from Pluris
Spanish fund manager Azora, through its European Hotel & Lodging vehicle, has acquired The Lodge, a 119-room hotel in Porto, Portugal, for €40 million (€336,000 per room). The seller was Portuguese businessman Mario Ferreira through his company Pluris Investments. The luxury hotel, with views over the Douro River, initially opened in October 2020, but due to the pandemic was not fully operational until late May 2021. This transaction marks Azora’s fifth hotel acquisition in Portugal, with prior investments including the Tivoli Marina Vilamoura and Tivoli Carvoeiro in 2021. Ferreira also owns the Portuguese television channel TVI and sold the luxury hotel Monumental Palace in Porto in 2018.

Sofidy acquires the B&B Milano Centrale Station from BPER Leasing
French fund manager Sofidy, a subsidiary of Tikehau Capital, has acquired the B&B Milano Centrale Station on behalf of the investors of their Efimmo 1 fund, from BPER Leasing, a subsidiary of BPER Banca Group, for an undisclosed sum. The 101-room midscale hotel was renovated in 2017 and is located near Milan’s central station, close to the Porta Nuova Business District. This acquisition marks Sofidy’s first investment in Italy, adding onto their existing portfolio in Brussels, Bonn and Lyon.

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