European hotel transactions news - March 21, 2023
Tuesday, 21st March 2023
Source : HVS

Hotel news and transactions from around the European region: Poseidon acquires the Pullman Cannes Mandelieu Royal Casino on the French Riviera and more...

Azora acquires Hotel Madrid Chamartín from Meridia
Spanish private equity firm Meridia Capital, through its vehicle Meridia RE III, has sold the 14,000 sqm, three-star, 199-room Hotel Madrid Chamartín by Meliá (formerly known as the Tryp Chamartín hotel) to Madrid-based investment manager Azora, for €34.6 million (€174,000 per room). The hotel is located next to the train station in the Chamartín business district in the north of Madrid, Spain, near the Madrid Nuevo Norte mega-development project, and has a franchise agreement with Meliá. The property sits in conjunction with two adjacent commercial premises and 94 parking spaces. Meridia acquired the property in January 2019 for €27.5 million from real estate company Colonial.

Poseidon acquires the Pullman Cannes Mandelieu Royal Casino on the French Riviera
Poseidon Hospitality, which is owned by Luminare and Unik Group, has acquired the four-star 213-room Pullman Cannes Mandelieu Royal Casino on the French Riviera from JOA (Jouer-Oser-s’Amuser), a French casino company owned by Blackstone and Kings Park Capital, for an undisclosed amount. Built in 1981, the hotel has direct access to the beach facing the Bay of Cannes and includes 19 meeting rooms, a restaurant, several bars, a casino, a nightclub, a pool and a fitness centre. Poseidon has plans to renovate and reposition the property based on Unik’s branding. JOA, which acquired the hotel from Chequers Capital in 2017, will continue operating the casino.

Blantyre and Fairtree take over Crerar Hotel Group
Blantyre Capital and its operating partner Fairtree Hotel Investments have taken over Scotland’s Crerar Hotel Group, whose portfolio of seven upscale hotels (totalling 389 rooms) across Scotland including the 56-room Balmoral Arms in Ballater, 15-room Glencoe Inn in Glencoe, 48-room Thainstone House in Inverurie, 79-room Oban Bay Hotel in Oban, 82-room Isle of Mull Hotel & Spa in Craignure, 67-room Loch Fyne Hotel & Spa in Inveraray and the 42-room Golf View Hotel & Spa in Nairn. This transaction marks the fourth hotel asset related acquisition for Blantyre and Fairtree within the UK since 2021, having previously acquired the Fonab Castle and Dunkeld House Hotel in Perthshire, Scotland and the Daffodil Hotel and Spa in Cumbria, England.


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