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Europe hotel transaction news - May 30, 2024
Thursday, 30th May 2024
Source : HVS

Hotel news and transactions from around the European region: Extendam acquires two Sofitels in Lisbon and Rome, Gruppo Statuto to acquire Six Senses London and more...

Extendam acquires two Sofitels in Lisbon and Rome from AccorInvest
French investor Extendam has acquired the five-star, 163-room Sofitel Lisbon Liberdade in Portugal and the five-star, 78-room Sofitel Roma Villa Borghese in Rome from AccorInvest. The purchase price for the two hotels was not formally disclosed, but has been reported as being around €150 million (an average of €622,000 per room). Senior debt was provided by CaixaBank and its subsidiary Banco BPI for the Lisbon property, and by Credit Agricole Corporate Investment Bank (CICIB) for the Rome acquisition. Both financings were on the basis of green loans, with the two hotels set to undergo renovation programmes with a strong focus on environmental impact performance improvements, as well as the addition of a spa and wellness centre in Lisbon. Extendam is planning to launch a new, third fund in 2025, which will target ESG-focused hotel investments in urban areas across major European markets.

Gruppo Statuto to acquire Six Senses London from C C Land and MARK JV
Italian investor Giuseppe Statuto, through his firm Gruppo Statuto, has signed a binding agreement to acquire the future five-star, 109-room Six Senses London from JV owners Hong Kong-based C C Land Holdings and investment manager MARK, for £180 million (£1,651,000 per room). The acquisition also includes 14 branded residences and ownership will officially transfer upon opening of the hotel in early 2025. The property will be managed by Six Senses under a 30-year agreement. The hotel is part of the 56,700 sqm redevelopment of The Whiteley, a Grade II listed building from the 1800s located in central London to the north of Hyde Park. In addition to the hotel, the project includes another 139 residences, 20 various retail outlets, a cinema and a large-scale gym.

ActivumSG divests Palacio Solecio in Malaga
Pan-European private equity firm ActivumSG has sold the four-star, 118-room Palacio Solecio in Malaga, Spain, to an undisclosed buyer for €51 million (€432,000 per room). Located in the Old Town of Malaga, which is situated on the Costa del Sol in southern Spain, the building was constructed in the 18th century and acquired by ActivumSG for €8 million in dilapidated condition. The firm undertook a comprehensive, two-phased renovation and extension of the property, which was completed in 2023 following the development of three adjoining plots that provided a further 50 rooms plus a rooftop pool and restaurant. The hotel now spans over 8,000 sqm across five floors, and has been operated by Marugal Distinctive Hotel Management since 2019 under a management agreement.

Barcelo acquires Hotel Midas Roma in Rome from ZEITGEIST AM
Mallorca-based Barcelo Hotel Group has acquired the four-star, 350-room Hotel Midas Roma in Rome, Italy, from pan-European real estate investor ZEITGEIST Asset Management. The combined transaction value plus planned investment into the property total roughly €60 million (€171,000 per room). Located on the western outskirts of the Italian capital in close proximity to Rome’s A90 ring highway, the hotel primarily targets a MICE clientele, with a 17-meeting room convention centre that has capacity of up to 1,300 delegates. The group is expected to refurbish the asset and resume trading under the Barcelo brand. This acquisition comes after the firm announced a €400 million global expansion strategy across existing and new markets in Q2 2024, with a focus on the MENA region.

Grupotel acquires Hotel Mayorazgo in Madrid from Salazar Gordon family
Spanish hotel chain Grupotel Hotels & Resorts has acquired the four-star, 200-room Hotel Mayorazgo in Madrid, Spain, from the Salazar Gordon family, after it was brought to market in 2023 with an asking price of €60 million, or €300,000 per room. Centrally located near the Casa de Campo park and within walking distance of the Royal Palace of Madrid, the hotel includes four F&B outlets and meeting rooms for up to 180 people. This transaction will mark Grupotel’s entry into Madrid, and will increase its portfolio to 46 properties, 36 of which are located across the Balearic Islands. Prior to the sale, the hotel had been in the hands of the Salazar Gordon family for over 65 years. During Covid, the hotel underwent a €1 million renovation programme.

H10 Hotels acquires Labranda Costa Mogan in the Canary Islands from Atom
Spanish owner operator H10 Hotels has acquired the four-star, 125-room Labranda Costa Mogan hotel on Gran Canaria Island in Spain from Spanish REIT Atom Hoteles, for €31.7 million (€254,000 per room). The hotel is located on the southern part of the island, some 30 minutes by car from its international airport. Atom acquired the asset in 2019 for €15 million (€120,000 per room), after which it underwent a full refurbishment programme of roughly €6 million (€48,000 per room). Following this acquisition, H10 will take over the management of the property, and will see its portfolio increase to 67 hotels across Spain, major European capitals and the Caribbean.

Patrizia acquires Malmaison Edinburgh City from Harrison Development
German real estate investment firm Patrizia AG, on behalf of an unnamed UK institutional investor, has acquired the four-star, 72-room Malmaison Edinburgh City hotel from British developer S Harrison for £25 million (£347,000 per room). The hotel is situated on St Andrews Square, one of the city centre’s most important landmarks, within a short walk of Edinburgh’s main train station. The asset was fully renovated in 2020 and is now operated under a 30+ year lease by the domestic boutique hotel group. The property is projected to reach between 85% and 90% occupancy during 2024, the third-highest across the Malmaison portfolio. There are currently 18 Malmaison hotels, located across key UK cities, including London, Liverpool, Oxford, Birmingham, Brighton and Leeds.

Atland acquires ibis budget Bilbao City from Extendam
French publicly-listed REIT Atland SA, through its SCPI Epargne Pierre Europe fund, has acquired the economy, 149-room ibis budget Bilbao City hotel in Bilbao, Spain, from French investor Extendam. This acquisition marks the REIT’s first venture into hotel real estate, and the divestment reportedly leaves Extendam with a 16% IRR on its invested equity. Under a new partnership, the hotel is set to be managed through a long-term lease to Continuum Hospitality Group, which is the second-largest Accor franchisee in Spain. This Atland SCPI targets commercial properties outside of France, with a portfolio currently concentrated in Spain and the Netherlands, which, as of December 2023, comprised seven assets and ten leaseholds.

Agromarket acquires Austria Trend Hotel Ljubljana from Generali and Peakside
Asset managers Generali Investments Slovenia and Peakside Capital Advisors, through the Generali Adriatic Value Fund, have sold the four-star, 214-room Austria Trend Hotel Ljubljana in Slovenia to Serbian agri-food group Agromarket. The hotel includes a wellness area and a convention centre with 11 rooms, and is located on the outskirts of the capital city, with direct access to the highway system. Having acquired the asset in 2019, the fund undertook a comprehensive renovation of the property and renewed the lease with the operator. The Generali Adriatic Value Fund was the country’s first real estate regulated alternative investment fund, and has a geographic focus on Slovenia, Croatia and Serbia, targeting returns of 13% gross IRR and a target fund size of €100 million.

Luxury Hotel Partners acquires Hotel GHM Monachil in Spain
Family-owned hotel group Luxury Hotel Partners, led by the Shamoon brothers, has acquired the 80-room Hotel GHM Monachil in Pradollano, in the Spanish Sierra Nevada mountain range. The hotel is located on the slopes of the Sierra Nevada Granada Andalusia ski resort, which features 112 kilometres of skiable area across 134 slopes, and includes the highest slope in Spain at 1,200 metres. The purchasers plan to refurbish the hotel and to take advantage of operational efficiencies with the Maribel Ski & Apres-Ski and The Lodge - Ski & Spa. Luxury Hotel Partners’ other hotel investments include the famous Marbella Club and Puento Romano hotels, as well as the Nobu Ibiza.

Extendam acquires Hotel Silken Rona Dalba in Spain
French investor Extendam has acquired the three-star, 94-room Hotel Silken Rona Dalba in Salamanca, Spain, from an undisclosed seller. Situated in central Spain, some two hours’ drive west of Madrid, Salamanca is a town of approximately 300,000 inhabitants. Following its acquisition, the asset is set to undergo an extensive renovation programme to be repositioned as a more energy efficient four-star hotel. Spanish group Silken Hoteles, which has been the property’s operator for over 23 years, will participate in the transformation alongside the new owner and remain in place as operator. Silken currently operates some 34 hotels across Spain.

www.hvs.com

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