Europe hotel transaction news - June 19, 2024
Wednesday, 19th June 2024
Source : HVS

Hotel news and transactions from around the European region: Bet Capital Group acquires Spanish Izan Hoteles group, Courbet acquires Christ-roi hotel in Lourdes, France and more...

Bet Capital Group acquires Spanish Izan Hoteles group

Spanish fund manager Bet Capital Group, led by its president Alfonso Bayon, has acquired the Spanish hotel chain Izan Hoteles, which owns five hotels totalling 663 rooms distributed across Spain. Three of the five hotels are operated by Izan, whilst two are managed by third-party operators. The three are the four-star, 400-room Hotel Izan Cavanna in Murcia, the four-star, 77-room Hotel Izan Trujillo in Casteres and the four-star, 50-room Hotel Izan Puerta de Gredos in Avila. The latter two hotels are the four-star, 86-room Hotel NH Collection Cáceres Palacio de Oquendo in Caceres and the three-star, 50-room Hotel Prado Real near Madrid. The group is expected to continue its acquisitions of hotels and hotel development plots in the southern coastal regions of Spain, setting a focus on acquiring existing, trading hotels without operators or tenants in place. 

Ona Hotels acquires two hotels in southern Spain

Spanish owner-operator Ona Hotels & Apartments has acquired the four-star, 100-room Hotel Princesa Playa in Marbella, as well as the three-star, 159-room Hotel Las Rampas in Fuengirola which is situated between Marbella and Malaga. Both properties are set to be rebranded under the Ona brand and to trade as the Ona Princesa Playa aparthotel and the Ona Las Rampas hotel. The Ona Princesa Playa is expected to undergo a €5 million refurbishment program (€50,000 per room). The Spanish group has a target to reach 50 properties by the end of 2024, with its portfolio currently comprising 43 properties across Spain and one in Andorra.

Grupo Fagra acquires Occidental Castellana Norte hotel in Madrid from Covivio

Spanish investor Grupo Fagra has acquired the four-star, 144-room Occidental Castellana Norte hotel in Madrid, Spain, from French publicly traded real estate investor Covivio. The hotel is located in the north of the city, some ten minutes’ drive to the west of Madrid’s international airport. The hotel opened in 2008 and had been managed via a lease agreement by domestic Barcelo Group ever since. Prior to this acquisition, Grupo Fagra’s hotel portfolio comprised five properties across Spain, and this transaction marks its entry into Madrid. 

Capilon Hotels Group and Prima AM acquire vacant hotel in London

London-based hotel manager and developer Capital Hotels Group, in partnership with Singaporean private equity firm Prima Asset Management, has acquired an undisclosed, vacant, Grade-II listed hotel building in Paddington, London, UK. Located to the north of Hyde Park on Westbourne Terrace, the building is set to be fully redeveloped into an 80-room, upper scale boutique hotel. British lender OakNorth Bank and property lender ASK Partners have provided a £19.5 million (£244,000 per room) loan to fund the acquisition and redevelopment of the property. Capilon Hotels targets central London hotels, and its portfolio comprises 11 assets such as the four-star, 44-room Blandford Hotel in Marylebone and the three-star, 56-room The Judd Hotel in Bloomsbury.

Extendam divests easyHotel Malaga City Centre

French private equity investor Extendam has divested the 146-room easyHotel Malaga City Centre in Andalusia, Spain. The land plot was acquired by Extendam in 2017, with the aim of developing a budget hotel. The hotel opened in H2 2020. The property was developed in partnership with the current operator Continuum Hotel Services and branded under the easyHotel flag through a franchise agreement. In addition to its room stock, the building also features 300 sqm of leasable retail space on the ground floor and 30 parking spaces. easyHotels has almost 50 hotels in 11 countries, with 32 being owned and leased, and 17 being franchised. The brand typically targets hotels of over 80 rooms and an average room size of 19 sqm.

HIS Group Hotels acquires Hotel Mercure Toulouse Sud

French family-owned hoteliers HIS Group Hotels has acquired the four-star, 90-room Hotel Mercure Toulouse Sud in southwestern France. The property is located some five kilometres south of the city centre, and was built in 2015. The hotel, and more widely the city of Toulouse, are set to benefit from the arrival of the €8 billion Bordeaux-Toulouse high speed rail line in 2032. The group’s portfolio comprises 21 hotels (ranging from budget to four-star) totalling 1,350 rooms across 11 destinations in southwestern France, most of which are operated under franchise agreements with Accor, with a focus on the ibis hotels brand, and achieved a total turnover of €42 million during 2023. This acquisition is the group’s fourth in Toulouse.  

Advenis REIM acquires Pierre & Vacances Hotel Granada in Spain

French asset manager Advenis Real Estate Investment Management, through its property fund SCPI Elialys, has acquired the four-star, 122-room Hotel Granada in Spain for €12.6 million (€103,000 per room). The hotel, which opened its doors on the 5 June 2024, is situated in the city centre of Granada and is leased to French tourism group Pierre & Vacances under a 12-year agreement. It includes a rooftop swimming pool, solarium, bar and meeting rooms. Tenant Pierre & Vacances’ Spanish portfolio comprises 30 apartment complexes, 14 hotels and three resorts. The Elialys fund was launched in 2018 and primarily invests in tertiary sector real estate in large south European cities, and has a capitalisation of roughly €83 million.

Courbet acquires Christ-roi hotel in Lourdes, France

French Euronext Access Paris-listed real estate investor Courbet SA has acquired the family-run four-star, 180-room hotel Christ-roi in Lourdes, France. The hotel is within a five-minute walk of the renowned Notre-Dame de Lourdes sanctuary, which welcomed over three million visitors in 2023. The asset includes a restaurant, bar, parking for cars and coaches, and comprises approximately 10,000 sqm of floor space. The new owners are expected to refurbish and modernise the hotel and outsource management to a third-party partner. Courbet was founded by Jean-Francois Ott, the businessman behind Prague-based real estate developer and asset manager Orco Property Group, of which a majority stake was acquired by CPI Property Group in 2016. Courbet has developed and managed some 20 hotels, whilst also creating the CEE-focussed hotel chain Mamaison Hotels & Residences.

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