Hotel news and transactions from around the European region: Blackstone acquires Grand Hyatt Athens, London Choice Apartments acquires The Royal Hotel, Ventnor, UK from Bailey and more...

Blackstone acquires Grand Hyatt Athens from Hines and Henderson Park

US private equity group Blackstone, through its European hotel investment vehicle Hotel Investment Partners (HIP) (which is also 35% owned by Singapore’s GIC), has acquired the five-star, 548-room Grand Hyatt Athens in Greece from British real estate private equity firms Hines and Henderson Park, for a reported €235 million (€428,800 per room). Located some 3 kms south of the Acropolis of Athens, this is the city’s second largest hotel, both in terms of conference facilities and number of rooms. In 2017, Henderson Park and Hines acquired the property as the 315-key Ledra Hotel, previously a Marriott-branded property before falling into disrepair, for just €33 million (€104,800 per room). They also acquired an adjacent building and undertook a major renovation and expansion with the addition of 227 new rooms and suites, with total refurbishment and renovation costs exceeding €150 million. HIP’s southern European leisure-based hotel portfolio now includes 73 properties across Spain, Portugal, Italy and Greece.  
 
Blackstone acquires Sunprime Miramare and Alexander The Great hotels in Greece

US private equity group Blackstone, again through its European investment vehicle Hotel Investment Partners (HIP), has acquired another two hotels in Greece, the five-star, 174-room Sunprime Miramare Beach in Rhodes, and the four-star, 208-room Alexander The Great Beach Hotel in Halkidiki on the northern coast of Greece. Both hotels have beachfront locations. The Sunprime is set to undergo extensive renovations, including updates to the rooms and common areas, as well as enhancements to its dining and leisure facilities. Similarly, the Alexander will undergo a complete refurbishment of its rooms and HIP will reposition it as a luxury, all-inclusive resort, with Greece’s largest hotel chain, Mitsis Group, set to operate it.
 
London Choice Apartments acquires The Royal Hotel, Ventnor, UK from Bailey

London-based holiday apartment rental company London Choice Apartments has acquired the four-star, 51-room The Royal Hotel in Ventnor on the south coast of the Isle of Wight, UK, from hotelier William Bailey. Situated in the seaside town of Ventnor overlooking the English Channel, the property dates from 1832 and has been refurbished in a classic British style, featuring a restaurant, bar, conference facilities and an outdoor swimming pool. The hotel has been owned and operated by Bailey since 1994. London Choice Apartments will now operate the property.

Whitbread sells Premier Inns in London Westminster and Oxford Westgate

British owner-operator Whitbread has completed the sale and leaseback of the three-star, 90-room Premier Inn Oxford City Centre (Westgate) hotel in Oxford, UK, and the three-star, 137-room hub by Premier Inn London Westminster, St James's Park hotel in London, to clients of CBRE Investment Management, for a combined £56 million (£246,700 per room). Both hotels are centrally located, with one near the Westgate Shopping Mall in Oxford and the other just a three-minute walk from Westminster Abbey. The two hotels reportedly delivered a net initial yield of 4.25%, with both being subject to a 30-year lease term with CPI reviews every five years, capped between 0% and 4%. Whitbread owns 56% of its portfolio in the UK.
 
Strabag acquires Moxy Cologne Mülheim from Art-Invest and OSMAB

Strabag Hold Estate, the Austrian real estate investment arm of the construction company Strabag SE, has acquired the 222-room Moxy Cologne Mülheim in Cologne, Germany, from the developers of the hotel, German investment manager Art-Invest Real Estate and German asset manager OSMAB Holding AG. The property, which opened in 2022, is situated in I/D Cologne, a new 160,000 sqm mixed-use project currently being developed on the former site of Cologne's Mülheim freight station. The hotel is currently being operated by the Chocolate on the Pillow Group under a 20-year lease agreement. This transaction is Strabag Hold Estate's first acquisition since its founding in 2023. 
 
Harrison family acquires Hellaby Hall Hotel in Rotherham, UK, from Lavin family

The Harrison hotelier family has acquired the four-star, 89-room Hellaby Hall Hotel in Rotherham, UK, from the Lavin family off a guide price of £8 million (£89,900 per room). The property is situated near Maltby in South Yorkshire, some 21 kms north-east of Sheffield. Set within a 17th-century manor house, the full-service hotel includes a spa and conference facilities. The new owners plan to enhance the hotel’s offering through further investments. 

www.hvs.com