Hotel news and transactions from around the European region: Extendam sells budget hotels in Grenoble, Saint-Etienne and Valencia and more...

Village Hotels acquires former Crowne Plaza Reading in the UK from Brightbay

Blackstone Real Estate’s owner-operator Village Hotels has acquired the former four-star, 122-room Crowne Plaza Reading, an IHG Hotel in Reading, UK, from British property investor Brightbay Real Estate Partners. The property is situated next to Caversham Bridge on the River Thames, about an hour’s drive west of central London. The hotel is set to undergo a comprehensive renovation, including new bedrooms, a signature pub and grill, meeting and event spaces, a Starbucks coffee shop and a health and wellness centre. Following this acquisition, Village’s UK portfolio now comprises 34 hotels and around 600 rooms. Blackstone acquired Village Hotels from KSL in June 2024, as reported in this newsletter. 
 
Extendam sells budget hotels in Grenoble, Saint-Etienne and Valencia

French investor Extendam has sold two hotels in France to local operators, and one hotel in Spain to owner-operator DG Invest, with all being independent transactions. The two French hotels are the three-star, 48-room Maison Barbillon Grenoble, located opposite the Grenoble TGV station, and the 98-room By Georgette Forez hotel, which is situated five-minute’s drive from Saint-Étienne - Loire Airport. Extendam acquired the Grenoble property as a two-star hotel in 2019 and transformed it into a three-star boutique hotel which reopened in 2021. The Saint-Etienne property was acquired in 2021, renovated and reopened in 2022.  The Spanish property, the 68-room ibis Budget Valencia Centro Puerto, was developed by Extendam and DG Invest and opened in July 2023. DG Invest has now bought-out Extendam’s share and become 100% owner. Extendam reported IRRs of 15% on Maison Barbillon Grenoble, 14% on the By Georgette Forez, and 12% on ibis Budget Valencia Centro Puerto following these transactions.
 
Interesting Hotels acquires former Hilton Garden Inn Snowdonia, UK

British owner operator Interesting Hotels has acquired the former four-star, 106-room Hilton Garden Inn Snowdonia in Dolgarrog, UK, out of administration. The purpose-built hotel opened in 2021 and is situated near the Snowdonia National Park in northern Wales. The property includes four meeting rooms, spa facilities, a restaurant and bar. Interesting Hotels bought the property unbranded and on a freehold basis. The hotel will be renamed as IXORA Hotel & Spa. Following this acquisition, Interesting Hotels’ portfolio consists of nine hotels across the UK.

www.hvs.com