Hotel news and transactions from around the European region: Pandox acquires Pullman Cologne in Germany, Far East Consortium sells Dao by Dorsett North London and more...

Pandox acquires Pullman Cologne in Germany from Art-Invest

Swedish hotel investor Pandox AB has entered an agreement to acquire the four-star, 275-room Pullman Cologne, Germany, from German investor Art-Invest Real Estate’s institutional hotel funds, for €66 million (€240,000 per room). The property is situated in central Cologne, around a kilometre to the west of the Rhine. The hotel includes two restaurants, a bar and 23 meeting rooms. The initial yield is approximately 6.5%, with the stabilised yield expected to be significantly higher after renovation and repositioning. French owner-operator AccorInvest is the tenant and the transaction is expected to close in the second quarter of 2025. 
 
AMTD IDEA acquires Dao by Dorsett North London from Far East Consortium

Hong-Kong hotel investor AMTD IDEA Group has acquired the four-star, 68-room Dao by Dorsett North London, UK, from Hong-Kong-based developer Far East Consortium (FEC), for £22.6 million (£332,350 per room). The transaction also includes Hornsey Town Hall for £24.5 million, bringing the total value of the deal to £47 million. The hotel is situated in northern London’s Crouch End area of Hornsey, some 6 kilometres north of Central London. It opened in Spring 2023 and is part of the Town Hall’s redevelopment, which also includes co-working spaces and an arts centre. 
 
Arkéa REIM acquires Hotel Begoña Centro in Gijón, Spain

French asset manager Arkéa REIM, on behalf of its Transitions Europe SCPI, has acquired the three-star, 233-room Hotel Begoña Centro in the coastal city of Gijón in northern Spain, for approximately €14 million (€60,100 per room). The property includes a breakfast restaurant and is situated some 10-minutes walk from Playa de San Lorenzo. The hotel has now reopened as the B&B Hotel Gijón Centro Begoña and will be operated by the French operator under a 15-year lease agreement, with a €5 million renovation programme (€21,460 per room) planned as part of the rebranding. 
 
CEPAC Immobilier and FINAMAS acquire future DoubleTree by Hilton in Marseille

French real estate developers and managers CEPAC Immobilier and FINAMAS Group have acquired the four-star, 130-room DoubleTree by Hilton in Marseille, France, from French developer Constructa, in a forward sale transaction. The hotel will be located on the 6th to 11th floors of the M99 Tower, which is currently under construction near the beach in the city's second district. The hotel and its restaurant are expected to open in March 2028 and will be operated by French property manager Magora.
 
CPI Europe sells Ramada by Wyndham Prague City Centre in the Czech Republic

Austrian real estate investor CPI Europe, formerly Immofinanz, has sold the four-star, 98-room Ramada by Wyndham Prague City Centre, Czech Republic, along with the myhive Pankrac House office complex and two office buildings in Vienna. The total deal value is approximately €115 million. The property is situated in central Prague, just a five-minute walk from the National Museum. The hotel includes a breakfast restaurant and six meeting rooms. CPI Europe plans to sell additional non-core assets in the future. 
 
PGIM acquires Adina Apartment Hotel Hamburg Speicherstadt from HausInvest

PGIM Real Estate, the real estate arm of global asset manager PGIM, has acquired the 202-room Adina Apartment Hotel Hamburg Speicherstadt in Germany, from HausInvest, the open-ended real estate fund managed by Commerz Real, a subsidiary of the German bank Commerzbank AG. The hotel opened in 2017 and is situated in Hamburg’s Speicherstadt, a UNESCO World Heritage Site known for its historic red-brick warehouses and canals. The property includes a restaurant and four meeting rooms. The German arm of Australian operator Adina Apartment Hotels extended the original lease term by ten years, until 2045, during the covid pandemic. 
 
Amundi acquires Yays Paris Issy by Numa

French real estate asset manager Amundi Immobilier, the real estate arm of European asset manager Amundi, has acquired the 38-room aparthotel Yays Paris Issy by Numa in Issy-les-Moulineaux, a south-western suburb of Paris, France. The property was converted from a former office building and is located around five kilometres south of the Eiffel Tower. Germany’s Numa Group will continue operating the hotel under a lease agreement. Numa acquired the Yays Group at the end of 2023. 
 
Sohoma acquires Residence Inn Paris Didot Montparnasse from Extendam

French hotel investment company Extendam has sold the four-star, 82-room aparthotel Residence Inn Paris Didot Montparnasse in France, to its operating partner Solanet Hospitality Management (Sohoma). The hotel includes a breakfast restaurant and is situated in Paris’s 14th district, less than one kilometre from the Gare Montparnasse train station. Extendam, together with Sohoma’s team, originally acquired the property in May 2021 when it was operated under the Citadines brand. Following extensive renovation, the property was relaunched as a Residence Inn in June 2023.

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