European Hotel Transaction Bulletin – Week Ending September 02, 2022
Saudi Arabia’s PIF and Cain invest $900 million in Aman Group
Saudi Arabia’s Public Investment Fund (PIF) and London-based property investment firm Cain International have jointly invested $900m (€872m) in ultra-luxury hotel group Aman to support the band. “global expansion of ultra-luxury hotels and branded residences, enhancing existing properties and supporting the acquisition and development of new locations.” The transaction values Aman at around 3 billion euros. Currently, the group has 34 hotels in 20 countries, 12 of which include branded residences, as well as nine other properties under development in markets including Saudi Arabia, Japan, Mexico, South Korea, India. Europe and the United States.
L+R sells Trafalgar St. James hotel in central London to Crimson Hotels
Privately held Crimson Hotels has purchased the 131-room five-star Trafalgar St. James Hotel, Curio Collection by Hilton in London from London & Regional (L+R). The hotel includes several restaurants and bars, including a rooftop bar with views of London and a new open dining option on the ground floor that will be operated by a group of upscale Asian restaurants. The acquisition is the second Hilton Curio Collection acquisition by Crimson Hotels, alongside 100 Queen’s Gate Hotel in South Kensington. The group currently has 10 hotels in the UK, Portugal and Dubai, ranging from limited service to luxury hotels.
Berlin’s HR Group acquires operations of 23 Amedia hotels across Europe
Berlin-based hotel operator HR Group has acquired the branding and operating rights to 23 European hotels from Austrian company Amedia Hotels, representing around 3,000 rooms, for an undisclosed sum. Half of the hotels are in Germany, the rest in Austria, Italy, the Czech Republic and the Netherlands. Twelve of the properties’ real estate holdings will remain with Amedia founder and former owner Udo Chistee under his company AHC International Consulting. Prior to the acquisition, HR Group owned 80 hotels across 50 sites in six countries, with some 12,300 rooms. The group has partnerships with Accor, Vienna House, Wyndham, Hilton, Hyatt, Marriott International, Deutsche Hospitality, Dorint and IHG.
Whitbread acquires freehold site in central London for hub by Premier Inn hotel
Premier Inn hotel brand owner Whitbread has acquired a freehold site in central London for a new £200million project (including related construction and development costs) from Indian property group ABIL , which acquired the site in 2018 for a reported £. 90 million. The site is centrally located on London’s Strand, near Charing Cross station, the National Gallery and Trafalgar Square. Premier Inn’s new hub is set to open in 2027, including the group’s popular Bar+Block grill restaurant. The Premier Inn brand hub was first introduced in 2014 and currently has 13 hotels (2,431 rooms) in Edinburgh and central London, with a significant part of the brand’s future pipeline located in London.
Patrizia acquires two Student Hotels in Barcelona from The Student Hotel
German fund Patrizia has acquired two Student Hotel-branded properties in Barcelona, with a total of 635 rooms, in a portfolio transaction, from The Student Hotel (TSH). The advertised price was 110 million euros (€173,000 per room), giving Patrizia an annual return of 4%. The 97-room hotel “Poble dry” and the 538 rooms “Marina” feature amenities such as a gym, lounge, meeting rooms, amphitheater, and rooftop pools. The acquisition comes at a time when Barcelona City Council has begun limiting all new student residences with a cap of 350 units and with all new properties to be built outside the designated city center area. Amsterdam-based TSH combines hotel and student residence concepts, offering additional public coworking spaces, bars, meeting rooms and events. The group is currently present in fifteen major European cities.
Edyn acquires the NH Kensington Hotel in London to transform it into a Locke aparthotel
London-based hotel group Edyn has acquired the NH Kensington hotel for an undisclosed sum, which is set to be converted into a 121-room aparthotel under the Locke lifestyle brand. It will be the sixth property in London to be operated under the Edyn’s Locke brand, and is due to open in June 2023, featuring a hybrid of bedroom layouts, a bar, restaurant, private gardens and co-working and social spaces. meeting. The Locke brand was launched in 2016 and currently has 12 aparthotels in London, Cambridge, Manchester, Edinburgh and Dublin. Edyn secured £105million in funding earlier this year to accelerate its European expansion plans.
BAE Systems eventually sells Manchester Airport’s Holiday Inn and ibis Budget hotels
Aerospace company BAE Systems has sold the forward contract on a two-property hotel portfolio, containing the 262-room ibis Budget and the 280-room Holiday Inn, at Manchester Airport, to an unnamed British institution, for around £42 million (£77,000 per room). The two new hotels are adjacent to Manchester Airport’s new Terminal 2 and are conveniently located for Old Trafford, Etihad Football Stadium and the city centre. Both hotels are due to open in the second half of 2022 and will be part of a group of nine new properties, including the UK debut of Accor’s lifestyle brand Tribe which is due to open in early 2024.
The Fontecruz Lisboa hotel in central Lisbon acquired by Carlos Camurdine
The five-star, 72-room Fontecruz Lisboa Hotel on Avenida da Liberdade in central Lisbon has been acquired by one of Mozambique’s most successful businessmen, Carlos Camurdine, from the Spanish chain Fontecruz Hotels , for 42 million euros (€583,000 per room). The hotel is located on one of the capital’s most expensive avenues, Avenida da Liberdade. The Autograph Collection Hotel opened in 2012 and features an interior garden, health club and restaurant. Camurdine apparently intends to change the name of the hotel. Fontecruz Hotels was founded in 2004 in Spain and is present in Seville, Granada, Toledo, Avila and Lisbon.
LHI sells two NH hotels in the Netherlands to Bulten Vastgoed and the Van der Valk family
German property investor LHI Leasing GmbH has sold two former NH hotels, in Groningen and Sprang-Capelle in the Netherlands, to private investor Bulten Vastgoed and the Van der Valk family, respectively. The full-service, 66-room NH Groningen was acquired for 7.6 million euros (€115,000 per room) and is due for renovation in the coming months. The 120-room Hotel Van der Valk was acquired for 8.9 million euros (74,000 euros per room) and is currently a refuge for Ukrainian refugees. Plans for major renovations are due to be completed in April 2023, but have been delayed in a bid to use the hotel as a shelter.
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