Featured in this HVS EMEA Hospitality Newsletter – Week Ending 9 May 2014
- Kildare Partners Picks Up Two Le Méridiens In Germany
- Emin Buys Barcelona Building For Hotel Conversion
- Orchard Street Investment Buys Manchester Arena Travelodge
- Chopard Acquires Paris Hotel
- From Canal Side….
- …To Bungee Jumping
- First Three Quorvus Collection Hotels Announced
- A Super 8 Debut In Saudi Arabia And A Wyndham Garden For Qatar
- Hilton Announces Three New Hotels For The Middle East
- Hyatt’s First Place In The Middle East
- Starwood To Reach Half A Century In Africa
- Minor To Make Its First Appearance In The Seychelles
Kildare Partners Picks Up Two Le Méridiens In Germany
Kildare Partners has acquired a portfolio of both debt and equity from Deutsche Bank for €1 billion. The portfolio comprises 24 offices and two hotels across Germany. The hotels in question are the 297-room Le Méridien Parkhotel Frankfurt and the 381-room Le Méridien Munich. Private equity group Kildare targets non- or sub-performing portfolio assets exclusively in Western Europe. This is reportedly its largest transaction to date.
Emin Buys Barcelona Building For Hotel Conversion
Emin Capital has purchased an office building in Barcelona, Spain, for €90 million from Deutsche Bank. Emin now plans to invest a further €60 million to convert the five-storey tower into a 150-room Four Seasons hotel, once all of the current tenants have relocated.
Orchard Street Investment Buys Manchester Arena Travelodge
On behalf of St. James Place Property Unit, Orchard Street Investment Management has acquired the Travelodge Manchester Central Arena Hotel from the BP Pension Fund for £14.2 million in an off-market transaction. The 200-room hotel, which was developed in 2010 on the site of the former Boddington’s Brewery, is operating under a 35-year lease to Travelodge. Barney Rowe, a partner at Orchard Street, said, “The acquisition of this popular Travelodge asset in central Manchester enables us to benefit from exposure to inflation linked rental growth.”
Chopard Acquires Paris Hotel
The family-owned Swiss watch maker and jewellery firm Chopard has bought Union Hôtelière Parisienne (UHP) for an undisclosed sum. UHP is the owning company of the 29-room Hôtel De Vendôme in Paris. The hotel’s building dates back to 1723 and Chopard’s flagship boutique has operated on the ground floor for more than ten years.
From Canal Side….
Hilton Worldwide’s newest Waldorf Astoria property, which opened this week in Amsterdam, has become its fifth European destination. Created across six 17th- and 18th-century townhouses, the 93-room Waldorf Astoria Amsterdam overlooks the Dutch city’s Herengracht Canal in a UNESCO World Heritage area.
…To Bungee Jumping
Another, rather unusual, hotel also recently opened in Amsterdam. The NDSM Crane Hotel contains three suites that have been developed at the top of a 50-metre-high industrial crane at the former NDSM shipyard. Guests can lounge in the Jacuzzi or, if they are feeling a bit more adventurous, they can leap off the top as the hotel also offers bungee jumping.
First Three Quorvus Collection Hotels Announced
Carlson Rezidor Hotel Group has announced the first three properties to become part of its new Quorvus Collection. The 404-room May Fair Hotel London, in the city’s Mayfair district, is to join the collection later in 2014. The 136-room G&V Royal Mile Hotel Edinburgh, at the heart of the Scottish capital on the corner of The Royal Mile, and the 18-storey, 169-room Symphony Style Hotel Kuwait will fly the Quorvus flag immediately. The collection’s name was inspired by the Corvus constellation in the southern hemisphere and it will include hotels that are historic landmarks, contemporary residences, classic boutiques and urban retreats.
A Super 8 Debut In Saudi Arabia And A Wyndham Garden For Qatar
Wyndham Worldwide has opened its first Super 8 hotel in the EMEA region. The 57-room Super 8 Riyadh in Saudi Arabia is part of a master development agreement that Wyndham signed with Saudi Automotive Services Company for the development of 20 Super 8 hotels across Saudi Arabia over a five-year period. Wyndham also has a further 11 hotels in operation in Saudi Arabia under its Ramada and Days Inn brands. It was also reported this week that Wyndham has signed a management agreement for the 153-room Wyndham Garden Doha in Qatar, the first of its brand in the Middle East. The hotel, which is being developed by Al Siddiqui Holding, is expected to open in 2017.
Hilton Announces Three New Hotels For The Middle East
Hilton Worldwide has had a busy week! The group signed a management agreement with Bin Otaiba Investment Group for the Hilton Abu Dhabi Saadiyat Island Resort. The new-build 366-room beachfront hotel is due to open at the end of 2015 on Saadiyat Island, a 27-km development off the coast of Abu Dhabi. Hilton has also signed a management agreement with Majid Al Futtaim Properties that will see it add another Garden Inn property to its pipeline in Dubai. The Hilton Garden Inn Mall of the Emirates will be adjacent to the shopping centre. The 370-room hotel will join the Hilton Garden Inn Dubai Al Mina and the Hilton Garden Inn Dubai Al Muraqabat, which are both due to open in 2015. Last but not least, Hilton signed an agreement with Mohamad Ruqait Real Estate for its third DoubleTree hotel in Ras Al Khaimah and its second on Marjan Island, a man-made tourism development three miles off the emirate’s southwest coast. The 205-room DoubleTree by Hilton Marjan Island Village is due to open by the end of 2015 and will join the 485-room DoubleTree by Hilton Resort & Spa Marjan Island, which opened at the beginning of the year.
Hyatt’s First Place In The Middle East
Hyatt Hotels Corporation and hotel management company wasl Hospitality have opened the Hyatt Place Dubai/Al Rigga, the first Hyatt Place hotel in the Middle East and the fourth Hyatt-branded property in Dubai. The 210-room hotel is part of a mixed-use development in the emirate’s Deira district.
Starwood To Reach Half A Century In Africa
Starwood Hotels & Resorts has announced the entry of its Sheraton brand into the African market. The group has signed an agreement with Century Park and Hotel Residences Ltd for the Sheraton Kigali. The 136-room hotel is expected to open in the Rwandan capital in 2018 and will be Starwood’s 50th hotel in Africa. The hotel will also include 62 serviced apartments.
Minor To Make Its First Appearance In The Seychelles
Minor Hotel Group is to make its debut in the Seychelles archipelago, off Africa’s east coast. The former Le Méridien Barbarons Beach Hotel is currently shut to undergo an eight-month renovation. The 124-room resort, on the west coast of Mahé Island, is due to reopen in the fourth quarter of 2014 as the AVANI Seychelles Barbarons Resort & Spa. The resort is owned by Currimjee Jeewanjee Hospitality Division.
Absolute Share Price Performance Over the Past Week – 1-8 May 2014
InterContinental Hotels Group – UBS upped its forecast but cut the stock to "neutral" from "buy".
Hyatt Hotels – RW Baird maintained its "outperform" rating and increased price target by US$5 to US$61.
Marriott International – Morgan Stanley downgraded to "equal weight" from "overweight".
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