Europe Hotel Transactions Bulletin - Week Ending 27 April 2018 (April 28, 2018)

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Accor reported to be circling Mövenpick

AccorHotels is said to be in negotiations to acquire Swiss hotel chain Mövenpick Hotels & Resorts, currently part-owned by Prince Alwaleed’s Kingdom Holdings, with 83 properties in operation worldwide. The acquisition would enhance Accor’s distribution in the Middle East and Africa, together with gaining a larger foothold in the resort market, due to Mövenpick’s significant portfolio across Asia, the Middle East & Africa.
Grand Hôtel Suisse Majestic Montreux acquired by Broermann Hotels

The iconic belle-époque Grand Hôtel Suisse Majestic in Montreux, Switzerland, has been sold by private investors to the German group Broermann Hotels & Resorts. The lakeside hotel was built in 1870, and its complete refurbishment in 2010 reportedly cost CHF 23 million (€19 million). Broermann Hotels already own three Kempinski-branded hotels in Germany, including the Villa Rothschild Kempinski in Frankfurt, all of which will be rebranded as Autograph by Marriott properties by 2020.
HI Partners acquires the IFA InterClub Atlantic, Gran Canaria

Spanish firm HI Partners, which was acquired by Blackstone in 2017, has acquired the 420-room IFA InterClub Atlantic in San Agustin, Gran Canaria, for €62.8 million (€150,000 per key). IFA’s parent company Lopesan will continue to manage the hotel, rebranding it as an “Abora by Lopesan” hotel, and HI Partners plans to comprehensively refurbish the property.
Lothbury IM forward funds the Malmaison York

Lothbury Investment Management have entered into agreement to fund the Malmaison York, with a development value of £44 million (£293,000 per key) at a reported net initial yield of 4.54%. The 150-room hotel, due to open at the end of 2019, will be leased to Malmaison on an indexed 35-year lease, and is being developed by Yorkshire Ventures, an HIG Capital backed local property developer.
Elaia Investment acquires the Hotel Valparaiso in Mallorca, Spain

Spanish Socimi Elaia Investment has acquired the 39-room midscale Hotel Valparaiso in Cala Murado, for €5.7 million (€146,000 million a key). The hotel will be leased to Spanish boutique hotel operators Petit Palace Hotels for 36 years, and the acquisition was financed by Banco Popular according to a filing with the Spanish Alternative Stock Market (MAB).
Hotel Sol Algarve in Faro, Portugal sold to Mexican investors

The 38-room Sol Algarve hotel, in the centre of Faro, southern Portugal, has been sold by its local owner-operator to an unnamed Mexican-Hispanic hotel operator, already operating a number of hotels in Portugal and Mexico. The sale underlines increased international investor interest in Portugal with surging tourism numbers (+12% in 2017).
The Blankenburg Hotel in Stuttgart, Germany changes hands

The 4-star, 72-room Hotel Blankenburg in Ditzingen near Stuttgart has been sold to a local investor, and will now become part of the Plaza Hotels Group. The hotel was sold on a free-and-unencumbered basis, and the new operators, Plaza, already operate over 30 properties across Germany, Austria, the Netherlands and the Czech Republic.

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Disclaimer: Information provided above has been gathered from various market sources. HVS has not independently verified the accuracy of the information provided. Interested parties should not rely on the information as statement of facts and are advised to make their own independent checks to verify the information provided. For further information, please feel free to contact HVS London.

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