Europe Hotel Transactions Bulletin - Week Ending 04 May 2018 (May 4, 2018)

 

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Foncière des Murs Buys Principal Hotels for £858 million  

Foncière des Murs has signed an agreement to buy Principal Hotels, a portfolio of 14 four and five-star hotels including two development properties, from Starwood Capital for £858 million (£325,000 per room). At the same time, the French real estate trust has agreed to sign long-term triple net leases for 13 of the properties with InterContinental Hotels Group (IHG), targeting a yield of 6% on stabilisation.   

The deal is a major move for IHG, given the asset light approach it has adopted in recent years. There are currently only four other leased properties that IHG operates, and the 13 new leases will offer variable rents with a guaranteed minimum.  While IHG is yet to commit to a full branding strategy for the portfolio, the deal will see the first Kimpton property open in the UK, as well as the group’s new upscale conversion brand which will be launched in the second half of 2018.

Schroders Acquires Algonquin 

Schroders, an FTSE 100 global investment manager, has acquired the specialist hotel investment and management firm Algonquin. With assets under management of €1.8 billion, the French firm owns or manages 7,500 rooms across 43 hotels. The deal adds to Schroders’ real estate business, which already manages £13.2 billion worth of real estate assets in other sectors besides hotels. The integration of Algonquin into Schroder Real Estate Hotels will begin immediately.   

Rockspring Buys Holiday Inn York for £15.3 million 

The 148-room Holiday Inn York has been sold to real estate investment manager Rockspring for £15.3 million (£103,000 per room) by Colony Northstar and Quidnet Capital.  The hotel, situated next to York racecourse, is on a 52-year lease to UK-based operator Kew Green Hotels and underwent a full refurbishment in 2016. Colony and Quidnet acquired the freehold of the property in 2014.

Ennismore Acquires Eynsham Hall in Oxfordshire, UK 

Ennismore, the owner of the Gleneagles Hotel in Scotland and the Hoxton Hotels brand, has bought the 135-room Eynsham Hall country house hotel in Oxfordshire for a reported £10 million (£74,000 per key) from the Cathedral Group. The hotel has planning permission for 80 new guestrooms, purpose-built conference facilities for 250 people and a new spa complex.

 

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Arlett Hoff, Director – HVS London ahoff@hvs.com
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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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