Europe Hotel Transactions Bulletin - Week Ending 10 May 2019 (May 11, 2019)

London & Regional acquires The Lensbury from Shell 

Private investment company London & Regional has acquired The Lensbury hotel and members club in London from oil company Shell for £60 million (£387,000 per room). The four-star property, which opened in the early 1930s, is set within 25 acres by the River Thames at Teddington in southwest London, and comprises a 155-room hotel as well as a leisure club. London & Regional’s extensive hotel portfolio in the UK includes leisure-based hotels such as Cliveden House and Chewton Glen.

DoubleTree Lisbon sold to Commerz Real 

The 146-room DoubleTree by Hilton Hotel Lisbon - Fontana Park in Portugal has been sold to German real estate investment firm Commerz Real Capital Management, for its institutional hotel fund, for an undisclosed price. The seller was Portuguese developer Turismadeira. Located in Lisbon’s central business district, the building was constructed in 1910 and adapted into a hotel in 2008. An 80-suite extension including a new conference hall and ballroom plus an additional 40 parking spaces is currently under construction, with completion expected in 2020. The new owner has signed a 20-year triple-net lease agreement with Fontana Hotels SA.

The Hut Group acquires Eclectic Hotel Group assets in Manchester 

The Eclectic Hotel Group has been acquired by The Hut Group, one of the world’s largest online beauty and wellbeing retailers, for a reported price of £50 million (£714,000 per room). The group was acquired from its founders Eamonn and Sally O’Loughlin, and is comprised of two of Manchester’s leading boutique hotels, the 40-room King Street Townhouse Hotel and the 30-room Great John Street Hotel. THG plans to invest a further £10 million refurbishing and upgrading the hotels.  The O’Loughlins will continue to own and manage the Didsbury House Hotel and Eleven Didsbury Park, which were divested from the Eclectic Group prior to completion of the deal.

Azora buys seven hotels in Benidorm and Costa del Sol, Spain 

Med Playa, a Spanish hotel chain that specialises in coastal holidays, has sold seven properties located in Benidorm and along the Costa del Sol to Spanish real estate investment manager Azora Group. The 1,670-room portfolio includes the iconic 235-room Hotel Pez Espada, which underwent a refurbishment in 2017 and was one of the first hotels to be built on the Costa del Sol in 1959. Azora plans to invest a reported €30 million to reposition the seven properties, and Med Playa will continue to operate the properties for a period of up to 35 years.

 

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