Europe Hotel Transactions Bulletin - Week Ending 21 June 2019 (June 22, 2019)

Pandox buys three Dorint Hotels in Germany from HR Group 

Swedish traded hotel fund Pandox AB has signed an agreement for the acquisition of three hotels in Augsburg, Erfurt and Dortmund, Germany, from Berlin-based hotel owner and operator HR Group, for €103 million (€182,300 per room on average). The portfolio totals 565 rooms and includes the 221-room Dorint Hotel an den Westfalenhallen in Dortmund, the 184-room Dorint Hotel an der Kongresshalle in Augsburg, as well as the 160-room Dorint Hotel am Dom in Erfurt. HR Group will continue to manage the properties under a 20-year revenue-based lease contract and retains a 5.1% ownership stake. The share deal represents an approximate yield of 5.7% before transaction costs.

Macdonald Hotels to sell 27-hotel portfolio in the UK 

Scottish hotel group Macdonald Hotels is selling a portfolio of 27 properties across the UK to an unnamed private equity investor, in a deal that will wipe out McDonald’s £190 million debt. Some eleven hotels will be retained by Macdonald Hotels, as well as nine Macdonald Resorts located in the UK and Spain. The deal is subject to final due diligence and set to be completed by the end of August.

Aviva acquires the Clayton Hotel development in Manchester, UK 

London-based pension fund Aviva has completed the acquisition of the Clayton Hotel development in Manchester for a reported £60 million (£182,400 per room) in a forward-purchase deal with Property Alliance Group. The 329-room property is located between Manchester Piccadilly main train station and Manchester Central Library and will be operated under Dalata Hotel Group’s four-star Clayton Hotel brand.

Danubius Hotel Gellért in Budapest to be sold to Indotek 

Hungarian real estate investment firm Indotek Group, owned by local high-net-worth entrepreneur Daniel Jellinek, has signed an agreement to acquire the iconic Danubius Hotel Gellért in Budapest from one of the CEE’s largest hotel groups, Danubius Hotels. The landmark 234-room art nouveau style hotel is planned to undergo a substantial renovation, after which the new owner intends to rebrand it to an international luxury brand. The transaction does not include the Gellért Thermal Bath, and the property will continue to be managed by Danubius Hotels until its rebranding.

Blackstone’s HIP sells the NH Madrid Sur to Catalonia 

Spanish hotel chain Catalonia Hotels & Resorts has acquired the NH Madrid Sur, in the south of Madrid, from HIP Hotel Investment Partners, one of Blackstone’s investment vehicles. The NH Hotel Group will continue to manage the 62-room property. This acquisition brings Catalonia’s global portfolio to 72 properties.

Pandox sells Hotel Hasselbacken, Stockholm to Pop House 

Swedish hotel group Pop House Sweden is acquiring the real estate interest in the Hotel Hasselbacken in Stockholm from Pandox AB for SEK 480 / €45.2 million (SEK 4.2 million / €400,000 per room). The 113-room hotel will continue to be operated by Pop House Sweden, who acquired the property’s operations in February this year from Scandic for around €22 million (€195,000 per room).

LPFA forward-funds the Travelodge St. Albans, UK 

London Pension Fund Authority (LPFA), managed by Knight Frank Investment Management, has forward funded a mixed-use Travelodge hotel and restaurant scheme in St. Albans, some 40 kilometres north of London. Developer and seller of the future 130-room property is Reef Estates Limited, who will be paid £24.4 million (£187,700 per room) for the completed hotel, representing a blended initial yield of approximately 4.4%. The scheme is set for completion in the third quarter of 2020 and includes the hotel, a restaurant and ground-floor retail space. The hotel is set to be operated by Travelodge on a 35-year lease agreement and the majority of the retail space is let to Youngs & Co Brewery for 20 years.

Aprirose sells Aldwark Manor near York, UK, to Depho Estates 

London-based real estate investment company Aprirose has sold the four-star golf and spa hotel Aldwark Manor to Leeds-based real estate investment firm Depho Estates. The 53-bedroom property is located some 20 kilometres north-west of York and offers large banqueting & conferencing facilities, a spa, a brasserie and an 18-hole golf course. The asset is set to undergo a multi-million-pound full refurbishment. Aprirose acquired the hotel in 2017 as part of its QHotels portfolio deal which comprised 26 regional UK hotels and totalled £525 million.

 

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