Europe Hotel Transactions Bulletin - Week Ending 28 June 2019 (June 29, 2019)

Invesco acquires three Tivoli hotels in Lisbon from Minor 

Investment manager Invesco has agreed a deal to acquire three hotels in Lisbon, Portugal, totalling 683 rooms, for €313 million (€458,300 per room, on average), in a sale and lease-back transaction. The seller is Thailand-based Minor International, which acquired the hotels as part of its acquisition of the Tivoli Hotels & Resorts group that was undertaken in stages between 2014 and 2016. The three Lisbon hotels include the 285-room Tivoli Avenida Liberdade Lisboa, the 279-room Tivoli Oriente Lisboa and the 119-room AVANI Avenida Liberdade Lisbon. All three hotels will be operated by NH Hotels, 94.1% of which Minor acquired in several tranches last year for approximately €2.3 billion.

Gecina sells its French hotel portfolio to Angelo Gordon 

Gecina, one of the largest publicly traded real estate funds in France, has signed an agreement to sell its hotel portfolio to US private equity firm Angelo Gordon for €181 million (€222,400 per room, on average). The deal comprises a total of 814 rooms across five properties in France, namely the Holiday Inn Paris Saint-Germain des Près and the Holiday Inn Paris – Notre Dame, the Courtyard Marriott Roissy near Charles de Gaulle Airport, the Courtyard Paris Boulogne and the Holiday Inn Hotel Paris Versailles. All hotels were acquired in 2017 as part of the Eurosic portfolio and have now been disposed of as non-strategic assets.

Atream acquires portfolio of six Belgian hotels 

French hotel-focused real estate investment trust Atream Hôtels has completed the acquisition of a portfolio of six hotels in Belgium for a total of €73 million (€134,200 per room, on average). Totalling 544 rooms, the hotels are located in five Belgian locations including Bruges and Leuven. The properties are leased to two hotel operators: Martins Hotels and Different Hotels for a remaining average lease term of 24 years. This deal increases Atream Hôtels REIT’s average lease term from 13 to 19 years and doubles its asset value to €150 million.

Neville Hotels acquires Druid’s Glen Hotel and Golf Resort in Ireland 

Irish family-owned hotel group Neville Hotels is reported to have exchanged contracts to acquire the Druid’s Glen Hotel and Golf Resort in North Wicklow, Ireland, for some €45 million (€310,300 per room). The five-star, 145-room hotel and golf resort boasts two 18-hole championship golf courses on which it has hosted four Irish Open golf championships. Additional facilities on the Druid’s Glen Hotel include a spa, fitness centre, and extensive food & beverage and conference facilities.

Dublin’s The Plaza Hotel sold to Davy Real Estate 

Irish real estate investment manager Davy Real Estate has acquired The Plaza mixed-use complex in Dublin, which includes The Plaza Hotel, out of receivership from Duff & Phelps for a reported €18 million. Along with the 122-bedroom hotel, the complex also includes three floors of office space, three ground-floor retail units and 500 car-parking spaces. The hotel is currently operated under a short-term management agreement and allows the buyer to renew or terminate the contract or to seek vacant possession.

SB Hotels acquires the NH Sebastian de los Reyes, Madrid, from Blackstone’s HIP 

Barcelona-based hotel group SB Hotels, which is owned by the Subirats family, has acquired the NH Sebastian de los Reyes in Madrid from Blackstone’s HIP Hotel Investment Partners for an estimated €12 million (€121,200 per room). The hotel comprises 99 rooms and represents the buyer’s first property in the Spanish capital. Following NH Hotel Group’s expiring operating lease in November this year, the hotel is planned to undergo a renovation after the summer of 2020.

Commerz Real forward funds Kimpton hotel development in Frankfurt 

A subsidiary of German Commerzbank Gruppe, Commerz Real AG, on behalf of its real estate fund Hausinvest, has acquired the hotel component of the “Four Frankfurt” district development on the former Deutsche Bank site from developer Groß & Partner. The property is pre-let to the InterContinental Hotels Group (IHG) for 30 years, who will be opening a 150-room Kimpton hotel. The property will also feature two bars, two restaurants, meeting rooms and a fitness area as well as 30 parking spaces. The development is set for completion in 2024.

LXI REIT acquires future Travelodge hotel in Workington, UK 

London Stock Exchange-listed real estate investment trust LXI REIT is acquiring, on a forward funding basis, a mixed-use scheme in Workington, some 70 kilometres south of the English-Scottish border, from developer Hinton Group. The transaction includes a 78-room Travelodge hotel, which will be operated by Travelodge under a 25-year lease with five-yearly RPI-linked rent reviews.

 

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