Covivio acquires AXA’s stake in 32-hotel Accor portfolio in France and Belgium  

AXA Investment Managers has sold its 32% stake in a 32-hotel portfolio of Accor-operated hotels in France and Belgium to Covivio for €176 million (€88,000 per room, on average), valuing the portfolio at €550 million. The 6,221-room portfolio comprises 30 hotels in France, over two-thirds of which are located in Paris and the rest in major French cities, and two properties in Belgium. The properties are operated under lease agreements with AccorInvest, under Mercure, Novotel, Ibis and Ibis Budget brands, with a residual lease term of 6.5 years and a fully variable rental structure. The portfolio will now be jointly owned by Covivio, the Caisse des Depots and Societe Generale Assurances, and will be asset managed by Covivio.

Invesco acquires two hotel developments in Milan and Florence from Art-Invest and IGEFI Group 

Investment manager Invesco has forward purchased two hotel developments in Milan and Florence for €160 million (€448,000 per room, on average). The 172-room Florence property, scheduled to open during the second half of 2020, is being acquired from Art-Invest and will be operated under the 25hours brand. The 185-room Milan property, is set to open in Q4 2021, is being acquired from Italian developer IGEFI GROUP and will be operated under the NH Collection brand.

Kaufman & Broad sells Staycity Aparthotel development in Paris to LaSalle 

LaSalle Investment Management has acquired, on a forward funding basis, a serviced apartment development pre-let to Staycity near La Défense in Paris, from developer Kaufman & Broad. The 216-room aparthotel is due to be completed by July 2021. The property will join LaSalle’s E-REGI pan-European real estate fund, which currently has €710 million of assets under management. 

Perial AM buys Travelodge Valencia Airport from Citygrove 

French investor Perial AM has bought the 116-room Travelodge Valencia Airport Hotel for €15 million (€129,300 per room), representing a net yield of approximately 5%, from London-based developer Citygrove. The property is operated under a long-term triple-net lease agreement with Travelodge Hotels.

Balder Fastighets acquires from Tradeka the Scandic Kallio in Helsinki  

Helsinki-based Tradeka has sold the 121-room Scandic Kallio, Helsinki, to Swedish Real Estate investment firm Balder Fastighets AB. The hotel, which has recently undergone extensive renovations, is operated under a long-term lease agreement with Scandic Hotels. Over the last year, Cooperative Tradeka has divested four assets totalling around 460 rooms.

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