European Hotel Transaction Bulletin – Week Ending August 08, 2022

COIMA sells Hotel Excelsior in Venice to London & Regional

The iconic 197-room Hotel Excelsior on Venice Lido in Italy has been sold by Italian property investor COIMA to owner-operator London & Regional Hotels (L+R) on behalf of the Lido di Venezia II Fund (“LDV II”) . L+R is the main shareholder of the LDV II Fund and the current operator of the Hotel Excelsior. The sale allows for the full repayment of the hotel’s €92 million debt to Intesa Sanpaolo and UniCredit, which COIMA inherited from the former fund manager, as well as the provision of additional funds to restructure the debt inherited from 45 million euros from the neighboring Hotel Des Bains, which also sits in the LDV II Fund and has been closed for more than 10 years after the former owners’ plan to convert it into luxury residences failed. COIMA had carried out extensive renovations on Hotel Excelsior prior to the sale and will now focus on restoring and reopening the historic Hotel Des Bains as a 190-room luxury hotel and spa.

Azora buys the Sheraton Rhodes Resort in Greece from Lampsa

Madrid-based European property investment firm Azora has bought the 401-room Sheraton Rhodes Resort for 43.8 million euros (€109,000 per room) from Lampsa Hellenic Hotels. This transaction marks the company’s first hotel acquisition in Greece. The hotel will continue to be operated by Marriott. Azora’s current portfolio, backed by APG, includes 34 hotels with 9,300 keys in resort destinations in Spain, Italy, Portugal and Belgium. The Lampsa seller’s hotel group Hellenic Hotels also owns three luxury hotels in Athens and two in Belgrade and is selling the Rhodes property as a strategic move to better focus on downtown hotels and strengthen its operational and capital positioning. The five-star beachfront resort is located in the town of Ialyssos on the island of Rhodes, with many rooms overlooking Ixia Beach.

PERIAL acquires the Almar Jesolo Resort & Spa near Venice

The French property management company PERIAL bought the Almar Jesolo Resort & Spa near Venice for an undisclosed amount on behalf of its SCPI PF Hospitalité Europe fund. The award-winning five-star luxury beachfront resort, located approximately 30 km northeast of Venice Lido on the Adriatic coast, has 179 rooms and 18 suites, each with its own private terrace overlooking the sea. The property also includes six meeting rooms, four F&B outlets, an independent spa, wellness areas and a 12,000 m² private beach. Italian operator HNH Hospitality SpA will manage the hotel under an 18-year lease.

Pandox agrees to acquire the NH Brussels Louise hotel from NH

The Swedish hotel investor and operator Pandox AB has reached an agreement with the Spanish group NH Hotel, for the purchase of the 246-room NH Brussels Louise hotel in the center of Brussels for 35 million euros (€142,000 per bedroom). The transaction is expected to be completed in the fourth quarter of 2022, with Pandox expected to operate the hotel while the group “evaluates suitable business alternatives”. Pandox has been present on the Brussels market for almost 25 years and has eight hotels in the city. Its portfolio currently includes 156 hotels with 35,500 rooms in 15 countries in major leisure and business destinations.

MHRE acquires a building on Madrid’s Golden Mile for the conversion of a five-star hotel

Madrid-based REIT Millenium Hospitality Real Estate SOCIMI (MHRE) has acquired a building on Madrid’s Golden Mile, Calle Zorilla 19, for €30 million with existing funds. This acquisition marks MHRE’s third investment in the most exclusive area of ​​the Spanish capital. The building is to be transformed into a five-star hotel and operated “by one of the most important” international luxury hotel operators. The six-story building is just minutes from the Congress of Deputies, Plaza Canalejas, and the Prado and Thyssen Bornemisza museums. Millenium’s other hotel projects in Madrid include the JW Marriott which is due to open later this year and the Nobu Madrid which is due to open in 2023.

Union striker buys 25hours Hotel Copenhagen Paper Island from Danish developers

German real estate fund Union Investment has entered into a forward purchase agreement with development consortium Christiansholms Ø P/S for the 25hours Hotel Copenhagen Paper Island, for an undisclosed amount. This acquisition marks Union’s first entry into the Scandinavian hotel market. The 128-room hotel is due for completion in March 2024 as part of a large-scale project to develop the historic man-made Paper Island in Copenhagen’s central port area. The property has been pre-let for 25 years to KNSA Hospitality Germany and will be managed by Accor’s Ennismore. KNSA works closely with Ennismore, currently letting 22 properties in Western Europe under the 25hours, Mama Shelter and Jo&Joe brands.

The Central House acquires the Spanish chain Rodamón Hostels

Alternative accommodation chain The Central House (TCH) has purchased accommodation company Rodamón Hostels and its six operating properties in Barcelona, ​​Sitges, Lisbon, Istanbul, Budapest and Marrakech, for an undisclosed sum. With this transaction, TCH will now have a portfolio of 1,250 beds, to which are added 1,250 under development. TCH was founded and is managed by Juan Luis Gómez and Paco Cabrero.

SORAVIA and Eckhard Brockhoff acquire Hotel Bredeney in Germany

Property entrepreneur Eckhard Brockhoff and property group SORAVIA have jointly purchased Hotel Bredeney in Essen from the Düsseldorf-based property group Brune Group, for an undisclosed price. The four-star hotel is located less than 30 minutes from Essen Trade Fair and Düsseldorf Airport and is the largest hotel in the Ruhr area, occupying 19,000 m² with 293 rooms, 15 conference and 450 m² of wellness area. The existing rental contract with the operator Bredeney Betriebsgesellschaft mbH will be maintained. This transaction sees SORAVIA increase its hotel division in Germany. The group recently acquired a 41% stake in Brockhoff GmbH.

Hotel Florhof in Zurich bought by private investors Silvio Denz and Peter Spuhler

Silvio Denz, majority owner and chairman of the Swiss-headquartered Lalique Group, and Swiss entrepreneur Peter Spuhler, have acquired Hotel Florhof in Zurich, Switzerland, for an undisclosed price. Located in Zurich’s Old Town, the 32-room hotel was privately owned for around 100 years. The hotel is now about to undergo a full refurbishment in consultation with the Office for the Preservation of Historic Monuments, which will include the addition of a restaurant, bar and terrace on the first floor as well as a a lounge and a smoking lounge on the ground floor. . The hotel is set to reopen in early 2024 as Villa Florhof with luxury goods company, Lalique Group, to operate the hotel and restaurant under a lease agreement.

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