EMEA Hospitality Newsletter – Week Ending 8 September 2017 (September 9, 2017)

Invesco Completes Purchase of 13 Hotels in Germany and the Netherlands

Invesco Real Estate has completed the acquisition of a 13-property (2,816 guest rooms) European portfolio for €530 million (€188,000 per room) from investment funds run by Apollo Global Management. The hotels are all operated under InterContinental Hotels Group brands and include 11 properties across Germany (the 285-room Crowne Plaza Hamburg – City Alster, the 232-room Crowne Plaza Heidelberg City Centre, the 582-room Holiday Inn Munich – City Centre, the 256-room Holiday Inn Express Berlin City Centre, the 107-room Holiday Inn Express Cologne – Mülheim, the 110-room Holiday Inn Express Cologne – Troisdorf, the 107-room Holiday Inn Express Dortmund, the 150-room Holiday Inn Express Düsseldorf – City, the 186-room Holiday Inn Express Frankfurt Airport, the 175-room Holiday Inn Express Frankfurt Messe and the 120-room Holiday Inn Express Munich Messe) and two hotels in the Netherlands (the 242-room Crowne Plaza Amsterdam – Schiphol and the 264-room Holiday Inn Amsterdam). Invesco is placing the hotels in three different funds and it has formed a joint venture with Event Hotels to manage the portfolio.

Axcel Group Buys Hotel 53 in York

Hotel management and development firm Axcel Group has purchased the 100-room Hotel 53 in the city of York in northeast England off a guide price of £13 million (£130,000 per room). The previously independently operated hotel is in the city’s historic centre, within its medieval walls. The off-market transaction brings Axcel’s portfolio of UK hotels up to five.

Curio Collection to Make its First Appearance in the Netherlands…

Hilton Worldwide has signed a management agreement with Gelasius Vastgoedmaatschappij B.V. and Service Hotel and Resort International B.V. for its first Curio Collection hotel in the Netherlands. The restoration of the former late-19th-century monastery in Koningsbosch, in the province of Limburg, is due to start soon and the 100-room Monastery Hotel Koningsbosch, Curio Collection by Hilton is expected to open in 2020. "Having entered the Dutch market more than 50 years ago, this signing marks the introduction of Hilton's sixth brand in the Netherlands,” said Patrick Fitzgibbon, senior vice president of development for the EMEA region at Hilton.

…As Hilton Plans its First Hotel for Trieste

Italian firm H.n.h. Hotels & Resorts S.p.A. has signed a franchise agreement with Hilton Worldwide to manage the DoubleTree by Hilton Trieste. The hotel will be housed in the former headquarters of the Ras Insurcance Company in Piazza della Repubblica. Renovation of the historic building has already started and the hotel is due to open at the beginning of 2019 as Hilton’s first hotel in Trieste. "This will be the second property which H.n.h. Hotels & Resorts S.p.A. will manage through a franchise agreement with Hilton, and is an important milestone in the growth of this partnership,” said the chief executive of H.n.h. Hotels & Resorts S.p.A., Luca Boccato.

Four Seasons on its Way to Greece

Four Seasons Hotels and Resorts has got together with Astir Palace Vouliagmeni S.A. to open the first Four Season hotel in Greece. The Astir Palace Hotel, 16 miles from the Greek capital on the shoreline of the Aegean coast, is to undergo an extensive renovation and upgrade costing more than €100 million and will open as the Four Seasons Astir Palace Hotel Athens in spring 2018, with approximately 300 rooms, suites and luxury bungalows. As well as transforming the hotel, the redevelopment plan also includes an upgrade of the Astir Marina and the creation of 13 high-end residences and Peninsula Park.

Switzerland’s First Ritz-Carlton Opens in Geneva

Marriott International’s Ritz-Carlton chain has opened its first hotel in Switzerland. The 75-room Ritz-Carlton Hotel de la Paix has been developed in a renovated 19th -century building, formerly a boutique hotel, overlooking Lake Geneva in the French-speaking part of the country. Russell Kett, HVS London's chairman, stayed there this week and pronounced‎ the hotel as "a fine addition to the Ritz-Carlton family".

Pestana to Pop Up in Amsterdam

Pestana Hotel Group is to open its first hotel in the Netherlands in Amsterdam. The Pestana Amsterdam Riverside is now taking books from 1 February 2018. The five-star hotel is housed in the former Town Hall and Archive of the Amstel Community building, which was constructed between 1889 and 1892, on the Amstel River. The hotel is part of the Portuguese group’s Collection Hotels brand.

This Year’s Hot.E Conference Only Three Weeks Away

There is still time yet to get your ticket for the Hotel Investment Conference Europe (Hot.E). The event, which is sponsored by HVS Hodges Ward Elliott, will take place in London over 26-27 September 2017, at the Hilton London Bankside. This year’s conference will be a special event for HVS London’s chairman, Russell Kett, as he will be receiving the Hot.E Hall of Fame Award, which recognizes a hotel industry leader whose career has had a profound and positive impact on the European hotel industry. The honoree is someone recognized for his or her business success, intellectual leadership, and personal dedication to maintaining the highest professional and ethical standards. For more information or to book your place, visit www.europehotelconference.com.

New Hotel Announced for Newcastle

The Malhotra Group has plans to develop a £35 million hotel complex in Newcastle, northeast England. The 120-room hotel will be created from several buildings and the project would also include a nightclub, restaurant and retail outlets. The family owned group already owns the Grey Street Hotel in the city, which recently reopened after a refurbishment.

DoubleTree by Hilton Announced for Addis Ababa

Hilton worldwide has signed a management agreement with TAFBB Business PLC for the DoubleTree by Hilton Addis Ababa in Ethiopia, marking the brand’s debut in the country. The 106-room hotel will be one kilometre from the capital’s Addis Ababa Bole International Airport. "Hilton has had a presence in Ethiopia for almost 50 years and we are delighted to have signed the country's first DoubleTree by Hilton property," commented Patrick Fitzgibbon, senior vice president of development in the EMEA region at Hilton. "As the capital of Ethiopia and the location of the African Union's headquarters, Addis Ababa is an important East African hub. Hilton has an existing hotel in the city centre, and we are now pleased to have signed this hotel near the international airport," he added.

Absolute Share Price Performance Over the Past Week – 31 August-7 September 2017


Whitbread – Has announced that Sir Ian Cheshire will step down from the board this autumn.

PPHE Hotel Group – Reported revenue increased by 27.0% to £141.8 million for the first six months of 2017.

Disclaimer: Information provided above has been gathered from various market sources. HVS has not independently verified the accuracy of the information provided. Interested parties should not rely on the information as statement of facts and are advised to make their own independent checks to verify the information provided. For further information, please feel free to contact HVS London.

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