Europe Hotel Transactions Bulletin - Week Ending 11 October 2019 (October 12, 2019)

Union Investment acquires two Munich hotel developments 

German asset manager Union Investment is acquiring two development projects in Munich’s Olympiapark precinct for a total of €110 million (€208,300 per room, on average), from developer Lambert Group. The future Holiday Inn Express and the Hampton by Hilton will comprise a total of 528 rooms and are scheduled to open by the end of 2021. Both properties have been pre-let to Primestar on 25-year leases and will join Union’s UniImmo Global open-ended fund.

Benson Elliot and Schroders acquire third hotel in Disneyland Paris 

A joint venture between private equity real estate fund manager Benson Elliot and Schroders Real Estate Hotels (SREH, formerly Algonquin) has acquired a third hotel at the Disneyland Paris, namely the Hôtel Explorers (390 rooms), adjacent to the Vienna House Dream Castle (397 rooms & suites) and the Vienna House Magic Circus (396 rooms & suites), both of which the JV acquired two weeks ago. Austrian real estate investor Warimpex, alongside its development partner UBM, have sold the three hotels for a reported total of €240 million (€202,900 per room, on average). SREH has been appointed as the portfolio’s manager.

GBI sells Premier Inn development in Nuremberg, Germany, to BVK 

German real estate developer GBI AG has forward sold the Premier Inn development project in Nuremberg city centre to Bayerische Versorgungskammer (BVK), on behalf of its BVK Hotelfonds, which was launched to undertake hotel real estate investments in Germany, Austria and Switzerland. The Premier Inn will comprise of 241 rooms, is scheduled to start construction in October and is planned to open in Q3 2021.

Atom buys two hotels in the Canary Islands, Spain 

Publicly listed Spanish REIT Atom Hoteles Socimi S.A. is reportedly paying a total of €67.6 million for the acquisition of two hotels in the Canary Islands, with a split of €52.6 million (€119,800 per room) for the 439-room Isla Bonita de Tenerife hotel and €15 million (€120,000 per room) for the 125-room Riviera Marina de Gran Canaria property. Atom has reached a 12.5-year lease agreement with Meeting Point Hotel Management (MPHM) at 6% of total revenues in rent. MPHM will assume operation of the two four-star hotels and invest a total of over €30 million in order to rebrand and reposition both properties to their Labranda Hotels & Resorts brand.

LXI forward-funds Premier Inn in Romford, UK 

The long-indexed income fund LXI REIT, is acquiring by way of forward-funding, a new Premier Inn hotel in Romford, for a reported £23 million. Alongside the 85-room hotel, situated about 30 kilometres east of London, the total transaction volume also includes a new servicing and sales centre for Mercedes Benz vehicles near Birmingham, as well as an Aldi store near Blackpool. The deal reportedly reflects a weighted average net initial acquisition yield of 5.7%.

Alantra REIM expands portfolio through acquisition of NH hotel in, Spain 

Alantra Group’s European Real Estate Investment and Asset Management platform, Alantra REIM, is acquiring the NH Sotogrande in Cádiz on the Costa del Sol in the south of Spain. Sotogrande is the largest private residential resort development in Andalusia, includes four golf courses and is home to over 6,000 permanent residents. Alantra’s existing portfolio comprises the Hotel Dénia La Sella Golf Resort & Spa and the Islantilla Golf Resort, both of which were acquired in 2018. The 96-room four-star NH hotel features several sports facilities including swimming pools and tennis courts.

Strabag sells the Holiday Inn Express Leipzig in Germany to Foremost Hospitality 

Austrian developer Strabag Real Estate GmbH is selling the Holiday Inn Express Leipzig to Berlin-based hotel owner and operator Foremost Hospitality. The hotel, opened in June this year, comprises 162 rooms and is situated in direct vicinity to the city’s main train station. This deal represents the third sale transaction between the two parties.


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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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