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Europe Hotel Transactions Bulletin - Week Ending 19 March 2021 (March 19, 2021)

Fattal sells two Munich hotels

Hotel owner operator Fattal Hotels, the company controlled by David Fattal, has announced the sale of two of its hotels in Munich: the 98-room Leonardo Hotel Munich City West and the 270-room Leonardo Hotel & Residence Munich, for a combined sale price of €77 million (€209,000 per room). Both properties will undergo renovations, with €4 million of the sale price set to be spent on refurbishments. The hotels have been sold as part of sale-and-lease-back transactions, whereby Fattal will continue to operate the hotels under 25-year lease agreements. The sale price represents a stabilised yield of 4.7% net of capex (4.5% gross of capex).

Chicheley Hall acquired by Pyrrho Investments

Chicheley Hall, a historic mansion hotel located in Buckinghamshire in the UK, has been acquired by Pyrrho Investments, a family investment fund owned by a Hong-Kong based family, off a reported guide price of £7 million (£145,000 per room). The seller of the 48-room hotel and its 75 acres of gardens is the Royal Society, who used the property to host science-focused seminars and events. Previously operated by De Vere Hotels, the property will now be managed by Countrywide Hotels on behalf of the new owners.

Vision Apartments acquires the Ramada Bucharest Majestic Hotel

Swiss serviced apartment owner operator Vision Apartments has acquired the former Ramada Bucharest Majestic Hotel. The 111-key hotel, built in 1920, is located in the centre of the Romanian capital within its old town, and is set to undergo a renovation under the new ownership. Additional facilities of the hotel include six meeting rooms spread out over 450 sqm, a gym, a spa and three F&B outlets. Vision Apartments plans to reopen the hotel in Q3 2021.

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