Europe Hotel Transactions Bulletin – Week Ending 9 March 2018 (March 10, 2018)

HNA Plans to Sell 25% Stake in Park Hotels & Resorts

The Chinese conglomerate HNA is planning to sell some or all of its 25% stake, valued at around $1.4 billion, in the American REIT Park Hotels & Resorts.  In 2016, HNA acquired a 25% stake in Hilton Worldwide Holdings, which later led to a similar stake in Hilton spin-offs Park Hotels & Resorts and Hilton Grand Vacations.  HNA, the owner of Radisson since 2016, is also currently looking to sell its 29.5% stake in Spain’s NH Hotel Group.  It’s ownership of Radisson Hospitality (previously Carlson Hotels Inc) includes a controlling stake in Europe’s Rezidor, which was this week renamed Radisson Hotel Group.

Accor to Sell Majority Stake in AccorInvest

Accor has announced the partial sale (55%) of its real estate arm AccorInvest, in a deal valued at €4.4 billion, to a consortium of investors composed of sovereign funds and institutional investors, including Saudi Arabia’s Public Investments, Singapore’s GIC, Colony Northstar, Amundi and Credit Agricole Assurances. Accor will return €1.35 billion to shareholders and will use the rest of the cash proceeds for strategic acquisitions and improving the quality of its portfolio. 

Secure Income REIT Acquires Two UK Travelodge Portfolios

Secure Income REIT has acquired 76 Travelodge Hotels within two portfolios for £246 million, from GoldenTree Asset Management, Avenue Capital Group and Goldman Sachs. The hotels are located in locations such as Bath, Birmingham, Dartford, Reading, Heathrow, London Morden, London Park Royal. The weighted average unexpired lease term is 23 years and the passing rent totals £15 million per annum.

BrownHouse Management Acquires Steigenberger Frankfurt-Langen Airport Hotel

The 208-room Steinberger Frankfurt Langen Hotel has been sold to BrownHouse Management, a subsidiary of the Ella Group, for an undisclosed price. The property includes conference facilities as well as 130 parking spaces. Steigenberger will continue operating the property until November 2018, BrownHouse Management will then lease it to a third party or operate it themselves.

Starboard Hotels Acquires Four UK Ibis Styles Hotels from Carillion

Starboard Hotels has acquired a portfolio of four Ibis Styles properties from the troubled British construction group Carillion, totalling 507 rooms, for an undisclosed amount. The portfolio is composed of the Ibis Styles Barnsley (117 rooms), the Ibis Styles Birmingham NEC & Airport (166 rooms), the Ibis Styles Crewe (122 rooms) and the Ibis Styles Haydock (102 rooms). Starboard will operate all properties under a franchise agreement with Accor.

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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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