Europe Hotel Transactions Bulletin - Week Ending 23 November 2018 (November 23, 2018)

Dogus to sell Villa Magna Madrid to RLH Properties  

Mexican banker Allen Sanginés-Krause’s luxury hotel investment vehicle RLH properties is reported to be acquiring the 150-room Hotel Villa Magna in Madrid for €210 million (€1.4 million per room). Seller of the hotel is the Turkish group Dogus Holdings, which acquired the hotel in 2016 for €180 million, and are reported to be under pressure due to the depreciation of the Turkish Lira earlier this year. Once the deal closes, the Villa Magna will join RLH’s other luxury hotel holdings including the Four Seasons Mexico City and the Rosewood Mayakoba.

CDL Hospitality acquires the Hotel Cerretani Florence MGallery  

CDL Hospitality Trust, the Singaporean REIT, has paid €40.6 million for a 95% stake in the Hotel Cerratini Florence, MGallery by Sofitel, reflecting a value for 100% of the hotel of  €42.7 million (€497,000 per room). The 86-room property in Florence’s centre is CDL’s first acquisition in Italy, which it has made in conjunction with EVENT Hotels, who retain a 5% ownership stake. The hotel will continue to be managed by EVENT under the MGallery brand, on a 20-year lease contract, reflecting a reported yield of 4.6% for CDL.

Corestate buys Moxy in Darmstadt, Germany 

Hannover Leasing, an affiliate of Corestate Capital, has acquired a mixed-use development including a 178-room Moxy Hotel plus a 9,200 sqm office complex in Darmstadt, Germany. The property opened in November 2018 in Darmstadt’s “Telekom-City” and was developed by Unit Gesellschaft für Projektentwicklung. It will be operated under a 20-year lease agreement by the Odyssey Hotel Group.


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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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