Europe Hotel Transactions Bulletin - Week Ending 31 May 2024

Azora acquires Praia d’El Rey Marriott Resort in Portugal from Oxy Capital

Madrid-based investment firm Azora, through its Azora European Hotel & Lodging Fund (AEHL), has acquired the five-star, 177-room Praia d’El Rey Marriott Golf & Beach Resort in Obidos, Portugal, from Portuguese private equity firm Oxy Capital on behalf of its Aquarius real estate fund. The hotel is located on Portugal’s west coast, roughly one hour by car north of Lisbon. In addition to the hotel, the transaction included two of Portugal’s best 18-hole golf courses (Praia del Rey and West Cliffs), as well as the operation of 90 apartments and two leased F&B outlets. The hotel itself comprises four F&B outlets, a wellness and spa area with indoor and outdoor pools, five tennis courts, a football field and over 1,100 sqm of event space. It is understood that the hotel will continue to be managed by Portuguese operator Blue & Green Hotels & Resorts under the Marriott brand.

Leonardo acquires Hotel Gotham in Manchester from Marshall CDP

Leonardo Hotels, the European division of Israel’s Fattal Hotel Group, has acquired the five-star, 60-room Hotel Gotham in Manchester, UK, from British property company Marshall CDP. The hotel sits in a city-centre listed building, dating from 1928, that was originally the headquarters of the Midland Bank. It includes a restaurant, private bar and a member’s club. Marshall originally developed the asset for Bespoke Hotels, and the hotel opened in 2015 under Bespoke’s management. Marshall then re-acquired the property in 2023, whilst keeping Bespoke as operator and franchisor. Following its acquisition, the hotel is set to undergo a name change and join Leonardo’s Limited Edition collection that includes The Dilly in London and The Grand in Brighton.