HVS Europe Hotel Transactions Bulletin - Week Ending 24 January 2025

Remake acquires four B&B Hotels in Poland from Covivio

French real estate investor Remake Asset Management, on behalf of the SCPI Remake Live fund, has acquired a portfolio of four hotels (553 rooms) in Poland, all being two-star B&B-branded properties, from French real estate investor Covivio, for PLN 142.5 million (PLN 257,700 per room), which is equivalent to €33.5 million (€60,600 per room). The portfolio includes the 154-room B&B Hotel Warszawa-Okęcie, located a ten-minute drive from Warsaw's Chopin Airport; the 130-room B&B Hotel Kraków Centrum, situated a five-minute drive from Kraków's Old Town; the 149-room B&B Hotel Łódź Centrum, a ten-minute drive from the central train station; and the 120-room B&B Hotel Lublin Centrum, a three-minute drive from Plac Litewski square. All hotels are leased on a long-term basis to French hotel group B&B Hotels.

FBD Hotels & Resorts acquires Grand Hotel Malahide in Ireland from Ryan family

Irish owner-operator FBD Hotels & Resorts, a subsidiary of Irish holding company Farmer Business Developments, has entered an agreement to acquire the four-star, 202-room Grand Hotel Malahide in County Dublin, Ireland, from the Ryan family, for €55 million (€272,300 per room). The property is situated in Malahide, 20 kms north of Dublin and a 15-minute drive from Dublin Airport. The hotel includes a restaurant, two bars and meeting facilities. Following the acquisition, FBD plans to refurbish the bedrooms, bar and dining facilities, conference and wedding spaces, leisure amenities and IT systems. This transaction will expand FBD's portfolio in Ireland to five hotels.

AX Partners acquires Sir Joan Hotel on Ibiza, Spain

Spanish private equity real estate investor AX Partners has acquired the five-star, 38-room Sir Joan Hotel on Ibiza, Spain. The buyer intends to renovate the hotel and transform it into the first NH Collection Hotels & Resorts property in the Balearic Islands, which is expected to lead to a revaluation of €28 million (€736,800 per room). The property is situated on the northern side of Ibiza’s Marina, around ten-minutes walk from Ibiza Old Town, and some 10 kms from Ibiza Airport. It opened in 2017 and includes two restaurants, a bar and a pool. AX Partners also plans to acquire a new hotel on the Costa Brava in the coming months.

LondonMetric acquires Premier Inn Thurrock West hotel in the UK

British REIT LondonMetric Property has acquired the three-star, 193-room Premier Inn Thurrock West hotel in Thurrock, UK, for £14.7 million (£76,200 per room). The property includes one restaurant and is situated by the M25 motorway, some 30 kms east of central London. The hotel is let to Premier Inn for another ten years, with RPI-linked rent reviews.

Surya Hotels acquires former Birch Cheshunt hotel in the UK

British owner-operator Surya Hotels has acquired the former four-star, 140-room Birch Cheshunt hotel in Cheshunt, UK, out of administration and off a guide price of £12.5 million (£89,300 per room). The property is situated on the Theobalds Park Estate, some 30 kms north of central London. The hotel, which opened as Birch Cheshunt in 2020, includes two restaurants, a bar and meeting rooms. Surya Hotels now plans to refurbish the property under its own branding. Following this transaction, Surya’s portfolio comprises 11 boutique hotels across the UK.

First and Highstreet sells two “Niu” Holiday Inns in Germany to family offices

A joint venture between German real estate developers First Immobiliengesellschaft and Highstreet Group has sold two hotels in the southern German state of Bavaria, the 258-room Holiday Inn - the Niu, Sparrow Regensburg, an IHG Hotel to an Austrian family office; and the 276-room Holiday Inn - the Niu, Brass Munich Olympiapark, an IHG Hotel, to a German family office. Both properties were developed by the JV. The Niu Sparrow is situated in central Regensburg, 1.5 kilometres from the central train station, includes a restaurant, bar and 58 underground parking spaces, and is currently managed by German operator Novum Hospitality. The Niu Brass is situated in northern Munich, within walking distance of Olympiapark, and features a restaurant, bar and 108 underground parking spaces.

Centralis acquires Sternhotel Bonn from Sternhotel Haupt and Hotel Stadt München

Hamburg-based real estate investor Centralis Immobilien has acquired two hotels in Germany - the four-star, 80-room ACHAT Sternhotel Bonn from German hotel owner Sternhotel Haupt GmbH & Co. KG, as well as the four-star, 92-room Hotel Stadt München in Düsseldorf. The Sternhotel is situated on the city’s market square, adjacent to the city hall, and includes a restaurant and a conference room. Centralis plans to upgrade facilities and make the property ESG-compliant. Hotel Stadt München is situated in central Düsseldorf, some six minutes walk from the central train station. Centralis aims to convert the hotel into 98 serviced apartments. Following its repositioning, the property will be leased long-term to the Munich-based apartment operator Limehome.

AccorInvest acquires two Ibis hotels in Hamburg from Württembergische

French owner-operator AccorInvest has acquired the three-star, 252-room ibis Hamburg City and the one-star, 196-room Ibis budget Hamburg City in Germany, from German life insurance company Württembergische Lebensversicherung. Both hotels are situated in the same building in central Hamburg, just 700 metres from the central train station. Built in 2014, the ibis budget Hamburg City includes a breakfast restaurant, while the ibis Hamburg City includes a breakfast restaurant and bar. AccorInvest will continue operating both hotels.

Ginto Hotels Group acquires Hôtel Vendôme Nice and Hôtel Aria in Nice, France

French owner-operator Ginto Hotels Group has acquired the three-star, 56-room Hôtel Vendôme Nice and the three-star, 30-room Hôtel Aria in Nice, France. The Hôtel Vendôme Nice is situated in central Nice, just a ten-minute walk from the Promenade des Anglais, while the Hôtel Aria is located further west, five-minutes walk from the central train station. In November 2024, Ginto, together with France’s LVMH Arnaud family, acquired the four-star, 53-room Hôtel Pilgrim Paris - Quartier Latin, as reported in this newsletter.

Martin Property Group acquires former Virgin Hotel Glasgow in Scotland

Irish real estate investor Martin Property Group has acquired the former five-star, 240-room (out of which 165 are completed) Virgin Hotel Glasgow in Scotland, out of administration. The hotel opened in August 2023 and closed in December 2023 when its owners, Lloyds Developments Limited, fell into administration. The property is situated in central Glasgow by the River Clyde. It includes a restaurant, two bars and meeting facilities. This is the second hotel in the new owner's portfolio, the first being the four-star, 94-room Leonardo Hotel located in Chester, UK.

Castello Sgr acquires former Hotel dei Borgia in Rome, Italy

Italian asset manager Castello Sgr, through its closed-end real estate fund Borgia Fund, has acquired the former four-star, 80-room Hotel dei Borgia in Rome, Italy. The property is situated in central Rome, one km north of the Colosseum and midway between the Trevi Fountain and the Termini train station. The hotel includes a breakfast room, bar, two meeting rooms and a wellness area. The property will be operated by Berlin-based Leonardo Hotels Central Europe under the Leonardo Boutique Hotels brand and renamed to Leonardo Boutique Hotel Rome Monti.

Extendam JV acquires Novotel Saint-Quentin-en-Yvelines

French investors Extendam and Bpifrance, along with owner-operator Atypio Hotel Group, have acquired the four-star, 131-room Novotel Saint-Quentin-en-Yvelines. The property is situated on the site of the Golf National, 10 kms south west of Versailles. The hotel includes a restaurant, club house, bar and meeting facilities. The purchasers are planning refurbishments for the hotel’s rooms, common areas, F&B outlets and meeting facilities.

Bordeaux hotel group acquires Holiday Inn Express Bordeaux from Extendam JV

A Bordeaux-based hotel group has acquired the three-star, 82-room Holiday Inn Express Bordeaux - Lormont, in France, from French investors Extendam and Anaxago Capital and French hotel operator Redman Hospitality. The property is situated on the right bank of the Garonne River, northeast of Bordeaux. The hotel opened in 2019 and includes a cafe and bar. This property was part of a three-hotel portfolio in Bordeaux that the JV acquired in November 2022.

Atream acquires Ibis budget Muenchen Ost Messe in Germany from HIH Invest

A closed-end fund of the French investment manager Atream has acquired the three-star, 150-room Ibis budget Muenchen Ost Messe in Munich, Germany, from German investment manager HIH Invest Real Estate GmbH. The hotel is situated in eastern Munich, some five-minutes drive from the city’s exhibition centre. The property was built in 2007 and includes a restaurant and 84 parking spaces. Its rooms, corridors, and lobby have all been renovated since 2019. The hotel is leased to AccorInvest Germany and operates under the Ibis budget brand.