Europe Hotel Transactions Bulletin – Week Ending 17 April 2020

Home Hotel & Lodging Europe Hotel Transactions Bulletin – Week Ending 17 April 2020
Europe Hotel Transactions Bulletin – Week Ending 17 April 2020

HVS Hodges Ward Elliott acts jointly on the sale of Icelandair Hotels to Berjaya


Icelandair Group

have completed the sale of a 75% stake in Icelandair Hotels to Berjaya Group, a major Malaysian real estate conglomerate with various hotel holdings in Asia and the UK. Icelandair Hotels have 21 hotels across the country with a total room count of 1,811 rooms, including leading properties such as the Canopy by Hilton Reykjavik City Centre, the Hilton Nordica Reykjavik and the Reykjavik Konsulat Hotel, Curio Collection by Hilton. Icelandair has committed to hold a 25% equity stake for a minimum of three years. HVS Hodges Ward Elliott, together with Íslandsbanki, represented the seller in this transaction.

Belterra Investments set to acquire Porto Carras Grand Resort in Greece

Belterra Investments, an investment vehicle owned by Russian billionare Ivan Savvidis, has reached an agreement to acquire the 995-room Porto Carras Grand Resort
in northern Greece for €205 million (€206,000 per room). The seller is the Technical Olympic Group, which had owned the 1,700 hectare resort, developed in 1973, since 1999. The transaction includes the entire integrated resort, one of the largest in Europe, comprising four hotels, a conference centre, casino, marina, extensive spa, 18-hole golf course, over 100 residential units and a winery. HVS Athens performed valuation services and consultancy support on behalf of the buyer.

Aina Hospitality sells Pullman Eindhoven Cocagne Hotel

Luxembourg-based Aina Hospitality Fund, owner of several upscale hotels across key European cities, has sold the Pullman Eindhoven Cocagne Hotel to a local private investor for a reported €58 million (€181,300 per room). The 320-room four-star hotel includes extensive conference facilities and is operated by Accor. The property was initially acquired by Aina in 2016 and changed hands through a share transaction.

Jesta Group sells 90% stake in the Nhow Berlin hotel

Switzerland-based hotel investor and operator Eastern Property Holdings announced the acquisition of a 90% stake in the Nhow Berlin hotel from Jesta Group and a partner. The 304-room property is leased to NH Hotel Group for a further 15 years, with the option to be extended for another 10 years. Jesta Group, founded by Montreal businessman Elliott Aintabi, purchased the hotel in 2012.

Apollo Global acquires two hotels on the Canary Islands from Lopesan Hotel Group

US private equity group Apollo Global Management is acquiring two hotels, located in Maspalomas on the Canary Islands, from Spain’s Lopesan Hotel Group. The properties are the 188-room, five-star Hotel Faro, a Lopesan Collection Hotel, and the 724-room, four-star Abora Buenaventura by Lopesan Hotels. Hotel Faro is situated at the southern-most point of Gran Canaria island whereas the Buenaventura hotel is located in the city centre of Maspalomas.

London Chrysos Hotel sold to French Touriste Collection

French hotel owner Touriste Collection has purchased the Chrysos Hotel in London’s Paddington area from the Souglis family, reportedly for a figure in excess of the guide price of £17 million (£326,900 per room). The 52-room property is set to undergo significant renovation works, which foresee a repositioning to a higher standard as well as an extension of the room inventory. This investment marks the investor’s first hotel asset outside Paris, where the company currently holds three hotels.

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