Hotel Investment Conference Europe (Hot.E) Announces Deal of the Year Award Winners
The organizers of the Hotel Investment Conference Europe (Hot.E) 2017, announced the winners of the Hot.E Deal of the Year Awards in the categories of Merger & Acquisition/Portfolio of the Year and Single Asset Transaction of the Year. The awards were presented at Hot.E on 27 September 2017, at the Hilton London Bankside. Invesco Real Estate Portfolio sale to Pandox was named Merger & Acquisition/Portfolio of the Year.
The organizers of the Hotel Investment Conference Europe (Hot.E) 2017, announced the winners of the Hot.E Deal of the Year Awards in the categories of Merger & Acquisition/Portfolio of the Year and Single Asset Transaction of the Year. The awards were presented at Hot.E on 27 September 2017, at the Hilton London Bankside. Invesco Real Estate Portfolio sale to Pandox was named Merger & Acquisition/Portfolio of the Year.
Invesco Real Estate, the global real estate investment manager, announced in November 2016 the sale of seven hotels with a total of 1,744 rooms, from its second dedicated pan-European hotel fund. The portfolio was sold to Pandox, a listed Swedish hotel property company for €415m. One of the outstanding aspects of the transaction is that the deal spanned three different countries, three different brands and due to the high quality and excellent state of repair of the hotels, the transaction could be completed within an exceptionally short time. In addition, Invesco decided to sell the portfolio off-market due to the opportunity to sell without a marketing and bidding procedure to a buyer who is a credible and solid investor. Finalists in this category also included lnterhotel's Portfolio sale to Fonciere des Murs and Project Wave - Starmel JV sale to London & Regional. Le Meridien Etoile was named Single Asset Transaction of the Year.
Le Meridien Etoile, the largest hotel in Paris, was sold in November 2016 by Mount Kellett and Almus Capital to Henderson Park. This flagship property counts over 1,025 rooms and was undergoing a transformational refurbishment program of over €25m while the sale process was ongoing. Despite Paris' tourism market being severely affected by the terrible attacks in Paris, the sale process was highly competitive and triggered interest from national and international investors. Henderson Park won the race and completed this transaction for €356m (€350K per key), illustrating the strong strategic importance of the asset for Henderson Park and their commitment to extend their portfolio in Europe. Mount Kellett and Almus Capital were represented by Eastdil Secured. The other finalists in this category were DoubleTree by Hilton Burlington Road (now Clayton Hotel Burlington Road) and Marriott Copenhagen.
The Hot.E Deal of the Year Awards were established to recognize the companies responsible for some of the most influential hospitality industry investments occurring in the European marketplace over the course of the past year. Charles Human of HVS Hodges Ward Elliott chaired the Merger & Acquisition/Portfolio of the Year Award committee, and Chris Day of Christie + Co chaired the Single Asset Transaction of the Year Award committee. The two committees were comprised of hotel industry leaders who selected, reviewed, and nominated deals. The finalist information was then sent to the Hot.E delegates for voting. For more information about Hot.E Deal of the Year Awards, visit the website.