Europe Hotel Transactions Bulletin - Week Ending 28 September 2018
The Lego themed Legoland Windsor Resort Hotel, comprising 150 rooms, has been sold by Aprirose to Aberdeen Standard Investments' Standard Life Long Lease Pension Fund, for £36 million (£240,000 per room). The property, located within the park, is let to the resort's owner Merlin Entertainment PLC under a long-term lease agreement with 28 years remaining.
The newly opened 178-room Hilton Garden Inn, Birmingham Airport has been sold to US-based asset management firm BlackRock. The property, adjacent to the airport, will continue to be operated by its former owner and developer, Castlebridge, subject to a franchise agreement with Hilton.
PGIM Real Estate has sold the 100-room Holiday Inn Paris Gare Montparnasse to French investment managers Paris Inn Group and Extendam, representing their seventh acquisition together. The French duo will invest a further €3.8 million into extensive renovation of the asset.
Local entrepreneur Frans Kappenburg has acquired the Postillion Hotel Haren Groningen from the Dutch hotel group Postillion Hotels. The 97-room property is to be converted into apartments and the land occupied currently by a gas station will be used to build a new hotel, the Hotel Haren.
Hotel niu Saddle in Fürth, Bavaria, has been sold by German developer P&P Group to Semper Constantia, a subsidiary of Austria-based Semper Constantia Privatbank. Opened in April 2018, the hotel, which comprises 103 room including 16 extended stay apartments, will continue to be managed by the current operator Novum, the parent company of niu Hotels.
Germany's largest hotel developer GBI AG has sold the 344-room niu Air Frankfurt Hotel to Dubai-based Select Group. The hotel, to be operated by Novum, is scheduled for completion in Q4 2019 and represents the company's first German acquisition for their real estate portfolio.
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