HVS Europe Hotel Transactions Bulletin - Week Ending 05 October 2018
Irish hotel company Prem Group has sold the 49-room Premier Suites Plus Dublin Ballsbridge, through a sale and leaseback transaction, to the UK-based multinational insurance company Aviva for €17.5 million (€357,000 per room). Prem Group will continue to operate the hotel based on a 35-year lease.
Dubai-based Select Group has entered a forward funding deal to acquire the redevelopment of the mixed-use Echo Building in Liverpool. The project, to be completed by 2020, will include a 207-room, 4-star Innside by Melia hotel, as well as four retail units and two floors of Grade A office space.
The 120-room Mottram Hall Hotel located in Cheshire, half an hour away from Manchester, has been sold to the British destination spa operator Champneys. The property is set to undergo a £10 million refurbishment, which includes the spa areas, golf club, conference facilities and the addition of 30 rooms. Champneys currently operates five spa destinations across England.
Swiss hotel owner operator somnOO partnered with investment funds Extendam, RIVE Private Investor and 123 IM to close its first investment in Germany, acquiring three Mercure Hotels from Langdor Hotel GmbH. Located in Hagen, Hamm and Lüdenscheid, this 458-room portfolio will be operated by somnOO and continue to be affiliated with the Mercure brand.
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