Europe Hotel Transactions Bulletin - Week Ending 01 March 2019
CBRE Global Investors is acquiring the Exe Moncloa Hotel, located in the Chamberí neighbourhood of Madrid, three kilometres north-west of the Spanish capital's centre. The seller is the Lonta Investments 2016 company, a subsidiary of the Signal Real Estate Opportunities Fund. The four-star hotel, which is leased to Hotusa Group and caterer VIPS, comprises 161 rooms, 124 parking spaces and 770 square metres of retail space on the ground floor, which includes the VIPS restaurant.
Listed asset manager Aberdeen Standard Investments is selling the Travelodge London Brent Cross to a private investor for £16 million (£125,000 per room). The 128-room hotel underwent a comprehensive redevelopment in 2016/2017, during which the original office building was converted into a hotel. On the ground floor, a separate office was retained and let to the Secretary of State for Communities and Local Government. The deal represents a reported initial yield of 4.9%.
London-based Lothbury Investment Management is acquiring the 115-room Travelodge Edinburgh Cameron Toll, Scotland, through its Lothbury Property Trust fund. The hotel, which is subject to an RPI-based lease until 2045, is changing hands for a reported £13.7 million (£119,000 per room), representing a reported yield of 4.5%. The property is located two miles south of Edinburgh's city centre.
Västerkulla Hotell, a Stockholm-based hotel owner, has signed an agreement with Swedish real estate company NP3 Fastigheter AB to acquire the Best Western Hotel Gustaf Wasa in Borlänge, central Sweden. The seller bought the hotel in 2015 for SEK 48 million/€ 5.1 million. The property encompasses a total of 6,800 square metres and comprises 100 rooms, conference areas, wellness facilities, a restaurant and a bar.
The 24-bedroom Templeton Hotel has been owned by the McCombe family since 1990 and is located in Templepatrick, near Belfast, Northern Ireland. The hotel was sold to The Galgorm Collection for £7 million (£292,000 per room). The buyer also owns the 122-room Galgorm Resort in Ballymena, some 30 kilometres north-west of Templepatrick. The Templeton Hotel, which is managed by Tullymore House Limited, is set to undergo a redevelopment once the acquisition is completed.
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