Europe Hotel Transactions Bulletin - Week Ending 18 October 2019

Northland Properties acquires Portmarnock Hotel & Golf Links in Ireland from Kennedy Wilson

Vancouver-based hospitality investor Northland Properties Group has acquired its first European hotel near Dublin, Ireland, namely the 134-room Portmarnock Hotel & Golf Links, for €50 million (€373,100 per room). The seller, Los Angeles-based global real estate investment company Kennedy Wilson, acquired the resort in 2014 for €27 million and has since spent an additional €5 million on renovation and extension works. The 172-year-old property is located on a 160-acre site, and includes an 18-hole golf course.

La Française REM forward-funds the Adagio Toulouse, France

French asset manager La Française REM, on behalf of Société Civile de Placement Immobilier Epargne Foncière, is forward-funding a four-star 114-room Adagio Aparthotel in Toulouse, south-west of France. The property, which is part of a larger mixed-use development, is being sold by local developer Kaufman & Broad, and is expected to open in the first quarter of 2022. The complex will also comprise fitness facilities, co-working areas as well as 20 parking spaces.

Days Hotel London-Waterloo sold to Palm Holdings

The 162-room Days Hotel by Wyndham London-Waterloo, which went into administration in March this year, is being sold to UK-based hotel investor Palm Holdings, on behalf of the administrators Smith & Williamson. The buyer will temporarily continue to operate the hotel under the Days Hotel brand through its subsidiary, Waterloo Hub Hotel Ltd, whilst considering various repositioning options. The acquisition of Palm Holdings' first London hotel joins its existing portfolio of hotels in Scotland and Canada.