Industry Update
Press Release 8 June 2020

Europe Hotel Transactions Bulletin - Week Ending 05 June 2020

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SIGNA acquire the Bauer Hotel in Venice from Elliott and Blue Skye

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The Bauer Palazzo hotel in Venice, Italy, has been acquired by Austrian real estate investor SIGNA Group, from US hedge fund Elliott Management and its co-investment partner, London-based Blue Skye Investment Group. Signa will operate the 210-room hotel, joining its hotel portfolio which also includes the Park Hyatt Vienna and the Villa Eden luxury resort at Lake Garda in Italy. Located just three minutes walk from St Mark´s Square, the Bauer Palazzo had been acquired by Elliott and Blue Skye from the Bortolotto Passati family through a series of debt restructuring deals between 2017 and 2019.

Opera and Ambassador Hotels in Zurich sold to Meili

The 58-room Hotel Opera and the 45-room Hotel Ambassador in Zurich, Switzerland, have been sold to local real estate investment group Meili Unternehmungen. The seller of the hotels is the Hoppeler family, who had operated the hotels for three generations. Hotel Opera underwent a CHF 1.5 million renovation over the last two years. The Meili family, who also own seven other hotels in the Zurich region, are planning to implement a CHF 10 million renovation programme for the Hotel Ambassador and re-open the hotel in early 2021.

Kempinski Grand Hotel in Gelendzhik, Russia sold out of administration

The Kempinski Grand Hotel in Russia´s Black Sea coastal town of Gelendzhik has been sold out of administration for a reported price of 1.1 billion rubles (approximately €14 million, representing €37,000 per room) to an investment vehicle controlled by local real estate developer Prokhor Pozolotin. The transaction took place as a share sale, with the acquired company currently being controlled by VEB.RF, the Russian state development bank and the company´s largest creditor. Located on the Black Sea coast, the 379-room hotel sits on an 8-hectare plot and includes extensive spa facilities, a conference centre and three restaurants. Opened in 2007, the hotel was managed by Hilton under its core Hilton brand until 2011 prior to its rebranding as a Kempinski.

About HVS

HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

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