Europe Hotel Transactions Bulletin - Week Ending 05 June 2020
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.
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.
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