Europe Hotel Transactions Bulletin - Week Ending 26 June 2020
UK-based private equity fund Henderson Park and North American real estate developer Hines have acquired a portfolio of five hotels on the island of Crete in Greece. The 1,094-room portfolio, acquired through two separate distressed sales, is comprised of seafront properties in various locations across the island, in the coastal cities of Heraklion, Agios Nikolaos and Sitia. The deal marks the joint venture´s second purchase in the Greek market, following the 2017 acquisition of the former Ledra Hotel, which currently trades as the Grand Hyatt Athens.
Italian entrepreneur Renzo Rosso has acquired the 49-room Hotel Ancora in the Italian ski resort of Cortina d´Ampezzo from local hotelier Flavia Cusinato. The oldest hotel in the town, having been built in 1826, the property has been acquired by Renzo Rosso´s investment vehicle Red Circle Investments for approximately €20 million (€408,000 per room). The hotel is currently undergoing a renovation, and is expected to re-open by the end of 2020.
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