Europe Hotel Transactions Bulletin - Week Ending 9 October 2020
German institutional investor BKV has acquired a two-property portfolio in Heidelberg, Germany from German developer GBI AG through its hotel fund, as a forward sale. The 162-room Adagio Aparthotel Heidelberg and the 198-room IntercityHotel Heidelberg are slated to be completed by Autumn 2022. Both properties sit adjacent to the city's main train station, providing strong brand coverage in a prime location.
Croatia's Fortenova Group, the successor of the collapsed Agrokor, has agreed to sell its minority stake in its local tourism holding company, Karisma Hotels Adriatic (KHA), to global tour operator TUI AG. TUI, which currently owns shares in KHA, will acquire 589 rooms in Croatia, including the TUI BLUE Makarska, the TUI BLUE Adriatic Beach and the TUI BLUE Kalamota Island. Fortenova has been divesting non-core operations since 2018.
US private real estate company Adventurous Journeys (AJ) Capital Partners has acquired the 89-room Marine Hotel in Troon, Scotland from a UK-based JV composed of owner-operator Cannock Group, developer and manager Hetherley Capital Partners and investment manager Stellar Asset Management. The acquisition is AJ Capital's third Scottish golf property. In 2021, they plan to launch the Marine & Lawn brand, a collection of high-end golf resorts.
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