Industry Update
Press Release18 December 2020

Europe Hotel Transactions Bulletin - Week Ending 18 December 2020

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AEVIS acquires Hotel Schweizerhof in Zermatt from Michael Reybier

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Switzerland-based investment manager AEVIS VICTORIA SA has acquired the 95-room Hotel Schweizerhof, Zermatt, on a sale and manage-back basis from operating and real estate companies indirectly owned by Michel Reybier for a reported CHF 63.2 million (€58.6 million representing €617,000 per room). Michel Reybier will continue to manage the hotel and received CHF 38.7 million worth of AEVIS shares. AEVIS now owns over 300 luxury hotel rooms in the Zermatt market, including the Mont Cervin, Petit Cervin, Monte Rosa, and the Schweizerhof.

Casacuberta family acquires Beau-Rivage Geneva from Mayer Family

The Barcelonan Casacuberta family has acquired the Beau-Rivage Geneva from the Mayer family for an undisclosed amount. The Swiss Mayer family opened the Beau-Rivage hotel in 1865. Today, it is one of Geneva's most iconic luxury hotels, with lakefront views, 72 rooms, 23 suites, and a host of restaurants and bars. The hotel will be managed by the Casacuberta family, who have announced they plan to make no changes to the operating structure and to preserve the hotel's heritage.

Portfolio of three hotels in Tenerife acquired by Blantyre Capital

A portfolio of three hotels in Tenerife, Canary Islands has been acquired by UK private equity fund Blantyre Capital, from Spanish owner operator Gema Hoteles. The 1,224-room portfolio, consisting of the 466-room Aguamarina Golf Resort and Apartments, the 426-room Gran Hotel Turquesa Playa and the 202-room Diamante Suites, will all be managed by American resort operator Apple Leisure Group. Blantyre Capital plans to invest €20 million into the renovation of the hotels.

Perial acquires three B&B hotels for €28 million for hotel fund

Paris-based Perial Asset Management has acquired three B&B hotels, collectively 377 rooms, for a reported €28 million. The 134-room B&B Muedon and 135-room B&B Saint-Denis were acquired from French Axe Promotion for a reported €22 million (€82,000 per room). Perial concurrently acquired the 108-room B&B Hotel Barcelona Mataro from an undisclosed seller for a reported €6 million (€56,000 per room). The hotels are to be added to Perial's new SCPI fund, PF Hospitalité Europe, which was launched earlier this year and focuses exclusively on hospitality. Perial traditionally focuses on office space in the Euro Zone and has a reported £4.3 billion assets under management with a strong focus on French markets.

Extendam sells the Ibis Marne-la-Vallée in Paris

French hotel investor Extendam has sold the 110-room Ibis Marne-la-Vallée in the outskirts of Paris to a group of local private investors. Since it acquired the hotel in 2014, Extendam implemented a full renovation programme and is reported to have sold the hotel for a price in excess of €15 million (€136,000 per key), more than double than what it paid for the hotel six years ago.

Mazabi acquires Soho Boutique Palacio San Gabriel in Ronda, Spain

Spanish investment manager Mazabi Gestion de Patrimonios has acquired the 22-room Soho Boutique Palacio San Gabriel in Ronda, located some 60 kms north-west of Marbella in the south of Spain, for an undisclosed price. The four-star hotel is in an historic building built during the 17th century and features a cinema, wine cellar and a café. Mazabi currently has 44 projects under management with a reported value of €1.5 billion and a target portfolio size of €3.0 billion by 2023.

CDL sells the Copthorne Hotel Birmingham

City Developments Limited (CDL), part of Singapore's Hong Leong Group and the parent company of Millenium & Copthorne Hotels, has announced that it exercised a put option to sell the 211-room Copthorne Hotel Birmingham for £17.2 million (£82,000 per key). Located within the centre of Birmingham, the property sits within the £700 million Paradise scheme development area jointly developed by Birmingham City Council, Federated Hermes
and Argent. Subject to planning permission, the hotel is likely to be demolished, with the Octagon, the world's first octagonal residential tower, built in its place.

Sontowski & Partner forward sells Ibis Styles to Kingstone in Coburg, Germany

German developer Sontowski & Partner has forward-sold a 141-room Ibis Styles hotel, currently under construction, to Kingstone Investment Management, in the German town of Coburg. The hotel is being sold as part of a larger transaction including two mixed-use developments in Coburg and Gauting being developed by the seller, totaling 17,600 sqm. The Ibis Styles hotel, which is set to open in 2021, is leased to Success Hotel Group who will operate the hotel under a franchise agreement with Accor. The transactions mark the first two acquisitions for Kingstone's sustainable real estate fund, which the German asset manager recently launched for institutional investors.

B&L sells the Intercity Hotel Hamburg Brambek to German fund manager

Hamburg Team Investment Management has acquired the 221-room Intercity Hotel Hamburg Brambek from local developer B&L Gruppe. The hotel, which opened earlier this year, is operated by Deutsche Hospitality under a long-term lease agreement and was sold as part of a larger mixed-use building, also including 10,000 sqm of office and retail space.

Groupe Cardinal acquires the Golf Park Hotel in Cannes, France

French developer Groupe Cardinal has acquired the 56-room Golf Park Hotel in Cannes, France, for €12 million (€214,000 per key). The 4-star hotel, which is located near the Old Course Golf Club in the city's Mandelieu district, is composed of three buildings, including a pool and a separate restaurant. The hotel is currently closed and the new owners plan to extensively renovate it before reopening in 2021.

Season's Greetings and Best Wishes for the New Year 2021

We take this opportunity to wish all our readers, clients and friends very happy Holidays and a wonderful New Year. This will be our last weekly newsletter for 2020. Season's Greetings to all!

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