Europe Hotel Transactions Bulletin - Week Ending 12 February 2021

Sunce Hotels in Croatia being acquired by KSL

US private equity firm KSL Capital is reported to be buying Sunce Hotels, a portfolio of 13 resort properties across Croatia, from local entrepreneur Jako Andabak. The transaction includes 12 hotels managed under the Bluesun Hotels & Resorts brand, the TUI Blue Jadran hotel (held under a joint venture) and a campsite. The majority of the hotels are located in Croatia´s Dalmatian coast, with KSL´s local operating partner, Valamar Hotels, continuing to manage the hotels post-acquisition.

Commerz Real acquires two InterCity hotels in the Netherlands

German open-ended real estate fund manager Commerz Real has acquired the 115-room InterCity Hotel Leiden and the 174-room InterCity Hotel Breda in the Netherlands. Both hotels are currently under construction and are set to open in 2023, with the developer and seller in Leiden being Synchroon BV and in Breda JP van Eesteren. The hotels will be placed into a Commerz Real-managed fund in which Steigenberger Hotels AG is a 12% co-owner. Both hotels will be managed by Steigenberger Hotels AG, a subsidiary of Deutsche Hospitality, under long-term lease agreements.

FCR Immobilien sells Hotel Wasserschloss in Westerburg, Germany

German real estate investor FCR Immobilien has sold the 57-room Hotel Wasserschloss near Hanover in northern Germany. Located in a medieval castle, the property includes 5 meeting rooms, an extensive spa and a renaissance inner courtyard. Although FCR acquired the hotel in early 2019, the sale is in line with their stated strategy of exiting hotel investments.