Europe Hotel Transactions Bulletin - Week Ending 19 February 2021
Multi-family Spanish office Mazabi Gestión de patrimonios has acquired an unencumbered 128-room resort in Menorca for a reported €20 million (€156,000 per room). The 4-star property is located adjacent to the beachfront in Sant Lluís. The recently constructed project has direct access to the beach, and Mazabi are reportedly in discussions with several operators to brand and operate the hotel. The group has been active recently, closing on the sale of the 230-room Iberostar Selection Santa Eulària in Ibiza for a reported €40 million (€173,000 per room) and acquiring a 200,000 m2 farm in Formentera.
Polski Holding Nieruchomości, of which the majority shareholder is the Polish State Treasury, has acquired the 246-room Regent Hotel
in Warsaw for a reported PLN 130.5 million (€28.9 million - €117,000 per room). The seller, Cosmar SRL, is currently in bankruptcy and put the hotel up for auction last December. The new owner plans to continue to operate the property as a hotel.
Spanish private bank A&G has acquired the 44-room Único Madrid from Único Hotels for an undisclosed price. The luxury property includes a library, a wellness suite, and several F&B options, including the two Michelin star Ramón Freixa. It is located in the heart of the Salamanca district near Madrid's Golden Mile, surrounded by fine-dining restaurants and designer boutiques. Único Hotels, which is owned by businessman Pau Guardans, will continue to operate the hotel under a 20-year lease. The lease is reported to include several buyback options for the operator.
French hotel investor Elysees Acacias has sold Le Tsuba Hotel in Paris for a reported €43 million (€524,000 per room). The 82-room limited service property is located in the city's 17th arrondissement, minutes from the Arc de Triomphe and the Champs-Elysées. It features a 1926 façade, a lobby bar and lounge and a fitness area. The interior design was inspired by the Japanese "tsuba," collectable and highly-decorated katana hand-guards.
Institutional investor Oslo Finance has acquired the First Hotel Millenium in Oslo on behalf of a joint venture between Norway-based Union Gruppen and Fram Eiendom for an undisclosed price. The 114-room hotel is located in a prime downtown location near the Royal Palace and the National Theatre. The acquisition is in line with former acquisitions from both groups, who traditionally focus on real estate investments in Norway and Sweden.
The US Government has announced the acquisition of the former 232-room Ballsbridge Hotel in Dublin from Abu Dhabi-based sovereign wealth fund ADIA and Irish developer Chartered Land. The site is valued at an estimated €150 million (€647,000 per room). The site is adjacent to the old Jury's Hotel and is expected to be converted from a hotel to a new US embassy. If the deal goes through, Chartered Land will rescind its current proposals for developing apartments, retail and a new hotel on the site.
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