Industry Update
Press Release22 February 2021

Europe Hotel Transactions Bulletin - Week Ending 19 February 2021

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Archer Capital, APG and GIC acquire future Madrid Edition for €205 million

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Private equity firm Archer Capital, Netherlands-based pension fund APG and Singaporean sovereign wealth fund GIC have agreed to acquire the 200-room Madrid Edition for a reported €205 million (~€1 million per room). The forward sale was brokered by HVS Hodges Ward Elliott. Upon completion, the luxury lifestyle property will be the fourth Edition hotel in Europe, following London, Bodrum, and Barcelona. Institutional investors KKH Capital Property and US-based Perella Weinberg Partners originally acquired the 25,000 m2 site from Fundacion Montemadrid back in December of 2016 for a reported €80 million. At the time, the JV planned to convert the then office space into a 180-room hotel at a purchase value of €444,000 per room.

Mazabi Gestión acquires Menorca new-build for €20 million

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.

PHN acquires Regent Hotel Warsaw for €28.9 million from Cosmar

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.

A&G acquires Único Madrid from Único Hotels

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.

Elysees Acacias sells Le Tsuba Hotel in Paris for €43 million

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.

Union Gruppen and Fram Eiendom acquire First Hotel MIllenium in Oslo

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.

US Government to Acquire Ballsbridge Hotel Dublin for new Embassy

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.

About HVS

HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

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