Europe Hotel Transactions Bulletin - Week Ending 23 July 2021
Boscalt Hospitality, a subsidiary of the Edmond de Rothschild Group's private equity arm, has acquired the 15 Old Bailey building near St. Paul’s in London for an undisclosed price from an unnamed, London-based developer. Built in 1874 as a hotel, the building had been converted to a serviced office building, but is now planned to be repositioned into an upper-upscale hotel featuring 110 rooms, with an estimated 18 months of works to be completed and an agreement with a hotel operator to be finalised. Under the direction of the team previously behind AINA Hospitality, Boscalt Hospitality will focus on opportunistic and value-add hotel investments, with the Old Bailey hotel being the new fund’s first investment.
Listed Greek real estate firm Prodea Investments
has acquired the 207-room Hilton Garden Inn Malpensa outside of Milan, Italy from Aquileia Capital Services, a subsidiary of Bain Capital Credit. The hotel complex is located 7 km from Malpensa international airport and 50 km from the center of Milan. The hotel will be operated by Zeus International, which acquired the hotel leasing company Malpensa Gestioni from Aquileia.
French private equity firm Extendam has acquired two Best Western hotels in France. The acquisition of the 72-room Best Western Linko in Aubagne, outside of Marseille, was made in partnership with French hotel manager Kentra Hospitality. The acquisition of the 98-room Best Western Saint-Etienne Porte du Forez, in the Auvergne-Rhône-Alpes region south-west of Lyon, was made in partnership with entrepreneur Nicolas Chambon. Collectively, the two hotels bring Extendam’s portfolio to 259 hotels and 20,294 rooms. In the first half of 2021, Extendam has acquired more establishments than in the full year 2019 or 2020.
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