Industry Update
Press Release26 July 2021

Europe Hotel Transactions Bulletin - Week Ending 23 July 2021

share this article
1 min
Logo 'HVS International'

Azora acquires two Tivoli hotels in the Algarve from Minor

Advertisements

Spanish investment manager Azora has acquired the 383-room Tivoli Marina Vilamoura and the 248-room Tivoli Carvoeiro resorts from Thai investor and hotelier Minor International, for €148 million (€235,000 per room) in a sale-and-manage-back deal. The two properties, located in Portugal’s Algarve region, were acquired on behalf of the Azora European Hotel and Lodging Fund. NH Hotel Group, which is owned by Minor, will continue to operate the two resorts under the Tivoli brand, subject to a new 20-year management agreement. In the five years since acquiring Tivoli Hotels & Resorts in 2016, Minor has invested €27 million into renovating the two subject properties, and reported that their sale generated an annual unlevered IRR in the “high teens”.

Boscalt acquires 15 Old Bailey in London to convert back into a hotel

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.

Prodea acquires Hilton Garden Inn Malpensa outside Milan from Bain

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.

Extendam acquires two French Best Western hotels

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.

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.

Latest News
Advertisements