Zetland acquires two hotels in Manchester and Edinburgh from Macdonald

London-based private equity firm Zetland Capital Partners LLP has entered into an agreement to acquire the 338-bedroom Macdonald Manchester Hotel and the 156-bedroom Macdonald Holyrood Hotel in Edinburgh from Macdonald Hotels & Resorts, for an undisclosed sum. Both properties, which will reportedly undergo significant investments and repositioning under new ownership, will be managed by Hamilton Hotel Partners. Following the successful transaction, Macdonald Hotels & Resorts will allocate a significant sum into strengthening its balance sheet and upgrading its portfolio, which is currently comprised of 28 hotels and nine resorts across the UK.

USS acquires Premier Inn Paddington, London, from Invesco and YardNine

Universities Superannuation Scheme, the UK’s largest private pension scheme, has entered a forward funding agreement to acquire the 369-bedroom Premier Inn Paddington development from Invesco Real Estate (on behalf of one of its US separate account clients) and London-based developer YardNine, for a reported £143 million (£388,000 per room). Located on 40 Eastbourne Terrace adjacent to Paddington Station, the development will include a 275-bedroom Premier Inn hotel, a 94-bedroom hub by Premier Inn and Whitbread’s premium Bar + Block Steakhouse restaurant. Invesco and YardNine signed a pre-let with Whitbread in January 2021, for a 35-year, index-linked lease. The project is expected to be completed in 2023.

Catella, Extendam and Cèdre acquire the Hotel La Pérouse, Nice

A French consortium led by Catella Hospitality Europe, Extendam and Cèdre, has acquired the Hotel La Pérouse in Nice for an undisclosed sum. The 56-bedroom boutique hotel, nestled on the “Colline du Château” between Nice’s old town and Port de Nice, was acquired with the intention of conducting a full renovation program with an internationally renowned designer. The aim is to reposition the property to become Nice’s leading luxury boutique hotel. Nice is one of France’s most visited tourist destinations and has recently gained the UNESCO World Heritage status.

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