HVS Europe Hotel Transactions Bulletin - Week Ending 24 June 2022
Accor to sell 10.8% stake in Ennismore to Qatari Investors
Europe’s largest hotel operator Accor has entered exclusive negotiations to sell a 10.8% stake in Ennismore, a global collection of leading lifestyle hospitality brands, to a Qatari consortium, for a total amount of €185 million. The transaction, which is expected to close in the second half of 2022, would value Ennismore at more than €2 billion. Creator of The Hoxton brand, Ennismore founder Sharan Pasricha entered a joint venture with Accor in October 2021, with the group also including all of Accor’s lifestyle brands, such as 25hours, Delano, Mama Shelter, Mondrian, Morgans Originals, SLS, SO/ and TRIBE. Accor’s stakes in all-inclusive brand Rixos Hotels and upscale F&B operator Paris Society will also now become part of Ennismore.
GIC joins APG, Aermont and Charlie McGregor as investors in The Student Hotel group
London-based Aermont Capital, Singapore’s sovereign wealth fund GIC, Dutch pension investment company APG and The Student Hotel founder Charlie MacGregor have reached an agreement that will see GIC and APG acquire a substantial stake in The Student Hotel (TSH), valuing TSH at €2.1 billion. The transaction, subject to customary regulatory approvals, sees McGregor and APG both increase their stakes in the company, with GIC joining as a new investor. The latest commitments will fuel the international expansion of TSH, with the aim of doubling today’s 25 properties to 50 properties in key European cities in the coming years. The hybrid hospitality model, combining student accommodation, hotel rooms, co-working and meeting spaces, bars and restaurants, was first introduced to the market in the Netherlands in 2012.
Invesco acquires three hotels in Spain and the Netherlands
Global investment manager Invesco Real Estate has acquired three hotels, located in the Spanish cities of Barcelona and Malaga, and The Hague in the Netherlands, from three different owners. The value of the three transactions is reported to be in the region of €100 million (€263,000 per room). The three new additions total 381 rooms and consist of the three-star, 152-room Occidental Barcelona 1929, the three-star, 123-room Holiday Inn Express The Hague Parliament and the five-star, 106-room Vincci Seleccion Posada del Patio in Malaga. Both the Occidental and Vincci properties are chain managed by Spanish operators, with the Barcelo Hotel Group for the former and Vincci Hoteles for the latter. Westmont Hospitality operates the Holiday Inn Express in The Hague through a franchise agreement with IHG.
Aviva Investors acquire hotel in Dublin
London-based Aviva Investors, Aviva’s global asset management arm, through its European Real Estate Long Income (E-RELI) fund, has acquired a hotel building in Dublin, within the South Docklands business district of the Irish capital, for an undisclosed sum. The hotel is currently under construction, with scheduled completion set for the end of 2022. The hotel has been pre-let to Premier Inn under a long-term lease agreement. The ten-storey hotel will feature just over 100 rooms and is being developed by Dublin-based Red Rock Developments.
Abrdn acquires Motel One Antwerp Site in Belgium from CORES Development
Clients of Edinburgh-headquartered investment company Abrdn have acquired the shares in Overloos NV, owner of the Motel One Antwerp development project in Belgium, from Antwerp-based real estate developer CORES Development. Motel One has signed a 27-year lease on what will be a 221-room hotel. The property will consist of two blocks equating to some 7,500 sqm, with a bar, meeting rooms, breakfast area and a courtyard.
AG Hotel acquires Best Western Pinewood on Wilmslow Hotel in Manchester, UK
UK hotel operator AG Hotels Group has acquired the Best Western Plus-branded Pinewood on Wilmslow Hotel, situated south of Manchester, UK, from a private vendor off a guide price in the region of £5.5 million (£62,000 per room). The 89-room hotel, a five-minute drive from Manchester’s international airport, features a restaurant, a bar and lounge as well as meeting facilities, all situated on a 2.5-acre site. AG Hotels latest acquisition marks its 5th hotel in the Northwest of England and overall 12th hotel in the UK.
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