HVS Europe Hotel Transactions Bulletin - Week Ending 13 January 2022
HVS Hodges Ward Elliott brokers sale of The Standard Ibiza to Schroders
Global investment manager Schroders Capital has acquired The Standard Ibiza, a 67-room luxury lifestyle hotel located in the centre of Ibiza Town. The property, which opened in May 2022, includes the very popular Jara restaurant and bar fronting the island’s main square, as well as a stunning rooftop terrace with a swimming pool, bar and restaurant, offering views of the marina and Ibiza Castle. HVS Hodges Ward Elliott represented the sellers in the transaction, having also negotiated the operating agreement with Standard International in 2021.
Abu Dhabi’s ADQ fund acquires Reykjavík EDITION Hotel from Stefnir
A company owned by Abu Dhabi's Sovereign Wealth Fund ADQ has acquired a 70% stake in The Reykjavík EDITION hotel, located in Iceland’s capital city, for an undisclosed price. The majority of the shares were held through a structure ultimately owned by Stefnir’s SÍA III enterprise fund. US developer Carpenter & Co. has retained its 30% interest in the hotel. The hotel will continue to be operated by Marriott International. Opened in 2021, The Reykjavík EDITION has 253 rooms, including 27 suites and a 128 sqm penthouse. HVS London carried out the commercial due diligence on behalf of ADQ for this transaction.
Invel and Prodea acquire the White Coast Pool Suites in Milos, Greece
Invel Real Estate and Greek real estate investment firm Prodea Investments have acquired the five-star luxury hotel White Coast Pool Suites through the Invel Eudora Fund 1LP, which is held 51% by Invel and 49% by Prodea. Located near Sarakiniko Beach on Milos Island, the hotel contains 30 luxury suites, each with a private pool, and is currently part of the Small Luxury Hotels of the World collection. The hotel is now set to be operated by Greek luxury operator Domes Resorts, and the new owners are planning to expand the property. Prodea and Invel launched the fund in June 2021 and also recently invested in the Hotel Bellevue in Cortina d’Ampezzo in Italy.
Memmo Hotels acquires Hotel Paul do Mar Sea View in Madeira, Portugal
Memmo Hotels has acquired the former four-star 60-room Hotel Paul do Mar Sea View in the Calheta district on the island of Madeira. Memmo is expected to carry out refurbishment work on the property, however, details on the value of the investment or possible opening date have not been disclosed. Affiliated with Design Hotels, Memmo Hotels currently has three properties in its portfolio, Memmo Baleeira in Sagres on the south coast of Portugal, and two hotels in Lisbon: Memmo Alfama and Memmo Príncipe Real.
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