GIC to acquire 35% stake in HIP from Blackstone

The Singaporean Sovereign Wealth Fund GIC is set to acquire a 35% stake in southern European focused hotel owner and operator Hotel Investment Partners (HIP) from Blackstone Group, valuing HIP at over €4 billion and providing HIP with additional capital in times where borrowing costs are high. Founded in 2015, HIP was acquired by Blackstone managed funds in 2017 from Banco Sabadell. Since then, HIP has invested over €600 million in hotels, developing a portfolio of 72 hotels throughout Europe and employing about 10,000 people. HIP partners with major global hotel operators such as Marriott, Hilton, Hyatt and Melia, with its 21,000 room portfolio spanning Spain, Greece, Italy and Portugal. Last year, GIC bought a majority stake in the Mediterranean luxury resort operator Sani/Ikos Group, valuing the group at €2.3 billion at the time.

Tristan and Queensway acquire Edinburgh office site for Point A conversion

London-based Tristan Capital Partners, via their latest opportunistic fund European Property Investors Special Opportunities 6 (EPISO 6), with partner Queensway, have acquired a 63,195 sq ft office building in central Edinburgh, Scotland, from Patrizia Hanover Property Unit Trust (Patrizia) for an undisclosed price. Queensway will develop and deliver a Point A budget boutique hotel to Tristan, to become the second Point A property in the Scottish capital. The site is located on St. Andrew Square, between Edinburgh’s main train station, Waverley, and the New Town area. Following this development, the Point A brand, which was acquired last year, will comprise a portfolio of 12 properties across the United Kingdom and Ireland.

Lifestyle Hospitality Capital acquiring majority stake in Ireland's Dean Hotel Group

Lifestyle Hospitality Group (LHC), a new investment vehicle set up by ex-Ennismore executive Keith Evans, along with Elliott Investment Management, is to acquire a majority stake in Dublin-based Dean Hotel Group. Founders Paddy McKillen Jr and the McKillen Company will retain a stake in the group and continue to operate its hotels (three existing and two under development), as well as its restaurants and bars operation that includes some 30 establishments under its own brands Sophie's, Ryleigh's, Roberta's and Layla's. While the price was not disclosed, it has been reported that the transaction values the group at more than €350 million.

Corum acquires Ibis Styles Rotterdam in The Netherlands from Foruminvest

French asset manager Corum has completed its turnkey acquisition of the new 150-room Ibis Styles Rotterdam from Dutch real estate developer and investor Foruminvest for €46.3 million (€185,000 per room). The price represents a reported yield of 6%. Just opened in September 2023, the hotel is operated on a long-term lease to German hotel operator HR Group, which, in turn, signed a franchise agreement with Accor for the property. The hotel is adjacent to the 54,000 sqm Rotterdam Ahoy, a multi-purpose complex in the south of the city which features an event hall, a congress centre, and a sports arena.

Room Mate Hotels acquires Lime Tree Hotel in London from the Goodsall Family

Spanish hotel group Room Mate Hotels has acquired the Lime Tree Hotel in London from the Goodsall Family for an undisclosed sum. The 26-room, Grade II-listed property is located in the Belgravia area, which borders Hyde Park and Buckingham Palace, and was last refurbished in 2019. Following its bankruptcy in 2022, Room Mate Hotels was acquired by investment firms Angelo Gordon and owner operator Westmont Hospitality Group. The Room Mate portfolio now comprises 22 hotels across Europe, whilst this acquisition marks the brands first entry into the United Kingdom.

Trescher Family acquires two Azimut Hotels in Germany

The Trescher Family, through their vehicle Trescher Verwaltungsgesellschaft mbH, has acquired two properties in Germany, in Dresden and Erding, from the Azimut Hotel Group for an undisclosed amount. The two properties are the 64-room Azimut Hotel Dresden, and the 54-room Azimut Hotel Erding. Both properties will continue to be operated by the Andante Hospitality Management Group GmbH. The Trescher Management Company, owned by the family, is based in Munich and has been operating since 2001.

Aviva acquires Premier Inn Southampton West Quay in the UK from LaSalle IM

British insurance firm Aviva has acquired the three-star, 155-room Premier Inn Southampton West Quay in Southampton, UK, from LaSalle Investment Management. The £15.9 million (£102,000 per room) acquisition reportedly represents a 5.75% net initial yield. The hotel is situated in close proximity to the Port of Southampton and the River Test, about 135 kms southwest of London. Aviva has approximately 34 hotel assets in its investment portfolio, including eight Premier Inn-branded hotels across the UK and Ireland. LaSalle acquired the property in 2010 from DevSecs for approximately £10.5 million (£68,000 per room).

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