Europe Hotel Transactions Bulletin - Week Ending 18 October 2024

Mohari, Omnam and Pharrell Williams acquire Hôtel Saint James & Albany, Paris

Mark Scheinberg’s luxury hotel investment firm Mohari Hospitality, together with London-headquartered Omnam Investment Group and American musician Pharrell Williams, have acquired the historic 175-room Hôtel Saint James & Albany in Paris, France. The property was reportedly sold by a family for a price somewhere between €180 million and €200 million (€1.03 million to €1.14 million per room). Overlooking one of Paris’s most famous streets, Rue Saint Honoré, in the city's first district, directly across from the Tuileries Gardens and River Seine, and just a five-minute walk from the Louvre Museum, the property’s location is outstanding. The hotel was closed a few years ago for an “extensive and lengthy renovation”. The new owners are reportedly close to finalising the details of a repositioning and rebranding strategy for the hotel.

Hera Invest acquires three hotels in Saint-Etienne in France from Extendam

French investor Hera Invest has acquired three Accor-branded hotels (220 rooms) and one small commercial property in Saint-Étienne, France, from French investor Extendam. The properties were listed on the market at the start of 2024 with an asking price of €23 million (around €100,000 per room). The portfolio includes three adjoining properties located opposite Saint-Etienne’s main train station, being the four-star, 77-room Novotel Saint-Étienne Centre Gare Châteaucreux, the adjoining two-star, 84-room ibis Budget Saint-Étienne Centre Gare Châteaucreux, and a separate adjacent bar/restaurant property operated under the French brand Au Bureau. The last property, the two-star, 59-room ibis Budget Saint-Étienne Stade, is situated some 2 kms north of the other three. Specialising in the development of economy and mid-range hotels, this acquisition brings Hera Invest’s portfolio to a total of 13 hotels.

CDL Hospitality Trusts acquiring Hotel Indigo Exeter in the UK

Singaporean REIT CDL Hospitality Trusts (CDLHT) has entered into an agreement to acquire the four-star, 104-room Hotel Indigo Exeter and two retail units, from British hotel operator Hotel Exe Limited and British real estate firms Plaza Properties and Plaza Retail. The reported price is £19.4 million, including the two retail units that have a value of approximately £4 million based on annual rent of around £375,000. The hotel is situated in central Exeter by the city’s main retail high street. It was converted from a former House of Fraser department store and opened as a hotel in December 2022. The property will reportedly maintain its operations under IHG’s Hotel Indigo brand.