Europe Hotel Transactions Bulletin - Week Ending 05 July 2019
Investment manager Invesco has forward purchased two hotel developments in Milan and Florence for €160 million (€448,000 per room, on average). The 172-room Florence property, scheduled to open during the second half of 2020, is being acquired from Art-Invest and will be operated under the 25hours brand. The 185-room Milan property, is set to open in Q4 2021, is being acquired from Italian developer IGEFI GROUP and will be operated under the NH Collection brand.
LaSalle Investment Management has acquired, on a forward funding basis, a serviced apartment development pre-let to Staycity near La Défense in Paris, from developer Kaufman & Broad. The 216-room aparthotel is due to be completed by July 2021. The property will join LaSalle's E-REGI pan-European real estate fund, which currently has €710 million of assets under management.
French investor Perial AM has bought the 116-room Travelodge Valencia Airport Hotel for €15 million (€129,300 per room), representing a net yield of approximately 5%, from London-based developer Citygrove. The property is operated under a long-term triple-net lease agreement with Travelodge Hotels.
Helsinki-based Tradeka has sold the 121-room Scandic Kallio, Helsinki, to Swedish Real Estate investment firm Balder Fastighets AB. The hotel, which has recently undergone extensive renovations, is operated under a long-term lease agreement with Scandic Hotels. Over the last year, Cooperative Tradeka has divested four assets totalling around 460 rooms.
HVS is a leader in global hospitality financial consulting. Hotel owners, developers, investors, lenders, management companies, and public agencies around the world rely on HVS to make informed business decisions. HVS's commitment to excellence and unrivalled hospitality intelligence is delivered by more than 300 people in over 50 offices throughout the world who specialize in a wide range of hospitality assets including hotels, restaurants, casinos, shared ownership lodging, mixed-use developments, spas, and golf courses, as well as conventions, sports, and entertainment facilities. For more information about HVS visit https://hvs.com.