HVS Europe Lodge Transactions Bulletin Week Ending 19 April 2024

A abstract of European resort transactions offered by HVS

Proprium sells 35% stake in Motel One to One Accommodations
International actual property non-public fairness agency Proprium Capital Companions has divested its 35% stake within the German resort chain Motel One, promoting it again to the group’s majority proprietor One Accommodations & Resorts for €1.25 billion. This values the group at €4.17 billion, a 2023 EBITDA a number of of roughly 14 occasions. The chain was based in 2000 and its portfolio presently contains 94 motels totalling 26,470 rooms throughout 13 international locations, which embrace most main European markets along with a presence in the USA. Proprium acquired its stake in 2007 for €65 million and this funding has generated an fairness return of over 20 occasions when together with dividends. Motel One expects to open an extra 13 motels by 2026, which can enhance its portfolio to 56 cities and 32,000 rooms.

Morgan Stanley and Quinspark purchase Pullman Paris Tour Eiffel from Amundi
Morgan Stanley and French owner-operator Quinspark Funding Companions have finalised the acquisition of the four-star, 430-room Pullman Paris Tour Eiffel from French REIT Amundi Immobilier’s Opcimmo collective actual property funding physique for €330 million (€767,000 per room). The resort, which opened in 1966, is situated on the doorstep of the Eiffel Tower, some 200 metres from the Champs de Mars on which the landmark sits. The resort has a complete floor of 23,900 sq. metres and incorporates a restaurant, bar, health centre and 25 assembly rooms. It’s the closest resort to the Eiffel Tower. Following this transaction, Amundi Immobilier’s resort portfolio includes 18 property throughout 5 western-European markets.

Gruppo Statuto acquires Lodge de Rome in Berlin from GIC and Caleus
Italian investor Gruppo Statuto has acquired the five-star, 145-room Lodge de Rome, a Rocco Forte Lodge in Berlin, Germany, from Singaporean sovereign wealth fund GIC and German investor Caleus Capital Companions, for a reported €145 million (€1 million per room). The resort is presently managed and leased by British resort group Rocco Forte Accommodations, though that lease settlement is reportedly quickly to run out. Centrally situated some quarter-hour stroll from the Brandenburg Gate and ten minutes from the Berlin Cathedral, the posh resort includes a gross ground space of roughly 18,300 sq. metres and features a ballroom and a spa with a 20-metre swimming pool. GIC and Caleus acquired the resort in 2019 from Commerz Actual, who had owned it since 2007 once they acquired it from Rocco Forte for a reported €79 million, the yr after it was transformed from a financial institution headquarters right into a luxurious resort.

Nrep acquires Consolation Lodge Karl Johan in Oslo from CBRE IM
Nordic non-public fairness actual property developer Nrep, by way of its NSF V fund, has acquired the three-star, 260-room Consolation Lodge Karl Johan in Oslo, Norway, from CBRE Funding Administration. The property is situated within the metropolis centre in entrance of the Oslo cathedral, 350 metres from the capital’s foremost prepare station, and likewise features a Nike flagship retailer and three additional retail items that are all totally let. The transaction comes after CBRE IM totally refurbished the asset, growing the resort’s room rely by 79 rooms and its retail house by 300 sq. metres. NSF V is a 2022 classic fund which closed at €3.65 billion, making it the biggest European targeted value-add actual property fund thus far.

PGIM and Sonae Sierra JV acquires resort in Porto
PGIM Actual Property, the true property department of world funding supervisor PGIM and Portuguese actual property funding firm Sierra Sonae have fashioned a three way partnership concentrating on hospitality investments, which has acquired its first asset within the metropolis centre of Porto, Portugal. The asset is anticipated to open in H2 2024 and be positioned within the upper-upscale resort section. The JV is primarily concentrating on value-add alternatives and aiming for a gross asset worth of some €200 million. The motels can be managed by Lisbon-based Iberian Hospitality Options (IHSP), which has operated some 30 motels and resorts and over 3,000 rooms since 2014. Sonae Sierra’s portfolio presently consists of roughly €7 billion in property throughout 35 international locations, out of which roughly €5.4 billion are buying centres. HVS performed due diligence advisory for the patrons on the transaction.

Metropolis Accommodations Firm Holding acquires three motels in Italy
Italian owner-operator Metropolis Accommodations Firm Holding (Gruppo CHC), has acquired a portfolio of three motels totalling 536 rooms throughout the cities of Naples, Bologna and Parma in Italy from Bayview Italia, the Italian department of US asset-manager Bayview, and Italian actual property firms Scudo Immobiliare and Tirrenium Leasing. The portfolio contains the four-star, 327-room Vacation Inn Naples, the four-star, 96-room My One Lodge Bologna and the four-star, 113-room Lodge Villa Ducale in Parma. With this acquisition, Gruppo CHC’s portfolio will increase to 13 motels in Italy, comprising six Vacation Inns and three Finest Westerns. Previous to the sale, the Bologna and Parma motels had been managed by Italian operator Compagnia Degli Lodge (CDH).

Lopesan acquires AC Lodge Iberia Las Palmas in Spain’s Canary Islands
Canary Islands-based tourism firm Lopesan Lodge Group has acquired the four-star, 281-room AC Lodge Iberia Las Palmas on the island of Gran Canaria, Spain, from an undisclosed vendor. Las Palmas, the island’s capital, is house to nearly half of Gran Canaria’s inhabitants of some 850,000 individuals. The resort is situated close to town centre and previous city, some 10 minutes by automobile from Las Canteras seaside. Marriott, which presently manages the asset, will keep in place below an additional two-year settlement. The resort incorporates a restaurant, fitness center, seven occasion areas totalling 523 sq. metres and a rooftop swimming pool with sea views. Lopesan’s portfolio at present spans roughly 20 motels in 5 international locations, with the bulk being held in Spain and Germany.

Extendam acquires Hilton Backyard Inn Sevilla from Aliseda Inmobiliaria
French non-public fairness agency Extendam has acquired the four-star, 140-room Hilton Backyard Inn Sevilla in Spain from Blackstone-owned actual property firm Aliseda Inmobiliaria. The property is situated within the Torneo enterprise park within the northern a part of Seville, a 15-minute drive from the airport, and features a restaurant, fitness center and assembly rooms. The resort’s widespread areas had been refurbished in 2023 previous to the sale. The asset can be operated by Continuum Hospitality Group, who already function six different Spanish motels for Extendam. Extendam’s portfolio of economic system and mid-market European motels includes some 340 motels and roughly 26,500 rooms, amounting to a gross asset worth of round €3.8 billion.

MV Funding acquires Lodge Jugoslavija in Belgrade from Danube Riverside
Serbian actual property developer Millenium Crew, by way of its subsidiary MV Investments, has acquired the three-star, 132-room Lodge Jugoslavija in Belgrade, Serbia, from home firm Danube Riverside amidst chapter proceedings, for a value of RSD3.2 billion (RSD 24.2 million per room), or €27 million (€205,000 per room). The positioning is to be totally redeveloped by Millenium right into a 155-metre tall residential, enterprise and resort complicated over a development interval of 4 years for a complete of some €400 million. The resort, beforehand the biggest in Yugoslavia, opened in 1969 on one of many metropolis’s foremost promenades and is of nice cultural and historic worth, having welcomed company resembling Queen Elizabeth II, Neil Armstrong, Richard Nixon, Jimmy Carter and Libya’s Colonel Gaddafi.

MHL Lodge Assortment acquires former Park Inn by Radisson Belfast from Might Avenue
Irish resort group MHL Lodge Assortment has acquired the previous three-star, 145-room Park Inn by Radisson Belfast in Northern Eire from locally-based actual property funding agency Might Avenue Capital. The resort is situated in Belfast’s metropolis centre, a five-minute stroll from the Metropolis Corridor and Cathedral Quarter. Following the transaction, the asset will endure a £7 million refurbishment programme (£48,000 per room) and is anticipated to reopen as a Moxy by Marriott in the course of the first half of 2025. This buy marks the group’s 14th resort and its first outdoors the Republic of Eire. MHL’s portfolio contains notable property such because the InterContinental Dublin and The School Inexperienced Lodge Dublin, Autograph Assortment. The group additionally owns the 157-room Moxy Dublin Metropolis.

HVS is the world’s main consulting and valuation companies group targeted on the resort, restaurant, shared possession, gaming, and leisure industries. Established in 1980, the corporate performs greater than 4,500 assignments per yr for just about each main business participant. HVS principals are thought to be the main professionals of their respective areas of the globe. By way of a worldwide community of over 50 places of work staffed by 300 skilled business professionals, HVS supplies an unparalleled vary of complementary companies for the hospitality business. For additional data concerning our experience and specifics about our companies, please go to www.hvs.com.