HVS Europe Resort Transactions Bulletin Week Ending 15 March 2024

A abstract of European resort transactions offered by HVS

CPIPG sells 50% stake in eight Czech inns to Finest Resort Properties
Czech actual property funding agency CPI Property Group (CPIPG) has fashioned a three way partnership settlement with Slovakian firm Finest Resort Properties, promoting a 50% stake in its subsidiary that owns a portfolio of eight inns within the Czech Republic, for roughly €173 million, valuing the entity at €347 million. The transaction additionally included the working firm CPI Motels A.S., which is anticipated to stay the inns’ operator. The belongings throughout the portfolio embody the Clarion Congress Resort Prague, the Mamaison Residence Downtown Prague and the Consolation Resort Prague Metropolis East. CPIPG is anticipated to make use of the proceeds from this transaction to service debt. CPIPG’s portfolio primarily consists of Czech, German and Polish actual property belongings which totalled €20.3 billion as of Q3 2023 and of which inns represented roughly 5% on the time.

BG Motels sells BG Portinatx Seaside Membership Resort in Ibiza to Spanish resort household
Balearic resort chain BG Motels has offered the four-star, 243-room BG Portinatx Seaside Membership Resort on the island of Ibiza, Spain, to an undisclosed Spanish household, who reportedly personal worldwide resort companies. The transaction closed for a reported €60 million (€247,000 per room). The all-inclusive resort is situated on the northern coast of the Balearic Island roughly 35 kilometres from its worldwide airport. The resort closed in This fall 2023 to begin renovations, which aimed to enhance the asset to 5 stars, though weren’t commenced beneath BG’s possession, with the brand new homeowners anticipated to hold them out and reposition the asset. Following the sale, BG’s portfolio spans six inns throughout the Balearics, in Ibiza and Mallorca.

ASG sells Hampton by Hilton in Barcelona to UK household workplace
Berlin-based personal fairness agency ActivumSG (ASG) has offered the three-star, 241-room Hampton by Hilton Barcelona Fira Gran Through in Barcelona, Spain, to an undisclosed British household workplace for €50 million (€207,000 per room). The resort is situated within the southwest of Barcelona, in shut proximity to the Fira conference centre, which attracted roughly 200,000 guests in 2023. The resort opened in 2021 and reportedly price ASG some €40 million to develop. Upon opening, ASG signed a franchise settlement with Hilton and a long-term working lease with Dutch white label operator Borealis Resort Group. ASG has raised 4 funds so far which might be devoted to actual property alternatives in Germany and Spain. The 4 whole almost €880 million and are nearing full allocation.

Millennium REIT sells Resort Eurostars Lucentum in Spain
Spanish REIT Millenium Hospitality Actual Property has offered the four-star, 169-room Resort Eurostars Lucentum in Alicante, Spain, for €29.9 million (€177,000 per room), to an undisclosed purchaser. The asset, which is situated within the metropolis centre of Alicante, was acquired by Millenium in 2018 and was initially constructed because the headquarters of the Financial institution of Alicante, later absorbed by BBVA financial institution. The resort, which features a fitness center and sauna, 5 assembly rooms and a breakfast buffet, is operated by Spain’s Hotusa Group beneath its Eurostars model through a fixed-rent settlement till 2025 and a hard and fast and variable lease settlement from there onwards. In keeping with Millenium, this transaction has generated capital positive factors in extra of €7 million, exceeding the REIT’s goal.

HVS is the world’s main consulting and valuation companies group centered 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 trade participant. HVS principals are considered the main professionals of their respective areas of the globe. By means of a worldwide community of over 50 workplaces staffed by 300 skilled trade professionals, HVS gives an unparalleled vary of complementary companies for the hospitality trade. For additional info relating to our experience and specifics about our companies, please go to www.hvs.com.