H.I.G. Capital buys NPLs backed by a five-hotel complex in Kos, Greece, from Eurobank and Piraeus Bank
US-based private equity firm H.I.G. Capital has acquired, from Greek lenders Eurobank and Piraeus Bank, the banks’ combined loan exposure to Greek hotel owner/operator G. Kipriotis & Sons. The loans, amounting to some €135 million, are secured by Kipriotis’s five hospitality assets located on the island of Kos in Greece. All five hotels adjoin each other to form a large complex with a total of 1,521 rooms across two five-star assets (the 183-room Kipriotis Maris Suites and 253-room Kipriotis Panorama Hotel & Suites), and three four-star properties (the 203-room Kipriotis Aqualand Hotel, 173-bedroom Kipriotis Hippocrates Hotel and the 709-room Kipriotis Village Resort), also including conference facilities, two water parks and sports facilities.
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Sixth Street acquires five hotels in Spain, to become Pierre & Vacances properties
US-based global investment firm Sixth Street has acquired five hotel assets with a total of 1,039 rooms located in Spain’s coastal vacation destinations of Benidorm, Roquetas de Mar, Lloret de Mar and Salou, as part of a new partnership with the Spanish subsidiary of French holiday accommodation provider Pierre & Vacances. A total of some €85 million is being invested to acquire and convert the five assets into Pierre & Vacances properties. The portfolio includes the following properties: the four-star, 299-room Palm Beach and 166-bedroom Apartamentos Don Jorge 3LL, both located in Benidorm; the three-star, 175-room Oh!Tels Playa Oro in Salou; the three-star, 270-room Oh!Tels Roquetas located in Roquetas de Mar; and the four-star, 129-bedroom Santa Rosa in Lloret de Mar.
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Fragrance Group founder acquires Kensington Forum hotel, London, from Queensgate
GP Hotel-UK, backed by Koh Wee Meng, the founder of Singaporean property developer Fragrance Group, has acquired the entire shareholding in Queensgate Bow UK, the owner of the Kensington Forum hotel in London, for an undisclosed sum. The 906-room property is Holiday Inn’s largest hotel in Europe. Queensgate acquired the property in 2015 for £400 million, and then decided last year to exit following an ongoing dispute with planning authorities over Queensgate’s proposed scheme to rebuild the hotel. New owner Mr Koh is reportedly also planning to completely redevelop the two-acre freehold site.
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Pandox acquires Adagio Aparthotel Edinburgh from MAS
Swedish hotel property company Pandox has acquired the 146-bedroom Adagio Aparthotel Edinburgh from Johannesburg-listed property investor and operator MAS for £40.5 million (£277,000 per room) including transfer taxes. The transaction is structured through the acquisition of assets and liabilities, including the property and an existing revenue-based lease with minimum guaranteed rent with a remaining term of 15 years. Centrally located on the Royal Mile, Edinburgh’s historic centre, the asset, built in 2016, also features four additional small tenancies. Pandox expects the hotel to contribute approximately £2.2 million in annual net operating income once the hotel market normalises post-pandemic.
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Leonardo acquires Hotel Legend Krakow, Poland
Berlin-headquartered Leonardo Hotels Central Europe has acquired the Hotel Legend Krakow, Poland, for an undisclosed sum. The 100-room asset, currently rated as three-star and located in Krakow’s old town, will undergo a soft refurbishment, and be repositioned and rebranded as the Leonardo Boutique Krakow Old Town. This acquisition marks Leonardo’s third engagement in Poland, bringing the group’s portfolio in Europe to 85 properties with 14,600+ rooms.
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Dohle Family acquires Hotel zur Tenne in Kitzbühel, Austria, from Volkhardt family
The Dohle family, owner of the luxury hotel Vier Jahreszeiten in Hamburg, has acquired the Hotel zur Tenne, Kitzbühel, Austria, from the Volkhardt family, who have owned and operated the hotel for over five decades, for an undisclosed sum. The locally renowned four-star, 51-room hotel is centrally located in Kitzbühel’s old town and will undergo a renovation under the new ownership. Operated as a hotel for over a century, the property currently features a restaurant, bar, spa with treatment rooms, gym and function spaces.
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Nuova Asiago Immobiliare acquires the Best Western Plus Tower Hotel Bologna, Italy
Italian entrepreneurs, the Borletti family, have acquired the Best Western Plus Tower Hotel Bologna, Italy, through their company Nuova Asiago Immobiliare for an undisclosed sum. The seller was “a leading institutional fund”. Bologna’s tallest hotel, the building is constructed over 18 floors and features 149 guest rooms, a bar, a restaurant, 11 meeting rooms and a fitness room. The four-star hotel is managed by Italian third-party operator Hnh Hospitality.
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CPI Property Group acquires Mercure Bratislava Centrum, Slovakia, from Invesco
Luxembourg-headquartered CPI Property Group has acquired the four-star Mercure Bratislava Centrum in Slovakia from Invesco Real Estate for an undisclosed sum. The centrally located, 175-room property, situated only minutes from the capital’s main railway station and historic centre, includes a restaurant, a bar and conference facilities. The asset first transacted in 2010 while still under construction, for a reported €17 million as part of a five-property Accor portfolio. CPI now owns over 40 hotels in the CEE region. After its anticipated rebranding, the hotel will be operated by CPI’s internal management team.
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Extendam acquires three property portfolio in France
French private equity firm Extendam, alongside Jean-Marie Fragné from French hotel operator Hera Invest, have acquired a 215-room, three-property portfolio in Appoigny, Issoire and Coudes in France, for an undisclosed sum. The transaction of budget to mid-range assets includes the 77-room Mercure Auxerre in Appoigny, the 75-room ibis Budget Issoire and the 63-room hotelF1 Clermont Ferrand Issoire Coudes in Coudes. The Mercure Auxerre, which features a 300-seat restaurant and seven meeting rooms, will benefit from a complete refurbishment, while the ibis Budget Issoire is planned to undergo a soft refurbishment.
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For the latest in the hospitality industry, please visit: hvs.com. You are also welcome to contact the following personnel.
Florian Kittler, Managing Director – HVS Executive Search Europe & Asia Pacific
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