A consortium led by funds managed by Davidson Kempner Capital Management and including operating partners Highgate and Kronos has closed on a deal to acquire the Portuguese investment firm ECS Capital for a reported price of €850 million. The acquisition includes two funds managed by ECS, as well as other Portuguese companies, whose assets together total 65 hospitality, residential and commercial properties located across the Algarve region in Portugal. Within the real estate portfolio are 18 hotels, including the 154-room Conrad Algarve Hotel and the 176-room Hilton Vilamoura As Cascatas Golf Resort & Spa. The deal was agreed in late 2021, but then stalled due to disagreements regarding which assets were to be included. HVS London conducted consulting advisory on this deal.

London-based M&G has sold its 153-room Premier Inn asset in Holborn, central London, to Premier Inn owner Whitbread, for a price reported to be between £35-40 million (£228,000-£261,000 per room) to raise funds in order to meet redemption requests for its £5.2 billion Secured Property Income Fund. In 2017, M&G forward-funded the development of the hotel and Whitbread signed on to a 25-year lease agreement. The deal is set to complete imminently.

London-based Aviva Investors has offloaded the Manchester Corn Exchange, located in the Medieval Quarter of Manchester’s city centre, for an undisclosed price. The grade-II building includes a 114-room aparthotel managed by Roomzzz. The building is 93% let, with 18 leases, the majority of which are to restaurant groups such as Banyan, The Cosy Club, Pizza Express, Pho and Mowgli. The property was brought to the market for around £43 million in May 2022, quoting a yield of 6.4%.

Dutch group Amrath Hotels has acquired the Airport Hotel Rotterdam and Berghotel Amersfoort in the Netherlands for an undisclosed amount from Dubai-based AHM Holding. The 99-room Airport Hotel Rotterdam has nine meeting rooms and a restaurant, and primarily welcomes business visitors. Built in 1880, the Berghotel Amersfoort has undergone various expansions and now stands at 88 rooms, 16 meeting rooms and a restaurant. With the addition of these two hotels, Amrath Hotels now has a collection of 14 three-star to five-star hotels across the Netherlands.

Universal Beach Hotels has acquired the 114-room MySeaHouse Hotel Neptuno on the beachfront of Playa de Palma, in Mallorca, Spain for an undisclosed price. Built in the 1950s, the hotel has a range of health and fitness amenities, including cycling facilities, an outdoor pool, a gym and a sauna. In addition, there are various F&B outlets, including a pool bar. Universal Beach Hotels plans to invest €5-6 million to renovate the four-star property to the standards and design of its brand and the hotel is set to reopen as Universal Hotel Neptuno. The group was founded by Alfred Erhart and its portfolio of Universal Beach Hotels includes 17 other properties in Mallorca.

London-based Instol Group has acquired the 44-room Best Western Brome Grange hotel in north Suffolk, near the town of Eye, for an undisclosed sum, from UK hotel group Cameron Ventures. The 3 AA-star rated hotel includes a lounge, restaurant, spa and 16th century Tithe Barn, a popular wedding venue in the region. The property has undergone extensive refurbishment and expansion over the last ten years. The family-owned Cameron Ventures Group acquired the property in 2012 and currently has four independently-run hotels under the Best Western brand in eastern England. Instol Group Limited also owns and operates a country house hotel near Bristol.

For the latest in the hospitality industry, please visit: hvs.com. You are also welcome to contact the following personnel.

Russell Kett, Chairman – HVS London

Charles Human, CEO – HVS London/HVS Hodges Ward Elliott

Chris Martin, Senior Director – HVS Hodges Ward Elliott

Sophie Perret, Senior Director – HVS London

Alexander Bock, Director – HVS Germany

Florian Kittler, Managing Director – HVS Executive Search Europe & Asia Pacific

Demetris Spanos, Managing Director – HVS Athens

Ezio Poinelli, Director – HVS Milan