HVS Europe Hotel Transactions Bulletin Week Ending 9 February 2024






  • REAM SGR acquires former Golden Palace Hotel in Turin   

A summary of European hotel transactions provided by HVS

Real Hotels acquires Amazonia Hotel Group and its four hotels in Portugal
Portuguese hotel chain Real Hotels Group has acquired the Amazonia Hotel Group platform, which includes four hotels, all in Portugal, ranging from three to four stars. Founded in 1990, the group’s current properties include the Amazonia Estoril Cascais Hotel (21 rooms), the Amazonia Jamor Hotel (97 rooms), the Amazonia Lisboa Hotel (192 rooms) and the Amazonia Palmela Apartments (40 apartments). The assets are all located within the Lisbon Metropolitan Area, with the Amazonia Estoril Cascais Hotel located on the oceanic coast some 25 km from the centre of Lisbon. The Bernardino Gomes Group, including subsidiary Real Hotels, was acquired in 2020 by ex-Yahoo! COO Henrique de Castro and Eurico Almeida, through Palminvest. With this latest acquisition, Real Hotels will now own 20 hotels totalling around 3,000 rooms across Portugal.

REAM SGR acquires former Golden Palace Hotel in Turin
Italian real estate asset management firm REAM SGR, through its Geras 2 fund, has acquired the former five-star, 195-room Golden Palace Hotel in Turin, Italy, for a reported €36 million (€185,000 per room). The centrally-located hotel comprises six floors which span some 20,000 sqm. Originally an office building, the hotel opened for the Winter Olympics in 2006, following a €60 million conversion process. Prior to its closure in 2022, the Golden Palace Hotel was owned by Italian hotel group Allegroitalia and since then had fallen into the hands of banks. The Geras 2 fund is expected to invest another €6-7 million into a comprehensive capital expenditure plan to reposition it into a reference point for upper upscale hotels in Turin. The hotel is expected to reopen before the November 2024 Turin ATP finals, under a lease structure with an international hotel chain. REAM SGR invests in various real estate fields, including but not limited to residential, healthcare, hospitality and urban regeneration.

Portuguese group acquires Hotel Lago Montargil & Villas in central Portugal
An unnamed Portuguese hotel group has reportedly acquired the five-star, 105-room Hotel Lago Montargil & Villas in Montargil, Portugal, from a domestic bank for a reported sum between €15 million and €20 million. Located at a site about two hours east of Lisbon, the transaction also included 11 luxury villas, as well as neighbouring land plots on which another 10 villas can be developed. The property has five swimming pools, congress space with a capacity for over 500 guests and four F&B outlets. In March 2023, KPI Hotel Management Services, which has a track record of hotel management in Portugal, Europe and Africa, was appointed to operate the property. The hotel is located on the artificial Montargil lake, which was formed from the creation of the Montargil dam of the Sor River.

12.18. and partner acquire the Club Santa Ponsa hotel in Mallorca, Spain
German hotel group 12.18. Investment Management, in partnership with an international investment fund, has acquired the three-star, 142-room Club Santa Ponsa in Mallorca, Spain, for an undisclosed amount. The property is located some 200 metres from the beach and is expected to be fully redeveloped into an exclusive resort in partnership with local Puro Group, which will oversee the reopening of the hotel and its management. Puro Group currently operates six beach clubs in Spain, Portugal and Italy under its Purobeach brand. 12.18. holds around 10 hotels in its portfolio, including the 7Pines resorts in Ibiza and Sardinia, the Top Hotel Hochgurgl in Austria and the Cone Club in Sardinia.

HotelsProperties acquires the The Wellington Hotel in Dublin
Dublin-based hospitality and management group HotelsProperties has acquired the recently developed four-star, 38-room Wellington Hotel in Dublin, Ireland, for €14 million (€368,000 per room), from receiver Kroll Advisory Ltd. The hotel is located in Temple Bar, one of the city’s major nightlife and tourism precincts, within walking distance of the Dublin castle, Trinity College and the Christchurch Cathedral. It houses a restaurant and a bar totalling approximately 340 sqm. HotelsProperties, led by Sheila O’Riordan, is a family-owned group active in both Ireland and the United Kingdom and has some 14 hotels in its portfolio, including the five-star Exhibitionist Hotel and the four-star Gainsborough Hotel in London.

Dalofi acquires Grand Hôtel des Terreaux in Lyon from Bernard family
French hotel group Dalofi has acquired the four-star, 53-room Grand Hôtel des Terreaux in Lyon, France, from the Bernard family, for an undisclosed price. The hotel is located in proximity to the Musee des Beaux-Arts and the Vieux-Lyon district, which houses the Saint Jean-Baptiste cathedral. This acquisition marks Dalofi’s fifth operational hotel. Its portfolio now comprises 440 rooms distributed across Lyon (213 rooms), Marseille (178 rooms) and Paris (49 rooms) under both Accor and Hilton franchises. The group currently has another two pipeline properties in Lyon, namely the Courtyard by Marriott Lyon and the Hampton by Hilton Saint Exupery Airport, which are expected to open in 2024 and 2025 respectively. In 2022, the group recorded an average rate of €137 across its then four properties, with group revenues of €19 million.

AKF acquires Comwell Koge Strand Hotel in Copenhagen
Danish property and development company AKF has acquired the four-star, 127-room Comwell Koge Strand Hotel in Koge, about 40 minutes south of Copenhagen, Denmark, from the Aage V. Jensens Foundation, for an undisclosed amount. The hotel features event spaces for up to 550 people, two restaurants and a bar. Danish firm Comwell Hotels will remain as the property’s operator, having been incumbent since 2013. Cromwell Hotels has 17 properties in its portfolio, with locations primarily in Denmark and one in Sweden. The Aage V. Foundation focuses on acquiring, owning, operating and preserving natural areas across the world, and this property was its last hotel real estate asset. AKF primarily owns residential and commercial properties across Denmark, and focuses on three core segments: property management and rental, property development and real estate acquisitions through its own investment fund.

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