News Source: www.hospitalitynet.org
Europe Hotel Transactions Bulletin - Week Ending 01 November 2019
News Source/Courtesy: www.hospitalitynet.org

Courtesy/News Source: hospitalitynet.org

Deka buys Ducie Street Warehouse aparthotel in Manchester from Ares IM

Institutional investor Deka Immobilien has acquired the Ducie Street Warehouse in Manchester from a joint venture composed of US private equity firm Ares Investment Management and local developer Capital & Centric for £80 million (£481,900 per room). The sellers acquired the Victorian building, located close to Manchester Piccadilly station, in 2016 from Goldman Sachs and Greystar for £25 million, and reportedly invested another £25 million in renovation works, adding 59 rooms, now totalling 166. The refurbished public areas include various food & beverage outlets, leisure facilities, private meeting and dining rooms, as well as an outdoor terrace. The property is managed by UK-based extended-stay operator Native, which is also owned by Ares Investment Management.

Fullers acquire mixed-use portfolio of hotels in the Cotswolds, UK

Micael and Pamela Horton, owners of the Cotswold Inns & Hotels, are selling seven hotels, eight staff cottages as well as two bars in Birmingham to UK-based pub company Fullers
for a reported £40 million. The hotels, totalling some 201 guestrooms, include the Hare & Hounds and The Close, both in Tetbury, the Manor House in Moreton-in-Marsh, The Bay Tree and The Lamb, both in Burford, the Bear of Rodborough in Stroud and The Swan in Bibury. The properties included in this transaction generated £3.4 million in EBITDA for the financial year ending 30 September 2018.

Princeton sells Madrid city centre property to Boissée Finances

French hotel group Boissée Finances, owner of some 82 hotels across Europe plus nine thalassotherapy and spa centres in France, has acquired a Madrid building located in the city's historic centre that will be converted to a hotel, from Princeton Investments for an undisclosed sum. The property, located on Calle de Fomento a few metres from Madrid's main boulevard Gran Vía, is planned to undergo a substantial renovation and to be converted into a 155-room upscale design hotel. Princeton acquired the building from Telefónica in 2015 in a sale-and-leaseback transaction, the lease of which is set to expire in 2022.

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News Source: www.hospitalitynet.org

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