Europe Hotel Transactions Bulletin – Week Ending 7 February 2020

Avignon acquires Hilton The Hague from Hillgate Development[1]

Avignon Capital, a European real estate investment and asset management firm, has acquired the 195-room Hilton The Hague
hotel located in the Netherlands, for €70.25 million (€360,000 per room), from Hillgate Development and the Bon Groep. The property will continue to be managed by Hilton Worldwide under a management contract. The transaction represents Avignon’s fourth hotel acquisition in the Netherlands and follows their 2017 acquisition of the Hyatt Place Amsterdam Airport, which they also acquired from Hillgate.

Hines acquires three Cyan Group Hotels in Crete, Greece[2]

US-based real estate investment firm Hines is acquiring the Cyan Group of Hotels in Greece, from the Kefalogianni family, for €61 million (€88,000 per room). The portfolio includes the 320-room Apollonia Resort & Spa, the 209-room Santa Marina Beach Hotel and the 161-room Sitia Beach City Resort & Spa, all of which are located on the island of Crete. Post-acquisition, the hotels are planned to undergo a €30 million renovation programme.

Blackstone sells the Hotel Scandic CH in Gävle, Sweden[3][4]

North American private equity group, the Blackstone Group, along with its Nordic joint venture partner Areim, have sold the Hotel Scandic CH, some 180 km north of Stockholm in Gävle, Sweden. The buyer of the 186-room property is local hotel investor Västerkulla Hotell, owner of 17 further hotel properties in regional Sweden. The property, which underwent a renovation in 2019, will continue to be managed by Scandic hotels under a long-term lease agreement.

Reuben Brothers acquire the La Palma Hotel in Capri, Italy[5]

UK private investors the Reuben Brothers have acquired the 72-room La Palma Hotel on the island of Capri, Italy. The hotel was part of a larger acquisition of RBD Armatori (formerly owned by the Rizzo and De Carlini families), a bankrupt Italian shipping group which also owned the La Palma Hotel and whose debt was owned by US private equity firm KKR. Opened in 1822, the property is Capri’s oldest hotel, and also includes the La Taverna Anema e Core nightclub. Joining the Reuben Brothers’ recent acquisitions in Rome, Mykonos and Ibiza, under new ownership the hotel is set to undergo a full refurbishment.

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