Pandox AB acquires the Hilton Belfast from Starwood Capital
Hotel investor and manager Pandox AB has acquired the four-star, 202-room Hilton Belfast in Northern Ireland, UK, from an affiliate of Starwood Capital Group for a reported £40 million (£198,000 per room), including some CapEx investments. The hotel is located in central Belfast, about 200 metres from the central station. The asset is operated under a management agreement with Axiom Hospitality and is subject to a franchise from Hilton. The property underwent significant renovation during the pandemic, including all guest rooms and public areas. Pandox expect the hotel to produce a stabilised yield of around 10%. Starwood Capital acquired the Hilton Belfast in 2018 from Park Hotels and Resorts, as part of a £135 million portfolio of seven Hilton hotels in the UK.
AEW acquires the Marriott Paris Charles de Gaulle from Commerz Real
International asset manager AEW has acquired the four-star, 300-room Marriott Paris Charles de Gaulle, located at Roissy in the vicinity of the Paris Charles de Gaulle Airport in the French capital city, from German fund manager Commerz Real, for an undisclosed amount. The hotel, which includes a restaurant and bar as well as 16 conference facilities covering 2,500 sqm, is leased to Marriott on a fixed-term agreement with 13 years remaining. An ongoing renovation programme, set to be completed in the near future, has seen approximately 60% of guest rooms and conferencing space refurbished so far. Commerz Real acquired the property when it opened in 2002, initially as a Courtyard, in a sale-and-lease back agreement for its Hausinvest fund. It was rebranded and upgraded to a four-star Marriott in 2007.
Louis Fitzgerald Group acquires the Imperial Hotel in Cork, Ireland, from The Flynn Group
Louis Fitzgerald Group, one of the largest family-owned and operated hospitality groups in Ireland, has acquired the four-star, 131-room Imperial Hotel in Cork, the Republic of Ireland’s second largest city, for €25 million (€191,000 per room), from Irish owned family business The Flynn Group. Commonly known as the “Grande Dame”, the 200-year old iconic hotel includes multiple F&B outlets, conference facilities and a spa, and has undergone extensive renovations over the years, most recently in 2018. Louis Fitzgerald Group’s portfolio includes 19 hospitality properties, including pubs, hotels and restaurants. The Flynn Group had ownership of the hotel for 25 years.
Art-Invest acquires the Nestor Hotel Neckarsulm in Germany
Art-Invest has acquired the 84-room Nestor Hotel Neckarsulm in central Neckarsulm in southern Germany from a private seller, for an undisclosed price. The midscale hotel is within walking distance to the main station and the AUDI Forum Neckarsulm Car Factory, and was acquired for the buyer's core budget hotel fund. A significant repositioning and renovation programme is planned for the hotel, including adding an extra 14 rooms, as part of a long-term lease agreement with The Chocolate on the Pillow Group under its Nestor brand. Art-Invest is an investor in The Chocolate on the Pillow Group, a hotel operating company active in Germany with a multi-brand portfolio.
La Française RE acquires the future Ruby Hotel Marseilles in France from BNP Paribas RE
Investment manager La Française Real Estate Managers has acquired a mixed-use site in central Marseilles, France, including the future 237-room Ruby Hotel Marseilles, 945 sqm of co-working space and an already existing 251 sqm pharmacy, from BNP Paribas Real Estate Property Development. The hotel is situated just a 10-minute walk from the Old Port of Marseille. Planned by BNP Paribas, the hotel will offer services including a rooftop terrace and lounge bar, set to be delivered by the end of 2025, after which the hotel and co-working components will be operated by Ruby Hotels Group. Ruby currently has 16 properties in its portfolio and 20 more in the pipeline, with this property to be the group’s first property in France.
EXTENDAM and Banque des Territoires acquire the future TRIBE hotel in Montpellier, France
EXTENDAM and Banque des Territoires, in partnership with Redman Hospitality, have acquired the future four-star, 120-room lifestyle TRIBE (an Ennismore Group / Accor brand) hotel development located in Montpellier, France, from French developers Icade and Promobi, for an undisclosed sum. The hotel is set to open in the first half of 2025 and will be managed by Redman Hospitality. The asset, in the heart of the Cambacérès district, will be part of a redevelopment plan for a business district, including innovation centres, offices, a higher education campus and retail outlets. Redman Hospitality’s portfolio currently includes three hotels in Bordeaux under management and a dozen projects in the pipeline throughout France. The group is active in the two to four-star urban hotel category.
EXTENDAM and Annie Famose acquire the Radisson Blu Hotel, Biarritz in France from JMA
EXTENDAM and family-owned Annie Famose Group have acquired the four-star, 150-room Radisson Blu Hotel in the city-centre of Biarritz, France, for an undisclosed amount, from JMA Hôtellerie. The hotel includes two restaurants, rooftop swimming pool, nine meeting rooms and spa facilities, and will benefit from a major CapEx programme over the next few years in several stages to reposition the hotel. This transaction marks the first collaboration between the two partners. Annie Famose Group operates in ski gear rental and has 40 hospitality establishments across France in its portfolio. JMA Hôtellerie acquired the property in 2014.
Ataxia REIM acquires the L’Univers in Reims, France, from Quadral Promotion
French investment manager Ataxia REIM has acquired, on behalf of its OPCI Altixia Valeur fund, the four-star, 42-room L’Univers hotel in the city of Reims, in France’s champagne district, from Quadral Promotion. The deal was part of a pre-completion sale that will see the sellers renovate and extend the hotel, converting it into a 91-room property to be operated by Quadral’s HBS Holding under Ennismore’s / Accor’s TRIBE brand, on a 12-year fixed lease agreement. The renovation programme will see the hotel’s room capacity increase to 91 rooms, a restaurant, meeting facilities and a rooftop space, expected for completion in the second quarter of 2025.
Elevate acquires the Coroana-Postavaru Hotel in Brașov, Romania, from Aro Palace
Elevate Properties, a company owned by Brașov businessman Tudor Iliescu, has acquired the three-star, 76-room Coroana-Postavaru Hotel in Brașov, Romania, from Aro Palace, for a reported €9.4 million (€126,000 per room). Aro Palace is owned by one of the largest investment funds in Romania, Transilvania Investments. The transaction allows the seller to re-focus its resources on its core assets, including the reopening of the newly rebuilt 181-room Capitol Hotel, also in Brașov, under Accor’s Mercure brand.
Serviced apartment operator acquires the Jubilee Hotel in London
An undisclosed serviced apartment operating group has acquired the two-star, 26-room Jubilee Hotel in London’s Eccleston Square, in Pimlico near London Victoria station, on a leasehold-basis, for an undisclosed price. The six-floor townhouse also includes a breakfast room. The purchaser, who owns several serviced apartments across London as well as in Turkey, intends to invest in a significant CapEx programme. The sellers had owned the hotel for more than 40 years.
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