Europe Hotel Transactions Bulletin – Week ending 18 September 2020

Covivio completes acquisition of ex-Boscolo portfolio from Varde Partners

Europe Hotel Transactions Bulletin - Week ending 18 September 2020French REIT Covivio has completed the acquisition of eight previously Boscolo branded hotels in Rome, Florence, Venice (x2), Nice, Budapest (x2) and Prague, for €573 million (€514,000 per room), including €86 million of planned capex to rebrand and renovate the hotels. The portfolio, which totals 1,115 rooms, was purchased through Covivio’s subsidiary, Covivio Hotels. The seller was global alternative investment firm Varde Partners, which acquired the Boscolo group in April 2017. The hotels will be leased to NH Hotel Group through long-term triple net lease contracts, with a minimum guaranteed variable rent, generating a minimum yield of 4.7%. The agreement has an initial duration of 15 years, which is extendable for a further 15 years. The sale was originally announced in January 2020.

Henderson Park acquires Lagoas Park Hotel in Lisbon from Kildare Partners

UK-based private equity firm Henderson Park has acquired the Lagoas business park in Lisbon from London-based private equity firm Kildare Partners for €421 million. The 140,000 sqm business park is home to a number of brands including Google, Samsung, BMW and Nike, as well as the 182-room Lagoas Park Hotel, which transacted as part of the deal.

Mata Capital Sells Off-Plan Paris Hotel

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French private equity platform Mata Capital has sold a 4-star hotel in Paris’s 15th arrondissement off-plan to an institutional investor for an undisclosed amount. Following the land acquisition, Mata Capital signed a 12-year firm lease with Suitcase Hospitality. The 105-room hotel, located at 35 Boulevard Victor in Paris, will sit directly across from the Parc des Expositions. Mata Capital will continue to oversee the development of the hotel, which is scheduled to open in H2 2022.

NK2N Hotels acquires The Moorings Hotel in Fort William, Scotland

UK-based NK2N Hotels has acquired The Moorings Hotel at Neptune in Fort William, Scotland for an undisclosed sum. The 32-room 4-star hotel sits adjacent to Neptune’s Staircase, a series of cascading locks on the Caledonian Canal. London-based New World Hospitality has been appointed to manage the hotel.

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