HVS Europe Hotel Transactions Bulletin Week ending August 9, 2021

Brookfield acquires four Selenta hotels in Spain from Jordi Mestre

Canadian investment firm Brookfield Asset Management has completed the acquisition of a portfolio of four of the five Selenta group hotels from Selenta owner Jordi Mestre for 440 million euros (196,692 euros per room). The transaction, which is the largest hotel investment transaction in Spain since the start of the year, allows Brookfield to acquire a total of 2,237 rooms in prime destinations. The portfolio includes two hotels in Barcelona: the five-star, 465-room Hotel Sofia, which is operated as part of Hyatt’s Unbound Collection under a franchise agreement, and the four-star, 435-room Hotel Expo, as well. as the five-star Don Carlos Resort & Spa with 299 rooms in Marbella and the five-star Mare Nostrum Resort with 1,037 rooms in Tenerife. Under considerable pressure from the pandemic, Mestre also sold its Nobu hotel in Barcelona earlier this year, but kept the Selenta Expo hotel in Valencia, which was excluded from the deal with Brookfield.

Castlelake acquires major stake in Spanish hotel investment company Millenium

Castlelake LP to acquire up to 49.9% stake in Millenium Hotel Real Estate, the Spanish-listed real estate investment company specializing in luxury properties in Spain and Portugal, and which currently owns a portfolio ten hotel assets. The listed market capitalization of the company is currently around 250 million euros, giving Castlelake’s stake a value of around 124.75 million euros. Castlelake’s investment will make it Millenium’s largest shareholder and allow the private investment firm three seats on its board of directors. Millenium said its hotel portfolio, which includes properties in Madrid, Alicante, Seville, Bilbao, Cordoba, Alcaides and San Sabastian, is expected to be valued at around € 500 million when fully redeveloped.

GBI eventually sells IntercityHotel Lübeck, Germany, to Commerz Real

German real estate investment fund Commerz Real AG acquired the IntercityHotel Lübeck development in Germany for an undisclosed amount from developer GBI. The 176-room property was acquired through Luxembourg-based Commerz Real CR Fund Management Sarl Construction of the property is expected to be completed in 2023, and the hotel will be operated by Deutsche Hospitality under a 20-year rental contract. The acquisition is part of an ongoing collaboration between Commerz Real AG and Deutsche Hospitality to invest in European hotel properties through the Commerz Real European Hotel Fund, an open-ended alternative investment fund with a desired fund volume of 250 million euros. Earlier this year, Commerz Real AG completed the acquisition of two IntercityHotel developments in the Netherlands, a 115-room property in Leiden and a 174-room property in Breda.

HIG acquires Swissôtel le Plaza in Basel, Switzerland from Credit Suisse

US private equity firm HIG Capital has acquired Swissôtel le Plaza in Basel, Switzerland from Real Estate Fund Hospitality of Credit Suisse for an undisclosed amount. This 238-room, four-star property is the private equity firm’s first hotel transaction in Switzerland. Currently managed by Accor, the property is expected to be renamed Marriott following a major renovation.

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