Swedish hotel investor Pandox AB has acquired two hotels from Grape Hospitality - the 216-room Novotel Den Haag World Forum in The Hague, Netherlands; and the 205-room Novotel Hannover, Germany, for a combined price of €83 million (€197,100 per room, on average). According to Pandox, the combined purchase price represents a yield of approximately 6.5%, before transaction costs. The two hotels are the first two assets that Grape Hospitality, an investment platform co-owned by French private equity group Eurazeo and Accor, is selling following its acquisition of a larger €504 million portfolio in 2016 from Accor. The seller will continue to manage both hotels under their existing brands, under newly created management contracts with Pandox.
Grape Hospitality has also announced that it has entered into an agreement to forward-fund Italy's first Mama Shelter hotel, the 220-room Mama Shelter Rome, for €55 million (€250,000 per room). The hotel, which is currently being converted from a 15,000 sqm office building, is set to open in April 2021 and is situated to the north-west of Vatican City.
The London-based privately held investment firm Reuben Brothers has acquired a 7,500 sqm building in the centre of Rome, to be converted into a luxury hotel. The property, which is the former seat of the Central Bank of Italy, is located on Piazza del Parlamento and will be operated by Malta-based Corinthia Hotels
under a lease agreement.
A&O Hostels, the German hostel / hotel chain owned by US private equity group TPG Real Estate, has acquired the freehold interest in the 159-room (461-bed) A&O Dresden, from Union Investment. The property, which is currently undergoing extensive refurbishment works, has already been operated by A&O under a lease contract with the seller since its opening in 2007. Together with this acquisition, A&O now owns 16 of the 39 properties it operates.
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