Every week we will be delving into the world of Hotel Property thanks to our friends The Hotel Property Team (THPT). We will be covering 5 recent deals that has taken place over the last 7 days with insights from THPT Managing Partner, Dev Anand.
Accorhotels Signs New Portfolio of Six Mercure Hotels in UK
AccorHotels has signed a portfolio of six Mercure hotels under a hotel management agreement with Proark
The hotels will be run using AccorHotels’ developed FOLS mobile operating system that enables employees to manage everything from check-in to housekeeping and breakfast within one app via mobile devices. This allows employees to welcome and help guests as well as manage their schedules from their smartphone, giving staff more time to assist guests and removing the need for traditional reception desks.
THPT Comment – Great move for Mercure moving it up to reach the 100 mark, of UK hotels…very soon! We have just seen the FOLS mobile operating system…very smart and leads the way in the guest experience from check-in to check-out.
Tommy Hilfiger Sells the Iconic Raleigh Hotel Miami
Tommy Hilfiger, the fashion icon, who bought the hotel in 2014 for US$56.5m. After Hurricane Irma, the Raleigh closed, and we understand renovations began in spring 2018. The hotel is currently closed. It was being managed by SBE.
A joint venture between Deutsche Finance America, Bilgili Holding and (Michael) SHVO. The new joint venture, which has not announced its plans for the property, purchased the hotel in an all cash transaction in partnership with a number of Germany’s largest institutions, including Bayerische Versorgungskammer (“BVK”), Germany’s largest manager of public pension schemes.
THPT Comment – Interesting from $30m to £105m in ten years!
IHG Opens Second UK voco in Solihull
InterContinental Hotels Group has signed a franchise agreement with CL Capital to debut voco IHG’s new upscale brand, in the West Midlands town of Solihull.
The voco St. John’s, Solihull has recently opened following a transformative refurbishment to the guest rooms, lobby, and the hotel’s restaurant and bar.
With more than 1,230 sqm of meeting space across 13 different rooms, the hotel will cater to a variety of business and leisure events of all sizes, from small and large conferences, to weddings of up to 700 guests.
The hotel also offers a host of leisure facilities, including a fully equipped health club with an indoor swimming pool, sauna and gym.
THPT Comment – This large, but previously rather bland hotel, close to the NEC will benefit muchly from the voco treatment.
Westin Perth Hotel Sold for over AUD$200m
The transaction is expected to complete in the first quarter of 2019.
Perth has a number of world-class infrastructure projects that are underway which will broaden the city’s appeal including Riverside, Perth City Link, Western Australian Museum and Elizabeth Quay at a combined worth of approximately $8.5 billion.
The sale of the hotel follows a number of major landmark hotel transactions in Australian gateway cities, most recently the sale of the Four Points by Sheraton Sydney Central for $156 million and the Sheraton Melbourne in late 2017, both deals brokered by JLL Hotels & Hospitality Group.
THPT Comment – Interesting activity in the top-end hotels in Perth/Australia, with hotel just opened in April 2018.
Corinthia to Add Moscow Property to Portfolio
HI PLC, owner of the Corinthia Hotels Group, is set to build a new Corinthia Hotel & Residences Moscow. IHI is acquiring a minority share in a company being formed with a consortium of investors to acquire a landmark property at 10 Tverskaya.
The property has a listed façade and houses the 19th-century Filippov Bakery, but permits allow up to 462,800 square feet of development behind the retained frontage.
The consortium is planning to create a luxury Corinthia Hotel and branded serviced apartments. The property is expected to include high-end retail facilities as well.
THPT Comment – Corinthia are clearly on a mission to save beautiful olde grande-dame buildings, taking in London, Bucharest, Brussels and now Moscow…good on them!
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between them, they provide a range of skills and experience which is directly relevant to those involved in the hotel property market.
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