A summary of European hotel transactions provided by HVS
Wyndham acquires Vienna House brand from HR Group
American hotel franchisor Wyndham Hotels and Resorts has added a 23rd brand to its portfolio, with the acquisition of the Vienna House group from Berlin-based hotel operator HR Group. The €44 million acquisition adds approximately 40 midscale and upscale hotels (more than 6,000 rooms) in Europe, including 28 in Germany, to Wyndham’s portfolio. The company ended the second quarter with an expected $600 million in cash to deploy this year. HR Group has been a long-standing franchise partner to Wyndham and will continue to operate the Vienna House hotels under long-term franchise agreements. Just last week, HR Group announced the acquisition of 23 Amedia Hotels, as reported in this newsletter.
Gorgeous Smiling Hotels acquires the Abacco Hotel in Stuttgart, Germany
Munich-based Gorgeous Smiling Hotels (GSH) has acquired the 213-room Abacco Hotel in Korntal-Munchingen, Germany, for an undisclosed price, from the Abacco Group. The property is one of the largest owner-operated business hotels in the Stuttgart area and is set to rebrand itself as the Rilano Hotel. The hotel contains extensive conference areas, a spa and a restaurant. GSH’s portfolio includes 40 hotels under operation and more than 20 franchises, with properties ranging from budget hotels and service apartments to upscale hotels. The group is primarily looking to expand in Germany, Austria, Switzerland and the Netherlands, with plans to open 30 new hotels over the next three years.
TSC Real Estate acquires the former Hotel Kloster Damme in Germany
German investment manager TSC Real Estate has acquired the 72-room former Hotel Kloster Damme, located 80 kilometres east of the Dutch border in northern Germany, from an undisclosed German family office for an amount in the “lower double digit million Euro range”. The former seminar and congress hotel has been used as apartments on the Campus Kloster Damme site since the beginning of this month, operated by Bremen-based Convivo, which uses the campus for the training and education of its healthcare staff. The campus is located on an 80,000 sqm site in a large woodland area and includes a day care centre and children’s nursery. TSC’s portfolio currently holds 38 assets, valued at €251 million.
The Trout Hotel in the UK sold to local entrepreneur Bill Dobie
The four-star Trout Hotel, located in the heart of the market town of Cockermouth in Cumbria, in the north of England, has been sold to prominent west-Cumbrian businessman Bill Dobie, off a guide price of £4.9 million (£100,000 per room). The 49-room hotel also contains three restaurant and bar outlets. The hotel was sold by a confidential vendor based in northeast England. Bill Dobie and his family also own and operate the Washington Central Hotel in the UK coastal town of Workington.
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