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EUROPEAN HOTEL TRANSACTIONS 2015 | PAGE 1

2015 EUROPEAN HOTEL TRANSACTIONS

MARCH 2016 | PRICE £500

Dayk Balyozyan – HVS LondonAssociate

Adrian Ruch – HVS Hodges Ward ElliottSenior Associate

HVS London and HVS Hodges Ward Elliott 7-10 Chandos St, London W1G 9DQ, UK

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Highlights � Total European hotel transaction volume

for 2015 was €23.7 billion¹, marking a new record and representing an increase of 65% on 2014. This surpasses the pre-downturn levels of €20.3 billion and €18.8 billion recorded in 2006 and 2007, respectively, and increases the ten-year annual average from €10.5 billion to €11.3 billion;

� Total portfolio transaction volume (€14.6 billion) more than doubled compared to 2014 and single asset volume (€9.1 billion) also reached a new peak, increasing 21% on 2014;

� The UK was again the strongest driver of transaction activity, accounting for €11.4 billion or 48% of total transaction volume. Spain saw a strong increase in deal activity, recording a transaction volume of €2 billion, double that of 2014, underpinned by further recovery in the tourism sector of this once severely troubled economy;

� London accounted for 63% of all single asset transactions in the UK by volume. The sale of the Ace Hotel London Shoreditch by Starwood Capital to Limulus Ltd for €206/£150 million set a new price per room record in East London (€800,000/£581,000 per room);

� Germany again registered the second highest number of hotel sales, and transaction volume more than doubled compared to 2014;

� European investors were on a spending spree with a record €10.9 billion of investment, accounting for nearly half of total transaction volume. Activity from Middle Eastern and North American investors also increased by about 140% (to €4.4 billion) and 46% (to €5.5 billion), respectively.

Faster, Higher, StrongerIn 2016, the 31st Summer Olympic Games will take place in Brazil. The motto of the Games – faster, higher, and stronger – conveys a sense of dynamism and achievement that also defines 2015’s hotel transaction activity: the year not only broke numerous records but earned the gold medal for previously unseen total transaction volumes.

In 2015, hotel transactions worth €23.7 billion were recorded, representing an increase of 65% on 2014, comfortably surpassing the pre-crisis levels of €20.3 billion and €18.8 billion recorded in 2006 and 2007, respectively.

These outstanding results were predominantly driven by an extremely active portfolio transactions market. Total portfolio volume (€14.6 billion) more than

0

5

10

15

20

25

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

€Billion

s

Portfolio TransactionsSingle Asset TransactionsTen‐Year Average

Source: HVS – London Office

CHART 1: TOTAL HOTEL INVESTMENT VOLUME 2006-15

GRITTI PALACE, VENICE, ITALY

¹Only transactions that sold for more than €7.5 million are considered in this analysis.

Starwood Hotels & Resorts sold the Gritti Palace to Qatar-based Nozul Hotels & Resorts for €105

million. Nozul, which also owns the W Doha Hotel & Residences, was represented by HVS Hodges Ward

Elliott. Part of Starwood’s Luxury Collection brand, the 82-room Gritti Palace reopened in 2013 after a

15-month, €40 million renovation. The property dates from 1525, when it was built as the palatial residence

of Doge Andrea Gritti.


UK 48%France 7%

Ireland 3%

Italy 3%

Netherlands 2%Other 12%

Germany 17%

Spain 8%


RADISSON BLU AMSTERDAM AIRPORT, THE NETHERLANDS

CHART 2: REGIONAL SHARE OF TRANSACTION VOLUME 2015

doubled compared to 2014, surpassing the previous peak (€14.5 billion) recorded in 2006. Total single asset volume (€9.1 billion) also reached a new peak, representing an increase of 21% on 2014 and 53% on the pre-downturn peak recorded in 2006. These results have raised total transaction volume to previously unseen levels and pushed the ten-year annual average from €10.5 billion to €11.4 billion.

Interestingly, ‘only’ some 142,000 hotel rooms transacted in 2015, compared to approximately 190,000 in 2014. The previous year’s results, however, were somewhat skewed by Jin Jiang’s acquisition of Louvre Hotels, which involved 90,000 rooms.

Strong investment demand was supported by positive industry fundamentals as year-on-year RevPAR growth in all but two of Europe’s 20 major markets continued on an upward trend. The impact this had on average prices per room are explored in our sister publication, the 2016 HVS European Hotel Valuation Index.

Numerous mergers and acquisitions were also announced in 2015, such as Marriott’s acquisition of Starwood Hotels & Resorts and AccorHotel’s purchase of Fairmont Raffles Hotels International (FRHI). These entity-level acquisitions, however, were not included in this research given that the transactions have not yet completed. In China, Jin Jiang

and Plateno Hotels Group merged, becoming China’s largest hotel group and one of the world’s top five.

The UK was the strongest driver of transaction activity, accounting for €11.4 billion or 48% of total transaction volume, more than double the activity registered in 2014 – a development strongly driven by numerous portfolio transactions. Germany took second place and registered a total transaction volume of €4 billion, a rise of approximately 40% on 2014 levels.

Spain saw a strong increase in transaction activity and recorded a total volume of €2 billion, double the figure achieved in 2014, and accounted for 10% of all hotel rooms sold in 2015.

Total transaction volume in France decreased slightly, with €1.6 billion registered in 2015 compared to €1.8 billion in 2014 (-11%). Again, 2014’s results were somewhat skewed by Jin Jiang’s acquisition of Louvre Hotels (€1.2 billion), and therefore in ‘real’ terms France recorded increased levels of both smaller portfolio deals and single asset transactions.

HVS Hodges Ward Elliott acted as the seller’s agent on the sale of the Radisson Blu Amsterdam Airport. The 246-room hotel was acquired by

Singapore-based M&L Hospitality for €43 million.


Quarterly ActivityThere was a strong start to 2015, as the first and second quarters were more active than in 2014. The highest transaction activity was recorded in the fourth quarter of 2015, and this quarter represents more than a third of the year’s total transaction volume, mainly driven by the sale of the Holiday Inn London Kensington Forum for €473/£350 million (€522,000/£386,000 per room) in October, the sale of Host Hotels and Resorts’ European portfolio for €420 million (€182,000 per room) in November, and the sale of a pan-European portfolio of eight Hilton-branded hotels for €400 million (€147,000 per room) in December. April was the strongest month of 2015, owing to the sale of the Maybourne Collection (London’s iconic Claridge’s, Connaught and Berkeley hotels), which reportedly transacted for €2.7/£2.0 billion (€5.1 million per room).

Single AssetsAfter an already record-breaking 2014, single asset volume reached new heights in 2015 with year-on-year growth of 21%. Single asset transactions represented 38% of total transaction volume and 237 individual hotels (approximately 44,000 rooms) were sold for €7.5 million or more. In 2014, 190 single asset hotel deals were recorded (37,000 rooms).

Following a decline of 3% in 2014, the average price per room for single assets increased by 3% in 2015. The highest prices per room for single assets were achieved in Italy, Switzerland, the UK, Norway and the

Netherlands, with individual prices per room as high as £971,000/€1.3 million in London (the Regency Hotel, now the DoubleTree by Hilton London Kensington, which was sold for £100/€135 million) and €1.3 million in Venice (the Gritti Palace, which transacted for €105 million).

Spotlight on the UK

Once again, the UK topped the ranking in terms of both portfolio and single asset transactions. UK sales represented 31% of European single asset transactions with a volume of €2.9 billion (£2.2 billion), an increase of 20% on 2014. The UK also carved a clear gap ahead of Germany (in second place with €2 billion) and Spain (in third place with €656 million).

London accounted for 63% (€1.9/£1.4 billion) of all single asset transactions in the UK. Major deals included the sale of the Ace Hotel

London Shoreditch by Starwood Capital for €206/£150 million (€800,000/£581,000 per room), setting a new price per room record in East London. The St Ermin’s hotel was acquired by the Chen family’s Sunrider International for €231 million (€700,000 per room) from a joint venture between Angelo Gordon, Amerimar and Gracemark. The Holiday Inn Kensington Forum was sold by Apollo Global, shortly after it acquired the hotel as part of a UK portfolio, to Queensgate Investment

Q12015

Q22015

Q32015

Q42015

024681012141618202224

€Billions

CumulativeSingeAssetPortfolio

25%of Total

34% of Total

14% of Total

27% of Total


CHART 3: INVESTMENT VOLUME IN 2015 BY QUARTER

UK HOLIDAY INN PORTFOLIO

In a portfolio transaction comprising 18 properties (724 rooms), Cerberus Capital Management acquired

the second tranche of the LRG hotel portfolio from LRG. HVS advised Cerberus Capital Management and

its lender.


for €473/£350 million (€522,000/£386,000 per room).

Notable transactions outside London include CDL’s acquisition of the Cambridge City Hotel from London & Regional for €84/£61 million (€426,000/£311,000 per room). The Leena Group acquired the Village Hotel in Edinburgh from KSL Capital Partners for €38/£26.5 million (€314,000/£221,000 per room).

Spotlight on Germany

Germany remained the second most active region in Europe with 48 sales, 23% of all single asset sales in Europe during 2015, including nine hotels in Munich, eight in Berlin and five in Hamburg. Single asset deal volume in Germany grew from €820 million to approximately €2 billion (+140%). The sale of the Sofitel Munich Bayerpost to Deka Immobilien achieved the highest price, €180 million (€455,000 per room). Deka, Union Investment and Art-Invest Real Estate Management were the most active buyers, accounting for almost 40% of all German single asset transactions.

Other notable transactions included the sale of Le Méridien in Munich for €158 million (€415,000 per room) by Kildare Partners and a Luxembourg-based administrator to Deka;

the Radisson Blu Hotel in Hamburg, which was bought by Azure Hotels for €150 million (€270,000 per room); and a future 25hours Hotel in Munich for €120 million (€706,000 per room), which was purchased by Inka AG from a joint venture between Tristan Capital Partners and Freo. We note that a number of the transactions recorded were developments (for example, the INNSIDE by Meliá Hamburg, which was acquired by CPA®:18 for €29 million/€140,000 per room, and the Hampton by Hilton Berlin Alexanderplatz, which was sold for an undisclosed sum), showing that investors are eager to become more entrepreneurial in search of yield.

Spotlight on Spain

On account of increases in international demand and a continued recovery of the major European tourism economies, hotel transactions in Spain have increased substantially in the last two years. The main focus remained on urban markets like Barcelona and Madrid. Notable single asset transactions included the Hotel Ritz in Madrid, which was acquired by a joint venture between Mandarin Oriental and the Olayan Group for €130 million (€778,000 per room), and the Holiday Inn Bernabéu in Madrid, bought by Hispania for €50.6 million (€162,000 per room) from Leading Hospitality. Recent portfolio transactions, such as the joint venture between Barceló and Hispania-Azora (16 hotels with 6,097 keys) and Meliá and Starwood Capital (six hotels with 2,855 keys), confirm the strong interest from international investors in the region.

LONDON AND UK HOLIDAY INN PORTFOLIO

CHART 4: SINGLE ASSET INVESTMENT VOLUME 2006-15

0

50

100

150

200

250

—

1

2

3

4

5

6

7

8

9

10

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Num

ber of Transactions

€Billion

s

Single Asset Transaction VolumeNumber of Transactions

Source: HVS – London OfficeSource: HVS – London Office

Apollo Global Real Estate acquired the final tranche of the LRG hotel portfolio from LRG. The transaction

comprised 22 hotels (5,178 rooms), including the Holiday Inn London Kensington Forum. HVS acted as

valuers for the lenders.


Spotlight on ItalyNine transactions were recorded in Italy with a total volume in excess of €630 million, most of which took place in primary cities such as Rome, Milan and Venice. Three main transactions made up 70% of the total single asset sales: the Boscolo Milano Hotel (€101 million, €659,000 per room); the Westin Excelsior, Rome (€222 million, €703,000 per room); and the Gritti Palace, Venice (€105 million, €1.3 million per room). With those three sales driving up the average values, Italy saw an average price per room of €381,000 in 2015.

Spotlight on FranceIn France, 19 single asset transactions (close to 2,200 rooms) were recorded, an increase of 16% on 2014. These sales accounted for approximately €521 million. Similar to 2014, most transactions occurred in the Greater Paris area (80% of the single assets sold in France in 2015). Highlights in 2015 included MI29 Eurobail’s purchase of the Novotel Tour Eiffel Hotel (former Nikko Hotel) from AccorHotels for €200 million (€262,000 per room).

The Year of the Portfolio DealIn 2015 portfolio transactions accounted for €14.6 billion, or 62% of the total European transaction volume. This figure is remarkable, as it not only represents more than double the portfolio transaction volume of 2014 but it also sets a new record by surpassing the €14.5 billion recorded in 2006, at the peak of the last cycle. A further record was achieved in terms of the number of portfolio sales, with

some 70 individual portfolio transactions recorded last year (totalling approximately 98,000 rooms).

The largest portfolio deal in 2015 was the sale of the Maybourne Collection, comprising three London luxury trophy assets (Claridge’s, The Connaught and The Berkeley), which was acquired by the Qatar Investment Authority from joint owners Sir David and Sir Frederick Barclay and Paddy McKillan. The acquisition price for the 100% stake in the company owning the three assets, reported to be in the region of €2.75 billion, represents a price per room of more than €5 million.

A joint venture between Lehman Brothers Real Estate, Realstar and GIC (together ‘LRG’) further concluded the disposition of its UK hotel portfolio comprising Holiday Inn- and Crowne Plaza-branded hotels. The second tranche of 18 regional hotels was acquired by Cerberus Capital Management for €310 million (€127,000 per room). Apollo Global subsequently acquired the third and last part of the portfolio comprising 22 hotels for €1.3 billion (€249,000 per room), which included several London hotels, one of which was quickly sold on to Queensgate Investment.

Several hotel platforms also changed hands in 2015. Lone Star Funds acquired the Jurys Inn portfolio of 31 hotels across the UK, Ireland and the Czech Republic for €883 million (€117,000 per room) and Hong Kong CTS bought Kew Green Hotels comprising 54 hotels across the UK for €569 million (€87,000 per room). Singapore-based Frasers Hospitality acquired Malmaison and Hotel du Vin, which includes 29 hotels across the UK, for €511 million (€245,000 per room).

0

10

20

30

40

50

60

70

80

—

2

4

6

8

10

12

14

16

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Num

ber of Transactions

€Billion

s

Portfolio Transaction VolumeNumber of Transactions


CHART 5: PORTFOLIO INVESTMENT VOLUME 2006-15


Portfolio Investment by RegionOnce more, the UK was top in terms of portfolio transactions with a total portfolio volume of €8.6 billion, more than three times the amount recorded in 2014 and representing 59% of total European portfolio transaction volume for the year. Although Germany’s share of total European portfolio volume (13%) decreased, the absolute amount (€1.9 billion) represents an increase of 40% on 2014 levels. France also recorded strong portfolio transaction activity with a total volume of just over €1 billion, double the amount registered in 2014 (after the exclusion of Jin Jiang’s acquisition of Louvre Hotels).

BuyersPrivate equity companies are showing sustained interest in hotels as they represented almost 28% of the total volume, followed by institutional investors (25%), real estate investment companies (18%) and hotel operators (16%).

Private equity investors accounted for a particularly large share of portfolio acquisitions (39%), but also showed keen interest in single assets (10%). This includes firms such as Apollo Global (acquired a portfolio of 22 hotels across the UK for €1.3 billion), Lone Star Funds (acquired a portfolio of 31 Jurys Inn hotels across the UK, Ireland and Czech Republic for £680/€883 million), and Starwood Capital (acquired five portfolios of 23 hotels overall across Europe).

Institutional investors were also active with sovereign wealth funds accounting for approximately a quarter of both portfolio buyers and single asset purchasers. This included the acquisition of a portfolio of eight Hilton hotels by the Oman Investment Fund (€400 million) and the purchase of the Maybourne Collection by the Qatar Investment Authority (£2/€2.75 billion).

Real estate investors continued to diversify their portfolios into hotels and represented 26% of the investment volume in single assets and 13% in portfolios. The biggest

acquisitions by real estate investors in 2015 were the the Ace Hotel in London by Limulus Ltd (£150/€206 million) and several portfolio purchases by Hispania Activos Inmobiliarios.

After being very busy in 2014 (Jin Jiang’s acquisition of Louvre Hotels

Other 21%

2015

Other

2014

Other 23%

2013

UK 59%Germany 13%

France 7%

Other 21%

UK 37%

Germany 20%

France

Other 38%UK 36%

Germany 18%

France 23%

Other 23%

13%Germany 20%

France 5%

Germany 18%

23%


CHART 6: PORTFOLIO INVESTMENT BY REGION 2013-15

CHART 7: BUYER TYPES IN 2015 – SINGLE ASSET SALES VERSUS PORTFOLIO

Institutional Investors 25%

Real Estate Investment Companies

26%

Hotel Owner‐Operators 12%

Private Equity 10%

Hotel Investment Companies 12%

HNWIs 11%

Undisclosed 4%Single Assets


Institutional Investors

25%

Real Estate Investment Companies

13%

Hotel Owner‐

Operators18%

Private Equity 39%

Other5% Portfolio


Group, for example), hotel owner-operators continued to be active in 2015, accounting for 12% of single asset investment volume and 18% of portfolio volume. Major transactions include Accor’s acquisition of 43 hotels from Foncière des Régions (€281 million) and the acquisition by China-based Hong Kong CTS of Kew Green Hotels, comprising 54 hotels across the UK(£400/€569 million).

Investment by RegionTransaction volume from European investors accounted for almost 46% of overall investments, similar to 2013 levels. These buyers mainly sought well-established, branded hotels in mature markets (such as the Novotel Tour Eiffel in Paris and the Sofitel Munich Bayerpost or Le Méridien in Munich). North American investment accounted for 23% of total volume in 2015, down 3%, but in absolute terms it increased by almost 50%, showing that these investors remain keen to deploy capital outside of North America. Asian investment increased by 11% on account of continued strong interest from Asian buyers such as Singapore-based M&L Hospitality, which acquired assets in the UK, Belgium and the Netherlands, or Queensgate, which acquired the Holiday Inn

London Kensington Forum. Investment from the Middle East also increased, representing 19% of total sales, but did not reach 2013 levels, which included several acquisitions of upscale and luxury assets in London and Paris.

SellersReal estate investment companies made up the largest seller segment for both portfolio and single asset deals. Notable portfolio dispositions by these sellers include LRG’s sale of 40 Holiday Inn- and Crowne Plaza-branded hotels across the UK, sold in two tranches. Additionally, the Berkeley Group sold an nhow hotel development in London to AXA IM for €126 million (€664,000 per room).

The largest single asset disposition by an institutional investor was Invesco’s sale of the Radisson Blu Hamburg to Azure for €150 million (€270,000 per room). Credit Suisse’s Hospitality Fund sold the Hotel Palace Luzern to Asian-based Yunfeng Gao for €46 million (€338,000 per room).

Hotel owner-operators were also active sellers: the Moran Hotel Group sold nine properties to Dalata Hotel Group for €455 million (€200,000 per room) and Fattal and the Leopard Group sold a portfolio of 18 hotels to Pandox for €400 million (€117,000 per room). Starwood Hotels & Resorts was an active seller of trophy assets, including the Westin Excelsior Rome to Katara Hospitality and the Gritti Palace in

CHART 8: INVESTOR ORIGIN BY REGION 2010-15

5,000

10,000

15,000

20,000

25,000

€Billion

s

Undisclosed

Africa

Asia

Middle East

North America

Europe

02010 2011 2012 2013 2014 2015


CROWNE PLAZA AMSTERDAM CITY CENTRE, THE NETHERLANDS

YC Amsterdam BV acquired the 270-room Crowne Plaza Amsterdam City Centre from Host Hotels &

Resorts for €103.5 million. HVS Hodges Ward Elliott acted as the seller’s broker in this transaction. The

hotel will undergo a full renovation and will open in 2017 as a Kimpton hotel, becoming the first Kimpton-

branded property outside of the Americas.


Venice to Nozul Hotels & Resorts. Belmond and Landis Inversiones sold the Hotel Ritz in Madrid.

While private equity houses were net buyers, notable dispositions included Apollo Global’s sale of the Holiday Inn London Kensington Forum to Queensgate Investment. KSL Capital Partners sold its Malmaison and Hotel du Vin portfolio to Frasers Hospitality. Mount Kellett Capital Management, Ulster Bank, Westmont Hospitality Group and Avestus Capital Partners (shareholders of Jurys Inn) sold the Jurys Inn portfolio of 31 UK assets to Lone Star Funds.

Conclusion and Outlook2015 was a truly outstanding year for hotel deals, leading to new records for both portfolio and single asset transaction levels. Attracted by continued RevPAR growth in most major European markets, investors turned eagerly to the hotel sector. Interest stayed strong as hotels remained a comparatively attractive investment class, presenting investors with the necessary sector knowledge and the opportunity to achieve higher investment yields than other property types. The search for yields, which in 2015 was exacerbated by low interest rates, downward pressure on stocktakes and global political turmoil, will continue with keen interest from within Europe, but especially from the Middle East and Asia.

Despite current economic woes and increased volatility in the stock markets, there is no immediate end in sight for interest in the hotel sector, as underlying operating fundamentals are trending upwards and we

would expect 2016 to continue to see strong investor demand. Given the UK’s recent dominance within the European transactions landscape, attention in the current year is likely to shift further to other markets such as Germany, France and Benelux. Concerns about a potential lack of supply are somewhat mitigated by the fact that acquisitions made at the beginning of the current cycle are nearing the end of a five-year holding period. While 2016 might not turn out to top 2015, no immediate slowdown is in sight as the fourth quarter of 2015 accounted for a third of the year’s total transaction volume, and this momentum is expected to spill over into 2016. Indeed, 2016 has already seen several significant transactions, such as the purchase of two Club Quarters hotels in London by AXA and ATP from Chelsfield Partners for €245/£180 million (€524,000/£385,000 per key). Other ongoing high-profile sales for 2016 include the two Hilton Metropole hotels in London and Birmingham, the new Hilton at Schiphol Airport in Amsterdam, the Park Inn Berlin Alexanderplatz, the Hilton Athens and the Le Méridien Etoile in Paris.

– HVS –

CHART 9: SELLER TYPES IN 2015

Real Estate Investment Company

26%

Hotel Owner‐Operator

19%Private Equity

19%

Undisclosed11%

Institutional Investor10%

HNWI5% Other

10%

Single Asset

Real Estate Investment

Company 24%

Hotel Owner‐Operator 18%

Hotel Investment Company 25%

Institutional Investor 5%

Private Equity 16%

Bank 6%Other 6%

Portfolio



Portfolio

Location

Coun

try

No. of

Hotels

No. of

Roo

ms

Price (€)

Price pe

r Roo

m (€

)Buy

erSe

ller

Radisson

Blu & Park Inn Antwerp

Antwerp

Belgium

230

648

,000

,000

157,00

0Algon

quin & KKR

Elbit Im

aging Ltd

Paris Inn Group

Portfolio

Paris

Fran

ce3

400

Und

isclosed

Und

isclosed

Swiss Life REIM OBO

Club de

al fu

ndJV: M

organ Stan

ley & Paris In

n Group

Hotels du

Roy

Paris, Nice

Fran

ce6

472

360,00

0,00

076

3,00

0Group

e Maran

atha

Gerpro

43 Fon

cière de

s Rè

gion

s Hotels

Various

Fran

ce43

4,23

728

1,00

0,00

066

,000

AccorHotels

Foncière des Régions

Allian

ce Portfolio

Various

Fran

ce12

1,91

5Und

isclosed

Und

isclosed

LFPI Hotels Man

agem

ent DL

Lone

Star Fu

nds

2 Ca

mpa

nile Prope

rties

Various

Fran

ce2

137

10,000

,000

73,000

Swiss Life REIM

SCSP

Host Hotels & Resorts' Europ

ean Po

rtfolio

Paris, Ven

ice, M

ilan, Rom

e,

Warsaw, N

urem

berg, B

russels

Fran

ce, Italy, P

olan

d,

German

y, Belgium

82,30

942

0,00

0,00

018

2,00

0JV: Be

nson

Elliott & W

alton Street Cap

tial, in

Partne

rship with Algon

quin


ean Joint Ven

ture

Qua

rtier Po

tsda

mer Platz (G

rand

Hyatt & M

anda

la Hotel)

Berlin

German

y2

500

Und

isclosed

Und

isclosed

JV: B

rook

field Prope

rty Pa

rtne

rs & KIC

Savills In

vestmen

t Man

agem

ent

Trias Po

rtfolio

(Mixed

‐Use, 2

Hotels in German

y)Be

rlin

German

y2

548

Und

isclosed

Und

isclosed

NorthStar Rea

lty Fina

nce

Prov

inzial

Stella Portfolio 201

5 (M

ixed

‐Use In

cl. 1

Hotel)

Düsseldorf

German

y1

160

Und

isclosed

Und

isclosed

Corpus Sireo

Deka Im

mob

ilien

Aspria Re

sorts 20

15Han

over, H

ambu

rgGerman

y2

6754

,000

,000

806,00

0Co

finim

mo

Aspria

Leipzig Museu

msqua

rtier (2 ib

is Prope

rties)

Leipzig

German

y2

294

Und

isclosed

Und

isclosed

BNP Pa

riba

s RE

IM German

yBe

nchm

ark RE

Dev

DG Anlage Office Po

rtfolio

(Mixed

‐Use In

cl. 1

Hotel)

Leipzig

German

y1

231

Und

isclosed

Und

isclosed

TLG Im

mob

ilien

DG Anlage

Aurelius DE Mun

ich Hotel Portfolio

Mun

ich

German

y2

146

Und

isclosed

Und

isclosed

Und

isclosed

Aurelius Holding

Stuttgarter Sü

dtor Qua

rtier (M

ixed

‐Use In

cl. 1

Hotel)

Stuttgart

German

y1

181

Und

isclosed

Und

isclosed

Patrizia Im

mob

ilien

AG

TAG Im

mob

ilien

AG

B&B Po

rtfolio

Various

German

y22

2,27

112

8,00

0,00

056

,000

Foncière des M

urs

Carlyle

16 Leo

nardo Hotels & 2 Holiday In

ns in

German

yVarious

German

y18

3,41

540

0,00

0,00

011

7,00

0Pa

ndox AB

Leop

ard Group

& Fattal H

otels

Motel One

Portfolio

Various

German

y9

739

Und

isclosed

Und

isclosed

Foncière des Régions

Motel One

B&B Hotels

Various

German

y6

689

Und

isclosed

Und

isclosed

Art In

vest

B&B Hotels

Nordic Hotels Po

rtoflio

Various

German

y25

1,81

6Und

isclosed

Und

isclosed

Louv

re Hotels Group

Nordic Hotels AG

German

, Belgian

and

Swiss Hotel Portfolio

Various

German

y, Belgium

, Sw

itzerlan

d18

3,41

520

0,00

0,00

059

,000

Fattal Hotels

JV: M

igda

l Insuran

ce, Liberty Prope

rties, M

enora

Mivtachim

, Amitim

& Tshuv

a Group

Accor DE/NL Po

rtfolio

201

5 (18 DE, 11 NL)

Various

German

y, Nethe

rlan

ds29

3,35

420

9,00

0,00

062

,000

Even

t Hotel Group

AccorHotels

HRA

DF/NBG

Hotel Portfolio

Athen

sGreece

334

340

0,00

0,00

01,20

0,00

0Jerm

yn Stree

t Re

al Estate Fu

ndGreece's Privatization Agency

Moran

Hotel Portfolio (5

Irelan

d & 4 UK)

Various

Irelan

d, UK

92,27

945

5,00

0,00

020

0,00

0Dalata Hotel Group

Moran

Hotel Group

Invesco Pa

n‐Eu

rope

an Portfolio

Rome, Den

Haag, M

unich, Vienn

a,

Han

over

Italy, Nethe

rlan

ds, G

erman

y,

Austria

61,17

615

2,00

0,00

012

9,00

0AccorHotels

Invesco

Arena

Tow

ers Holiday In

n Hotels

Amsterda

mNethe

rlan

ds2

443

55,000

,000

124,00

0First Sp

onsor Group

Ltd

IVG In

stitutiona

l Fun

ds GmbH

Tivo

li Hotels Po

rtug

alLisbon

, Algarve

Portug

al4

1,17

811

8,00

0,00

010

0,00

0Minor Hotel Group

ESAF

Best Hotel Prope

rties SK

Hotel Portfolio 201

6Various

Slov

akia

214

956

,000

,000

376,00

0Nov

a Hotels

Best Hotel Prope

rties

Med

playa Hotel Portfolio 201

5Be

nido

rm, Sinem

orets

Spain

261

0Und

isclosed

Und

isclosed

Med

playa

JV: T

UI &

Orbita

Two Atlan

tis Hotels

Corralejo (Fue

rteven

tura)

Spain

262

510

5,00

0,00

016

8,00

0Hispa

nia (via its Su

bsidiary Hispa

nia Re

al SOCIMI,

SAU)

Und

isclosed

H10

Cam

brils Playa & Apa

rtam

entos Las Pa

lmeras

Costa Dau

rada

, Fue

rteven

tura

Spain

251

9Und

isclosed

Und

isclosed

H10

Hotels

NH Hotels Group

(Man

aged

by Hespe

ria)

Grand

Hotel Atlan

tis Ba

hia & Suite Hotel Atlan

tis

Fuerteventura

Spain

262

510

5,00

0,00

016

8,00

0Hispa

nia

Und

isclosed

Hotel Catarina & Altam

aren

aGran Ca

naria, Fue

rteven

tura

Spain

264

047

,800

,000

75,000

IFA Hotels

Und

isclosed

Hespe

ria Ra

mblas & Vincci M

álaga

Hespe

ria Ra

mblas, V

incci M

álaga

Spain

217

527

,900

,000

159,00

0Hispa

nia

Und

isclosed

DAWM Spa

in Hotel Portoflio

Mad

rid, Barcelona

, Seville

Spain

481

876

,000

,000

93,000

AccorHotels

Deu

tsche AWM‐German

y

Meliá Resorts (8

0% stake)

Malaga, Lan

zerote,

Fuerteventura, Ib

iza, M

ajorca

Spain

62,85

517

6,00

0,00

062

,000

Starwoo

d Ca

pital G

roup

Meliá Hotels Internationa

l

Sumba

Hotel & Borne

o Hotel

Mallorca

Spain

248

0Und

isclosed

Und

isclosed

Allsun

Hotels

Und

isclosed

Marina Hoteles

Mallorca, Ib

iza

Spain

61,20

0Und

isclosed

Und

isclosed

Feel Hotel Group

Marina Hotels

B&B Sp

ain Hotel Portfolio

Valen

cia, Alican

teSp

ain

224

5Und

isclosed

Und

isclosed

B&B Hotels

Apo

llo Globa

l RE

Barcelo Hotel & Retail Portfolio Part 2 (M

ixed

‐Use)

Various

Spain

52,15

1Und

isclosed

Und

isclosed

Hispa

nia

Barcelo Hotels & Resorts

Dun

as Spa

in Hotel Portfolio

Various

Spain

41,18

375

,000

,000

63,000

Hispa

nia

Dun

as Grupo

Barcelo Hotel & Retail Portfolio Part 1 (M

ixed

‐Use)

Various

Spain

113,94

6Und

isclosed

Und

isclosed

Hispa

nia

Barcelo Hotels & Resorts

Meliá Hotels

Various

Spain

72,93

317

6,00

0,00

060

,000

Starwoo

d Ca

pital


l

Source: H

VS Lond

onNote: JV

= Jo

int Ven

ture

CH

AR

T 1

0:

EU

RO

PE

AN

PO

RT

FOLI

O T

RA

NS

AC

TIO

NS

20

15


Portfolio

Locatio

nCo

untry

No. of

Hotels

No. of

Room

sPrice (€)

Price pe

r Ro

om (€

)Bu

yer

Selle

r

Four Former Think

Apa

rtmen

tsAp

arthotels a

t Earls Co

urt, To

wer

Bridge, B

ermon

dsey Stree

t and

Lond

on Brid

geUK

465

026

7,50

0,00

041

1,00

0Starwoo

d Ca

pital G

roup

Administrators

Lasalle In

vestmen

t Birm

ingh

am Portfolio (M

ixed

‐Use)

Birm

ingh

amUK

112

0Und

isclosed

Und

isclosed

Legal &

Gen

eral Prope

rty

LaSalle In

vestmen

t

Three Ocean

a Ho

tels

Bourne

mou

thUK

328

322

,000

,000

78,000

Qatar‐Based

Group

of Inv

estors

Brian Sh

one & Teren

ce Taylor (of Ocean

a Ho

tels)

Avon

Gorge, M

ontpellier C

hapter, M

agda

len Ch

apter &

Hotel

Seattle

Bristol, C

helte

nham

, Exeter,

Bri ghton

UK

426

551

,300

,000

194,00

0Frasers H

ospitality

Swire

Prope

rties H

otels H

olding

s

The Ho

tel C

ollection

Buxton

, Basingstoke

UK

222

2Und

isclosed

Und

isclosed

Brita

nnia Hotels

The Ho

tel C

ollection

Derby Riverligh

tsDe

rby

UK

221

922

,900

,000

105,00

0Moo

rfield Group

Und

isclosed

The To

wn Ho

use Co

llection

Glasgow

, Edinb

urgh

UK

214

9Und

isclosed

Und

isclosed

Starwoo

d Ca

pital G

roup

Peter T

aylor

Five Former M

int H

otels

Glasgow

, Lee

ds, B

irmingh

am,

Bristol, M

anchester

UK

51,20

021

9,80

0,00

018

3,00

0Maratho

n Asset M

anagem

ent

Blackstone

Maybo

urne

Hotel Collection

Lond

onUK

353

82,74

8,00

0,00

05,10

0,00

0Qatar In

vestmen

t Autho

rity

Maybo

urne

Hotel Group

, Pad

dy M

cKillen

Lond

on Exten

ded Stay & Residen

tial Portfolio (M

ixed

‐Use)

Lond

onUK

456

1Und

isclosed

Und

isclosed

Starwoo

d Ca

pital G

roup

Duff & Phe

lps

Brun

twoo

d Man

chester H

otel Portfolio

Man

chester

UK

232

660

,000

,000

184,00

0M&L Ho

spita

lity

Brun

twoo

d

Two UK Ra

mad

asMan

chester, Birm

ingh

amUK

223

230

,200

,000

130,00

0Maratho

n Asset M

anagem

ent

Shiva Ho

tels

Park In

n Loan

Portfolio

Northam

pton

, Lakeside, Telford,

Bedford, Harlow, B

irmingh

am

West, Nottin

gham

, Cardiff

UK

81,10

784

,600

,000

76,000

Kenn

edy Wilson

Europ

e Re

al Estate

Bank

Feathe

rs Group

Preston, M

anchester, Liverpoo

l, UK

872

484

,400

,000

117,00

0To

plan

dFeathe

rs Group

LRG 2 (S

ilk Portfolio)

Vario

usUK

182,44

331

0,00

0,00

012

7,00

0Ce

rberus Cap

ital M

anagem

ent

JV: Leh

man

Brothers R

eal Estate, Rea

lstar & GIC

Real Estate

Malmaison Ho

tel d

u Vin

Vario

usUK

292,08

251

1,10

0,00

024

5,00

0Frasers H

ospitality

KSL Ca

pital Partners

Kew Green

Hotels

Vario

usUK

546,56

956

8,70

0,00

087

,000

Hong

Kon

g CT

S Ho

tels Co

.Goldm

an Sachs & TPG

Spe

cial Situ

ations Partners

Jupiter H

otels

Vario

usUK

262,66

521

6,00

0,00

081

,000

JV Singh

a Estate & FICO

Patron

Cap

ital &

RBS

LRG 3 (R

ibbo

n Po

rtfolio

)Va

rious

UK

225,17

81,29

1,00

0,00

024

9,00

0Ap

ollo Globa

l Rea

l Estate

JV: Leh

man

Brothers R

eal Estate, Rea

lstar & GIC

Real Estate

Prem

ier Inn

Portfolio

Vario

usUK

552

476

,000

,000

145,00

0Orcha

rd Stree

t Inv

estm

ent M

anagem

ent

M&G Rea

l Estate

Compa

ss Portfolio 201

5New

castle, Fleet, Sutton

Coldfie

ld, Liverpo

olUK

417

312

,000

,000

69,000

David Samue

l Prope

rties

M&G Rea

l Estate

Project L

aser (M

ixed

‐Use)

Vario

usUK

635,80

4Und

isclosed

Und

isclosed

Lone

Star F

unds

Moo

rfield Group

Ltd

Seven ibis Ho

tels (5 UK & 2 Irelan

d)Craw

ley, Leicester, She

ffield,

Plym

outh, B

irmingh

am, D

ublin

, Co

ventry

UK, Irelan

d7

708

32,600

,000

46,000

Starbo

ard Ho

tels (5 UK) Can

nock In

vestmen

ts JV

He

therly Cap

ital Partners (1 UK, 1 IR

)Ac

corHotels

Jurys Inn

Portfolio

Vario

usUK, Irelan

d, Czech Rep

ublic

317,52

388

2,90

0,00

011

7,00

0Lone

Star F

unds

Shareh

olde

rs of Jurys In

n (M

ount Kellett Cap

ital

Man

agem

ent, Ulster Ban

k, W

estm

ont H

ospitality

Group

& Avestus Cap

ital Partners)

Hilto

n Po

rtfolio

Vario

usSw

itzerland

, Spa

in, B

elgium

, German

y, France,

Luxembo

urg

82,71

340

0,00

0,00

014

7,00

0Oman

Investmen

t Fun

dJV: W

estm

ont &

Bud

apest C

apita

l

K+K Ho

tels Po

rtoflio

Vario

usUK, France, Spa

in, G

erman

y,

Austria

, Hun

gary, C

zech

Repu

blic, R

oman

ia10

1,19

2Und

isclosed

Und

isclosed

JV: H

ighg

ate Ho

tels & Goldm

an Sachs

Koller F

amily

Source: H

VS Lon

don

Note: JV

= Jo

int V

enture

CH

AR

T 1

1:

EU

RO

PE

AN

PO

RT

FOLI

O T

RA

NS

AC

TIO

NS

20

15

– C

ON

TIN

UE

D


Prop

erty

Coun

try

Location

Num

ber o

f Ro

oms

Price (€)

Price pe

r Ro

om (€

)Bu

yer

Selle

r

Bleibe

rgerho

fAu

stria

Bad Bleibe

rg10

8Und

isclosed

Und

isclosed

HB1

Hotels

Und

isclosed

Ramad

a Inn

Austria

Innsbruck

159

Und

isclosed

Und

isclosed

Immo KA

GUBM

Rea

litae

tene

ntwicklun

g AG

Seeh

otel Klope

inAu

stria

Sank

t Kan

zian

78Und

isclosed

Und

isclosed

Marolt H

otels

UniCred

it ‐ A

ustria

Courtyard by

Marrio

tt Vienn

a Messe

Austria

Vien

na25

135

,000

,000

139,00

0Deka Im

mob

ilien

S IM

MO AG

InterCity

Hotel W

ien

Austria

Vien

na17

953

,000

,000

296,00

0Warbu

rg‐HIH In

vest

Und

isclosed

Scan

dic An

twerp

Belgium

Antw

erp

204

13,600

,000

67,000

Van Der Valk

Pand

oxPa

rk In

n by

Rad

isson Brussels M

idi

Belgium

Brussels

142

Und

isclosed

Und

isclosed

M&L Hospitality

JV: A

teno

r Group

, Eiffage Group

& Besix Group

Sheraton

Brussels Hotel & Tow

ers

Belgium

Brussels

520

Und

isclosed

Und

isclosed

Eaglestone

Internationa

l Rea

l Estate plc

Park In

n Leuv

enBe

lgium

Leuv

en13

315

,500

,000

117,00

0Fo

ncière des M

urs

CIP NV

Petka Hotel

Croa

tiaDub

rovn

ik10

4Und

isclosed

Und

isclosed

Mea

t Ind

ustry Brothe

rs Pivac

Soldo family

Diplomat Cen

ter

Czech Re

public

Plzen

195

Und

isclosed

Und

isclosed

Und

isclosed

CA Im

mo

Hotel Yasmin

Czech Re

public

Prague

196

Und

isclosed

Und

isclosed

Le Hotels Group

Ivan

Cha

dima an

d Pe

ter Josep

h Don

nelly

Europo

rt Airp

ort C

enter

Czech Re

public

Prague

235

Und

isclosed

Und

isclosed

Und

isclosed

CA Im

mo

Scan

dic Hotel

Den

mark

Cope

nhagen

370

81,800

,000

221,00

0KLP Eien

dom AS

Halmtorvet 29 A/S

Radisson

Blu Sky Hotel

Estonia

Tallinn

280

46,000

,000

164,00

0Eften Ca

pital A

sGalaren

Invest BV

Center Parcs Vienn

e Grand

Oue

stFran

ceArcueil

5314

,900

,000

281,00

0La Francaise RE Man

agers OBO

ERA

FPPierre & Vacan

ces

Club

Med

San

t'Ambrog

gio

Fran

ceCo

rsica

291

26,000

,000

89,000

JV: C

orsea Prom

otion & In

ovallis Caisse D'Epa

rgne

GE Ca

pital

Hotel Rives de Pa

risFran

ceCo

urbe

voie

33Und

isclosed

Und

isclosed

Group

e Marvin

Louv

re Hotels

L’Alpa

gaFran

ceMégève

27Und

isclosed

Und

isclosed

Perseu

s Ca

pital Partners

Und

isclosed

Thiers to

wer

Fran

ceNan

cy19

2Und

isclosed

Und

isclosed

JV: A

ccorHotels & Nou

vel H

abita

tSA

S Hibernia Fran

ceNov

otel Tou

r Eiffel Hotel (former Hotel Nikko

)Fran

cePa

ris76

420

0,00

0,00

026

2,00

0MI29 Eu

roba

ilAc

corHotels

Courtyard by

Marrio

tt Paris Arcue

ilFran

cePa

ris17

024

,250

,000

143,00

0Und

isclosed

Marrio

tt In

ternationa

lHotel M

ontalembe

rtFran

cePa

ris56

Und

isclosed

Und

isclosed

Besse Sign

ature

Grupo

Majestic

Hôtel Frank

lin‐M

ontreu

ilFran

cePa

ris96

Und

isclosed

Und

isclosed

Perseu

s Ca

pital Partners (in

partnership with

123

Venture)

Und

isclosed

Villa M

azarin

Fran

cePa

ris29

25,000

,000

862,00

0Xa

vier Niel

Gue

stho

use SA

RLBe

st W

estern Premier O

péra Liège

Fran

cePa

ris50

Und

isclosed

Und

isclosed

Group

e Arthus‐Bertran

d JV: P

ramerica & Paris In

n Group

Golde

n Tu

lip M

arne

La Va

llee

Fran

cePa

ris87

Und

isclosed

Und

isclosed

Hotelde

vUnd

isclosed

Hotel ib

is Con

vention

Fran

cePa

ris48

Und

isclosed

Und

isclosed

Und

isclosed

AccorHotels

Hotel Roy

al Garde

n Ch

amps‐Élysées

Fran

cePa

ris72

13,100

,000

182,00

0Esprit de

France

Und

isclosed

Hotel Cha

mplain (now

Hotel M

ercure Paris Saint Lazare Mon

ceau

)Fran

cePa

ris50

Und

isclosed

Und

isclosed

Extend

AM

Fina

nciere EOS

Best W

estern Premier 6

1 Pa

ris Nation Hotel

Fran

cePa

ris48

8,20

0,00

017

1,00

0JV: E

ternam

& Paris In

n Group

JV: P

ramerica & Paris In

n Group

Best W

estern Premier L

ouvre Saint‐Hon

oré

Fran

cePa

ris40

Und

isclosed

Und

isclosed

Eterna

mPa

ris In

n Group

Chalet‐hotel Le Ka

yaFran

ceSaint‐Martin

‐de‐Be

lleville

5011

,000

,000

220,00

0Extend

AM

Algo

nquin

Hotel Les Roche

s Ro

uges

Fran

ceSaint‐Ra

phae

l50

Und

isclosed

Und

isclosed

Perseu

s Ca

pital Partners

Und

isclosed

Tobb

accon Hotel

German

yBe

nshe

im11

1Und

isclosed

Und

isclosed

Jurgen

Streit

Und

isclosed

ande

l's Hotel

German

yBe

rlin

557

105,00

0,00

018

9,00

0Union

Investmen

tProp

erty firm

owne

d by

Warim

pex Fina

nz‐Und

Beteiligun

gs AG & UBM

Develop

men

tMeliá Berlin

German

yBe

rlin

364

92,500

,000

254,00

0Union

Investmen

tGraue

l Coo

nstulta

nts Gmbh

Ham

pton

by Hilton

Berlin

Alexand

erplatz (Develop

men

t)German

yBe

rlin

344

Und

isclosed

Und

isclosed

Union

Investmen

tLambe

rt Holding

Gmbh

Ramad

a Hotel Berlin

Mitte

German

yBe

rlin

145

20,000

,000

138,00

0Te

rra‐Co

ntor‐Verwaltung

sgesellschaft m

bHAg

uirre New

man

Hotel Albrechtsho

fGerman

yBe

rlin

98Und

isclosed

Und

isclosed

Und

isclosed

Und

isclosed

SMAR

Tmen

ts business Be

rlin Pren

zlau

er Berg

German

yBe

rlin

183

14,600

,000

80,000

Immob

ilien

Werte Ham

burg

GBI AG

Berlin Plaza Hotel Am Kurfurstend

amm

German

yBe

rlin

131

Und

isclosed

Und

isclosed

BECK

EN Develop

men

t GmbH

Plaza Be

rlin GbR

Amaryl City

‐Hotel am Kurfürstend

amm

German

yBe

rlin

95Und

isclosed

Und

isclosed

Conn

ect R

eal Estate Group

Und

isclosed

Golde

n Tu

lip Hotel Kronp

rinz

German

yBe

rlin

79Und

isclosed

Und

isclosed

Nov

um Group

Und

isclosed

SAS Ra

disson

Hotel

German

yCo

logn

e38

978

,500

,000

202,00

0Invesco RE

IBRC

Pullm

an Hotel Colog

neGerman

yCo

logn

e27

5Und

isclosed

Und

isclosed

Art‐Invest Rea

l Estate Man

agem

ent

Ebertz & Partner

Motel One

German

yCo

logn

e42

4Und

isclosed

Und

isclosed

Motel One

Hochtief

B&B Hotel

German

yDüsseldorf

124

Und

isclosed

Und

isclosed

Blackb

ear R

eal Estate

Und

isclosed

Swissôtel D

üsseldorf

German

yDüsseldorf

246

29,000

,000

118,00

0Prim

e City

Blackstone

Mercure Hotel Düsseldorf S

eestern

German

yDüsseldorf

160

18,000

,000

113,00

0Co

rpus Sire

oDeka Im

mob

ilien

Nov

otel Erla

ngen

German

yErlang

en17

020

,000

,000

118,00

0Art‐Invest Rea

l Estate Man

agem

ent

E&P Re

al Estate

Hotel Arosa

German

yEssen

87Und

isclosed

Und

isclosed

Marx City In

vestor GmbH

& Co. KG

Und

isclosed

Le M

éridien Pa

rkho

tel Frank

furt

German

yFran

kfurt

300

Und

isclosed

Und

isclosed

Art‐Invest Rea

l Estate Man

agem

ent

Kildare Pa

rtne

rs

Adina Ap

arthotel develop

men

t at F

rank

furt Europ

aviertel

German

yFran

kfurt

181

39,000

,000

215,00

0Deka Im

mob

ilien

GBI AG

Hotel Savigny

German

yFran

kfurt

155

Und

isclosed

Und

isclosed

SaWe

AccorHotels

InterCity

Hotel Gelsenk

irche

nGerman

yGelsenk

irche

n13

5Und

isclosed

Und

isclosed

Und

isclosed

aik Invest

Hotel a‐ja

Groem

itz Das Resort

German

yGromitz

222

Und

isclosed

Und

isclosed

Deu

tsche Im

mob

ilien

Invest GmbH

Deu

tsche Im

mob

ilien

AG

Radisson

Blu Hotel, H

ambu

rg

German

yHam

burg

556

150,00

0,00

027

0,00

0Azure Hotels

Invesco

Ham

burg M

arrio

tt Hotel

German

yHam

burg

278

65,000

,000

234,00

0UK & Europ

ean Investmen

tsUnion

Investmen

t

Source: H

VS Lon

don

Note: JV

= Jo

int V

enture

CH

AR

T 1

2:

EU

RO

PE

AN

SIN

GLE

AS

SE

T H

OT

EL

TR

AN

SA

CT

ION

S 2

01

5


Prop

erty

Coun

try

Location

Num

ber of

Roo

ms

Price (€)

Price pe

r Roo

m (€

)Buy

erSe

ller

Sofitel Ham

burg Alter W

all

German

yHam

burg

241

Und

isclosed

Und

isclosed

Art‐Inv

est Re

al Estate Man

agem

ent

Private UK Pe

nsion Fu

ndHeigh

t3German

yHam

burg

202

50,000

,000

248,00

0ha

usInvest europ

a (CGI)

Hochtief

INNSIDE by

Meliá Ham

burg (forward‐fund

ed develop

men

t)German

yHam

burg

207

29,000

,000

140,00

0CP

A®:18

WGF AG

Gho

tel H

anno

ver‐Klee

feld

German

yHan

over

325

Und

isclosed

Und

isclosed

Und

isclosed

Aurelius Holding

Mercure Hotel Han

nover‐Mitte

German

yHan

over

170

20,200

,000

119,00

0INTERN

OS Globa

l Inv

estors

E&P Re

al Estate

Leipzig Marriott Hotel

German

yLeipzig

231

23,800

,000

103,00

0TLG Im

mob

ilien

DG Anlage

Sofitel M

unich Ba

yerpost

German

yMun

ich

396

180,00

0,00

045

5,00

0Deka Im

mob

ilien

Und

isclosed

Le M

éridien Mun

ich

German

yMun

ich

381

158,00

0,00

041

5,00

0Deka Im

mob

ilien

Kildare Pa

rtne

rs and

a Luxem

bourg‐ba

sed ad

ministrator

25ho

urs Hotel M

unich (Develop

men

t)German

yMun

ich

170

120,00

0,00

070

6,00

0Inka AG

JV: T

ristan

Cap

ital Partners & Freo

Marriott Mun

ich

German

yMun

ich

290

76,000

,000

262,00

0CP

A®:18

Liran Wizman

White Tow

er Hotel Com

plex

German

yMun

ich

354

Und

isclosed

Und

isclosed

Swiss Life

JV: V

on der Heyde

n Develop

men

t & Atlan

t Ca

pital SA

Holiday In

n Express Mun

ich

German

yMun

ich

302

Und

isclosed

Und

isclosed

UBM

Rea

litae

tene

ntwicklun

g AG

InterCon

tine

ntal Hotels Group

Leon

ardo

Hotel M

unchen

‐Neu

perlach (develop

men

t)German

yMun

ich

220

Und

isclosed

Und

isclosed

Fattal Hotels

Investa Im

mob

ilien

grup

peSu

per 8 de

velopm

ent in Laim District

German

yMun

ich

168

Und

isclosed

Und

isclosed

Patrizia Im

mob

ilien

Und

isclosed

Gho

tel M

unich‐Zentrum

German

yMun

ich

114

Und

isclosed

Und

isclosed

Heisig & Heisig

Aurelius Holding

Mercure Hotel M

uenster City

German

yMün

ster

156

12,600

,000

81,000

JV: Zech Hotel Holding

& Linne

man

n Hotel Holding

GmbH

aik Invest

Mercure am Cen

tro Obe

rhau

sen

German

yObe

rhau

sen

94Und

isclosed

Und

isclosed

Nov

um Group

AccorHotels

Alpen

hotel O

berstdorf

German

yObe

rstdorf

220

Und

isclosed

Und

isclosed

Kaiserba

d Ba

nsin Hotelbe

triebsgesellschaft mbh

Von

Jutrezen

ka Fam

ily

Macrand

er Best Western Hotel Offen

bach

German

yOffen

bach

127

Und

isclosed

Und

isclosed

CG Grupp

eUnd

isclosed

Hotel Rem

sche

ider Hof

German

yRe

msche

id88

Und

isclosed

Und

isclosed

Schlossbräu Mariakirche

n GmbH

& Co. KG

JV: A

li Özdem

ir & Zafer Özdem

irPa

rk‐Hotel Egerner Höfe

German

yRo

ttach‐Egern

122

Und

isclosed

Und

isclosed

Oliver Hurler Gmbh

& Co. Grund

stücks KG

Klau

s‐Dieter Graf v

on M

oltke

Pullm

an Stuttgart Fon

tana

German

yStuttgart

252

Und

isclosed

Und

isclosed

HR Group

Euro Ejend

omme

Park In

n Stuttgart

German

yStuttgart

181

34,400

,000

190,00

0Pa

trizia Im

mob

ilien

TAG Im

mob

ilien

AG

Lotus Th

erme Heviz

Hun

gary

Heviz

231

19,000

,000

82,000

Und

isclosed

CIB Ba

nkClarion Hotel Cork

Irelan

dCo

rk19

135

,100

,000

184,00

0Dalata Hotel Group

Und

isclosed

Castlemartyr Re

sort

Irelan

dCo

rk10

314

,000

,000

136,00

0Martin Sh

awNAMA

InterCon

tine

ntal Dub

linIrelan

dDub

lin19

7Und

isclosed

Und

isclosed

John

Malon

e Pa

rtne

rship (a con

sortium in

clud

ing Pa

ul Higgens and

Lalco)

Lond

on & Regiona

l

Temple Ba

r Hotel

Irelan

dDub

lin13

2Und

isclosed

Und

isclosed

Pyramid Hotel Group

FBD Hotels

Stau

nton

s on

the

Green

Irelan

dDub

lin51

Und

isclosed

Und

isclosed

Und

isclosed

Jim Staun

ton

Hilton

Dub

lin Kilm

ainh

amIrelan

dDub

lin12

0Und

isclosed

Und

isclosed

Tifco Hotel Group

John

Lally

Tara Tow

ers Hotel

Irelan

dDub

lin11

113

,000

,000

117,00

0Dalata Hotel Group

Und

isclosed

Westin Dub

linIrelan

dDub

lin16

311

,000

,000

67,000

Irish Life Assuran

ceUnd

isclosed

Prem

ier Inn Dub

lin Airpo

rtIrelan

dDub

lin15

511

,000

,000

71,000

Kirkland

Investmen

ts Ltd

Whitbread

The Daw

son

Irelan

dDub

lin

3617

,500

,000

486,00

0Te

trarch Cap

ital

Allied

Irish Ba

nks plc

Clayton Hotel

Irelan

dGalway

195

20,000

,000

103,00

0Dalata Hotel Group

Shan

e Co

nnolly & Jo

hn Glynn

Pillo

Hotel

Irelan

dGalway

104

10,500

,000

101,00

0Dalata Hotel Group

Und

isclosed

Kilken

ny Hibernian

Hotel

Irelan

dKilken

ny46

9,80

0,00

021

3,00

0iNua

Partnership

Und

isclosed

Glenroy

al Hotel & Leisure Club

Irelan

dMayno

oth

113

10,500

,000

93,000

Comer Group

Glenk

errin Group

Clarion Hotel Sligo

Irelan

dSligo

162

13,115

,000

81,000

Dalata Hotel Group

Tom Coy

leWhites of W

exford

Irelan

dWexford

157

11,700

,000

75,000

Dalata Hotel Group

David Shu

botham

& M

artin Nau

ghten

Hotel Brun

Italy

Milan

315

Und

isclosed

Und

isclosed

Finint

Unipo

l Grupp

o Fina

nziario

Boscolo Milano

Hotel

Italy

Milan

154

101,50

0,00

065

9,00

0Und

isclosed

Beni Stabili Sp

AHotel Hermitage

Italy

Milan

130

20,500

,000

158,00

0Fattal Hotels

Mon

rif

Savo

ia Hotel

Italy

Rimini

110

Und

isclosed

Und

isclosed

Allegroitalia Hotels

Und

isclosed

Aldrovand

i Villa Bo

rghe

seItaly

Rome

108

50,000

,000

463,00

0Dog

us Holding

A S

Aldrovand

i Villa Bo

rghe

se hotel

Holiday In

n Ro

me – Eu

r Pa

rco Dei M

edici

Italy

Rome

317

32,000

,000

101,00

0CP

I Prope

rty Group

InterCon

tine

ntal Hotels Group

Westin Excelsior Ro

me

Italy

Rome

316

222,00

0,00

070

3,00

0Ka

tara Hospitality

Starwoo

d Hotels & Resorts

NH San

to Stefano

Italy

Turin

125

23,500

,000

188,00

0INTERN

OS Globa

l Inv

estors

Immob

iliare Galileo Srl

Gritti Palace, A Luxury Co

llection Hotel

Italy

Ven

ice

8210

5,00

0,00

01,28

0,00

0Nozul Hotels & Resorts

Starwoo

d Hotels & Resorts

Mae

stral R

esort & Casino

Mon

tene

gro

Przno

214

29,300

,000

137,00

0Pe

tros Stathis

Hit d.d.

Crow

ne Plaza Amsterda

m City Ce

ntre

Nethe

rlan

dsAmsterda

m27

010

3,50

0,00

038

3,00

0YC

Amsterda

m BV


ean Joint Ven

ture

Radisson

Blu Amsterda

m Airpo

rtNethe

rlan

dsAmsterda

m24

643

,000

,000

175,00

0M&L Hospitality

Schiph

ol Park Rijk In

vestmen

ts B.V.

Palace of Justice (h

otel red

evelop

men

t)Nethe

rlan

dsAmsterda

m14

061

,300

,000

438,00

0Ro

sewoo

d Hotels, CTF Develop

men

tDutch Gov

ernm

ent

Lloy

d Hotel

Nethe

rlan

dsAmsterda

m11

718

,000

,000

154,00

0Ro

cco Vee

nboe

rDe Ke

yCo

rnelisz Hotel

Nethe

rlan

dsAmsterda

m51

18,200

,000

357,00

0Van

der Vorm Vastgoe

dNed

sted

e Groep

BV

Nov

otel Schipho

l Airpo

rt Hotel

Nethe

rlan

dsHoo

fddo

rp31

446

,400

,000

148,00

0Co

rum AM

EFD In

vestmen

t Pa

rtne

rs BV / The

Vincent Hotel Group

(TVHG)

Hotel Des In

des

Nethe

rlan

dsTh

e Hague

9228

,000

,000

304,00

0Westm

ont Hospitality Group

Timeless Investmen

tsApo

llo Hotel

Nethe

rlan

dsUtrecht

9021

,190

,000

235,00

0Van

der Vorm Vastgoe

dNed

sted

e Groep

BV

Radisson

Blu Airpo

rt Hotel, O

slo Garde

moe

nNorway

Olso

500

172,00

0,00

034

4,00

0O.G. O

tterslan

dAvino

r AS

Clarion Hotel Roy

al Christian

iaNorway

Olso

503

Und

isclosed

Und

isclosed

Petter Stordalen

DNB

Source: H

VS Lond

onNote: JV

= Jo

int Ven

ture

CH

AR

T 1

3:

EU

RO

PE

AN

SIN

GLE

AS

SE

T H

OT

EL

TR

AN

SA

CT

ION

S 2

01

5 –

CO

NT

INU

ED


Prop

erty

Coun

try

Location

Num

ber of

Room

sPrice (€)

Price pe

r Ro

om (€

)Bu

yer

Selle

r

Comfort Hotel Xpress

Norway

Oslo

172

20,068

,816

117,00

0Ra

gde Eien

dom AS

Und

isclosed

Clarion Co

llection Hotel Grand

Olav

Norway

Tron

dheim

106

10,700

,000

101,00

0Midstar AB

ANS Hartm

ann

Hotel And

els Lodz

Poland

Lodz

278

45,000

,000

162,00

0mBa

nkWarim

pex Fina

nzHoliday In

n Warsaw – City

Cen

tre (Develop

men

t)Po

land

Warsaw

254

Und

isclosed

Und

isclosed

UniIm

mo: Deu

tschland

UBM

Rea

litae

tene

ntwicklun

g AG

Radisson

Blu Hotel, W

roclaw

Poland

Wroclaw

162

Und

isclosed

Und

isclosed

Union

Investmen

tUnd

isclosed

B&B Wroclaw

Cen

trum

Poland

Wroclaw

140

Und

isclosed

Und

isclosed

mLeasing Sp

. z.o.o

B&B Hotels

Radisson

Blu W

roclaw

Poland

Wroclaw

162

Und

isclosed

Und

isclosed

UniInstitu

tiona

l ERE

UBM

Rea

litae

tene

ntwicklun

g AG

Tivo

li Orie

nte

Portug

alLisbon

279

38,500

,000

138,00

0Minor Hotel Group

Selecta

Hotel Aviz

Portug

alLisbon

70Und

isclosed

Und

isclosed

PortoB

ay Hotels & Resorts

Und

isclosed

How

ard John

son Grand

Plaza Bucha

rest

Roman

iaBu

charest

285

Und

isclosed

Und

isclosed

Tatik

a Investmen

tsUnd

isclosed

Kempinski Palace Po

rtoroz

Slov

enia

Portoroz

183

25,000

,000

137,00

0MK Group

Istrab

enz

Rafael M

adrid

Norte

Spain

Alcobe

ndas

135

10,500

,000

78,000

Axiare

Reyal U

rbis

El M

ontany

aSp

ain

Barcelon

a23

6Und

isclosed

Und

isclosed

CHT & Partrim

onium

In adm

inistration (Grupo

Serhs)

Hotel Solvasa Barcelona

Spain

Barcelon

a11

6Und

isclosed

Und

isclosed

Euro Hotel

Solvasa Hoteles

Hotel Hespe

ria Ram

blas

Spain

Barcelon

a70

17,500

,000

250,00

0Hispa

nia

Und

isclosed

Meliá Golf V

ichy

Catalan

Spain

Giro

na14

9Und

isclosed

Und

isclosed

Den

is O'Brie

nUnd

isclosed

Holiday In

n Be

rnab

éu

Spain

Mad

rid31

350

,600

,000

162,00

0Hispa

nia

Lead

ing Hospitality

Hostal Pered

aSp

ain

Mad

rid32

42,000

,000

1,31

3,00

0Talus Re

al Estate

Und

isclosed

Hotel Rex

Spain

Mad

rid14

742

,000

,000

286,00

0AX

A Re

al Estate

Equity In

mue

bles SL

Sheraton

Hotel M

adrid

Mira

sierra Hotel & Spa

Spain

Mad

rid18

2Und

isclosed

Und

isclosed

Hotusa

Und

isclosed

future M

adrid

Hotel

Spain

Mad

rid85

28,000

,000

329,00

0Aq

uila Cap

ital

Und

isclosed

H10

Pue

rta de

Alcalá

Spain

Mad

rid14

6Und

isclosed

Und

isclosed

H10

Hotels

Und

isclosed

Rafaelho

teles Orense

Spain

Mad

rid14

0Und

isclosed

Und

isclosed

H10

Hotels

Rafael Hotels

Hotel Ritz M

adrid

Spain

Mad

rid16

713

0,00

0,00

077

8,00

0JV: M

anda

rin Orie

ntal In

ternationa

l & th

e Olayan Group

JV: B

elmon

d Sp

anish Holding

s & Lan

dis Inversione

sTryp

Atocha

Spain

Mad

rid14

927

,600

,000

185,00

0Und

isclosed

Saint C

roix Holding

Hotel M

onte M

alaga (now

the Ilu

nion

Mon

te M

alaga)

Spain

Malaga

179

Und

isclosed

Und

isclosed

Ilunion

Hotels

Cade

na M

onte SL

Hotel Vincci M

alaga

Spain

Malaga

105

10,400

,000

99,000

Hispa

nia

Und

isclosed

Hotel Playas de

Mallorca

Spain

Mallorca

212

Und

isclosed

Und

isclosed

H10

Hotels

Und

isclosed

Calas de

Mallorca Co

mplex

Spain

Mallorca

875

23,600

,000

27,000

Und

isclosed


l Hotel Corregido

r (3‐star)

Spain

Seville

75Und

isclosed

Und

isclosed

H10

Hotels

Und

isclosed

Dolce Sitg

es Hotel and

Resort

Spain

Sitges

263

46,000

,000

175,00

0Oaktree

Inchyd

oney Partnership

Sand

os San

Blas Nature Re

sort & Golf H

otel

Spain

Tene

rife

331

36,800

,000

111,00

0Hispa

nia

Banco Saba

dell

Qua

lity Hotel Pan

oram

aSw

eden

Gothe

nburg

340

32,140

,000

95,000

KAB Fastighe

ter A

BK/S Pa

nora Hotel

Courtyard by

Marrio

tt Stockho

lmSw

eden

Stockh

olm

272

71,670

,000

263,00

0Fastighe

ts AB Ba

lder

Invesco Re

al Estate

Qua

lity Hotel Frie

nds

Swed

enStockh

olm

399

108,60

0,00

027

2,00

0Nordic Ch

oice Hotels AK

A Hom

e Ca

pital A

BJV: H

ome Prop

ertie

s AB

& AB Invest A/A

Hotel Attache

Swed

enStockh

olm

63Und

isclosed

Und

isclosed

Tryggh

em Bostads AB

Alexan

der H

ult

Lorens 14

Swed

enVa

steras

203

49,660

,000

245,00

0Ku

ngsled

en AB

Cornerston

e RE

Adv

isers

Hotel W

aldh

aus

Switzerland

Flim

s15

036

,800

,000

245,00

0Z Ca

pital

Waldh

aus Flim

s AG

Steigenb

erger A

lpen

hotel and

Spa

Switzerland

Gstaad

130

24,100

,000

185,00

0Huu

s Gstaad AG

Acron Holding

AG

Hotel M

öven

pick Lau

sann

e‐Ouchy

Switzerland

Lausan

ne33

770

,770

,000

210,00

0Schrod

ers Im

moP

lus

Und

isclosed

Beau

‐Rivage Pa

lace

Switzerland

Lausan

ne21

9Und

isclosed

Und

isclosed

Sand

oz Fam

ily Fou

ndation

Beau

‐Rivage Pa

lace SA

Hotel Palace Luzern

Switzerland

Lucerne

136

46,000

,000

338,00

0Yu

nfen

g Gao

CS REF Hospitality

Hotel M

onte Rosa

Switzerland

Zerm

att

4715

,760

,000

335,00

0Seiler H

otels

CS REF Hospitality

Züric

h MGallery

Switzerland

Züric

h 13

855

,000

,000

399,00

0Private investor (e

xisting Ac

cor F

ranchisee)

AccorHotels

Marda

n Pa

lace Antalya

Turkey

Antalya

546

117,00

0,00

021

4,00

0Halk Ba

nkAS

T Co

nstructio

n To

urism Trade

and

Indu

stry Co.

Grand

Asya Hotel

Turkey

Balikesir

138

18,435

,000

134,00

0Ku

rsun

lar C

onstruction Co

.Ba

ndirm

a Mun

icipalit

Elmas Garde

n Inn

Turkey

Sakarya

131

Und

isclosed

Und

isclosed

Und

isclosed

Kena

n Sakallıog

luHoliday In

n Express Ba

nbury M40

(to be

rebran

ded as a Premier Inn

)UK

Banb

ury

120

11,679

,000

97,000

Whitbread

Administrators to Lew

is Prope

rty Holding

sPrem

ier Inn

UK

Basing

stok

e81

10,700

,000

132,00

0CB

RE Globa

l Inv

estors

JV: Lam

ron Develop

men

ts & TA Fisher Group

Z Hotel Bath

UK

Bath

145

26,700

,000

184,00

0DTZ I&

AM on be

half of Nationa

l Grid

UK Pe

nsion

Dee

ley Free

d Estates

Combe

Grove M

anor

UK

Bath

408,65

6,00

021

6,00

0Re

d Hotels Limite

dJV: H

udson Ad

visors UK OBO

Daw

nay Day Group

& Sho

re Cap

ital G

roup

Holiday In

n Be

lfast

UK

Belfa

st17

025

,600

,000

151,00

0Dalata Hotel Group

Und

isclosed

Fitzwilliam Hotel

UK

Belfa

st13

023

,100

,000

178,00

0Micha

el Holland

Graffan

Prope

rties

Ten Sq

uare

UK

Belfa

st22

8,66

7,00

039

4,00

0Pa

ddy Ke

arne

yAd

ministrators

Etap

Belfast

UK

Belfa

st14

68,83

1,00

060

,000

CBRE

Globa

l Inv

estors

Und

isclosed

Radisson

Blu Hotel, B

irmingh

amUK

Birm

ingh

am24

4Und

isclosed

Und

isclosed

Royal G

ulf

Administrators (KPM

G)

Suncliff &

Cum

berla

nd & Cliffeside

Hotels

UK

Bourne

mou

th28

222

,056

,000

78,000

Und

isclosed

Qatari com

pany

Ocean

a Hotels

Jurys Inn Brighton

UK

Brighton

234

38,300

,000

164,00

0Ch

arities Prope

rty Fu

ndLone

Star F

unds

Prem

ier Inn

UK

Bristol

8110

,700

,000

132,00

0CB

RE Globa

l Inv

estors

JV: Lam

ron Develop

men

ts & TA Fisher Group

Tracy Pa

rk Golf &

Cou

ntry Hotel

UK

Bristol

4212

,600

,000

300,00

0Martin

Sha

wUnd

isclosed

Source: H

VS Lon

don

Note: JV

= Jo

int V

enture

CH

AR

T 1

4:

EU

RO

PE

AN

SIN

GLE

AS

SE

T H

OT

EL

TR

AN

SA

CT

ION

S 2

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5 –

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ED


CH

AR

T 1

5:

EU

RO

PE

AN

SIN

GLE

AS

SE

T H

OT

EL

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AN

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erty

Coun

try

Locatio

nNum

ber o

f Ro

oms

Price (€)

Price pe

r Ro

om (€

)Bu

yer

Selle

r

Cambridge City

Hotel

UK

Cambridge

198

84,411

,000

426,00

0CD

L Hospitality Trusts

Lond

on & Regiona

lTravelod

ge Cha

tham

Maritime

UK

Chatha

m90

7,79

9,00

087

,000

Und

isclosed

Trita

x Assets

Cheltenh

am Park Hotel

UK

Cheltenh

am15

210

,900

,000

72,000

Sir D

avid M

iche

lsTh

e Hotel Collection

Dou

bleT

ree by

Hilton

Hotel & Spa

Che

ster

UK

Chester

140

Und

isclosed

Und

isclosed

MCA

P Globa

l Finan

ceSang

uine

Hospitality an

d fund

s man

aged

by Dow

ning

Cap

ital V

alor

Hospitality Eu

rope

Ship Hotel

UK

Chiche

ster

378,52

5,00

023

0,00

0Harbo

ur Hotels

Chiche

ster Hotel Com

pany

Jurys Inn Derby

UK

Derby

213

20,884

,000

98,000

Charities Prope

rty Fu

ndMcA

leer & Rushe

Prem

ier Inn

Don

caster Cen

tral High

UK

Don

caster

140

17,333

,000

124,00

0CB

RE Globa

l Inv

estors

Lazarus Prop

ertie

s Ltd

Reside

nce Inn

UK

Edinbu

rgh

107

21,083

,000

197,00

0Azure Prop

erty Group

JV: M

oorfield Group

Ltd & Bau

post Cap

ital

Radisson

Blu Hotel, Edinb

urgh

UK

Edinbu

rgh

238

59,000

,000

248,00

0Deka Im

mob

ilien

Administrators (Deloitte)

Village Hotel Edinb

urgh

UK

Edinbu

rgh

120

37,700

,000

314,00

0Leen

a Group

KSL Ca

pital Partners

Nov

otel Edinb

urgh

Park

UK

Edinbu

rgh

170

Und

isclosed

Und

isclosed

Und

isclosed

JV: B

enson Ellio

t & Algon

quin

Crow

ne Plaza Edinb

urgh

– Roy

al Terrace

UK

Edinbu

rgh

100

Und

isclosed

Und

isclosed

Und

isclosed

Administrators

Loug

h Erne

Resort

UK

Enniskillen

120

14,063

,000

117,00

0US investmen

t group

hea

ded by

Vine Av

enue

Adv

isors & True

Hotels

Administrators

Jurys Inn Exeter

UK

Exeter

170

23,204

,000

136,00

0LaSalle In

vestmen

t Man

agem

ent

McA

leer & Rushe

Ramad

a Glasgow

Airp

ort

UK

Glasgow

108

Und

isclosed

Und

isclosed

The Ca

irn Group

Und

isclosed

Campa

nile Glasgow

Airp

ort

UK

Glasgow

103

9,70

0,00

094

,000

Whitbread

JV: D

evSecs & Cathe

dral Group

plc

King

smill Hotel

UK

Inverness

134

15,800

,000

118,00

0Stan

dard Life

Patio

Hotels

Travelod

ge Ip

swich

UK

Ipsw

ich

877,50

0,00

086

,000

Mayfair Ca

pital Investm

ent M

anagem

ent

Investec Ban

kJurys Inn Liverpoo

lUk

Liverpoo

l31

041

,135

,000

133,00

0Slad

en Cap

ital Partners

McA

leer & Rushe

Hard Days Night Hotel

UK

Liverpoo

l11

019

,620

,000

178,00

0Millen

nium

& Cop

thorne

Concord Estates

Hotel In

digo

UK

Liverpoo

l15

116

,755

,000

111,00

0Maratho

n Asset M

anagem

ent

Dow

ning

Develop

men

tsTravelod

ge Liverpo

ol Cen

tral The

Stran

dUK

Liverpoo

l14

118

,000

,000

128,00

0Und

isclosed

Und

isclosed

Cameron

Hou

se

UK

Loch Lom

ond

132

99,456

,000

753,00

0KS

L Ca

pital Partners

JV: b

etwee

n Sank

aty Ad

visors & Can

yon Pa

rtne

rsAc

e Hotel Lon

don

UK

Lond

on25

820

6,10

3,00

079

9,00

0Limulus LTD

Starwoo

d Ca

pital G

roup

Prem

ier Inn

Hea

throw Terminal 5

UK

Lond

on40

011

3,55

2,00

028

4,00

0Legal &

Gen

eral Prope

rty

Arora Holding

sLeon

ardo

Hotel Lon

don Hea

throw Airp

ort

UK

Lond

on23

036

,400

,000

158,00

0Ap

rirose Investmen

tStan

dard Life

Investmen

t2‐6 Inverness Te

rrace

UK

Lond

on30

027

,900

,000

93,000

MHA Associates

Und

isclosed

Berm

ondsey Squ

are Hotel

UK

Lond

on80

21,703

,000

271,00

0TH

Rea

l Estate

Aviva Investors

Prem

ier W

est H

otel

UK

Lond

on42

20,477

,000

488,00

0JV: K

SH Holding

s, Hee

ton Holding

s, Ryo

bi Kiso Holding

s & Lian Be

ng

Group

Avni Hotels Ltd

Park Hou

se Travelodg

e Hotel

UK

Lond

on11

318

,622

,000

165,00

0CB

RE Globa

l Inv

estors

Mayfair Ca

pital

Holiday In

n Lond

on Ken

sing

ton Fo

rum

UK

Lond

on90

647

2,81

9,00

052

2,00

0Que

ensgate Investmen

tAp

ollo Globa

l Man

agem

ent

Regency Hotel (n

ow th

e Dou

bleT

ree by

Hilton

Lon

don – Ke

nsington

)UK

Lond

on10

313

5,09

1,00

01,31

2,00

0Crim

son Hotels

Corncrest

nhow

Hotel Lon

don

UK

Lond

on19

012

6,20

0,00

066

4,00

0JV: A

XA IM

– Rea

l Assets & NH Hotel Group

Berkeley Group

Hilton

Lon

don Wem

bley

UK

Lond

on36

155

,204

,000

153,00

0Oaktree

Quintain

Prem

ier Inn

Wem

bley Park

UK

Lond

on31

2Und

isclosed

Und

isclosed

Whitbread

Quintain

ibis Hallsville Qua

rter

UK

Lond

on19

6Und

isclosed

Und

isclosed

Accor S

ABo

uygu

esEm

pire Hou

seUK

Lond

on11

129

,000

,000

261,00

0Stan

dard Life

JV: H

elical Bar plc & Crosstree

Regina

Hou

seUK

Lond

on11

028

,748

,000

261,00

0Hen

ley Prop

erty In

vestmen

tsMurailles Prop

ertie

s Ltd

Travelod

ge Lon

don Hou

nslow

UK

Lond

on12

816

,387

,000

128,00

0CB

RE Globa

l Inv

estors

Und

isclosed

ibis Styles Ealin

g Lond

on (D

evelop

men

t)UK

Lond

on12

023

,200

,000

193,00

0AX

A Re

al Estate

Investra Develop

men

tBo

ltons Hotel

UK

Lond

on56

16,755

,000

299,00

0Kn

owledg

e Scho

ol Trust

Canm

oor A

sset M

anagem

ent

St Erm

in's Hotel

UK

Lond

on33

123

1,45

1,00

069

9,00

0Te

i Fu & Oi lin Che

n (Sun

rider In

ternationa

l)An

gelo Gordo

n & Co, Amerim

ar Enterprises & Gracemark

Arora Hotel Hea

throw (n

ow th

e Hea

throw Hotel Bath Ro

ad)

UK

Lond

on35

061

,602

,000

176,00

0M&L Hospitality

Arora Holding

sHoliday In

n Express – Lond

on ExCeL

UK

Lond

on20

49,60

0,00

047

,000

Und

isclosed

Alliance Group

INNSIDE by

Meliá M

anchester

UK

Man

chester

208

42,431

,000

204,00

0Pickering Prop

ertie

s Ltd

Patrizia Im

mob

ilien

Crow

ne Plaza New

castle Steph

enson Qua

rter

UK

New

castle

251

26,600

,000

106,00

0CB

RE Globa

l Inv

estors

Clou

ston

Group

The Pa

rk M

awgan Po

rth

UK

New

quay

589,65

2,00

016

6,00

0Und

isclosed

Maw

gan Po

rth Holiday Park Ltd

Nun

smere Hall H

otel

UK

Northwich

367,60

1,00

021

1,00

0Highw

ater Estates

Administrators

Jurys Inn Nottin

gham

UK

Nottin

gham

264

28,127

,000

107,00

0Private Investor

McA

leer & Rushe

Lion

s Qua

ys Hotel & Spa

UK

Osw

estry

8214

,208

,000

173,00

0Asho

k Ba

nsal

Shropshire Leisure Group

Th

e Fo

rbury Hotel

UK

Read

ing

4013

,800

,000

345,00

0Bird Group

Von Essen Hotels

Hellaby

Hall H

otel

UK

Rotherha

m89

7,98

7,00

090

,000

Hellaby

Hall H

otel Ltd AKA

Oxfordshire In

n Ltd

Alix Partners for P

rima Hotels

Sketchley Grang

e Hote & Spa

UK

Sketchley

9610

,700

,000

111,00

0Und

isclosed

Kevin an

d Nigel Dow

nsPrem

ier Inn

Sun

bury

UK

Sunb

ury‐on

‐Tha

mes

109

15,900

,000

146,00

0Und

isclosed

Cone

gate

Prem

ier Inn

Swan

sea City

UK

Swan

sea

116

18,460

,000

159,00

0Und

isclosed

Man

sford Holding

sTravelod

ge Torqu

ayUK

Torqua

y90

8,50

0,00

094

,000

Und

isclosed

Chesterford Ltd

Source: H

VS Lon

don

Note: JV

= Jo

int V

enture


HVS London and HVS Hodges Ward Elliott 7-10 Chandos St, London W1G 9DQ, UK

HVS.comHVSHWE.com

About HVSHVS, the world’s leading consulting and services organization focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries, celebrated its 35th anniversary last year. Established in 1980, the company performs 4,500+ assignments each year for hotel and real estate owners, operators, and developers worldwide. HVS principals are regarded as the leading experts in their respective regions of the globe. Through a network of more than 35 offices and more than 500 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. www.HVS.com

Superior results through unrivalled hospitality intelligence. Everywhere.

With offices in London since 1990, HVS London serves clients with interests in the UK, Europe, the Middle East and Africa (EMEA). We have appraised some 4,000 hotels or projects in more than 50 countries in all major markets within the EMEA region for leading hotel companies, hotel owners and developers, investment groups and banks. Known as one of the foremost providers of hotel valuations and feasibility studies, and for our ability, experience and relationships throughout Europe, HVS London is on the valuation panels of numerous top international banks which finance hotels and portfolios.

About HVS Hodges Ward ElliottHVS Hodges Ward Elliott is the hotel brokerage and investment banking division of HVS. Operating within the European marketplace, HVS Hodges Ward Elliott acts on behalf of its clients in the sale and financing of hotels. Assignments include individual assets and portfolios, with transactions having been successfully concluded in most major European markets.

For further information about the services of the London office, please contact Charles Human on +44 20 7878 7771 or [email protected].

About the AuthorsDayk Balyozyan is an Associate with HVS’s London office. Dayk holds a Master’s in Management degree from Toulouse Business School, with a specialisation in Corporate Finance. Prior to HVS, Dayk worked in management

consulting, investment banking and hospitality in Paris, New York and Dubai. Since joining the London office in 2015, he has worked on valuations, feasibility studies and consulting mandates throughout Europe and Africa.

Tel: +44 (0) 20 7878 7724 [email protected]

Adrian Ruch is a Senior Associate with HVS Hodges Ward Elliott, where he focuses on the sale of European single and portfolio assets. He joined the company in 2014, having previously worked at UBS and PwC’s lodging and tourism

consulting practice, as well as at independent Swiss hotels. He speaks English, German and French and holds a BSc (Hons) in International Hospitality Management from Ecole hôtelière de Lausanne with a specialisation in real estate, market and corporate finance.

Tel: +44 (0) 20 7878 7778 [email protected]

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