2018 EuropEan HotEl transactions · France’s AccorHotels sold a 57.8% stake of its real ... included the sale of the Principal Hotel ... the Villa Magna hotel in Madrid, sold by

2018 EuropEan

HotEl transactions

MarcH 2019

nicolas auerAnalyst

alexandre reyAnalyst

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

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2018 EUropEan HotEL tranSaCtionS | paGE 2

Highlights � Total European hotel transaction volume reached

€18.6 billion¹ in 2018. This represents a decrease of 14% on 2017, although it is still the fifth highest annual level ever recorded, only behind 2015, 2017, 2006 and 2007 (see Chart 1);

� Single assets transacted at a total volume of more than €9.5 billion (51% of the total), falling 23% from 2017, yet still recording the third highest level ever, only behind 2017 and 2016. Portfolio volume² decreased by just 3% from 2017 to €9 billion (49% of total transaction volume), with the split between single assets and portfolios being more balanced than the long-term average ratio of 60:40;

� The lessening of Asian and European buyers was the main reason for the reduction in transaction volumes in 2018, decreasing by 51% and 19% against 2017 values, respectively. High-net-worth individuals (HNWIs) in particular decreased their investments in hotels in 2018, spending only €116 million (-79%) compared to €554 million in 2017. Real estate investment trusts’ (REITs) appetite to invest in hotels increased by 9%, resulting in a total buyer volume of some €1.7 billion in 2018 versus around €1.6 billion in 2017. Private equity firms provided the largest amount of capital by buyer type in 2018 (€3.9 billion);

� Despite reducing their investments by 17% compared to the year before, institutional investors continued to be net buyers, heavily investing in Germany and reaching a total of €3.1 billion in new investments in 2018;

� The UK confirmed its leading role within Europe, reaching transaction volumes of €6.2 billion/£5.5 billion (+14%) compared to 2017’s €5.5 billion/£4.8 billion. Germany recorded another strong year, with total investment volume of more than €3.8 billion, surpassing last year’s volume by 2%, thanks

to a significant increase in single asset activity (+16%), which reached €2.6 billion;

� London remained the leading European hotel transaction market with a total volume of around €2.1 billion/£1.8 billion in 2018 (-16% year-on-year), ahead of Dublin with €610 million (+215%). Amsterdam’s €560 million ranked the Dutch city in third place (-58%). The largest volume increase in absolute terms among European cities was recorded in Ireland’s capital, Dublin, which received €416 million more (+215%) in transaction volume than in 2017. Germany’s five largest cities – Berlin, Munich, Hamburg, Cologne and Frankfurt – jointly reached a transaction volume of more than €2.1 billion (+3%);

� Moving into 2019, interest rates, staffing pressures and the UK’s upcoming divorce from the European Union will all influence the transactions market. Furthermore, inflation risks and concerns of a global economic slowdown and/or market correction might trigger hesitation in some investors’ minds.

solid Year Despite turbulenceIn a year dominated by Brexit negotiations, hotel-industry data breaches and escalating US-led trade wars, the European hotel market saw a somewhat slower year in terms of transaction volume, although still the fifth highest annual level on record. Despite politically tense times across Europe, its economic environment maintained stable interest rates with relatively low exchange rate volatility. These factors, combined with the globally growing tourism industry,

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Source: HVS – London Office

cHart 1: total HotEl invEstMEnt voluME 2007-18

WalDorf astoria EDinburgH – tHE calEDonian

¹Only transactions that sold for more than €7.5 million are considered in this analysis.2For mixed-use portfolios, only the hotel components have been included in the totals.

The Waldorf Astoria Edinburgh – The Caledonian, comprising 241 rooms, was sold in early 2018 for £85 million. HVS Hodges Ward Elliott acted for

the seller as joint agent.


have made Europe a sought-after hotel investment market. The decrease in total investment volumes was balanced somewhat by a significant increase in average price per key, as well as growth in mega portfolio acquisitions.

Total hotel transactions worth €18.6 billion were recorded in Europe in 2018, representing a decrease of 14%. The decrease in transaction volume was primarily driven by slightly fewer hotels transacting combined with smaller assets; 700 assets with an average room count of 189 exchanged hands in 2017, compared to 695 properties averaging 156 rooms in 2018. Single asset transactions saw a 23% decrease in 2018, while portfolio transactions, which included a handful of mega deals, decreased by 3%. However, the average price per key grew by 8% in 2018, reflecting the higher product quality of the assets transacted as well as growth in values generally.

In most cases, investment demand was supported by the continued strengthening of industry fundamentals as year-on-year value per room growth in 27 of 33 major markets continued the upward trend. The impact this had on average values per key is explored in our sister publication 2019 European Hotel Valuation Index.

With clouds of uncertainty layered over Europe regarding the future relationship between the EU and the UK, combined with 2017 having recorded the second highest level of hotel transaction volume on record, most European markets saw their transaction volumes decrease somewhat during 2018. The UK and Spain remained the most attractive markets, with a year-on-year increase of 14% and a decrease of 22%, respectively. The UK posted total volume of €6.2 billion/£5.5 billion, with single asset deals worth

€2.4 billion/£2.1 billion and portfolio activity of €3.8 billion/£3.4 billion, demonstrating strong investor demand despite the political uncertainties (see Chart 2).

Transaction volume in France decreased by 45% to €700 million in 2018, while the Netherlands also saw a significant decrease with €1 billion in 2018 compared to €1.8 billion in 2017 (-43%). However, 2017 recorded huge growth over 2016 in the Netherlands (+171%) and therefore 2018 was in fact similar to 2016.

A large number of corporate mergers & acquisitions (M&As) took place in 2018, which directly or indirectly influenced the European hospitality landscape. These deals, some of which are outlined below, are not included in our transaction volumes as we solely focus on property-based transactions.

The largest M&A deal was completed by Minor International, a publicly traded Thai company, which acquired 94.1% of Spanish operator NH Hotel Group in several tranches for a total of around €2.3 billion. This deal adds some 382 hotels and more than 59,000 rooms to Minor’s portfolio.

France’s AccorHotels sold a 57.8% stake of its real estate arm, AccorInvest, to sovereign wealth funds PIF and GIC, institutional investors Colony NorthStar, Crédit Agricole Assurances and Amundi as well as other investors, for some €4.6 billion. In addition to this large transaction, AccorHotels also acquired the Swiss Mövenpick Hotels & Resorts group for €482 million.

Other major M&A deals included Jin Jiang Hotels’ acquisition of HNA Group’s 51.5% stake in Radisson Hospitality as well as Schroders acquiring hotel owner-operator company Algonquin.

Quarterly activityTotal transaction volume in the first quarter of 2018 was stronger than the year before (+9.5%), reaching some €4.3 billion. The largest part of 2018’s total deal volume was recorded during Q2, totalling

25%

18%

23%

6%

8%

6%

5%5%

4%

UK34%

Germany21%

Spain21%

France4%

Netherlands5%

Other - Nordic & Baltic2%

Other - CEE & Balkans3%

Other - Western Europe6%

Other - Southern Europe4%

18%

Source: HVS - London Office

2018

2017

cHart 2: rEgional sHarE of transaction voluME 2017-18

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Single AssetPortfolio

23% of Total

23% of Total

21% of Total33% of Total

Q1 Q2 Q3 Q4Source: HVS – London Office

cHart 3: invEstMEnt voluME in 2018 bY QuartEr


€6.1 billion (33%) mainly thanks to Blackstone’s acquisition of Spanish REIT Hispania for €2 billion. Slightly less than half of the annual transactions total occurred in the second half of the year, with 21% of total volume in Q3 and 23% in Q4 (see Chart 3). Two of the major portfolio deals in H2 included the sale of the Principal Hotel Portfolio for €942 million/£841 million and the Amaris Hilton Portfolio for €364 million/£334 million.

As noted previously, 2018 featured similarly strong deal volume in terms of portfolios compared to 2017 (€9 billion in 2018 compared to €9.3 billion in 2017). April 2018 had the largest portfolio deal volume of the entire year (€2.4 billion), which can mainly be attributed to the aforementioned acquisition of Hispania by Blackstone.

The largest monthly amounts of single asset deals in 2018 occurred in January and October, with each achieving €1.1 billion. Significant deals included the acquisition of the Hilton London Kensington for €293 million/£260 million by Cola Holdings and the Reichshof Hamburg, Curio Collection by Hilton, for €100 million by InterGlobe Enterprises.

After a strong first half, 2018 transaction activity reduced pace before picking up again towards the end of the year, with total transaction volume in Q4 of circa €4.3 billion. It mainly comprised single asset deals which totalled some €2.8 billion and included, for example, the Villa Magna hotel in Madrid, sold by Turkey’s Dogus Group to Mexico’s RLH Properties for €210 million, representing €1.4 million per key.

single assetsAfter a five-year upward trend and a record year in 2017, single asset volume decreased in 2018, with a year-on-year reduction of 23%, mostly due to a decrease in the number of rooms sold (-24%). Single asset transactions represented 51% of 2018’s total transaction volume, totalling 271 individual hotels and more than 45,000 rooms. In 2017, 324 single assets were sold, representing approximately 60,000 rooms (see Chart 4).

spotlight on the germanyAfter a remarkable 2017 for Germany, where single asset transactions grew by 16% compared to 2016 and the country ranked second in Europe behind the UK, 2018 saw Germany top the list of single asset deals, recording some €2.6 billion versus €2.4 billion/£2.1 billion in the UK. This shift among the two top-ranked countries represented another 16% increase (single assets) year-on-year for Germany, compared to a decrease of 23% for the UK. Spain and the Netherlands ranked in third and fourth position for single asset deals, with €942 million and €928 million, respectively. Germany accounted for

28% of European single asset volume, with an 8% increase in the number of properties sold.

Hamburg and Cologne were the most popular cities in Germany for hotel investments in 2018, with eight and five transactions, respectively. The year’s biggest transaction, however, occurred in Germany’s capital, with the sale of the Hilton Berlin from Park Hotels & Resorts (the US REIT that was previously part of Hilton) to listed German/Luxembourg-based property investment company Aroundtown for €297 million (€490,000 per key).

Other notable deals of 2018 included the Reichshof Hamburg, bought by InterGlobe Enterprises for €100 million (€360,000 per key), representing the third highest price per key in Germany. Furthermore, the Leonardo Royal Hotel Munich, acquired by Invesco, was the second biggest transaction in the country in 2018, and was sold by Fattal Hotels for €157 million (€370,000 per key).

spotlight on the uKAfter several years at the top of the ranking, the UK finished second in 2018 (after Germany) in terms of single asset transaction volume. UK deals constituted 25% of total European single asset volumes (€2.4 billion/£2.1 billion). This represented a 23% decrease on 2017 levels, which were around €3.1 billion/£2.7 billion.

cHart 4: singlE assEt invEstMEnt voluME 2006-18

STANDARD GRAPHS

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tHE barcElona EDition

HVS Hodges Ward Elliott acted for developer KKH Property Investors as exclusive broker on the turn-key sale of The Barcelona EDITION, which

completed in mid-2018.


lagarE HotEls portfolio

Italian investor LaGare SPA sold two properties totalling 260 rooms, in Milan and Venice, for an undisclosed sum. HVS Hodges Ward Elliott acted

as the seller’s exclusive agent.

London accounted for 45% (€1.1 billion/£959 million) of all single asset transactions in the UK in 2018, lower than the 63% ratio recorded in 2017. In terms of price per key, the biggest deal of the year (in all of Europe) was the sale of The Beaumont by the Grosvenor Estate to the Barclay brothers, via their Ellerman Hotel Company vehicle, for €146 million/£130 million (€2 million/£1.8 million per key). Slightly lower price per key transactions included the Reuben brothers’ acquisition of the 120-room Curtain Hotel & Members Club from WSA Management for €100 million/£90 million (€830,000/£750,000 per key); the Hilton London Kensington, acquired by Cola Holdings for €293 million/£260 million (€490,000/£432,000 per key); and Dalata Hotel Group’s acquisition of the Clayton Hotel Aldgate London, on a development basis, for €101 million/£91 million (€480,000/£429,000 per key).

Notable transactions outside of London included the acquisition of The Waldorf Astoria – The Caledonian in Edinburgh by Abu Dhabi’s Twenty14 Holdings for €96 million/£85 million (€400,000/£353,000 per key); Pandox’s acquisition of The Midland Hotel in Manchester, with Fattal Hotels as operating partner, from a joint-venture between Aprirose and Cindat Capital Management, for €132 million/£115 million (€420,000/£369,000 per key); and Lothbury acquiring the future Malmaison Hotel York for €51 million/£44 million (€340,000/£293,000 per key).

spotlight on spainAfter a major increase in single asset transaction volumes in 2017, Spain experienced a somewhat slower year in 2018, which may have been due to investor uncertainty following the ongoing acceleration of real estate prices in recent years. The country saw 21 single asset transactions in 2018, with a total value of €929 million, a decrease of more than 40% compared to 2017. One transaction alone made up 23% of total single asset volume: the Villa Magna, was sold by Turkish private bank Dogus Group to RLH Properties for €210 million (€1.4 million per key). The deal represented the

second highest price per key in Europe in 2018, after The Beaumont in London. The average price per key across all Spanish single asset transactions rose by more than 32%, from €170,800 to €226,000, predominantly thanks to the Villa Magna transaction.

spotlight on the netherlandsAfter an exceptional 2017, with a year-on-year increase of 171%, single asset transactions volume in the Netherlands decreased by 31% in 2018, reaching €928 million and accounting for 10% of Europe’s total single asset volume. These transactions included 18 hotels with some 3,600 rooms.

With seven transactions, Amsterdam remained the country’s favourite spot for hotel investment, accounting for 57% of total single asset transaction volumes in the Netherlands. In a joint-venture with Cedar Capital, York Capital sold the Kimpton De Witt to Global Holdings for €164 million (€600,000 per key), representing the country’s largest transaction in terms of volume and price per key. Deka Immobilien’s acquisition of the NH Collection Barbizon from NH Hotels for €156 million (€580,000 per key) represented the second highest price per key and volume in the Netherlands. Rotterdam recorded three single asset deals for a total of some €121 million through the sale of the Room Mate Bruno, the Hilton Rotterdam and the Van der Valk Blijdorp.

spotlight on franceWith a year-on-year increase of 45% in single asset transactions volume, France’s total volume reached €580 million, the fifth largest national volume in Europe, just behind the Netherlands. Paris recorded 62% of the country’s single asset transactions volume (with nine transactions), including the sale of the So-Sofitel Morland in Paris to TH Real Estate for €53 million (€330,000 per key) and the acquisition of two buildings on the Champs-Élysées by CitizenM.

other notable MarketsIn addition to the largest European markets, Ireland, Italy and Portugal also remained very attractive to investors in 2018. In Portugal, more than €232 million worth of hotels transacted, which represents an increase of 256%, driven by two large deals in Sintra

ribbon portfolio

The 4,272-room Ribbon portfolio, comprising 22 properties, was sold by Apollo Global RE to Vivion Capital Partners for £750 million in May. HVS

carried out the bank valuation on behalf of the buyer’s lender.


and Porto: the 194-room Penha Longa Resort, one of Portugal’s most exclusive resorts, bought by the joint-venture between Carlyle Group and Explorer Investments for €100 million (€515,000 per key); and the InterContinental Porto, acquired by Hong Kong’s Gaw Capital for €54 million (€512,000 per key).

In Italy, the most notable single asset transactions (excluding some two-property portfolios, such as the LaGare hotels in Milan and Venice) were the sale of the Castello Di Casole Hotel, located between Siena and Volterra, by Erste Abwicklungsanstalt to Belmond for €39 million (€1 million per key) and the acquisition of the Palazzo Stern in Venice by Roleo for €13 million (€529,000 per key).

Finally, although recording significant portfolio investment in 2018, Ireland’s single asset volume decreased by 38% compared to 2017, to €250 million. The largest transactions were the sale of the 165-room Ormond Locke hotel from Oaktree Capital to Brookfield AM for €56 million (€340,000 per key) and the sale of the 49-room Premier Suites Plus Dublin Ballsbridge by PREM Group to Aviva for €18 million (€360,000 per key).

portfolios2018 saw a 3% decrease in total portfolio volume compared to 2017, reaching €9 billion from 58 transactions comprising more than 380 hotels and 56,000 rooms. Portfolio deals in 2018 were characterised by more hotels trading per transaction than in 2017 (6.6 properties in 2018 versus 6.3 properties in 2017) and at larger volumes, with the average room price increasing from around €130,000 in 2017 to some €160,000 in 2018 (+23%). Total portfolio transaction volume saw the largest portions transacting in the second (€3.7 billion) and third quarters (€2 billion), which represents +216% and -42% year-on-year, respectively.

In regard to the largest hotel portfolios sold in 2018, Spain was the winner, with Blackstone’s acquisition of Hispania REIT for some €2 billion comprising more than 13,000 guest rooms across 46 hotels. The UK occupied the next four ranks with the Principal, Ribbon, SACO Aparthotel and Amaris Mercure Hotels portfolios totalling some €2.5 billion/£2.3 billion combined. Ireland came fifth, with the 17-hotel Tifco Ireland portfolio acquired by Apollo Global RE for €305 million (€150,000 per key on average).

Another notable transaction in 2018 was the acquisition of 59 Travelodge hotels by Secure Income REIT from a joint-venture between GoldenTree Asset Management, Avenue Capital Group and Goldman Sachs for €243 million/£212 million, which represents 2018’s largest transaction in terms of number of hotels. The highest average price per key was achieved in the SACO Aparthotel portfolio deal between Oaktree Capital and Brookfield AM for the sale of six properties in the UK at some €480,000/£428,000 per key on average (€440 million/£391 million for more than 900 rooms).

The split between single asset and portfolio transactions volume was 51% to 49% in 2018. This is compared to 56% and 44% the year before and does not follow the long-term average of 60:40.

portfolio investment by regionIn 2018, the most active region in terms of portfolio transactions was the UK, which recorded some

€3.9 billion/£3.4 billion being invested in 176 hotels in 16 portfolios. This represents some 43% of Europe’s total 2018 portfolio transaction volume and one of the highest average prices per key ever achieved: €186,000/£170,000. The UK continued to benefit from strong trust and positive investor sentiment in 2018, recording a 61% increase in portfolio volume versus 2017.

Spain came second, where 32% of total 2018 portfolio transaction volume was traded across 10 portfolios comprising some 20,000 rooms in 88 hotels. Some €2.9 billion was recorded in portfolio transaction volume, which represents a decrease of 14% versus 2017, owing to Spain’s significant hotel transaction activity throughout the years prior to 2018.

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cHart 6: portfolio invEstMEnt bY rEgion 2015-18

STANDARD GRAPHS

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cHart 5: portfolio invEstMEnt voluME 2006-18


While Germany was hotel investors’ third most popular market in 2017, transaction volumes in 2018 decreased by some 20%, totalling around €1.2 billion (13% of total portfolio volume) across 8,400 rooms. In 2018, 49 hotels were exchanged across 17 portfolios, which is four portfolios more than in 2017.

Ireland came fourth and received 5% of total portfolio investments, which translates into some €410 million across 18 hotels and more than 2,200 rooms. Ireland received large investment from North American private equity firm Apollo Global RE, which acquired a 17-property portfolio from Tifco Hotel Group in October 2018 for €305 million. The remaining 7% of Europe’s total portfolio transaction volume was spread across smaller markets, particularly Italy (3% or €269 million), which saw four portfolio transactions during the year, including the sale of the two LaGare hotels in Milan and Venice with a combined 260 rooms.

Main buyersPrivate equity firms (PEs) and real estate investment companies (REICs) represented the largest share of buyers in 2018, accounting for 21% and 20% of all purchases, respectively, followed by institutional investors (17%), hotel investment companies (16%), hotel owner-operators (11%) and REITs (9%). A breakdown of single asset and portfolio buyers can be seen in Chart 7.

Hotel investment companies (HICs) were responsible for 19% of total single asset investments and 12%

of portfolios in 2018. This includes LRC Europe’s two acquisitions from Amaris Hospitality, one a four-property Hilton portfolio in the UK and Ireland and the other a 19-hotel portfolio of Mercure hotels and one ibis Styles hotel across the UK, for €364 million/£322 million and €311 million /£278 million, respectively.

Institutional investors were also very active, accounting for 22% of single asset acquisitions

and 11% of portfolio transactions in 2018. Dominant in Germany, Ireland and the UK, examples include PGIM Real Estate’s acquisition of the DeVere Portfolio in the UK from Starwood Capital for €185 million/£162 million. The largest single asset transaction completed by an institutional investor in 2018 was the acquisition by Invesco of the Leonardo Royal Hotel Munich from Fattal Hotels for €157 million (€370,000 per key).

Private equity companies invested predominantly in portfolios in 2018, accounting for 37% of the total portfolio volume while the same buyer group only contributed 6% of the total single asset volume. The largest transaction was led by Blackstone, acquiring, among others, the Spanish REIT Hispania, which included a portfolio of 46 hotels across Spain for approximately €2 billion.

investment by regionIn terms of percentage share of total investments, European investors remained responsible for the largest share of the continent’s total transaction volume in 2018 (€11.8 billion), accounting for 64% of all hotel investments. Investments from the Middle East saw the largest increase in capital deployed compared to 2017, but were still far lower than acquisitions from Middle Eastern investors between 2013 and 2015. All other regions except North America decreased their spending, with Asian investors recording the sharpest decline at -51%.

North American investment levels increased substantially during the year, from €3.8 billion in 2017 to €4.7 billion in 2018, representing 25% year-on-year growth in total investment volume. This increase is primarily due to large portfolio deals, in which US private equity firms acquired a total of seven portfolios worth some €3.2 billion. Examples include Apollo Global RE’s investments in the UK and Ireland with the two Tifco Hotel Group portfolios for a combined €320 million, as well as Brookfield AM’s activities, including its acquisition of Oaktree Capital’s SACO Aparthotel portfolio for €439 million/£391 million.

cHart 7: buYEr tYpEs in 2018 – singlE assEt salEs vErsus portfolio

Hotel Investment Companies

19%

Hotel Owner-Operators

17%

Institutional Investors22%

Private Equity6%

Real Estate Investment

Companies & Trusts29%

Undisclosed7%

Single Assets


Hotel Investment Companies12%

Hotel Owner-Operators6%


Private Equity37%



Undisclosed4%

Portfolio

cHart 8: invEstor origin bY rEgion 2010-18

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UndisclosedSouth AmericaAsiaMiddle EastNorth AmericaEurope



After Asian investments significantly increased in 2017 (+59%), this buyer region was significantly less active in 2018, as no investments in portfolio deals were completed and only 16 single assets were acquired, totalling some €678 million.

Main sellersPrivate Equity was the largest seller category in 2018, responsible for 21% of disposals, with 35% sold as portfolios and 8% as single assets. Notable disposals by PEs included Blackstone’s 1,008-room Sheraton Frankfurt Hotel & Conference Centre to Precise Hotels & Resorts for €122 million (€120,000 per key) as well as the Sheraton Amsterdam Airport to InterGlobe Enterprises, also sold by Blackstone, for €113,300 million (€280,000 per key). A breakdown of single asset and portfolio sellers can be seen in Chart 9.

While PEs were the largest sellers of portfolios in 2018, REICs were the main single asset sellers, accounting for 31% of this category’s total sale volumes in Europe. The most noteworthy transactions included The Beaumont hotel, sold by the Grosvenor Estate for €2 million per key to the Barclay brothers’ Ellerman Hotel Company vehicle and the sale of the Hilton London Kensington to Cola Holdings, acquired from a joint venture between Rotch Property Group and Farnsworth Group for €293 million/£260 million (€490,000/£431,000 per key).

Most hotel owner-operator transactions in 2018 were dominated by two parties, Amaris Hospitality and Hospes Hotels & Moments, which together recorded just over €0.8 billion in sales volume from the sale of three portfolios comprising 32 hotels. The largest single asset transaction from a seller point of view in the hotel owner-operator category was the DoubleTree by Hilton Islington in London for €160 million/£140 million (€430,000/£375,000 per key). The highest price per key within this category was achieved in the sale of the NH Collection Barbizon Palace in Amsterdam, from NH Hotels to Deka Immobilien, for a price per key of €580,000.

As institutional investors, HICs and private equity companies were net buyers in 2018, the most noteworthy sales trend was hotel owner-operators and REITs selling to REICs and private equity firms,

which included Blackstone buying Hispania REIT’s 46 hotels in Spain. Institutional investors represented 8% or around €1.5 billion of all asset disposals, such as the Maritim Hotel Cologne for €120 million and the Travelodge Heathrow Terminal 5 by Standard Life Aberdeen for €45 million/£40 million.

conclusion and outlookThe European hotel investment market continues to show a rising popularity as an alternative asset class as it still offers interesting yields in a low-rate environment. Regardless of an overall decrease in transaction volumes compared to an exceptional 2017, Europe’s hotel markets and its key leisure destinations continued to attract international investors in 2018, as they seek to continue to diversify their portfolios.

Continued RevPAR growth across most of Europe helped support 2018 transaction levels, as many markets such as London, Paris and Amsterdam all recorded increases in RevPAR, matched by growth in the price of the transacted assets. Germany, an operating lease-dominated market where performance increases have a more measured effect on values, recorded a relatively stable level of investment and remains a highly sought-after investment market. Despite the uncertainty around Brexit, interest from overseas investors in UK hotels has remained very strong, demonstrating great confidence in the future of the UK hotel market.

Moving into an uncertain 2019, key factors that will influence the transaction market look to be interest rates, staffing pressures and the global economy. With the Brexit clock winding down rapidly and the absence of a clear deal regarding the future of relations between the UK and the EU, investors will have a particular focus on the free movement of people as this economic freedom largely impacts payroll costs of UK hotels and the accessibility of each other’s markets to UK and European investors. The hotel investment market in the UK will most certainly face a slower year, but the rest of Europe might benefit from this slowdown as investors will seek to deploy capital elsewhere.

– Hvs –

cHart 9: sEllEr tYpEs in 2018

Hotel Investment Companies

11%

Hotel Owner-Operators

20%

Institutional Investors

13%Private Equity

8%



Undisclosed13%

Single Asset


Hotel Investment Companies8%

Hotel Owner-Operators16%


Private Equity35%



Undisclosed4%

Portfolio

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Portfolio Location Country No. of Hotels

No. of Rooms Price (€) Price per Room

(€) Buyer Seller

B-Apart Hotels Portfolio Brussels Belgium 4 183 Undisclosed Undisclosed Home Invest B-AparthotelsPoscom Hotel Portfolio Various CH, IT, ES 6 879 Undisclosed Undisclosed Sami al-Angari Poscom Ferien Holding AGOdense Hotel Portfolio Denmark Odense Denmark 2 55 Undisclosed Undisclosed Milling Hotels UndisclosedCapMan Finland Hotel Portfolio Various Finland 6 784 73,200,000 93,000 Corum AM, SCPI Corum Origin CapManHumanis Hotel Portfolio France Biarritz, Bandol France 2 197 Undisclosed Undisclosed PLC Partners LLC HumanisVacances Bleues Hotel Portfolio France Chorges, Saint-Raphael France 2 138 Undisclosed Undisclosed Vacances Bleues Humanisibis France Hotel Portfolio Lille, Calais, Bruay-la-Buissiere France 3 189 Undisclosed Undisclosed 123 IM, SomnOO Management UndisclosedEscalotel Hotel Portfolio France Various France 10 609 Undisclosed Undisclosed Trocadero Capital Partners, Alboran Escalotel

Achat Hotel Portfolio Germany Bretten, Hoyerswerda, Langenhagen Germany 3 237 Undisclosed Undisclosed Anter-Group, Headstream Capital Annexum

Union Investment Hotel Portfolio GermanyDresden, Oberhausen, Eschborn, Freiburg im Breisgau

Germany 4 675 Undisclosed Undisclosed Union Investment Benchmark RE Dev

Stenham Portfolio Frankfurt (50% stake) Frankfurt am Main Germany 2 759 Undisclosed Undisclosed RFR Holding Stenham

Invesco InterCity Hotel Portfolio Germany Frankfurt am Main, Rostock, Darmstadt, Mainz Germany 4 868 102,500,000 118,000 Al Zaman Group, Feuring Invesco

Mercure Germany Hotel Portfolio Hagen, Hamm, Ludenscheid Germany 3 458 Undisclosed Undisclosed SomnOO Management, Extendam, RIVE Private Investment, 123 IM Langdor Hotel GmbH

Investa Real Estate Hotel Portfolio Hamburg Hamburg Germany 2 265 Undisclosed Undisclosed Real IS AG Investa Real EstateLloyd Fonds Hotel Portfolio Hamburg, Sylt Germany 2 419 Undisclosed Undisclosed Undisclosed Lloyd FondsTen BrinkeHotel Portfolio Kiel Germany 2 238 Undisclosed Undisclosed Art Invest Ten Brinke GroepHilton Hotel Portfolio Germany Munich Germany 2 356 Undisclosed Undisclosed Talanx FREO GroupBNP Paribas ibis Munich Hotel Portfolio Munich Germany 2 300 Undisclosed Undisclosed BNP Paribas REIM UndisclosedPantera Hotel Portfolio Munich, Aschheim Germany 2 499 90,000,000 180,000 Undisclosed pantera AGAurelius Hotel Portfolio Germany Neckarsulm, Ludwigsburg Germany 2 263 Undisclosed Undisclosed Aurelius Holding UndisclosedB&B Hotels Portfolio Germany Neu-Ulm, Rosenheim Germany 2 221 Undisclosed Undisclosed Art Invest B&B Hotels

H+ Hotels Portfolio Germany Niedernhausen, Friedrichroda, Hanover Germany 3 520 Undisclosed Undisclosed DFV AG H+ Hotel

Balandis Real Estate Hotel Portfolio Stuttgart Germany 2 646 75,500,000 117,000 Brookfield AM Balandis Real EstateFico Hotel Portfolio Germany Various Germany 7 841 58,000,000 69,000 Fastighets AB Balder Fico CorporationHR Group Hotel Portfolio Germany Various Germany 5 869 Undisclosed Undisclosed HR Group UndisclosedTifco Hotel Group Ireland Portfolio Various Ireland 17 2,057 304,700,000 148,000 Apollo Global RE Goldman SachsAlessandro Rosso Group Portfolio Milan Milan Italy 2 72 18,000,000 250,000 Alexander Vik Alessandro Rosso GroupBNP Paribas Hotel Portfolio Italy Milan, Cardano al Campo Italy 2 458 Undisclosed Undisclosed Swiss Life AM BNP Paribas REIMLaGare Hotels Portfolio Milan, Venice Italy 2 260 Undisclosed Undisclosed Undisclosed LaGare SPASource: HVS London

CHart 10: EUropEan portfoLio tranSaCtionS 2018

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Portfolio Location Country No. of Hotels

No. of Rooms Price (€) Price per Room

(€) Buyer Seller

SHG Hotels Portfolio Vicenza, Zola Predosa, Verona Italy 3 338 43,500,000 128,000 Nova Re Siiq SHG Salute Hotel Group

Hunguest Hotel Portfolio Herceg Novi, Heiligenblut am Grossglockner, Szeged ME, AT, HU 4 588 43,000,000 73,000 Agrokor Hunguest Hotels

Amsterdam Hotel Portfolio Amsterdam Netherlands 2 351 Undisclosed Undisclosed Tristan Capital Partners Whitewood Capital, DW Partners

Fattal Hotel Portfolio Netherlands The Hague, Lelystad, Hulshorst, Almere Netherlands 4 472 Undisclosed Undisclosed Fattal Hotels European Hotel MGMT

Blue Sea Hotel Portfolio Alcudia, Pajara Spain 2 317 Undisclosed Undisclosed Blue Sea Hotels & Resorts Undisclosed

Colony Northstar Aquisition of CPI Madrid, Barcelona, Valencia Spain 5 852 Undisclosed Undisclosed Colony NorthStar Continental Property Investments - CPI

Banco Popular Hotel Portfolio O Grove Spain 2 299 Undisclosed Undisclosed Hotusa Group Banco Popular

Banco Sabadell Hotel Portfolio Spain Sabinanigo, Cunit, Sant Joan Despi, La Selva del Camp Spain 4 236 Undisclosed Undisclosed Undisclosed Banco Sabadell

Meliá Hotel Portfolio Spain Seville, Los Llanos de Aridane, Pajara Spain 3 967 73,100,000 76,000 Bankinter Meliá Hotels International

Urvasco Group Portfolio Spain Various Spain 9 1,654 Undisclosed Undisclosed CBRE Global Investors, Pygmalion Capital Grupo UrvascoHospes Hotel Portfolio Spain (50% stake) Various Spain 9 470 125,000,000 266,000 European Hospitality Fund I, Gaw Capital Hospes Hotels & MomentsAlchemy Partners Hotel Portfolio Various Spain 7 1,701 165,000,000 97,000 Hispania Alchemy PartnersHispania Porfolio Various Spain 46 13,144 2,000,000,000 152,000 Blackstone HispaniaUK Premier Inn Hotel Portfolio Edinburgh UK 2 248 43,700,000 176,000 UniImmo MAS Real Estate Inc

SACO Aparthotel Portfolio UK London, Edinburgh, Cambridge, Manchester UK 6 913 439,400,000 481,000 Brookfield AM Oaktree Capital

Tifco Hotel Group Northern Ireland Portfolio Londonderry, Belfast UK 2 134 15,300,000 114,000 Apollo Global RE Goldman SachsRichardson UK Hotel Portfolio Padstow, Fowey UK 2 95 Undisclosed Undisclosed Harbour Hotels Richardson Hotels

Galleon Hotels UK Portfolio Richmond upon Thames, Chertsey UK 2 94 13,400,000 143,000 Young & Co’s Brewery Galleon Hotels

ibis Styles UK Carillion Hotel Portfolio St. Helens, Crewe, Barnsley, Birmingham UK 4 497 Undisclosed Undisclosed Starboard Hotels Carillion plc

LXI REIT UK Portfolio Various UK 5 387 52,100,000 135,000 LXi REIT UndisclosedStarwood Capital UK De Vere Hotel Portfolio Various UK 6 1,719 184,900,000 108,000 PGIM Real Estate Starwood CapitalPrincipal Hotel Portfolio Various UK 14 2,633 942,200,000 358,000 Covivio Starwood CapitalDoubleTree UK LRC Europe Hotel Portfolio Various UK 7 1,034 Undisclosed Undisclosed LRC Europe Oaktree Capital

Mansford UK Travelodge Hotel Portfolio Various UK 17 1,397 Undisclosed Undisclosed Secure Income REIT, Secure Income Reit plc Mansford Holdings, Mansford LLP

Ribbon Portfolio Various UK 21 4,272 854,900,000 200,000 Vivion Capital Partners Apollo Global RE

Secure Income UK Portfolio Various UK 59 3,041 242,500,000 80,000 Secure Income REIT GoldenTree Asset Mgmt, Avenue Capital Group, Goldman Sachs

Amaris UK Mercure Portfolio Various UK 19 2,281 311,000,000 136,000 LRC Europe Amaris HospitalityPark Hotels & Resorts Portfolio UK Various UK 7 1,334 153,100,000 115,000 Starwood Capital Park Hotels & Resorts

Amaris UK&I Hilton Portfolio Dublin, Edinburgh, Glasgow, London UK, Ireland 4 895 364,100,000 422,000 LRC Europe Amaris Hospitality

Source: HVS London

CHart 11: EUropEan portfoLio tranSaCtionS 2018 – ContinUED

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Property Country Location Number of Rooms Price (€) Price per Room

(€) Buyer Seller

MakTirana Hotel & Tower Albania Tirane 151 30,000,000 200,000 Kastrati Group M.A.Al-Kharafi & Sons W.L.LHotel Grand Tirolia Austria Kitzbuhel 81 45,000,000 560,000 Undisclosed Yelena BaturinaHotel Brunnenhof Austria Lech 35 9,300,000 270,000 Mountain Residences GmbH Brunnenhof GmbH & Co KGPark Inn by Radisson Linz Austria Linz 175 26,000,000 150,000 List Group UBMHotel Castello Falkner Austria Solden 48 13,800,000 290,000 Huter Tourismusbetriebe GmbH Falkner Gastronomiebetriebe Gmbh & Co KGValamar Obertauern Hotel Austria Tweng 82 Undisclosed Undisclosed Valamar Riviera Matthias Aichmann GmbHFalkensteiner Hotel Am Schottenfeld Austria Vienna 144 10,100,000 70,000 SMB 6 BV Soravia GroupGartenhotel Altmannsdorf Austria Vienna 94 14,000,000 150,000 U.M. Bau AG SPÖMotel One Westbahnhof Austria Vienna 422 71,500,000 170,000 Real IS AG ACRON AGNH Collection Hotel Antwerp Belgium Antwerp 186 Undisclosed Undisclosed KanAm Grund Cordeel GroupFour Points Hotel Brussels Belgium Brussels 128 10,300,000 80,000 Qbic BlackstoneSandton Brussels Centre Belgium Brussels 70 12,000,000 170,000 Unibra Immobilier Baloise GroupDolce La Hulpe Brussels Belgium La Hulpe 264 Undisclosed Undisclosed Undisclosed Banimmo Real Estate, 2 Belgian familiesEuropa Hotel Sunny Beach Bulgaria Nesebar 150 8,900,000 60,000 Global Tours Synergon HoldingHotel Leonardo Prague Czech Republic Prague 80 Undisclosed Undisclosed Jan Hotels UndisclosedInterContinental Prague Czech Republic Prague 372 Undisclosed Undisclosed R2G Best Hotel Properties, Westmont, J&T Finance GroupSheraton Prague - Charles Square Czech Republic Prague 160 Undisclosed Undisclosed Wenaasgruppen UndisclosedBest Western Hotel City Copenhagen Denmark Copenhagen 81 Undisclosed Undisclosed Secure Capital John MortensenScandic Copenhagen Airport Denmark Taarnby 357 89,800,000 250,000 Pareto Securities SkanskaHotel Katajanokka Finland Helsinki 106 Undisclosed Undisclosed Fennia Life Insurance UndisclosedScandic Hakaniemi Finland Helsinki 152 Undisclosed Undisclosed eQ Finnish Real Estate VVT KiinteistosijoitusOriginal Sokos Hotel Kupittaa Finland Turku 200 30,000,000 150,000 Rausanne Oy YIT CorporationHostellerie Saint Vincent Beauvais Aéroport France Beauvais 79 Undisclosed Undisclosed Undisclosed Société Hôtelière et de Restauration S.H.R.Hotel Novotel Bordeaux le Lac France Bordeaux 175 Undisclosed Undisclosed Undisclosed BPI France, Turenne CapitalStaycity Bordeaux France Bordeaux 125 Undisclosed Undisclosed ERAFP, La Francaise RE Managers groupe Edouard DenisRésidence Premium Presqu'Ile de la Touques France Deauville 32 14,900,000 470,000 Multimmobilier 2, Eurofonciere 2 SCPI, La Française Global REIM Pierre & Vacances ImmobilierHotel Novotel Nancy France Laxou 119 Undisclosed Undisclosed Undisclosed Turenne CapitalPalace De Menthon France Menthon-Saint-Bernard 67 Undisclosed Undisclosed Lavorel Hotels BuildinvestCitizenM Champs-Élysées France Paris 109 Undisclosed Undisclosed CitizenM SI Faure, Bluestone GroupHotel Eiffel Blomet France Paris 87 Undisclosed Undisclosed Extendam, Schroder Real Estate Hotels Gary ParienteHotel Forest Hill La Villette France Paris 250 Undisclosed Undisclosed Schroder Real Estate Hotels, KKR Groupe Forest Hill

Hotel Lancaster Paris Champs Elysées France Paris 56 Undisclosed Undisclosed Undisclosed Groupe SD2P (Société de Développement Professionnel Pierre Esnée)

Hotel Le Cardinal France Paris 77 Undisclosed Undisclosed Honotel HumanisHôtel Maison Astor Paris France Paris 131 Undisclosed Undisclosed Ladbrokes Groupe MaranathaHotel Raspail Montparnasse France Paris 38 Undisclosed Undisclosed Groupe Trade Hoteliere PegasusMotel One Porte Dorée France Paris 255 Undisclosed Undisclosed Fonciere des Murs Caisse des DepotsSo-Sofitel Morland France Paris 161 52,900,000 330,000 TH Real Estate Emerige, Société Parisienne du Nouvel ArsenalL'Epi-Plage France Ramatuelle 10 Undisclosed Undisclosed McCourt Global Shahla Mauch DeyhimHyatt Place & Hyatt House Paris CDG Airport France Roissy-en-France 430 Undisclosed Undisclosed Primonial REIM, SCPI Primovie Kaufman & Broad SA

Hôtel Club MMV Les Arolles France Saint-Martin-de-Belleville 204 Undisclosed Undisclosed AEW Mer Montagne Vacances

Le Mediterranee France Saint-Raphael 49 Undisclosed Undisclosed Ircantec, Swiss Life AM Vacances BleuesNovotel Fontainebleau France Ury 126 Undisclosed Undisclosed SomnOO Management Guillaume Defrance, Turenne CapitalDB Trainingszentrum & Seminarhotel Bad Homburg Germany Bad Homburg vor der 127 Undisclosed Undisclosed aamundo Aurelis Real EstateDas BollAnts Germany Bad Sobernheim 105 Undisclosed Undisclosed Hamilton Hotel Investors, H.I.G. Capital Jan Bolland, Janine Bolland-GeorgAirporthotel Berlin Adlershof Germany Berlin 111 15,000,000 140,000 Undisclosed UndisclosedHilton Berlin Germany Berlin 601 297,000,000 490,000 Aroundtown Park Hotels & ResortsHotel Bristol Berlin Germany Berlin 246 Undisclosed Undisclosed Aroundtown Verwaltungsgesellschaft Hotel Bristol BerlinVienna House Easy Berlin Germany Berlin 152 14,800,000 100,000 Patrizia Peakside CapitalPrizeotel Bremen-City Germany Bremen 127 Undisclosed Undisclosed Art Invest Weser WohnbauB&B Hotel Bremerhaven Germany Bremerhaven 88 Undisclosed Undisclosed Undisclosed Projektgemeinschaft Köhler & Brandt GmbH & Co. KGRomantik Hotel Goldene Traube Germany Coburg 68 Undisclosed Undisclosed Undisclosed Bernd Glauben & Barbara GlaubenCologneo I (Hotel) Germany Cologne 175 57,000,000 330,000 Corpus Sireo CG GruppeHotel Dorint An der Messe Germany Cologne 313 Undisclosed Undisclosed Commerz Real Messehotel Köln GmbH & Co. KGHotel im Wasserturm Germany Cologne 88 Undisclosed Undisclosed Vicus AG UndisclosedMaritim Hotel Koln Germany Cologne 454 120,000,000 260,000 Art Invest Commerz RealUrban Loft Köln Germany Cologne 212 Undisclosed Undisclosed Patrizia Althoff HotelsSource: HVS London

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(€) Buyer Seller

Holiday Inn Express Darmstadt Germany Darmstadt 157 Undisclosed Undisclosed WurttLeben Merlin Capital GmbHMoxy Darmstadt Germany Darmstadt 178 33,000,000 190,000 Hannover Leasing Unit Gesellschaft für Projektentwicklung mbHHotel Blankenburg Ditzingen Germany Ditzingen 71 Undisclosed Undisclosed Undisclosed Undisclosedstays design Hotel Dortmund Germany Dortmund 70 Undisclosed Undisclosed Headstream Capital, Anter-Group Undisclosedibis Hotel Quartier Düsseldorf Germany Düsseldorf 180 21,200,000 120,000 Semper Constantia Langen Immobilien HoldingNovotel Hotel Quartier Düsseldorf Germany Düsseldorf 210 36,300,000 170,000 Semper Constantia Langen Immobilien HoldingRuby Hotel Leni Germany Düsseldorf 170 Undisclosed Undisclosed Deka Immobilien OFBWelcome Hotel Essen Germany Essen 176 Undisclosed Undisclosed FLE GmbH UBSAmeron Parkhotel Germany Euskirchen 92 Undisclosed Undisclosed WELCOME HOTELS GmbH SparkasseHilton Garden Inn Feldkirchen Germany Feldkirchen 166 Undisclosed Undisclosed Oxin Investment Holding CV ProjektentwicklungInterContinental Frankfurt Germany Frankfurt am Main 467 Undisclosed Undisclosed Aroundtown Katara Hospitalityniu Air-Hotel Frankfurt Germany Frankfurt am Main 344 Undisclosed Undisclosed Select Group GBI AGSheraton Frankfurt Hotel & Conference Center Germany Frankfurt am Main 1008 122,000,000 120,000 Precise Hotels & Resorts BlackstoneHotel niu Saddle Germany Furth 103 Undisclosed Undisclosed Semper Constantia P&P GruppeHotel Courtyard Oberpfaffenhofen Germany Gilching 174 Undisclosed Undisclosed Dr Peters GmbH & Co asto Business GroupGhotel Gottingen Germany Gottingen 144 Undisclosed Undisclosed Aurelius Holding UndisclosedPark Inn by Radisson Gottingen Germany Gottingen 114 9,000,000 80,000 SCPI Atream Hotels BerlinovoEUROPA HOTEL Greifswald Germany Greifswald 51 Undisclosed Undisclosed Deutsche Konsum REIT UndisclosedHotel ibis Munchen Airport Sud Germany Hallbergmoos 110 Undisclosed Undisclosed BNP Paribas REIM, Opus Real SCPI - BNP Undisclosedprizeotel Munich Airport Germany Hallbergmoos 160 Undisclosed Undisclosed WurttLeben Undisclosedniu Ridge Halle Germany Halle (Saale) 186 20,500,000 110,000 Semper Constantia GP Papenburg Hochbau GmbHBridge Inn Hotel Germany Hamburg 99 Undisclosed Undisclosed Gorgeous Smiling Hotels GmbH BI Hamburg Betriebs-GmbHCourtyard by Marriott Germany Hamburg 277 Undisclosed Undisclosed Zurich Versicherung ABG GroupHotel Novum Belmondo Germany Hamburg 107 Undisclosed Undisclosed DFV AG Brack Capital REibis Styles Hamburg-Barmbek Germany Hamburg 188 Undisclosed Undisclosed Art Invest Tamm & Voss Immobilien GmbHPremier Inn Hamburg Reeperbahn Germany Hamburg 230 Undisclosed Undisclosed Whitbread Strabag RE GmbHPremier Inn Hamburg-Nordkanalstrasse Germany Hamburg 310 Undisclosed Undisclosed Whitbread GBI AGReichshof Hamburg Germany Hamburg 278 100,000,000 360,000 InterGlobe Enterprises Event Hotels, Alpine Grove PartnersRenaissance Hamburg Hotel Germany Hamburg 205 Undisclosed Undisclosed CBRE Global Investors Allianz RE GermanyIntercity Hotel Hannover Germany Hanover 220 37,000,000 170,000 Real IS AG Bauwo Grundstücks AGMoxy Hotel Kelsterbach Germany Kelsterbach 188 Undisclosed Undisclosed Corum AM, SCPI Corum Origin Ten Brinke Groep, BLI ProjektentwicklungHotel Steigenberger Langen Germany Langen (Hessen) 205 Undisclosed Undisclosed Dahlke Immobilien AG, Lahav Family Office UndisclosedHotel Furstenhof Germany Leipzig 90 Undisclosed Undisclosed Vicus AG UndisclosedLindner Hotel Leipzig Germany Leipzig 198 Undisclosed Undisclosed Vicus AG UndisclosedDorint Herrenkrug Parkhotel Germany Magdeburg 149 Undisclosed Undisclosed Honestis UndisclosedH+ Hotel Magdeburg Germany Magdeburg 243 Undisclosed Undisclosed Michels Hotels GmbH UndisclosedHotel Maritim Mannheim Germany Mannheim 173 Undisclosed Undisclosed Pro Concept AG WurttLebenComfort Hotel Monheim Germany Monheim am Rhein 178 Undisclosed Undisclosed Bauindustrieverband NRW e.V. DIVAG GroupAchat Premium Munchen - Sud Germany Munich 147 21,800,000 150,000 Pierre capitale SCPI, Swiss Life AM UndisclosedLeonardo Royal Hotel Munich Germany Munich 424 157,000,000 370,000 Invesco Fattal HotelsMy Home Munich Germany Munich 260 Undisclosed Undisclosed Corestate Capital Bull Capital GmbH, IsarkiesTRYP Kongresshotel Germany Munster 131 Undisclosed Undisclosed Undisclosed UndisclosedGolden Tulip Parkhotel Germany Neu-Ulm 135 Undisclosed Undisclosed Headstream Capital, Anter-Group UndisclosedHotel Regina Maris Germany Norden 60 Undisclosed Undisclosed Situs Hotel Regina Maris GmbHPark Inn by Radisson Nuremberg Germany Nurnberg 148 23,500,000 160,000 SCPI Atream Hotels Principal Real Estate EuropeTREFF HOTEL Panorama Oberhof Germany Oberhof 408 Undisclosed Undisclosed AHORN Hotels & Resorts H+ HotelThe Rilano Hotel Oberursel Germany Oberursel (Taunus) 220 Undisclosed Undisclosed DFV AG UndisclosedVictors Residenz-Hotel Saarlouis Germany Saarlouis 124 Undisclosed Undisclosed Verifort Capital Undisclosed7 Days Premium Hotel Leipzig Airport Germany Schkeuditz 150 12,600,000 80,000 Perial Undisclosedibis Styles Hotel Stuttgart Germany Stuttgart 193 41,600,000 220,000 Deka Immobilien Bülow AGMotel One Stuttgart Germany Stuttgart 400 Undisclosed Undisclosed Zurich Versicherung Reiss & CoHotel Stadt Hamburg Germany Sylt 70 Undisclosed Undisclosed 12.18. IM Harald HentzschelParkhotel Wehrle Germany Triberg im Schwarzwald 51 Undisclosed Undisclosed MOON NEW ERA HOTELS UndisclosedSource: HVS London

CHart 13: EUropEan SinGLE aSSEt HotEL tranSaCtionS 2018 – ContinUED

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(€) Buyer Seller

Best Western Hotel Trier Germany Trier 127 Undisclosed Undisclosed IFA Gesellschaft für Immobilien mbH & Co. KG BerlinovoOversum Vitalresort Winterberg Germany Winterberg 77 Undisclosed Undisclosed Dr Lohbeck Privathotels Oversum Hotel GmbHHotel Courtyard Wolfsburg Germany Wolfsburg 152 Undisclosed Undisclosed Undisclosed Volksbank BraWo Projekt GmbHTryp Hotel & Cinemaxx Germany Wolfsburg 125 Undisclosed Undisclosed Aermont Capital BerlinovoNovotel Szeged Hungary Szeged 136 Undisclosed Undisclosed Novoop Ingatlanuzemelteto OrbisMcWilliam Park Hotel Ireland Claremorris 103 9,200,000 90,000 Davy Group Bain CapitalCitywest Hotel Ireland Dublin 774 Undisclosed Undisclosed Tetrarch Capital PIMCOibis Dublin Hotel Ireland Dublin 150 14,000,000 90,000 Propiteer Hetherley Capital PartnersOrmond Locke Ireland Dublin 165 56,300,000 340,000 Brookfield AM Oaktree CapitalPremier Suites Plus Dublin Ballsbridge Ireland Dublin 49 17,500,000 360,000 Aviva Investors PREM GroupTallaght Plaza Ireland Dublin 122 15,000,000 120,000 Undisclosed UndisclosedKillenard Heritage Hotel Ireland Killenard 98 9,000,000 90,000 FBD Hotels UndisclosedPark Hotel Baja Sardinia Italy Arzachena 83 Undisclosed Undisclosed 12.18. IM ItacosmerRoyal Hotel Carlton Italy Bologna 236 32,900,000 140,000 Finanziaria Internazionale (Finint) Monrif GroupCastello Di Casole Hotel Italy Casole d'Elsa 39 39,000,000 1,000,000 Belmond Erste AbwicklungsanstaltHotel MGallery Cerretani Firenze Italy Florence 83 42,700,000 510,000 CDL Hospitality Trust Event HotelsHotel Carlyle Brera Italy Milan 97 36,000,000 370,000 Boissee Finances Brera HotelsGrand Hotel et Des Palmes Italy Palermo 179 12,000,000 70,000 Algebris Gruppo CaltagironeGrand Hotel Villa Igiea Italy Palermo 124 25,300,000 200,000 Rocco Forte Hotels Gruppo CaltagironeMercure Excelsior Hotel Palermo Italy Palermo 118 8,800,000 70,000 Giotti Family Acqua MarciaLa Lama Hotel Italy Rome 439 50,600,000 120,000 Icarus SpA EUR SpABlu Salento Village Italy Sant'Isidoro Nardò 307 23,000,000 70,000 CDPI Sgr Blu Hotel InvestorsLa Giurlita Residence Hotel Club Italy Ugento 164 Undisclosed Undisclosed Nicolaus Tour Famiglia FranzaPalazzo Stern Italy Venice 24 12,700,000 530,000 Roleo Srl Regione del VenetoHotel Fjord Montenegro Kotor 155 10,000,000 60,000 Boka Bay Investment New Fjord DevelopmentsCentreville Hotel Montenegro Podgorica 122 9,500,000 80,000 Capital Investment Qannas Investments LimitedConscious Hotel Westerpark Netherlands Amsterdam 89 37,500,000 420,000 Harvest Vastgoed B.V, Millten, Duncan Stutterheim MeyerBergman ErfgoedHotel Luxer Netherlands Amsterdam 47 8,000,000 170,000 Griekspoor & Zurek JFO VastgoedKimpton De Witt Netherlands Amsterdam 274 163,600,000 600,000 Global Holdings Cedar Capital Partners, York CapitalNH Collection Barbizon Palace Netherlands Amsterdam 268 155,500,000 580,000 Deka Immobilien NH HotelsQO Hotel Amsterdam Netherlands Amsterdam 288 110,000,000 380,000 Invesco UK, CBRE Global Investors Borealis Hotel GroupThe Edison Hotel Netherlands Amsterdam 47 8,000,000 170,000 Prowinko Koetsier VastgoedThe Manor Hotel Netherlands Amsterdam 125 42,200,000 340,000 Deka Immobilien Aedes Real EstateThe Student Hotel Netherlands Delft 350 Undisclosed Undisclosed The Student Hotel TBI HoldingHotel Holiday Inn Netherlands Eindhoven 180 24,300,000 130,000 Perial Ban BouwPostillion Haren Groningen Netherlands Haren Gn 97 Undisclosed Undisclosed Stichting Administratiekantoor Kappenburg Postillion HotelsHilton Rotterdam Netherlands Rotterdam 254 50,300,000 200,000 First Sponsor Group, Maleny Investments, Tecity Group (SG) Park Hotels & ResortsRoom Mate Bruno Netherlands Rotterdam 217 51,000,000 240,000 BNP Paribas REIM VolkerWesselsVan der Valk Blijdorp Netherlands Rotterdam 189 20,000,000 110,000 M Klinker Beheer ApriscoSheraton Amsterdam Airport Netherlands Schiphol 407 113,300,000 280,000 InterGlobe Enterprises BlackstoneHotel Merici Netherlands Sittard 48 7,600,000 160,000 Pantelis Group LAUDY Bouw & OntwikkelingMarriott The Hague Netherlands The Hague 306 68,100,000 220,000 YTL Corp Och-Ziff, WestmontNH Hotel Utrecht Netherlands Utrecht 276 28,100,000 100,000 HighBrook Investors BreevastMovenpick Hotel Den Haag Netherlands Voorburg 125 8,400,000 70,000 Orion Global BV, All-In Real Estate Westfonds Immobilien, Assetando CapitalBest Western Plus Hotel Norge Norway Kristiansand 172 Undisclosed Undisclosed Christiansholm Eiendom Focus Nordic Cities FundScandic Kristiansund Norway Kristiansund 102 Undisclosed Undisclosed Ragde Eiendom AS, Breidablikk Eiendom RICA EiendomVestfjord Hotell Lofoten Norway Vaagan 63 9,700,000 150,000 Eiendomsspar AS Norlandia UtviklingHoliday Inn Gdansk Poland Gdansk 240 38,000,000 160,000 UniImmo UBMHotel Silesia Poland Katowice 200 Undisclosed Undisclosed Vastint UndisclosedPark Inn By Radisson Krakow Poland Kraków 152 26,000,000 170,000 Union Investment UBM, Lindorcenia LtdLagoas Park Hotel Portugal Oeiras 182 16,900,000 90,000 Kildare Partners Teixeira DuarteHotel Teatro Portugal Porto 74 Undisclosed Undisclosed Porto Bay Hotels & Resorts UndisclosedInterContinental Porto Palacio das Cardosas Portugal Porto 105 53,800,000 510,000 Gaw Capital Solitaire HotelsMaison Albar Hotel Porto Monumental Portugal Porto 76 38,000,000 500,000 Paris Inn Group Mystic InvestSource: HVS London


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(€) Buyer Seller

Penha Longa Resort Portugal Sintra 194 100,000,000 520,000 Carlyle Group, Explorer Investments Deutsche BankHotel Mercure Bucharest Unirii Romania Bucharest 95 11,400,000 120,000 Orbis UndisclosedVienna House Easy Bratislava Slovakia Bratislava 165 8,900,000 50,000 Vienna House Strabag RE GmbHAustria Trend Hotel Ljubljana Slovenia Ljubljana 214 10,000,000 50,000 KD Group CA ImmoHotel Riu Buena Vista Spain Adeje 500 71,000,000 140,000 Riu Hotels & Resorts Organización Socas SLRafael Madrid Norte Spain Alcobendas 145 26,000,000 180,000 Inmobiliaria Colonial SA AxiareRoc Boccaccio Spain Alcudia 274 Undisclosed Undisclosed Roc Hotels Balear UndisclosedHotel Abba Centrum Spain Alicante 148 13,500,000 90,000 Hotusa Group UndisclosedThe Barcelona EDITION Spain Barcelona 100 Undisclosed Undisclosed Undisclosed KKH Property InvestorsHotel Denia La Sella Golf Resort & SPA Spain Denia 186 Undisclosed Undisclosed Alantra La Sella GroupHotel MiM Ibiza Es Vivé Spain Eivissa 52 Undisclosed Undisclosed Lionel Messi Gemini Group EivissaExe Estepona Thalasso & Spa Spain Estepona 93 Undisclosed Undisclosed Hotusa Group Banco SabadellRitz-Carlton Abama Resort (remaining 50.1%) Spain Guia de Isora 461 Undisclosed Undisclosed Blackstone PolancoHotel Islantilla Golf Resort Spain Isla Cristina 204 Undisclosed Undisclosed Alantra Herausa Gestion, AvancoAC Hotel Lleida Spain Lleida 75 Undisclosed Undisclosed AA Hoteles Banco SabadellBarcelo Torre Arias Spain Madrid 108 Undisclosed Undisclosed Marathon Asset Mgmt CS EurorealHotel Four Seasons (32.5% stake) Spain Madrid 200 35,100,000 180,000 OHL Grupo Villar MirPetit Palace Puerta del Sol Spain Madrid 64 Undisclosed Undisclosed Generali Group UndisclosedVilla Magna Spain Madrid 150 210,000,000 1,400,000 RLH Properties DogusHotel Barcelo Cervantes Spain Oviedo 72 Undisclosed Undisclosed Barcelo Hotels & Resorts Banco SabadellIFA InterClub Atlantic Spain San Bartolome de 420 62,800,000 150,000 HI Partners Lopesan GrupoSensimar Eden Binibeca Spain Sant Lluis 147 17,500,000 120,000 Elaia Investment Spain Socimi UndisclosedBlue Sea Club Marthas Spain Santanyi 279 Undisclosed Undisclosed Blue Sea Hotels & Resorts UndisclosedEurostars Rey Don Jaime Spain Valencia 319 Undisclosed Undisclosed Bankinter Atitlan GroupHotel Eurostars Gran Valencia Spain Valencia 110 Undisclosed Undisclosed Hotusa Group Atitlan GroupScandic Hotel Landvetter Sweden Harryda 222 Undisclosed Undisclosed Midstar AB SwedaviaHoom Home & Hotel Sweden Jarfalla 153 17,800,000 120,000 Genova Property Group WHD HoldingGradienten Hotel Sweden Jönköping 229 44,000,000 190,000 Fastighets AB Balder SkanskaClarion Collection Hotel Karlskrona Sweden Karlskrona 82 Undisclosed Undisclosed Vasterkulla Hotell Hemfosa FastigheterScandic Hotel Ferrum Sweden Kiruna 170 27,800,000 160,000 LKAB Fastigheter AB PandoxStory Hotel Studio Sweden Malmo 96 20,700,000 220,000 Kungsleden AB SkanskaConnect Hotel Kista Sweden Stockholm 115 11,200,000 100,000 Estea Fastigheter AB Connect HotelsScandic Sundsvall City Sweden Sundsvall 143 Undisclosed Undisclosed Vasterkulla Hotell Midstar AB, Event Holding GmbH, SveafastigheterBest Western Plus Vasterviks Stadshotell Sweden Vastervik 101 Undisclosed Undisclosed Frea Capital AB CA Fastigheter ABFairmont Le Montreux Palace Switzerland Montreux 236 Undisclosed Undisclosed Broermann Hotels & Resorts CS REF HospitalityGrand Hotel Suisse Majestic Switzerland Montreux 155 Undisclosed Undisclosed Broermann Hotels & Resorts Hôtel Suisse Majestic S.A.Hotel de Rougemont Switzerland Rougemont 33 Undisclosed Undisclosed Royal Orchid Swiss hotel SA Andresen Hotels SAWidder Hotel Switzerland Zürich 49 Undisclosed Undisclosed Swiss Life AM UBSDoubleTree by Hilton Treetops UK Aberdeen 120 Undisclosed Undisclosed 7 Hospitality Oaktree CapitalTravelodge Aberdeen UK Aberdeen 128 11,000,000 90,000 BALFE Ardmuir LtdMercure Whately Hall Hotel Banbury UK Banbury 69 Undisclosed Undisclosed Serani Hotels Ltd LRC EuropeAbbey Hotel UK Bath 62 17,300,000 280,000 KE Hotels Kaleidoscope CollectionTravelodge Waterside UK Bath 125 24,800,000 200,000 CCLA Investment Management Ltd LaSalleBedford Swan Hotel UK Bedford 113 11,400,000 100,000 Distinct Group Redefine BDL HotelsHilton Garden Inn Birmingham Airport UK Birmingham 178 Undisclosed Undisclosed BlackRock Wylam Investments LtdHallmark Hotel Bournemouth UK Bournemouth 83 7,700,000 90,000 Motoring and Leisure Services Ltd Topland GroupBeaufort Park Hotel UK Buckley 106 Undisclosed Undisclosed JDP Hotels David Byers & Sarah GaleHoliday Inn Cardiff - North UK Cardiff 95 9,400,000 100,000 Fairview Hotels & Healthcare Ltd UndisclosedPark Plaza Cardiff UK Cardiff 129 15,400,000 120,000 LaSalle UndisclosedIvy Bush Royal Hotel UK Carmarthen 70 Undisclosed Undisclosed Compass Hospitality Holdings UndisclosedCheltenham Park Hotel UK Cheltenham 152 Undisclosed Undisclosed Lethendy Estates Ltd Michels & TayloreasyHotel Chester UK Chester 109 8,100,000 70,000 EasyHotel UndisclosedCroydon Park Hotel UK Croydon 212 33,300,000 160,000 London Borough of Croydon Evans RandallSource: HVS London


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(€) Buyer Seller

Premier Inn Croydon UK Croydon 80 7,700,000 100,000 London Borough of Croydon DPK East LimitedQHotel Hellidon Lakes UK Daventry 110 9,100,000 80,000 Interesting Hotels Ltd Aprirose Investments, Cindat Capital ManagementJurys Inn Derby UK Derby 213 22,800,000 110,000 Undisclosed Jurys Inn, Savills IMJurys Inn Edinburgh UK Edinburgh 186 57,700,000 310,000 Fattal Hotels William Pears GroupTravelodge Cameron Toll UK Edinburgh 115 13,700,000 120,000 Lothbury Foremost Properties LtdWaldorf Astoria The Caledonian Edinburgh UK Edinburgh 241 95,700,000 400,000 Twenty14 Holdings UndisclosedGoGlasgow Urban Hotel UK Glasgow 117 11,500,000 100,000 Buxani Group BMO RE PartnersHotel Indigo Glasgow UK Glasgow 94 10,700,000 110,000 KSH Holdings, Lian Beng Group, Heeton Holdings Maven CapitalRadisson Blu Glasgow UK Glasgow 247 43,900,000 180,000 Pandox Azure Property GroupAbbot Hall Hotel UK Grange over Sands 53 16,800,000 320,000 Carlauren Group Christian Guild HotelsTravelodge London Harrow UK Harrow 102 19,300,000 190,000 Undisclosed UndisclosedTravelodge Galleria UK Hatfield 120 13,700,000 110,000 Undisclosed UndisclosedLangstone Hotel UK Hayling Island 148 16,300,000 110,000 Bansal family Redefine BDL HotelsPremier Inn Parc Cybi UK Holyhead 80 8,000,000 100,000 IM Properties Conygar InvestmentTravelodge Kew Bridge UK Hounslow 128 32,700,000 260,000 Undisclosed IM PropertiesUrban Villa at Great West Quarter UK Hounslow 100 11,800,000 120,000 Undisclosed EquityBridge AMCraigmonie Hotel UK Inverness 40 Undisclosed Undisclosed Buxani Group UndisclosedPremier Inn Inverness Centre (River Ness) UK Inverness 100 12,000,000 120,000 OLIM Ardmuir LtdCastle Green Hotel UK Kendal 99 Undisclosed Undisclosed Frank Truman AM Castle Green Hotel LimitedBurgh Island Hotel UK Kingsbridge 25 Undisclosed Undisclosed Office Space in Town Deborah Clark and Tony OrchardThe Mere Golf Resort & Spa UK Knutsford 81 Undisclosed Undisclosed Ejarat Holdings Mark Boler and Gary CorbettHoliday Inn Express Leigh UK Leigh 135 12,700,000 90,000 BGAM KRO Hospitality LtdTravelodge Lincoln UK Lincoln 127 14,900,000 120,000 Lincoln City Council Harrison DevelopmentInnside Liverpool UK Liverpool 207 Undisclosed Undisclosed Select Group Paradigm REIMStaycity Corn Exchange UK Liverpool 212 25,400,000 120,000 Knight Frank Investment Management Mason Partners LLPBeaver Hotel UK London 38 11,400,000 300,000 Advance Synergy UndisclosedClayton Hotel Aldgate London UK London 212 101,200,000 480,000 Dalata Hotel Group Aldgate Hotel Holdco LLCCurtain Hotel & Members Club UK London 120 100,100,000 830,000 Reuben Brothers WSA ManagementDe Vere Devonport House UK London 99 24,700,000 250,000 University of Greenwich Cathedral Hotels LtdDoubleTree by Hilton Islington UK London 373 159,700,000 430,000 LRC Europe Amaris HospitalityHilton London Kensington UK London 603 293,000,000 490,000 Cola Holdings Rotch Property Group, Farnsworth GroupPremier Inn Kings Cross UK London 277 Undisclosed Undisclosed Nan Fung Group LaSalle, ADIAThe Beaumont UK London 73 146,000,000 2,000,000 Ellerman Hotel Company Grosvenor EstateThe Gainsborough Hotel UK London 48 Undisclosed Undisclosed Undisclosed The Gainsborough HotelThe Prince Akatoki UK London 82 Undisclosed Undisclosed Prince Hotels AB HotelsTravelodge London Central Kings Cross UK London 150 41,400,000 280,000 LaSalle, HSBC Bank Kennedy WilsonTravelodge London Euston UK London 150 45,000,000 300,000 LaSalle UndisclosedThe Midland UK Manchester 312 131,700,000 420,000 Pandox, Fattal Hotels Aprirose Investments, Cindat Capital ManagementJurys Inn Plymouth UK Plymouth 247 34,000,000 140,000 LXi REIT Amaris HospitalityTravelodge Plymouth UK Plymouth 42 11,500,000 270,000 Plymouth City Council Charities Property FundTravelodge Portsmouth UK Portsmouth 152 21,800,000 140,000 Rockspring CHG Property DevelopmentTravelodge Braehead UK Renfrew 99 8,700,000 90,000 BALFE Ardmuir LtdPremier Inn Batchworth Lock UK Rickmansworth 92 12,200,000 130,000 Undisclosed Canal & River Trust, Bloc GroupTravelodge St Nicholas UK Scarborough 140 15,700,000 110,000 Scarborough Borough Council UndisclosedPremier Inn CityGate UK Sheffield 126 10,800,000 90,000 Longmead Capital BlackstoneTravelodge Heathrow T5 UK Slough 296 45,000,000 150,000 Sidra Capital Standard Life AberdeenGrand Harbour UK Southampton 173 32,800,000 190,000 Fattal Hotels Westmont HospitalityPremier Inn Stansted Airport UK Stansted 303 39,700,000 130,000 Undisclosed UndisclosedTravelodge Torquay UK Torquay 90 9,700,000 110,000 BP Pension Fund Riverside CapitalTheobalds Park UK Waltham Cross 140 26,900,000 190,000 Aprirose Investments Starwood CapitalLegoland Resort Hotel UK Windsor 150 41,000,000 270,000 Standard Life Aberdeen Aprirose InvestmentsEynsham Hall UK Witney 135 Undisclosed Undisclosed Ennismore Capital Cathedral Group plcHoliday Inn York UK York 148 17,200,000 120,000 Rockspring Colony NorthStar, Quidnet Capital PartnersTravelodge Layerthorpe UK York 124 18,700,000 150,000 Undisclosed Osprey Equity PartnersYork Malmaison Hotel UK York 150 50,600,000 340,000 Lothbury H.I.G. CapitalSource: HVS London

paGE 16 | 2018 EUropEan HotEL tranSaCtionS

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 organisation focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries, celebrated its 35th anniversary in 2015. 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 60 offices and more than 500 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. 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 authorsNicolas Auer is an Analyst at HVS Hodges Ward Elliott, having previously worked at Hilton’s Regional Headquarters in Watford, UK; STR’s London office; and operationally in Switzerland. Nicolas is a native German speaker of Swiss

origin and also speaks English and French. He holds a BSc (Hons) in International Hospitality Management from Ecole hôtelière de Lausanne with a specialisation in strategic hotel investment and hotel development.

Alexandre Rey is an Analyst at HVS Hodges Ward Elliott, having previously worked at STR’s London office, and operationally in his native Switzerland and Japan. Alexandre is a native French speaker. He holds

a BSc (Hons) in International Hospitality Management from Ecole hôtelière de Lausanne with a specialisation in hotel planning and development.

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2018 EuropEan HotEl transactions · France’s AccorHotels sold a 57.8% stake of its real ... included the sale of the Principal Hotel ... the Villa Magna hotel in Madrid, sold by