Azora acquires the Pestana Blue Alvor in Portugal from the Pestana Group

Madrid-based European private equity real estate manager Azora, through their Azora European Hotel & Lodging F.C.R. fund, has acquired the 491-room Pestana Blue Alvor, in the Algarve on Portugal’s south coast, from Portugal’s Pestana Group, for an undisclosed sum. The five-star, all-inclusive holiday complex extends over 120,000 square metres and contains four restaurants and two bars, six indoor and outdoor pools, a sports centre and spa. Pestana will be retained as the operator of the asset. This is the fourth five-star Algarve resort that Azora has acquired, with the other three being: the 384-bed Tivoli Marina Vilamoura, the 248-bed Tivoli Carvoeiro, and the 118-bed Vilalara Thalassa Resort.

Tristan Capital Partners acquires QO Hotel Amsterdam from CBRE Global Investors

London-based Tristan Capital Partners, through its European Property Investors Special Opportunities 5 (EPISO 5) fund, has acquired the QO Hotel in Amsterdam from CBRE Global Investment Partners for €92.1 million (€320,000 per room). The four-star, 288-room hotel was one of the first hotels in Europe to achieve LEED Platinum status, featuring a high-tech rooftop greenhouse, a living façade and 1,600 fully responsive thermal panels that adapt and react to external climates. The asset will be rebranded as a Ruby Emma Hotel & Bar, Amsterdam, by Germany-based Ruby Group, who will be the operator and tenant of the hotel. Located in the Amstelkwartier, the 23-storey hotel was acquired in 2018 by CBRE GIP. HVS advised on the recent transaction.

Marrico and Helios secure funding deal with UK Commercial Property REIT for new hotel in Leeds, UK

Two UK-based property developers, Marrico Asset Management and Helios Real Estate, have struck a forward funding deal for a hotel development scheme in central Leeds in the north of England, with UK Commercial Property REIT, worth £62.7 million. The 301-bedroom property, located on Sovereign Square adjacent to Leeds’ main railway station, will extend over 12-stories and is scheduled for completion in 2024. An agreement has been reached with Interstate to operate the hotel under a Hyatt-branded flag.

Bâloise acquires new Brussels hotel from consortium led by Cores Development

Swiss insurer Bâloise has acquired a mixed-use development in Brussels, Belgium, that includes a 212-room hotel component, from a consortium of developers comprising of Cores Development (50%), Urbicoon (25%), Foresite (20%) and Ape (5%), for a reported amount in the region of €160 million. The hotel will include a 300-seat auditorium, meeting spaces, a restaurant and a bar. Brussels-based Limited Edition Hotels will operate the hotel, which will occupy three levels of the multi-storey building. The development will also include coworking areas, a fitness and wellness centre, and 21,000 square metres of offices that are already leased to various “high-quality” tenants.

12.18. acquires the TOP Hotel Hochgurgl in Austria’s Tyrol from the Scheiber family

Dusseldorf-based investment manager 12.18. has acquired the five-star TOP Hotel Hochgurgl, Tyrol, Austria, from the Scheiber family, for an undisclosed sum. The 95-room five-star alpine ski-resort is located at an elevation of some 2,200 metres, with direct access to ski slopes. The multi award-winning property features expansive dining facilities and a spa that extends over two floors, featuring indoor and outdoor swimming pools. 12.18.’s latest acquisition for their Hotel Collection portfolio now contains ten properties, with the TOP Hotel Hochgurgl being the first ski-resort of the collection. The asset will be operated by 12.18. through a joint venture with 12.18. Asset Management GmbH, retaining the name TOP Hotel Hochgurgl.

Dalata sells the Clayton Crown Hotel in London

Dublin-based hotel group Dalata has sold the Clayton Crown Hotel in north London to a company controlled by UK-based AG Hotels for £21 million (£138,000 per room). The 152-bedroom, four-star property was acquired by the Irish-listed hotel group in 2015 as part of the Moran Bewley deal. The new transaction will reportedly be concluded by the end of June. The asset is being sold by Dalata as part of the group’s strategy to refocus its portfolio on central city centre properties. The hotel includes a restaurant and bar, and four meeting rooms.

About HVS

HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

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