Mohari and Omnam acquire Bauer Hotel in Venice

Mark Scheinberg’s luxury hotel investment firm Mohari Hospitality, together with London-headquartered Omnam Investment Group, have acquired the five-star, 210-room Bauer Hotel in Venice, Italy. In August 2024, Mohari reportedly outbid LVMH founder Bernard Arnault with an offer of €309 million (€1.47 million per room). The hotel is situated on the Grand Canal in the San Marco district of Venice, a short walk from Doge’s Palace and Saint Mark’s Basilica. The property is currently closed for extensive renovations and is set to reopen in 2025 under the Rosewood brand, featuring 110 rooms, with over half of them being signature suites.

 

Trinity, Oaktree and Partners Group acquire The Standard, London from Crosstree

US-based real estate investor Trinity Investments, together with American investment manager Oaktree Capital Management and Swiss-based private equity firm Partners Group, has acquired the five-star, 266-room The Standard, London, in the UK, from London-based private equity fund manager Crosstree Real Estate, for a reported price of £185 million (£695,000 per room). Opened in 2019 as the flagship of The Standard brand in Europe, the property is situated directly opposite King’s Cross station and St Pancras International, London’s premier entry point for international rail travel from continental Europe. In October 2024, Hyatt acquired Standard International, the company behind The Standard and Bunkhouse Hotel brands. This transaction marks Trinity's second hotel acquisition in Europe, following the 138-room Park Hyatt Zurich in April this year, as also reported in this newsletter.

 

Pandox to acquire Radisson Blu Hotel, Tromso in Norway from DNB Eiendom

Swedish hotel investor Pandox has entered an agreement to acquire the four-star, 269-room Radisson Blu Hotel, Tromso in northern Norway, from DNB Eiendom, the real estate arm of the Norwegian financial group DNB Group, for approximately NOK 750 million (NOK 2.8 million per room) which is equivalent to approximately €64.5 million (€239,800 per room). The hotel is situated in central Tromso, just a two-minute walk from the Tromso Cathedral. The transaction is financed through a combination of available cash funds and a new bank loan, with the closing scheduled for the first quarter of 2025. The hotel is leased to Radisson Blu under a revenue-based agreement that includes a minimum guaranteed income level. Pandox plans medium-term renovations of rooms, bathrooms, public areas, and technical installations, with the property expected to generate an 8% yield post-renovation.

 

Irish family-owned hotel group Neville Park Hotel Group has entered an agreement to acquire the four-star, 160-room Clayton Whites Hotel in Wexford, Ireland, from Irish hotel owner-operator Dalata Hotel Group for €21 million (€131,200 per room). The property is located in Wexford, a town 150 kms south of Dublin. The transaction is expected to close in January 2025. In September 2024, Neville Hotels acquired the three-star, 108-room Maldron Hotel Wexford from Dalata, as reported in this newsletter. Dalata’s portfolio of owned and managed hotels includes over 50 hotels across Ireland and the UK under the Maldron and Clayton brands.

 

HWS and MHP acquire Le Méridien Stuttgart from Union Investment

German real estate investor HWS Immobilien- und Vermögensverwaltung GmbH, the family office of the Schommartz family, together with incumbent German operator MHP Hotel AG, has acquired the five-star, 293-room Le Méridien Stuttgart in Germany, from German real estate investment manager Union Investment. The hotel is situated in central Stuttgart by the middle palace garden, just an eight-minute walk from the central train station. MHP, which has been managing the property since 2017, concluded a long-term lease agreement for the hotel as part of the joint venture. MHP will continue operating the property under the Le Méridien brand, with plans to reposition the hotel in the future. Modernisation is planned over the coming years to meet ESG standards by 2028.

 

Forma acquires Travelodge Manchester Piccadilly from Legal & General

Israel-based real estate manager Forma Real Estate Funds has acquired the three-star, 157-room Travelodge Manchester Piccadilly in the UK, from UK financial service provider Legal & General. The mixed-use building also includes three retail units, currently leased to Morrisons, Zizzi and Nando's. The hotel is leased to Travelodge. The property is situated in central Manchester opposite the Piccadilly Gardens, just a seven-minute walk from the Manchester’s main train station, Manchester Piccadilly. The property was listed for £23 million earlier this year, reportedly reflecting a 6.5% yield.