Hospitality News from Around the World from CRE-Finance LLC
Online, June 23, 2014 (Newswire.com) - The professionals of CRE-Finance want to share with you some Hospitality news from around the world.
Sale Agreed For the Paris Marriott Hotel Champs-Elysees
Hong Kong-based investment company Kai Yuan Holdings has agreed to purchase the 192-room Paris Marriott Hotel Champs-Elysees for approximately €344 million (€1.8 million per room) from Tamweelview European Holdings SA. The sale of the seven-story, five-star hotel is expected to close in September. The deal includes purchase of the real estate for €226 million and the acquisition of operating and holding companies for €118.5 million.
Heathrow's Park Inn Sold
AXA REIM has purchased the Park Inn by Radisson Hotel & Conference Centre London Heathrow from administrators for £72 million (£80.4 million per room). The 895-room property is the closest hotel to terminals 1, 2 and 3 at London's Heathrow Airport. Rezidor Hotel Group, which operates the hotel under a lease agreement, is currently carrying out a £12 million refurbishment of the hotel. The deal represents an initial yield of 5.9%.
Legal & General Invests In A Travelodge
Legal & General Property (LGP) has acquired the 120-room Travelodge High Wycombe Central along with three retail units in the town of High Wycombe, southeast England, from McLaren Property for approximately £11 million, reflecting a net initial yield of 6.8%. LGP purchased the building (the hotel covers the top five stories and a ground-floor lobby area) for its Linked Pensions Fund.
A Ritz-Carlton for Astana
The Ritz-Carlton Hotel Company has signed an agreement with Verny Capital for its second hotel in Kazakhstan. The Ritz-Carlton, Astana is due to open in 2017 in the Kazakh capital. The 157-room hotel will cover 20 floors of the city's 27-story, mixed-use Talan Towers development. The group's first hotel in the country, the 145-room Ritz-Carlton, Almaty, opened in 2013.
A Second Scandic for Berlin
Scandic has announced that it is to increase its portfolio in Germany to three hotels. The group, which already operates the Scandic Potsdamer Platz, in Berlin, and the Scandic Hamburg Emporio, in Hamburg, has signed a long-lease agreement with Norwegian businessman Lars Wenaas for a new hotel in Berlin. From 1 September 2014, the 217-room Alsterhof Hotel, which underwent an €8 million refurbishment in 2012, is to be rebranded as the Scandic Berlin Kurfurstendamm.
Supersize Hampton by Hilton for Warsaw
Hilton Worldwide's Hampton by Hilton brand has opened its biggest hotel outside of the USA. The 300-room Hampton by Hilton Warsaw City Centre is the group's second Hampton-branded property in the Polish capital and its fourth in the country overall. The 17-floor hotel is close to Warsaw's historic Old Town and less than ten kilometers from Warsaw Chopin Airport.
Best Western Reaches Seven in Russia
Best Western International has increased its presence in Russia with two new hotels, bringing its portfolio in the country up to seven properties. The recent addition is in the west of the country, is the 92-room Best Western.
As you can see, hospitality transactions are making the news worldwide. The mortgage professionals at CRE-Finance LLC are very experienced with hospitality transactions.
If you have any questions regarding commercial real estate or are looking for financing, please give Rich Tretsky or Todd Tretsky at call at 855-515-5585 or visit our website at www.cre-finance.com.