It's been a busy week of trading for hotels in Europe. In the last week alone, four notable deals were signed for hotels in the UK, and two for the intimate island of Malta. Here's what you might have missed on these two evergreen markets.
The Radisson Blu Hotel on Edinburgh's Royal Mile in Scotland was sold to German investment firm Deka Immobilien GmbH for an undisclosed sum. The deal for the hotel, which had invited offers of £59 million, is said to be “the largest hotel transaction in Scotland since 2007.” Düsseldorf-based Deka Immobilien GmbH acquired the hotel on behalf of WestInvest Gesellschaft Für Investmentfonds mbH's TargetSelect hotel fund.
InterContinental Hotels Group, meanwhile, signed two hotels at Aberdeen International Airport: Crowne Plaza Aberdeen Airport and Holiday Inn Express Aberdeen Airport. Both hotels will operate under franchise agreements with long-time owner partner Dominvs Group. The Crowne Plaza hotel will be newly built and is set to open in 2016. The new-build Holiday Inn Express hotel is expected to open toward the end of 2015.
Topland, a UK-based private investment company, acquired England's Feathers Group for an undisclosed sum late last week. The acquisition represents 726 rooms across Best Western-branded properties in Manchester, Liverpool, Chester, Preston and Warrington. At the same time, Starwood Capital Group acquired Scotland's independent hotel group The Town House Collection, also for an undisclosed sum. The transaction includes Glasgow's luxury Blythswood Square hotel and boutique Edinburgh hotel The Bonham.
Olympic Entertainment Group (OEG) is opening its largest casino in Malta. The new casino will be established in cooperation with Maltese hotel and entertainment enterprise Eden Leisure Group, and OEG will operate the casino under a management agreement following an investment of up to $8.1 million.
International Hotel Investments, the investment arm of the Corinthia Group, has signed a conditional agreement late last week to acquire the assets and operations of Island Hotels Group, which operates two Radisson Blu hotels in Malta, along with a catering business. The purported deal could be worth around €106.5 million and a net equity value of the Island Hotels Group of €50 million.