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AccorHotels acquires Mövenpick Hotels & Resorts

1024 683 Katy Phillips

Deal is subject to regulatory approval, but should complete this year.

AccorHotels has signed an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts, for a cash amount of €482 million.

Founded in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27 countries with 84 hotels and more than 20,000 rooms, with a strong presence in Europe and the Middle East.

Mövenpick also plans to open 42 additional hotels by 2021, representing almost 11,000 rooms, focused on the Middle East, Africa and Asia-Pacific. The Group employs more than 16,000 people worldwide.

AccorHotels says the deal implies a 14.9X 2019e EBITDA multiple before synergies (including transaction costs), and less than 10X pro forma 2019e EBITDA after run rate synergies and committed development pipeline. It also says the transaction will have an accretive impact on Group earnings from the first year.

The company says Mövenpick Hotels & Resorts will benefit from its loyalty program, distribution channels and operating systems, which will help optimise performance.

The acquisition further consolidates the AccorHotels footprint in Europe and Middle East and accelerates growth in Africa and Asia. The transaction is subject to regulatory approvals, however, but should be completed during the second half of 2018.

Sébastien Bazin, Chairman and CEO of AccorHotels, said: “With the acquisition of Mövenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets, in particular in Middle East, Africa and Asia-Pacific. The Mövenpick brand is the perfect combination of modernity and authenticity and ideally complements our portfolio. Its European-Swiss heritage is a perfect fit with AccorHotels. By joining the Group, it will benefit from AccorHotels’ power, particularly in terms of distribution, loyalty-building and development. This transaction illustrates the strategy we intend to pursue with the opening up of AccorInvest’s capital: to seize tactical opportunities to strengthen our positions and consolidate our leaderships, as well as leverage our growth.”

Chinese investor buys Rosslea Hall Hotel – Refurbishment on the way?

1024 683 Katy Phillips

Site on the shores of Gare Loch in Scotland ‘provides several opportunities’.

BDL Select Hotels has sold the Rosslea Hall Hotel for an undisclosed sum to Chinese investor Tom Xu, making his first foray in to the UK hospitality market.

The asset had an initial guide price of £2 million for the freehold interest, with JLL advising BDL throughout the sale process.

The hotel was sold free of management and branding and provides several opportunities for the incoming investor to tactically reposition the hotel and add value.

The 30-bedroom site comprises a prominent country house hotel located in the village of Rhu, with two function/conference rooms, on-site car parking for 80 vehicles, all set on the east shore of Gare Loch.

Xu said: “We are delighted to acquire Rosslea Hall as our first hotel asset in the UK. The hotel has an excellent reputation in the local area, given the service provided by the team. We will continue the business as usual and work alongside the team in delivering the next, and better, chapter of the Rosslea Hall Hotel.”

Neil Milligan, Associate Hotels & Hospitality at JLL, said: “This hotel offers a great mix of both corporate and leisure guests. The local naval base continues to expand, driving more employment to the local area, while the attractive gardens and waterside views make this a key Scottish wedding venue.”

UK law firm Shepherd and Wedderburn acted as legal advisers on the sale for BDL Select Hotels.

Ellerthwaite Lodge

Windermere hotel Ellerthwaite Lodge sells off-market for £1m

998 635 Daniel Fountain

Ellerthwaite Lodge, a four-star bed and breakfast located within walking distance of Lake Windermere in the Lake District, has been successfully sold, achieving a price in excess of £1 million.

The 19th century property which comprises 17 en-suite bedrooms, a dining room, and ground floor coffee shop was sold off-market by Alastair Rushton, of Lonsdale Hotels Limited to Jonathan Denby at South Lakes Hotels.

Jonathan Denby, managing director of South Lakes Hotels said: “I’m delighted to add this exceptional property to our existing portfolio bringing the group total to six Lake District hotels, all of which benefit from the Certificate of Excellence from TripAdvisor.

“We aim to continue the excellent standards set by the previous owner Alastair Rushton. Our plans are to operate the business on an all-year-round basis, catering for both national and international guests.”

Alistair Greenhalgh, a director at LSH Hotels, which represented the seller during the sale, said: “Ellerthwaite Lodge is an attractive 19th century property which benefits from a superb corner plot and a honey pot trading location, which makes it a very appealing investment opportunity.

“This sale highlights an increasing trend for well-qualified purchasers returning to the leisure market to acquire correctly priced assets that offer a good reliable income, and strong growth opportunities. We are currently in contact with a number of buyers looking for similar opportunities.”

Roxy-Pacific acquires second hotel asset in Japan

601 426 Daniel Fountain

Established property and hospitality group with an AsiaPacific focus, Roxy-Pacific Holdings, has announced the acquisition of its second hotel asset in Japan, Tenmabashi Grand Hotel Osaka.

Launched in May 2017, the 154-room Tenmabashi Grand Hotel Osaka is an 8-minute walk away from Tenjibashi shopping street – the longest shopping street in Japan. Nearby tourist hotspots include the Osaka Tenmangu Shrine, Osaka Castle Park, as well as the famous Cherry Blossoms at the Osaka Mint Bureau.

The 9-storey hotel comprising 3,672-square-metres of total floor area will, upon completion of the acquisition in October 2017, be self-managed by the Group’s Noku Roxy hospitality management arm, which currently operates a boutique hotel in Kyoto, Japan – Noku Kyoto.

Through its furnishings and curated list of attractions and F&B offerings in the vicinity, the Noku Roxy brand aims to showcase the best version of the city, as well as hidden gems only visited by the locals. Attention to detail and personalised experiences also create a differentiated stay for guests.

Osaka received a record number of foreign visitors in 2016 exceeding 9.4 million, representing a 31% hike from 20152. The city also boasts one of the highest hotel occupancy rates of any major city in Japan.

Amongst the Noku Roxy hospitality brand asset pipeline includes a 50-villa resort in Maldives, and a separate resort in the Chalong sub-district of Phuket, Thailand, planned for launch in the last quarter of 2017 and 2019, respectively.

Glasgow Pond Hotel Lounge and Reception © Leonardo Hotels

Leonardo Hotels purchases Scottish Portland Hotels

850 567 Daniel Fountain

Leonardo Hotels has reported it has acquired a strategically placed portfolio in Scotland increasing the company’s presence in Edinburgh and gaining a presence in Glasgow, Perth and Aberdeen.

Portland Hotels will add 536 additional bedrooms across Scotland and will take Leonardo’s presence in Edinburgh to 445 bedrooms joining the Leonardo Royal which was acquired in October last year.

The newly acquired portfolio will join the Leonardo Hotels family and will be integrated into the wider Leonardo portfolio, which will comprise over 80 hotels after the recent acquisition. Together with Leonardo Hotel London Heathrow Airport, Leonardo’s portfolio in the UK will grow to seven hotels with 1,048 bedrooms.

Edinburgh Capital Hotel Meetingroom © Leonardo Hotels
The Edinburgh City Hotel is a charming 52 bedroom boutique hotel located at the heart of the capital city of Scotland below Edinburgh Castle and minutes from Grassmarket night life, West End Shopping, Haymarket Station, the central business district and the Edinburgh International Conference Centre. The Edinburgh Capital is located strategically between Edinburgh city centre and Edinburgh Airport.

Glasgow Pond Hotel Hotelroom © Leonardo Hotels
In addition to its 111 rooms, the Edinburgh Capital hotel has seven meeting rooms available with a capacity of up to 320 persons and an excellent leisure club with a swimming pool. The Glasgow Pond Hotel with its 137 rooms and three meeting rooms for up to 130 persons is located in the prosperous West End of Glasgow in close proximity to the key cultural attractions including Kelvingrove Museum, Glasgow University and the area’s cafés, restaurants and boutiques. In Perth, the Huntingtower Hotel provides 34 bedrooms.

An extensive capacity for holding premium events as well as expansive gardens make it an ideal facility for meetings and private celebrations. The Speedbird Inn with 202 rooms is located immediately adjacent Aberdeen Airport and features a large parking facility with park, sleep and fly options as well as being a favourite with business travellers.

Daniel Roger, Managing Director of Leonardo Hotels Europe said: “When we entered the market in the UK two years ago, we made it our goal to further expand our portfolio and strengthen the name recognition of the Leonardo Hotels brand. The purchase of Portland Hotels underscores this. I am convinced that our guests will love and appreciate this expansion of our offerings in key destinations across Scotland”.

The Lowry Hotel in Manchester has been acquired by Singapore-based CDL Hospitality Trusts, in a move completed on 4th May

Iconic Lowry Hotel, Manchester acquired by CDL Hospitality Trusts

665 442 Daniel Fountain

The Lowry Hotel in Manchester has been acquired by Singapore-based CDL Hospitality Trusts, in a move completed on 4th May.

As one of two 5-star hotels in Manchester, The Lowry is one of only 11 hotels in England to be part of The Leading Hotels of the World, one of the largest collection of luxury hotels in the world with over 375 hotels in 75 countries.

While there is some upcoming increase in hotel rooms supply in the market, the hotel leads Manchester with the highest Average Daily Rate and strong demand drivers are expected to support its performance in the medium term.

The property is also well known throughout UK and since its opening in 2001; the hotel has hosted many notable celebrities including Beyoncé and Lady Gaga, prominent foreign dignitaries, sports stars such as the late Muhammad Ali as well as prestigious football teams.

The hotel will continue to operate as a standalone hotel. The Lowry Hotel General Manager Adrian Ellis said: “This acquisition reinforces that Manchester is a fantastic business, entertainment and sporting destination both within the United Kingdom and internationally.

“We welcome the new owners and look forward to The Lowry Hotel continuing as the preferred choice for high profile guests from the sporting, entertainment and corporate fields.

“The team at the hotel remains the same, and our guests and visitors will receive the same five-star service they are familiar with. This exciting news will only enhance our appeal as Manchester’s top hotel.”

Threadneedles - YTL Hotels

YTL Hotels announces fifth UK property – Threadneedles

1000 558 Daniel Fountain

YTL Hotels is pleased to announce its fifth property in United Kingdom with its latest acquisition of Threadneedles Hotel, their second Autograph Collection property in the United Kingdom.

Situated in the heart of the City of London, Threadneedles Hotel is surrounded by economic and financial powerhouses, and ideally placed between the cultural attractions of the West End and the fashionable eastern districts. Formerly the head offices of City and Midland Bank from the 1880s, the Grade-II listed Victorian building was immaculately restored to a luxury hotel in 2002 retaining many of its historic features. As one of London’s finest hotels, Threadneedles Hotel formed a powerful franchise affiliation with the Autograph Collection by Marriott International in 2013 and under YTL Hotels’ new ownership and the group’s decades long relationship with Marriott International; the hotel will continue to set the benchmark in best of class standards.

YTL Hotels is pleased to announce its fifth property in United Kingdom with its latest acquisition of Threadneedles Hotel, their second Autograph Collection property

Sharing YTL Hotels’ steadfast passion in respecting the cultural heritage of each hotel’s locale, the thoughtfulness of its design, its inherent craft and the curation of inspired experiences, the Autograph Collection by Marriott International features a handpicked selection of the world’s most unique boutique hotels that are beyond the commonplace. The acquisition of Threadneedles Hotel expands YTL Hotels’ stable of luxury properties under the Autograph Collection to a total of four with The Glasshouse in Edinburgh – United Kingdom, The Majestic Hotel Kuala Lumpur – Malaysia, and Hotel Stripes Kuala Lumpur – Malaysia that will make its debut next month.

Dato’ Mark Yeoh, Executive Director of YTL Hotels said, “We are excited to secure yet another iconic Autograph Collection property in partnership with Marriott International to further expand our hospitality footprint within the United Kingdom. Our relationship with Marriott International has spanned over two decades through the ownership management and future development of ten properties across three major continents – Europe, Australia and Asia, and together we will continue to set new benchmarks for the hospitality industry for years to come.”

YTL Hotels is pleased to announce its fifth property in United Kingdom with its latest acquisition of Threadneedles Hotel, their second Autograph Collection property

Elegant and exclusive, Threadneedles Hotel embodies a seamless marriage of past and present. This Victorian banking hall has been beautifully re-imagined as a five-star boutique hotel, retaining its impressive period features such as its original 19th century stained glass dome – a dramatic pièce de résistance that sets the stage for business lunches, cocktails and afternoon tea, corniced ceilings and ornate wrought-iron window grilles.

The 74 beautifully appointed bedrooms and suites in Threadneedles Hotel combine contemporary style with the building’s banking heritage, providing a haven of calm from the frenetic pace of the capital.