Room Mate Hotels is bolstering its portfolio with the acquisition of rival chain Staying Valencia, which has 10 locations in the Spanish city of Valencia.

Financial details were not immediately disclosed, but the transaction gives the Madrid-based division of Room Mate Hospitality Holdings its first hotels in Spain’s third-largest city and is also the company’s first portfolio deal. The acquisition brings Room Mate’s footprint to 32 hotels as it looks to rebound from bankruptcy proceedings that concluded after the company received an investment in 2022 from a joint venture formed by TPG Angelo Gordon and Westmont Hospitality. 

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Buoyed by the latest general election results, the United Kingdom’s economy has likely reached a turning point that should help its real estate markets recover from tough times, according to a mid-year market outlook report from brokerage CBRE. 

Researchers at the brokerage said the United Kingdom economy has returned to growth mode after a recessionary period of late 2023, with prospects ahead for increased consumer confidence. Inflation has reached the Bank of England’s 2% target and there is now a high probability of an interest rate cut in August, which would be mark the first rate change since March 2023. 

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France posted just €4.1 billion in commercial real estate transactions during this year’s first half, down 39% from the same period of 2023, though improving conditions made the annual decline more moderate for the second quarter at 29%, according to data firm ImmoStat. 

“The situation is much more mixed than it used to be, with a new-found stability between sellers’ and buyers’ expectations, which is conducive to successful marketing,” said Nils Vinck, head of capital markets in France for brokerage Cushman & Wakefield. “Over the past two years, we have suffered from the market deteriorating faster than the speed of deal execution,” which is no longer the case today, Vinck said. 

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Toronto-based investment firm Brookfield has taken a significant stake in an urban multifamily development being planned in the Marienburg district of Cologne, Germany.

The amount of Brookfield’s investment was not disclosed, but total investment in the 752-unit project with retail and child daycare components is around €500 million, according to sources. Developers said Brookfield’s investment will support ongoing construction of the project, which is owned by real estate funds managed by Empira Group and is slated for completion by the end of 2027.

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A Winnipeg real estate investment trust with more than $200 million in liabilities said it expects its stock to be delisted and trading halted amid recent financial challenges. 

Officials of Lanesborough Real Estate Investment Trust, which trades on the TSX Venture Exchange, said the firm is now down to one trustee and its outside administrator has quit providing most services after shareholders voted down a proposal to wind up its operations and sell off its real estate. Lanesborough owns a portfolio of multifamily properties and a senior housing complex. 

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The purchase by the parent of Saks Fifth Avenue of rival Neiman Marcus Group is expected to create a $7 billion portfolio of luxury retail properties in upscale shopping areas across the United States that will get support from two technology giants. 

After several months of discussion, the planned $2.65 billion deal to combine Saks, Neiman Marcus and Bergdorf Goodman is expected to bring the new company, Saks Global, more negotiating power with luxury brands and the ability to cut duplicated costs as the retailers struggle with slowing sales. The move includes Amazon and Salesforce as minority investors to help Saks Global improve logistics, e-commerce operations and customer data analysis. 

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 This report was compiled from CoStar’s news publications in the United States, United Kingdom, Canada, France and Germany.