Hoteliers around the globe have been patiently awaiting a surge in hotel transactions as the beginning of a new year approaches.
During third-quarter earnings calls, U.S. hotel company executives said the deals and transactions environment has been incrementally improving, with optimism in the dam breaking in the near future.
Over the past few weeks, there's been several high-priced deals internationally, potentially a sign of more to come. Below is a roundup of recent international hotel transactions.
Stoneweg, Lopesan acquire Hotel Miguel Ángel
Geneva, Switzerland-based investor Stoneweg Hospitality and Canary Islands-based owner-operator Lopesan Hotel Group acquired the 241-room Hotel Miguel Ángel in Madrid for €210 million ($223 million), the largest hotel deal in Spain this year, HNN's Terence Baker reports.
The property — an independent, upper-upscale hotel that opened in June 1977 — has been closed for four years and is currently undergoing a renovation that is estimated to be completed in May 2025.
Loadstar acquires three Japanese hotels
Tokyo-based Loadstar Capital K.K. plans to acquire three Japanese hotels, two in Tokyo and one in Kawasaki City, Baker reports. The names and room counts of the properties have not been disclosed.
A transaction price was not listed either, but Loadstar said in a news release that "equivalent to or more than 30% of the company’s consolidated net assets of [19.3 billion Japanese yen ($125.6 million)] for the fiscal year ended Dec. 31, 2023," which comes out to about 5.8 million Japanese yen ($37.7 million).
The transaction set to close on Nov. 26.
KKR, Baupost acquire 33-hotel UK portfolio
New York City-based KKR & Co. Inc and Boston-based Baupost Group acquired a portfolio of 33 Marriott International hotels in the United Kingdom from the Abu Dhabi Investment Authority for £900 million ($1.16 billion), Baker reports.
Hotels featured in the transaction include the 311-room London Marriott Hotel Regent’s Park and the 206-room London Marriott Hotel County Hall. KKR started to put together a £600 million debt package to finance the transaction back in May.
Dalata acquires Dublin Airport hotel
Irish hotel firm Dalata Hotel Group signed an agreement to acquire the 229-room Radisson Hotel Dublin Airport for €83 million ($90.5 million) from CG Hotels Dublin Airport Ltd., Baker reports. The deal is expected to close in the first half of 2025.
The hotel, which is currently managed by Windward Asset Management, will be rebranded under Dalata's Clayton brand. It recently underwent a "significant refurbishment program in 2019," so it won't require much of an investment upfront, Dalata said in a news release.
Albilad Capital acquires Riyadh Mövenpick
Riyadh-based investment bank Albilad Capital acquired the 269-room Mövenpick Hotel & Residences Riyadh for approximately 1 billion Saudi Arabian riyals ($266.7 million), Baker reports.
Albilad used its Albilad Hospitality Fund to purchase the hotel in the Al-Ghadeer district of the Saudi capital adjacent to the King Abdullah Financial District. The property has 90 luxury residences.
Albilad CEO Zaid Almufarih called the deal "a strategic step forward."
Whitbread sells two Premier Inn hotels
Whitbread PLC completed a sale and leaseback of the 90-room Premier Inn Oxford Westgate in Oxford and the 137-room Hub by Premier Inn London Westminster St James's Park in Central London for £56 million ($73 million), Baker reports.
The buyers were not disclosed initially, but were later confirmed to be clients of CBRE Investment Management.
Mark Anderson, Whitbread's managing director, property and international, said the company has a golden opportunity, a “once-in-a-decade opportunity” to “grow our business here in the U.K. and take advantage of structural shifts in the hospitality market."
"As we continue to expand, we are thinking creatively about how we utilize Whitbread’s large and majority owned estate to our best advantage,” he said.