Hotel News Now each week features a news roundup from a different region of the world. This week’s compilation covers Europe.
Paris Hotels Already 50% Booked For Summer Olympics
Paris’ hotel occupancy on the books is already topping 50% for the 2024 Summer Olympics, according to data from CoStar. Paris’ highest booking levels fall during the weekend of Aug. 2-3, with both nights at 59.2%
H.I.G. Capital Creates New Brand Ella With Affiliated Greek Hotels
Miami-based investment fund H.I.G. Capital has launched a brand, Ella Hotels & Resorts, which combines several of its affiliates’ hotel industry portfolios. Its initial emphasis is on developing resorts on the Greek islands of Corfu and Rhodes. The initial value of the new brand is estimated at €1 billion.
European Hoteliers Divided Over Worth of Mezzanine Debt
Hotel investors throughout Europe are becoming more comfortable with folding mezzanine debt into their financing strategy, but for some the financing vehicle remains contentious. Others say it is the part of the capital stack that often gets a project over the finish line.
Accor Vacation Club Sold To Travel + Leisure Co. For Nearly $50 Million
French hotel firm Accor, which has approximately 5,600 hotels in operation, has agreed to sell its ownership of Accor Vacation Club to niche specialist Travel + Leisure Co. for $48.4 million. The deal is expected to be completed later this quarter.
Community Building Tops Agenda For European Lifestyle Hotels
European hoteliers are emphasizing building communities to boost the lifestyle segment, in large part due to Europe being divided into almost 50 national markets with different languages, cultures and lifestyles.
In Barcelona, Atom Hoteles Acquires Two Luxury Hotels
Publicly listed real estate investment trust Atom Hoteles Socimi S.A., part of Madrid-based hotel owner GMA Corporate, bought two Barcelona hotels in January, reportedly for €50 million ($54.4 million). The hotels are the 75-room Hotel Miramar, now to be managed by Sunset Hospitality Group; and the 70-room Gran Hotel La Florida, which now will be managed by Hyatt Hotels Corp.
The Miramar was built as a restaurant for the 1929 Universal Exhibition, while the Gran Hotel La Florida opened in 1924 and recently hosted Bruce Springsteen, President Barack Obama, Michelle Obama and Steven Spielberg.
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