Eight Southern European hotels changed hands this week across six separate transactions, representing nearly 2,000 rooms.
Orion Capital Managers kicked off the investment phase of its European Real Estate Fund VI with the acquisition of a 72% stake in the five-star, 517-key Corinthia Hotel Lisbon from International Hotel Investments, the owner of the Corinthia Hotels Group portfolio and brand.
The Corinthia Hotel Lisbon, the largest five-star hotel in the Portuguese capital, has just undergone a complete refurbishment. Orion’s European Real Estate Fund VI is targeting a final close of €1.5bn.
“Over the past 27 years, we’ve built substantial expertise across multiple asset classes, enabling us to source and execute attractive value investments by taking advantage of different sector cycles. This transaction reflects that philosophy, leveraging our experience in luxury hospitality to deliver a compelling first investment for Fund VI,” said Aref Lahham, founding partner at Orion.
Italian asset manager Castello Sgr is investing a total of €100m in the Calampiso resort on the island of Sicily and plans to fully renovate the property, with a reopening expected in 2029.
In Mallorca, Spain, Dubai Holding announced the acquisition of Jumeirah Mallorca, while Hoteles Globales purchased three hotels from Cerberus Capital Management for an undisclosed amount. Meanwhile, Bain Capital has sold the five-star, 181-room Cora Resort & Spa in Chalkidiki, Greece, to Fattal Hotel, following a substantial refurbishment and repositioning of the property.
The investment activity comes as Europe’s largest third-party hotel operator, Revo Hospitality, has filed for insolvency under self-administration in Germany.
Founded in 2008, the group manages more than 260 hotels and employs approximately 8,300 people across 12 European countries, including properties operating under major brands such as Hilton and Marriott.
The decision impacts approximately 140 companies within the group, but the hotels will continue operating.
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| Fuit & Wool exchange | office | London | Norges | M&G Real Estate | 309,000sqft | £300 (€344) | The asset was bought by M&G in 2015 for £55m. |
| Calampiso resort | hotel | Sicily, Italy | Castello Sgr, HIIP | NA | 250 rooms | €100 | The asset will reopen in 2029 after a full redevelopment. |
| Jumeirah Port Sóller Hotel & Spa | hotel | Mallorca, Spain | Dubai Holding LLC | Deka Immobilien | 121 rooms | €61 | Deka Immobilien acquired the property in 2007 and it is fully leased on a long-term basis to Jumeirah Port Soller Mallorca, S.L. |
| 12-property strong industrial portfolio | logistics | Dublin | Chancerygate | Iput | 341,900sqft | €60 | The fully let portfolio comprises assets at Furry Park Industrial Estate and North Dublin Corporate Park. |
| Junction One Retail Park | retail | Rugby, UK | Orchard Street | St James’s Place | NA | £37.5 (€43) | The deal is earnmarked for the recently launched UK Decarbonisation Impact Fund |
| Great Haddon scheme | living | Peterborough, UK | Zenzic Capital and Jensco | Vistry | 125 homes | £31 (€36) | The deal was carried out on behalf of a new JV which is targeting a portfolio of 1,000 homes in the UK. |
| MEININGER hotel | hotel | Porto | Covivio | Eiffage Immobilier | 228 rooms | €32 | Construction of the hotel will begin in the first quarter of 2026. |
| Half Moon St development | office | Cork | John Cleary Developments | Kennedy Wilson | 54,000sqft | €30 | JCD pledged to spend an additional €5m to upgrade the vacant office space. |
| Palazzo Chauvet, Palazzina di Via Del Tritone and Casamento Ruspoli | mixed | Rome | private investors | Kryalos Sgr | 6,300m2 | €30 | One of the buildings housed the Roman office of Banco BPM. |
| Castle Quarter | retail | Norwich, UK | Maritime Capital | NA | 385,158sqft | £23.5 (€27) | Castle Quarter opened in 1993 as Castle Mall, Norwich’s first indoor shopping mall. |
| logistics asset | logistics | Avonmouth, UK | Swiss Life Asset Managers | Hillwood | NA | £16 (€18) | This deal marks Swiss Life Asset Managers’ first UK acquisition on behalf of its pan-European industrial and logistics fund. |
| Cora Resort and Spa | hotel | Chalkidiki, Greece | Fattal Hotel Group | Bain Capital | 181 rooms | NA | Bain Capital led a substantial refurbishment and repositioning of the hotel, transforming the asset into a five-star destination resort. |
| 72% stake in Corinthia Hotel Lisbon | hotel | Lisbon | Orion Capital Managers, Corinthia | International Hotel Investments Plc | 517 rooms | NA | The investment marks the first deployment of capital from Orion European Real Estate Fund VI, which is targeting a final close at €1.5 billion. |
| PBSA portfolio | living | UK | Orka Investments-led JV | Investec | 1,300 beds | NA | The JV intends to scale the portfolio with further acquisitions targeting standing PBSA assets in Russell Group university cities. |
| Ombú Building | office | Madrid | MAPFRE Inmuebles | Acciona | 14,000m2 | NA | The property is currently leased to EA Sports. |
| Enterprise House logistics asset | logistics | Stoke-on-Trent, UK | ESR Europe | NA | 221,000sqft | NA | The asset, currently let to AAH Pharmaceuticals, is scheduled for refurbishment by ESR Europe and Carlyle to improve its distribution capabilities. |
| three-hotel portfolio | hotel | Mallorca, Spain | Hoteles Globales | Cerberus | 488 rooms | NA | The assets include Caprice Concord, a 4-star beachfront hotel in Can Picafort; Caprice Janeiro, also a 4-star property; and Caprice Isabel, a 3-star hotel. |
| two logistics warehouses | logistics | Denmark | Stoneweg | NA | 39,000m2 | NA | The assets, constructed in 2007 and 2010, are currently 36% occupied. |
| development project | living | Amsterdam | Bouwinvest | AM and Ballast Nedam Development | 933 apartments | NA | Construction is expected to start in the second quarter of 2026, with completion expected from 2029. |
| Scalo Milano Outlet & More | retail | Milan | Via Outlets | Lonati Group | 44,000m2 | NA | The transaction marks VIA Outlets’ entry into the Italian market. |
| Sisjö Entré retail park | retail | Gothenburg | Bygg-Göta | Union Investment | 15,300m2 | NA | The asset is 98% let. |
| business park portfolio | logistics | France | DeA Capital Real Estate and HMC | Axtom | 73,000m2 | NA | The assets will be delivered between 2026 and 2027. |
| resi complex | living | Barcelona | Ardian and Rockfield | Commerz Real | 26,086m2 | NA | Originally acquired using a forward funding format and completed in November 2022, “Pallars” encompasses 673 single and double rooms. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| Am Belvedere | hotel | Vienna | DWS | 220 rooms | €40 | NA | The asset was completed in 2007 through the extensive renovation of a former office building. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| Lloyds and NatWest | Wain Group | UK resi portfolio | £140 (€161) | Lloyds and NatWest are equal partners on the package, supporting the Warrington-based housebuilder to accelerate its next growth phase. |
| Cheyne Capital | Arab Bank Switzerland | 24,400m2 development in central Lisbon | €136 | The loan will finance the acquisition and redevelopment of a historic building in Portugal’s capital into a five-star hotel and branded residences. |
| Nordic Investment Bank | Vasakronan | Kaj 16 office scheme in Gothenburg | €91 | The 10-year facility will finance construction of the project. |
| Puma Property Finance | Mactaggart and Kinrise | Canons Wharf in London | £74 (€85) | The development loan will support an office-led redevelopment. |
| Barclays | Long Harbour | Single Family Housing Fund | £67 (€77) | Barclays has committed an initial £66.8m to fund the first two completed transactions under the facility. |
| QuadReal Property | Heitman | eight asset self-storage portfolio in Birmingham, Sheffield and Stafford | £56.5 (€65) | The latest deals bring the company’s total direct lending platform, which was launched in the UK in October 2025, to more than £110m. |
| Pluto Finance, BREDS | N&W Capital | Kilcarbery Square in Dublin | €35 | This is the first loan deployed from Pluto’s £2bn strategic partnership with Blackstone. |
| QuadReal Property | Fiera Real Estate and Wrenbridge | a 219,749sqft logistics development in Reading | £29.9 (€34) | The latest deals bring the company’s total direct lending platform, which was launched in the UK in October 2025, to more than £110m. |
| Barclays Bank | Mansford | Student Cribs platform | NA | The loan will refinance the existing debt secured against the majority of Student Cribs’s portfolio, valued at £600m. |
| Deutsche Hypo – NORD/LB Real Estate Finance | HBB Hanseatische Gesellschaft für Seniorenheime mbH & Co. KG | three nursing homes in Berlin and Lübeck-Marli | NA | The 10-year loan will refinance the assets located in city centres. |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| Hahn Group and Sonae Sierra | Hahn Sierra Food Retail Fund | Acquiring food retail assets in Southern Europe | The fund has raised €150m at first closing and is targeting a volume of €600m. |
