Korean and Singaporean investors snapped up hotels from private equity sellers Blackstone, and Angelo Gordon.
Singapore's City Developments Ltd (CDL) paid €244 mln to Blackstone Real Estate Partners IV for the Hilton Paris Opera at 108 rue Saint-Lazare. It is the third acquisition by CDL from Blackstone in the last few years: last year the investor bought St Katharine Docks in London from the US giant.
In a second transaction, South Korea's Sono Hospitality, the hospitality group's European arm, picked up Hotel Dame Des Arts near Notre Dame, on the left bank of the Seine for about €115 mln. The sellers, a joint venture between Angelo Gordon (now TPG Angelo Gordon) and London-based EQ had owned the hotel since 2019 when they bought it in a package of five hospitality investments for a total of €180 mln. The other four were two Holiday Inns in Paris and two Courtyard by Marriotts, in Paris and Boulogne.
Data firm MSCI said that France, and Paris in particular, has seen a significant uptick in hotels changing hands driven by demand for rooms in the summer for the Olympic Games.
But hotel transactions generally have been stronger than some other sectors. There is another hotel deal this week, in Sardinia, while there have been sales of prominent hotels and portfolios so far this year in London and the rest of the UK, Dublin and Spain.
Among three vehicles raising capital is a new outfit, Greykite, which has been established in New York by former TPG chief executives Michael Abel, and Dan Valenzano. It has secured approximately €320 mln of commitments for European opportunistic investing from Capital Constellation, an arm of Kuwait-owned Wafra, and Leucadia Asset Management, an investment management business of banking group Jefferies.
New assets coming up for sale include Nuveen's half share of Princesshay, UK city Exeter's main shopping centre, and a portfolio of well-located Dublin property bought or developed by Johnny Rohan's RGRE. React News first reported that the receiver to the properties, Grant Thornton, had appointed agents to sell them, in a consensual restructuring process with lenders Bank of Ireland and AIB.
We also track all the new lending deals this week.
Click here to see all this week’s data.
