Lenders wrote loans for two separate hotel transactions this week, providing capital for expansion and acquisitions.
Beaumier, the high-end leisure hospitality chain with 12 lifestyle hotels in places like The Alps, the Cote d’Azur and the Balearic Islands, sourced €200 mln of debt from non-bank lender Cheyne Capital.
Owned by KSL Capital, Beaumier plans to invest in makeovers of two hotels and make new acquisitions.
In Germany, Peakside used €31 mln of bank debt from Hamburg Commercial Bank to acquire a Frankfurt landmark which has been empty for some time. The former 5-star Hessicher Hof will be reinstated as a luxury destination with a new operator.
Completing investment transactions remain thin on the ground. The largest deal was the sale by the Fenwick family in London of their Fenwick department store, on New Bond Street.
Private investor and central London specialist Lazari Investments paid circa £430 mln - under the £500 mln sought back in February - and will convert the building to a mixed-use scheme when the store ceases trading in 2024.
New assets on the market include a large Paris office building.
There was just one vehicle raising fresh capital: a Dutch pension fund committed €250 mln to ASR’s Dutch residential fund.
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