MARCH 2012 | PRICE £300

2011 EUROPEAN
HOTEL TRANSACTIONS
Lucy Payne
Market Intelligence Analyst
HVS – London Office

www.hvs.com HVS London | 7-10 Chandos St, London W1G 9DQ, UK

www.hvshwe.com HVS Hodges Ward Elliott | 1 Lancaster Place, London WC2E 7ED, UK
See reverse for details

This license lets others remix, tweak, and build upon your work non-commercially, as long as they credit you and license their new creations under the identical
terms. Others can download and redistribute your work just like the by-nc-nd license, but they can also translate, make remixes, and produce new stories based
on your work. All new work based on yours will carry the same license, so any derivatives will also be non-commercial in nature.
 Introduction W LONDON – LEICESTER SQUARE

Total European hotel transaction volume

reached approximately €7.1 billion in
2011, an increase of 9% on the €6.5 billion
recorded in 2010.
Although increasing for the second
consecutive year, total volume remains well
below the 2006 peak of €20 billion and the
ten-year average since 2002 of €9.9 billion.
The total figure for 2011 was strengthened
by a number of major transactions, such
as the sale of the Ritz-Carlton Moscow for
US$600 million (€411 million) on the single
asset side and Blackstone’s acquisition of
the Mint Hotels portfolio for £600 million
(€691 million).
The increase in investment activity
can be owed to heightened leisure and
business demand, triggering an increase
in trading performance across Europe and

CHART 1: TOTAL HOTEL INVESTMENT VOLUME 2002-11

making hotels a more attractive
25
Portfolios investment. In addition, a number
SingleAssetTransactions of distressed assets came to the
TenͲYearAverage
20 market in 2011 including the
von Essen portfolio of 28 hotels
15 (26 across the UK), generating
€ Billions

considerable interest.
10 Last year’s activity involved
approximately 116 transactions
5 (of more than €7.5 million per
property) with 264 hotels and
0 more than 43,200 rooms.
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Quarterly Investment Activity
Source:HVS–LondonOffice
Hotel investment was spread
CHART 2: INVESTMENT VOLUME BY QUARTER 2011 relatively evenly throughout
7
23%of total
the four quarters of 2011. After
Cumulative
SingleAsset
a slower start in quarter one,
6
Portfolio hotel investment picked up in the
5
second and third quarters, which
29%of total together accounted for 57% of
total investment. Quarter two
€ billions

4
28%of total saw the sale of landmark assets
3 such as the Ritz-Carlton Moscow
and the Marriott Champs-Elysées
2
20%of total in Paris, which helped boost
investment volume. Investment
1
in quarter three was augmented
0 by the sale of a portfolio of seven
Q12010 Q12011 Q22010 Q22011 Q32010Q32011 Q42010
Q42011 InterContinental hotels by Morgan
Source:HVS–LondonOffice Stanley Real Estate Fund.

EUROPEAN HOTEL TRANSACTIONS 2011 | PAGE 2

 Single Assets CHART 3: SINGLE ASSET PRICE PER KEY 2002-11

300,000 60%
Single asset activity AverageSalesPriceperRoom
accounted for 54% of the total 250,000
%Change
45%

AverageSalesPricePerRoom(€)
transaction volume; despite
this increase of 15% on 2010, 200,000 30%
the average price per room

%Change
declined by 27% to €190,000. 150,000 15%
This is the result of fewer
high-end assets changing 100,000 0%

hands in 2011 compared with

50,000 Ͳ15%
the previous year. Full details
are shown on pages 9-11. — Ͳ30%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Noteworthy Transactions
Source:HVS–LondonOffice
Three notable hotel
assets changed hands
during 2011: the Marriott total of 32 hotels (more than 5,200 rooms)
Champs-Elysées was acquired by the Abu were sold across the UK in single asset
Dhabi Investment Authority (ADIA) for a transactions. This figure was driven by
reported €215 million (€1.1 million per London, which accounted for 62% of total
room) from Union Investment Real Estate; single asset investment volume in the UK
the Ritz-Carlton Moscow was acquired (16% of single asset transaction volume in
by Verny Capital from Capital Partners Europe).
for US$600 million (€411 million) or
US$1.8 million (€1.2 million) per room; and Hotspot: Germany
the recently opened W London – Leicester In 2011, Germany secured its place as one
Square was sold by McAleer & Rushe of the most important hotel investment
to Al Faisal Holdings for approximately markets in Europe, accounting for 19% of
£200 million (€233 million). The transaction single asset transaction volume. Notable
also included 11 luxury flats and a 35,000 ft² transactions included Norwegian investor
M&M’s store. Wenaasgruppen’s acquisition of the Radisson
Blu Frankfurt for approximately €100 million
Hotspot: The UK (€234,000 per room)and Acron Group’s
In terms of single asset sales, the UK was the acquisition of the Steigenberger Airport Hotel
most active market with a total transaction project in Berlin for a reported €59 million
volume of more than €1 billion. In 2011, a (€183,000 per room).
CHART 4: GERMANY HOTEL TRANSACTIONS 2011

Number Priceper
Property Location ofRooms Price(€) Room(€) Buyer Seller
HotelAlsterhof Berlin 200 16,500,000 83,000 Wenaasgruppen GeorgFischerAG
ScandicPotsdamerPlatz Berlin 567 Undisclosed Undisclosed Wenaasgruppen Undisclosed
SteigenbergerAirportHotelBerlin Berlin 322 59,000,000 183,000 AcronGroup ECE
MotelOneCologne(Development) Cologne 370 20,000,000 54,000 PrivateInvestor FayProjects
NHCologneMediaPark Cologne 220 Undisclosed Undisclosed ArtͲInvestRealEstateandInfraRedEuropean EurohypoAG
CitadinesMesseFrankfurt(Development) Frankfurt 165 28,000,000 170,000 Ascott GBI
KempinskiHotelGravenbruchFrankfurt Frankfurt 284 Undisclosed Undisclosed Mashalifamily OctavianHotelHolding
MarriottFrankfurt Frankfurt 588 144,000,000 245,000 RFRHoldingDeutschlandGmbH DegiEuropa
RadissonBluFrankfurt Frankfurt 428 100,000,000 234,000 Wenaasgruppen Keops
CitadinesMichelHamburg Hamburg 128 19,800,000 155,000 Ascott GBI
NovotelHannover Hanover 206 Undisclosed Undisclosed InvescoEuropeanHotelRealEstateFund EbertzandPartner
SteigenbergerGrandhotelHandelshof Leipzig 177 20,000,000 113,000 GermanFamilyOffice Undisclosed
EtapMuenchenOstMesse Munich 152 10,000,000 66,000 HIHHamburgischeImmobilienHandlungGmbH SubsidiaryofStuttgarterBulowAG
MotelOneTegernseerLandstrasse Munich 252 Undisclosed Undisclosed PatriziaGewerbeInvestKAGmbH GeconImmobilien
PullmanMunich Munich 331 Undisclosed Undisclosed EventHolding Undisclosed
RamadaTreffHotelMunster¹ Munster 140 73,000,000¹ 521,000¹ WürttembergischeLebensversicherungAG SEBAssetManagement
MövenpickHotelStuttgartMesse Stuttgart 229 16,000,000 70,000 GrandCityHotels&Resorts UnionInvestment

Source:HVS–LondonOffice ¹Includesa17,000m²shoppingcentre

EUROPEAN HOTEL TRANSACTIONS 2011 | PAGE 3

 Portfolios and PULLMAN PARIS MONTPARNASSE
(FORMERLY LE MÉRIDIEN MONTPARNASSE)

Corporate Activity
Total portfolio and corporate sales volumes
reached more than €3.2 billion, a 3%
increase on 2010 levels. Two noteworthy
transactions were Blackstone Group’s
acquisition of the Mint Hotels portfolio for
£600 million (€691 million) and Morgan
Stanley Real Estate Fund’s disposal of seven
InterContinental hotels for €450 million.
Full details are shown on page 8.

Hotel Companies Continue with

Asset Disposal
In 2011, many listed hotel companies
continued their programmes of selective
asset disposals.
As part of its ongoing ‘asset-right’ strategy,
Accor made two noteworthy portfolio
disposals: in February, it sold two
Mercure hotels in Germany to a franchise Image courtesy of © Constructed Peoplescapes Ltd Libre de Droit, à l’exclusion
affichage publicitaire avec achat d’espace
partner, BSHR Investments GmbH, for
an undisclosed sum and in October it Distressed Assets and Financing
sold seven Suite Novotels in France to A handful of UK hotel companies found
a consortium of French institutional themselves in administration in 2011.
investors for €77 million or approximately Perhaps the most publicised of these was
€82,000 per room. the von Essen group, which was placed
In addition, NH Hoteles sold a portfolio of into administration in April after it failed
five hotels (1,147 rooms) across Austria to make interest repayments. The portfolio,
and Germany to Invesco European which included 26 UK country house
Hotel Real Estate Fund for an estimated hotels, was split up and sold, with most
€170 million (€148,000 per room). hotels securing new ownership by the end
of 2011. Many of these hotels were sold as
RITZ-CARLTON MOSCOW single assets for less than our €7.5 million
threshold and thus are not included in this
study; however, there were two significant
portfolio transactions. In October, Bath
Priory Ltd acquired four hotels (81 rooms)
in Gloucestershire and West Sussex, and
in December Patron Capital and Halcyon
Hotels and Resorts acquired seven hotels
(211 rooms) situated across the UK.
Furthermore, MWB Group Holdings, the
owners of Malmaison, confirmed the sale-and-
leaseback of five hotels in order to reduce the
group’s debt. In May 2011, Legal & General
acquired the Malmaisons in Birmingham,
Manchester and Leeds for £55.3 million
(€63 million). MWB Group Holdings also
confirmed the sale-and-leaseback of their
London and Aberdeen properties.

EUROPEAN HOTEL TRANSACTIONS 2011 | PAGE 4

CHART 5: HOTEL TRANSACTIONS BY REGION 2011

SingleAssets Portfolios

Other UK Other
20% 26% 23%

Sweden
3% Germany
3% UK
Spain 53%
Germany 4%
20% France
18% France
17%
Spain
13%

Source:HVS–LondonOffice Note:UKincludestheMintHotelportfolio

Geographic Focus accounted for 78% of total sales volume. In

2011, private equity companies increased
The UK remained the most active hotel activities and more than doubled their
investment market with a total transaction investment in single assets, albeit from a
volume of around €2.7 billion (although low base. Investment from high-net-worth
this was largely bolstered by Blackstone individuals (HNWIs) declined, possibly
Group’s acquisition of the Mint portfolio due to the lack of landmark hotels on the
for approximately €691 million). Other market in comparison to previous years.
key markets were France (€1.3 billion),
Germany (€817 million) and Spain Portfolio investment painted a similar
(€601 million). See Chart 5. picture, with institutional investors,
hotel operators and real estate investors
accounting for a significant 72% of total
Who’s Buying and volume. Just a handful of transactions
exchanged using private equity; however,
Selling? the size of these investments meant that
In terms of single asset transactions, the private equity accounted for a significant
hotel investment market was dominated 16% of transactions. HNWIs accounted for
by institutional investors, hotel operators 12%. See Chart 6.
and real estate investors, which together
CHART 6: HOTEL INVESTMENT ACTIVITY BY BUYER CATEGORY 2011

SingleAssets Portfolios
HighͲNetͲ
Worth HighͲNetͲ
Hotel
Individual Worth
Hotel Operator
7% Individual
Operator 18%
12%
RealEstate 27%
Investor
24%
Institutional
RealEstate Investor
Investor 21%
Private Institutional 33%
Equity Investor Private
Hotel 15% 26% Equity
Investment 16%
Company
1%
Source:HVS–LondonOffice

EUROPEAN HOTEL TRANSACTIONS 2011 | PAGE 5

CHART 7: BUYER ANALYSIS BY REGION 2009-11

100%
Undisclosed
Africa
Asia
80%
Middle East
NorthAmerica
Europe
60%

40%

20%

0%
2009 2010 2011

Source:HVS–LondonOffice

The majority of investment in Europe Seasons Gresham Palace in Budapest. Asia

came from European investors, with less accounted for just 2% of cross-border
than 30% of total hotel investment coming investment and the majority of this came
from outside Europe in 2011. North from Ascott, which invested in properties in
America accounted for around 12% of total France and Germany. See Chart 7.
transaction volume; the profile of these
investors was diverse and included hotel The main sellers of single assets in 2011
investment companies (such as Starman were hotel operators, real estate investors
Hotels), private equity companies (such and institutional investors, which together
as Blackstone Group) and institutional made up 95% of transaction volume. Hotel
investors (such as Foncière des Murs). investment companies were reasonably
Cross-border investment from the Middle active, accounting for 4% of sales, while
East was focused on trophy assets in HNWIs and private equity firms were less
London and Paris, as well as the Four active. See Chart 8.

CHART 8: HOTEL INVESTMENT ACTIVITY BY SELLER CATEGORY 2011

Hotel SingleAssets Portfolios

HighͲNetͲ
Investment
Worth
Company
Individual
4%
1% Private
Equity
Hotel RealEstate
14%
Operator Investor
34% 9%
RealEstate Institutional
Investor Investor Hotel
37% 12% Operator
65%
Institutional
Investor
24%

Source:HVS–LondonOffice

EUROPEAN HOTEL TRANSACTIONS 2011 | PAGE 6

CHART 9: TOP 8 BUYERS BY NUMBER OF HOTELS 2011 from B&B Hotels Group for approximately
Number Number Number €76.4 million.
Top8Buyers ofDeals ofHotels ofRooms Four large UK hotel portfolios were sold
FoncièredesMursandPredica 1 33 2,453
in 2011 on behalf of administrators: Jarvis
JupiterHotels 1 26 2,665
FoncièredesMurs 1 18 1,843
Hotels (26 hotels, 2,665 rooms), von Essen
CordialHotels 1 16 1,648 (17 hotels, 408 rooms), Piccadilly Hotels
BlackstoneGroup 1 8 2,783 (16 hotels, 1,648 rooms) and Butterfly
AkkeronHotels 1 8 569 Hotels Ltd (eight hotels, 569 rooms). Whilst
TouficAboukhater 1 7 2,537 three of the portfolios were largely sold
LaSalleInvestmentManagement 1 7 588 together, the von Essen portfolio was split
up to reflect investor profile and appetite.
Source:HVS–LondonOffice
Accor remained an active seller, disposing
of 12 hotels in five separate transactions.
Hotel operators were the main sellers in See Chart 10.
terms of portfolio transactions, accounting
for 65% of total transaction volume. In addition to the above, the Royal Bank of
Operators such as Accor and NH Hoteles Scotland (RBS) also remained active in the
continued to dispose of hotels in line UK, completing four deals in 2011 (seven
with their asset disposal programmes, hotels, 2,338 rooms) as the bank continues
while owner-operators such as von Essen to dispose of its non-core businesses.
and Jarvis Hotels were forced to sell for
financial reasons. Private equity accounted Outlook
for 14% of transaction volume, largely As previous cycles suggest, the European
driven by Morgan Stanley Real Estate hotel transaction market follows closely
Fund’s sale of seven InterContinental behind that of North America. This
hotels. See Chart 9. was indeed the case in 2011 as hotel
Foncière des Murs and Predica’s joint transactions continued to grow, albeit at a
venture to acquire a portfolio of Campanile slower rate than in 2010.
Hotels across France (33 hotels, 2,453 The year saw growth in both 2012 is likely to see a
rooms) placed them as the top hotel buyer trading performance and hotel marginal increase in the
in 2011. In second place is Jupiter Hotels, values across Europe, indicating number of distressed
which acquired 26 hotels (2,665 rooms) the recovery process is under
sales but, with debt still
from the administrators of Jarvis Hotels hard to find, it will be
way. Despite this, bank debt some time before we see
Ltd. Jupiter Hotels is a 50:50 joint venture remains scarce, making it hard transaction volumes at
between Patron Capital and West Register for investors to secure financing pre-credit crunch levels
created for this transaction. The hotels outside of major gateway
have been rebranded Mercure under a cities. Until lending returns,
franchise agreement with Accor. Foncière it will remain a challenge to complete
des Murs also takes third place following transactions.
the acquisition of a portfolio of B&B Hotels
in Germany (18 hotels, 1,843 rooms) An increase in the number of distressed
sales has been expected for the past
CHART 10: TOP 8 SELLERS BY NUMBER OF HOTELS 2011 two years, but this has not materialised
Number Number Number
significantly. A small increase is expected in
Top8Sellers ofDeals ofHotels ofRooms 2012, but this is unlikely to be dramatic.
LouvreHotels 1 33 2,453 In conclusion, the European hotel
JarvisHotels 2 27 2,728
transactions market is expected to show
B&BHotelsGroup 1 18 1,843
vonEsseninadministration 8 17 408
modest growth in 2012 but, with debt
PiccadillyHotelsinadministration 1 16 1,648 hard to source, it faces a long, hard journey
AccorSA 5 12 8,234 before investments return to pre-credit
ButterflyHotelsLtdinadministration 1 8 569 crunch levels.
CityInnLtd 1 8 1,648
– HVS –
Source:HVS–LondonOffice

EUROPEAN HOTEL TRANSACTIONS 2011 | PAGE 7

 CHART 11: EUROPEAN PORTFOLIO TRANSACTIONS 2011 (€)

Number Number TotalSales SalesPrice

Portfolio Location Country ofHotels ofRooms Price(€) perRoom(€) Buyer Seller
Austria,France,Germany,
Amsterdam,Budapest,Cannes,
7InterContinentalHotels Hungary,Italy,the 7 2,537 450,000,000 177,000 TouficAboukhater MorganStanleyRealEstateFund
Frankfurt,Madrid,RomeandVienna
NetherlandsandSpain
Frankfurt,Hamburg,MunichAirport,
5NHHotels Austria,Germany 5 1,147 170,000,000 148,000 InvescoEuropeanHotelRealEstateFund NHHoteles
SalzburgandVienna
6AccorHotels Brussels,Gent,Paris(4hotels) Belgium,France 6 1,569 133,000,000 85,000 AXAGroup,CaissedesDépôts&Sogecap FoncièredesMurs
33CampanileHotels Various France 33 2,453 203,000,000 83,000 FoncièredesMurs(20%)andPredica(80%) LouvreHotels
CitéaHotels(50%Stake) Various France — — Undisclosed Undisclosed Pierre&Vacances Lamy(NexityGroup)
7SuiteNovotels Various France 7 939 77,000,000 82,000 ConsortiumofFrenchInstitutionalInvestors AccorSA
2MercureHotels Partenkirchen,Taunus Germany 2 242 Undisclosed Undisclosed BSHRInvestmentsGmbH AccorSA
18B&BHotels Various Germany 18 1,843 76,400,000 42,000 FoncièredesMurs B&BHotelsGroup
2HotasaHotels Tenerife Spain 2 432 Undisclosed Undisclosed H10Hoteles HotasaHotels
HotelsYClubsDeVacaciones(51%Stake) Various Spain — — 72,200,000 — GrupoIberostar ThomasCook
HolidayInnandStaybridgeSuites London,StratfordCity UK 2 350 58,800,000 168,000 CycasHotelPartners&PatronCapital Undisclosed
25%stakeinMaybourneHotelGroup London UK 3 539 88,200,000 164,000 TheBarclayBrothers Misland(Cyprus)Investments
Bracknell,Brighton,Manchester
4HiltonHotels UK 4 1,506 153,000,000 102,000 CowellGroupInvestors(CGI) RBS
AirportandStratfordͲuponͲAvon
8ButterflyHotels Various UK 8 569 Undisclosed Undisclosed AkkeronHotels AdministratorsofButterflyHotelsLtd
3MalmaisonHotels Birmingham,Manchesterand UK 3 478 63,000,000 132,000 Legal&General MWBGroupHoldingsplc
16MenziesHotels Various UK 16 1,648 Undisclosed Undisclosed CordialHotels AdministratorsofPiccadillyHotels
7PremierInnHotels Various UK 7 588 61,600,000 105,000 LaSalleInvestmentManagement Whitbread
JupiterHotels(JVbetweenPatronCapital
26JarvisHotels Various UK 26 2,665 127,000,000 48,000 JarvisHotelsLtd
andWestRegister)
Sanderson&StMartinsLane London UK 2 354 219,000,000 619,000 CapitalHillHotels MorgansHotelGroup
4vonEssenHotels Gloucestershire,WestSussex UK 4 81 37,300,000 461,000 BathPrioryLtd(BrownswordHotels) AdministratorsofvonEssen
2RamadaHotels Bristol,HeathrowAirport UK 2 401 Undisclosed Undisclosed FocusHotels RamadaJarvis
PatronCapitalPartners/HalcyonHotelsand
7vonEssenHotels Various UK 7 211 38,400,000 182,000 AdministratorsofvonEssen
Resorts
EUROPEAN HOTEL TRANSACTIONS 2011

MintHotelPortfolio Various UK,Netherlands 8 2,783 691,000,000 248,000 BlackstoneGroup CityInnLtd

Source:HVS–LondonOffice
|
PAGE 8
 CHART 12: EUROPEAN SINGLE ASSET HOTEL TRANSACTIONS (€)

Number SalesPricePer
Property Location Country ofRooms SalesPrice(€) Room(€) Buyer Seller
SchlosshotelVelden Velden Austria 150 Undisclosed Undisclosed AmisolaImmobilienAG HypoAlpeAdria
HotelBristolVienna Vienna Austria 140 Undisclosed Undisclosed SacherHotelsGmbH B&CHolding
RadissonBluTallinn Tallinn Estonia 280 Undisclosed Undisclosed EventHotelGroup HSHNordbank
HôteldelaCité Carcassonne France 61 Undisclosed Undisclosed AnonymeCitéHôtel OrientͲExpressGroup
ConcordeMontparnasse Paris France 351 87,000,000 248,000 DidierFerré Starwood
HotelCostesK Paris France 83 65,000,000 783,000 Ascott SNCCostesK
HotelLotti(33%stake) Paris France 159 35,000,000 660,000¹ HotelCostes NHHoteles
HotelLotti(67%stake) Paris France 159 71,000,000 670,000¹ HotelCostes NHHoteles
LeMéridienMontparnasse Paris France 953 Undisclosed Undisclosed UnibailͲRodamco StarmanHotels
MarriottChampsͲElysées Paris France 192 215,000,000 1,100,000 ADIA UnionInvestmentRealEstate
MercureParisPortedeVersailles Paris France 388 41,500,000 107,000 FoncièreLFPI FoncièredesMurs
PullmanParisBercy Paris France 396 105,000,000 265,000 HostHotels&Resorts AccorSA
SofitelArcdeTriompheParis Paris France 135 44,000,000 326,000 ConsortiumofFrenchprivateinvestors AccorSA
HotelAlsterhof Berlin Germany 200 16,500,000 83,000 Wenaasgruppen GeorgFischerAG
ScandicPotsdamerPlatz Berlin Germany 567 Undisclosed Undisclosed Wenaasgruppen Undisclosed
SteigenbergerAirportHotelBerlin Berlin Germany 322 59,000,000 183,000 AcronGroup ECE
MotelOneCologne(Development) Cologne Germany 370 20,000,000 54,000 PrivateInvestor FayProjects
ArtͲInvestRealEstateandInfraRedEuropean
NHCologneMediaPark Cologne Germany 220 Undisclosed Undisclosed EurohypoAG
ActiveRealEstateFund(JV)
CitadinesMesseFrankfurt(Development) Frankfurt Germany 165 28,000,000 170,000 Ascott GBI
KempinskiHotelGravenbruchFrankfurt Frankfurt Germany 284 Undisclosed Undisclosed Mashalifamily OctavianHotelHolding
MarriottFrankfurt Frankfurt Germany 588 144,000,000 245,000 RFRHoldingDeutschlandGmbH DegiEuropa
RadissonBluFrankfurt Frankfurt Germany 428 100,000,000 234,000 Wenaasgruppen Keops
CitadinesMichelHamburg Hamburg Germany 128 19,800,000 155,000 Ascott GBI
NovotelHannover Hanover Germany 206 Undisclosed Undisclosed InvescoEuropeanHotelRealEstateFund EbertzandPartner
EUROPEAN HOTEL TRANSACTIONS 2011

SteigenbergerGrandhotelHandelshof Leipzig Germany 177 20,000,000 113,000 GermanFamilyOffice Undisclosed

EtapMuenchenOstMesse Munich Germany 152 10,000,000 66,000 HIHHamburgischeImmobilienHandlungGmbH SubsidiaryofStuttgarterBulowAG
MotelOneTegernseerLandstrasse Munich Germany 252 Undisclosed Undisclosed PatriziaGewerbeInvestKAGmbH GeconImmobilien
PullmanMunich Munich Germany 331 Undisclosed Undisclosed EventHolding Undisclosed
RamadaTreffHotelMunster² Munster Germany 140 73,000,000² 521,000² WürttembergischeLebensversicherungAG SEBAssetManagement
MövenpickHotelStuttgartMesse Stuttgart Germany 229 16,000,000 70,000 GrandCityHotels&Resorts UnionInvestment
FourSeasonsHotelGreshamPalace Budapest Hungary 179 80,000,000 447,000 StateGeneralReserveFund Avestus
FourSeasonsDublin Dublin Ireland 197 15,000,000 76,000 London&Regional NollaigPartnership
¹Weightedtoreflecttheactualstaketransacted
²Includesa17,000m²shoppingcentre
Source:HVS–LondonOffice Note:Thislistincludeshotelstransactedatapriceinexcessof€7.5million
|
PAGE 9
 CHART 13: EUROPEAN SINGLE ASSET HOTEL TRANSACTIONS 2011 (€) – CONTINUED

Number SalesPrice
Property Location Country ofRooms SalesPrice(€) PerRoom(€) Buyer Seller
CrownePlazaAmsterdamSouth Amsterdam TheNetherlands 207 Undisclosed Undisclosed UnionInvestment Undisclosed
LeMéridienBristol Warsaw Poland 205 19,500,000 95,000 StarmanHotels OrbisSA
MercureChopinWarsaw Warsaw Poland 250 31,000,000 124,000 EchoInvestmentSA Accor
RadissonBluSobieski Warsaw Poland 435 50,000,000 115,000 Wenaasgruppen EuropaFundII
HotelIbisSibiu Sibiu Romania 195 Undisclosed Undisclosed UnicreditGroup ContinentalHotels
RitzͲCarltonMoscow Moscow Russia 334 411,000,000 1,200,000 VernyCapital CapitalPartners
GrandHotelKempinskiHighTatras StrbskePleso Slovakia 98 22,900,000 233,000 BestHotelProperties Undisclosed
HotelRomana Alcossebre,Castellón Spain 158 12,000,000 76,000 HotelsServigroup InversionesMoradaSL
GrandHotelCentral Barcelona Spain 147 22,000,000 150,000 ÚnicoHotels(PauGuardans) Guardansfamily
RafaelCasanovaHotel Barcelona Spain 126 25,000,000 198,000 H10Hoteles ReyalUrbis
HotelPalace Barcelona Spain 125 68,000,000 544,000 Aginyo Husa
HotelVila Calella,Barcelona Spain 167 Undisclosed Undisclosed GrupSerhs FamiliaVilaBoadas
HesperiaCenturion Cambrils Spain 211 Undisclosed Undisclosed HotelEstivalPark GrupoInversorHesperia
BarcelonaEvents Castelldefells Spain 190 Undisclosed Undisclosed SBHoteles(GerardCorporation) HeupacSystems
HotelGolfElRompido Huelva Spain 196 Undisclosed Undisclosed PreciseHotelCollection SetHotels
SolGalúa LaManga Spain 180 12,000,000 67,000 HotelsServigroup MeliáHotelsInternational
HotelSelenzadeMadrid Madrid Spain 44 18,000,000 409,000 InHotels&RealEstate,PauGuardans RayetSA
HesperiaMadrid Madrid Spain 171 80,000,000 468,000 GrupoMillenium HesperiaHotels
TrypCentroNorte Madrid Spain 203 30,000,000 148,000 GrupoMillenium Colonial
MonarqueCostaNarejos MarMenor Spain 193 Undisclosed Undisclosed MonarqueHoteles(Protuso) DekemaBull
TenerifeSol PlayadelasAméricas Spain 522 49,000,000 94,000 TetianXXI(Meliá50%Share) MeliáHotelsInternational
HotelMeliáLebreros Seville Spain 437 49,200,000 113,000 BBVARenting MeliáHotelsInternational
HotelProamar TorredeMar,Veler Spain 161 Undisclosed Undisclosed Sidehotels(BQHoteles) HotelProamarSA
HotelPalaciodelosCongresos Valencia Spain 304 50,000,000 165,000 ContinentalPropertyInvestment PalaciodelosCongresosSL
EUROPEAN HOTEL TRANSACTIONS 2011

EliteHotelMollberg Helsingborg Sweden 104 10,600,000 102,000 EliteHotels WihlborgsFastigheterAB

ibisMalmö Malmö Sweden 255 Undisclosed Undisclosed Midstar/EventHolding/Sveafastigheter HomePropertiesAB
RadissonBluStrand Stockholm Sweden 152 65,500,000 431,000 SwedishOrderofFreemasons HomePropertiesAB
ScandicBromma Stockholm Sweden 144 13,700,000 95,000 JM Pandox
ScandicGrandCentral Stockholm Sweden 400 13,100,000 33,000 KLPEiendom Diligentia
MalmaisonAberdeen Aberdeen UK 80 18,300,000 229,000 CIPProperty(AIPT)Ltd MWBGroupHoldingsplc
TheRoyalBerkshire Ascot UK 63 17,000,000 270,000 ExclusiveHotels JarvisHotels
AXARealEstateInvestmentManagerson
DeVereVillageBirmingham Birmingham UK 125 14,100,000 113,000 EarlskyLtd
behalfofFriendsLifeAssuranceSociety

Source:HVS–LondonOffice Note:Thislistincludeshotelstransactedatapriceinexcessof€7.5million
|
PAGE 10
 CHART 14: EUROPEAN SINGLE ASSET HOTEL TRANSACTIONS 2011 (€) – CONTINUED

Number SalesPricePer
Property Location Country ofRooms SalesPrice(€) Room(€) Buyer Seller
HiltonMetropoleBrighton Brighton UK 340 45,200,000 133,000 ToplandGroup RBS
HiltonGlasgowCity Glasgow UK 319 41,600,000 130,000 ToplandGroup RBS
HiltonGlasgowGrosvenor Glasgow UK 173 11,000,000 63,000 JoginderSanger RBS
GrandJersey Jersey UK 123 Undisclosed Undisclosed WestRegister(HotelsNumber2) Delancey
AdministratorsofBeethamHotels
RadissonBluLiverpool Liverpool UK 194 14,400,000 74,000 LoucasLouca
Liverpool
CadoganHotel London UK 65 17,500,000 269,000 CadoganEstate TrinityHotelInvestors
DorsetSquare London UK 37 Undisclosed Undisclosed FirmdaleHotels AdministratorsofDorsetSquareHotelLtd
HesperiaLondonVictoria London UK 212 62,900,000 297,000 CrimsonHotels HesperiaHotels
AdministratorsofHotelVertaandVerta
HotelVerta London UK 70 24,000,000 343,000 Woodlon
Properties
ibisLondonCityHotel London UK 348 44,100,000 127,000 CoͲoperativeInsuranceSociety(CIS) MangroveSecurities
MalmaisonLondon London UK 97 35,700,000 368,000 WestinvestGesellschaftFurInvestmentfonds MWBGroupHoldingsplc
MercureLondonGatwick London UK 257 Undisclosed Undisclosed Travelodge AroraHotels
ParkLaneMewsHotel London UK 72 Undisclosed Undisclosed GentingUK ChelsfieldPartners
PlazaHotel London UK 306 17,500,000 57,000 SojournHotelGroup QuintainEstatesandDevelopment
PremierInnHammersmith London UK 119 11,400,000 96,000 Undisclosed Metrotel
RadissonEdwardianNewProvidenceWharf London UK 169 43,700,000 259,000 EdwardianGroup BallymoreGroup
RoyalParkHotel London UK 48 Undisclosed Undisclosed BirdHospitalityServices HarteProperty&Investment
ShepherdsBushGreen(Development) London UK 242 18,600,000 77,000 KosmopolitoHotelsInternational ChelsfieldPartnersandEAD
TheCromwellHotel London UK 85 23,900,000 282,000 Undisclosed TheLordsGroup
WLondon–LeicesterSquare London UK 192 233,000,000 1,200,000 AlRayyanTourismInvestmentCompany McAleer&Rushe
AdministratorsofBeethamHotels
HiltonManchesterDeansgate Manchester UK 279 54,600,000 196,000 LoucasLouca
Manchester
EUROPEAN HOTEL TRANSACTIONS 2011

FreeTradeHallHotelLtd–Grant
RadissonEdwardianManchester Manchester UK 263 43,500,000 165,000 EdwardianGroup
Thornton
PremierInnManchesterCityCentre Manchester UK 228 23,300,000 102,000 CircusInvest LaSalleInvestmentManagement
RegencyParkHotel Newbury UK 108 Undisclosed Undisclosed Undisclosed AdministratorsofPedersenHotels
DoubleTreeNewcastleAirport Newcastle UK 179 Undisclosed Undisclosed CairnHotelGroup RostockInvestmentsLtd
DakotaNottingham Nottingham UK 92 12,400,000 135,000 SeymourCapital Undisclosed
CrownePlazaReading Reading UK 122 14,600,000 120,000 RedefineInternationalHotels AdministratorsofPedersenHotels
WinchesterHotel Winchester UK 98 Undisclosed Undisclosed CarnarvonHotelsLtd AdministratorsofPedersonCaterers
SirChristopherWrenHotelandSpa Windsor UK 96 14,400,000 150,000 SarovaHotels AdministratorsofWrensHotelGroup

Source:HVS–LondonOffice Note:Thislistincludeshotelstransactedatapriceinexcessof€7.5million
|
PAGE 11
 About HVS About the Author
HVS is the world’s leading consulting and services organisation Lucy Payne is a Market
focused on the hotel, restaurant, shared ownership, gaming and Intelligence Analyst with
leisure industries. Established in 1980, the company performs more HVS’s London office. Lucy
than 2,000 assignments a year for virtually every major industry holds a BSc (Hons) in
International Hospitality and
participant. HVS principals are regarded as the leading professionals
Tourism Management from
in their respective regions of the globe. Through a worldwide network the University of Surrey.
of 30 offices staffed by 300 seasoned industry professionals, HVS She worked in a number of
provides an unparalleled range of complementary services for the operating roles in the hospitality industry
hospitality industry. For further information regarding our expertise before joining HVS in 2010. She has worked
and specifics about our services, please visit www.hvs.com. on several research-based assignments in
various European countries.
With offices in London since 1990, HVS London serves clients with
interests in the UK, Europe, the Middle East and Africa (EMEA). We
have appraised almost 4,000 hotels or projects in 50 countries in all
major markets within the EMEA region for leading hotel companies,
hotel owners and developers, investment groups and banks. Known
as one of the foremost providers of hotel valuations and feasibility
studies, and for our ability, experience and relationships throughout
Europe, HVS London is on the valuation panels of numerous top
international banks which finance hotels and portfolios.

About HVS Hodges Ward Elliott

HVS Hodges Ward Elliott is the hotel brokerage and investment
banking division of HVS. Operating within the European marketplace,
HVS Hodges Ward Elliott acts on behalf of its clients in the sale
and financing of hotels. Assignments include individual assets and
portfolios, with transactions having been successfully concluded in
most major European markets.

For further information about the services of the London office,

please contact Charles Human on +44 20 7257 2001 or
[email protected].

www.hvs.com HVS London | 7-10 Chandos St, London W1G 9DQ, UK

www.hvshwe.com HVS Hodges Ward Elliott | 1 Lancaster Place, London WC2E 7ED, UK
HVS
HVS_Consulting
HVS-Consulting
This license lets others remix, tweak, and build upon your work non-commercially, as long as they credit you and license their new creations under the identical
HVSConsulting terms. Others can download and redistribute your work just like the by-nc-nd license, but they can also translate, make remixes, and produce new stories based
on your work. All new work based on yours will carry the same license, so any derivatives will also be non-commercial in nature.