Covivio buys AXA stake: AXA Investment Managers has sold its 32% stake in a 32-hotel portfolio of Accor-operated hotels in France and Belgium to Covivio for €176 million (€88,000 per room, on average), valuing the portfolio at €550 million. The 6,221-room portfolio comprises 30 hotels in France, over two-thirds of which are located in Paris and the rest in major French cities, and two properties in Belgium. The properties are operated under lease agreements with AccorInvest, under Mercure, Novotel, Ibis and Ibis Budget brands, with a residual lease term of 6.5 years and a fully variable rental structure. The portfolio will now be jointly owned by Covivio, the Caisse des Depots and Societe Generale Assurances, and will be asset managed by Covivio.
Blackstone cashing out Euro holiday parks: Blackstone has reportedly agreed to sell to Germany-based Aroundtown SA seven Center Parcs Europe holiday parks for about US$1.1 billion, which represents 60% more than it paid in 2006, Bloomberg has reported. Citing sources familiar with the deal, Blackstone is selling a portfolio operated by Pierre & Vacances SA that spans Belgium, Germany and the Netherlands. P&V previously sold the portfolio to Blackstone.
Room Mate’s first managed resort: Hotel Investment Partners (HIP), the largest owner of hotel resorts in Spain, has signed an agreement with Room Mate Hotels, the chain owned by Kike Sarasola, to manage the new Pax Barracuda hotel in Palma de Mallorca. The agreement involves two hotels (Calviá Dreams and Barracuda), which HIP will convert into one by investing €23 million in a full-scale refurbishment and repositioning project. The opening of this new hotel will mark Madrid-based Room Mate Hotels’ debut in the world of hotel resort management.
New leadership at GLH: Alan Morgan is becoming chief executive of London-based GLH Hotels, replacing Neil Gallagher, who has submitted his resignation and will step down on August 5 after five years with the company. Morgan joins GLH from UK-based gambling company the Rank Group, where he was retail managing director, having held roles in the hospitality sector including chief operating officer and commercial director of the Spirit Pub Company and regional operations director at Whitbread. Founded in 2003 as Guoman Hotels, the company was rebranded as GLH Hotels in 2013. It has 17 hotels in London across its Guoman, Amba, Thistle, Hard Rock and Thistle Express brands.